# EDGAR Filing Document

**Accession Number:** 0000778207
**File Stem:** 0001193125-23-059204
**Filing Date:** 2023-3
**Character Count:** 7906912
**Document Hash:** 9520e00622447b8a62c0caf6ff317d40
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-059204.hdr.sgml**: 20230303

**ACCESSION NUMBER**: 0001193125-23-059204

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 100

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230303

**DATE AS OF CHANGE**: 20230303

**EFFECTIVENESS DATE**: 20230303

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TRANSAMERICA SERIES TRUST
- **CENTRAL INDEX KEY:** 0000778207
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04419
- **FILM NUMBER:** 23702036

**BUSINESS ADDRESS:**
- **STREET 1:** 1801 CALIFORNIA STREET
- **STREET 2:** SUITE 5200
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80202
- **BUSINESS PHONE:** 720-482-8836

**MAIL ADDRESS:**
- **STREET 1:** 1801 CALIFORNIA STREET
- **STREET 2:** SUITE 5200
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AEGON/TRANSAMERICA SERIES TRUST
- **DATE OF NAME CHANGE:** 20050511

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AEGON/TRANSAMERICA SERIES FUND INC
- **DATE OF NAME CHANGE:** 20010501

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WRL SERIES FUND INC
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Transamerica Aegon Core Bond VP (formerly Transamerica JPMorgan Core Bond VP) (Series ID: S000007896)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021437 | Initial      |  |
| C000021438 | Service      |  |

### Transamerica BlackRock Global Real Estate Securities VP (Series ID: S000007898)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021441 | Initial      |  |
| C000021442 | Service      |  |

### Transamerica JPMorgan Tactical Allocation VP (Series ID: S000007899)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021443 | Initial      |  |
| C000021444 | Service      |  |

### Transamerica JPMorgan Enhanced Index VP (Series ID: S000007902)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021449 | Initial      |  |
| C000021450 | Service      |  |

### Transamerica JPMorgan Mid Cap Value VP (Series ID: S000007903)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021451 | Initial      |  |
| C000021452 | Service      |  |

### Transamerica Aegon Sustainable Equity Income VP (Series ID: S000007908)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021461 | Initial      |  |
| C000021462 | Service      |  |

### Transamerica AEGON High Yield Bond VP (Series ID: S000007909)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021463 | Initial      |  |
| C000021464 | Service      |  |

### Transamerica Aegon Bond VP (formerly Transamerica PIMCO Total Return VP) (Series ID: S000007911)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021467 | Initial      |  |
| C000021468 | Service      |  |

### Transamerica Morgan Stanley Capital Growth VP (Series ID: S000007912)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021469 | Initial      |  |
| C000021470 | Service      |  |

### Transamerica T. Rowe Price Small Cap VP (Series ID: S000007915)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021475 | Initial      |  |
| C000021476 | Service      |  |

### Transamerica International Focus VP (Series ID: S000007918)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021481 | Initial      |  |
| C000021482 | Service      |  |

### Transamerica Multi-Managed Balanced VP (Series ID: S000007919)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021483 | Initial      |  |
| C000021484 | Service      |  |

### Transamerica BlackRock iShares Edge 40 VP (Series ID: S000007920)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021485 | Initial      |  |
| C000021486 | Service      |  |

### Transamerica WMC US Growth VP (Series ID: S000007921)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021487 | Initial      |  |
| C000021488 | Service      |  |

### Transamerica BlackRock Government Money Market VP (Series ID: S000007924)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021493 | Initial      |  |
| C000021494 | Service      |  |

### Transamerica Small/Mid Cap Value VP (Series ID: S000007925)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021495 | Initial      |  |
| C000021496 | Service      |  |

### Transamerica AEGON U.S. Government Securities VP (Series ID: S000007926)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021497 | Initial      |  |
| C000021498 | Service      |  |

### Transamerica TS&W International Equity VP (Series ID: S000007928)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021501 | Initial      |  |
| C000021502 | Service      |  |

### Transamerica JPMorgan Asset Allocation - Conservative VP (Series ID: S000007929)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021503 | Initial      |  |
| C000021504 | Service      |  |

### Transamerica Janus Mid-Cap Growth VP (Series ID: S000007930)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021505 | Initial      |  |
| C000021506 | Service      |  |

### Transamerica JPMorgan Asset Allocation - Growth VP (Series ID: S000007932)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021509 | Initial      |  |
| C000021510 | Service      |  |

### Transamerica JPMorgan Asset Allocation - Moderate VP (Series ID: S000007933)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021511 | Initial      |  |
| C000021512 | Service      |  |

### Transamerica JPMorgan Asset Allocation - Moderate Growth VP (Series ID: S000007934)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021513 | Initial      |  |
| C000021514 | Service      |  |

### Transamerica JPMorgan International Moderate Growth VP (Series ID: S000012821)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000034664 | Initial      |  |
| C000034665 | Service      |  |

### Transamerica Goldman Sachs Managed Risk-Balanced ETF VP (formerly Transamerica Managed Risk - Balanced ETF VP) (Series ID: S000021746)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000062365 | Initial      |  |
| C000062366 | Service      |  |

### Transamerica Goldman Sachs Managed Risk-Growth ETF VP (formerly Transamerica Managed Risk - Growth ETF VP) (Series ID: S000021747)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000062367 | Initial      |  |
| C000062368 | Service      |  |

### Transamerica Janus Balanced VP (Series ID: S000025012)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000074409 | Service      |  |
| C000074410 | Initial      |  |

### Transamerica PIMCO Tactical - Balanced VP (Series ID: S000025013)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000074411 | Service      |  |
| C000074412 | Initial      |  |

### Transamerica PIMCO Tactical - Growth VP (Series ID: S000025014)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000074413 | Service      |  |
| C000074414 | Initial      |  |

### Transamerica PIMCO Tactical - Conservative VP (Series ID: S000025015)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000074415 | Service      |  |
| C000074416 | Initial      |  |

### Transamerica ProFund UltraBear VP (Series ID: S000025331)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000075538 | Service      |  |

### Transamerica BlackRock Tactical Allocation VP (Series ID: S000025458)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000076203 | Initial      |  |
| C000076204 | Service      |  |

### Transamerica Morgan Stanley Global Allocation VP (Series ID: S000025459)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000076205 | Initial      |  |
| C000076206 | Service      |  |

### Transamerica Goldman Sachs Managed Risk-Conservative ETF VP (Transamerica Managed Risk - Conservative ETF VP) (Series ID: S000026902)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000080975 | Initial      |  |
| C000080976 | Service      |  |

### Transamerica BlackRock iShares Active Asset Allocation - Conservative VP (Series ID: S000031950)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000099459 | Initial      |  |
| C000099460 | Service      |  |

### Transamerica BlackRock iShares Active Asset Allocation - Moderate Growth VP (Series ID: S000031951)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000099461 | Initial      |  |
| C000099462 | Service      |  |

### Transamerica BlackRock iShares Active Asset Allocation - Moderate VP (Series ID: S000031952)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000099463 | Initial      |  |
| C000099464 | Service      |  |

### Transamerica Madison Diversified Income VP (Series ID: S000031955)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000099470 | Service      |  |

### Transamerica PineBridge Inflation Opportunities VP (Series ID: S000031958)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000099475 | Initial      |  |
| C000099476 | Service      |  |

### Transamerica BlackRock iShares Dynamic Allocation - Balanced VP (Series ID: S000036843)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000112676 | Service      |  |

### Transamerica BlackRock iShares Dynamic Allocation - Moderate Growth VP (Series ID: S000036844)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000112678 | Service      |  |

### Transamerica Market Participation Strategy VP (Series ID: S000036845)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000112680 | Service      |  |

### Transamerica Morgan Stanley Global Allocation Managed Risk - Balanced VP (Series ID: S000047203)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000147921 | Service      |  |

### Transamerica American Funds Managed Risk VP (Series ID: S000049122)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000154895 | Service      |  |

### Transamerica BlackRock iShares Edge 50 VP (Series ID: S000053165)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000167272 | Service      |  |

### Transamerica BlackRock iShares Edge 75 VP (Series ID: S000053166)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000167273 | Service      |  |

### Transamerica BlackRock iShares Edge 100 VP (Series ID: S000053167)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000167274 | Service      |  |

### Transamerica MSCI EAFE Index VP (Series ID: S000057298)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000182874 | Service      |  |
| C000197833 | Initial      |  |

### Transamerica S&P 500 Index VP (Series ID: S000057299)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000182875 | Service      |  |
| C000197834 | Initial      |  |

### Transamerica Rothschild & Co Large Cap Value VP (Series ID: S000059116)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000193819 | Service      |  |

### Transamerica 60/40 Allocation VP (Series ID: S000060985)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000197832 | Service      |  |

### Transamerica Goldman Sachs 70/30 Allocation VP (Series ID: S000067836)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000217588 | Service      |  |

##### [**Table of Contents**](#toc)
As filed with the Securities and Exchange Commission on March 3, 2023

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: <u>811-04419</u>

<u>TRANSAMERICA SERIES TRUST</u> 

(Exact Name of Registrant as Specified in Charter)

<u>1801 California St., Suite 5200, Denver, Colorado 80202</u> 

(Address of Principal Executive Offices) (Zip Code)

Registrant's Telephone Number, including Area Code: <u>1-800-851-9777</u>

<u>Dennis P. Gallagher, Esq., 1801 California St., Suite 5200, Denver, Colorado 80202</u> 

(Name and Address of Agent for Service)

Date of fiscal year end: <u>December 31</u>

Date of reporting period: <u>December 31, 2022</u>

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##### [**Table of Contents**](#toc)

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| | |
|:---|:---|
| **Item 1:** | **Report(s) to Shareholders.**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Annual Report is attached.

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##### [**Table of Contents**](#toc)
**Transamerica Series Trust Annual Report** 

**December 31, 2022** 

1801 California St., Suite 5200

Denver, CO 80202

Distributor: Transamerica Capital, Inc.

Customer Service: 1-800-851-9777

---

| |
|:---|
| ***The following pages contain the most recent annual reports for the investment options in which you are invested. In compliance with Securities and Exchange Commission regulations, we present these reports on an annual and semi-annual basis with the hope that they will foster greater understanding of the investment options' holdings, performance, financial data, accounting policies and other issues. This streamlined version provides information only on the investment options in which you are invested.*** |
| ***If you have any questions about these reports, please do not hesitate to contact your financial professional. As always, we thank you for your trust and the opportunity to serve you.*** |

---

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##### [**Table of Contents**](#toc)
Dear Contract Holder,

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

This annual report is provided to you to show the investments of your Portfolio(s) during the fiscal year. The Securities and Exchange Commission requires that annual and semi-annual reports be made available to all investors, and we believe this to be an important part of the investment process. This report provides detailed information about your Portfolio(s) for the 12-month period ended December 31, 2022.

The year began with stock prices reaching record highs for the major indexes as corporate earnings growth appeared healthy and U.S. Federal Reserve ("Fed") policy remained accommodative. However, as the early months of 2022 passed it became increasingly evident that inflation, having reached multi-decade highs, would be more persistent than originally perceived and would require more forceful actions from the Fed. This, in turn, also brought on fears of slowing economic growth further pressuring the equity and credit markets.

In February 2022, Russia invaded Ukraine and in addition to the humanitarian crises created, concerns of global inflation and international instability also plagued the markets. In March, the Fed raised rates for the first time in more than three years, and as inflation rates continued to rise into the spring it became apparent a far more aggressive tightening cycle was now in process. By June, inflation had reached its highest rate in more than forty years, with the year-over-year increase in the Consumer Price Index exceeding 9%, and the Fed Funds Rate had increased to 1.5% with more rate hikes expected to follow. Long-term rates also jumped considerably higher in June with the 10-year Treasury yield rising to 3.38% by the end of the month, more than double its level at the year's onset.

Additionally pressuring stocks into the summer were fears of a pending economic recession in the year ahead as the combination of continuing Fed rate hikes against an inflationary cycle seemed destined to negatively impact corporate earnings and consumer activity. While first and second quarter gross domestic product ("GDP") reports displayed negative growth, the National Bureau of Economic Research did not declare the economy to be in an official recession due mostly to strong employment growth and positive consumer spending.

The S&P 500<sup>®</sup> Index officially hit bear market territory by the summer (a decline of 20%) and its low for the year during October. As the year concluded, the S&P 500<sup>®</sup> Index experienced its worst calendar year total return since 2008, with the most severe damage shown in previously higher priced technology stocks. Led by energy stocks benefitting from higher oil prices, value stocks meaningfully outperformed growth for the year. By year-end, inflation reports showed some easing, providing encouragement that peak rates may had passed, helping stocks to finish the year above earlier lows.

The Fed finished the year with the Fed Funds Rate of 4.50%, reflecting its most aggressive year of tightening in more than 40 years, and the 10-year Treasury yield finished at 3.88%, over two percentage points higher than where it had started the year. Combined with widening credit spreads, this led to double digit declines for the year in both investment grade and high yield bonds and the largest one-year decline in the Bloomberg US Aggregate Bond Index on record.

As this difficult year closed, investors took some comfort in declining rates of inflation, the prospect of the Fed concluding its rate hike cycle sometime in the year ahead, and a perception that a pending economic slowdown may potentially be manageable for the markets after the second-half of 2022 GDP and employment reports remained strong.

For the one-year period ended December 31, 2022, the S&P 500<sup>®</sup> Index returned -18.11% while the MSCI EAFE Index, representing international developed market equities, returned -14.01%. During the same period, the Bloomberg US Aggregate Bond Index returned -13.01%. Please keep in mind that it is important to maintain a diversified portfolio as investment returns have historically been difficult to predict.

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

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

Sincerely,

![LOGO](g438566g35n89.jpg)

**Marijn Smit** 

**President & Chief Executive Officer** 

**Transamerica Series Trust**![LOGO](g438566g03a96.jpg)

**Tom Wald, CFA** 

**Chief Investment Officer** 

**Transamerica Series Trust** 

Bloomberg US Aggregate Bond Index: Measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities.

MSCI EAFE Index: A free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada.

S&P 500<sup>®</sup> Index: A market-capitalization weighted index of 500 large U.S. companies with common stock listed on the New York Stock Exchange or NASDAQ Stock Market.

*The views expressed in this report reflect those of the portfolio managers only and may not necessarily represent the views of Transamerica Series Trust. These views are as of the date of this report and subject to change based upon market conditions. These views should not be relied upon as investment advice and are not indicative of trading intent on behalf of Transamerica Series Trust. Investing involves risk, including potential loss of principal. The performance data presented represents past performance and does not guarantee future results. Indexes are unmanaged and it is not possible to invest directly in an index.* 

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##### [**Table of Contents**](#toc)
**Transamerica 60/40 Allocation VP** 

------

**(unaudited)** 

**MARKET ENVIRONMENT** 

The year 2022 began with the S&P 500<sup>®</sup> Index sitting near all-time highs, fueled by an accommodative U.S. Federal Reserve ("Fed"), strong corporate earnings growth and the growing sense that the economic impacts of the COVID-19 crisis were continuing to moderate. Within the first few days of 2022, however, investor sentiment flipped, and rising inflation – of only marginal concern in the previous year – moved to the forefront. Interest rates began to increase rapidly in January as markets came to the realization that inflation may indeed be stickier than previously thought. Stocks and bonds sold off in unison, impacting growth-oriented and more conservative investors alike. The declines continued throughout the first quarter after Russia invaded Ukraine. The war caused a humanitarian crisis, and further pressured inflation as commodities like energy and wheat, which are heavily sourced from the region, faced uncertain supply and rising prices.

The Fed, which had been widely criticized for being behind the curve on fighting inflation, embarked on a tightening path in March when they raised the Federal funds rate by 0.25%. This would be the first of six rate hikes which would bring the policy rate to 4.50% by period end on December 31, 2022, the most rapid rate hiking campaign since 1981, a time when the Fed was battling inflation aggressively and the U.S. economy was in recession.

Equity and fixed income markets continued to trend lower throughout the second and third quarters, with most fixed income assets suffering the largest losses in decades. While inflation was showing signs of moderation in areas in the second half of the year, it remained higher than the Fed's comfort level, suggesting the path of policy rates would likely be higher going into the next fiscal year.

Both equities and bonds rebounded somewhat in the fourth quarter, after losing value in each of the prior three quarters of 2022. This offered only minor comfort to diversified investors who saw both of these asset classes lose double digit percentages in 2022. Both inflation and the magnitude of Fed interest rate hikes slowed during the fourth quarter. Inflation, which had peaked at an annual rate of 9.0% in June 2022 fell to 6.4% in December, still well above the Fed's target rate but enough to give the policymakers the comfort to "only" raise the Fed funds rate by 50 basis points ("bps") at their December meeting after having raised rates by 75 bps at each of the prior four meetings.

**PERFORMANCE** 

For the year ended December 31, 2022, Transamerica 60/40 Allocation VP, Service Class returned -13.80%. By comparison, its primary and secondary benchmarks, the S&P 500<sup>®</sup> Index and the Transamerica 60/40 Allocation VP Blended Benchmark, returned -18.11% and -15.23%, respectively.

**STRATEGY REVIEW** 

The Portfolio is a fund of funds designed to strategically allocate approximately 45% of its net assets to U.S. stocks, 15% to international stocks and 40% to fixed income by investing in underlying Transamerica funds. The Portfolio aims to provide investors with a long-term risk profile that is similar to that of a balanced fund which diversifies into some international equity. Should portfolio allocations to underlying Transamerica funds drift away from our target allocations, they are rebalanced periodically to ensure that the Portfolio's investments remain within a reasonable range of our long-term targets.

While both equity and fixed income markets lost double digit percentages in 2022, the Portfolio's fixed income holdings held up well by comparison. The top performing holding during the fiscal year was Transamerica Short-Term Bond, which returned -3.45% and carried a target weighting of 20%. Transamerica Core Bond, which also carried a target weight of 20%, returned -13.18% and was hindered by rising interest rates during the year.

The Portfolio's equity holdings underperformed its fixed income holdings in the fiscal year, as riskier assets underperformed in general. Transamerica S&P 500 VP, the large cap U.S. equity index holding, returned -18.22% and was held at a target weight of 45% in the portfolio. The Portfolio followed U.S. equities lower, which underperformed their developed international market counterparts for the first time since 2017. Transamerica MSCI EAFE Index VP, which invests to track international developed equity markets, carried a target weighting of 15%, and returned -14.28%.

**Christopher A. Staples, CFA** 

**Kane Cotton, CFA** 

**Rufat Garalov, CFA** 

**Co-Portfolio Managers** 

**Transamerica Asset Management, Inc.** 

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| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 1** 

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##### [**Table of Contents**](#toc)
**Transamerica 60/40 Allocation VP** 

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**(unaudited)** 

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| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  U.S. Equity Fund | 45.0% |
|  U.S. Fixed Income Funds | 40.0 |
|  International Equity Fund | 15.1 |
|  Net Other Assets (Liabilities) | (0.1) |
|  **Total** | 100.0% |

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*Current and future portfolio holdings are subject to change and risk.* 

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| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 2** 

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##### [**Table of Contents**](#toc)
**Transamerica 60/40 Allocation VP** 

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**(unaudited)**![LOGO](g438566g04q62.jpg)

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| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** |
| | **1 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Service Class | (13.80)% | 4.27% | 01/12/2018 |
|  S&P 500<sup>®</sup> Index <sup>(A)</sup> | (18.11)% | 8.71% |  |
|  Transamerica 60/40 Allocation VP Blended Benchmark <sup>(A) (B) (C) (D)</sup> | (15.23)% | 4.42% |  |

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<sup>(A)</sup> *The S&P 500<sup>®</sup> Index is a market-capitalization weighted index of 500 large U.S. companies with common stock listed on the NYSE or NASDAQ.* 

<sup>(B)</sup> *The Transamerica 60/40 Allocation VP Blended Benchmark is composed of the following benchmarks: 45% S&P 500<sup>®</sup> Index, 40% Bloomberg US Aggregate Bond Index and 15% MSCI EAFE Index.* 

<sup>(C)</sup> *The Bloomberg US Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities.* 

<sup>(D)</sup> *The MSCI EAFE Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada.* 

The Portfolio's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Year or Since Inception calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or the redemption of Portfolio shares. The Portfolio's investment return and net asset value will fluctuate. Investors' shares when redeemed may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month end. Portfolio performance is net of investment fees and Portfolio expenses, but not product charges, which, if included, would significantly lower the performance quoted.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of previously waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Growth stocks can be volatile and experience sharp price declines and certain types of stocks, especially technology stocks, can be extremely volatile and subject to greater price swings than the broader market.

The market prices of fixed-income securities may go up or down, sometimes rapidly or unpredictably due to general market conditions.

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**DISCLOSURE OF EXPENSES** 

**(unaudited)** 

**SHAREHOLDER EXPENSES** 

Portfolio shareholders may incur two types of costs: (i) transaction costs, including brokerage commissions on purchases and sales of portfolio shares; and (ii) ongoing costs, including management fees, and other portfolio expenses.

The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other portfolios.

The example is based on an investment of $1,000 invested at July 1, 2022, and held for the entire six-month period until December 31, 2022.

**ACTUAL EXPENSES** 

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

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES** 

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Portfolio shares. Therefore, the information under the heading "Hypothetical Expenses" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different portfolios. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries, or other financial institutions.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Actual Expenses** | **Actual Expenses** | **Hypothetical Expenses <sup>(A)</sup>** | **Hypothetical Expenses <sup>(A)</sup>** | |
| <br>**Class** |<br>**Beginning<br>Account Value<br>July 1, 2022** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** |<br>**Net Annualized<br>Expense Ratio <sup>(C) (D)</sup>** |
|  Service Class | $&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;1012.90 | $&nbsp;&nbsp;&nbsp;&nbsp;2.49 | $&nbsp;&nbsp;&nbsp;&nbsp;1022.70 | $&nbsp;&nbsp;&nbsp;&nbsp;2.50 | 0.49% |

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

(B) *Expenses are calculated using the Portfolio's net annualized expense ratio, as disclosed in the table, multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (365 days).*

(C) *Net annualized expense ratios, as disclosed in the table, do not include the expenses of the underlying investments in which the Portfolio invests. The net annualized expense ratios, as stated in the fee table of the Portfolio's Prospectus, may differ from the expense ratios disclosed in this report.*

(D) *Net annualized expense ratios are reflective of applicable fee waivers and/or reimbursements and recapture, if any, and are based on the most recent six-months which may differ from the net expense ratio displayed in the Financial Highlights that covers a twelve-month period.*

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**SCHEDULE OF INVESTMENTS** 

**At December 31, 2022** 

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| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **INVESTMENT COMPANIES - 100.1%** | **INVESTMENT COMPANIES - 100.1%** | **INVESTMENT COMPANIES - 100.1%** |
| **International Equity Fund - 15.1%** | **International Equity Fund - 15.1%** | **International Equity Fund - 15.1%** |
|  Transamerica MSCI EAFE Index VP <sup>(A)</sup> | 665272 | $7304692 |
| **U.S. Equity Fund - 45.0%** | **U.S. Equity Fund - 45.0%** | **U.S. Equity Fund - 45.0%** |
|  Transamerica S&P 500 Index VP <sup>(A)</sup> | 1331953 | 21804074 |
| **U.S. Fixed Income Funds - 40.0%** | **U.S. Fixed Income Funds - 40.0%** | **U.S. Fixed Income Funds - 40.0%** |
|  Transamerica Core Bond <sup>(A)</sup> | 1132797 | 9719396 |
|  Transamerica Short-Term Bond <sup>(A)</sup> | 1015517 | 9698185 |
|  |  | 19417581 |
|  **Total Investment Companies <br>(Cost $48,174,934)** |  | 48526347 |
|  **Total Investments <br>(Cost $48,174,934)** |  | 48526347 |
|  **Net Other Assets (Liabilities) - (0.1)%** | **Net Other Assets (Liabilities) - (0.1)%** | (42460) |
|  **Net Assets - 100.0%** |  | **$48483887** |

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**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(B)</sup>** 

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** |  |  |  |  |
|  Investment Companies | $48526347 | $— | $— | $48526347 |
|  **Total Investments** | $**48526347** | $**—** | $**—** | $**48526347** |

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**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *Affiliated investment in the Class I2 shares of Transamerica Funds and/or affiliated investment in the Initial Class shares of Transamerica Series Trust. Affiliated interest income, dividends income, realized and unrealized gains (losses), if any, are broken out within the Statement of Operations.* 

(B) *There were no transfers in or out of Level 3 during the year ended December 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

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

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**STATEMENT OF ASSETS AND LIABILITIES** 

**At December 31, 2022** 

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| | |
|:---|:---|
|  **Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments, at value (cost $48,174,934) | $48526347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables and other assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments sold | 8975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from affiliated investments | 24872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 97 |
|  Total assets | 48560291 |
|  **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables and other liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments purchased | 24882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest redeemed | 7330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to custodian | 8975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 4980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 10376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 15810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 1481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 1467 |
|  Total liabilities | 76404 |
|  **Net assets** | $&nbsp;&nbsp;&nbsp;&nbsp;48483887 |
|  **Net assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital stock ($0.01 par value) | $43674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 47782928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) | 657285 |
|  **Net assets** | $48483887 |
|  **Shares outstanding** | 4367380 |
|  **Net asset value and offering price per share** | $11.10 |

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**STATEMENT OF OPERATIONS** 

**For the year ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income from affiliated investments | $999098 |
|  Total investment income | 999098 |
|  **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 149328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 124440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 2111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 26744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 1479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 2860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 2771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 13960 |
|  Total expenses before waiver and/or reimbursement and recapture | 324216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense waived and/or reimbursed | (89597) |
|  Net expenses | 234619 |
|  **Net investment income (loss)** | 764479 |
|  **Net realized gain (loss) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | (602966) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions received from affiliated investment companies | 258679 |
|  Net realized gain (loss) | (344287) |
|  **Net change in unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | (8145639) |
|  Net realized and change in unrealized gain (loss) | (8489926) |
|  **Net increase (decrease) in net assets resulting from operations** | $&nbsp;&nbsp;&nbsp;&nbsp;(7725447) |

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

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**STATEMENT OF CHANGES IN NET ASSETS** 

**For the years ended:** 

---

| | | |
|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2021** |
|  **From operations:** | **From operations:** | **From operations:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $764479 | $526709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (344287) | 2184800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (8145639) | 3471427 |
|  Net increase (decrease) in net assets resulting from operations | (7725447) | 6182936 |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions to shareholders | (2718681) | (1826782) |
|  Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (2718681) | (1826782) |
|  **Capital share transactions:** | **Capital share transactions:** | **Capital share transactions:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold | 10620338 | 10208441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions reinvested | 2718681 | 1826782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (8917173) | (5138786) |
|  Net increase (decrease) in net assets resulting from capital share transactions | 4421846 | 6896437 |
|  **Net increase (decrease) in net assets** | (6022282) | 11252591 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 54506169 | 43253578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $&nbsp;&nbsp;&nbsp;&nbsp;48483887 | $&nbsp;&nbsp;&nbsp;&nbsp;54506169 |
|  **Capital share transactions - shares:** | **Capital share transactions - shares:** | **Capital share transactions - shares:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued | 867445 | 781939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested | 237439 | 137559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (737551) | (390840) |
|  Net increase (decrease) in shares outstanding | 367333 | 528658 |

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**FINANCIAL HIGHLIGHTS** 

**For a share outstanding during the period and years indicated:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018 <sup>(A)</sup>** |
|  **Net asset value, beginning of period/year** | $13.63 | $12.46 | $11.18 | $9.35 | $10.00 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(B)</sup> | 0.18 | 0.14 | 0.15 | 0.12 | 0.10 |
|  Net realized and unrealized gain (loss) | (2.04) | 1.51 | 1.24 | 1.74 | (0.75) |
|  Total investment operations | (1.86) | 1.65 | 1.39 | 1.86 | (0.65) |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income | (0.13) | (0.12) | (0.07) | (0.02) |  |
|  Net realized gains | (0.54) | (0.36) | (0.04) | (0.01) |  |
|  Total dividends and/or distributions to shareholders | (0.67) | (0.48) | (0.11) | (0.03) |  |
|  **Net asset value, end of period/year** | $11.10 | $13.63 | $12.46 | $11.18 | $9.35 |
|  **Total return** | (13.80)% | 13.29% | 12.47% | 20.13% | (6.70)%<sup>(C)</sup> |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of period/year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;48484 | $&nbsp;&nbsp;&nbsp;&nbsp;54506 | $&nbsp;&nbsp;&nbsp;&nbsp;43254 | $&nbsp;&nbsp;&nbsp;&nbsp;26292 | $&nbsp;&nbsp;&nbsp;&nbsp;8281 |
|  Expenses to average net assets <sup>(D)</sup> | Expenses to average net assets <sup>(D)</sup> | Expenses to average net assets <sup>(D)</sup> | Expenses to average net assets <sup>(D)</sup> | Expenses to average net assets <sup>(D)</sup> | Expenses to average net assets <sup>(D)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.65% | 0.63% | 0.66% | 0.71% | 2.02 %<sup>(E)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture <sup>(F)</sup> | 0.47% | 0.45% | 0.52% | 0.63% | 0.63 %<sup>(E)</sup> |
|  Net investment income (loss) to average net assets | 1.54% | 1.05% | 1.36% | 1.12% | 1.03 %<sup>(E)</sup> |
|  Portfolio turnover rate | 44% | 28% | 20% | 14% | 19 %<sup>(C)</sup> |

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(A) *Commenced operations on January 12, 2018.* 

(B) *Calculated based on average number of shares outstanding.* 

(C) *Not annualized.* 

(D) *Does not include expenses of the underlying investments in which the Portfolio invests.* 

(E) *Annualized.* 

(F) *TAM has contractually agreed to waive 0.18% of its management fee through May 1, 2023. These amounts are not subject to recapture by TAM.* 

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

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**NOTES TO FINANCIAL STATEMENTS** 

**At December 31, 2022** 

**1. ORGANIZATION** 

Transamerica Series Trust ("TST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). TST applies investment company accounting and reporting guidance. TST serves as a funding vehicle for variable life insurance, variable annuity, and group annuity products. Transamerica 60/40 Allocation VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers one class of shares, Service Class.

The only shareholders of the Portfolio are affiliated insurance company separate accounts and affiliated asset allocation portfolios. Contract holders of the variable life and annuity contracts are not shareholders of the Portfolio. For ease of reference, shareholders and contract holders are collectively referred to in this report as "shareholders."

This report must be accompanied or preceded by the Portfolio's current prospectus, which contains additional information about the Portfolio, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Portfolio pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Portfolio. TAM supervises the Portfolio's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Portfolio.

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Portfolio. The Portfolio pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the year ended December 31, 2022, (i) the expenses paid to State Street for sub-administration services by the Portfolio are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Portfolio are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES** 

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

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Interest income, if any, is accrued as earned. Dividend income and capital gain distributions from underlying investments, if any, are recorded on the ex-dividend date. Income or short-term capital gain distributions received from underlying investments, if any, are recorded as Dividend income from investments within the Statement of Operations. Long-term capital gain distributions received from underlying investments, if any, are recorded as Net realized gain (loss) on Capital gain distributions received from investments within the Statement of Operations.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Cash overdraft:** The Portfolio may have cash overdraft balances. A fee is incurred on these overdrafts, calculated by multiplying the overdraft by a rate based on the Federal Funds Rate.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**2. SIGNIFICANT ACCOUNTING POLICIES (continued)** 

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

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

**3. INVESTMENT VALUATION** 

Effective September 8, 2022, TAM has been designated as the Portfolio's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Portfolio's Board of Trustees. The net asset value of the Portfolio is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

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

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

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

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Portfolio's investments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Portfolio's investments at December 31, 2022, is disclosed within the Investment Valuation section of the Schedule of Investments.

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

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

*Investment companies:* Certain investment companies are valued at the NAV as the practical expedient. These investment companies are not included within the fair value hierarchy. Certain other investment companies are valued at the actively traded NAV and no valuation adjustments are applied. These investment companies are categorized in Level 1 of the fair value hierarchy.

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

The Portfolio may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Portfolio invests borrowing proceeds in other securities, the Portfolio will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Portfolio may borrow on a secured or on an unsecured basis. If the Portfolio enters into a secured borrowing arrangement, a portion of the Portfolio's

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)** 

assets will be used as collateral. The 1940 Act requires the Portfolio to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Portfolio's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Portfolio may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the year ended December 31, 2022, the Portfolio has not utilized the program.

**5. RISK FACTORS** 

Investing in the Portfolio involves certain key risks related to the Portfolio's trading activity. Please reference the Portfolio's prospectus for a more complete discussion of the following risk(s), as well as other risks of investing in the Portfolio.

**Market risk:** The market prices of the Portfolio's securities and other assets may go up or down, sometimes sharply and unpredictably, due to general market conditions, overall economic trends or events, inflation, changes in interest rates, government actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by wars, tariffs, trade disputes or other factors, political developments, investor sentiment, the global and domestic effects of a pandemic or other health emergency, and other factors that may or may not be related to the issuer of the security or other asset. The market prices of securities and other assets also may go down due to events or conditions that affect particular sectors, industries, issuers, or geographies. Adverse market conditions may be prolonged and may not have the same impact on all types of securities or other assets. If the value of the Portfolio's securities and assets fall, the value of your investment will go down. The Portfolio may experience a substantial or complete loss on any individual security or asset.

Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, the imposition of economic sanctions, public health events (such as the spread of infectious disease), wars, terrorism, cybersecurity events, technology and data interruptions, natural disasters, and other circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. In the past decade, financial markets throughout the world have experienced increased volatility and decreased liquidity. These conditions may continue or worsen. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down. Securities markets may also be susceptible to market manipulation or other fraudulent trade practices, which could disrupt the orderly functioning of these markets or adversely affect the value of securities traded in these markets, including the Portfolio's securities.

The pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in economic downturns throughout the world, severe losses, particularly to some sectors of the economy and individual issuers, and reduced liquidity of many instruments. There also have been significant disruptions to business operations, including business closures; strained healthcare systems; disruptions to supply chains and employee availability; large fluctuations in consumer demand; and widespread uncertainty regarding the duration and long-term effects of the pandemic. Economic downturns may be prolonged, and political and social instability, continued volatility and decreased liquidity in the securities markets may result. Developing or emerging market countries may be more impacted by the pandemic.

The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic. These and other government intervention into the economy and financial markets may not work as intended. In addition, government actions to mitigate the economic impact of the pandemic have resulted in large expansion of government deficits and debt, the long-term consequences of which are not known. Rates of inflation have recently risen, which could adversely affect economies and markets. The pandemic could continue to adversely affect the value and liquidity of the Portfolio's investments.

*Europe:* A number of countries in Europe have experienced severe economic and financial difficulties; and financial markets in Europe and elsewhere have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen or spread within or outside Europe. Responses to the financial problems by European governments, central banks and others may not work, may result in conflicts and social unrest and may limit future growth and economic recovery or have other unintended

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**5. RISK FACTORS (continued)** 

consequences. In January, 2020, through "Brexit," the United Kingdom withdrew from the European Union. The ramifications of Brexit are unknown, and the implications of possible political, regulatory, economic, and market outcomes could be significant. The United Kingdom has one of the largest economies in Europe and is a major trading partner with European Union countries and the United States. Brexit may create additional and substantial economic stresses for the United Kingdom, including a contraction of the United Kingdom's economy, decreased trade, capital outflows, devaluation of the British pound, and a decrease in business and consumer spending and investment. The negative impact on not only the United Kingdom and European Union economies but also the broader global economy could be significant. A number of countries in Europe have suffered terror attacks, and additional attacks may occur in the future. Europe has also been struggling with mass migration from the Middle East, Eastern Europe and Africa. The ultimate effects of these events and other socio-political or geopolitical issues could profoundly affect global economies and markets. Whether or not the Portfolio invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

*Additional Market Disruption:* Russia's invasion of Ukraine in February, 2022, the resulting responses by the United States and other countries, and the potential for wider conflict, have increased and may continue to increase volatility and uncertainty in financial markets worldwide. The United States and other countries have imposed broad-ranging economic sanctions on Russia and Russian entities and individuals, and may impose additional sanctions, including on other countries that provide military or economic support to Russia. These sanctions, among other things, restrict companies from doing business with Russia and Russian issuers, and may adversely affect companies with economic or financial exposure to Russia and Russian issuers. The extent and duration of Russia's military actions and the repercussions of such actions are not known. The invasion may widen beyond Ukraine and may escalate, including through retaliatory actions and cyberattacks by Russia and even other countries. These events may result in further and significant market disruptions and may adversely affect regional and global economies including those of Europe and the United States. Certain industries and markets, such as those involving oil, natural gas and other commodities, as well as global supply chains, may be particularly adversely affected. Whether or not the Portfolio invests in securities of issuers located in Russia, Ukraine and adjacent countries or with significant exposure to issuers in these countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

**Asset allocation:** The Portfolio's investment performance is significantly impacted by the Portfolio's asset allocation and reallocation from time to time. The investment manager's decisions whether and when to tactically overweight or underweight asset classes, create and apply formulas for de-risking or ending de-risking and select a mix of underlying portfolios may not produce the desired results. These actions may be unsuccessful in maximizing return and/or avoiding investment losses. The value of your investment may decrease if the investment manager's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying portfolio or other issuer is incorrect. The investment manager may favor an asset class that performs poorly relative to other asset classes. The available underlying portfolios selected by the investment manager may underperform the market or similar portfolios.

**Underlying portfolios risk:** Because the Portfolio invests its assets in various underlying portfolios, its ability to achieve its investment objective depends largely on the performance of the underlying portfolios in which it invests. Investing in underlying portfolios subjects the Portfolio to the risks of investing in the underlying securities or assets held by those underlying portfolios. Each of the underlying portfolios in which the Portfolio may invest has its own investment risks, and those risks can affect the value of the underlying portfolios' shares and therefore the value of the Portfolio's investments. There can be no assurance that the investment objective of any underlying portfolio will be achieved. In addition, the Portfolio will bear a pro rata portion of the operating expenses of the underlying portfolios in which it invests. The "List and Description of Underlying Portfolios" section of the Portfolio's prospectus identifies certain risks of each underlying portfolio.

**6. FEES AND OTHER AFFILIATED TRANSACTIONS** 

TST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Transamerica Life Insurance Company ("TLIC"), and Transamerica Financial Life Insurance Company.

TAM, the Portfolio's investment manager, is directly owned by TLIC and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon NV. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon NV, a Netherlands corporation, and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Portfolio's transfer agent. Transamerica Capital, Inc. ("TCI") is the Portfolio's distributor/principal underwriter. TAM, TFS, and TCI are affiliates of Aegon NV.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

Certain officers and trustees of the Portfolio are also officers and/or trustees of TAM, TFS and TCI. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Portfolio. The Portfolio does pay non-interested persons (independent trustees), as disclosed in Trustee, CCO and deferred compensation fees within the Statement of Operations.

**Investment management fees:** TAM serves as the Portfolio's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Portfolio pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Portfolio pays a management fee to TAM based on daily average net assets at the following rates:

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| **Breakpoints <sup>(A)</sup>** | **Rate** |
|  First $1 billion | 0.30% |
|  Over $1 billion | 0.28 |

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(A) *TAM has contractually agreed to waive 0.18% of the average daily net assets from its management fee through May 1, 2023.* 

TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses, reorganization expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

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| | | |
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| | **Operating<br>Expense Limit** | **Operating<br>Expense Limit<br>Effective Through** |
|  Service Class | 0.63% | May 1, 2023 |

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TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended December 31, 2022 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Portfolio, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

As of December 31, 2022, there are no amounts available for recapture by TAM.

**Distribution and service fees:** TST has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, TST entered into a distribution agreement with TCI as the Portfolio's distributor.

The Distribution Plan requires the Portfolio to pay distribution fees to TCI as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCI, on behalf of the Portfolio, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Portfolio's shares.

The fee on the Service Class shares is paid to the insurance companies for providing services and account maintenance for the policyholders who invest in the variable insurance products which invest in the Service Class shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Portfolio is authorized under the Distribution Plan to pay fees to TCI based on daily average net assets up to an annual fee of 0.25% of Service Class shares.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

**Transfer agent costs:** TFS provides transfer agency services under an intercompany agreement with TAM. TFS has outsourced the provision of certain sub-transfer agency services to SS&C Technology Holdings, Inc ("SS&C"). The Portfolio does not pay a separate transfer agent fee to TAM or TFS but does pay certain expenses to SS&C related to applicable sub-transfer agency services. For the year ended December 31, 2022, (i) the expenses paid to SS&C by the Portfolio are referred to as Transfer agent costs and are included within the Statement of Operations and (ii) the expenses payable to SS&C by the Portfolio are referred to as Transfer agent costs within the Statement of Assets and Liabilities.

**Deferred compensation plan:** Effective September 23, 2021, the Board has approved the termination of the deferred compensation plan. Payments will be made to applicable current and former Board members consistent with Section 409A of the Code. Under a non-qualified deferred compensation plan effective January 1, 1996, as amended and restated January 1, 2010, available to the trustees, compensation may be deferred that would otherwise be payable by TST to an independent trustee on a current basis for services rendered as trustee. Deferred compensation amounts will accumulate based on the value of the investment option, as elected by the trustee. Balances pursuant to deferred compensation plan are recorded in Trustees, Chief Compliance Officer ("CCO") and deferred compensation fees within the Statement of Assets and Liabilities. For the year ended December 31, 2022, amounts included in Trustees, CCO and deferred compensation fees within the Statement of Operations reflect total compensation paid to the independent Board members.

**Brokerage commissions:** The Portfolio incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the year ended December 31, 2022.

**7. PURCHASES AND SALES OF SECURITIES** 

For the year ended December 31, 2022, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

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| | |
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| **Purchases of Securities** | **Sales of Securities** |
| $23441275 | $21918590 |

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**8. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS** 

The Portfolio has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Portfolio recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Portfolio's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Portfolio's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Portfolio's financial statements. If applicable, the Portfolio recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Portfolio identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Portfolio makes significant investments; however, the Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. There are no reclassifications in the current year.

As of December 31, 2022, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

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|:---|:---|:---|:---|
| **Cost** | **Gross<br>Appreciation** | **Gross<br>(Depreciation)** | **Net Appreciation<br>(Depreciation)** |
| $48403789 | $1212995 | $(1090437) | $122558 |

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**8. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)** 

As of December 31, 2022, the capital loss carryforwards available to offset future realized capital gains are as follows:

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|:---|:---|
| **Unlimited** | **Unlimited** |
| **Short-Term** | **Long-Term** |
| $132744 | $89536 |

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During the year ended December 31, 2022, the Portfolio did not have any capital loss carryforwards utilized or expired.

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2022 and 2021 are as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** |
| **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of Capital** | **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of Capital** |
| $525142 | $2193539 | $— | $447241 | $1379541 | $— |

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As of December 31, 2022, the tax basis components of distributable earnings are as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Capital Loss<br>Carryforwards** | **Late Year<br>Ordinary Loss<br>Deferred** | **Other<br>Temporary<br>Differences** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| $757007 | $— | $(222280) | $— | $— | $122558 |

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**Report of Independent Registered Public Accounting Firm** 

*To the Shareholders and the Board of Trustees of Transamerica 60/40 Allocation VP* 

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities of Transamerica 60/40 Allocation VP (the "Portfolio") (one of the portfolios constituting Transamerica Series Trust (the "Trust")), including the schedule of investments, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the four years in the period then ended and for the period from January 12, 2018 (commencement of operations) through December 31, 2018 and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the portfolios constituting Transamerica Series Trust) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the four years in the period then ended and for the period from January 12, 2018 (commencement of operations) through December 31, 2018, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion** 

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g438566ernst_young.jpg)

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

February 27, 2023

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**SUPPLEMENTAL TAX INFORMATION** 

**(unaudited)** 

For tax purposes, the Portfolio has made a long-term capital gain designation of $2,193,539 for the year ended December 31, 2022.

The amounts which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the U.S. are as follows:

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|:---|:---|
| **Foreign Source Income** | **Foreign Taxes** |
| $228519 | $24325 |

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**(unaudited)** 

**MARKET ENVIRONMENT** 

**Pacific Investment Management Company LLC (1/1/2022 – 10/31/2022)** 

Most investment assets experienced elevated volatility over 2022, as Russia's invasion of Ukraine and the subsequent imposition of financial sanctions added stress to already fragile global supply chains and raised concerns over commodity supplies. This amplified inflationary fears and contributed to more hawkish stances from central banks, higher global yields, and flattening yield curves.

Risk assets were challenged throughout the first half of the year, with both equities and bonds moving significantly lower given ongoing concerns over the conflict between Russia and Ukraine. The recurring themes of heightened inflation, geopolitical tension and fear of recession were the main contributors to market turbulence. Developed market central banks maintained their hawkish stance with their sights set on combating historic levels of inflation. Most notably, in the U.S., the Consumer Price Index increased 8.5% year-on-year in May. This prompted the U.S. Federal Reserve ("Fed") to hike interest rates by 75 basis points ("bps") in June, the first increase of such magnitude since 1994, while acknowledging that credibly fighting inflation will come at the cost of lower economic growth.

Despite weakening economic data and signs of slowing global growth heading into the second half of 2022, the Fed continued to hike its policy rate aggressively (net 275 bps from July-December 2022) to address inflationary risks. Performance was challenged for both "safe-haven" and risk assets as global yields rose sharply through the summer months and sentiment waned, leading to increased recessionary risks and heightened volatility. Amidst broader market volatility, market correlations were positive as global equities, fixed income, and commodities all experienced declines over the third quarter.

Easing developed market inflation prints prompted optimism for relatively dovish global central bank messaging and contributed to gains in global risk assets toward the end of the year. However, with labor market data generally exhibiting continued resilience, global central banks adopted more hawkish messaging than expected in December. Following a 75 bps policy rate hike in November, the Fed adjusted its policy rate upward by 50 bps in December, while vowing to continue to fight inflation into 2023.

**Aegon USA Investment Management, LLC (11/1/2022 – 12/31/2022)** 

From a macro and markets perspective, the fiscal year ended 2022 was a year of significant monetary tightening. A myriad of macro headwinds took hold in the first quarter of the year that rattled the markets off the course to normalization and remained a concern for the rest of the year. The COVID-19 omicron variant was a mere bug bite in comparison to the stinging inflation story, a hawkish U.S. Federal Reserve ("Fed") and the outbreak of the Russia-Ukraine war. These events not only threw markets into the most volatile quarter since the start of the COVID-19 pandemic, but also further exacerbated supply chain bottlenecks. While the Fed formally embarked on its tightening cycle by increasing the federal funds rate by 0.25% at the start of the year, it was the more hawkish tone that initially spooked markets.

The second quarter brought the continuation of inflation, aggressive Fed action, choked supply chains and the ongoing war in Ukraine, which all weighed on the already weary consumers, whose confidence was clearly waning. First quarter headline gross domestic product showed significant changes in its underlying parts, raising concerns about the path of growth in the second half of the year. Consumer confidence continued to weaken in the second quarter as high inflation ate into real purchasing power.

The market spent much of the third quarter focused on persistently high inflation and the Fed's efforts to tame it. The Fed again raised the federal funds rate by 0.75% at its September meeting, bringing the target range to 3.00% to 3.25%. Meanwhile, on the inflation front, the August Consumer Price Index ("CPI") reading showed both the headline and the core CPI readings came in hotter-than-expected. August's Core Personal Consumption Expenditures Index also reflected higher-than-expected inflation. These broad underlying price pressures indicated the Fed would continue on its hawkish path.

Market volatility persisted into the fourth quarter. The November Purchasing Managers Index fell to its lowest reading since May 2020 and below its neutral rate of 50, indicating the manufacturing sector had entered contractionary territory as higher borrowing costs started to weigh on demand for goods. While the economy showed signs of cooling, strong consumer demand coupled with a tight labor market indicated the Fed may need to keep interest rates higher for longer. It did, announcing another 0.50% rate increase at its December meeting, bringing rates to their highest level in 15 years.

**PERFORMANCE** 

For the year ended December 31, 2022, Transamerica Aegon Bond VP, Initial Class returned -14.84%. By comparison, its benchmark, the Bloomberg US Aggregate Bond Index, returned -13.01%.

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**(unaudited)** 

**STRATEGY REVIEW** 

**Pacific Investment Management Company LLC (1/1/2022 – 10/31/2022)** 

Pacific Investment Management Company LLC served as sub-adviser to the Portfolio through October 31, 2022, when the Portfolio was named Transamerica PIMCO Total Return VP.

During the ten-month period ended October 31, 2022, overall interest rate strategies were positive for returns. Short positions in U.K. and Japan duration contributed to active returns as rates in both countries moved higher. Conversely, tactical exposure to U.S. and Eurozone duration detracted from performance over the period. Additionally, modest exposure to select emerging markets detracted.

Spread strategies detracted from performance for the period. Exposure to the securitized sector, including an overweight to non-agency mortgage-backed securities and other structured products drove underperformance. Overall, corporate credit positioning detracted from performance as losses from an off-benchmark allocation to high yield corporate credit more than offset gains from an underweight to investment grade corporate credit as credit spreads widened over the period. Finally, tactical allocations to select developed market currencies, such as the Norwegian Krone, detracted from performance as global currencies depreciated versus the U.S. dollar.

Derivatives were used in the Portfolio as a means of obtaining specific exposures targeted to gain from anticipated market developments. The Portfolio's duration positioning, which was positive for returns, was partly facilitated through the use of interest rate swaps, options, swaptions and futures. The Portfolio's overall corporate credit exposure, which was positive for performance, was partially obtained via the use of credit default swaps. Currency exposure, which was negative for performance, was in part implemented through the use of currency forwards.

**Aegon USA Investment Management, LLC (11/1/2022 – 12/31/2022)** 

Aegon USA Investment Management, LLC became sub-adviser to the Portfolio on November 1, 2022.

For the two-month period ended December 31, 2022, compared to the Bloomberg US Aggregate Index, duration and curve positioning contributed to the Portfolio's relative returns, but these positives were more than offset by the negative impact of credit spread effects. Trading costs to reposition the Portfolio to align it with the revised investment strategy also detracted from relative returns.

At an asset class level, the Portfolio's security selection in investment grade corporate bonds and government/government-related securities, as well as an off-index allocation to high yield corporate credit, were the largest detractors from relative returns. Overweight allocations to investment grade corporate credit and emerging markets debt were modest contributors.

The Portfolio ended the fiscal year overweight to investment grade corporate bonds, but the portfolio managers have continued to monitor increased margin pressure and the trend toward lowering earnings guidance. The Portfolio was also biased towards financials, and within industrials, certain sub-sectors like capital goods and transportation. The Portfolio ended the period positioned to be neutral on duration relative to the benchmark.

**Michael Cudzil** 

**Mark R. Keisel** 

**Mohit Mittal** 

**Co-Portfolio Managers** 

**Pacific Investment Management Company LLC** 

**Bradley D. Doyle, CFA** 

**Tyler A. Knight, CFA** 

**Brian W. Westhoff, CFA** 

**Sivakumar N. Rajan** 

**Co-Portfolio Managers** 

**Aegon USA Investment Management, LLC** 

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**(unaudited)** 

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| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  Corporate Debt Securities | 43.5% |
|  U.S. Government Obligations | 33.0 |
|  Asset-Backed Securities | 9.6 |
|  Mortgage-Backed Securities | 8.1 |
|  U.S. Government Agency Obligations | 4.4 |
|  Repurchase Agreement | 2.8 |
|  Commercial Paper | 2.6 |
|  Short-Term U.S. Government Obligations | 2.1 |
|  Other Investment Company | 1.5 |
|  Foreign Government Obligations | 0.3 |
|  Net Other Assets (Liabilities) | (7.9) |
|  **Total** | 100.0% |
| **Portfolio Characteristics** | **Years** |
|  Average Maturity § | 8.69 |
|  Duration † | 6.24 |
| **Credit Quality ‡** | **Percentage of Net<br>Assets** |
|  U.S. Government and Agency Securities | 39.5% |
|  AAA | 15.4 |
|  AA | 2.5 |
|  A | 9.1 |
|  BBB | 22.5 |
|  BB | 9.9 |
|  B | 4.2 |
|  CCC and Below | 0.3 |
|  Not Rated | 4.5 |
|  Net Other Assets (Liabilities) | (7.9) |
|  **Total** | 100.0% |

---

*Current and future portfolio holdings are subject to change and risk.* 

§ *Average Maturity is computed by weighting the maturity of each security in the Portfolio by the market value of the security, then averaging these weighted figures.* 

† *Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder.* 

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

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**(unaudited)**![LOGO](g438566g75t94.jpg)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Initial Class | (14.84)% | (0.42)% | 0.80% | 05/01/2002 |
|  Bloomberg US Aggregate Bond Index <sup>(A)</sup> | (13.01)% | 0.02% | 1.06% |  |
|  Service Class | (15.08)% | (0.68)% | 0.56% | 05/01/2003 |

---

<sup>(A)</sup> *The Bloomberg US Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities.* 

The Portfolio's benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Year or Since Inception calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or the redemption of Portfolio shares. The Portfolio's investment return and net asset value will fluctuate. Investors' shares when redeemed may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month end. Portfolio performance is net of investment fees and Portfolio expenses, but not product charges, which, if included, would significantly lower the performance quoted.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of previously waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Fixed-income securities are subject to risks including credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk and liquidity risk. Credit risk is the risk that the issuer of a bond won't meet their payments. Inflation risk is the risk that inflation could outpace a bond's interest income. Interest rate risk is the risk that fluctuations in interest rates will affect the price of a bond. The value of fixed income securities generally goes down when interest rates rise, and therefore the value of your investment in the Portfolio may also go down.

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**DISCLOSURE OF EXPENSES** 

**(unaudited)** 

**SHAREHOLDER EXPENSES** 

Portfolio shareholders may incur two types of costs: (i) transaction costs, including brokerage commissions on purchases and sales of portfolio shares; and (ii) ongoing costs, including management fees, and other portfolio expenses.

The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other portfolios.

The example is based on an investment of $1,000 invested at July 1, 2022, and held for the entire six-month period until December 31, 2022.

**ACTUAL EXPENSES** 

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

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES** 

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Portfolio shares. Therefore, the information under the heading "Hypothetical Expenses" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different portfolios. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries, or other financial institutions.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Actual Expenses** | **Actual Expenses** | **Hypothetical Expenses <sup>(A)</sup>** | **Hypothetical Expenses <sup>(A)</sup>** | |
| <br>**Class** |<br>**Beginning<br>Account Value<br>July 1, 2022** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** |<br>**Net Annualized<br>Expense Ratio <sup>(C)</sup>** |
|  Initial Class | $&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;959.90 | $&nbsp;&nbsp;&nbsp;&nbsp;3.06 | $&nbsp;&nbsp;&nbsp;&nbsp;1022.10 | $&nbsp;&nbsp;&nbsp;&nbsp;3.16 | 0.62% |
|  Service Class | 1000.00 | 958.40 | 4.29 | 1020.80 | 4.43 | 0.87 |

---

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

(B) *Expenses are calculated using the Portfolio's net annualized expense ratio, as disclosed in the table, multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (365 days).*

(C) *Net annualized expense ratios are reflective of applicable fee waivers and/or reimbursements and recapture, if any, and are based on the most recent six-months which may differ from the net expense ratio displayed in the Financial Highlights that covers a twelve-month period.*

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**SCHEDULE OF INVESTMENTS** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES - 9.6%** | **ASSET-BACKED SECURITIES - 9.6%** | **ASSET-BACKED SECURITIES - 9.6%** |
|  Anchorage Capital CLO 11 Ltd. <br>Series 2019-11A, Class AR, <br>3-Month LIBOR + 1.14%, <br>5.46% <sup>(A)</sup>, 07/22/2032 <sup>(B)</sup> | $4300000 | $4204639 |
|  Aqua Finance Trust <br>Series 2021-A, Class A, <br>1.54%, 07/17/2046 <sup>(B)</sup> | 3560751 | 3256929 |
|  CARS-DB4 LP <br>Series 2020-1A, Class A4, <br>3.19%, 02/15/2050 <sup>(B)</sup> | 1240365 | 1159581 |
|  CIFC Funding Ltd. <br>Series 2017-4A, Class A1R, <br>3-Month LIBOR + 0.95%, <br>5.27% <sup>(A)</sup>, 10/24/2030 <sup>(B)</sup> | 5400000 | 5332181 |
|  Citigroup Mortgage Loan Trust, Inc. <br>Series 2007-FS1, Class 1A1, <br>4.25% <sup>(A)</sup>, 10/25/2037 <sup>(B)</sup> | 1738706 | 1602445 |
|  DataBank Issuer <br>Series 2021-1A, Class A2, <br>2.06%, 02/27/2051 <sup>(B)</sup> | 5149000 | 4464626 |
|  Diamond Resorts Owner Trust <br>Series 2021-1A, Class B, <br>2.05%, 11/21/2033 <sup>(B)</sup> | 1854730 | 1682826 |
|  Dryden 80 CLO Ltd. <br>Series 2019-80A, Class AR, <br>3-Month Term SOFR + 1.25%, <br>5.11% <sup>(A)</sup>, 01/17/2033 <sup>(B)</sup> | 4500000 | 4351720 |
|  First Investors Auto Owner Trust <br>Series 2021-2A, Class A, <br>0.48%, 03/15/2027 <sup>(B)</sup> | 2637038 | 2550010 |
|  Hilton Grand Vacations Trust <br>Series 2018-AA, Class B, <br>3.70%, 02/25/2032 <sup>(B)</sup> | 4907205 | 4717964 |
|  Home Equity Asset Trust <br>Series 2004-4, Class M1, <br>1-Month LIBOR + 0.78%, <br>5.17% <sup>(A)</sup>, 10/25/2034 | 1577770 | 1564080 |
|  LCM XV LP <br>Series 15A, Class AR2, <br>3-Month LIBOR + 1.00%, <br>5.24% <sup>(A)</sup>, 07/20/2030 <sup>(B)</sup> | 5104766 | 5027398 |
|  LCM XXV Ltd. <br>Series 25A, Class AR, <br>3-Month Term SOFR + 1.10%, <br>5.06% <sup>(A)</sup>, 07/20/2030 <sup>(B)</sup> | 4352876 | 4265505 |
| MVW LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A, Class A,<br>1.74%, 10/20/2037 <sup>(B)</sup> | 1887614 | 1720600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1WA, Class B,<br>1.44%, 01/22/2041 <sup>(B)</sup> | 5421197 | 4910384 |
|  OZLM XXIV Ltd. <br>Series 2019-24A, Class A1AR, <br>3-Month LIBOR + 1.16%, <br>5.40% <sup>(A)</sup>, 07/20/2032 <sup>(B)</sup> | 5000000 | 4874365 |
|  RASC Trust <br>Series 2005-KS11, Class M2, <br>1-Month LIBOR + 0.63%, <br>5.02% <sup>(A)</sup>, 12/25/2035 | 1565809 | 1549636 |

---

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| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  Santander Drive Auto Receivables Trust <br>Series 2021-4, Class B, <br>0.88%, 06/15/2026 | $4910000 | $4802851 |
| Sierra Timeshare Receivables Funding<br>LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A, Class A, 2.59%, 05/20/2036 <sup>(B)</sup> | 1906804 | 1837314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2A, Class A, 1.33%, 07/20/2037 <sup>(B)</sup> | 1525845 | 1432915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2A, Class B, 2.32%, 07/20/2037 <sup>(B)</sup> | 979343 | 911826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class B, 1.34%, 11/20/2037 <sup>(B)</sup> | 4115040 | 3764447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class C, 1.79%, 11/20/2037 <sup>(B)</sup> | 1810786 | 1655719 |
|  Sound Point CLO XII Ltd. <br>Series 2016-2A, Class AR2, <br>3-Month LIBOR + 1.05%, <br>5.29% <sup>(A)</sup>, 10/20/2028 <sup>(B)</sup> | 3596177 | 3563118 |
|  Sound Point CLO XVI Ltd. <br>Series 2017-2A, Class AR, <br>3-Month LIBOR + 0.98%, <br>5.34% <sup>(A)</sup>, 07/25/2030 <sup>(B)</sup> | 5000000 | 4921225 |
|  Stack Infrastructure Issuer LLC <br>Series 2019-1A, Class A2, <br>4.54%, 02/25/2044 <sup>(B)</sup> | 5098757 | 4975318 |
|  TCI-Symphony CLO Ltd. <br>Series 2016-1A, Class AR2, <br>3-Month LIBOR + 1.02%, <br>4.96% <sup>(A)</sup>, 10/13/2032 <sup>(B)</sup> | 4900000 | 4794130 |
|  TCW CLO Ltd. <br>Series 2018-1A, Class A1R, <br>3-Month LIBOR + 0.97%, <br>5.33% <sup>(A)</sup>, 04/25/2031 <sup>(B)</sup> | 5000000 | 4928475 |
|  TICP CLO III-2 Ltd. <br>Series 2018-3R, Class A, <br>3-Month LIBOR + 0.84%, <br>5.08% <sup>(A)</sup>, 04/20/2028 <sup>(B)</sup> | 1703189 | 1697386 |
| Towd Point Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-4, Class A1,<br>2.75% <sup>(A)</sup>, 06/25/2057 <sup>(B)</sup> | 5712156 | 5419309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2, Class A1,<br>3.25% <sup>(A)</sup>, 03/25/2058 <sup>(B)</sup> | 311188 | 297908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-4, Class A1,<br>3.00% <sup>(A)</sup>, 06/25/2058 <sup>(B)</sup> | 6351918 | 5798937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1, Class A1,<br>3.72% <sup>(A)</sup>, 03/25/2058 <sup>(B)</sup> | 564078 | 531366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-4, Class A1, 1.75%, 10/25/2060 <sup>(B)</sup> | 6707310 | 5931192 |
|  Venture 38 CLO Ltd. <br>Series 2019-38A, Class A1R, <br>3-Month LIBOR + 1.16%, <br>5.57% <sup>(A)</sup>, 07/30/2032 <sup>(B)</sup> | 4900000 | 4771233 |
|  Venture XXVII CLO Ltd. <br>Series 2017-27A, Class AR, <br>3-Month LIBOR + 1.05%, <br>5.29% <sup>(A)</sup>, 07/20/2030 <sup>(B)</sup> | 5496133 | 5390888 |

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

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**Page 6** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

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| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  Westlake Automobile Receivables Trust <br>Series 2021-2A, Class B, <br>0.62%, 07/15/2026 <sup>(B)</sup> | $1558000 | $1503957 |
|  **Total Asset-Backed Securities <br>(Cost $126,862,914)** | **Total Asset-Backed Securities <br>(Cost $126,862,914)** | 126164403 |
| **CORPORATE DEBT SECURITIES - 43.5%** | **CORPORATE DEBT SECURITIES - 43.5%** | **CORPORATE DEBT SECURITIES - 43.5%** |
| **Aerospace & Defense - 0.9%** | **Aerospace & Defense - 0.9%** | **Aerospace & Defense - 0.9%** |
| Boeing Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.43%, 02/04/2024 | 3000000 | 2866077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 05/01/2030 | 2829000 | 2767637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.93%, 05/01/2060 | 2509000 | 2300251 |
|  Embraer Netherlands Finance BV <br>6.95%, 01/17/2028 <sup>(B)</sup> | 2524000 | 2524000 |
|  Huntington Ingalls Industries, Inc. <br>2.04%, 08/16/2028 | 1633000 | 1348582 |
|  |  | 11806547 |
| **Air Freight & Logistics - 0.3%** | **Air Freight & Logistics - 0.3%** | **Air Freight & Logistics - 0.3%** |
|  GXO Logistics, Inc. <br>2.65%, 07/15/2031 | 4879000 | 3614338 |
| **Airlines - 0.3%** | **Airlines - 0.3%** | **Airlines - 0.3%** |
|  American Airlines Pass-Through Trust <br>3.15%, 08/15/2033 | 1316526 | 1091708 |
|  Delta Air Lines Pass-Through Trust <br>3.20%, 10/25/2025 | 1466000 | 1429024 |
|  Delta Air Lines, Inc. / SkyMiles IP Ltd. <br>4.75%, 10/20/2028 <sup>(B)</sup> | 1847000 | 1738600 |
|  |  | 4259332 |
| **Auto Components - 0.1%** | **Auto Components - 0.1%** | **Auto Components - 0.1%** |
|  Aptiv PLC / Aptiv Corp. <br>3.25%, 03/01/2032 | 1560000 | 1281533 |
| **Automobiles - 0.4%** | **Automobiles - 0.4%** | **Automobiles - 0.4%** |
|  General Motors Co. <br>6.25%, 10/02/2043 | 2411000 | 2237894 |
|  Stellantis Finance US, Inc. <br>6.38%, 09/12/2032 <sup>(B)</sup> | 2791000 | 2764627 |
|  |  | 5002521 |
| **Banks - 3.7%** | **Banks - 3.7%** | **Banks - 3.7%** |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 03/11/2031,<br>2.65% <sup>(A)</sup>, 03/11/2032 | 3348000 | 2688487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 04/27/2032,<br>4.57% <sup>(A)</sup>, 04/27/2033 | 6595000 | 6057140 |
|  Barclays PLC <br>Fixed until 11/02/2025,<br>7.33% <sup>(A)</sup>, 11/02/2026 | 6633000 | 6882647 |
|  BNP Paribas SA <br>0.00% <sup>(A)</sup>, 11/17/2027 <sup>(B)</sup> <sup>(C)</sup> | 5200000 | 5421309 |
|  BPCE SA <br>4.50%, 03/15/2025 <sup>(B)</sup> | 3535000 | 3397816 |
|  Citigroup, Inc. <br>Fixed until 12/10/2025 <sup>(C)</sup>,<br>4.00% <sup>(A)</sup>, | 3479000 | 3030626 |
|  Intesa Sanpaolo SpA <br>8.25% <sup>(A)</sup>, 11/21/2033 <sup>(B)</sup> | 7569000 | 7704996 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 02/01/2025 <sup>(C)</sup>,<br>4.60% <sup>(A)</sup>, | 4577000 | 4033481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 09/14/2032,<br>5.72% <sup>(A)</sup>, 09/14/2033 | 4786000 | 4706267 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
|  Lloyds Banking Group PLC <br>Fixed until 06/27/2026 <sup>(C)</sup>,<br>6.75% <sup>(A)</sup> | $2873000 | $2726531 |
|  Wells Fargo & Co. <br>Fixed until 07/25/2027,<br>4.81% <sup>(A)</sup>, 07/25/2028 | 2753000 | 2688202 |
|  |  | 49337502 |
| **Beverages - 0.6%** | **Beverages - 0.6%** | **Beverages - 0.6%** |
| Anheuser-Busch InBev Worldwide, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.44%, 10/06/2048 | 964000 | 828945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/23/2029 | 2454000 | 2427915 |
| Constellation Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 08/01/2029 | 1190000 | 1045198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 12/06/2026 | 683000 | 650384 |
|  Primo Water Holdings, Inc. <br>4.38%, 04/30/2029 <sup>(B)</sup> | 3951000 | 3412050 |
|  |  | 8364492 |
| **Biotechnology - 0.4%** | **Biotechnology - 0.4%** | **Biotechnology - 0.4%** |
| AbbVie, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 05/14/2026 | 1562000 | 1476022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 11/21/2039 | 1515000 | 1304263 |
|  Amgen, Inc. <br>2.00%, 01/15/2032 | 1093000 | 855659 |
|  CSL Finance PLC <br>4.63%, 04/27/2042 <sup>(B)</sup> | 2307000 | 2084994 |
|  |  | 5720938 |
| **Building Products - 0.7%** | **Building Products - 0.7%** | **Building Products - 0.7%** |
| Carlisle Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 03/01/2032 | 2278000 | 1737630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 12/01/2027 | 1286000 | 1199805 |
|  Carrier Global Corp. <br>2.72%, 02/15/2030 | 1720000 | 1451317 |
|  Owens Corning <br>7.00%, 12/01/2036 | 2551000 | 2710721 |
|  Standard Industries, Inc. <br>3.38%, 01/15/2031 <sup>(B)</sup> | 2349000 | 1770637 |
|  |  | 8870110 |
| **Capital Markets - 1.9%** | **Capital Markets - 1.9%** | **Capital Markets - 1.9%** |
|  Credit Suisse AG <br>6.50%, 08/08/2023 <sup>(B)</sup> | 2719000 | 2629273 |
|  Credit Suisse Group AG <br>Fixed until 08/21/2026 <sup>(C)</sup>,<br>6.38% <sup>(A)</sup> <sup>(B)</sup> | 6190000 | 4436048 |
|  Deutsche Bank AG <br>Fixed until 05/24/2023,<br>4.30% <sup>(A)</sup>, 05/24/2028 | 3049000 | 2868710 |
|  Goldman Sachs Group, Inc. <br>Fixed until 02/24/2032,<br>3.10% <sup>(A)</sup>, 02/24/2033 | 5684000 | 4631390 |
|  LPL Holdings, Inc. <br>4.00%, 03/15/2029 <sup>(B)</sup> | 3422000 | 2977482 |
|  Morgan Stanley <br>Fixed until 07/20/2032,<br>4.89% <sup>(A)</sup>, 07/20/2033 | 3522000 | 3319713 |
|  Northern Trust Corp. <br>6.13%, 11/02/2032 | 3894000 | 4119533 |
|  |  | 24982149 |

---

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 7** 

------

##### [**Table of Contents**](#toc)
**Transamerica Aegon Bond VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Chemicals - 0.7%** | **Chemicals - 0.7%** | **Chemicals - 0.7%** |
|  ASP Unifrax Holdings, Inc. <br>5.25%, 09/30/2028 <sup>(B)</sup> | $1429000 | $1149773 |
|  International Flavors & Fragrances, Inc. <br>2.30%, 11/01/2030 <sup>(B)</sup> | 2344000 | 1865431 |
|  Mosaic Co. <br>4.05%, 11/15/2027 | 1679000 | 1583467 |
|  NOVA Chemicals Corp. <br>4.88%, 06/01/2024 <sup>(B)</sup> | 3142000 | 3039854 |
|  Nutrien Ltd. <br>4.20%, 04/01/2029 | 1781000 | 1677246 |
|  |  | 9315771 |
| **Commercial Services & Supplies - 0.9%** | **Commercial Services & Supplies - 0.9%** | **Commercial Services & Supplies - 0.9%** |
|  ADT Security Corp. <br>4.13%, 08/01/2029 <sup>(B)</sup> | 2980000 | 2534359 |
|  Ashtead Capital, Inc. <br>4.25%, 11/01/2029 <sup>(B)</sup> | 1818000 | 1640455 |
| Stericycle, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/15/2029 <sup>(B)</sup> | 2068000 | 1804330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 07/15/2024 <sup>(B)</sup> | 1498000 | 1468040 |
|  Triton Container International Ltd. / TAL International Container Corp. <br>3.25%, 03/15/2032 | 5983000 | 4623005 |
|  |  | 12070189 |
| **Communications Equipment - 0.3%** | **Communications Equipment - 0.3%** | **Communications Equipment - 0.3%** |
|  CommScope, Inc. <br>4.75%, 09/01/2029 <sup>(B)</sup> | 4957000 | 3996333 |
| **Construction & Engineering - 0.4%** | **Construction & Engineering - 0.4%** | **Construction & Engineering - 0.4%** |
|  Ashton Woods USA LLC / Ashton Woods Finance Co. <br>4.63%, 08/01/2029 - 04/01/2030 <sup>(B)</sup> | 2867000 | 2297205 |
|  IHS Netherlands Holdco BV <br>8.00%, 09/18/2027 <sup>(B)</sup> | 2253000 | 1975160 |
|  Odebrecht Oil & Gas Finance Ltd. <br>Zero Coupon, 01/30/2023 <sup>(B)</sup> <sup>(C)</sup> | 500930 | 1102 |
|  Quanta Services, Inc. <br>2.90%, 10/01/2030 | 1809000 | 1491935 |
|  |  | 5765402 |
| **Construction Materials - 0.3%** | **Construction Materials - 0.3%** | **Construction Materials - 0.3%** |
|  CRH America Finance, Inc. <br>3.40%, 05/09/2027 <sup>(B)</sup> | 2285000 | 2120960 |
|  Holcim Finance US LLC <br>3.50%, 09/22/2026 <sup>(B)</sup> | 1904000 | 1779283 |
|  |  | 3900243 |
| **Consumer Finance - 1.0%** | **Consumer Finance - 1.0%** | **Consumer Finance - 1.0%** |
|  Ally Financial, Inc. <br>8.00%, 11/01/2031 | 3407000 | 3530926 |
|  BMW US Capital LLC <br>2.80%, 04/11/2026 <sup>(B)</sup> | 1701000 | 1590907 |
|  Ford Motor Credit Co. LLC <br>3.38%, 11/13/2025 | 5192000 | 4693635 |
|  Nissan Motor Acceptance Co. LLC <br>2.45%, 09/15/2028 <sup>(B)</sup> | 2974000 | 2315384 |
|  Volkswagen Group of America Finance LLC <br>1.63%, 11/24/2027 <sup>(B)</sup> | 1850000 | 1551947 |
|  |  | 13682799 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Containers & Packaging - 1.0%** | **Containers & Packaging - 1.0%** | **Containers & Packaging - 1.0%** |
|  Clydesdale Acquisition Holdings, Inc. <br>6.63%, 04/15/2029 <sup>(B)</sup> | $2186000 | $2079582 |
|  Mauser Packaging Solutions Holding Co. <br>5.50%, 04/15/2024 <sup>(B)</sup> | 4494000 | 4369220 |
|  Pactiv Evergreen Group Issuer, Inc. / Pactiv Evergreen Group Issuer LLC <br>4.00%, 10/15/2027 <sup>(B)</sup> | 4002000 | 3547166 |
|  Sonoco Products Co. <br>2.25%, 02/01/2027 | 1920000 | 1709655 |
|  WRKCo, Inc. <br>3.90%, 06/01/2028 | 950000 | 874539 |
|  |  | 12580162 |
| **Diversified Financial Services - 2.0%** | **Diversified Financial Services - 2.0%** | **Diversified Financial Services - 2.0%** |
| AerCap Ireland Capital DAC / AerCap<br>Global Aviation Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 10/29/2041 | 3165000 | 2250524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 04/03/2026 | 3169000 | 3030278 |
| Aviation Capital Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/2027 <sup>(B)</sup> | 1334000 | 1167190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/15/2024 <sup>(B)</sup> | 4800000 | 4710666 |
|  Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. <br>4.25%, 02/01/2027 <sup>(B)</sup> | 6287000 | 5282870 |
|  United Wholesale Mortgage LLC <br>5.50%, 11/15/2025 <sup>(B)</sup> | 4479000 | 4033876 |
| Virgin Media Secured Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/2030 <sup>(B)</sup> | 2620000 | 2188813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/15/2029 <sup>(B)</sup> | 4301000 | 3852750 |
|  |  | 26516967 |
| **Diversified Telecommunication Services - 0.5%** | **Diversified Telecommunication Services - 0.5%** | **Diversified Telecommunication Services - 0.5%** |
|  Axian Telecom <br>7.38%, 02/16/2027 <sup>(B)</sup> | 1227000 | 1067490 |
| Verizon Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.68%, 10/30/2030 | 1752000 | 1369873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/20/2031 | 2588000 | 2014379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/16/2027 | 1890000 | 1843387 |
|  |  | 6295129 |
| **Electric Utilities - 1.1%** | **Electric Utilities - 1.1%** | **Electric Utilities - 1.1%** |
|  Cleveland Electric Illuminating Co. <br>3.50%, 04/01/2028 <sup>(B)</sup> | 3946000 | 3600916 |
|  EDP Finance BV <br>3.63%, 07/15/2024 <sup>(B)</sup> | 4653000 | 4491619 |
|  JSW Hydro Energy Ltd. <br>4.13%, 05/18/2031 <sup>(D)</sup> | 2832000 | 2360477 |
| NRG Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/15/2029 <sup>(B)</sup> | 1347000 | 1082138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/15/2031 <sup>(B)</sup> | 1408000 | 1071066 |
| Pacific Gas & Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/01/2031 | 1736000 | 1356488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 12/01/2027  | 300000 | 265227 |
|  |  | 14227931 |
| **Electronic Equipment, Instruments & Components - 0.4%** | **Electronic Equipment, Instruments & Components - 0.4%** | **Electronic Equipment, Instruments & Components - 0.4%** |
|  Arrow Electronics, Inc. <br>2.95%, 02/15/2032 | 1763000 | 1394915 |
|  Keysight Technologies, Inc. <br>4.60%, 04/06/2027 | 2012000 | 1965744 |

---

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 8** 

------

##### [**Table of Contents**](#toc)
**Transamerica Aegon Bond VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** |
|  Sensata Technologies, Inc. <br>4.38%, 02/15/2030 <sup>(B)</sup> | $1698000 | $1478116 |
|  |  | 4838775 |
| **Energy Equipment & Services - 0.2%** | **Energy Equipment & Services - 0.2%** | **Energy Equipment & Services - 0.2%** |
|  Investment Energy Resources Ltd. <br>6.25%, 04/26/2029 <sup>(B)</sup> | 2014000 | 1924377 |
|  Schlumberger Holdings Corp. <br>3.90%, 05/17/2028 <sup>(B)</sup> | 1538000 | 1435522 |
|  |  | 3359899 |
| **Equity Real Estate Investment Trusts - 2.7%** | **Equity Real Estate Investment Trusts - 2.7%** | **Equity Real Estate Investment Trusts - 2.7%** |
|  Broadstone Net Lease LLC <br>2.60%, 09/15/2031 | 2263000 | 1701542 |
|  Corporate Office Properties LP <br>2.00%, 01/15/2029 | 778000 | 598133 |
|  EPR Properties <br>3.75%, 08/15/2029 | 2143000 | 1682128 |
|  HAT Holdings I LLC / HAT Holdings II LLC <br>3.38%, 06/15/2026 <sup>(B)</sup> | 1725000 | 1498680 |
|  Invitation Homes Operating Partnership LP <br>4.15%, 04/15/2032 | 1419000 | 1245676 |
|  Iron Mountain, Inc. <br>5.25%, 03/15/2028 <sup>(B)</sup> | 3379000 | 3108680 |
| iStar, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/01/2025 | 823000 | 806478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/15/2026 | 3886000 | 3876013 |
|  Physicians Realty LP <br>2.63%, 11/01/2031 | 1855000 | 1452889 |
|  Piedmont Operating Partnership LP <br>3.15%, 08/15/2030 | 5500000 | 4195731 |
|  Realty Income Corp. <br>5.63%, 10/13/2032 | 1015000 | 1034300 |
|  SBA Tower Trust <br>6.60%, 01/15/2028 <sup>(B)</sup> | 6155000 | 6174531 |
|  Simon Property Group LP <br>2.20%, 02/01/2031 <sup>(E)</sup> | 2255000 | 1782153 |
|  VICI Properties LP <br>4.95%, 02/15/2030 | 3400000 | 3236519 |
|  Weyerhaeuser Co. <br>4.00%, 04/15/2030 | 2852000 | 2604095 |
|  |  | 34997548 |
| **Food & Staples Retailing - 1.0%** | **Food & Staples Retailing - 1.0%** | **Food & Staples Retailing - 1.0%** |
|  7-Eleven, Inc. <br>1.80%, 02/10/2031 <sup>(B)</sup> | 5500000 | 4204265 |
|  Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP <br>4.63%, 01/15/2027 <sup>(B)</sup> | 3931000 | 3651388 |
|  InRetail Consumer <br>3.25%, 03/22/2028 <sup>(B)</sup> | 3319000 | 2853847 |
|  Sysco Corp. <br>5.95%, 04/01/2030 | 2007000 | 2082539 |
|  |  | 12792039 |
| **Food Products - 0.9%** | **Food Products - 0.9%** | **Food Products - 0.9%** |
| Bunge Ltd. Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 08/17/2025 | 1802000 | 1643270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/14/2031 <sup>(E)</sup> | 1976000 | 1627057 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Food Products (continued)** | **Food Products (continued)** | **Food Products (continued)** |
|  Cargill, Inc. <br>5.13%, 10/11/2032 <sup>(B)</sup> | $1355000 | $1360901 |
|  Pilgrim's Pride Corp. <br>3.50%, 03/01/2032 <sup>(B)</sup> | 3075000 | 2406188 |
| Post Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/15/2030 <sup>(B)</sup> | 1608000 | 1382542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/15/2029 <sup>(B)</sup> | 1611000 | 1457818 |
|  Viterra Finance BV <br>4.90%, 04/21/2027 <sup>(B)</sup> | 2184000 | 2057634 |
|  |  | 11935410 |
| **Health Care Equipment & Supplies - 0.6%** | **Health Care Equipment & Supplies - 0.6%** | **Health Care Equipment & Supplies - 0.6%** |
|  Alcon Finance Corp. <br>5.75%, 12/06/2052 <sup>(B)</sup> | 1417000 | 1429705 |
|  Boston Scientific Corp. <br>4.70%, 03/01/2049 | 468000 | 421195 |
|  GE HealthCare Technologies, Inc. <br>5.86%, 03/15/2030 <sup>(B)</sup> | 1320000 | 1353953 |
| Medline Borrower LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/01/2029 <sup>(B)</sup> | 1821000 | 1465686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/2029 <sup>(B)</sup> <sup>(E)</sup> | 1459000 | 1158840 |
|  Stryker Corp. <br>1.95%, 06/15/2030 | 2047000 | 1670398 |
|  |  | 7499777 |
| **Health Care Providers & Services - 2.0%** | **Health Care Providers & Services - 2.0%** | **Health Care Providers & Services - 2.0%** |
| Centene Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/15/2030 | 1037000 | 850080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/15/2030 | 3370000 | 2848897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/15/2027 | 927000 | 870244 |
|  CHS / Community Health Systems, Inc. <br>5.25%, 05/15/2030 <sup>(B)</sup> | 2372000 | 1788576 |
|  Cigna Corp. <br>2.40%, 03/15/2030 | 1846000 | 1549624 |
|  CVS Health Corp. <br>4.78%, 03/25/2038 | 1885000 | 1723229 |
|  Elevance Health, Inc. <br>2.25%, 05/15/2030 | 1878000 | 1561716 |
| HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/15/2029 | 1387000 | 1269352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 09/01/2026 | 5300000 | 5245786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/01/2029 | 100000 | 100078 |
|  Molina Healthcare, Inc. <br>4.38%, 06/15/2028 <sup>(B)</sup> | 1306000 | 1191843 |
|  Tenet Healthcare Corp. <br>5.13%, 11/01/2027 <sup>(B)</sup> | 1570000 | 1460477 |
| UnitedHealth Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 05/15/2032 | 2631000 | 2504724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 02/15/2063 | 3267000 | 3570589 |
|  |  | 26535215 |
| **Hotels, Restaurants & Leisure - 1.7%** | **Hotels, Restaurants & Leisure - 1.7%** | **Hotels, Restaurants & Leisure - 1.7%** |
|  Boyne USA, Inc. <br>4.75%, 05/15/2029 <sup>(B)</sup> | 1273000 | 1126661 |
| Expedia Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/15/2031 | 674000 | 544143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 02/15/2028 | 1200000 | 1103621 |
|  GLP Capital LP / GLP Financing II, Inc. <br>4.00%, 01/15/2030 | 2323000 | 2034516 |

---

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 9** 

------

##### [**Table of Contents**](#toc)
**Transamerica Aegon Bond VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** |
|  Hilton Domestic Operating Co., Inc. <br>3.75%, 05/01/2029 <sup>(B)</sup> | $3439000 | $2974735 |
|  Hyatt Hotels Corp. <br>1.80%, 10/01/2024 | 1211000 | 1135124 |
|  International Game Technology PLC <br>6.50%, 02/15/2025 <sup>(B)</sup> | 3062000 | 3080648 |
| Marriott International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 10/15/2033 | 2114000 | 1619324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/01/2025 | 259000 | 261419 |
|  MGM Resorts International <br>4.75%, 10/15/2028 | 2203000 | 1922349 |
|  NCL Corp. Ltd. <br>5.88%, 03/15/2026 <sup>(B)</sup> | 3086000 | 2430379 |
|  Royal Caribbean Cruises Ltd. <br>5.50%, 04/01/2028 <sup>(B)</sup> <sup>(E)</sup> | 1499000 | 1196269 |
|  Scientific Games International, Inc. <br>7.25%, 11/15/2029 <sup>(B)</sup> | 1730000 | 1660800 |
|  Warnermedia Holdings, Inc. <br>5.05%, 03/15/2042 <sup>(B)</sup> | 2533000 | 1947420 |
|  |  | 23037408 |
| **Household Durables - 0.3%** | **Household Durables - 0.3%** | **Household Durables - 0.3%** |
| Century Communities, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/15/2029 <sup>(B)</sup> | 2621000 | 2060761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 06/01/2027 | 1402000 | 1338882 |
|  |  | 3399643 |
| **Independent Power & Renewable Electricity Producers - 0.2%** | **Independent Power & Renewable Electricity Producers - 0.2%** | **Independent Power & Renewable Electricity Producers - 0.2%** |
|  Calpine Corp. <br>3.75%, 03/01/2031 <sup>(B)</sup> | 4056000 | 3264590 |
| **Industrial Conglomerates - 0.2%** | **Industrial Conglomerates - 0.2%** | **Industrial Conglomerates - 0.2%** |
|  General Electric Co. <br>4.50%, 03/11/2044 | 2614000 | 2261067 |
| **Insurance - 2.2%** | **Insurance - 2.2%** | **Insurance - 2.2%** |
|  Alleghany Corp. <br>3.25%, 08/15/2051 | 3586000 | 2543901 |
|  Aon Corp. / Aon Global Holdings PLC <br>5.00%, 09/12/2032 | 2783000 | 2763306 |
|  AXA SA <br>8.60%, 12/15/2030 | 3182000 | 3834191 |
|  Cloverie PLC for Zurich Insurance Co. Ltd. <br>Fixed until 06/24/2026,<br>5.63% <sup>(A)</sup>, 06/24/2046 <sup>(D)</sup> | 5667000 | 5525325 |
|  Global Atlantic Finance Co. <br>Fixed until 07/15/2026,<br>4.70% <sup>(A)</sup>, 10/15/2051 <sup>(B)</sup> | 3367000 | 2564535 |
|  Hanwha Life Insurance Co. Ltd. <br>Fixed until 02/04/2027,<br>3.38% <sup>(A)</sup>, 02/04/2032 <sup>(B)</sup> | 4600000 | 3835418 |
|  Muenchener Rueckversicherungs-Gesellschaft AG <br>Fixed until 11/23/2031,<br>5.88% <sup>(A)</sup>, 05/23/2042 <sup>(B)</sup> | 1600000 | 1594000 |
| Ohio National Financial Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 01/24/2030 <sup>(B)</sup> | 5768000 | 5313641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 05/01/2031 <sup>(B)</sup> | 1650000 | 1596416 |
|  |  | 29570733 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Interactive Media & Services - 0.2%** | **Interactive Media & Services - 0.2%** | **Interactive Media & Services - 0.2%** |
|  Baidu, Inc. <br>4.38%, 05/14/2024 | $2675000 | $2631237 |
| **IT Services - 0.2%** | **IT Services - 0.2%** | **IT Services - 0.2%** |
|  Gartner, Inc. <br>4.50%, 07/01/2028 <sup>(B)</sup> | 1221000 | 1138375 |
|  Rackspace Technology Global, Inc. <br>3.50%, 02/15/2028 <sup>(B)</sup> | 2875000 | 1670720 |
|  |  | 2809095 |
| **Machinery - 0.3%** | **Machinery - 0.3%** | **Machinery - 0.3%** |
|  CNH Industrial Capital LLC <br>5.45%, 10/14/2025 | 3440000 | 3450556 |
| **Media - 1.3%** | **Media - 1.3%** | **Media - 1.3%** |
|  Charter Communications Operating LLC / Charter Communications Operating Capital <br>5.13%, 07/01/2049 | 3268000 | 2485376 |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 08/15/2027 <sup>(B)</sup> | 1660000 | 1435385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 06/01/2029 <sup>(B)</sup> <sup>(E)</sup> | 1505000 | 1105076 |
|  Comcast Corp. <br>4.15%, 10/15/2028 | 3634000 | 3491398 |
| CSC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/2031 <sup>(B)</sup> | 2712000 | 1881624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/01/2030 <sup>(B)</sup> | 1569000 | 866960 |
|  Directv Financing LLC / Directv Financing Co-Obligor, Inc. <br>5.88%, 08/15/2027 <sup>(B)</sup> | 1184000 | 1059277 |
|  DISH DBS Corp. <br>5.00%, 03/15/2023 | 1619000 | 1611561 |
|  Paramount Global <br>4.20%, 05/19/2032 | 1427000 | 1172068 |
|  VZ Secured Financing BV <br>5.00%, 01/15/2032 <sup>(B)</sup> | 1810000 | 1470845 |
|  |  | 16579570 |
| **Metals & Mining - 0.8%** | **Metals & Mining - 0.8%** | **Metals & Mining - 0.8%** |
|  ArcelorMittal SA <br>6.55%, 11/29/2027 | 3312000 | 3328343 |
|  Freeport-McMoRan, Inc. <br>3.88%, 03/15/2023 | 4433000 | 4420898 |
|  Glencore Funding LLC <br>2.63%, 09/23/2031 <sup>(B)</sup> | 2918000 | 2331799 |
|  Novelis Corp. <br>3.25%, 11/15/2026 <sup>(B)</sup> | 915000 | 820307 |
|  |  | 10901347 |
| **Multi-Utilities - 0.3%** | **Multi-Utilities - 0.3%** | **Multi-Utilities - 0.3%** |
| Black Hills Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 01/15/2027 | 1659000 | 1536364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/30/2023 | 1257000 | 1249852 |
|  Duke Energy Corp. <br>5.00%, 12/08/2027 | 1122000 | 1117562 |
|  |  | 3903778 |
| **Oil, Gas & Consumable Fuels - 4.1%** | **Oil, Gas & Consumable Fuels - 4.1%** | **Oil, Gas & Consumable Fuels - 4.1%** |
| Antero Midstream Partners LP / Antero<br>Midstream Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 06/15/2029 <sup>(B)</sup> | 1226000 | 1120858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 05/15/2026 <sup>(B)</sup> | 3057000 | 3094441 |

---

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 10** 

------

##### [**Table of Contents**](#toc)
**Transamerica Aegon Bond VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
|  Boardwalk Pipelines LP <br>3.40%, 02/15/2031 | $4300000 | $3607683 |
| Cheniere Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/2031 | 5043000 | 4293408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/2029 | 1945000 | 1750079 |
|  Chevron USA, Inc. <br>3.25%, 10/15/2029 | 1570000 | 1443488 |
|  Energy Transfer LP <br>6.00%, 06/15/2048 | 4075000 | 3681714 |
|  EnLink Midstream Partners LP <br>5.05%, 04/01/2045 | 981000 | 743430 |
|  EQM Midstream Partners LP <br>6.50%, 07/15/2048 | 2559000 | 1917835 |
|  Exxon Mobil Corp. <br>3.04%, 03/01/2026 | 2156000 | 2058730 |
| NuStar Logistics LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 04/28/2027 | 2158000 | 2017652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/01/2025 | 1162000 | 1118592 |
|  Occidental Petroleum Corp. <br>5.55%, 03/15/2026 | 6415000 | 6390944 |
|  ONEOK Partners LP <br>4.90%, 03/15/2025 | 1004000 | 990173 |
|  ONEOK, Inc. <br>6.10%, 11/15/2032 | 3279000 | 3299443 |
| Petroleos Mexicanos |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 01/23/2029 | 3820000 | 3269975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.84%, 01/23/2030 | 3043000 | 2514796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 10/16/2025 | 2701000 | 2627774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.69%, 01/23/2050 | 1538000 | 1064319 |
|  Pioneer Natural Resources Co. <br>2.15%, 01/15/2031 | 2230000 | 1774231 |
|  Plains All American Pipeline LP / PAA Finance Corp. <br>3.55%, 12/15/2029 | 1514000 | 1316503 |
|  Sabine Pass Liquefaction LLC <br>5.90%, 09/15/2037 <sup>(B)</sup> | 2853000 | 2863996 |
|  Targa Resources Partners LP / Targa Resources Partners Finance Corp. <br>4.00%, 01/15/2032 | 1277000 | 1072488 |
|  |  | 54032552 |
| **Pharmaceuticals - 0.6%** | **Pharmaceuticals - 0.6%** | **Pharmaceuticals - 0.6%** |
|  Astrazeneca Finance LLC <br>1.20%, 05/28/2026 | 2252000 | 2007364 |
|  Bausch Health Cos., Inc. <br>5.25%, 01/30/2030 <sup>(B)</sup> | 4435000 | 2128804 |
|  Bayer US Finance II LLC <br>4.38%, 12/15/2028 <sup>(B)</sup> | 1381000 | 1301924 |
|  Royalty Pharma PLC <br>2.20%, 09/02/2030 | 2765000 | 2168430 |
|  Viatris, Inc. <br>2.30%, 06/22/2027 | 1051000 | 898875 |
|  |  | 8505397 |
| **Professional Services - 0.3%** | **Professional Services - 0.3%** | **Professional Services - 0.3%** |
| Equifax, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 12/01/2024 | 1488000 | 1421638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 12/15/2027 | 2066000 | 2042646 |
|  |  | 3464284 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Road & Rail - 0.8%** | **Road & Rail - 0.8%** | **Road & Rail - 0.8%** |
| Avolon Holdings Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 02/15/2025 <sup>(B)</sup> | $2998000 | $2768147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/2026 <sup>(B)</sup> | 4110000 | 3911358 |
|  Burlington Northern Santa Fe LLC <br>4.45%, 01/15/2053 | 3856000 | 3440402 |
|  |  | 10119907 |
| **Semiconductors & Semiconductor Equipment - 1.6%** | **Semiconductors & Semiconductor Equipment - 1.6%** | **Semiconductors & Semiconductor Equipment - 1.6%** |
|  Advanced Micro Devices, Inc. <br>3.92%, 06/01/2032 | 2932000 | 2732646 |
| Broadcom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 02/15/2028 <sup>(B)</sup> | 1079000 | 912372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.19%, 11/15/2036 <sup>(B)</sup> | 5300000 | 3818977 |
|  KLA Corp. <br>4.10%, 03/15/2029 | 2214000 | 2141519 |
|  Microchip Technology, Inc. <br>0.98%, 09/01/2024 | 2154000 | 1995416 |
| QUALCOMM, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/20/2027 | 1504000 | 1429493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/20/2050 <sup>(E)</sup> | 1265000 | 923041 |
|  Skyworks Solutions, Inc. <br>1.80%, 06/01/2026 | 1203000 | 1059294 |
|  TSMC Global Ltd. <br>1.38%, 09/28/2030 <sup>(B)</sup> | 7302000 | 5620494 |
|  |  | 20633252 |
| **Software - 0.9%** | **Software - 0.9%** | **Software - 0.9%** |
|  Crowdstrike Holdings, Inc. <br>3.00%, 02/15/2029 | 1311000 | 1106839 |
| NCR Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 04/15/2029 <sup>(B)</sup> | 2386000 | 1996010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/2030 <sup>(B)</sup> | 2379000 | 1962675 |
|  Oracle Corp. <br>3.65%, 03/25/2041 | 1499000 | 1111659 |
|  Take-Two Interactive Software, Inc. <br>3.55%, 04/14/2025 | 3254000 | 3133821 |
|  Workday, Inc. <br>3.50%, 04/01/2027 | 3077000 | 2880464 |
|  |  | 12191468 |
| **Specialty Retail - 0.1%** | **Specialty Retail - 0.1%** | **Specialty Retail - 0.1%** |
|  Lowe's Cos., Inc. <br>3.75%, 04/01/2032 | 2029000 | 1810760 |
| **Technology Hardware, Storage & Peripherals - 0.8%** | **Technology Hardware, Storage & Peripherals - 0.8%** | **Technology Hardware, Storage & Peripherals - 0.8%** |
|  Apple, Inc. <br>2.85%, 02/23/2023 | 967000 | 964338 |
| Dell International LLC / EMC Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 10/01/2029 | 4100000 | 4020035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.02%, 06/15/2026 | 2823000 | 2886183 |
|  Western Digital Corp. <br>2.85%, 02/01/2029 | 3039000 | 2351183 |
|  |  | 10221739 |
| **Tobacco - 0.6%** | **Tobacco - 0.6%** | **Tobacco - 0.6%** |
|  BAT International Finance PLC <br>3.95%, 06/15/2025 <sup>(B)</sup> | 4500000 | 4324984 |
|  Philip Morris International, Inc. <br>5.63%, 11/17/2029 | 2536000 | 2580305 |
|  Reynolds American, Inc. <br>7.25%, 06/15/2037 | 389000 | 399365 |
|  |  | 7304654 |

---

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 11** 

------

##### [**Table of Contents**](#toc)
**Transamerica Aegon Bond VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Wireless Telecommunication Services - 0.7%** | **Wireless Telecommunication Services - 0.7%** | **Wireless Telecommunication Services - 0.7%** |
|  Altice France SA <br>5.50%, 10/15/2029 <sup>(B)</sup> | $1272000 | $969938 |
|  Sprint LLC <br>7.88%, 09/15/2023 | 2751000 | 2789803 |
| T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/15/2031 | 1771000 | 1528707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/15/2030 | 1257000 | 1141620 |
|  Vmed O2 Financing I PLC <br>4.75%, 07/15/2031 <sup>(B)</sup> | 2825000 | 2304874 |
|  |  | 8734942 |
|  **Total Corporate Debt Securities <br>(Cost $573,097,918)** | **Total Corporate Debt Securities <br>(Cost $573,097,918)** | 572377030 |
| **FOREIGN GOVERNMENT OBLIGATIONS - 0.3%** | **FOREIGN GOVERNMENT OBLIGATIONS - 0.3%** | **FOREIGN GOVERNMENT OBLIGATIONS - 0.3%** |
| **Dominican Republic - 0.2%** | **Dominican Republic - 0.2%** | **Dominican Republic - 0.2%** |
| Dominican Republic International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 09/23/2032 <sup>(B)</sup> | 1489000 | 1235982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/27/2025 <sup>(D)</sup> | 1140000 | 1129935 |
|  |  | 2365917 |
| **Qatar - 0.1%** | **Qatar - 0.1%** | **Qatar - 0.1%** |
|  Qatar Government International Bonds <br>3.88%, 04/23/2023 <sup>(B)</sup> | 1569000 | 1560371 |
|  **Total Foreign Government Obligations <br>(Cost $3,849,473)** | **Total Foreign Government Obligations <br>(Cost $3,849,473)** | 3926288 |
| **MORTGAGE-BACKED SECURITIES - 8.1%** | **MORTGAGE-BACKED SECURITIES - 8.1%** | **MORTGAGE-BACKED SECURITIES - 8.1%** |
|  1211 Avenue of the Americas Trust <br>Series 2015-1211, Class A1A1, <br>3.90%, 08/10/2035 <sup>(B)</sup> | 5900000 | 5481838 |
|  20 Times Square Trust <br>Series 2018-20TS, Class B, <br>3.10% <sup>(A)</sup>, 05/15/2035 <sup>(B)</sup> | 5148000 | 4970176 |
|  Alternative Loan Trust <br>Series 2005-14, Class 2A1, <br>1-Month LIBOR + 0.42%, <br>4.81% <sup>(A)</sup>, 05/25/2035 | 82902 | 73860 |
|  BAMLL Commercial Mortgage Securities Trust <br>Series 2019-BPR, Class ANM, <br>3.11%, 11/05/2032 <sup>(B)</sup> | 2700000 | 2495851 |
|  Banc of America Funding Trust <br>Series 2005-D, Class A1, <br>3.42% <sup>(A)</sup>, 05/25/2035 | 1042050 | 977397 |
|  BBCMS Mortgage Trust <br>Series 2018-TALL, Class D, <br>1-Month LIBOR + 1.45%, <br>5.77% <sup>(A)</sup>, 03/15/2037 <sup>(B)</sup> | 5000000 | 3679775 |
| BX Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-XL, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month Term SOFR + 1.36%, <br>5.70% <sup>(A)</sup>, 10/15/2036 <sup>(B)</sup> | 2040000 | 1988631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-VKNG, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month Term SOFR + 1.51%, <br>5.85% <sup>(A)</sup>, 10/15/2037 <sup>(B)</sup> | 819000 | 780181 |
|  Citigroup Commercial Mortgage Trust <br>Series 2016-P5, Class AAB, <br>2.84%, 10/10/2049 | 5276410 | 5053499 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
|  COMM Mortgage Trust <br>Series 2016-787S, Class A, <br>3.55%, 02/10/2036 <sup>(B)</sup> | $5000000 | $4574291 |
|  CSMC Trust <br>Series 2021-RPL3, Class A1, <br>2.00% <sup>(A)</sup>, 01/25/2060 <sup>(B)</sup> | 6102447 | 5218423 |
|  DOLP Trust <br>Series 2021-NYC, Class A, <br>2.96%, 05/10/2041 <sup>(B)</sup> | 5300000 | 4221926 |
|  Extended Stay America Trust <br>Series 2021-ESH, Class A, <br>1-Month LIBOR + 1.08%, <br>5.40% <sup>(A)</sup>, 07/15/2038 <sup>(B)</sup> | 5369057 | 5214156 |
| Fontainebleau Miami Beach Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-FBLU, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.14%, 12/10/2036 <sup>(B)</sup> | 5000000 | 4670279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-FBLU, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 12/10/2036 <sup>(B)</sup> | 2800000 | 2607700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-FBLU, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.96% <sup>(A)</sup>, 12/10/2036 <sup>(B)</sup> | 1500000 | 1396767 |
|  Great Wolf Trust <br>Series 2019-WOLF, Class C, <br>1-Month LIBOR + 1.63%, <br>5.95% <sup>(A)</sup>, 12/15/2036 <sup>(B)</sup> | 7000000 | 6682947 |
|  GS Mortgage Securities Trust <br>Series 2016-GS3, Class AAB, <br>2.78%, 10/10/2049 | 2881066 | 2750404 |
|  HarborView Mortgage Loan Trust <br>Series 2006-7, Class 2A1A, <br>1-Month LIBOR + 0.40%, <br>4.74% <sup>(A)</sup>, 09/19/2046 | 124908 | 111703 |
|  JPMorgan Chase Commercial Mortgage Securities Trust <br>Series 2020-ACE, Class A, <br>3.29%, 01/10/2037 <sup>(B)</sup> | 7500000 | 6954694 |
|  Metlife Securitization Trust <br>Series 2017-1A, Class A, <br>3.00% <sup>(A)</sup>, 04/25/2055 <sup>(B)</sup> | 1873469 | 1750611 |
|  MFA Trust <br>Series 2021-RPL1, Class A1, <br>1.13% <sup>(A)</sup>, 07/25/2060 <sup>(B)</sup> | 2944175 | 2580287 |
|  Mill City Mortgage Loan Trust <br>Series 2019-1, Class A1, <br>3.25% <sup>(A)</sup>, 10/25/2069 <sup>(B)</sup> | 1112902 | 1047303 |
| Morgan Stanley Bank of America Merrill<br>Lynch Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C20, Class ASB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.07%, 02/15/2048 | 1987029 | 1936310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C27, Class ASB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.56%, 12/15/2047 | 2947156 | 2865443 |
| New Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-4A, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% <sup>(A)</sup>, 11/25/2056 <sup>(B)</sup> | 3740333 | 3419015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-RPL1, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% <sup>(A)</sup>, 12/25/2057 <sup>(B)</sup> | 299018 | 282036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25% <sup>(A)</sup>, 12/25/2057 <sup>(B)</sup> | 3250731 | 3074765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-5A, Class A1B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% <sup>(A)</sup>, 08/25/2059 <sup>(B)</sup> | 3032693 | 2805805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-RPL2, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25% <sup>(A)</sup>, 02/25/2059 <sup>(B)</sup> | 4460727 | 4191549 |

---

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 12** 

------

##### [**Table of Contents**](#toc)
**Transamerica Aegon Bond VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
|  One New York Plaza Trust <br>Series 2020-1NYP, Class A, <br>1-Month LIBOR + 0.95%, <br>5.27% <sup>(A)</sup>, 01/15/2036 <sup>(B)</sup> | $4000000 | $3773578 |
|  Reperforming Loan Trust REMIC <br>Series 2006-R1, Class AF1, <br>1-Month LIBOR + 0.34%, <br>4.73% <sup>(A)</sup>, 01/25/2036 <sup>(B)</sup> | 1336900 | 1265778 |
|  SFO Commercial Mortgage Trust <br>Series 2021-555, Class A, <br>1-Month LIBOR + 1.15%, <br>5.47% <sup>(A)</sup>, 05/15/2038 <sup>(B)</sup> | 4600000 | 4213792 |
|  Tharaldson Hotel Portfolio Trust <br>Series 2018-THL, Class C, <br>1-Month LIBOR + 1.65%, <br>5.87% <sup>(A)</sup>, 11/11/2034 <sup>(B)</sup> | 2862824 | 2699217 |
|  WaMu Mortgage Pass-Through Certificates Trust <br>Series 2005-AR13, Class A1A1, <br>1-Month LIBOR + 0.58%, <br>4.97% <sup>(A)</sup>, 10/25/2045 | 739291 | 680342 |
|  **Total Mortgage-Backed Securities <br>(Cost $111,210,247)** | **Total Mortgage-Backed Securities <br>(Cost $111,210,247)** | 106490329 |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS - 4.4%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 4.4%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 4.4%** |
| Federal Home Loan Mortgage Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/2052 | 979530 | 861026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/01/2049 | 805620 | 740934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12-Month LIBOR + 1.35%, <br>3.59% <sup>(A)</sup>, 09/01/2035 | 16691 | 16682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Year CMT + 2.21%, <br>3.68% <sup>(A)</sup>, 08/01/2023 | 812 | 805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12-Month LIBOR + 1.87%, <br>4.12% <sup>(A)</sup>, 09/01/2035 | 62318 | 61458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2024 - 07/01/2025 | 129878 | 130679 |
| Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 12-MTA + 1.20%, <br>2.89% <sup>(A)</sup>, 06/01/2043 | 30281 | 28808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/01/2049 - 05/01/2052 | 2031731 | 1793797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6-Month LIBOR + 1.75%, <br>3.50% <sup>(A)</sup>, 05/01/2035 | 42770 | 42013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12-Month LIBOR + 1.34%, <br>3.59% <sup>(A)</sup>, 12/01/2034 | 1045 | 1032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Year CMT + 1.81%, <br>3.62% <sup>(A)</sup>, 08/01/2035 | 6128 | 6074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Year CMT + 2.22%, <br>3.70% <sup>(A)</sup>, 01/01/2028 | 4411 | 4341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6-Month LIBOR + 1.61%, <br>3.73% <sup>(A)</sup>, 08/01/2036 | 4856 | 4835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Year CMT + 2.15%, <br>3.90% <sup>(A)</sup>, 07/01/2032 | 2197 | 2168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/2047 - 02/01/2048 | 1766691 | 1688743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Year CMT + 2.18%, <br>4.30% <sup>(A)</sup>, 10/01/2035 | 1118 | 1097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2023 - 05/01/2037 | 483029 | 486005 |
| Uniform Mortgage-Backed Security |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, TBA <sup>(F)</sup> | 55024000 | 44842038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, TBA <sup>(F)</sup> | 8006000 | 6788815 |
|  **Total U.S. Government Agency Obligations <br>(Cost $59,103,272)** | **Total U.S. Government Agency Obligations <br>(Cost $59,103,272)** | 57501350 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **U.S. GOVERNMENT OBLIGATIONS - 33.0%** | **U.S. GOVERNMENT OBLIGATIONS - 33.0%** | **U.S. GOVERNMENT OBLIGATIONS - 33.0%** |
| **U.S. Treasury - 32.0%** | **U.S. Treasury - 32.0%** | **U.S. Treasury - 32.0%** |
| U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 05/15/2050 | $77149200 | $41958918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/15/2051 | 3970000 | 2548089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 02/15/2042 | 83361300 | 64103537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 08/15/2042 <sup>(G)</sup> | 31154000 | 25225004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/15/2052 | 8080000 | 6719025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/15/2039 | 2786000 | 2632988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/15/2039 <sup>(G)</sup> | 19553000 | 20260269 |
|  U.S. Treasury Bonds, Principal Only STRIPS <br>Zero Coupon, 08/15/2052 <sup>(E)</sup> | 64135000 | 20743470 |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 02/15/2031 | 11333000 | 9266056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 08/15/2031 | 5319000 | 4327713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 11/15/2031 | 14111000 | 11525821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 05/15/2023 | 27328000 | 27041910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/15/2032 | 32504500 | 27671995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 10/31/2024 <sup>(G)</sup> | 27656000 | 26576768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/15/2025 <sup>(E)</sup> | 21933800 | 20779705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 08/15/2027 <sup>(E)</sup> <sup>(G)</sup> | 5887000 | 5454443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/15/2023 | 4203700 | 4145571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 02/15/2029 <sup>(G)</sup> | 2184000 | 2022930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 08/15/2032 | 12050000 | 11012570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/15/2028 - 05/15/2032 | 22669400 | 21176891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/30/2027 <sup>(E)</sup> | 2621400 | 2611365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/30/2029 | 12472400 | 12413448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 09/30/2027 | 4002800 | 4024221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 11/15/2032 <sup>(E)</sup> | 24565900 | 25160855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/30/2024 | 21136500 | 21037423 |
|  |  | 420440985 |
| **U.S. Treasury Inflation-Protected Securities - 1.0%** | **U.S. Treasury Inflation-Protected Securities - 1.0%** | **U.S. Treasury Inflation-Protected Securities - 1.0%** |
|  U.S. Treasury Inflation-Protected Indexed Bonds <br>0.25%, 02/15/2050 | 12739728 | 8589529 |
|  U.S. Treasury Inflation-Protected Indexed Notes <br>0.13%, 07/15/2030 | 4570970 | 4097402 |
|  |  | 12686931 |
|  **Total U.S. Government Obligations <br>(Cost $430,036,939)** | **Total U.S. Government Obligations <br>(Cost $430,036,939)** | 433127916 |
| **COMMERCIAL PAPER - 2.6%** | **COMMERCIAL PAPER - 2.6%** | **COMMERCIAL PAPER - 2.6%** |
| **Banks - 0.6%** | **Banks - 0.6%** | **Banks - 0.6%** |
|  Bedford Row Funding Corp. <br>5.22% <sup>(H)</sup>, 06/08/2023 | 5272000 | 5157352 |
|  Cooperatieve Rabobank UA <br>5.17% <sup>(H)</sup>, 06/09/2023 | 2612000 | 2555742 |
|  |  | 7713094 |
| **Diversified Financial Services - 2.0%** | **Diversified Financial Services - 2.0%** | **Diversified Financial Services - 2.0%** |
|  Glencove Funding LLC <br>5.15% <sup>(H)</sup>, 06/09/2023 | 13500000 | 13204223 |
|  LMA Americas LLC <br>5.21% <sup>(H)</sup>, 05/11/2023 | 13500000 | 13255470 |
|  |  | 26459693 |
|  **Total Commercial Paper <br>(Cost $34,170,154)** | **Total Commercial Paper <br>(Cost $34,170,154)** | 34172787 |

---

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 13** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 2.1%** | **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 2.1%** | **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 2.1%** |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.66% <sup>(H)</sup>, 06/08/2023 | $2839000 | $2783517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.71% <sup>(H)</sup>, 06/08/2023 | 25627000 | 25126163 |
|  |  | 27909680 |
| **Total Short-Term U.S. Government Obligations<br>(Cost $27,899,416)** | **Total Short-Term U.S. Government Obligations<br>(Cost $27,899,416)** | 27909680 |
|  | **Shares** | **Value** |
| **OTHER INVESTMENT COMPANY - 1.5%** | **OTHER INVESTMENT COMPANY - 1.5%** | **OTHER INVESTMENT COMPANY - 1.5%** |
| **Securities Lending Collateral - 1.5%** | **Securities Lending Collateral - 1.5%** | **Securities Lending Collateral - 1.5%** |
|  State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 4.29% <sup>(H)</sup> | 19865050 | 19865050 |
|  **Total Other Investment Company <br>(Cost $19,865,050)** | **Total Other Investment Company <br>(Cost $19,865,050)** | 19865050 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 2.8%** | **REPURCHASE AGREEMENT - 2.8%** | **REPURCHASE AGREEMENT - 2.8%** |
|  Fixed Income Clearing Corp., 1.80% <sup>(H)</sup>, dated 12/30/2022, to be repurchased at $36,533,643 on 01/03/2023. Collateralized by a U.S. Government Obligation, 4.77%, due 12/28/2023, and with a value of $37,256,902. | $36526338 | $36526338 |
|  **Total Repurchase Agreement <br>(Cost $36,526,338)** | **Total Repurchase Agreement <br>(Cost $36,526,338)** | 36526338 |
|  **Total Investments <br>(Cost $1,422,621,721)** | **Total Investments <br>(Cost $1,422,621,721)** | 1418061171 |
|  **Net Other Assets (Liabilities) - (7.9)%** | **Net Other Assets (Liabilities) - (7.9)%** | (103844115) |
|  **Net Assets - 100.0%** |  | **$1314217056** |

---

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(I)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Asset-Backed Securities | $— | $126164403 | $— | $126164403 |
|  Corporate Debt Securities |  | 572377030 |  | 572377030 |
|  Foreign Government Obligations |  | 3926288 |  | 3926288 |
|  Mortgage-Backed Securities |  | 106490329 |  | 106490329 |
|  U.S. Government Agency Obligations |  | 57501350 |  | 57501350 |
|  U.S. Government Obligations |  | 433127916 |  | 433127916 |
|  Commercial Paper |  | 34172787 |  | 34172787 |
|  Short-Term U.S. Government Obligations |  | 27909680 |  | 27909680 |
|  Other Investment Company | 19865050 |  |  | 19865050 |
|  Repurchase Agreement |  | 36526338 |  | 36526338 |
|  **Total Investments** | $**19865050** | $**1398196121** | $**—** | $**1418061171** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *Floating or variable rate securities. The rates disclosed are as of December 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.* 

(B) *Securities are exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2022, the total value of 144A securities is $459,993,339, representing 35.0% of the Portfolio's net assets.* 

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

(D) *Securities are exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Securities may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At December 31, 2022, the total value of Regulation S securities is $9,015,737, representing 0.7% of the Portfolio's net assets.* 

(E) *All or a portion of the securities are on loan. The total value of all securities on loan is $44,246,383, collateralized by cash collateral of $19,865,050 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $25,302,386. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.* 

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 14** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

**FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):** 

(F) *When-issued, delayed-delivery and/or forward commitment (including TBAs) securities. Securities to be settled and delivered after December 31, 2022. Securities may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.* 

(G) *Securities are subject to sale-buyback transactions. The average amount of sale-buybacks outstanding during the year ended December 31, 2022 was $924,314 at a weighted average interest rate of 0.45%.* 

(H) *Rates disclosed reflect the yields at December 31, 2022.* 

(I) *There were no transfers in or out of Level 3 during the year ended December 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

**PORTFOLIO ABBREVIATIONS:** 

---

| | |
|:---|:---|
| *CMT* | *Constant Maturity Treasury* |
| *LIBOR* | *London Interbank Offered Rate* |
| *MTA* | *Month Treasury Average* |
| *SOFR* | *Secured Overnight Financing Rate* |
| *STRIPS* | *Separate Trading of Registered Interest and Principal of Securities* |
| *TBA* | *To Be Announced* |

---

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 15** 

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**STATEMENT OF ASSETS AND LIABILITIES** 

**At December 31, 2022** 

---

| | |
|:---|:---|
|  **Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value (cost $1,386,095,383) <br>(including securities loaned of $44,246,383) | $&nbsp;&nbsp;&nbsp;&nbsp;1381534833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreement, at value (cost $36,526,338) | 36526338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | 192311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral pledged at broker for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA commitments | 925000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrally cleared swap agreements | 6000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables and other assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; When-issued, delayed-delivery, forward and TBA commitments sold | 452368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 10517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest sold | 41838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 11460920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin receivable on centrally cleared swap agreements | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 7172 |
|  Total assets | 1431157301 |
|  **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency overdraft, at value (cost $3,197) | 3228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral received upon return of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities on loan | 19865050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables and other liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 159058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; When-issued, delayed-delivery, forward and TBA commitments purchased | 53173756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest redeemed | 42737584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 579208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 116938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 1617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 16315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 48072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 69600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 8587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 146967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 14265 |
|  Total liabilities | 116940245 |
|  **Net assets** | $1314217056 |
|  **Net assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital stock ($0.01 par value) | $1437330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 1574517315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) | (261737589) |
|  **Net assets** | $1314217056 |
|  **Net assets by class:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | $773453568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 540763488 |
|  **Shares outstanding:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 84243383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 59489583 |
|  **Net asset value and offering price per share:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | $9.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 9.09 |

---

**STATEMENT OF OPERATIONS** 

**For the year ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $913546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 52690437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 88234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withholding taxes on foreign income | (9284) |
|  Total investment income | 53682933 |
|  **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 9511189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 1559611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 16031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 65061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 79098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 266723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 88082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense on sale-buybacks | 4247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 107591 |
|  Total expenses | 11697633 |
|  **Net investment income (loss)** | 41985300 |
|  **Net realized gain (loss) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (228069404) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written options and swaptions | (1768854) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | (8825280) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (16965148) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | 9371957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (2230260) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA Commitments | 2442078 |
|  Net realized gain (loss) | (246044911) |
|  **Net change in unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (59973327) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written options and swaptions | (209000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | 474726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (1188034) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | 1477889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Translation of assets and liabilities denominated in foreign currencies | (90166) |
|  Net change in unrealized appreciation (depreciation) | (59507912) |
|  Net realized and change in unrealized gain (loss) | (305552823) |
|  **Net increase (decrease) in net assets resulting from operations** | $&nbsp;&nbsp;&nbsp;&nbsp;(263567523) |

---

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 16** 

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**STATEMENT OF CHANGES IN NET ASSETS** 

**For the years ended:** 

---

| | | |
|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2021** |
|  **From operations:** | **From operations:** | **From operations:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $41985300 | $38617782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (246044911) | (9182015) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (59507912) | (48967552) |
|  Net increase (decrease) in net assets resulting from operations | (263567523) | (19531785) |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (23417643) | (91883037) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (14442123) | (56451364) |
|  Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (37859766) | (148334401) |
|  **Capital share transactions:** | **Capital share transactions:** | **Capital share transactions:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 41289901 | 101830659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 7391387 | 29166829 |
|  | 48681288 | 130997488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 23417643 | 91883037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 14442123 | 56451364 |
|  | 37859766 | 148334401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (265328020) | (310467072) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (107937664) | (84446916) |
|  | (373265684) | (394913988) |
|  Net increase (decrease) in net assets resulting from capital share transactions | (286724630) | (115582099) |
|  **Net increase (decrease) in net assets** | (588151919) | (283448285) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 1902368975 | 2185817260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $&nbsp;&nbsp;&nbsp;&nbsp;1314217056 | $&nbsp;&nbsp;&nbsp;&nbsp;1902368975 |
|  **Capital share transactions - shares:** | **Capital share transactions - shares:** | **Capital share transactions - shares:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 4292225 | 8930917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 736315 | 2559690 |
|  | 5028540 | 11490607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 2441881 | 8248028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 1520224 | 5113348 |
|  | 3962105 | 13361376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (26586909) | (26763980) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (11054135) | (7383584) |
|  | (37641044) | (34147564) |
|  Net increase (decrease) in shares outstanding: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (19852803) | (9585035) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (8797596) | 289454 |
|  | (28650399) | (9295581) |

---

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 17** 

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**FINANCIAL HIGHLIGHTS** 

**For a share outstanding during the years indicated:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $11.08 | $12.08 | $11.77 | $11.12 | $11.56 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(A)</sup> | 0.28 | 0.23 | 0.27 | 0.31 | 0.27 |
|  Net realized and unrealized gain (loss) | (1.91) | (0.33) | 0.61 | 0.63 | (0.35) |
|  Total investment operations | (1.63) | (0.10) | 0.88 | 0.94 | (0.08) |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income | (0.27) | (0.18) | (0.52) | (0.29) | (0.30) |
|  Net realized gains |  | (0.72) | (0.05) |  | (0.06) |
|  Total dividends and/or distributions to shareholders | (0.27) | (0.90) | (0.57) | (0.29) | (0.36) |
|  **Net asset value, end of year** | $9.18 | $11.08 | $12.08 | $11.77 | $11.12 |
|  **Total return** | (14.84)% | (0.87)% | 7.68% | 8.41% | (0.65)% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;773454 | $&nbsp;&nbsp;&nbsp;&nbsp;1153539 | $&nbsp;&nbsp;&nbsp;&nbsp;1372817 | $&nbsp;&nbsp;&nbsp;&nbsp;1805918 | $&nbsp;&nbsp;&nbsp;&nbsp;1833477 |
|  Expenses to average net assets | 0.66% | 0.67% | 0.67% | 0.67% | 0.69% |
|  Net investment income (loss) to average net assets | 2.82% | 1.96% | 2.24% | 2.63% | 2.37% |
|  Portfolio turnover rate <sup>(B)</sup> | 126% | 18% | 30% | 27% | 42% |

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(A) *Calculated based on average number of shares outstanding.* 

(B) *Excludes sale-buyback transactions.* 

**For a share outstanding during the years indicated:** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $10.97 | $11.96 | $11.65 | $11.01 | $11.46 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(A)</sup> | 0.25 | 0.20 | 0.24 | 0.27 | 0.24 |
|  Net realized and unrealized gain (loss) | (1.89) | (0.32) | 0.61 | 0.63 | (0.36) |
|  Total investment operations | (1.64) | (0.12) | 0.85 | 0.90 | (0.12) |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income | (0.24) | (0.15) | (0.49) | (0.26) | (0.27) |
|  Net realized gains |  | (0.72) | (0.05) |  | (0.06) |
|  Total dividends and/or distributions to shareholders | (0.24) | (0.87) | (0.54) | (0.26) | (0.33) |
|  **Net asset value, end of year** | $9.09 | $10.97 | $11.96 | $11.65 | $11.01 |
|  **Total return** | (15.08)% | (1.07)% | 7.40% | 8.22% | (1.02)% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;540763 | $&nbsp;&nbsp;&nbsp;&nbsp;748830 | $&nbsp;&nbsp;&nbsp;&nbsp;813000 | $&nbsp;&nbsp;&nbsp;&nbsp;811186 | $&nbsp;&nbsp;&nbsp;&nbsp;806020 |
|  Expenses to average net assets | 0.91% | 0.92% | 0.92% | 0.92% | 0.94% |
|  Net investment income (loss) to average net assets | 2.58% | 1.72% | 1.99% | 2.38% | 2.11% |
|  Portfolio turnover rate <sup>(B)</sup> | 126% | 18% | 30% | 27% | 42% |

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(A) *Calculated based on average number of shares outstanding.* 

(B) *Excludes sale-buyback transactions.* 

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

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**NOTES TO FINANCIAL STATEMENTS** 

**At December 31, 2022** 

**1. ORGANIZATION** 

Transamerica Series Trust ("TST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). TST applies investment company accounting and reporting guidance. TST serves as a funding vehicle for variable life insurance, variable annuity, and group annuity products. Transamerica Aegon Bond VP (formerly, Transamerica PIMCO Total Return VP) (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers two classes of shares, Initial Class and Service Class.

The only shareholders of the Portfolio are affiliated insurance company separate accounts and affiliated asset allocation portfolios. Contract holders of the variable life and annuity contracts are not shareholders of the Portfolio. For ease of reference, shareholders and contract holders are collectively referred to in this report as "shareholders."

This report must be accompanied or preceded by the Portfolio's current prospectus, which contains additional information about the Portfolio, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Portfolio pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Portfolio. TAM supervises the Portfolio's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Portfolio.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of a Portfolio without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Portfolio and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Portfolio employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending portfolio combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Portfolio's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Portfolio; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for a Portfolio; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Portfolio's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; oversight of other service providers to the Portfolio, such as the custodian, the transfer agent, the Portfolio's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Portfolio; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Portfolio, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Portfolio. The Portfolio pays certain fees and expenses to State Street for sub-administration services which are not administrative

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**1. ORGANIZATION (continued)** 

services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the year ended December 31, 2022, (i) the expenses paid to State Street for sub-administration services by the Portfolio are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Portfolio are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES** 

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

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

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

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

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Portfolio is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

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

**Cash overdraft:** The Portfolio may have cash overdraft balances. A fee is incurred on these overdrafts, calculated by multiplying the overdraft by a rate based on the Federal Funds Rate.

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

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Portfolio with broker/dealers with which TST has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**2. SIGNIFICANT ACCOUNTING POLICIES (continued)** 

commissions received by such broker/dealer on the security transactions to the Portfolio. In no event will commissions, paid by the Portfolio, be used to pay expenses that would otherwise be borne by any other portfolios within TST, or by any other party.

There were no commissions recaptured during the year ended December 31, 2022 by the Portfolio.

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

**3. INVESTMENT VALUATION** 

Effective September 8, 2022, TAM has been designated as the Portfolio's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Portfolio's Board of Trustees. The net asset value of the Portfolio is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

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

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

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

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Portfolio's investments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels.

The hierarchy classification of inputs used to value the Portfolio's investments at December 31, 2022, is disclosed within the Investment Valuation section of the Schedule of Investments.

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

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

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

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

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**3. INVESTMENT VALUATION (continued)** 

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

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

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

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

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

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

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

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

**4. SECURITIES AND OTHER INVESTMENTS** 

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

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

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**4. SECURITIES AND OTHER INVESTMENTS (continued)** 

TBA commitments are entered into to purchase or sell securities for a fixed price at a future date, typically not to exceed 45 days. TBAs are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased declines, or the value of the security sold increases, prior to settlement date, in addition to the risk of decline in the value of a Portfolio's other assets. Unsettled TBA commitments are valued at the current value of the underlying securities. TBA collateral requirements are typically calculated by netting the mark-to-market amount for each transaction and comparing that amount to the value of the collateral currently pledged by a Portfolio and the counterparty. Cash collateral that has been pledged to cover the obligations of a Portfolio and cash collateral received from the counterparty, if any, is reported separately in the Statement of Assets and Liabilities as Cash collateral pledged at broker for TBA commitments or Cash collateral at broker for TBA commitments, respectively. Non-cash collateral pledged by a Portfolio, if any, is disclosed within the Schedule of Investments. Typically, a Portfolio is permitted to sell, re-pledge or use the collateral it receives; however, the counterparty is not permitted. To the extent amounts due to a Portfolio are not fully collateralized, contractually or otherwise, a Portfolio bears the risk of loss from counterparty non-performance.

When-issued, delayed-delivery, forward and TBA commitment transactions held at December 31, 2022, if any, are identified within the Schedule of Investments. Open trades, if any, are reflected as When-issued, delayed-delivery, forward and TBA commitments purchased or sold within the Statement of Assets and Liabilities.

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

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

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the year ended December 31, 2022, the Portfolio has not utilized the program.

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

Repurchase agreements are subject to netting agreements, which are agreements between the Portfolio and its counterparties that provide for the net settlement of all transactions and collateral with the Portfolio, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at December 31, 2022.

Repurchase agreements at December 31, 2022, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**Sale-buyback:** The Portfolio may enter into sale-buyback financing transactions. The Portfolio accounts for sale-buyback financing transactions as borrowing transactions and realize gains and losses on these transactions at the end of the roll period. Sale-buyback financing transactions involve sales by the Portfolio of securities and simultaneously contracts to repurchase the same or substantially similar securities at an agreed upon price and date.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)** 

The Portfolio forgoes principal and interest paid during the roll period on the securities sold in a sale-buyback financing transaction. The Portfolio is compensated by the difference between the current sales price and the price for the future purchase (often referred to as the "price drop"), as well as by any interest earned on the proceeds of the securities sold. Sale-buyback financing transactions may be renewed with a new sale and a repurchase price and a cash settlement made at each renewal without physical delivery of the securities subject to the contract. Sale-buyback financing transactions expose the Portfolio to risks such as, the buyer under the agreement may file for bankruptcy, become insolvent, or otherwise default on its obligations to the Portfolio, the market value of the securities the Portfolio is obligated to repurchase under the agreement may decline below the repurchase price. The Portfolio's obligations under a sale-buyback typically would be offset by liquid assets equal in value to the amount of the Portfolio's forward commitment to repurchase the subject security. Sale-buyback financing transactions accounted for as borrowing transactions are excluded from the Portfolio's portfolio turnover rates. The Portfolio recognizes price drop fee income on a straight line basis over the period of the roll. For the year ended December 31, 2022, the Portfolio earned price drop fee income of $37,448. The price drop fee income is included in Interest income within the Statement of Operations.

The outstanding payable for securities to be repurchased, if any, is included in Payable for sale-buyback financing transactions within the Statement of Assets and Liabilities. The interest expense is included within Interest income on the Statement of Operations. In periods of increased demand of the security, the Portfolio may receive a fee for use of the security by the counterparty, which may result in interest income to the Portfolio, and is included in Interest income on the Statement of Operations.

Open sale-buyback financing transactions at December 31, 2022, if any, are identified within the Schedule of Investments and Statement of Assets and Liabilities.

**Securities lending:** The Portfolio may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Portfolio pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Portfolio to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Portfolio may experience delays in recovery of the loaned securities or delays in access to collateral, or the Portfolio may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government and irrevocable letters of credit issued by banks as collateral. The initial collateral received by the Portfolio is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower.

The Portfolio receives compensation for lending securities from interest or dividends earned on the cash, U.S. Government securities and irrevocable letters of credit held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust—Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at December 31, 2022, if any, are shown on a gross basis within the Schedule of Investments.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of December 31, 2022.

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|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
| | **Overnight and<br>Continuous** | **Less Than<br>30 Days** | **Between<br>30 & 90 Days** | **Greater Than<br>90 Days** | **Total** |
|  Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Debt Securities | $6596521 | $— | $— | $— | $6596521 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Obligations | 13268529 |  |  |  | 13268529 |
|  **Total Borrowings** | $**19865050** | $**—** | $**—** | $**—** | $**19865050** |

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**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS** 

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

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

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

**Market Risk Factors:** In pursuit of the Portfolio's investment strategies, the Portfolio may seek to use derivatives to increase or decrease its exposure to certain market risks, including:

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

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

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

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

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

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

The Portfolio's exposure to market risk factors and certain other associated risks are summarized by derivative type as follows:

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

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

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

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

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

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

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

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

Open option contracts at December 31, 2022, if any, are included within the Schedule of Investments. The value of purchased option contracts, as applicable, is shown in Investments, at value within the Statement of Assets and Liabilities. The value of written option contracts, as applicable, is shown in Written options and swaptions, at value within the Statement of Assets and Liabilities.

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

For OTC swap agreements, payments received or made at the beginning of the measurement period are reflected in OTC swap agreements, at value within the Statement of Assets and Liabilities and represent payments made or received upon entering into the swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). Additionally, these upfront payments as well as any periodic payments received or paid by the Portfolio, including any liquidation payment received or made at the termination of the swap are recorded as part of Net realized gain (loss) on swap agreements within the Statement of Operations.

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

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

The Portfolio sells credit default swap agreements, which exposes it to risk of loss from credit risk related events specified in the contracts. Although contract-specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium. If a defined credit event had occurred during the period, the swap agreements' credit-risk-related contingent features would have been triggered, and the Portfolio would have been required to pay the notional amounts for the credit default swap agreements with a sell protection less the value of the contracts' related reference obligations.

*Interest rate swap agreements:* The Portfolio is subject to interest rate risk exposure in the normal course of pursuing its investment objective. Because the Portfolio holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

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

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

Open centrally cleared swap agreements and open OTC swap agreements at December 31, 2022, if any, are listed within the Schedule of Investments.

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

Open futures contracts at December 31, 2022, if any, are listed within the Schedule of Investments. Variation margin, if applicable, is shown in Variation margin receivable or payable on futures contracts within the Statement of Assets and Liabilities.

**Forward foreign currency contracts:** The Portfolio is subject to foreign exchange rate risk exposure in the normal course of pursuing its investment objective. The Portfolio may enter into forward foreign currency contracts to hedge against exchange rate risk arising from investments in securities denominated in foreign currencies. Forward foreign currency contracts are marked-to-market daily, with the change in value recorded as an unrealized gain or loss and is shown in Unrealized appreciation (depreciation) on forward foreign currency contracts within the Statement of Assets and Liabilities. When the contracts are settled, a realized gain or loss is incurred and is shown in Net realized gain (loss) on forward foreign currency contracts within the Statement of Operations. Risks may arise from changes in market value of the underlying currencies and from the possible inability of counterparties to meet the terms of their contracts. Forward foreign currency contracts are traded in the OTC inter-bank currency dealer market.

Open forward foreign currency contracts at December 31, 2022, if any, are listed within the Schedule of Investments.

The following is a summary of the location and the Portfolio's fair values of derivative investments disclosed, if any, within the Statement of Assets and Liabilities, categorized by primary market risk exposure as of December 31, 2022.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** |
| **Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  Purchased options and swaptions <sup>(A)</sup> | $(47300) | $— | $— | $— | $— | $(47300) |
|  Written options and swaptions | (1265123) | (503731) |  |  |  | (1768854) |
|  Swap agreements | (4079863) |  |  | (4745417) |  | (8825280) |
|  Futures contracts | (16965148) |  |  |  |  | (16965148) |
|  Forward foreign currency contracts |  | 9371957 |  |  |  | 9371957 |
|  **Total** | $**(22357434)** | $**8868226** | $**—** | $**(4745417)** | $**—** | $**(18234625)** |

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** |
| **Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  Purchased options and swaptions <sup>(B)</sup> | $364360 | $— | $— | $— | $— | $364360 |
|  Written options and swaptions | (209000) |  |  |  |  | (209000) |
|  Swap agreements | 1484773 |  |  | (1010047) |  | 474726 |
|  Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;(1188034) |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;(1188034) |
|  Forward foreign currency contracts |  | 1477889 |  |  |  | 1477889 |
|  **Total** | $**452099** | $**1477889** | $**—** | $**(1010047)** | $**—** | $**919941** |

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(A) *Included within Net realized gain (loss) on Investments in the Statement of Operations.* 

(B) *Included within Net change in unrealized appreciation (depreciation) on Investments in the Statement of Operations.* 

The following is a summary of the ending monthly average volume on derivative activity during the year ended December 31, 2022.

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| | |
|:---|:---|
|  **Options:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of swaption contracts purchased | $2981206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average value of option contracts written | (635197) |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of swaption contracts written | (191227105) |
|  **Credit default swaps:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value – buy protection | 23790225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value – sell protection | 72649127 |
|  **Interest rate swaps:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value – pays fixed rate | 130603685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value – receives fixed rate | 431069533 |
|  **Futures contracts:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts – long | 181466630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts – short | &nbsp;&nbsp;&nbsp;&nbsp;(132953416) |
|  **Forward foreign currency exchange contracts:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average contract amounts purchased – in USD | 130049775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average contract amounts sold – in USD | 261408120 |

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

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

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

*Collateral requirements:* Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (futures contracts, exchange-traded options, and exchange-traded swap agreements) while collateral terms are contract specific for OTC derivatives (forward foreign currency exchange contracts, OTC options, and OTC swap agreements). For OTC derivatives, under standard derivatives agreements, the Portfolio may be required to pledge collateral on derivatives to a counterparty if the Portfolio is in a net liability position, and receive collateral if in a net positive position. For financial reporting purposes, cash

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

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

collateral that has been pledged by the Portfolio to cover obligations, if any, is reported in Cash collateral at broker within the Statement of Assets and Liabilities. Cash collateral that has been received by the Portfolio from a counterparty, if any, is reported separately in Cash collateral pledged at custodian and/or broker within the Statement of Assets and Liabilities. Non-cash collateral pledged to the Portfolio, if any, is disclosed within the Schedule of Investments.

Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold before a transfer has been made. Typically a counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The Portfolio generally does not use non-cash collateral that it receives but may, absent default or certain other circumstances, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty.

To the extent amounts due to the Portfolio from its counterparties are not fully collateralized, contractually or otherwise, the Portfolio bears the risk of loss from counterparty non-performance. Additionally, to the extent the Portfolio has delivered collateral to a counterparty, the Portfolio bears the risk of loss from a counterparty in the event the counterparty fails to return such collateral. Counterparties may immediately terminate derivatives contracts if the Portfolio fails to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages. Collateral may not be required for all derivative contracts.

**7. RISK FACTORS** 

Investing in the Portfolio involves certain key risks related to the Portfolio's trading activity. Please reference the Portfolio's prospectus for a more complete discussion of the following risk(s), as well as other risks of investing in the Portfolio.

**Market risk:** The market prices of the Portfolio's securities and other assets may go up or down, sometimes sharply and unpredictably, due to general market conditions, overall economic trends or events, inflation, changes in interest rates, government actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by wars, tariffs, trade disputes or other factors, political developments, investor sentiment, the global and domestic effects of a pandemic or other health emergency, and other factors that may or may not be related to the issuer of the security or other asset. The market prices of securities and other assets also may go down due to events or conditions that affect particular sectors, industries, issuers, or geographies. Adverse market conditions may be prolonged and may not have the same impact on all types of securities or other assets. If the value of the Portfolio's securities and assets fall, the value of your investment will go down. The Portfolio may experience a substantial or complete loss on any individual security or asset.

Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, the imposition of economic sanctions, public health events (such as the spread of infectious disease), wars, terrorism, cybersecurity events, technology and data interruptions, natural disasters, and other circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. In the past decade, financial markets throughout the world have experienced increased volatility and decreased liquidity. These conditions may continue or worsen. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down. Securities markets may also be susceptible to market manipulation or other fraudulent trade practices, which could disrupt the orderly functioning of these markets or adversely affect the value of securities traded in these markets, including the Portfolio's securities.

The pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in economic downturns throughout the world, severe losses, particularly to some sectors of the economy and individual issuers, and reduced liquidity of many instruments. There also have been significant disruptions to business operations, including business closures; strained healthcare systems; disruptions to supply chains and employee availability; large fluctuations in consumer demand; and widespread uncertainty regarding the duration and long-term effects of the pandemic. Economic downturns may be prolonged, and political and social instability, continued volatility and decreased liquidity in the securities markets may result. Developing or emerging market countries may be more impacted by the pandemic.

The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic. These and other government intervention into the economy and financial markets may not work as intended. In addition, government actions to mitigate the economic impact of the pandemic have resulted in large expansion of government deficits and debt, the long-term consequences of which are not known. Rates of inflation have recently risen, which could adversely affect economies and markets. The pandemic could continue to adversely affect the value and liquidity of the Portfolio's investments.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**7. RISK FACTORS (continued)** 

*Europe:* A number of countries in Europe have experienced severe economic and financial difficulties; and financial markets in Europe and elsewhere have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen or spread within or outside Europe. Responses to the financial problems by European governments, central banks and others may not work, may result in conflicts and social unrest and may limit future growth and economic recovery or have other unintended consequences. In January, 2020, through "Brexit," the United Kingdom withdrew from the European Union. The ramifications of Brexit are unknown, and the implications of possible political, regulatory, economic, and market outcomes could be significant. The United Kingdom has one of the largest economies in Europe and is a major trading partner with European Union countries and the United States. Brexit may create additional and substantial economic stresses for the United Kingdom, including a contraction of the United Kingdom's economy, decreased trade, capital outflows, devaluation of the British pound, and a decrease in business and consumer spending and investment. The negative impact on not only the United Kingdom and European Union economies but also the broader global economy could be significant. A number of countries in Europe have suffered terror attacks, and additional attacks may occur in the future. Europe has also been struggling with mass migration from the Middle East, Eastern Europe and Africa. The ultimate effects of these events and other socio-political or geopolitical issues could profoundly affect global economies and markets. Whether or not the Portfolio invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

*Additional Market Disruption:* Russia's invasion of Ukraine in February, 2022, the resulting responses by the United States and other countries, and the potential for wider conflict, have increased and may continue to increase volatility and uncertainty in financial markets worldwide. The United States and other countries have imposed broad-ranging economic sanctions on Russia and Russian entities and individuals, and may impose additional sanctions, including on other countries that provide military or economic support to Russia. These sanctions, among other things, restrict companies from doing business with Russia and Russian issuers, and may adversely affect companies with economic or financial exposure to Russia and Russian issuers. The extent and duration of Russia's military actions and the repercussions of such actions are not known. The invasion may widen beyond Ukraine and may escalate, including through retaliatory actions and cyberattacks by Russia and even other countries. These events may result in further and significant market disruptions and may adversely affect regional and global economies including those of Europe and the United States. Certain industries and markets, such as those involving oil, natural gas and other commodities, as well as global supply chains, may be particularly adversely affected. Whether or not the Portfolio invests in securities of issuers located in Russia, Ukraine and adjacent countries or with significant exposure to issuers in these countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

**Fixed-income securities risk:** Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the Portfolio falls, the value of your investment will go down. The Portfolio may lose its entire investment in the fixed-income securities of an issuer.

**Interest rate risk:** Interest rates in the U.S. and certain foreign markets have been low relative to historic levels. The Portfolio faces a risk that interest rates may rise. The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates also may affect the liquidity of the Portfolio's investments. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the Portfolio. Increased redemptions could cause the Portfolio to sell securities at inopportune times or depressed prices and result in further losses.

**LIBOR risk:** Many financial instruments, financings or other transactions to which the Portfolio may be a party use or may use a floating rate based on the London Interbank Offered Rate ("LIBOR"). The UK Financial Conduct Authority and LIBOR's administrator announced that the use of LIBOR will be phased out; most LIBOR rates are no longer published as of the end of 2021 and a majority of U.S. dollar LIBOR rates will no longer be published after June 30, 2023. It is possible that a subset of LIBOR rates may be published after these dates on a "synthetic" basis, but any such publications would be considered non-representative of the underlying market. There remains uncertainty regarding the nature of any replacement rate and the impact of the transition from LIBOR on the Portfolio, issuers of instruments in which the Portfolio invests, and financial markets generally. As such, the potential effect of a transition away from LIBOR on the Portfolio or the Portfolio's investments cannot yet be determined.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**8. FEES AND OTHER AFFILIATED TRANSACTIONS** 

TST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Transamerica Life Insurance Company ("TLIC"), and Transamerica Financial Life Insurance Company.

TAM, the Portfolio's investment manager, is directly owned by TLIC and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon NV. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon NV, a Netherlands corporation, and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Portfolio's transfer agent. Transamerica Capital, Inc. ("TCI") is the Portfolio's distributor/principal underwriter. TAM, TFS, and TCI are affiliates of Aegon NV.

Certain officers and trustees of the Portfolio are also officers and/or trustees of TAM, TFS and TCI. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Portfolio. The Portfolio does pay non-interested persons (independent trustees), as disclosed in Trustee, CCO and deferred compensation fees within the Statement of Operations.

**Investment management fees:** TAM serves as the Portfolio's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Portfolio pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Portfolio pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
|  Effective November 1, 2022 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First $500 million | 0.510% |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $500 million up to $1 billion | 0.490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $1 billion up to $1.5 billion | 0.480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $1.5 billion | 0.475 |
|  Prior to November 1, 2022 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First $250 million | 0.680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $250 million up to $500 million | 0.670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $500 million up to $750 million | 0.660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $750 million up to $1 billion | 0.630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $1 billion up to $3 billion | 0.600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $3 billion | 0.570 |

---

TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses, reorganization expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| | **Operating**<br> **Expense Limit** | **Operating**<br> **Expense Limit**<br> **Effective Through** |
|  Effective November 1, 2022 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 0.66% | May 1, 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Class | 0.87 | May 1, 2023 |
|  Prior to November 1, 2022 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 0.72 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Class | 0.97 |  |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended December 31, 2022 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Portfolio, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

As of December 31, 2022, there are no amounts available for recapture by TAM.

**Distribution and service fees:** TST has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, TST entered into a distribution agreement with TCI as the Portfolio's distributor.

The Distribution Plan requires the Portfolio to pay distribution fees to TCI as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCI, on behalf of the Portfolio, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Portfolio's shares.

The fee on the Service Class shares is paid to the insurance companies for providing services and account maintenance for the policyholders who invest in the variable insurance products which invest in the Service Class shares. TCI has determined that it will not seek payment for the distribution expenses incurred by the Portfolio with respect to the Initial Class shares before May 1, 2023. Prior to TCI seeking distribution expenses on Initial Class shares, policy and contract owners will be notified in advance. The Portfolio will pay fees relating to Service Class shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Portfolio is authorized under the Distribution Plan to pay fees to TCI based on daily average net assets of each class up to the following annual rates:

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| | |
|:---|:---|
| **Class** | **Rate** |
|  Initial Class | 0.15% |
|  Service Class | 0.25 |

---

**Transfer agent costs:** TFS provides transfer agency services under an intercompany agreement with TAM. TFS has outsourced the provision of certain sub-transfer agency services to SS&C Technology Holdings, Inc ("SS&C"). The Portfolio does not pay a separate transfer agent fee to TAM or TFS but does pay certain expenses to SS&C related to applicable sub-transfer agency services. For the year ended December 31, 2022, (i) the expenses paid to SS&C by the Portfolio are referred to as Transfer agent costs and are included within the Statement of Operations and (ii) the expenses payable to SS&C by the Portfolio are referred to as Transfer agent costs within the Statement of Assets and Liabilities.

**Deferred compensation plan:** Effective September 23, 2021, the Board has approved the termination of the deferred compensation plan. Payments will be made to applicable current and former Board members consistent with Section 409A of the Code. Under a non-qualified deferred compensation plan effective January 1, 1996, as amended and restated January 1, 2010, available to the trustees, compensation may be deferred that would otherwise be payable by TST to an independent trustee on a current basis for services rendered as trustee. Deferred compensation amounts will accumulate based on the value of the investment option, as elected by the trustee. Balances pursuant to deferred compensation plan are recorded in Trustees, Chief Compliance Officer ("CCO") and deferred compensation fees within the Statement of Assets and Liabilities. For the year ended December 31, 2022, amounts included in Trustees, CCO and deferred compensation fees within the Statement of Operations reflect total compensation paid to the independent Board members.

**Brokerage commissions:** The Portfolio incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the year ended December 31, 2022.

**9. PURCHASES AND SALES OF SECURITIES** 

For the year ended December 31, 2022, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $839402386 | $952874849 | $1167763215 | $940393218 |

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**10. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS** 

The Portfolio has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Portfolio recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Portfolio's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Portfolio's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Portfolio's financial statements. If applicable, the Portfolio recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Portfolio identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Portfolio makes significant investments; however, the Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales, premium amortization accruals, straddle loss deferrals, interest written off and dollar roll adjustments. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. The primary permanent differences are due to investments in partnerships. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. These permanent reclassifications are as follows:

---

| | |
|:---|:---|
| **Paid-in Capital** | **Total Distributable Earnings** |
| $2820 | $(2820) |

---

As of December 31, 2022, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross<br>Appreciation** | **Gross<br>(Depreciation)** | **Net Appreciation<br>(Depreciation)** |
| $1424801243 | $15847203 | $(22587275) | $(6740072) |

---

As of December 31, 2022, the capital loss carryforwards available to offset future realized capital gains are as follows:

---

| | |
|:---|:---|
| **Unlimited** | **Unlimited** |
| **Short-Term** | **Long-Term** |
| $119504552 | $147564204 |

---

During the year ended December 31, 2022, the Portfolio did not have any capital loss carryforwards utilized or expired.

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2022 and 2021 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** |
| **Ordinary**<br> **Income** | **Long-Term<br>Capital Gain** | **Return of Capital** | **Ordinary Income** | **Long-Term<br>Capital Gain** | **Return of Capital** |
| $37859766 | $— | $— | $116913125 | $31421276 | $— |

---

As of December 31, 2022, the tax basis components of distributable earnings are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Capital Loss<br>Carryforwards** | **Late Year<br>Ordinary Loss<br>Deferred** | **Other Temporary<br>Differences** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| $17923196 | $— | $(267068756) | $— | $(5778742) | $(6813287) |

---

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**11. NEW ACCOUNTING PRONOUNCEMENT** 

In December 2022, the Financial Accounting Standards Board issued Accounting Standards Update No. 2022-06 ("ASU 2022-06"), "Reference Rate Reform (Topic 848)". ASU 2022-06 is an update of ASU 2020-04, which is in response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR, regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The ASU 2022-06 update clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The amendments in this update are effective immediately through December 31, 2024, for all entities. Management does not expect ASU 2022-06 to have a material impact on the financial statements.

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**Report of Independent Registered Public Accounting Firm** 

*To the Shareholders and the Board of Trustees of Transamerica Aegon Bond VP* 

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities of Transamerica Aegon Bond VP (formerly, Transamerica PIMCO Total Return VP) (the "Portfolio") (one of the portfolios constituting Transamerica Series Trust (the "Trust")), including the schedule of investments, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the portfolios constituting Transamerica Series Trust) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion** 

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g438566ernst_young.jpg)

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

February 27, 2023

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**SUPPLEMENTAL TAX INFORMATION** 

**(unaudited)** 

For tax purposes, the Portfolio has made no long-term capital gain designations for the year ended December 31, 2022.

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**Transamerica Aegon Core Bond VP (formerly, Transamerica JPMorgan Core Bond VP)** 

**Transamerica Aegon Bond VP (formerly, Transamerica PIMCO Total Return VP)** 

**RESULTS OF SHAREHOLDER MEETING** 

**(unaudited)** 

Rule 30e-1 under the Investment Company Act of 1940, as amended, titled "Reports to Stockholders of Management Companies," requires regulated investment companies to report on all subject matters put to the vote of shareholders and to provide final results. Accordingly, the Board of Trustees of the Portfolio solicited a vote by the shareholders for the following item:

A special meeting of holders of Transamerica Aegon Core Bond VP (formerly, Transamerica JPMorgan Core Bond VP) and Transamerica Aegon Bond VP (formerly, Transamerica PIMCO Total Return VP) was held on October 5, 2022. The results of Proposal 1 and Proposal 2 were as follows:

Proposal 1: To approve a new sub-advisory agreement for Transamerica Aegon Core Bond VP (formerly, Transamerica JPMorgan Core Bond VP). Holders of the Portfolio are being asked to approve a new sub-advisory agreement with Aegon USA Investment Management, LLC ("AUIM"), an affiliate of Transamerica Asset Management Inc. ("TAM").

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| | | |
|:---|:---|:---|
| **Proposal** | **Number of Shares** | **Number of Shares** |
|  For |  | 32791545.525 |
|  Against |  | 1744437.608 |
|  Withheld |  | 1418312.190 |

---

Proposal 2: To approve a new sub-advisory agreement for Transamerica Aegon Bond VP (formerly, Transamerica PIMCO Total Return VP). Holders of the Portfolio are being asked to approve a new sub-advisory agreement with AUIM, an affiliate of TAM.

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| | | |
|:---|:---|:---|
| **Proposal** | **Number of Shares** | **Number of Shares** |
|  For |  | 144998301.772 |
|  Against |  | 3958283.611 |
|  Withheld |  | 4582413.645 |

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**(unaudited)** 

**MARKET ENVIRONMENT** 

**J.P. Morgan Investment Management, Inc. (1/1/2022 – 10/31/2022)** 

After a strong 2021, the first quarter of 2022 was challenging for risk assets. Concerns over the economic implications of the Russian invasion of Ukraine and the potential need for a faster pace of interest rate hikes to combat higher inflation weighed on fixed income returns. Furthermore, a new round of COVID-19 Omicron cases in China weighed on economic activity.

The second quarter of 2022 was challenging for risk assets after what had been a tough start to the year. Sustained inflationary pressures prompted ultra-hawkish tones from the U.S. central bank and a sharp policy pivot across developed market central banks. Volatility continued to be elevated due to the market's concerns that the central banks would be unable to walk the fine line of tightening monetary policy to a level that would bring down inflation, yet allow growth to remain positive, preventing a recession.

Risk assets sold-off and yields climbed higher over the third quarter as the growth outlook faltered and central banks pushed forth with an aggressive policy stance. The growth outlook remained challenging as central banks were confronted with the biggest inflation shock since the 1970s. Central banks continued to prioritize the fight against inflation over supporting growth. Central banks backed up their tough talk in the third quarter with policy rate hikes totaling 1.5% from the Federal Reserve, 1.25% from the European Central Bank and 1% from the Bank of England, as they looked to bring down core inflation.

Treasury yields moved materially higher across the curve fiscal year-to-date through October 2022. The two-year yield increased by 375 basis points ("bps") to 4.48%, the 10-year yield increased by 254 bps to 4.05%, and the 30-year yield moved 226 bps higher to 4.16%. The spread between two- and 10-year Treasuries flattened 121 bps to finish the period at -43 bps.

**Aegon USA Investment Management, LLC (11/1/2022 – 12/31/2022)** 

From a macro and markets perspective, the fiscal year ended 2022 was a year of significant monetary tightening. A myriad of macro headwinds took hold in the first quarter of the year that rattled the markets off the course to normalization and remained a concern for the rest of the year. The COVID-19 omicron variant was a mere bug bite in comparison to the stinging inflation story, a hawkish U.S. Federal Reserve ("Fed") and the outbreak of the Russia-Ukraine war. These events not only threw markets into the most volatile quarter since the start of the COVID-19 pandemic, but also further exacerbated supply chain bottlenecks. While the Fed formally embarked on its tightening cycle by increasing the federal funds rate by 0.25% at the start of the year, it was the more hawkish tone that initially spooked markets.

The second quarter brought the continuation of inflation, aggressive Fed action, choked supply chains and the ongoing war in Ukraine, which all weighed on the already weary consumers, whose confidence was clearly waning. First quarter headline gross domestic product showed significant changes in its underlying parts, raising concerns about the path of growth in the second half of the year. Consumer confidence continued to weaken in the second quarter as high inflation ate into real purchasing power.

The market spent much of the third quarter focused on persistently high inflation and the Fed's efforts to tame it. The Fed again raised the federal funds rate by 0.75% at its September meeting, bringing the target range to 3.00% to 3.25%. Meanwhile, on the inflation front, the August Consumer Price Index ("CPI") reading showed both the headline and the core CPI readings came in hotter-than-expected. August's Core Personal Consumption Expenditures Index also reflected higher-than-expected inflation. These broad underlying price pressures indicated the Fed would continue on its hawkish path.

Market volatility persisted into the fourth quarter. The November Purchasing Managers Index fell to its lowest reading since May 2020 and below its neutral rate of 50, indicating the manufacturing sector had entered contractionary territory as higher borrowing costs started to weigh on demand for goods. While the economy showed signs of cooling, strong consumer demand coupled with a tight labor market indicated the Fed may need to keep interest rates higher for longer. It did, announcing another 0.50% rate increase at its December meeting, bringing rates to their highest level in 15 years.

**PERFORMANCE** 

For the year ended December 31, 2022, Transamerica Aegon Core Bond VP, Initial Class returned -12.77%. By comparison, its benchmark, the Bloomberg US Aggregate Bond Index, returned -13.01%.

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**(unaudited)** 

**STRATEGY REVIEW** 

**J.P. Morgan Investment Management, Inc. (1/1/2022 – 10/31/2022)** 

J.P. Morgan Investment Management, Inc. served as sub-adviser to the Portfolio through October 31, 2022, when the Portfolio was named Transamerica JPMorgan Core Bond VP.

The Portfolio held a shorter duration posture during the period which was positive given the increase in rates across the curve. On the other hand, curve positioning was a slight drag on the Portfolio's performance during the period.

As risk assets lagged on the heels of significant spread widening during the period, the Portfolio's underweight to US Treasury debt was negative for performance as spread sectors trailed comparable-duration Treasuries over the period.

Agency mortgage-backed securities trailed comparable duration Treasuries by 3.32% during the period, with spreads within the sector widening 42 bps over this time. The Portfolio's underweight to, and security selection within, agency mortgages was positive for performance, as specified pools, collateralized mortgage obligations ("CMOs"), and agency collateralized mortgage-backed securities ("CMBS") outperformed to be announced ("TBA") paper backed by mortgages. The Portfolio generally favored specified pools, CMOs, and agency CMBS in lieu of TBAs during the period.

The Option-Adjusted Spread ("OAS") of the Bloomberg Investment Grade Corporate Index ended the period at 158 bps, which was 66 bps wider than the start of 2022. The move resulted in Corporates underperforming duration neutral Treasuries by 302 bps. The worst performing sub-sector within Corporates was Financials, followed by Utilities and Industrials. The sub-sectors trailed comparable duration Treasuries by 362 bps, 292 bps, and 271 bps, respectively. The Non-Corporate Credit sectors trailed like-duration Treasuries by 135 bps. As a result, the Portfolio's overweight to investment grade corporates was negative for performance. In addition, the Portfolio's allocations to Financials and Industrials were negative for excess returns.

The Portfolio's overweight allocation to asset-backed securities ("ABS") was positive for performance as ABS was the top performing securitized sector within the Index over the period. According to the Bloomberg ABS Index, the sector trailed like-duration Treasuries by 80 bps.

**Aegon USA Investment Management, LLC (11/1/2022 – 12/31/2022)** 

Aegon USA Investment Management, LLC became sub-adviser to the Portfolio on November 1, 2022.

For the two-month period ended December 31, 2022, compared to the Bloomberg US Aggregate Index, duration and curve positioning contributed to the Portfolio's relative returns, but these positives were more than offset by the negative impact of credit spread effects. Trading costs to reposition the Portfolio to align it with the revised investment strategy also detracted from relative returns.

At an asset class level, the Portfolio's security selection in agency residential mortgage-backed securities ("RMBS"), security selection in investment grade corporate bonds and an off-index allocation to non-agency RMBS were the largest detractors from relative returns. An overweight allocation to emerging markets debt and investment grade corporate credit were modest contributors.

The Portfolio ended the fiscal year overweight to investment grade corporate bonds, but the portfolio managers have continued to monitor increased margin pressure and the trend toward lowering earnings guidance. The Portfolio was also biased towards financials, and within industrials, certain sub-sectors like capital goods and transportation. The Portfolio ended the period positioned to be neutral on duration relative to the benchmark.

**Richard Figuly, CFA** 

**Steven Lear, CFA** 

**Justin Rucker, CFA** 

**Co-Portfolio Managers** 

**J.P. Morgan Investment Management, Inc.** 

**Bradley D. Doyle, CFA** 

**Tyler A. Knight, CFA** 

**Brian W. Westhoff, CFA** 

**Sivakumar Rajan** 

**Co-Portfolio Managers** 

**Aegon USA Investment Management, LLC** 

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| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 2** 

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##### [**Table of Contents**](#toc)
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**(unaudited)** 

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| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  Corporate Debt Securities | 33.9% |
|  U.S. Government Obligations | 29.4 |
|  U.S. Government Agency Obligations | 25.0 |
|  Commercial Paper | 16.8 |
|  Asset-Backed Securities | 6.7 |
|  Mortgage-Backed Securities | 5.0 |
|  Short-Term U.S. Government Obligation | 2.7 |
|  Repurchase Agreement | 2.4 |
|  Foreign Government Obligations | 0.9 |
|  Other Investment Company | 0.5 |
|  Preferred Stock | 0.2 |
|  Net Other Assets (Liabilities) | (23.5) |
|  **Total** | 100.0% |
| **Portfolio Characteristics** | **Years** |
|  Average Maturity § | 8.69 |
|  Duration † | 6.19 |
| **Credit Quality ‡** | **Percentage of Net<br>Assets** |
|  U.S. Government and Agency Securities | 57.1% |
|  AAA | 11.1 |
|  AA | 1.5 |
|  A | 8.5 |
|  BBB | 23.3 |
|  BB | 3.4 |
|  B | 0.2 |
|  CCC and Below | 0.0 \* |
|  Not Rated | 18.4 |
|  Net Other Assets (Liabilities) | (23.5) |
|  **Total** | 100.0% |

---

*Current and future portfolio holdings are subject to change and risk.* 

§ *Average Maturity is computed by weighting the maturity of each security in the Portfolio by the market value of the security, then averaging these weighted figures.* 

† *Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder.* 

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

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

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**Page 3** 

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**(unaudited)**![LOGO](g438566g42m95.jpg)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Initial Class | (12.77)% | 0.15% | 1.07% | 10/02/1986 |
|  Bloomberg US Aggregate Bond Index <sup>(A)</sup> | (13.01)% | 0.02% | 1.06% |  |
|  Service Class | (12.99)% | (0.09)% | 0.82% | 05/01/2003 |

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<sup>(A)</sup> *The Bloomberg US Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities.* 

The Portfolio's benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Year or Since Inception calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or the redemption of Portfolio shares. The Portfolio's investment return and net asset value will fluctuate. Investors' shares when redeemed may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month end. Portfolio performance is net of investment fees and Portfolio expenses, but not product charges, which, if included, would significantly lower the performance quoted.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of previously waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Investing in bond funds entails interest rate and credit risk as well as additional risks in that it may invest in high-yield/high-risk bonds and is subject to greater levels of liquidity risk, which are described in more detail in the prospectus.

Fixed-income securities are subject to risks including credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk and liquidity risk. The value of fixed income securities generally goes down when interest rates rise, and therefore the value of your investment in the Portfolio may also go down. Applying the sub-adviser's ESG criteria to its investment analysis for the Portfolio may impact the sub-adviser's investment decisions as to securities of certain issuers and, therefore, the Portfolio may forego some investment opportunities available to portfolios that do not use ESG criteria or that apply different ESG criteria.

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**Page 4** 

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**DISCLOSURE OF EXPENSES** 

**(unaudited)** 

**SHAREHOLDER EXPENSES** 

Portfolio shareholders may incur two types of costs: (i) transaction costs, including brokerage commissions on purchases and sales of portfolio shares; and (ii) ongoing costs, including management fees, and other portfolio expenses.

The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other portfolios.

The example is based on an investment of $1,000 invested at July 1, 2022, and held for the entire six-month period until December 31, 2022.

**ACTUAL EXPENSES** 

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

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES** 

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Portfolio shares. Therefore, the information under the heading "Hypothetical Expenses" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different portfolios. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries, or other financial institutions.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Actual Expenses** | **Actual Expenses** | **Hypothetical Expenses <sup>(A)</sup>** | **Hypothetical Expenses <sup>(A)</sup>** | |
| <br>**Class** |<br>**Beginning<br>Account Value<br>July 1, 2022** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** |<br>**Net Annualized<br>Expense Ratio <sup>(C)</sup>** |
|  Initial Class | $&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;963.90 | $&nbsp;&nbsp;&nbsp;&nbsp;2.38 | $&nbsp;&nbsp;&nbsp;&nbsp;1022.80 | $&nbsp;&nbsp;&nbsp;&nbsp;2.45 | 0.48% |
|  Service Class | 1000.00 | 962.70 | 3.61 | 1021.50 | 3.72 | 0.73 |

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

(B) *Expenses are calculated using the Portfolio's net annualized expense ratio, as disclosed in the table, multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (365 days).*

(C) *Net annualized expense ratios are reflective of applicable fee waivers and/or reimbursements and recapture, if any, and are based on the most recent six-months which may differ from the net expense ratio displayed in the Financial Highlights that covers a twelve-month period.*

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**Page 5** 

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**SCHEDULE OF INVESTMENTS** 

**At December 31, 2022** 

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| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES - 6.7%** | **ASSET-BACKED SECURITIES - 6.7%** | **ASSET-BACKED SECURITIES - 6.7%** |
|  Accelerated LLC<br>Series 2021-1H, Class A,<br>1.35%, 10/20/2040 <sup>(A)</sup> | $151289 | $137011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1H, Class B,<br>1.90%, 10/20/2040 <sup>(A)</sup> | 1154365 | 1015582 |
|  American Tower Trust #1 <br>Series 2013, Class 2A, <br>3.07%, 03/15/2048 <sup>(A)</sup> | 350000 | 348040 |
|  Apidos CLO XXXI <br>Series 2019-31A, Class A1R, <br>3-Month LIBOR + 1.10%, <br>5.18% <sup>(B)</sup>, 04/15/2031 <sup>(A)</sup> | 3000000 | 2949363 |
|  Carmax Auto Owner Trust <br>Series 2020-1, Class A4, <br>2.03%, 06/16/2025 | 1900000 | 1841299 |
|  Chase Funding Trust <br>Series 2003-6, Class 1A7, <br>4.85% <sup>(B)</sup>, 11/25/2034 | 16169 | 15898 |
|  CIFC Funding Ltd. <br>Series 2013-2A, Class A1L2, <br>3-Month LIBOR + 1.00%, <br>5.19% <sup>(B)</sup>, 10/18/2030 <sup>(A)</sup> | 2500000 | 2465260 |
|  Credito Real USA Auto Receivables Trust <br>Series 2021-1A, Class A, <br>1.35%, 02/16/2027 <sup>(A)</sup> | 139138 | 135992 |
|  DataBank Issuer <br>Series 2021-1A, Class A2, <br>2.06%, 02/27/2051 <sup>(A)</sup> | 650000 | 563606 |
|  Diamond Resorts Owner Trust <br>Series 2019-1A, Class A, <br>2.89%, 02/20/2032 <sup>(A)</sup> | 186757 | 182531 |
|  Exeter Automobile Receivables Trust <br>Series 2022-2A, Class D, <br>4.56%, 07/17/2028 | 965000 | 905083 |
|  Gold Key Resorts LLC <br>Series 2014-A, Class A, <br>3.22%, 03/17/2031 <sup>(A)</sup> | 6565 | 6452 |
|  Goodgreen Trust <br>Series 2017-1A, Class A, <br>3.74%, 10/15/2052 <sup>(A)</sup> | 82379 | 76400 |
| Hero Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1A, Class A2, 4.46%, 09/20/2047 <sup>(A)</sup> | 221712 | 210172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-3A, Class A2, 3.95%, 09/20/2048 <sup>(A)</sup> | 252312 | 233228 |
|  Hilton Grand Vacations Trust <br>Series 2017-AA, Class A, <br>2.66%, 12/26/2028 <sup>(A)</sup> | 48276 | 47517 |
|  Honda Auto Receivables Owner Trust <br>Series 2022-2, Class A2, <br>3.81%, 03/18/2025 | 2136000 | 2115150 |
| KGS-Alpha SBA COOF Trust, Interest Only<br>STRIPS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-2, Class A,<br>0.72% <sup>(B)</sup>, 08/25/2038 <sup>(A)</sup> | 220381 | 3439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-2, Class A,<br>1.62% <sup>(B)</sup>, 03/25/2039 <sup>(A)</sup> | 237093 | 6934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-2, Class A,<br>3.16% <sup>(B)</sup>, 04/25/2040 <sup>(A)</sup> | 114840 | 7279 |

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| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  Laurel Road Prime Student Loan Trust <br>Series 2018-B, Class A2FX, <br>3.54%, 05/26/2043 <sup>(A)</sup> | $167860 | $164728 |
|  Mercury Financial Credit Card Master Trust <br>Series 2021-1A, Class A, <br>1.54%, 03/20/2026 <sup>(A)</sup> | 560000 | 534271 |
| Orange Lake Timeshare Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-A, Class A,<br>2.61%, 03/08/2029 <sup>(A)</sup> | 936435 | 897828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A, Class C,<br>3.61%, 04/09/2038 <sup>(A)</sup> | 773352 | 727943 |
| Palmer Square CLO Ltd. <br>Series 2015-2A, Class A1R2, <br>3-Month LIBOR + 1.10%, <br>5.34% <sup>(B)</sup>, 07/20/2030 <sup>(A)</sup> | 2468043 | 2437034 |
|  Renew Financial <br>Series 2017-1A, Class A, <br>3.67%, 09/20/2052 <sup>(A)</sup> | 107801 | 97588 |
|  Securitized Asset-Backed Receivables LLC Trust <br>Series 2006-CB1, Class AF2, <br>2.91% <sup>(B)</sup>, 01/25/2036 | 13865 | 10763 |
|  Sierra Timeshare Receivables Funding LLC <br>Series 2020-2A, Class A, <br>1.33%, 07/20/2037 <sup>(A)</sup> | 716213 | 672593 |
|  Structured Receivables Finance LLC <br>5.22%, 01/16/2046 <sup>(A)</sup> | 376309 | 368556 |
| Towd Point Mortgage Trust<br>Series 2017-2, Class A1,<br>2.75% <sup>(B)</sup>, 04/25/2057 <sup>(A)</sup> | 125223 | 123606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-4, Class A1,<br>2.75% <sup>(B)</sup>, 06/25/2057 <sup>(A)</sup> | 1797846 | 1705676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-6, Class A1,<br>2.75% <sup>(B)</sup>, 10/25/2057 <sup>(A)</sup> | 371582 | 354449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1, Class A1,<br>3.00% <sup>(B)</sup>, 01/25/2058 <sup>(A)</sup> | 1794148 | 1730023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-4, Class A1,<br>3.00% <sup>(B)</sup>, 06/25/2058 <sup>(A)</sup> | 1899245 | 1733901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-4, Class A1,<br>1.75%, 10/25/2060 <sup>(A)</sup> | 1770671 | 1565783 |
|  Upstart Securitization Trust <br>Series 2021-1, Class A, <br>0.87%, 03/20/2031 <sup>(A)</sup> | 32900 | 32798 |
|  VSE VOI Mortgage LLC <br>Series 2018-A, Class A, <br>3.56%, 02/20/2036 <sup>(A)</sup> | 89673 | 86944 |
|  **Total Asset-Backed Securities <br>(Cost $26,997,047)** | **Total Asset-Backed Securities <br>(Cost $26,997,047)** | 26510720 |
| **CORPORATE DEBT SECURITIES - 33.9%** | **CORPORATE DEBT SECURITIES - 33.9%** | **CORPORATE DEBT SECURITIES - 33.9%** |
| **Aerospace & Defense - 0.7%** | **Aerospace & Defense - 0.7%** | **Aerospace & Defense - 0.7%** |
| Boeing Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 05/01/2030 | 1015000 | 992984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.81%, 05/01/2050 | 1200000 | 1117238 |
|  Huntington Ingalls Industries, Inc. <br>2.04%, 08/16/2028 | 617000 | 509537 |
|  |  | 2619759 |

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

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| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 6** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

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| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Air Freight & Logistics - 0.3%** | **Air Freight & Logistics - 0.3%** | **Air Freight & Logistics - 0.3%** |
|  GXO Logistics, Inc. <br>2.65%, 07/15/2031 | $1661000 | $1230460 |
| **Airlines - 0.1%** | **Airlines - 0.1%** | **Airlines - 0.1%** |
|  American Airlines Pass-Through Trust <br>3.20%, 12/15/2029 | 402920 | 349954 |
| **Auto Components - 0.2%** | **Auto Components - 0.2%** | **Auto Components - 0.2%** |
|  Aptiv PLC / Aptiv Corp. <br>3.25%, 03/01/2032 | 515000 | 423070 |
|  BorgWarner, Inc. <br>3.38%, 03/15/2025 | 481000 | 460800 |
|  |  | 883870 |
| **Automobiles - 0.3%** | **Automobiles - 0.3%** | **Automobiles - 0.3%** |
|  General Motors Co. <br>6.25%, 10/02/2043 | 219000 | 203276 |
|  Stellantis Finance US, Inc. <br>6.38%, 09/12/2032 <sup>(A)</sup> | 1007000 | 997485 |
|  |  | 1200761 |
| **Banks - 3.8%** | **Banks - 3.8%** | **Banks - 3.8%** |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 04/24/2027,<br>3.71% <sup>(B)</sup>, 04/24/2028 | 1174000 | 1087989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 04/27/2032,<br>4.57% <sup>(B)</sup>, 04/27/2033 | 1937000 | 1779026 |
|  Barclays PLC <br>Fixed until 11/02/2025,<br>7.33% <sup>(B)</sup>, 11/02/2026 | 1120000 | 1162154 |
|  Citigroup, Inc. <br>Fixed until 10/27/2027,<br>3.52% <sup>(B)</sup>, 10/27/2028 | 2143000 | 1958420 |
|  Commerzbank AG <br>8.13%, 09/19/2023 <sup>(A)</sup> | 800000 | 806263 |
| Intesa Sanpaolo SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.02%, 06/26/2024 <sup>(A)</sup> | 428000 | 411601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 11/21/2033 <sup>(A)</sup> | 1533000 | 1560544 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 04/22/2026,<br>1.58% <sup>(B)</sup>, 04/22/2027 | 1185000 | 1042952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 02/01/2027,<br>3.78% <sup>(B)</sup>, 02/01/2028 | 582000 | 544510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 09/14/2032,<br>5.72% <sup>(B)</sup>, 09/14/2033 | 1832000 | 1801480 |
|  Lloyds Banking Group PLC <br>Fixed until 08/15/2032,<br>7.95% <sup>(B)</sup>, 11/15/2033 | 773000 | 821118 |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 06/03/2026 | 1328000 | 1286880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 07/25/2027,<br>4.81% <sup>(B)</sup>, 07/25/2028 | 330000 | 322233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 06/15/2024 <sup>(C)</sup>,<br>5.90% | 392000 | 349460 |
|  |  | 14934630 |
| **Beverages - 0.5%** | **Beverages - 0.5%** | **Beverages - 0.5%** |
|  Anheuser-Busch Cos. LLC /<br>Anheuser-Busch InBev Worldwide, Inc. <br>4.90%, 02/01/2046 | 100000 | 91654 |

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| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Beverages (continued)** | **Beverages (continued)** | **Beverages (continued)** |
| Anheuser-Busch InBev Worldwide, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.44%, 10/06/2048 | $1161000 | $998346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/23/2029 | 363000 | 359141 |
| Constellation Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 08/01/2029 | 390000 | 342544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 12/06/2026 | 185000 | 176165 |
|  |  | 1967850 |
| **Biotechnology - 0.6%** | **Biotechnology - 0.6%** | **Biotechnology - 0.6%** |
| AbbVie, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 05/14/2026 | 447000 | 422395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 11/21/2039 | 1255000 | 1080429 |
|  Amgen, Inc. <br>2.00%, 01/15/2032 | 400000 | 313142 |
|  CSL Finance PLC <br>4.63%, 04/27/2042 <sup>(A)</sup> | 475000 | 429290 |
|  Gilead Sciences, Inc. <br>4.15%, 03/01/2047 | 191000 | 158771 |
|  |  | 2404027 |
| **Building Products - 0.8%** | **Building Products - 0.8%** | **Building Products - 0.8%** |
| Carlisle Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 03/01/2032 | 538000 | 410380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 12/01/2027 | 701000 | 654015 |
|  Carrier Global Corp. <br>2.72%, 02/15/2030 | 417000 | 351860 |
|  Owens Corning <br>7.00%, 12/01/2036 | 1444000 | 1534410 |
|  |  | 2950665 |
| **Capital Markets - 1.9%** | **Capital Markets - 1.9%** | **Capital Markets - 1.9%** |
| Credit Suisse Group AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 09/11/2024,<br>2.59% <sup>(B)</sup>, 09/11/2025 <sup>(A)</sup> | 703000 | 621770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 08/12/2032,<br>6.54% <sup>(B)</sup>, 08/12/2033 <sup>(A)</sup> | 1360000 | 1196958 |
| Deutsche Bank AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 11/26/2024,<br>3.96% <sup>(B)</sup>, 11/26/2025 | 440000 | 420659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 05/24/2023,<br>4.30% <sup>(B)</sup>, 05/24/2028 | 1099000 | 1034015 |
|  Goldman Sachs Group, Inc. <br>Fixed until 02/24/2032,<br>3.10% <sup>(B)</sup>, 02/24/2033 | 1493000 | 1216514 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 12/10/2025,<br>0.99% <sup>(B)</sup>, 12/10/2026 | 364000 | 319024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 07/20/2032,<br>4.89% <sup>(B)</sup>, 07/20/2033 | 786000 | 740856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/24/2025 | 567000 | 565807 |
|  Northern Trust Corp. <br>6.13%, 11/02/2032 | 1183000 | 1251517 |
|  |  | 7367120 |
| **Chemicals - 0.1%** | **Chemicals - 0.1%** | **Chemicals - 0.1%** |
|  International Flavors & Fragrances, Inc. <br>2.30%, 11/01/2030 <sup>(A)</sup> | 734000 | 584141 |
| **Commercial Services & Supplies - 0.4%** | **Commercial Services & Supplies - 0.4%** | **Commercial Services & Supplies - 0.4%** |
|  ADT Security Corp. <br>4.13%, 08/01/2029 <sup>(A)</sup> | 712000 | 605525 |

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

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| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 7** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

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| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** |
|  Ashtead Capital, Inc. <br>4.25%, 11/01/2029 <sup>(A)</sup> | $459000 | $414174 |
|  Triton Container International Ltd. <br>1.15%, 06/07/2024 <sup>(A)</sup> | 275000 | 254569 |
|  Triton Container International Ltd. /<br>TAL International Container Corp. <br>3.25%, 03/15/2032 | 273000 | 210944 |
|  |  | 1485212 |
| **Construction & Engineering - 0.2%** | **Construction & Engineering - 0.2%** | **Construction & Engineering - 0.2%** |
|  Quanta Services, Inc. <br>2.90%, 10/01/2030 | 898000 | 740607 |
| **Consumer Finance - 1.5%** | **Consumer Finance - 1.5%** | **Consumer Finance - 1.5%** |
|  Ally Financial, Inc. <br>8.00%, 11/01/2031 | 1245000 | 1290286 |
|  BMW US Capital LLC <br>2.80%, 04/11/2026 <sup>(A)</sup> | 740000 | 692105 |
|  Ford Motor Credit Co. LLC <br>3.38%, 11/13/2025 | 1074000 | 970910 |
|  General Motors Financial Co., Inc. <br>5.00%, 04/09/2027 | 704000 | 683118 |
|  Nissan Motor Acceptance Co. LLC <br>2.45%, 09/15/2028 <sup>(A)</sup> | 884000 | 688231 |
|  Volkswagen Group of America Finance LLC <br>1.63%, 11/24/2027 <sup>(A)</sup> | 2015000 | 1690364 |
|  |  | 6015014 |
| **Containers & Packaging - 0.1%** | **Containers & Packaging - 0.1%** | **Containers & Packaging - 0.1%** |
|  Sonoco Products Co. <br>2.25%, 02/01/2027 | 624000 | 555638 |
| **Diversified Financial Services - 1.1%** | **Diversified Financial Services - 1.1%** | **Diversified Financial Services - 1.1%** |
| AerCap Ireland Capital DAC / AerCap Global<br>Aviation Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 10/29/2041 | 989000 | 703244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 04/03/2026 | 1010000 | 965787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/2023 | 694000 | 689416 |
| Aviation Capital Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 01/30/2026 <sup>(A)</sup> | 574000 | 500485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/15/2024 <sup>(A)</sup> | 1457000 | 1429884 |
|  |  | 4288816 |
| **Diversified Telecommunication Services - 0.5%** | **Diversified Telecommunication Services - 0.5%** | **Diversified Telecommunication Services - 0.5%** |
|  Sprint Capital Corp. <br>6.88%, 11/15/2028 | 360000 | 374395 |
| Verizon Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.68%, 10/30/2030 | 895000 | 699793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.99%, 10/30/2056 | 1537000 | 943980 |
|  |  | 2018168 |
| **Electric Utilities - 1.2%** | **Electric Utilities - 1.2%** | **Electric Utilities - 1.2%** |
|  Cleveland Electric Illuminating Co. <br>5.95%, 12/15/2036 | 69000 | 68742 |
|  DTE Electric Co. <br>4.30%, 07/01/2044 | 1250000 | 1080785 |
|  Duke Energy Corp. <br>3.75%, 04/15/2024 - 09/01/2046 | 1758000 | 1438627 |
|  Duke Energy Progress LLC <br>3.60%, 09/15/2047 | 847000 | 639537 |
|  Entergy Arkansas LLC <br>3.70%, 06/01/2024 | 164000 | 161198 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
|  Massachusetts Electric Co. <br>4.00%, 08/15/2046 <sup>(A)</sup> | $105000 | $76505 |
|  Oncor Electric Delivery Co. LLC <br>5.30%, 06/01/2042 | 47000 | 47012 |
|  Pacific Gas & Electric Co. <br>3.75%, 08/15/2042 | 83000 | 55972 |
| PacifiCorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/01/2024 | 989000 | 971952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/01/2037 | 92000 | 93932 |
|  |  | 4634262 |
| **Electronic Equipment, Instruments & Components - 0.4%** | **Electronic Equipment, Instruments & Components - 0.4%** | **Electronic Equipment, Instruments & Components - 0.4%** |
|  Arrow Electronics, Inc. <br>2.95%, 02/15/2032 | 582000 | 460488 |
|  Keysight Technologies, Inc. <br>4.60%, 04/06/2027 | 687000 | 671206 |
|  Sensata Technologies, Inc. <br>4.38%, 02/15/2030 <sup>(A)</sup> | 471000 | 410007 |
|  |  | 1541701 |
| **Energy Equipment & Services - 0.2%** | **Energy Equipment & Services - 0.2%** | **Energy Equipment & Services - 0.2%** |
|  Schlumberger Holdings Corp. <br>3.90%, 05/17/2028 <sup>(A)</sup> | 1052000 | 981905 |
| **Equity Real Estate Investment Trusts - 1.9%** | **Equity Real Estate Investment Trusts - 1.9%** | **Equity Real Estate Investment Trusts - 1.9%** |
|  Broadstone Net Lease LLC <br>2.60%, 09/15/2031 | 1056000 | 794003 |
|  Corporate Office Properties LP <br>2.00%, 01/15/2029 | 257000 | 197584 |
|  Invitation Homes Operating Partnership LP <br>4.15%, 04/15/2032 | 714000 | 626788 |
|  Physicians Realty LP <br>2.63%, 11/01/2031 | 1326000 | 1038561 |
|  Realty Income Corp. <br>5.63%, 10/13/2032 | 361000 | 367864 |
|  SBA Tower Trust <br>6.60%, 01/15/2028 <sup>(A)</sup> | 2125000 | 2131743 |
|  Simon Property Group LP <br>2.20%, 02/01/2031 | 728000 | 575347 |
|  Ventas Realty LP <br>3.25%, 10/15/2026 | 977000 | 903923 |
|  Weyerhaeuser Co. <br>4.00%, 04/15/2030 | 861000 | 786159 |
|  |  | 7421972 |
| **Food & Staples Retailing - 0.4%** | **Food & Staples Retailing - 0.4%** | **Food & Staples Retailing - 0.4%** |
|  7-Eleven, Inc. <br>1.80%, 02/10/2031 <sup>(A)</sup> | 919000 | 702495 |
|  Sysco Corp. <br>3.30%, 07/15/2026 | 837000 | 790488 |
|  |  | 1492983 |
| **Food Products - 0.8%** | **Food Products - 0.8%** | **Food Products - 0.8%** |
|  Bunge Ltd. Finance Corp. <br>2.75%, 05/14/2031 | 1285000 | 1058081 |
|  Cargill, Inc. <br>5.13%, 10/11/2032 <sup>(A)</sup> | 486000 | 488116 |
|  Pilgrim's Pride Corp. <br>3.50%, 03/01/2032 <sup>(A)</sup> | 1010000 | 790325 |
|  Viterra Finance BV <br>4.90%, 04/21/2027 <sup>(A)</sup> | 784000 | 738638 |
|  |  | 3075160 |

---

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 8** 

------

##### [**Table of Contents**](#toc)
**Transamerica Aegon Core Bond VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Health Care Equipment & Supplies - 0.2%** | **Health Care Equipment & Supplies - 0.2%** | **Health Care Equipment & Supplies - 0.2%** |
|  Alcon Finance Corp. <br>5.75%, 12/06/2052 <sup>(A)</sup> | $391000 | $394506 |
|  GE HealthCare Technologies, Inc. <br>5.86%, 03/15/2030 <sup>(A)</sup> | 480000 | 492346 |
|  |  | 886852 |
| **Health Care Providers & Services - 1.7%** | **Health Care Providers & Services - 1.7%** | **Health Care Providers & Services - 1.7%** |
| Centene Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/15/2030 | 954000 | 782041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/15/2030 | 569000 | 481016 |
|  Cigna Corp. <br>2.40%, 03/15/2030 | 833000 | 699261 |
|  CVS Health Corp. <br>2.70%, 08/21/2040 | 772000 | 536712 |
|  Elevance Health, Inc. <br>2.25%, 05/15/2030 | 593000 | 493130 |
| HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/15/2029 | 379000 | 346853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/15/2025 | 252000 | 250717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/15/2047 | 1143000 | 1018905 |
|  Molina Healthcare, Inc. <br>4.38%, 06/15/2028 <sup>(A)</sup> | 350000 | 319406 |
| UnitedHealth Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 05/15/2032 | 1183000 | 1126222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 02/15/2063 | 686000 | 749747 |
|  |  | 6804010 |
| **Hotels, Restaurants & Leisure - 0.5%** | **Hotels, Restaurants & Leisure - 0.5%** | **Hotels, Restaurants & Leisure - 0.5%** |
| Expedia Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/15/2031 | 60000 | 48440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 02/15/2028 | 603000 | 554570 |
|  Hyatt Hotels Corp. <br>1.80%, 10/01/2024 | 397000 | 372125 |
|  Warnermedia Holdings, Inc. <br>5.05%, 03/15/2042 <sup>(A)</sup> | 1097000 | 843395 |
|  |  | 1818530 |
| **Industrial Conglomerates - 0.2%** | **Industrial Conglomerates - 0.2%** | **Industrial Conglomerates - 0.2%** |
|  General Electric Co. <br>4.50%, 03/11/2044 | 791000 | 684202 |
| **Insurance - 1.7%** | **Insurance - 1.7%** | **Insurance - 1.7%** |
|  Alleghany Corp. <br>3.25%, 08/15/2051 | 1338000 | 949174 |
|  Aon Corp. / Aon Global Holdings PLC <br>5.00%, 09/12/2032 | 1039000 | 1031647 |
|  Global Atlantic Finance Co. <br>3.13%, 06/15/2031 <sup>(A)</sup> | 1574000 | 1158543 |
|  Massachusetts Mutual Life Insurance Co. <br>7.63%, 11/15/2023 <sup>(A)</sup> | 167000 | 169527 |
|  Muenchener Rueckversicherungs-<br>Gesellschaft AG <br>Fixed until 11/23/2031,<br>5.88% <sup>(B)</sup>, 05/23/2042 <sup>(A)</sup> | 600000 | 597750 |
| Ohio National Financial Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 01/24/2030 <sup>(A)</sup> | 1614000 | 1486862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 05/01/2031 <sup>(A)</sup> | 404000 | 390880 |
|  Prudential Financial, Inc. <br>Fixed until 07/01/2030, 3.70% <sup>(B)</sup>, 10/01/2050 | 1012000 | 854017 |
|  |  | 6638400 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Interactive Media & Services - 0.4%** | **Interactive Media & Services - 0.4%** | **Interactive Media & Services - 0.4%** |
|  Baidu, Inc. <br>4.38%, 05/14/2024 | $1739000 | $1710550 |
| **IT Services - 0.1%** | **IT Services - 0.1%** | **IT Services - 0.1%** |
|  Rackspace Technology Global, Inc. <br>3.50%, 02/15/2028 <sup>(A)</sup> | 881000 | 511967 |
| **Machinery - 0.3%** | **Machinery - 0.3%** | **Machinery - 0.3%** |
|  CNH Industrial Capital LLC <br>5.45%, 10/14/2025 | 1132000 | 1135474 |
| **Media - 0.5%** | **Media - 0.5%** | **Media - 0.5%** |
|  Charter Communications Operating LLC / Charter Communications Operating Capital <br>4.80%, 03/01/2050 | 693000 | 504476 |
|  Clear Channel Outdoor Holdings, Inc. <br>5.13%, 08/15/2027 <sup>(A)</sup> | 426000 | 368358 |
|  Comcast Corp. <br>2.94%, 11/01/2056 | 398000 | 248025 |
|  NBCUniversal Media LLC <br>4.45%, 01/15/2043 | 486000 | 430681 |
|  Paramount Global <br>4.20%, 05/19/2032 | 650000 | 533878 |
|  |  | 2085418 |
| **Metals & Mining - 1.0%** | **Metals & Mining - 1.0%** | **Metals & Mining - 1.0%** |
|  Anglo American Capital PLC <br>4.50%, 03/15/2028 <sup>(A)</sup> | 972000 | 920854 |
|  ArcelorMittal SA <br>6.55%, 11/29/2027 | 1002000 | 1006945 |
|  Freeport-McMoRan, Inc. <br>3.88%, 03/15/2023 | 1424000 | 1420112 |
|  Glencore Funding LLC <br>2.63%, 09/23/2031 <sup>(A)</sup> | 835000 | 667256 |
|  |  | 4015167 |
| **Multi-Utilities - 0.3%** | **Multi-Utilities - 0.3%** | **Multi-Utilities - 0.3%** |
|  Black Hills Corp. <br>4.25%, 11/30/2023 | 682000 | 678122 |
| CMS Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 02/15/2027 | 97000 | 86981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/01/2044 | 125000 | 114233 |
|  Delmarva Power & Light Co. <br>4.00%, 06/01/2042 | 47000 | 37069 |
|  Public Service Co. of Oklahoma <br>6.63%, 11/15/2037 | 150000 | 157852 |
|  |  | 1074257 |
| **Oil, Gas & Consumable Fuels - 2.9%** | **Oil, Gas & Consumable Fuels - 2.9%** | **Oil, Gas & Consumable Fuels - 2.9%** |
|  Boardwalk Pipelines LP <br>3.40%, 02/15/2031 | 433000 | 363285 |
|  Chevron USA, Inc. <br>3.25%, 10/15/2029 | 614000 | 564523 |
| Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 02/01/2024 | 405000 | 402805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 02/01/2043 | 492000 | 408932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 02/15/2028 | 431000 | 426759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 10/01/2043 | 456000 | 423431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.60%, 02/01/2024 | 357000 | 363019 |
|  Enterprise Products Operating LLC <br>4.25%, 02/15/2048 | 1524000 | 1224777 |

---

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 9** 

------

##### [**Table of Contents**](#toc)
**Transamerica Aegon Core Bond VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
|  Kinder Morgan Energy Partners LP <br>4.15%, 02/01/2024 | $796000 | $785273 |
|  Occidental Petroleum Corp. <br>5.55%, 03/15/2026 | 1372000 | 1366855 |
|  ONEOK, Inc. <br>6.10%, 11/15/2032 | 993000 | 999191 |
| Petroleos Mexicanos |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.84%, 01/23/2030 | 1306000 | 1079304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.69%, 01/23/2050 | 290000 | 200684 |
|  Pioneer Natural Resources Co. <br>2.15%, 01/15/2031 | 895000 | 712079 |
|  Plains All American Pipeline LP / PAA<br>Finance Corp. <br>3.55%, 12/15/2029 | 704000 | 612165 |
|  Sabine Pass Liquefaction LLC <br>4.20%, 03/15/2028 | 413000 | 388867 |
| Shell International Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/12/2026 | 437000 | 405620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/12/2046 | 577000 | 458317 |
|  Williams Cos., Inc. <br>5.40%, 03/04/2044 | 78000 | 71138 |
|  |  | 11257024 |
| **Personal Products - 0.3%** | **Personal Products - 0.3%** | **Personal Products - 0.3%** |
|  GSK Consumer Healthcare Capital US LLC <br>3.38%, 03/24/2027 | 1099000 | 1024686 |
| **Pharmaceuticals - 0.9%** | **Pharmaceuticals - 0.9%** | **Pharmaceuticals - 0.9%** |
|  Astrazeneca Finance LLC <br>1.20%, 05/28/2026 | 396000 | 352982 |
|  AstraZeneca PLC <br>4.38%, 08/17/2048 | 508000 | 454536 |
|  Bayer US Finance II LLC <br>4.38%, 12/15/2028 <sup>(A)</sup> | 575000 | 542076 |
|  Bristol-Myers Squibb Co. <br>1.45%, 11/13/2030 | 659000 | 521469 |
|  Royalty Pharma PLC <br>2.20%, 09/02/2030 | 628000 | 492504 |
|  Viatris, Inc. <br>2.30%, 06/22/2027 | 1320000 | 1128939 |
|  |  | 3492506 |
| **Professional Services - 0.4%** | **Professional Services - 0.4%** | **Professional Services - 0.4%** |
| Equifax, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 12/01/2024 | 716000 | 684068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 12/15/2027 | 771000 | 762284 |
|  |  | 1446352 |
| **Road & Rail - 0.8%** | **Road & Rail - 0.8%** | **Road & Rail - 0.8%** |
| Avolon Holdings Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 02/15/2025 <sup>(A)</sup> | 1788000 | 1650916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/2026 <sup>(A)</sup> | 457000 | 434912 |
|  Burlington Northern Santa Fe LLC <br>4.45%, 01/15/2053 | 1115000 | 994826 |
|  Union Pacific Railroad Co. Pass-Through Trust <br>4.70%, 01/02/2024 | 1529 | 1526 |
|  |  | 3082180 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Semiconductors & Semiconductor Equipment - 1.7%** | **Semiconductors & Semiconductor Equipment - 1.7%** | **Semiconductors & Semiconductor Equipment - 1.7%** |
|  Advanced Micro Devices, Inc. <br>3.92%, 06/01/2032 | $1050000 | $978608 |
| Broadcom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 02/15/2028 <sup>(A)</sup> | 878000 | 742412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/15/2041 <sup>(A)</sup> | 561000 | 403282 |
|  KLA Corp. <br>3.30%, 03/01/2050 | 780000 | 569877 |
|  Microchip Technology, Inc. <br>0.98%, 09/01/2024 | 661000 | 612335 |
| NXP BV / NXP Funding LLC / NXP USA,<br>Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/30/2051 | 400000 | 250337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/01/2030 | 701000 | 607501 |
| QUALCOMM, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/20/2027 | 577000 | 548416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/20/2050 <sup>(D)</sup> | 549000 | 400592 |
|  Skyworks Solutions, Inc. <br>1.80%, 06/01/2026 | 390000 | 343412 |
|  TSMC Global Ltd. <br>1.38%, 09/28/2030 <sup>(A)</sup> | 1856000 | 1428600 |
|  |  | 6885372 |
| **Software - 0.9%** | **Software - 0.9%** | **Software - 0.9%** |
| Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 03/25/2041 | 553000 | 410105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.90%, 11/09/2052 | 903000 | 974631 |
|  Take-Two Interactive Software, Inc. <br>3.55%, 04/14/2025 | 1130000 | 1088266 |
|  Workday, Inc. <br>3.50%, 04/01/2027 | 1208000 | 1130842 |
|  |  | 3603844 |
| **Specialty Retail - 0.2%** | **Specialty Retail - 0.2%** | **Specialty Retail - 0.2%** |
|  Lowe's Cos., Inc. <br>3.75%, 04/01/2032 | 776000 | 692533 |
| **Technology Hardware, Storage & Peripherals - 0.3%** | **Technology Hardware, Storage & Peripherals - 0.3%** | **Technology Hardware, Storage & Peripherals - 0.3%** |
|  Apple, Inc. <br>2.65%, 05/11/2050 | 627000 | 418308 |
|  Western Digital Corp. <br>2.85%, 02/01/2029 | 1179000 | 912157 |
|  |  | 1330465 |
| **Tobacco - 0.2%** | **Tobacco - 0.2%** | **Tobacco - 0.2%** |
|  BAT Capital Corp. <br>2.26%, 03/25/2028 | 225000 | 187320 |
|  Philip Morris International, Inc. <br>5.63%, 11/17/2029 | 768000 | 781417 |
|  |  | 968737 |
| **Wireless Telecommunication Services - 0.4%** | **Wireless Telecommunication Services - 0.4%** | **Wireless Telecommunication Services - 0.4%** |
|  Sprint LLC <br>7.88%, 09/15/2023 | 370000 | 375219 |
| T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/15/2031 | 803000 | 693141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/15/2030 | 744000 | 675708 |
|  |  | 1744068 |
|  **Total Corporate Debt Securities <br>(Cost $132,122,927)** | **Total Corporate Debt Securities <br>(Cost $132,122,927)** | 133637269 |

---

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 10** 

------

##### [**Table of Contents**](#toc)
**Transamerica Aegon Core Bond VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
|  **FOREIGN GOVERNMENT OBLIGATIONS - 0.9%** | **FOREIGN GOVERNMENT OBLIGATIONS - 0.9%** | **FOREIGN GOVERNMENT OBLIGATIONS - 0.9%** |
| **Colombia - 0.4%** | **Colombia - 0.4%** | **Colombia - 0.4%** |
|  Colombia Government International Bonds <br>4.50%, 01/28/2026 | $1795000 | $1687034 |
| **Israel - 0.0% <sup>(E)</sup>** | **Israel - 0.0% <sup>(E)</sup>** | **Israel - 0.0% <sup>(E)</sup>** |
|  Israel Government AID Bonds <br>5.50%, 09/18/2033 | 100000 | 109094 |
| **Mexico - 0.3%** | **Mexico - 0.3%** | **Mexico - 0.3%** |
|  Mexico Government International Bonds <br>3.75%, 01/11/2028 | 1053000 | 993474 |
| **Peru - 0.2%** | **Peru - 0.2%** | **Peru - 0.2%** |
|  Peru Government International Bonds <br>7.35%, 07/21/2025 | 884000 | 923925 |
|  **Total Foreign Government Obligations <br>(Cost $3,644,720)** | **Total Foreign Government Obligations <br>(Cost $3,644,720)** | 3713527 |
| **MORTGAGE-BACKED SECURITIES - 5.0%** | **MORTGAGE-BACKED SECURITIES - 5.0%** | **MORTGAGE-BACKED SECURITIES - 5.0%** |
| Alternative Loan Trust<br>Series 2004-2CB, Class 1A9,<br>5.75%, 03/25/2034 | 95789 | 94852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-28CB, Class 1A4,<br>5.50%, 08/25/2035 | 74512 | 64607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-54CB, Class 1A11,<br>5.50%, 11/25/2035 | 21039 | 16386 |
| Alternative Loan Trust, Interest Only<br>STRIPS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-20CB, Class 3A8, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 4.75%, <br>0.36% <sup>(B)</sup>, 07/25/2035 | 135636 | 4846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-22T1, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 5.07%, <br>0.68% <sup>(B)</sup>, 06/25/2035 | 349753 | 23804 |
| BAMLL Commercial Mortgage Securities<br>Trust<br>Series 2014-520M, Class C, <br>4.21% <sup>(B)</sup>, 08/15/2046 <sup>(A)</sup> | 200000 | 140600 |
| Banc of America Funding Trust, Principal<br>Only STRIPS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-1,<br>03/25/2034 | 7826 | 5450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-7, Class 30,<br>11/25/2035 | 8183 | 7399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-8, Class 30,<br>01/25/2036 | 2007 | 1292 |
| Banc of America Mortgage Trust <br>Series 2003-J, Class 3A2, <br>3.36% <sup>(B)</sup>, 11/25/2033 | 9491 | 8812 |
| BB-UBS Trust <br>Series 2012-SHOW, Class A, <br>3.43%, 11/05/2036 <sup>(A)</sup> | 550000 | 511405 |
| Bear Stearns ARM Trust <br>Series 2006-1, Class A1, <br>1-Year CMT + 2.25%, <br>6.80% <sup>(B)</sup>, 02/25/2036 | 12924 | 12341 |
| Chase Mortgage Finance Trust<br>Series 2007-A1, Class 1A3,<br>3.49% <sup>(B)</sup>, 02/25/2037 | 20247 | 19383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-A2, Class 2A1,<br>4.14% <sup>(B)</sup>, 06/25/2035 | 8940 | 8548 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| CHL Mortgage Pass-Through Trust<br>Series 2004-3, Class A26,<br>5.50%, 04/25/2034 | $24662 | $23344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-3, Class A4,<br>5.75%, 04/25/2034 | 14797 | 14132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-7, Class 2A1,<br>3.16% <sup>(B)</sup>, 06/25/2034 | 7416 | 6834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-8, Class 2A1,<br>4.50%, 06/25/2019 <sup>(F)</sup> | 249 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-HYB1, Class 2A,<br>3.76% <sup>(B)</sup>, 05/20/2034 | 6841 | 6220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-22, Class 2A1,<br>3.44% <sup>(B)</sup>, 11/25/2035 | 53781 | 42005 |
| Citigroup Commercial Mortgage Trust<br>Series 2014-GC19, Class A3,<br>3.75%, 03/11/2047 | 223252 | 219366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-GC19, Class A4,<br>4.02%, 03/11/2047 | 782000 | 766562 |
| Citigroup Mortgage Loan Trust, Inc. <br>Series 2003-1, Class 2A5, <br>5.25%, 10/25/2033 | 3227 | 3084 |
| COMM Mortgage Trust<br>Series 2013-CR11, Class AM,<br>4.72% <sup>(B)</sup>, 08/10/2050 | 1750000 | 1723042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-SFS, Class A2,<br>2.99% <sup>(B)</sup>, 04/12/2035 <sup>(A)</sup> | 125000 | 123389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-CR25, Class A4,<br>3.76%, 08/10/2048 | 422000 | 403415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-HOME, Class A,<br>3.82% <sup>(B)</sup>, 04/10/2033 <sup>(A)</sup> | 1160000 | 1055208 |
| Credit Suisse First Boston Mortgage Securities<br>Corp. <br>Series 2003-21, Class 1A4, <br>5.25%, 09/25/2033 | 9609 | 8957 |
| CSFB Mortgage-Backed Pass-Through<br>Certificates <br>Series 2003-27, Class 5A4, <br>5.25%, 11/25/2033 | 893 | 859 |
| FMC GMSR Issuer Trust<br>Series 2020-GT1, Class A,<br>4.45% <sup>(B)</sup>, 01/25/2026 <sup>(A)</sup> | 1100000 | 962499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GT1, Class A,<br>3.62% <sup>(B)</sup>, 07/25/2026 <sup>(A)</sup> | 1100000 | 895013 |
| Fontainebleau Miami Beach Trust<br>Series 2019-FBLU, Class A,<br>3.14%, 12/10/2036 <sup>(A)</sup> | 1000000 | 934056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-FBLU, Class C,<br>3.75%, 12/10/2036 <sup>(A)</sup> | 1235000 | 1150182 |
| GSMPS Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-RP2, Class 1AF, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 0.35%, <br>4.74% <sup>(B)</sup>, 03/25/2035 <sup>(A)</sup> | 86288 | 81060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-RP3, Class 1AF, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 0.35%, <br>4.74% <sup>(B)</sup>, 09/25/2035 <sup>(A)</sup> | 58974 | 50504 |
| GSR Mortgage Loan Trust<br>Series 2004-6F, Class 2A4,<br>5.50%, 05/25/2034 | 15011 | 14380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-8F, Class 2A3,<br>6.00%, 09/25/2034 | 9682 | 9538 |

---

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 11** 

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##### [**Table of Contents**](#toc)
**Transamerica Aegon Core Bond VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| GSR Mortgage Loan Trust (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-7F, Class 3A9,<br>6.00%, 09/25/2035 | $19740 | $18810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-1F, Class 2A4,<br>6.00%, 02/25/2036 | 34841 | 18115 |
| Impac Secured Assets Trust <br>Series 2006-1, Class 2A1, <br>1-Month LIBOR + 0.70%, <br>5.09% <sup>(B)</sup>, 05/25/2036 | 11634 | 9841 |
| JPMorgan Mortgage Trust <br>Series 2006-A2, Class 5A3, <br>4.19% <sup>(B)</sup>, 11/25/2033 | 5933 | 5643 |
| Ladder Capital Commercial Mortgage Trust <br>Series 2013-GCP, Class A2, <br>3.99%, 02/15/2036 <sup>(A)</sup> | 154000 | 137385 |
| Manhattan West Mortgage Trust<br>Series 2020-1MW, Class A,<br>2.13%, 09/10/2039 <sup>(A)</sup> | 600000 | 513124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1MW, Class B,<br>2.34% <sup>(B)</sup>, 09/10/2039 <sup>(A)</sup> | 1426000 | 1207291 |
| MASTR Adjustable Rate Mortgages Trust<br>Series 2004-13, Class 2A1,<br>4.02% <sup>(B)</sup>, 04/21/2034 | 11229 | 10563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-13, Class 3A7,<br>3.87% <sup>(B)</sup>, 11/21/2034 | 6070 | 5446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-3, Class 4A2,<br>2.69% <sup>(B)</sup>, 04/25/2034 | 6837 | 6026 |
| MASTR Alternative Loan Trust <br>Series 2004-10, Class 1A1, <br>4.50%, 09/25/2019 | 501 | 472 |
| MASTR Resecuritization Trust, Principal Only<br>STRIPS <br>Series 2005, Class 3PO, <br>Zero Coupon, 05/28/2035 <sup>(A)</sup> | 4550 | 3419 |
| Merrill Lynch Mortgage Investors Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-E, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 0.62%, <br>5.01% <sup>(B)</sup>, 10/25/2028 | 84243 | 77892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-1, Class 2A1,<br>3.14% <sup>(B)</sup>, 12/25/2034 | 20193 | 18603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-A, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 0.46%, <br>4.85% <sup>(B)</sup>, 04/25/2029 | 52507 | 47512 |
|  MetLife Securitization Trust <br>Series 2019-1A, Class A1A, <br>3.75% <sup>(B)</sup>, 04/25/2058 <sup>(A)</sup> | 1184167 | 1147136 |
|  MFA Trust <br>Series 2021-RPL1, Class A1, <br>1.13% <sup>(B)</sup>, 07/25/2060 <sup>(A)</sup> | 892106 | 781845 |
| Nomura Asset Acceptance Corp.<br>Alternative Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-A1, Class A2,<br>6.00%, 05/25/2033 | 3362 | 3202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-A1, Class A5,<br>7.00%, 04/25/2033 | 9941 | 9683 |
|  One Market Plaza Trust <br>Series 2017-1MKT, Class A, <br>3.61%, 02/10/2032 <sup>(A)</sup> | 1508000 | 1450770 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
|  PHH Alternative Mortgage Trust, Interest Only STRIPS <br>Series 2007-2, Class 2X, <br>6.00%, 05/25/2037 | $60545 | $12222 |
|  RALI Trust <br>Series 2002-QS16, Class A3, <br>1-Month LIBOR + 16.62%, <br>7.45% <sup>(B)</sup>, 10/25/2017 | 43 | 44 |
|  RBS Commercial Funding, Inc. Trust <br>Series 2013-SMV, Class A, <br>3.26%, 03/11/2031 <sup>(A)</sup> | 160000 | 159030 |
| Sequoia Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-1, Class 1A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 0.76%, <br>5.11% <sup>(B)</sup>, 04/20/2033 | 41523 | 37659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-11, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 0.60%, <br>4.95% <sup>(B)</sup>, 12/20/2034 | 34254 | 30525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-8, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 0.70%, <br>5.05% <sup>(B)</sup>, 09/20/2034 | 96755 | 84057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-9, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 0.68%, <br>5.03% <sup>(B)</sup>, 10/20/2034 | 62615 | 55425 |
|  SLG Office Trust <br>Series 2021-OVA, Class A, <br>2.59%, 07/15/2041 <sup>(A)</sup> | 1005000 | 804202 |
|  Structured Adjustable Rate Mortgage Loan Trust <br>Series 2004-1, Class 4A4, <br>3.78% <sup>(B)</sup>, 02/25/2034 | 77345 | 72385 |
| Structured Asset Mortgage Investments II<br>Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-AR4, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 0.70%, <br>5.04% <sup>(B)</sup>, 01/19/2034 | 119296 | 112166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-AR1, Class 1A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 0.70%, <br>5.04% <sup>(B)</sup>, 03/19/2034 | 94116 | 85288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-AR5, Class 1A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 0.66%, <br>5.00% <sup>(B)</sup>, 10/19/2034 | 13837 | 12876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR5, Class A3, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 0.50%, <br>4.84% <sup>(B)</sup>, 07/19/2035 | 51402 | 45646 |
|  Thornburg Mortgage Securities Trust <br>Series 2004-4, Class 3A, <br>3.55% <sup>(B)</sup>, 12/25/2044 | 27765 | 25658 |
|  Towd Point Mortgage Trust <br>Series 2021-R1, Class A1, <br>2.92% <sup>(B)</sup>, 11/30/2060 <sup>(A)</sup> | 1406641 | 1122368 |
|  UBS-BAMLL Trust <br>Series 2012-WRM, Class A, <br>3.66%, 06/10/2030 <sup>(A)</sup> | 7320 | 7310 |
|  UBS-Barclays Commercial Mortgage Trust <br>Series 2013-C6, Class A4, <br>3.24%, 04/10/2046 | 192782 | 191360 |

---

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 12** 

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##### [**Table of Contents**](#toc)
**Transamerica Aegon Core Bond VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
|  UBS-Barclays Commercial Mortgage Trust, Interest Only STRIPS <br>Series 2012-C2, Class XA, <br>0.52% <sup>(B)</sup>, 05/10/2063 <sup>(A)</sup> | $108774 | $2 |
|  Vendee Mortgage Trust <br>Series 1997-1, Class 2Z, <br>7.50%, 02/15/2027 | 84869 | 86918 |
|  Wachovia Bank Commercial Mortgage Trust, Interest Only STRIPS <br>Series 2006-C24, Class XC, <br>0.00% <sup>(B)</sup>, 03/15/2045 <sup>(A)</sup> <sup>(G)</sup> | 42817 | 0 |
|  WaMu Mortgage Pass-Through Certificates Trust<br>Series 2003-AR11, Class A6,<br>4.23% <sup>(B)</sup>, 10/25/2033 | 30031 | 27448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-AR6, Class A1,<br>3.39% <sup>(B)</sup>, 06/25/2033 | 8218 | 7572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-S3, Class 1A4, 5.50%, 06/25/2033 | 17757 | 15963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-S9, Class A8, 5.25%, 10/25/2033 | 15724 | 15184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-AR3, Class A2,<br>3.10% <sup>(B)</sup>, 06/25/2034 | 4726 | 4333 |
|  Washington Mutual Mortgage Pass-Through Certificates Trust <br>Series 2005-4, Class CB7, <br>5.50%, 06/25/2035 | 60345 | 54329 |
|  Washington Mutual Mortgage Pass-Through Certificates Trust, Interest Only STRIPS<br>Series 2005-2, Class 1A4, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 5.05%,<br>0.66% <sup>(B)</sup>, 04/25/2035 | 198214 | 7052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-3, Class CX,<br>5.50%, 05/25/2035 | 80355 | 13062 |
|  Washington Mutual MSC Mortgage Pass-Through Certificates Trust, Principal Only STRIPS <br>Series 2003-MS7, Class P, <br>Zero Coupon, 03/25/2033 | 124 | 93 |
|  Wells Fargo Commercial Mortgage Trust Series 2016-C35, Class A4, 2.93%, 07/15/2048 | 1103000 | 1009239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SAVE, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 1.15%, <br>5.47% <sup>(B)</sup>, 02/15/2040 <sup>(A)</sup> | 549958 | 513854 |
|  **Total Mortgage-Backed Securities <br>(Cost $20,868,864)** | **Total Mortgage-Backed Securities <br>(Cost $20,868,864)** | 19499672 |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS - 25.0%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 25.0%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 25.0%** |
| Federal Home Loan Mortgage Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Year CMT + 2.25%, <br>2.38% <sup>(B)</sup>, 01/01/2035 | 12039 | 12154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/2052 | 923890 | 816111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12-Month LIBOR + 1.67%, <br>3.05% <sup>(B)</sup>, 11/01/2036 | 15383 | 15050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Year CMT + 2.25%, <br>3.25% <sup>(B)</sup>, 05/01/2036 | 4031 | 4098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12-Month LIBOR + 1.94%, <br>3.35% <sup>(B)</sup>, 06/01/2036 | 25717 | 26103 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| Federal Home Loan Mortgage Corp. (continued) | Federal Home Loan Mortgage Corp. (continued) | Federal Home Loan Mortgage Corp. (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/2042 - 06/01/2043 | $534657 | $500670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12-Month LIBOR + 1.69%, <br>3.94% <sup>(B)</sup>, 12/01/2036 | 2253 | 2195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6-Month LIBOR + 1.62%, <br>4.00% <sup>(B)</sup>, 08/01/2036 | 4136 | 4185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2042 - 01/01/2046 | 1041217 | 997835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Year CMT + 2.37%, <br>4.07% <sup>(B)</sup>, 09/01/2034 | 18643 | 18955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6-Month LIBOR + 1.78%, <br>4.13% <sup>(B)</sup>, 07/01/2036 | 18617 | 18967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Year CMT + 2.25%, <br>4.18% <sup>(B)</sup>, 02/01/2036 | 20831 | 21091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6-Month LIBOR + 1.84%, <br>4.28% <sup>(B)</sup>, 03/01/2037 | 4735 | 4833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6-Month LIBOR + 2.11%, <br>4.31% <sup>(B)</sup>, 02/01/2037 | 12089 | 12136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6-Month LIBOR + 1.76%, <br>4.32% <sup>(B)</sup>, 10/01/2036 | 12594 | 12772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Year CMT + 2.36%, <br>4.48% <sup>(B)</sup>, 10/01/2036 | 7981 | 7888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/2048 | 434462 | 426565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/01/2034 | 35148 | 35390 |
| Federal Home Loan Mortgage Corp.<br>Multifamily Structured Pass-Through<br>Certificates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.93%, 01/25/2023 | 20491 | 20428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.01%, 07/25/2025 | 1934000 | 1858155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.17%, 10/25/2024 | 2700000 | 2616063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30% <sup>(B)</sup>, 11/25/2027 | 553000 | 526570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.53% <sup>(B)</sup>, 10/25/2023 | 2160000 | 2135595 |
| Federal Home Loan Mortgage Corp. REMIC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (3.33) \* 1-Month LIBOR + 17.50%, <br>3.11% <sup>(B)</sup>, 02/15/2040 | 32701 | 31163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 0.40%, <br>3.41% <sup>(B)</sup>, 07/15/2037 | 65543 | 63487 |
| &nbsp;&nbsp;&nbsp;&nbsp; (2.00) \* 1-Month LIBOR + 13.29%, <br>4.65% <sup>(B)</sup>, 07/15/2033 | 16396 | 15799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 0.35%, <br>4.67% <sup>(B)</sup>, 06/15/2043 | 387984 | 374262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 0.40%, <br>4.72% <sup>(B)</sup>, 10/15/2041 | 88376 | 87340 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1.25) \* 1-Month LIBOR + 10.13%, <br>4.73% <sup>(B)</sup>, 07/15/2032 | 17846 | 17091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 0.44%, <br>4.76% <sup>(B)</sup>, 02/15/2037 | 2995 | 2930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2023 | 680 | 678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/15/2033 - 05/15/2038 | 8753 | 8753 |
| &nbsp;&nbsp;&nbsp;&nbsp; (3.62) \* 1-Month LIBOR + 27.21%, <br>5.50% <sup>(B)</sup>, 05/15/2041 | 24824 | 23743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/15/2032 | 25170 | 25909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 11/15/2023 | 1579 | 1578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 08/15/2031 - 07/15/2036 | 105929 | 109004 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1.83) \* 1-Month LIBOR + 14.76%, <br>6.84% <sup>(B)</sup>, 09/15/2033 | 2930 | 3017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 03/15/2024 - 05/15/2032 | 101272 | 106545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 12/15/2030 | 12781 | 13517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 02/15/2023 - 08/15/2030 | 14904 | 15679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 01/15/2030 | 56925 | 60741 |
| &nbsp;&nbsp;&nbsp;&nbsp; (3.67) \* 1-Month LIBOR + 24.49%, <br>8.66% <sup>(B)</sup>, 06/15/2034 | 1288 | 1277 |

---

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 13** 

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##### [**Table of Contents**](#toc)
**Transamerica Aegon Core Bond VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| Federal Home Loan Mortgage Corp. REMIC,<br>Interest Only STRIPS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 01/15/2040 | $32661 | $1206 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1.00) \* 1-Month LIBOR + 6.00%, <br>1.68% <sup>(B)</sup>, 11/15/2037 - 02/15/2039 | 47126 | 3096 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1.00) \* 1-Month LIBOR + 6.20%, <br>1.88% <sup>(B)</sup>, 06/15/2038 | 102352 | 6268 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1.00) \* 1-Month LIBOR + 6.37%, <br>2.05% <sup>(B)</sup>, 10/15/2037 | 220251 | 22742 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1.00) \* 1-Month LIBOR + 6.42%, <br>2.10% <sup>(B)</sup>, 11/15/2037 | 24356 | 1920 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1.00) \* 1-Month LIBOR + 6.80%, <br>2.48% <sup>(B)</sup>, 04/15/2038 | 21553 | 2223 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1.00) \* 1-Month LIBOR + 7.10%, <br>2.78% <sup>(B)</sup>, 07/15/2036 | 6599 | 662 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1.00) \* 1-Month LIBOR + 8.00%, <br>3.68% <sup>(B)</sup>, 03/15/2032 | 11693 | 1185 |
|  Federal Home Loan Mortgage Corp. REMIC, Principal Only STRIPS <br>12/15/2032 - 01/15/2040 | 80355 | 66265 |
| Federal Home Loan Mortgage Corp.<br>Structured Pass-Through Certificates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 12-MTA + 1.20%, <br>3.25% <sup>(B)</sup>, 10/25/2044 | 82829 | 82427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 02/25/2043 | 29985 | 30719 |
|  Federal Home Loan Mortgage Corp., Interest Only STRIPS <br>5.00%, 09/15/2035 | 17864 | 3584 |
| Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 12-Month LIBOR + 1.79%, <br>2.29% <sup>(B)</sup>, 01/01/2038 | 5526 | 5416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/01/2051 - 07/01/2061 | 3188961 | 2695767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/01/2043 - 07/01/2060 | 1883902 | 1658442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Year CMT + 2.22%, <br>3.25% <sup>(B)</sup>, 01/01/2036 | 7591 | 7740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/01/2032 - 03/01/2060 | 2057624 | 1918141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2042 - 08/01/2048 | 1570031 | 1505223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 0.26%, <br>4.65% <sup>(B)</sup>, 11/25/2046 | 56004 | 55382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2023 | 78 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/01/2058 | 1296628 | 1341436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/01/2033 | 5559 | 5545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 01/01/2036 | 7573 | 7477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/01/2037 | 3344 | 3417 |
| Federal National Mortgage Association REMIC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (1.33) \* 1-Month LIBOR + 7.47%, <br>1.97% <sup>(B)</sup>, 08/25/2033 | 27928 | 24320 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1.88) \* 1-Month LIBOR + 11.28%, <br>3.03% <sup>(B)</sup>, 07/25/2035 | 43196 | 39543 |
| &nbsp;&nbsp;&nbsp;&nbsp; (2.50) \* 1-Month LIBOR + 13.75%, <br>3.45% <sup>(B)</sup>, 07/25/2033 | 8404 | 7630 |
| &nbsp;&nbsp;&nbsp;&nbsp; (2.75) \* 1-Month LIBOR + 16.50%, <br>4.43% <sup>(B)</sup>, 05/25/2034 | 6714 | 6429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 0.25%, <br>4.55% <sup>(B)</sup>, 06/27/2036 | 13165 | 12977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 0.30%, <br>4.69% <sup>(B)</sup>, 08/25/2041 | 27414 | 27181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 0.35%, <br>4.74% <sup>(B)</sup>, 04/25/2035 - 08/25/2036 | 33125 | 32493 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| Federal National Mortgage Association REMIC<br>(continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 0.50%, <br>4.89% <sup>(B)</sup>, 05/25/2035 | $12063 | $12055 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1.67) \* 1-Month LIBOR + 12.50%, <br>5.19% <sup>(B)</sup>, 09/25/2033 | 4176 | 4033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20% <sup>(B)</sup>, 10/25/2042 | 11995 | 12076 |
| &nbsp;&nbsp;&nbsp;&nbsp; (2.00) \* 1-Month LIBOR + 14.00%, <br>5.22% <sup>(B)</sup>, 03/25/2038 | 3531 | 3055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/25/2023 - 05/25/2023 | 5068 | 5049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% <sup>(B)</sup>, 07/25/2023 | 2564 | 2561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 08/25/2037 | 10505 | 10629 |
| &nbsp;&nbsp;&nbsp;&nbsp; (2.50) \* 1-Month LIBOR + 17.38%, <br>6.40% <sup>(B)</sup>, 07/25/2035 | 30405 | 32061 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1.83) \* 1-Month LIBOR + 14.48%, <br>6.44% <sup>(B)</sup>, 12/25/2032 | 2466 | 2516 |
| &nbsp;&nbsp;&nbsp;&nbsp; (4.00) \* 1-Month LIBOR + 24.00%, <br>6.45% <sup>(B)</sup>, 05/25/2034 | 4305 | 4317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 05/25/2044 | 30021 | 30828 |
| &nbsp;&nbsp;&nbsp;&nbsp; (2.00) \* 1-Month LIBOR + 15.50%, <br>6.82% <sup>(B)</sup>, 11/25/2031 | 9175 | 9274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 03/25/2031 - 11/25/2031 | 65292 | 68525 |
| &nbsp;&nbsp;&nbsp;&nbsp; (2.75) \* 1-Month LIBOR + 19.53%, <br>7.46% <sup>(B)</sup>, 04/25/2034 - 05/25/2034 | 45008 | 46451 |
| &nbsp;&nbsp;&nbsp;&nbsp; (3.67) \* 1-Month LIBOR + 24.57%, <br>8.47% <sup>(B)</sup>, 03/25/2036 | 9485 | 10995 |
| &nbsp;&nbsp;&nbsp;&nbsp; (4.00) \* 1-Month LIBOR + 26.20%, <br>8.65% <sup>(B)</sup>, 10/25/2036 | 3060 | 3500 |
| &nbsp;&nbsp;&nbsp;&nbsp; (4.00) \* 1-Month LIBOR + 26.56%, <br>9.01% <sup>(B)</sup>, 12/25/2036 | 2751 | 2934 |
| &nbsp;&nbsp;&nbsp;&nbsp; (6.67) \* 1-Month LIBOR + 54.00%, <br>10.00% <sup>(B)</sup>, 03/25/2032 | 1388 | 1490 |
| &nbsp;&nbsp;&nbsp;&nbsp; (3.25) \* 1-Month LIBOR + 25.19%, <br>10.92% <sup>(B)</sup>, 02/25/2032 | 1435 | 1642 |
| Federal National Mortgage Association REMIC,<br>Interest Only STRIPS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 01/25/2038 - 04/25/2041 | 32574 | 1294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.91% <sup>(B)</sup>, 08/25/2042 | 170441 | 4005 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1.00) \* 1-Month LIBOR + 5.85%, <br>1.46% <sup>(B)</sup>, 09/25/2038 | 61633 | 3877 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1.00) \* 1-Month LIBOR + 5.91%, <br>1.52% <sup>(B)</sup>, 02/25/2038 | 32864 | 2419 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1.00) \* 1-Month LIBOR + 6.10%, <br>1.71% <sup>(B)</sup>, 06/25/2037 | 17572 | 1244 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1.00) \* 1-Month LIBOR + 6.18%, <br>1.79% <sup>(B)</sup>, 12/25/2039 | 5117 | 342 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1.00) \* 1-Month LIBOR + 6.20%, <br>1.81% <sup>(B)</sup>, 03/25/2038 | 6393 | 441 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1.00) \* 1-Month LIBOR + 6.42%, <br>2.03% <sup>(B)</sup>, 04/25/2040 | 9220 | 662 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1.00) \* 1-Month LIBOR + 6.53%, <br>2.14% <sup>(B)</sup>, 01/25/2041 | 134538 | 15345 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1.00) \* 1-Month LIBOR + 6.54%, <br>2.15% <sup>(B)</sup>, 09/25/2037 | 23444 | 2167 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1.00) \* 1-Month LIBOR + 6.55%, <br>2.16% <sup>(B)</sup>, 02/25/2039 | 12532 | 1195 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1.00) \* 1-Month LIBOR + 6.58%, <br>2.19% <sup>(B)</sup>, 06/25/2036 | 13756 | 1196 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1.00) \* 1-Month LIBOR + 6.70%, <br>2.31% <sup>(B)</sup>, 03/25/2036 | 270323 | 25864 |

---

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 14** 

------

##### [**Table of Contents**](#toc)
**Transamerica Aegon Core Bond VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| Federal National Mortgage Association REMIC,<br>Interest Only STRIPS (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (1.00) \* 1-Month LIBOR + 7.15%, <br>2.76% <sup>(B)</sup>, 07/25/2037 | $39929 | $5180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 05/25/2033 | 10595 | 2078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 06/25/2033 | 14135 | 2328 |
|  Federal National Mortgage Association REMIC, Principal Only STRIPS <br>12/25/2032 - 10/25/2043 | 441486 | 343055 |
| Federal National Mortgage Association, Interest<br>Only STRIPS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.94% <sup>(B)</sup>, 11/25/2033 | 3494937 | 312671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.98% <sup>(B)</sup>, 07/25/2030 | 6625670 | 560365 |
|  Federal National Mortgage Association, Principal Only STRIPS <br>09/25/2024 - 01/25/2033 | 19436 | 16943 |
|  FREMF Trust <br>Series 2018-W5FX, Class BFX, <br>3.66% <sup>(B)</sup>, 04/25/2028 <sup>(A)</sup> | 900000 | 802037 |
|  Government National Mortgage Association <br>2.00%, 05/16/2049 | 2423 | 2406 |
| Government National Mortgage Association<br>REMIC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 01/20/2063 | 410 | 368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 0.30%, <br>4.14% <sup>(B)</sup>, 08/20/2060 | 263 | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 0.43%, <br>4.27% <sup>(B)</sup>, 04/20/2060 | 2162 | 2122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 0.45%, <br>4.29% <sup>(B)</sup>, 03/20/2060 | 3481 | 3410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 0.52%, <br>4.36% <sup>(B)</sup>, 10/20/2062 | 89318 | 88744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 0.55%, <br>4.39% <sup>(B)</sup>, 07/20/2062 | 439 | 433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 0.58%, <br>4.42% <sup>(B)</sup>, 09/20/2062 | 1101 | 1088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 0.70%, <br>4.54% <sup>(B)</sup>, 05/20/2061 | 1170 | 1160 |
| &nbsp;&nbsp;&nbsp;&nbsp; (2.00) \* 1-Month LIBOR + 13.40%, <br>4.69% <sup>(B)</sup>, 10/20/2037 | 10588 | 9595 |
| &nbsp;&nbsp;&nbsp;&nbsp; (2.41) \* 1-Month LIBOR + 16.43%, <br>6.01% <sup>(B)</sup>, 06/17/2035 | 5508 | 5151 |
| &nbsp;&nbsp;&nbsp;&nbsp; (3.00) \* 1-Month LIBOR + 20.21%, <br>7.15% <sup>(B)</sup>, 09/20/2037 | 4254 | 4361 |
| &nbsp;&nbsp;&nbsp;&nbsp; (2.20) \* 1-Month LIBOR + 16.72%, <br>7.20% <sup>(B)</sup>, 05/18/2034 | 138 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp; (2.75) \* 1-Month LIBOR + 19.66%, <br>7.77% <sup>(B)</sup>, 04/16/2034 | 16800 | 17578 |
| &nbsp;&nbsp;&nbsp;&nbsp; (3.50) \* 1-Month LIBOR + 23.28%, <br>8.04% <sup>(B)</sup>, 04/20/2037 | 15299 | 16222 |
| &nbsp;&nbsp;&nbsp;&nbsp; (4.91) \* 1-Month LIBOR + 29.46%, <br>8.09% <sup>(B)</sup>, 09/20/2034 | 8015 | 8126 |
| Government National Mortgage Association<br>REMIC, Interest Only STRIPS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (1.00) \* 1-Month LIBOR + 5.70%, <br>1.35% <sup>(B)</sup>, 12/20/2038 | 19214 | 883 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1.00) \* 1-Month LIBOR + 5.83%, <br>1.48% <sup>(B)</sup>, 02/20/2038 | 31320 | 1010 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| Government National Mortgage Association<br>REMIC, Interest Only STRIPS (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (1.00) \* 1-Month LIBOR + 6.00%, <br>1.65% <sup>(B)</sup>, 11/20/2037 | $28944 | $587 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1.00) \* 1-Month LIBOR + 6.08%, <br>1.73% <sup>(B)</sup>, 06/20/2039 | 17389 | 1133 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1.00) \* 1-Month LIBOR + 6.10%, <br>1.75% <sup>(B)</sup>, 10/20/2034 | 37295 | 1857 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1.00) \* 1-Month LIBOR + 6.10%, <br>1.77% <sup>(B)</sup>, 02/16/2039 | 9501 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1.00) \* 1-Month LIBOR + 6.20%, <br>1.85% <sup>(B)</sup>, 03/20/2037 - 06/20/2038 | 66669 | 2844 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1.00) \* 1-Month LIBOR + 6.27%, <br>1.92% <sup>(B)</sup>, 04/20/2039 | 21157 | 1056 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1.00) \* 1-Month LIBOR + 6.30%, <br>1.95% <sup>(B)</sup>, 09/20/2035 - 03/20/2039 | 67006 | 4731 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1.00) \* 1-Month LIBOR + 6.40%, <br>2.07% <sup>(B)</sup>, 05/16/2038 | 65511 | 3745 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1.00) \* 1-Month LIBOR + 6.47%, <br>2.14% <sup>(B)</sup>, 06/16/2037 | 21501 | 823 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1.00) \* 1-Month LIBOR + 6.55%, <br>2.20% <sup>(B)</sup>, 11/20/2037 - 12/20/2037 | 26879 | 742 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1.00) \* 1-Month LIBOR + 6.75%, <br>2.40% <sup>(B)</sup>, 07/20/2037 | 51088 | 2730 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1.00) \* 1-Month LIBOR + 6.81%, <br>2.48% <sup>(B)</sup>, 04/16/2037 | 17190 | 1496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/16/2037 | 4770 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 03/20/2039 | 13717 | 2002 |
|  Government National Mortgage Association REMIC, Principal Only STRIPS <br>06/16/2033 - 01/20/2038 | 44720 | 39470 |
|  Tennessee Valley Authority <br>5.88%, 04/01/2036 | 1459000 | 1606822 |
| Uniform Mortgage-Backed Security |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, TBA <sup>(H)</sup> | 12838000 | 10959206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, TBA <sup>(H)</sup> | 23078000 | 19819091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, TBA <sup>(H)</sup> | 16157000 | 14322614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, TBA <sup>(H)</sup> | 15626000 | 14312779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, TBA <sup>(H)</sup> | 8960000 | 8412260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, TBA <sup>(H)</sup> | 6166000 | 5939592 |
|  **Total U.S. Government Agency Obligations<br>(Cost $102,644,105)** | **Total U.S. Government Agency Obligations<br>(Cost $102,644,105)** | 98600687 |
| **U.S. GOVERNMENT OBLIGATIONS - 29.4%** | **U.S. GOVERNMENT OBLIGATIONS - 29.4%** | **U.S. GOVERNMENT OBLIGATIONS - 29.4%** |
| **U.S. Treasury - 26.3%** | **U.S. Treasury - 26.3%** | **U.S. Treasury - 26.3%** |
| U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 05/15/2050 | 4647000 | 2527351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 11/15/2051 | 2571800 | 1645349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/15/2050 | 1350500 | 900509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 08/15/2046 - 02/15/2052 | 3920900 | 2777190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 02/15/2042 - 05/15/2051 | 6461700 | 4918840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/15/2045 - 05/15/2046 | 6276600 | 4742187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 08/15/2042 - 11/15/2047 | 4359000 | 3449399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 08/15/2045 - 05/15/2049 | 3867500 | 3138099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/2042 - 02/15/2049 | 3669400 | 3062410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/15/2052 <sup>(D)</sup> | 884000 | 735101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 02/15/2042 | 2320300 | 2012951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/15/2044 | 757100 | 699253 |

---

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 15** 

------

##### [**Table of Contents**](#toc)
**Transamerica Aegon Core Bond VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **U.S. GOVERNMENT OBLIGATIONS (continued)** | **U.S. GOVERNMENT OBLIGATIONS (continued)** | **U.S. GOVERNMENT OBLIGATIONS (continued)** |
| **U.S. Treasury (continued)** | **U.S. Treasury (continued)** | **U.S. Treasury (continued)** |
| U.S. Treasury Bonds (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/15/2029 | $1443800 | $1535842 |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 02/28/2023 - 05/31/2023 | 4925900 | 4884276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 05/31/2025 - 08/31/2025 | 2132200 | 1926823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 05/15/2030 - 08/15/2030 | 5262400 | 4159252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 06/30/2026 | 732000 | 655340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 02/15/2031 | 4532000 | 3705441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 11/15/2031 | 4527000 | 3697640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 08/15/2026 - 02/15/2030 | 7575500 | 6650334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 02/15/2026 - 05/15/2031 | 11143600 | 9745927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 05/15/2023 <sup>(D)</sup> | 1870200 | 1850621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/15/2032 | 3905300 | 3324692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/15/2025 <sup>(D)</sup> | 649300 | 615136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/15/2027 | 452700 | 417881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/15/2023 - 05/31/2024 | 4393400 | 4286238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 02/15/2029 | 529000 | 489986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 08/15/2032 | 3132000 | 2862354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/15/2028 - 05/15/2032 | 6106700 | 5714766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/15/2028 | 1394800 | 1333124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/30/2027 <sup>(D)</sup> | 938100 | 934509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/30/2029 | 1139800 | 1134413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 09/30/2027 - 11/15/2032 | 9733300 | 9931666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/30/2024 | 3126300 | 3111645 |
|  |  | 103576545 |
| **U.S. Treasury Inflation-Protected Securities - 3.1%** | **U.S. Treasury Inflation-Protected Securities - 3.1%** | **U.S. Treasury Inflation-Protected Securities - 3.1%** |
| U.S. Treasury Inflation-Protected Indexed<br>Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 02/15/2050 | 2044708 | 1378607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/15/2028 | 915981 | 916326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/15/2029 | 3428431 | 3578357 |
| U.S. Treasury Inflation-Protected Indexed<br>Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 07/15/2030 | 1868785 | 1675173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 01/15/2024 | 4550604 | 4455593 |
|  |  | 12004056 |
|  **Total U.S. Government Obligations <br>(Cost $116,608,877)** | **Total U.S. Government Obligations <br>(Cost $116,608,877)** | 115580601 |
|  | **Shares** | **Value** |
| **PREFERRED STOCK - 0.2%** | **PREFERRED STOCK - 0.2%** | **PREFERRED STOCK - 0.2%** |
| **Banks - 0.2%** | **Banks - 0.2%** | **Banks - 0.2%** |
|  Citigroup Capital XIII,<br>3-Month LIBOR + 6.37%, 10.78% <sup>(B)</sup> | 29475 | 837090 |
|  **Total Preferred Stock <br>(Cost $838,769)** | **Total Preferred Stock <br>(Cost $838,769)** | 837090 |
|  | **Principal** | **Value** |
| **COMMERCIAL PAPER - 16.8%** | **COMMERCIAL PAPER - 16.8%** | **COMMERCIAL PAPER - 16.8%** |
| **Banks - 8.4%** | **Banks - 8.4%** | **Banks - 8.4%** |
|  Bedford Row Funding Corp. <br>5.22% <sup>(I)</sup>, 06/08/2023 | $4200000 | 4108664 |
|  Cooperatieve Rabobank UA <br>5.17% <sup>(I)</sup>, 06/09/2023 | 4200000 | 4109539 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **COMMERCIAL PAPER (continued)** | **COMMERCIAL PAPER (continued)** | **COMMERCIAL PAPER (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
|  DBS Bank Ltd. <br>5.22% <sup>(I)</sup>, 06/05/2023 | $4200000 | $4110505 |
|  DNB Bank ASA <br>5.07% <sup>(I)</sup>, 06/20/2023 | 4200000 | 4103479 |
|  Korea Development Bank <br>5.35% <sup>(I)</sup>, 06/14/2023 | 4200000 | 4105975 |
|  Mackinac Funding Co. LLC <br>4.77% <sup>(I)</sup>, 03/08/2023 | 4300000 | 4262532 |
|  Societe Generale SA <br>5.22% <sup>(I)</sup>, 06/12/2023 | 4200000 | 4106553 |
|  Standard Chartered Bank <br>5.19% <sup>(I)</sup>, 06/21/2023 | 4200000 | 4099992 |
|  |  | 33007239 |
| **Diversified Financial Services - 7.4%** | **Diversified Financial Services - 7.4%** | **Diversified Financial Services - 7.4%** |
|  Cancara Asset Securitisation LLC <br>4.97% <sup>(I)</sup>, 05/15/2023 | 4200000 | 4123539 |
|  Glencove Funding LLC <br>5.15% <sup>(I)</sup>, 06/09/2023 | 4200000 | 4107980 |
|  Lexington Parker Capital Co. LLC <br>4.82% <sup>(I)</sup>, 03/06/2023 | 4300000 | 4264131 |
|  Liberty Street Funding LLC <br>4.95% <sup>(I)</sup>, 04/12/2023 | 4200000 | 4143378 |
|  LMA Americas LLC <br>5.21% <sup>(I)</sup>, 05/11/2023 | 4200000 | 4123924 |
|  Thunder Bay Funding LLC <br>5.03% <sup>(I)</sup>, 05/12/2023 | 4206000 | 4131274 |
|  Victory Receivables Corp. <br>4.87% <sup>(I)</sup>, 04/28/2023 | 4200000 | 4134262 |
|  |  | 29028488 |
| **Software - 1.0%** | **Software - 1.0%** | **Software - 1.0%** |
|  Manhattan Asset Funding Co. LLC <br>5.25% <sup>(I)</sup>, 06/09/2023 | 4200000 | 4107229 |
|  **Total Commercial Paper <br>(Cost $66,135,991)** | **Total Commercial Paper <br>(Cost $66,135,991)** | 66142956 |
| **SHORT-TERM U.S. GOVERNMENT OBLIGATION - 2.7%** | **SHORT-TERM U.S. GOVERNMENT OBLIGATION - 2.7%** | **SHORT-TERM U.S. GOVERNMENT OBLIGATION - 2.7%** |
|  U.S. Treasury Bills <br>4.66% <sup>(I)</sup>, 06/08/2023 | 10812000 | 10600697 |
|  **Total Short-Term U.S. Government Obligation <br>(Cost $10,598,700)** | **Total Short-Term U.S. Government Obligation <br>(Cost $10,598,700)** | 10600697 |
|  | **Shares** | **Value** |
| **OTHER INVESTMENT COMPANY - 0.5%** | **OTHER INVESTMENT COMPANY - 0.5%** | **OTHER INVESTMENT COMPANY - 0.5%** |
| **Securities Lending Collateral - 0.5%** | **Securities Lending Collateral - 0.5%** | **Securities Lending Collateral - 0.5%** |
|  State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 4.29% <sup>(I)</sup> | 1947120 | 1947120 |
|  **Total Other Investment Company <br>(Cost $1,947,120)** | **Total Other Investment Company <br>(Cost $1,947,120)** | 1947120 |

---

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 16** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 2.4%** | **REPURCHASE AGREEMENT - 2.4%** | **REPURCHASE AGREEMENT - 2.4%** |
|  Fixed Income Clearing Corp., 1.80% <sup>(I)</sup>, dated 12/30/2022, to be repurchased at $9,282,449 on 01/03/2023. Collateralized by a U.S. Government Obligation, 4.77%, due 12/28/2023, and with a value of $9,466,284. | $9280593 | $9280593 |
|  **Total Repurchase Agreement <br>(Cost $9,280,593)** | **Total Repurchase Agreement <br>(Cost $9,280,593)** | 9280593 |
|  **Total Investments <br>(Cost $491,687,713)** | **Total Investments <br>(Cost $491,687,713)** | 486350932 |
|  **Net Other Assets (Liabilities) - (23.5)%** |  | (92693666) |
|  **Net Assets - 100.0%** |  | **$393657266** |

---

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(J)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -**<br> **Unadjusted**<br> **Quoted Prices** | **Level 2 -**<br> **Other Significant**<br> **Observable Inputs** | **Level 3 -**<br> **Significant**<br> **Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Asset-Backed Securities | $— | $26510720 | $— | $26510720 |
|  Corporate Debt Securities |  | 133637269 |  | 133637269 |
|  Foreign Government Obligations |  | 3713527 |  | 3713527 |
|  Mortgage-Backed Securities |  | 19499672 |  | 19499672 |
|  U.S. Government Agency Obligations |  | 98600687 |  | 98600687 |
|  U.S. Government Obligations |  | 115580601 |  | 115580601 |
|  Preferred Stock | 837090 |  |  | 837090 |
|  Commercial Paper |  | 66142956 |  | 66142956 |
|  Short-Term U.S. Government Obligation |  | 10600697 |  | 10600697 |
|  Other Investment Company | 1947120 |  |  | 1947120 |
|  Repurchase Agreement |  | 9280593 |  | 9280593 |
|  **Total Investments** | $**2784210** | $**483566722** | $**—** | $**486350932** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *Securities are exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2022, the total value of 144A securities is $68,903,187, representing 17.5% of the Portfolio's net assets.* 

(B) *Floating or variable rate securities. The rates disclosed are as of December 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.* 

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

(D) *All or a portion of the securities are on loan. The total value of all securities on loan is $4,378,371, collateralized by cash collateral of $1,947,120 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $2,522,094. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.* 

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

(F) *Fair valued as determined in good faith in accordance with procedures established by the Board. At December 31, 2022, the value of the security is $250, representing less than 0.1% of the Portfolio's net assets.* 

(G) *Rounds to less than $1 or $(1).* 

(H) *When-issued, delayed-delivery and/or forward commitment (including TBAs) securities. Securities to be settled and delivered after December 31, 2022. Securities may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.* 

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 17** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

**FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):** 

(I) *Rates disclosed reflect the yields at December 31, 2022.* 

(J) *There were no transfers in or out of Level 3 during the year ended December 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

**PORTFOLIO ABBREVIATIONS:** 

---

| | |
|:---|:---|
| *CMT* | *Constant Maturity Treasury* |
| *LIBOR* | *London Interbank Offered Rate* |
| *MTA* | *Month Treasury Average* |
| *STRIPS* | *Separate Trading of Registered Interest and Principal of Securities* |
| *TBA* | *To Be Announced* |

---

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 18** 

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**STATEMENT OF ASSETS AND LIABILITIES** 

**At December 31, 2022** 

---

| | |
|:---|:---|
|  **Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value (cost $482,407,120)<br>(including securities loaned of $4,378,371) | $477070339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreement, at value (cost $9,280,593) | 9280593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral pledged at broker for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA commitments | 1392000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables and other assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 7211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; When-issued, delayed-delivery, forward and TBA commitments sold | 1844096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 3029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest sold | 400119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 2661900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 1742 |
|  Total assets | 492661029 |
|  **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral received upon return of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities on loan | 1947120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables and other liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; When-issued, delayed-delivery, forward and TBA commitments purchased | 77023586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest redeemed | 18313199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to custodian | 1346199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 149011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 59492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 3687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 34562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 31185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 2394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 87993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 4852 |
|  Total liabilities | 99003763 |
|  **Net assets** | $393657266 |
|  **Net assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital stock ($0.01 par value) | $350264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp;441230215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) | (47923213) |
|  **Net assets** | $393657266 |
|  **Net assets by class:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | $117521357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 276135909 |
|  **Shares outstanding:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 11043039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 23983345 |
|  **Net asset value and offering price per share:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | $10.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 11.51 |

---

**STATEMENT OF OPERATIONS** 

**For the year ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | $13921255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 46597 |
|  Total investment income | 13967852 |
|  **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 1961012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 773680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 4621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 18788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 50101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 127450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 24541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 25272 |
|  Total expenses | 2985465 |
|  **Net investment income (loss)** | 10982387 |
|  **Net realized gain (loss) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (53496472) |
|  **Net change in unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (20876553) |
|  Net realized and change in unrealized gain (loss) | (74373025) |
|  **Net increase (decrease) in net assets resulting from operations** | $&nbsp;&nbsp;&nbsp;&nbsp;(63390638) |

---

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 19** 

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**STATEMENT OF CHANGES IN NET ASSETS** 

**For the years ended:** 

---

| | | |
|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2021** |
|  **From operations:** | **From operations:** | **From operations:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $10982387 | $9919797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (53496472) | 2894079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (20876553) | (19197060) |
|  Net increase (decrease) in net assets resulting from operations | (63390638) | (6383184) |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (4260018) | (9295278) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (8541439) | (21566057) |
|  Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (12801457) | (30861335) |
|  **Capital share transactions:** | **Capital share transactions:** | **Capital share transactions:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 20504749 | 13550075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 12252140 | 31844028 |
|  | 32756889 | 45394103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 4260018 | 9295278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 8541439 | 21566057 |
|  | 12801457 | 30861335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (31477839) | (26562021) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (51834929) | (42748948) |
|  | (83312768) | (69310969) |
|  Net increase (decrease) in net assets resulting from capital share transactions | (37754422) | 6944469 |
|  **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp;&nbsp;(113946517) | (30300050) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 507603783 | 537903833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $393657266 | $&nbsp;&nbsp;&nbsp;&nbsp;507603783 |
|  **Capital share transactions - shares:** | **Capital share transactions - shares:** | **Capital share transactions - shares:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 1881746 | 1054606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 977803 | 2238551 |
|  | 2859549 | 3293157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 386221 | 730187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 714765 | 1569582 |
|  | 1100986 | 2299769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (2836344) | (1986483) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (4201473) | (3016244) |
|  | (7037817) | (5002727) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in shares outstanding: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (568377) | (201690) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (2508905) | 791889 |
|  | (3077282) | 590199 |

---

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 20** 

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**FINANCIAL HIGHLIGHTS** 

**For a share outstanding during the years indicated:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
|  | **December 31,**<br>**2022** | **December 31,**<br>**2021** | **December 31,**<br>**2020** | **December 31,**<br>**2019** | **December 31,**<br>**2018** |
|  **Net asset value, beginning of year** | $12.63 | $13.65 | $13.23 | $12.52 | $12.94 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(A)</sup> | 0.31 | 0.27 | 0.32 | 0.35 | 0.34 |
|  Net realized and unrealized gain (loss) | (1.91) | (0.40) | 0.66 | 0.72 | (0.33) |
|  Total investment operations | (1.60) | (0.13) | 0.98 | 1.07 | 0.01 |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income | (0.34) | (0.38) | (0.52) | (0.36) | (0.43) |
|  Net realized gains | (0.05) | (0.51) | (0.04) |  |  |
|  Total dividends and/or distributions to shareholders | (0.39) | (0.89) | (0.56) | (0.36) | (0.43) |
|  **Net asset value, end of year** | $10.64 | $12.63 | $13.65 | $13.23 | $12.52 |
|  **Total return** | (12.77)% | (1.03)% | 7.46% | 8.53% | 0.08% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;117521 | $&nbsp;&nbsp;&nbsp;&nbsp;146690 | $&nbsp;&nbsp;&nbsp;&nbsp;161281 | $&nbsp;&nbsp;&nbsp;&nbsp;363293 | $&nbsp;&nbsp;&nbsp;&nbsp;351911 |
|  Expenses to average net assets | Expenses to average net assets | Expenses to average net assets | Expenses to average net assets | Expenses to average net assets | Expenses to average net assets |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.50% | 0.52% | 0.52% | 0.52% | 0.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.50% | 0.52% | 0.52% | 0.52% | 0.51 %<sup>(B)</sup> |
|  Net investment income (loss) to average net assets | 2.70% | 2.08% | 2.37% | 2.65% | 2.70% |
|  Portfolio turnover rate | 116% | 27% | 30% | 26% | 35% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Waiver and/or reimbursement rounds to less than 0.01%.* 

**For a share outstanding during the years indicated:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **December 31,**<br>**2022** | **December 31,**<br>**2021** | **December 31,**<br>**2020** | **December 31,**<br>**2019** | **December 31,**<br>**2018** |
|  **Net asset value, beginning of year** | $13.62 | $14.65 | $14.17 | $13.39 | $13.80 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(A)</sup> | 0.30 | 0.26 | 0.31 | 0.33 | 0.33 |
|  Net realized and unrealized gain (loss) | (2.06) | (0.44) | 0.70 | 0.78 | (0.35) |
|  Total investment operations | (1.76) | (0.18) | 1.01 | 1.11 | (0.02) |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income | (0.30) | (0.34) | (0.49) | (0.33) | (0.39) |
|  Net realized gains | (0.05) | (0.51) | (0.04) |  |  |
|  Total dividends and/or distributions to shareholders | (0.35) | (0.85) | (0.53) | (0.33) | (0.39) |
|  **Net asset value, end of year** | $11.51 | $13.62 | $14.65 | $14.17 | $13.39 |
|  **Total return** | (12.99)% | (1.27)% | 7.16% | 8.25% | (0.09)% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;276136 | $&nbsp;&nbsp;&nbsp;&nbsp;360914 | $&nbsp;&nbsp;&nbsp;&nbsp;376623 | $&nbsp;&nbsp;&nbsp;&nbsp;320594 | $&nbsp;&nbsp;&nbsp;&nbsp;274017 |
|  Expenses to average net assets | Expenses to average net assets | Expenses to average net assets | Expenses to average net assets | Expenses to average net assets | Expenses to average net assets |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.75% | 0.77% | 0.77% | 0.77% | 0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.75% | 0.77% | 0.77% | 0.77% | 0.76 %<sup>(B)</sup> |
|  Net investment income (loss) to average net assets | 2.41% | 1.83% | 2.11% | 2.40% | 2.45% |
|  Portfolio turnover rate | 116% | 27% | 30% | 26% | 35% |

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(A) *Calculated based on average number of shares outstanding.* 

(B) *Waiver and/or reimbursement rounds to less than 0.01%.* 

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

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**NOTES TO FINANCIAL STATEMENTS** 

**At December 31, 2022** 

**1. ORGANIZATION** 

Transamerica Series Trust ("TST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). TST applies investment company accounting and reporting guidance. TST serves as a funding vehicle for variable life insurance, variable annuity, and group annuity products. Transamerica Aegon Core Bond VP (formerly, Transamerica JPMorgan Core Bond VP) (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers two classes of shares, Initial Class and Service Class.

The only shareholders of the Portfolio are affiliated insurance company separate accounts and affiliated asset allocation portfolios. Contract holders of the variable life and annuity contracts are not shareholders of the Portfolio. For ease of reference, shareholders and contract holders are collectively referred to in this report as "shareholders."

This report must be accompanied or preceded by the Portfolio's current prospectus, which contains additional information about the Portfolio, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Portfolio pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Portfolio. TAM supervises the Portfolio's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Portfolio.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of a Portfolio without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Portfolio and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Portfolio employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending portfolio combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Portfolio's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Portfolio; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for a Portfolio; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Portfolio's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; oversight of other service providers to the Portfolio, such as the custodian, the transfer agent, the Portfolio's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Portfolio; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Portfolio, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Portfolio. The Portfolio pays certain fees and expenses to State Street for sub-administration services which are not administrative

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**1. ORGANIZATION (continued)** 

services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the year ended December 31, 2022, (i) the expenses paid to State Street for sub-administration services by the Portfolio are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Portfolio are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES** 

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

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Portfolio is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Cash overdraft:** The Portfolio may have cash overdraft balances. A fee is incurred on these overdrafts, calculated by multiplying the overdraft by a rate based on the Federal Funds Rate.

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

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Portfolio with broker/dealers with which TST has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Portfolio. In no event will commissions, paid by the Portfolio, be used to pay expenses that would otherwise be borne by any other portfolios within TST, or by any other party.

There were no commissions recaptured during the year ended December 31, 2022 by the Portfolio.

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

**3. INVESTMENT VALUATION** 

Effective September 8, 2022, TAM has been designated as the Portfolio's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Portfolio's Board of Trustees. The net asset value of the Portfolio is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

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

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

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

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**3. INVESTMENT VALUATION (continued)** 

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Portfolio's investments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Portfolio's investments at December 31, 2022, is disclosed within the Investment Valuation section of the Schedule of Investments.

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

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

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

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

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

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

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

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

*Equity securities:* Securities are stated at the last reported sales price or closing price on the day of valuation taken from the primary exchange where the security is principally traded. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Equities traded on inactive markets or valued by reference to similar instruments are generally categorized in Level 2 or Level 3 if inputs are unobservable.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**3. INVESTMENT VALUATION (continued)** 

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

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

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

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

**4. SECURITIES AND OTHER INVESTMENTS** 

**Real estate investment trusts ("REITs"):** REITs are pooled investment vehicles which invest primarily in income producing real estate, or real estate related loans or interests. Distributions received by REITs are classified at management's estimate of the dividend income, return of capital and capital gains. Estimates are based on information available at year-end, which includes the previous fiscal year's classification. The actual amounts of dividend income, return of capital, and capital gains are only determined by each REIT after the fiscal year end and may differ from the estimated amounts. Upon notification from the REITs, some of the distributions received may be re-classified and recorded as a return of capital or capital gains. There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

REITs held at December 31, 2022, if any, are identified within the Schedule of Investments.

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

TIPS held at December 31, 2022, if any, are included within the Schedule of Investments. The adjustments, if any, to principal due to inflation/deflation are reflected as increases/decreases to Interest income within the Statement of Operations, with a corresponding adjustment to Investments, at cost within the Statement of Assets and Liabilities.

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

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

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**4. SECURITIES AND OTHER INVESTMENTS (continued)** 

TBA commitments are entered into to purchase or sell securities for a fixed price at a future date, typically not to exceed 45 days. TBAs are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased declines, or the value of the security sold increases, prior to settlement date, in addition to the risk of decline in the value of a Portfolio's other assets. Unsettled TBA commitments are valued at the current value of the underlying securities. TBA collateral requirements are typically calculated by netting the mark-to-market amount for each transaction and comparing that amount to the value of the collateral currently pledged by a Portfolio and the counterparty. Cash collateral that has been pledged to cover the obligations of a Portfolio and cash collateral received from the counterparty, if any, is reported separately in the Statement of Assets and Liabilities as Cash collateral pledged at broker for TBA commitments or Cash collateral at broker for TBA commitments, respectively. Non-cash collateral pledged by a Portfolio, if any, is disclosed within the Schedule of Investments. Typically, a Portfolio is permitted to sell, re-pledge or use the collateral it receives; however, the counterparty is not permitted. To the extent amounts due to a Portfolio are not fully collateralized, contractually or otherwise, a Portfolio bears the risk of loss from counterparty non-performance.

When-issued, delayed-delivery, forward and TBA commitment transactions held at December 31, 2022, if any, are identified within the Schedule of Investments. Open trades, if any, are reflected as When-issued, delayed-delivery, forward and TBA commitments purchased or sold within the Statement of Assets and Liabilities.

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

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

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the year ended December 31, 2022, the Portfolio has not utilized the program.

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

Repurchase agreements are subject to netting agreements, which are agreements between the Portfolio and its counterparties that provide for the net settlement of all transactions and collateral with the Portfolio, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at December 31, 2022.

Repurchase agreements at December 31, 2022, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**Securities lending:** The Portfolio may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Portfolio pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Portfolio to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Portfolio may experience delays in recovery of the loaned securities or delays in

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)** 

access to collateral, or the Portfolio may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government and irrevocable letters of credit issued by banks as collateral. The initial collateral received by the Portfolio is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower.

The Portfolio receives compensation for lending securities from interest or dividends earned on the cash, U.S. Government securities and irrevocable letters of credit held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust—Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at December 31, 2022, if any, are shown on a gross basis within the Schedule of Investments.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of December 31, 2022.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
| | **Overnight and<br>Continuous** | **Less Than<br>30 Days** | **Between<br>30 & 90 Days** | **Greater Than<br>90 Days** | **Total** |
|  Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Debt Securities | $406165 | $— | $— | $— | $406165 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Obligations | 1540955 |  |  |  | 1540955 |
|  Total Securities Lending Transactions | $1947120 | $— | $— | $— | $1947120 |
|  **Total Borrowings** | $**1947120** | $**—** | $**—** | $**—** | $**1947120** |

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**6. RISK FACTORS** 

Investing in the Portfolio involves certain key risks related to the Portfolio's trading activity. Please reference the Portfolio's prospectus for a more complete discussion of the following risk(s), as well as other risks of investing in the Portfolio.

**Market risk:** The market prices of the Portfolio's securities and other assets may go up or down, sometimes sharply and unpredictably, due to general market conditions, overall economic trends or events, inflation, changes in interest rates, government actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by wars, tariffs, trade disputes or other factors, political developments, investor sentiment, the global and domestic effects of a pandemic or other health emergency, and other factors that may or may not be related to the issuer of the security or other asset. The market prices of securities and other assets also may go down due to events or conditions that affect particular sectors, industries, issuers, or geographies. Adverse market conditions may be prolonged and may not have the same impact on all types of securities or other assets. If the value of the Portfolio's securities and assets fall, the value of your investment will go down. The Portfolio may experience a substantial or complete loss on any individual security or asset.

Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, the imposition of economic sanctions, public health events (such as the spread of infectious disease), wars, terrorism, cybersecurity events, technology and data interruptions, natural disasters, and other circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. In the past decade, financial markets throughout the world have experienced increased volatility and decreased liquidity. These conditions may continue or worsen. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down. Securities markets may also be susceptible to market manipulation or other fraudulent trade practices, which could disrupt the orderly functioning of these markets or adversely affect the value of securities traded in these markets, including the Portfolio's securities.

The pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in economic downturns throughout the world, severe losses, particularly to some sectors of the economy and individual issuers, and reduced liquidity of many instruments. There also have been significant disruptions to business operations, including business closures; strained healthcare systems;

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. RISK FACTORS (continued)** 

disruptions to supply chains and employee availability; large fluctuations in consumer demand; and widespread uncertainty regarding the duration and long-term effects of the pandemic. Economic downturns may be prolonged, and political and social instability, continued volatility and decreased liquidity in the securities markets may result. Developing or emerging market countries may be more impacted by the pandemic.

The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic. These and other government intervention into the economy and financial markets may not work as intended. In addition, government actions to mitigate the economic impact of the pandemic have resulted in large expansion of government deficits and debt, the long-term consequences of which are not known. Rates of inflation have recently risen, which could adversely affect economies and markets. The pandemic could continue to adversely affect the value and liquidity of the Portfolio's investments.

*Europe:* A number of countries in Europe have experienced severe economic and financial difficulties; and financial markets in Europe and elsewhere have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen or spread within or outside Europe. Responses to the financial problems by European governments, central banks and others may not work, may result in conflicts and social unrest and may limit future growth and economic recovery or have other unintended consequences. In January, 2020, through "Brexit," the United Kingdom withdrew from the European Union. The ramifications of Brexit are unknown, and the implications of possible political, regulatory, economic, and market outcomes could be significant. The United Kingdom has one of the largest economies in Europe and is a major trading partner with European Union countries and the United States. Brexit may create additional and substantial economic stresses for the United Kingdom, including a contraction of the United Kingdom's economy, decreased trade, capital outflows, devaluation of the British pound, and a decrease in business and consumer spending and investment. The negative impact on not only the United Kingdom and European Union economies but also the broader global economy could be significant. A number of countries in Europe have suffered terror attacks, and additional attacks may occur in the future. Europe has also been struggling with mass migration from the Middle East, Eastern Europe and Africa. The ultimate effects of these events and other socio-political or geopolitical issues could profoundly affect global economies and markets. Whether or not the Portfolio invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

*Additional Market Disruption:* Russia's invasion of Ukraine in February, 2022, the resulting responses by the United States and other countries, and the potential for wider conflict, have increased and may continue to increase volatility and uncertainty in financial markets worldwide. The United States and other countries have imposed broad-ranging economic sanctions on Russia and Russian entities and individuals, and may impose additional sanctions, including on other countries that provide military or economic support to Russia. These sanctions, among other things, restrict companies from doing business with Russia and Russian issuers, and may adversely affect companies with economic or financial exposure to Russia and Russian issuers. The extent and duration of Russia's military actions and the repercussions of such actions are not known. The invasion may widen beyond Ukraine and may escalate, including through retaliatory actions and cyberattacks by Russia and even other countries. These events may result in further and significant market disruptions and may adversely affect regional and global economies including those of Europe and the United States. Certain industries and markets, such as those involving oil, natural gas and other commodities, as well as global supply chains, may be particularly adversely affected. Whether or not the Portfolio invests in securities of issuers located in Russia, Ukraine and adjacent countries or with significant exposure to issuers in these countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

**Fixed-income securities risk:** Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the Portfolio falls, the value of your investment will go down. The Portfolio may lose its entire investment in the fixed-income securities of an issuer.

**Interest rate risk:** Interest rates in the U.S. and certain foreign markets have been low relative to historic levels. The Portfolio faces a risk that interest rates may rise. The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates also may affect the liquidity of the Portfolio's investments. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the Portfolio. Increased redemptions could cause the Portfolio to sell securities at inopportune times or depressed prices and result in further losses.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. RISK FACTORS (continued)** 

**LIBOR risk:** Many financial instruments, financings or other transactions to which the Portfolio may be a party use or may use a floating rate based on the London Interbank Offered Rate ("LIBOR"). The UK Financial Conduct Authority and LIBOR's administrator announced that the use of LIBOR will be phased out; most LIBOR rates are no longer published as of the end of 2021 and a majority of U.S. dollar LIBOR rates will no longer be published after June 30, 2023. It is possible that a subset of LIBOR rates may be published after these dates on a "synthetic" basis, but any such publications would be considered non-representative of the underlying market. There remains uncertainty regarding the nature of any replacement rate and the impact of the transition from LIBOR on the Portfolio, issuers of instruments in which the Portfolio invests, and financial markets generally. As such, the potential effect of a transition away from LIBOR on the Portfolio or the Portfolio's investments cannot yet be determined.

**7. FEES AND OTHER AFFILIATED TRANSACTIONS** 

TST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Transamerica Life Insurance Company ("TLIC"), and Transamerica Financial Life Insurance Company.

TAM, the Portfolio's investment manager, is directly owned by TLIC and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon NV. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon NV, a Netherlands corporation, and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Portfolio's transfer agent. Transamerica Capital, Inc. ("TCI") is the Portfolio's distributor/principal underwriter. TAM, TFS, and TCI are affiliates of Aegon NV.

Certain officers and trustees of the Portfolio are also officers and/or trustees of TAM, TFS and TCI. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Portfolio. The Portfolio does pay non-interested persons (independent trustees), as disclosed in Trustee, CCO and deferred compensation fees within the Statement of Operations.

**Investment management fees:** TAM serves as the Portfolio's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Portfolio pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Portfolio pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
|  Effective November 1, 2022 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First $1 billion | 0.420% |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $1 billion up to $2 billion | 0.380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $2 billion up to $3.5 billion | 0.365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $3.5 billion up to $5 billion | 0.360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion | 0.355 |
|  Prior to November 1, 2022 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First $750 million | 0.450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $750 million up to $1 billion | 0.390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $1 billion up to $1.5 billion | 0.375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $1.5 billion up to $3 billion | 0.370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $3 billion | 0.365 |

---

TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses, reorganization expenses and other expenses not incurred in the ordinary course of the

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| | **Operating<br>Expense Limit** | **Operating<br>Expense Limit**<br> **Effective Through** |
|  Effective November 1, 2022 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 0.54% | May 1, 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Class | 0.80 | May 1, 2023 |
|  Effective May 1, 2022 through November 1, 2022 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 0.57 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Class | 0.83 |  |
|  Prior to May 1, 2022 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 0.58 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Class | 0.83 |  |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended December 31, 2022 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Portfolio, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

As of December 31, 2022, there are no amounts available for recapture by TAM.

**Distribution and service fees:** TST has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, TST entered into a distribution agreement with TCI as the Portfolio's distributor.

The Distribution Plan requires the Portfolio to pay distribution fees to TCI as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCI, on behalf of the Portfolio, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Portfolio's shares.

The fee on the Service Class shares is paid to the insurance companies for providing services and account maintenance for the policyholders who invest in the variable insurance products which invest in the Service Class shares. TCI has determined that it will not seek payment for the distribution expenses incurred by the Portfolio with respect to the Initial Class shares before May 1, 2023. Prior to TCI seeking distribution expenses on Initial Class shares, policy and contract owners will be notified in advance. The Portfolio will pay fees relating to Service Class shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Portfolio is authorized under the Distribution Plan to pay fees to TCI based on daily average net assets of each class up to the following annual rates:

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| | |
|:---|:---|
| **Class** | **Rate** |
|  Initial Class | 0.15% |
|  Service Class | 0.25 |

---

**Transfer agent costs:** TFS provides transfer agency services under an intercompany agreement with TAM. TFS has outsourced the provision of certain sub-transfer agency services to SS&C Technology Holdings, Inc ("SS&C"). The Portfolio does not pay a separate transfer agent fee to TAM or TFS but does pay certain expenses to SS&C related to applicable sub-transfer agency services. For the year ended December 31, 2022, (i) the expenses paid to SS&C by the Portfolio are referred to as Transfer agent costs and are included within the Statement of Operations and (ii) the expenses payable to SS&C by the Portfolio are referred to as Transfer agent costs within the Statement of Assets and Liabilities.

**Deferred compensation plan:** Effective September 23, 2021, the Board has approved the termination of the deferred compensation plan. Payments will be made to applicable current and former Board members consistent with Section 409A of the Code. Under a

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

non-qualified deferred compensation plan effective January 1, 1996, as amended and restated January 1, 2010, available to the trustees, compensation may be deferred that would otherwise be payable by TST to an independent trustee on a current basis for services rendered as trustee. Deferred compensation amounts will accumulate based on the value of the investment option, as elected by the trustee. Balances pursuant to deferred compensation plan are recorded in Trustees, Chief Compliance Officer ("CCO") and deferred compensation fees within the Statement of Assets and Liabilities. For the year ended December 31, 2022, amounts included in Trustees, CCO and deferred compensation fees within the Statement of Operations reflect total compensation paid to the independent Board members.

**Brokerage commissions:** The Portfolio incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the year ended December 31, 2022.

**8. PURCHASES AND SALES OF SECURITIES** 

For the year ended December 31, 2022, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $186883030 | $289148608 | $220262900 | $345117942 |

---

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS** 

The Portfolio has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Portfolio recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Portfolio's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Portfolio's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Portfolio's financial statements. If applicable, the Portfolio recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Portfolio identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Portfolio makes significant investments; however, the Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales, premium amortization adjustments and interest written off. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. There are no reclassifications in the current year.

As of December 31, 2022, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross<br>Appreciation** | **Gross<br>(Depreciation)** | **Net Appreciation<br>(Depreciation)** |
| $492569212 | $3797564 | $(10015844) | $(6218280) |

---

As of December 31, 2022, the capital loss carryforwards available to offset future realized capital gains are as follows:

---

| | |
|:---|:---|
| **Unlimited** | **Unlimited** |
| **Short-Term** | **Long-Term** |
| $9259577 | $44000557 |

---

During the year ended December 31, 2022, the Portfolio did not have any capital loss carryforwards utilized or expired.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)** 

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2022 and 2021 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** |
| **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of Capital** | **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of Capital** |
| $10923439 | $1878018 | $— | $16590268 | $14271067 | $— |

---

As of December 31, 2022, the tax basis components of distributable earnings are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Capital Loss<br>Carryforwards** | **Late Year<br>Ordinary Loss<br>Deferred** | **Other<br>Temporary<br>Differences** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| $11556718 | $— | $(53260134) | $— | $(1517) | $(6218280) |

---

**10. NEW ACCOUNTING PRONOUNCEMENTS** 

In June 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2022-03 ("ASU 2022-03"), "Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions" ("Topic 820"). ASU 2022-03 clarifies the guidance in Topic 820, related to the measurement of the fair value of an equity security subject to contractual sale restrictions, where it eliminates the need to apply a discount to fair value of these securities, and introduces disclosure requirements related to such equity securities. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. Management is currently evaluating the implications, if any, of the additional requirements and its impact on the Portfolio's financial statements.

In December 2022, FASB issued Accounting Standards Update No. 2022-06 ("ASU 2022-06"), "Reference Rate Reform (Topic 848)". ASU 2022-06 is an update of ASU 2020-04, which is in response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR, regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The ASU 2022-06 update clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The amendments in this update are effective immediately through December 31, 2024, for all entities. Management does not expect ASU 2022-06 to have a material impact on the financial statements.

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**Report of Independent Registered Public Accounting Firm** 

*To the Shareholders and the Board of Trustees of Transamerica Aegon Core Bond VP* 

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities of Transamerica Aegon Core Bond VP (formerly, Transamerica JPMorgan Core Bond VP) (the "Portfolio") (one of the portfolios constituting Transamerica Series Trust (the "Trust")), including the schedule of investments, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the portfolios constituting Transamerica Series Trust) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion** 

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. . Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g438566ernst_young.jpg)

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

February 27, 2023

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**SUPPLEMENTAL TAX INFORMATION** 

**(unaudited)** 

For tax purposes, the Portfolio has made a long-term capital gain designation of $1,878,018 for the year ended December 31, 2022.

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**Transamerica Aegon Core Bond VP (formerly, Transamerica JPMorgan Core Bond VP)** 

**Transamerica Aegon Bond VP (formerly, Transamerica PIMCO Total Return VP)** 

**RESULTS OF SHAREHOLDER MEETING** 

**(unaudited)** 

Rule 30e-1 under the Investment Company Act of 1940, as amended, titled "Reports to Stockholders of Management Companies," requires regulated investment companies to report on all subject matters put to the vote of shareholders and to provide final results. Accordingly, the Board of Trustees of the Portfolio solicited a vote by the shareholders for the following item:

A special meeting of holders of Transamerica Aegon Core Bond VP (formerly, Transamerica JPMorgan Core Bond VP) and Transamerica Aegon Bond VP (formerly, Transamerica PIMCO Total Return VP) was held on October 5, 2022. The results of Proposal 1 and Proposal 2 were as follows:

Proposal 1: To approve a new sub-advisory agreement for Transamerica Aegon Core Bond VP (formerly, Transamerica JPMorgan Core Bond VP). Holders of the Portfolio are being asked to approve a new sub-advisory agreement with Aegon USA Investment Management, LLC ("AUIM"), an affiliate of Transamerica Asset Management Inc. ("TAM").

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| | | |
|:---|:---|:---|
| **Proposal** | **Number of Shares** | **Number of Shares** |
|  For |  | 32791545.525 |
|  Against |  | 1744437.608 |
|  Withheld |  | 1418312.190 |

---

Proposal 2: To approve a new sub-advisory agreement for Transamerica Aegon Bond VP (formerly, Transamerica PIMCO Total Return VP). Holders of the Portfolio are being asked to approve a new sub-advisory agreement with AUIM.

---

| | | |
|:---|:---|:---|
| **Proposal** | **Number of Shares** | **Number of Shares** |
|  For |  | 144998301.772 |
|  Against |  | 3958283.611 |
|  Withheld |  | 4582413.645 |

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**Transamerica Aegon High Yield Bond VP** 

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**(unaudited)** 

**MARKET ENVIRONMENT** 

Volatility engulfed markets during the fiscal year ended December 31, 2022, amid relentless inflation, rising rates and intensifying geopolitical risks. These macro risks fueled uncertainty and a risk-off sentiment, causing a sharp decline across equity and fixed income markets. Rising rates were front and center as central banks embarked on monetary tightening in an effort to contain inflation, with the Federal Reserve hiking the federal funds rate by 4.25% during the fiscal year in one of the most aggressive moves in decades. As central banks raised rates, the 10-year U.S. Treasury yield climbed from sub-2% at the beginning of the year to 3.88% at year end. This massive move in rates weighed heavily on fixed income markets. Rising geopolitical tensions, including Russia's invasion of Ukraine, also rattled markets and exacerbated macro uncertainty across the globe. Meanwhile, COVID-19 remained in the headlines with flare-ups in certain regions followed by China's easing policies and economic reopening late in the year. With respect to corporate earnings, many high yield issuers posted better-than-feared results, despite ongoing inflationary and margin pressures. However, idiosyncratic factors continued to create pockets of weakness and increasing dispersion across credits.

Against this backdrop, the Portfolio's benchmark, Bloomberg US Corporate High Yield 2% Issuer Capped Index, returned -11.18%. By rating category, lower-quality bonds felt the brunt of the pain with CCCs declining -16.29%. BBs and Bs performed similarly returning -10.80% and -10.26%, respectively. Spreads on the index widened during the year to 469 basis points and the yield to worst ended the year at 8.96%.

Market technicals were mixed during 2022. Primary market activity slumped in 2022 as new issuance fell to the lowest volume since the great financial crisis. Approximately $106 billion of new U.S. high yield bonds were issued during 2022, which represents a 78% decrease from 2021's record high volume. Many issuers stood on the sidelines and refrained from issuing new bonds amid higher rates, market volatility and macro uncertainty. Amid the widespread negative sentiment, outflows persisted throughout most of the year. Despite temporary bouts of inflows in the second half of the year, U.S. high yield funds suffered $47.0 billion of outflows during 2022.

**PERFORMANCE** 

For the year ended December 31, 2022, Transamerica Aegon High Yield Bond VP, Initial Class returned -11.12%. By comparison, its benchmark, the Bloomberg US Corporate High Yield 2% Issuer Capped Index, returned -11.18%.

**STRATEGY REVIEW** 

During the year, performance was primarily driven by strong security selection. By ratings, the security selection was especially strong in BBs as the team avoided many longer duration bonds which declined on rising rates. Lower-quality bonds also contributed significantly due to underweight to CCCs and below as well as solid security selection in this category versus the benchmark. The off-benchmark exposure to investment grade corporates also boosted excess returns this year as the portfolio managers continued to hold upgraded issuers. Conversely, the exposure in B-rated bonds detracted. However, this was more than offset by positive effects from other rating categories. By sub-sector, the largest contributors included communications, consumer cyclicals and consumer non-cyclicals, primarily due to strong security selection. The largest detractors by sub-sector included technology, other industrials and capital goods.

With respect to positioning, overweights during the year included a number of sub-sectors within communications and basic industry as well as certain financial sectors. This includes metals, paper, packaging, cable and satellite, food/beverage, banking and others. Examples of underweights included certain consumer cyclicals such as retail, restaurants and gaming, as well as aerospace/defense, transportation, technology and others. Underweights were largely due to some idiosyncratic fundamental concerns and relatively unattractive valuations.

In terms of ratings allocation, the sub-adviser maintained a modestly defensive stance. The Portfolio remained underweight BB-rated credit and held a modest off-index allocation to investment grade credit. The Portfolio was relatively neutral B-rated exposure and underweight CCCs and below versus the benchmark throughout the period.

**Kevin Bakker, CFA** 

**Benjamin D. Miller, CFA** 

**James K. Schaeffer, Jr.** 

**Co-Portfolio Managers** 

**Aegon USA Investment Management, LLC** 

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**(unaudited)** 

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| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  Corporate Debt Securities | 97.4% |
|  Other Investment Company | 12.8 |
|  Short-Term U.S. Government Obligation | 0.5 |
|  Loan Assignments | 0.3 |
|  Common Stocks | 0.0 \* |
|  Warrants | 0.0 \* |
|  Net Other Assets (Liabilities) | (11.0) |
|  **Total** | 100.0% |
| **Portfolio Characteristics** | **Years** |
|  Average Maturity § | 6.64 |
|  Duration † | 3.99 |
| **Credit Quality ‡** | **Percentage of Net<br>Assets** |
|  U.S. Government and Agency Securities | 0.5% |
|  BBB | 8.2 |
|  BB | 44.0 |
|  B | 38.5 |
|  CCC and Below | 6.4 |
|  Not Rated | 13.4 |
|  Net Other Assets (Liabilities) | (11.0) |
|  **Total** | 100.0% |

---

*Current and future portfolio holdings are subject to change and risk.* 

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

§ *Average Maturity is computed by weighting the maturity of each security in the Portfolio by the market value of the security, then averaging these weighted figures.* 

† *Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder.* 

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

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**Page 2** 

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**(unaudited)**![LOGO](g438566g26s00.jpg)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Initial Class | (11.12)% | 2.06% | 3.83% | 06/01/1998 |
|  Bloomberg US Corporate High Yield 2% Issuer Capped Index <sup>(A)</sup> | (11.18)% | 2.30% | 4.03% |  |
|  Service Class | (11.45)% | 1.78% | 3.56% | 05/01/2003 |

---

<sup>(A)</sup> *The Bloomberg US Corporate High Yield 2% Issuer Capped Index is an issuer-constrained measurement of the market of U.S. dollar denominated, non-investment grade, fixed-rate, taxable corporate bonds. The exposure of each issuer is limited to 2% of the total market value of the index.* 

The Portfolio's benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Year or Since Inception calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or the redemption of Portfolio shares. The Portfolio's investment return and net asset value will fluctuate. Investors' shares when redeemed may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month end. Portfolio performance is net of investment fees and Portfolio expenses, but not product charges, which is included, would significantly lower the performance quoted.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of previously waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Investments in high-yield bonds (junk bonds) may be subject to greater volatility and risks as the income derived from these securities is not guaranteed and may be unpredictable and the value of these securities tends to decline when the interest rate increases. Applying the sub-adviser's ESG criteria to its investment analysis for the Portfolio may impact the sub-adviser's investment decisions as to securities of certain issuers and, therefore, the Portfolio may forego some investment opportunities available to portfolios that do not use ESG criteria or that apply different ESG criteria.

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**Page 3** 

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**DISCLOSURE OF EXPENSES** 

**(unaudited)** 

**SHAREHOLDER EXPENSES** 

Portfolio shareholders may incur two types of costs: (i) transaction costs, including brokerage commissions on purchases and sales of portfolio shares; and (ii) ongoing costs, including management fees, and other portfolio expenses.

The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other portfolios.

The example is based on an investment of $1,000 invested at July 1, 2022, and held for the entire six-month period until December 31, 2022.

**ACTUAL EXPENSES** 

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

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES** 

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Portfolio shares. Therefore, the information under the heading "Hypothetical Expenses" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different portfolios. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries, or other financial institutions.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Actual Expenses** | **Actual Expenses** | **Hypothetical Expenses <sup>(A)</sup>** | **Hypothetical Expenses <sup>(A)</sup>** | |
| <br>**Class** |<br>**Beginning<br>Account Value<br>July 1, 2022** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** |<br>**Net Annualized<br>Expense Ratio <sup>(C)</sup>** |
|  Initial Class | $&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;1031.80 | $&nbsp;&nbsp;&nbsp;&nbsp;3.07 | $&nbsp;&nbsp;&nbsp;&nbsp;1022.20 | $&nbsp;&nbsp;&nbsp;&nbsp;3.06 | 0.60% |
|  Service Class | 1000.00 | 1029.30 | 4.35 | 1020.90 | 4.33 | 0.85 |

---

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

(B) *Expenses are calculated using the Portfolio's net annualized expense ratio, as disclosed in the table, multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (365 days).*

(C) *Net annualized expense ratios are reflective of applicable fee waivers and/or reimbursements and recapture, if any, and are based on the most recent six-months which may differ from the net expense ratio displayed in the Financial Highlights that covers a twelve-month period.*

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**Page 4** 

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**SCHEDULE OF INVESTMENTS** 

**At December 31, 2022** 

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| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES - 97.4%** | **CORPORATE DEBT SECURITIES - 97.4%** | **CORPORATE DEBT SECURITIES - 97.4%** |
| **Aerospace & Defense - 0.9%** | **Aerospace & Defense - 0.9%** | **Aerospace & Defense - 0.9%** |
| TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/01/2029 | $822000 | $716990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/15/2027 | 417000 | 391329 |
| Triumph Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 08/15/2025 <sup>(A)</sup> | 462000 | 388196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 06/01/2024 <sup>(B)</sup> | 130000 | 132275 |
|  |  | 1628790 |
| **Auto Components - 2.3%** | **Auto Components - 2.3%** | **Auto Components - 2.3%** |
| Clarios Global LP / Clarios US Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 05/15/2026 <sup>(B)</sup> | 462000 | 451433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 05/15/2027 <sup>(A)</sup> <sup>(B)</sup> | 686000 | 672256 |
| Dana, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/2032 | 521000 | 416722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/15/2027 | 369000 | 342290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 06/15/2028 <sup>(A)</sup> | 273000 | 248237 |
| Goodyear Tire & Rubber Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/15/2027 <sup>(A)</sup> | 361000 | 330217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/31/2026 - 07/15/2029 <sup>(A)</sup> | 846000 | 750635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 05/31/2025 | 350000 | 359640 |
|  Patrick Industries, Inc. <br>7.50%, 10/15/2027 <sup>(B)</sup> | 761000 | 738192 |
|  |  | 4309622 |
| **Automobiles - 0.2%** | **Automobiles - 0.2%** | **Automobiles - 0.2%** |
|  Ford Motor Co. <br>6.10%, 08/19/2032 | 140000 | 129517 |
|  Ford Motor Credit Co. LLC <br>7.35%, 11/04/2027 | 302000 | 309460 |
|  |  | 438977 |
| **Banks - 2.5%** | **Banks - 2.5%** | **Banks - 2.5%** |
| Barclays PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 09/15/2023 <sup>(C)</sup>, 7.75% <sup>(D)</sup> | 482000 | 470576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 06/15/2024 <sup>(C)</sup>, 8.00% <sup>(D)</sup> | 285000 | 276908 |
|  Citigroup, Inc. <br>Fixed until 09/12/2024 <sup>(C)</sup>, 5.00% <sup>(D)</sup> | 996000 | 886452 |
| Intesa Sanpaolo SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 06/01/2031,<br>4.20% <sup>(D)</sup>, 06/01/2032 <sup>(B)</sup> | 622000 | 458368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.71%, 01/15/2026 <sup>(B)</sup> | 651000 | 626246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 11/21/2025 <sup>(B)</sup> | 200000 | 204155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25% <sup>(D)</sup>, 11/21/2033 <sup>(B)</sup> | 411000 | 418385 |
|  JPMorgan Chase & Co. <br>Fixed until 02/01/2025 <sup>(C)</sup>, 4.60% <sup>(D)</sup> | 726000 | 639787 |
| Lloyds Banking Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 06/27/2024 <sup>(C)</sup>, 7.50% <sup>(D)</sup> | 419000 | 406095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 08/15/2032, 7.95% <sup>(D)</sup>, 11/15/2033 | 200000 | 212450 |
|  |  | 4599422 |
| **Beverages - 0.6%** | **Beverages - 0.6%** | **Beverages - 0.6%** |
|  Primo Water Holdings, Inc. <br>4.38%, 04/30/2029 <sup>(B)</sup> | 1249000 | 1078626 |
| **Biotechnology - 0.4%** | **Biotechnology - 0.4%** | **Biotechnology - 0.4%** |
|  Grifols Escrow Issuer SA <br>4.75%, 10/15/2028 <sup>(B)</sup> | 813000 | 702001 |
| **Building Products - 0.7%** | **Building Products - 0.7%** | **Building Products - 0.7%** |
| Builders FirstSource, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/01/2032 <sup>(B)</sup> | 136000 | 110379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2030 <sup>(B)</sup> | 104000 | 92170 |

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| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Building Products (continued)** | **Building Products (continued)** | **Building Products (continued)** |
|  Cornerstone Building Brands, Inc. <br>6.13%, 01/15/2029 <sup>(B)</sup> | $159000 | $112000 |
| Standard Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 01/15/2031 <sup>(B)</sup> | 358000 | 269855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 07/15/2030 <sup>(B)</sup> | 134000 | 109200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/2027 <sup>(B)</sup> | 609000 | 561944 |
|  |  | 1255548 |
| **Capital Markets - 2.0%** | **Capital Markets - 2.0%** | **Capital Markets - 2.0%** |
|  Camelot Return Merger Sub, Inc. <br>8.75%, 08/01/2028 <sup>(B)</sup> | 608000 | 557919 |
| Credit Suisse Group AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 02/11/2027 <sup>(C)</sup>, 5.25% <sup>(B)</sup> <sup>(D)</sup> | 200000 | 130157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 12/18/2024 <sup>(C)</sup>, 6.25% <sup>(B)</sup> <sup>(D)</sup> | 166000 | 129734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 08/21/2026 <sup>(C)</sup>, 6.38% <sup>(B)</sup> <sup>(D)</sup> | 387000 | 277343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 09/12/2025 <sup>(C)</sup>, 7.25% <sup>(B)</sup> <sup>(D)</sup> | 465000 | 334269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 12/11/2023 <sup>(C)</sup>, 7.50% <sup>(B)</sup> <sup>(D)</sup> | 655000 | 569850 |
| Deutsche Bank AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 10/14/2030, 3.73% <sup>(D)</sup>, 01/14/2032 | 299000 | 219953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 10/30/2025 <sup>(C)</sup>, 6.00% <sup>(D)</sup> | 200000 | 169584 |
|  LPL Holdings, Inc. <br>4.00%, 03/15/2029 <sup>(B)</sup> | 627000 | 545553 |
|  MSCI, Inc. <br>3.63%, 09/01/2030 <sup>(B)</sup> | 936000 | 778050 |
|  |  | 3712412 |
| **Chemicals - 1.9%** | **Chemicals - 1.9%** | **Chemicals - 1.9%** |
| ASP Unifrax Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/30/2028 <sup>(B)</sup> | 155000 | 124713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 09/30/2029 <sup>(B)</sup> | 452000 | 286884 |
|  Avient Corp. <br>7.13%, 08/01/2030 <sup>(A)</sup> <sup>(B)</sup> | 175000 | 171064 |
|  Eagle Intermediate Global Holding BV / Eagle US Finance LLC <br>7.50%, 05/01/2025 <sup>(A)</sup> <sup>(B)</sup> <sup>(E)</sup> | 836000 | 538867 |
| NOVA Chemicals Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/01/2024 <sup>(B)</sup> | 590000 | 570819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/2027 <sup>(B)</sup> | 880000 | 790687 |
| Olin Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2030 | 437000 | 398763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 09/15/2027 | 409000 | 386505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 08/01/2029 | 223000 | 211850 |
|  |  | 3480152 |
| **Commercial Services & Supplies - 1.9%** | **Commercial Services & Supplies - 1.9%** | **Commercial Services & Supplies - 1.9%** |
| Avis Budget Car Rental LLC / Avis Budget<br>Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 03/01/2029 <sup>(A)</sup> <sup>(B)</sup> | 688000 | 588542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/15/2027 <sup>(A)</sup> <sup>(B)</sup> | 787000 | 713809 |
| Covanta Holding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 12/01/2029 <sup>(B)</sup> | 392000 | 321154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2030 | 321000 | 259219 |
| Garda World Security Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 02/15/2027 <sup>(B)</sup> | 358000 | 316107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/01/2029 <sup>(B)</sup> | 485000 | 394086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 11/01/2027 <sup>(A)</sup> <sup>(B)</sup> | 116000 | 111721 |
|  Harsco Corp. <br>5.75%, 07/31/2027 <sup>(A)</sup> <sup>(B)</sup> | 21000 | 16581 |

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

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**Page 5** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

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| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** |
| Stericycle, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/15/2029 <sup>(B)</sup> | $242000 | $211145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 07/15/2024 <sup>(B)</sup> | 562000 | 550760 |
|  |  | 3483124 |
| **Communications Equipment - 1.1%** | **Communications Equipment - 1.1%** | **Communications Equipment - 1.1%** |
|  Avaya, Inc. <br>6.13%, 09/15/2028 <sup>(B)</sup> <sup>(E)</sup> | 1433000 | 437065 |
|  CommScope Technologies LLC <br>6.00%, 06/15/2025 <sup>(B)</sup> | 718000 | 655362 |
| CommScope, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 09/01/2029 <sup>(B)</sup> | 619000 | 499038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 03/01/2026 <sup>(B)</sup> | 317000 | 291358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 03/01/2027 <sup>(B)</sup> | 316000 | 244900 |
|  |  | 2127723 |
| **Construction & Engineering - 0.3%** | **Construction & Engineering - 0.3%** | **Construction & Engineering - 0.3%** |
|  Abengoa Abenewco 2 SA <br>PIK Rate 1.50%, Cash Rate 0.00%, 10/26/2024 <sup>(B)</sup> <sup>(F)</sup> | 315408 | 1577 |
| Ashton Woods USA LLC / Ashton Woods<br>Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 08/01/2029 - 04/01/2030 <sup>(B)</sup> | 445000 | 356663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 01/15/2028 <sup>(B)</sup> | 310000 | 272744 |
|  |  | 630984 |
| **Construction Materials - 0.1%** | **Construction Materials - 0.1%** | **Construction Materials - 0.1%** |
|  Advanced Drainage Systems, Inc. <br>6.38%, 06/15/2030 <sup>(B)</sup> | 166000 | 161296 |
| **Consumer Finance - 1.6%** | **Consumer Finance - 1.6%** | **Consumer Finance - 1.6%** |
|  Altice Financing SA <br>5.00%, 01/15/2028 <sup>(A)</sup> <sup>(B)</sup> | 296000 | 238280 |
| Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/10/2026 | 245000 | 212778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 11/13/2025 | 627000 | 566816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/13/2030 | 625000 | 513025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.39%, 01/08/2026 | 676000 | 631590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 05/28/2027 | 693000 | 646500 |
|  Navient Corp. <br>5.50%, 03/15/2029 | 210000 | 171360 |
|  |  | 2980349 |
| **Containers & Packaging - 4.5%** | **Containers & Packaging - 4.5%** | **Containers & Packaging - 4.5%** |
|  ARD Finance SA <br>PIK Rate 7.25%, Cash Rate 6.50%, 06/30/2027 <sup>(B)</sup> <sup>(F)</sup> | 472000 | 328554 |
| Ardagh Metal Packaging Finance USA LLC /<br>Ardagh Metal Packaging Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/01/2028 <sup>(B)</sup> | 442000 | 375620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/2029 <sup>(A)</sup> <sup>(B)</sup> | 548000 | 434317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/15/2027 <sup>(B)</sup> | 275000 | 269255 |
|  Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. <br>5.25%, 08/15/2027 <sup>(A)</sup> <sup>(B)</sup> | 388000 | 290221 |
| Ball Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 08/15/2030 | 1384000 | 1103622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 03/15/2028 | 309000 | 317396 |
| Cascades, Inc. / Cascades USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 01/15/2026 <sup>(B)</sup> | 52000 | 47308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 01/15/2028 <sup>(B)</sup> | 922000 | 806559 |

---

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| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Containers & Packaging (continued)** | **Containers & Packaging (continued)** | **Containers & Packaging (continued)** |
|  Clydesdale Acquisition Holdings, Inc. <br>6.63%, 04/15/2029 <sup>(B)</sup> | $487000 | $463292 |
|  Crown Americas LLC / Crown Americas Capital Corp. VI <br>4.75%, 02/01/2026 | 1356000 | 1314140 |
| Graphic Packaging International LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/2028 - 03/01/2029 <sup>(B)</sup> | 1003000 | 868408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/15/2024 | 205000 | 201407 |
| Owens-Brockway Glass Container, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 08/15/2023 <sup>(B)</sup> | 144000 | 142975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 08/15/2025 <sup>(A)</sup> <sup>(B)</sup> | 184000 | 177799 |
|  Pactiv Evergreen Group Issuer, Inc. / Pactiv Evergreen Group Issuer LLC <br>4.00%, 10/15/2027 <sup>(B)</sup> | 580000 | 514082 |
| Trivium Packaging Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/15/2026 <sup>(B)</sup> | 428000 | 392257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 08/15/2027 <sup>(A)</sup> <sup>(B)</sup> | 345000 | 316546 |
|  |  | 8363758 |
| **Diversified Consumer Services - 0.2%** | **Diversified Consumer Services - 0.2%** | **Diversified Consumer Services - 0.2%** |
|  WW International, Inc. <br>4.50%, 04/15/2029 <sup>(B)</sup> | 786000 | 392678 |
| **Diversified Financial Services - 2.8%** | **Diversified Financial Services - 2.8%** | **Diversified Financial Services - 2.8%** |
|  Dana Financing Luxembourg SARL <br>5.75%, 04/15/2025 <sup>(B)</sup> | 909000 | 889085 |
|  ILFC E-Capital Trust I <br>1.55% + Max of 3-Month LIBOR,<br>10-Year CMT or 30-Year CMT,<br>6.29% <sup>(D)</sup>, 12/21/2065 <sup>(B)</sup> | 2322000 | 1369980 |
|  ILFC E-Capital Trust II <br>1.80% + Max of 3-Month LIBOR,<br>15-Year CMT or 30-Year CMT,<br>6.54% <sup>(D)</sup>, 12/21/2065 <sup>(B)</sup> | 256000 | 165120 |
| Ladder Capital Finance Holdings LLLP /<br>Ladder Capital Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/01/2027 <sup>(B)</sup> | 566000 | 475601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/2025 <sup>(B)</sup> | 511000 | 480105 |
| United Wholesale Mortgage LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/15/2025 - 04/15/2029 <sup>(B)</sup> | 556000 | 453549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 06/15/2027 <sup>(B)</sup> | 450000 | 387401 |
|  Virgin Media Secured Finance PLC <br>5.50%, 05/15/2029 <sup>(B)</sup> | 1139000 | 1020293 |
|  |  | 5241134 |
| **Diversified Telecommunication Services - 3.2%** | **Diversified Telecommunication Services - 3.2%** | **Diversified Telecommunication Services - 3.2%** |
|  Cablevision Lightpath LLC <br>3.88%, 09/15/2027 <sup>(B)</sup> | 215000 | 177191 |
| Frontier Communications Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2028 <sup>(B)</sup> | 224000 | 194504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/2030 <sup>(A)</sup> <sup>(B)</sup> | 77000 | 60489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 05/01/2029 <sup>(B)</sup> | 773000 | 639472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 05/15/2030 <sup>(B)</sup> | 272000 | 276556 |
| Hughes Satellite Systems Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/01/2026 | 203000 | 194718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 08/01/2026 | 402000 | 374961 |
| Iliad Holding SASU |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/15/2026 <sup>(B)</sup> | 459000 | 425701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 10/15/2028 <sup>(B)</sup> | 534000 | 482624 |

---

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 6** 

------

##### [**Table of Contents**](#toc)
**Transamerica Aegon High Yield Bond VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** |
|  Intelsat Jackson Holdings SA <br>8.50%, 10/15/2024 <sup>(B)</sup> <sup>(G)</sup> <sup>(H)</sup> <sup>(I)</sup> | $305000 | $0 |
| Level 3 Financing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 01/15/2029 <sup>(B)</sup> | 418000 | 306077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/15/2029 <sup>(B)</sup> | 621000 | 446729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/01/2028 <sup>(B)</sup> | 505000 | 397788 |
| Lumen Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/15/2029 <sup>(B)</sup> | 479000 | 330612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 12/15/2026 <sup>(A)</sup> <sup>(B)</sup> | 890000 | 773677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 06/15/2029 <sup>(A)</sup> <sup>(B)</sup> | 575000 | 413966 |
| Telecom Italia Capital SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 09/30/2034 | 337000 | 254671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 11/15/2033 | 335000 | 274060 |
|  |  | 6023796 |
| **Electric Utilities - 1.1%** | **Electric Utilities - 1.1%** | **Electric Utilities - 1.1%** |
|  Elwood Energy LLC <br>8.16%, 07/05/2026 | 368846 | 326429 |
| NRG Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/15/2029 <sup>(B)</sup> | 193000 | 155050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/15/2031 <sup>(B)</sup> | 275000 | 209193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/15/2032 <sup>(B)</sup> | 219000 | 164480 |
| Vistra Operations Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/01/2029 <sup>(B)</sup> | 517000 | 446057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/31/2027 <sup>(B)</sup> | 771000 | 713714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 02/15/2027 <sup>(B)</sup> | 67000 | 63635 |
|  |  | 2078558 |
| **Electronic Equipment, Instruments & Components - 0.3%** | **Electronic Equipment, Instruments & Components - 0.3%** | **Electronic Equipment, Instruments & Components - 0.3%** |
|  Sensata Technologies BV <br>4.00%, 04/15/2029 <sup>(B)</sup> | 212000 | 182850 |
| Sensata Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/2031 <sup>(A)</sup> <sup>(B)</sup> | 66000 | 54294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/15/2030 <sup>(B)</sup> | 295000 | 256799 |
|  |  | 493943 |
| **Energy Equipment & Services - 1.3%** | **Energy Equipment & Services - 1.3%** | **Energy Equipment & Services - 1.3%** |
|  Archrock Partners LP / Archrock Partners Finance Corp. <br>6.25%, 04/01/2028 <sup>(B)</sup> | 599000 | 548094 |
| CSI Compressco LP / CSI Compressco<br>Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PIK Rate 3.50%, Cash Rate 7.25%, 04/01/2026 <sup>(B)</sup> <sup>(F)</sup> | 652549 | 535090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/01/2025 <sup>(A)</sup> <sup>(B)</sup> | 240000 | 224400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/01/2025 <sup>(B)</sup> | 233000 | 217855 |
|  Sunnova Energy Corp. <br>5.88%, 09/01/2026 <sup>(A)</sup> <sup>(B)</sup> | 434000 | 387731 |
|  USA Compression Partners LP / USA Compression Finance Corp. <br>6.88%, 09/01/2027 | 568000 | 531080 |
|  |  | 2444250 |
| **Entertainment - 0.8%** | **Entertainment - 0.8%** | **Entertainment - 0.8%** |
|  Carnival Holdings Bermuda Ltd. <br>10.38%, 05/01/2028 <sup>(B)</sup> | 197000 | 202242 |
|  CDI Escrow Issuer, Inc. <br>5.75%, 04/01/2030 <sup>(B)</sup> | 643000 | 576404 |
| Netflix, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 04/15/2028 | 413000 | 398787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/15/2029 <sup>(B)</sup> | 159000 | 154230 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Entertainment (continued)** | **Entertainment (continued)** | **Entertainment (continued)** |
|  Scientific Games Holdings LP / Scientific Games US FinCo, Inc. <br>6.63%, 03/01/2030 <sup>(B)</sup> | $91000 | $76868 |
|  |  | 1408531 |
| **Equity Real Estate Investment Trusts - 3.5%** | **Equity Real Estate Investment Trusts - 3.5%** | **Equity Real Estate Investment Trusts - 3.5%** |
| HAT Holdings I LLC / HAT Holdings II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 06/15/2026 <sup>(B)</sup> | 836000 | 726317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/15/2025 <sup>(B)</sup> | 171000 | 165576 |
|  Iron Mountain Information Management Services, Inc. <br>5.00%, 07/15/2032 <sup>(B)</sup> | 371000 | 308190 |
| Iron Mountain, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/2031 <sup>(B)</sup> | 183000 | 150415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/15/2028 <sup>(B)</sup> | 938000 | 862960 |
| iStar, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/01/2025 | 654000 | 640871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/15/2026 <sup>(A)</sup> | 449000 | 447846 |
|  MPT Operating Partnership LP / MPT Finance Corp. <br>3.50%, 03/15/2031 | 616000 | 422258 |
| Park Intermediate Holdings LLC / PK Domestic<br>Property LLC / PK Finance Co-Issuer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/01/2028 <sup>(B)</sup> | 293000 | 263869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 06/01/2025 <sup>(B)</sup> | 782000 | 781554 |
| SBA Communications Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 02/01/2029 | 662000 | 550446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/15/2027 | 425000 | 383940 |
| VICI Properties LP / VICI Note Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/15/2029 <sup>(B)</sup> | 319000 | 280893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/15/2025 <sup>(B)</sup> | 167000 | 160111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 02/01/2027 <sup>(B)</sup> | 480000 | 467876 |
|  |  | 6613122 |
| **Food & Staples Retailing - 1.0%** | **Food & Staples Retailing - 1.0%** | **Food & Staples Retailing - 1.0%** |
| Albertsons Cos., Inc. / Safeway, Inc. / New<br>Albertsons LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/15/2026 <sup>(B)</sup> | 157000 | 143192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/2029 <sup>(B)</sup> | 929000 | 779422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 01/15/2027 <sup>(B)</sup> | 517000 | 480226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 03/15/2026 <sup>(B)</sup> | 155000 | 158277 |
|  Rite Aid Corp. <br>8.00%, 11/15/2026 <sup>(A)</sup> <sup>(B)</sup> | 712000 | 380781 |
|  |  | 1941898 |
| **Food Products - 2.4%** | **Food Products - 2.4%** | **Food Products - 2.4%** |
|  Darling Ingredients, Inc. <br>6.00%, 06/15/2030 <sup>(B)</sup> | 113000 | 110458 |
| Kraft Heinz Foods Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/15/2027 | 397000 | 380078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/2035 - 06/04/2042 | 551000 | 521386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 01/26/2039 | 180000 | 197118 |
| Pilgrim's Pride Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/2032 <sup>(B)</sup> | 427000 | 334128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 09/30/2027 <sup>(B)</sup> | 908000 | 880738 |
| Post Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/2031 <sup>(B)</sup> | 339000 | 284984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/15/2030 <sup>(B)</sup> | 513000 | 441072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/15/2029 <sup>(B)</sup> | 1104000 | 999026 |

---

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 7** 

------

##### [**Table of Contents**](#toc)
**Transamerica Aegon High Yield Bond VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Food Products (continued)** | **Food Products (continued)** | **Food Products (continued)** |
| Post Holdings, Inc. (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 01/15/2028 <sup>(B)</sup> | $321000 | $302172 |
|  |  | 4451160 |
| **Health Care Equipment & Supplies - 0.4%** | **Health Care Equipment & Supplies - 0.4%** | **Health Care Equipment & Supplies - 0.4%** |
|  Medline Borrower LP <br>3.88%, 04/01/2029 <sup>(B)</sup> | 886000 | 713124 |
| **Health Care Providers & Services - 5.7%** | **Health Care Providers & Services - 5.7%** | **Health Care Providers & Services - 5.7%** |
|  Acadia Healthcare Co., Inc. <br>5.00%, 04/15/2029 <sup>(B)</sup> | 780000 | 717366 |
| AdaptHealth LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 08/01/2029 <sup>(B)</sup> | 66000 | 55259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 03/01/2030 <sup>(B)</sup> | 146000 | 124288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 08/01/2028 <sup>(B)</sup> | 679000 | 622432 |
| CHS / Community Health Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/2030 <sup>(B)</sup> | 503000 | 379281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 03/15/2027 <sup>(B)</sup> | 319000 | 273530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 04/15/2029 <sup>(B)</sup> | 63000 | 32380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 03/15/2026 <sup>(A)</sup> <sup>(B)</sup> | 831000 | 756555 |
| DaVita, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/2031 <sup>(B)</sup> | 943000 | 703808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/01/2030 <sup>(B)</sup> | 595000 | 477608 |
| Encompass Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/01/2028 <sup>(A)</sup> | 311000 | 282512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/01/2031 | 60000 | 51571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/01/2030 | 218000 | 191435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 09/15/2025 | 778000 | 765993 |
| HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/2030 | 125000 | 108136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/15/2026 - 02/01/2029 | 1570000 | 1578259 |
|  Molina Healthcare, Inc. <br>4.38%, 06/15/2028 <sup>(B)</sup> | 691000 | 630600 |
| Tenet Healthcare Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/01/2029 <sup>(B)</sup> | 557000 | 482529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/15/2028 <sup>(B)</sup> | 28000 | 25053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/01/2026 <sup>(B)</sup> | 617000 | 585786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 11/01/2027 <sup>(B)</sup> | 317000 | 294886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 10/01/2028 <sup>(A)</sup> <sup>(B)</sup> | 1091000 | 976794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 06/15/2030 <sup>(B)</sup> | 451000 | 429713 |
|  |  | 10545774 |
| **Hotels, Restaurants & Leisure - 7.8%** | **Hotels, Restaurants & Leisure - 7.8%** | **Hotels, Restaurants & Leisure - 7.8%** |
| 1011778 BC ULC / New Red Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/15/2028 <sup>(B)</sup> | 238000 | 212902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/2030 <sup>(B)</sup> | 625000 | 505725 |
| Boyd Gaming Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 12/01/2027 <sup>(A)</sup> | 18000 | 16765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/15/2031 <sup>(A)</sup> <sup>(B)</sup> | 419000 | 364530 |
|  Boyne USA, Inc. <br>4.75%, 05/15/2029 <sup>(B)</sup> | 695000 | 615106 |
| Caesars Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/15/2029 <sup>(A)</sup> <sup>(B)</sup> | 797000 | 648607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 07/01/2025 <sup>(B)</sup> | 327000 | 318043 |
| Carnival Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 05/01/2029 <sup>(B)</sup> | 583000 | 388501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 03/01/2026 <sup>(A)</sup> <sup>(B)</sup> | 192000 | 152178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 02/01/2026 - 06/01/2030 <sup>(B)</sup> | 758000 | 666975 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** |
| Hilton Domestic Operating Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/15/2030 | $471000 | $426825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 05/01/2025 <sup>(B)</sup> | 37000 | 36623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/01/2028 <sup>(B)</sup> | 69000 | 66930 |
| Hilton Grand Vacations Borrower Escrow<br>LLC / Hilton Grand Vacations Borrower<br>Escrow, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 07/01/2031 <sup>(B)</sup> | 621000 | 506831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2029 <sup>(B)</sup> | 289000 | 248540 |
| International Game Technology PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/15/2026 <sup>(B)</sup> | 227000 | 211713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 01/15/2027 <sup>(B)</sup> | 214000 | 212395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/15/2025 <sup>(B)</sup> | 328000 | 329998 |
|  Lions Gate Capital Holdings LLC <br>5.50%, 04/15/2029 <sup>(B)</sup> | 643000 | 372809 |
| MGM Resorts International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 09/01/2026 | 341000 | 312419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/2028 | 633000 | 552359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/15/2027 | 321000 | 298488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 06/15/2025 | 613000 | 595718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 05/01/2025 | 156000 | 156822 |
|  NCL Corp. Ltd. <br>5.88%, 03/15/2026 - 02/15/2027 <sup>(B)</sup> | 1303000 | 1047125 |
| Royal Caribbean Cruises Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/01/2026 <sup>(A)</sup> <sup>(B)</sup> | 170000 | 137419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 07/15/2027 <sup>(B)</sup> | 320000 | 259104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/01/2028 <sup>(A)</sup> <sup>(B)</sup> | 276000 | 220260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 01/15/2029 <sup>(B)</sup> | 62000 | 62302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.50%, 06/01/2025 <sup>(B)</sup> | 124000 | 132990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.63%, 08/15/2027 <sup>(B)</sup> | 172000 | 172430 |
|  Scientific Games International, Inc. <br>7.00%, 05/15/2028 <sup>(B)</sup> | 719000 | 685861 |
|  Station Casinos LLC <br>4.50%, 02/15/2028 <sup>(B)</sup> | 640000 | 556404 |
| Travel & Leisure Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/01/2029 <sup>(B)</sup> | 392000 | 319413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 04/01/2024 | 823000 | 810615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/01/2027 | 597000 | 566607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.60%, 10/01/2025 | 8000 | 7883 |
| Viking Cruises Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 09/15/2027 <sup>(B)</sup> | 803000 | 654577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 05/15/2025 <sup>(B)</sup> | 787000 | 708300 |
|  |  | 14559092 |
| **Household Durables - 1.1%** | **Household Durables - 1.1%** | **Household Durables - 1.1%** |
| Beazer Homes USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/15/2027 | 396000 | 346385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 03/15/2025 | 517000 | 498808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 10/15/2029 | 588000 | 523033 |
|  Century Communities, Inc. <br>6.75%, 06/01/2027 | 25000 | 23874 |
|  KB Home <br>7.25%, 07/15/2030 | 211000 | 205027 |
| Meritage Homes Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/06/2027 | 289000 | 271720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/01/2025 | 135000 | 134350 |
|  |  | 2003197 |

---

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 8** 

------

##### [**Table of Contents**](#toc)
**Transamerica Aegon High Yield Bond VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Household Products - 0.8%** | **Household Products - 0.8%** | **Household Products - 0.8%** |
|  Central Garden & Pet Co. <br>4.13%, 04/30/2031 <sup>(B)</sup> | $466000 | $385766 |
|  Energizer Holdings, Inc. <br>6.50%, 12/31/2027 <sup>(A)</sup> <sup>(B)</sup> | 567000 | 539608 |
|  Spectrum Brands, Inc. <br>3.88%, 03/15/2031 <sup>(A)</sup> <sup>(B)</sup> | 687000 | 534321 |
|  |  | 1459695 |
| **Independent Power & Renewable Electricity Producers - 1.3%** | **Independent Power & Renewable Electricity Producers - 1.3%** | **Independent Power & Renewable Electricity Producers - 1.3%** |
| Calpine Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/01/2031 <sup>(B)</sup> | 581000 | 467635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/2028 <sup>(B)</sup> | 753000 | 670553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2031 <sup>(B)</sup> | 140000 | 117585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 03/15/2028 <sup>(B)</sup> | 472000 | 421453 |
| Clearway Energy Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/2031 <sup>(B)</sup> | 314000 | 260777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/15/2028 <sup>(A)</sup> <sup>(B)</sup> | 573000 | 528349 |
|  |  | 2466352 |
| **Insurance - 1.6%** | **Insurance - 1.6%** | **Insurance - 1.6%** |
|  Global Atlantic Finance Co. <br>Fixed until 07/15/2026,<br>4.70% <sup>(D)</sup>, 10/15/2051 <sup>(B)</sup> | 620000 | 472234 |
|  Hartford Financial Services Group, Inc. <br>3-Month LIBOR + 2.13%, <br>6.73% <sup>(D)</sup>, 02/12/2067 <sup>(B)</sup> | 907000 | 759277 |
|  Lincoln National Corp. <br>3-Month LIBOR + 2.36%, <br>7.01% <sup>(D)</sup>, 05/17/2066 | 1185000 | 896334 |
|  Ohio National Financial Services, Inc. <br>5.80%, 01/24/2030 <sup>(A)</sup> <sup>(B)</sup> | 961000 | 885300 |
|  |  | 3013145 |
| **IT Services - 1.1%** | **IT Services - 1.1%** | **IT Services - 1.1%** |
|  Conduent Business Services LLC / Conduent State & Local Solutions, Inc. <br>6.00%, 11/01/2029 <sup>(B)</sup> | 728000 | 594776 |
| Gartner, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 06/15/2029 <sup>(B)</sup> | 101000 | 88751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 10/01/2030 <sup>(B)</sup> | 211000 | 181869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/01/2028 <sup>(B)</sup> | 698000 | 650766 |
|  Rackspace Technology Global, Inc. <br>3.50%, 02/15/2028 <sup>(A)</sup> <sup>(B)</sup> | 898000 | 521846 |
|  |  | 2038008 |
| **Leisure Products - 0.1%** | **Leisure Products - 0.1%** | **Leisure Products - 0.1%** |
| Mattel, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 11/01/2041 | 284000 | 231174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 10/01/2040 | 50000 | 43158 |
|  |  | 274332 |
| **Life Sciences Tools & Services - 0.1%** | **Life Sciences Tools & Services - 0.1%** | **Life Sciences Tools & Services - 0.1%** |
| Charles River Laboratories International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/15/2029 <sup>(A)</sup> <sup>(B)</sup> | 128000 | 113203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/2031 <sup>(A)</sup> <sup>(B)</sup> | 128000 | 110720 |
|  |  | 223923 |
| **Machinery - 2.0%** | **Machinery - 2.0%** | **Machinery - 2.0%** |
|  Allison Transmission, Inc. <br>3.75%, 01/30/2031 <sup>(B)</sup> | 473000 | 389043 |
| Chart Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 01/01/2030 <sup>(B)</sup> | 71000 | 71305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 01/01/2031 <sup>(A)</sup> <sup>(B)</sup> | 82000 | 83955 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Machinery (continued)** | **Machinery (continued)** | **Machinery (continued)** |
| Madison IAQ LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/30/2028 <sup>(B)</sup> | $367000 | $300940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/30/2029 <sup>(B)</sup> | 110000 | 75394 |
|  Smyrna Ready Mix Concrete LLC <br>6.00%, 11/01/2028 <sup>(B)</sup> | 1137000 | 1017274 |
|  SPX FLOW, Inc. <br>8.75%, 04/01/2030 <sup>(A)</sup> <sup>(B)</sup> | 781000 | 615943 |
|  Vertiv Group Corp. <br>4.13%, 11/15/2028 <sup>(A)</sup> <sup>(B)</sup> | 492000 | 418200 |
|  Wabash National Corp. <br>4.50%, 10/15/2028 <sup>(B)</sup> | 782000 | 665663 |
|  |  | 3637717 |
| **Media - 10.7%** | **Media - 10.7%** | **Media - 10.7%** |
| Arches Buyer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/01/2028 <sup>(B)</sup> | 577000 | 451272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 12/01/2028 <sup>(A)</sup> <sup>(B)</sup> | 372000 | 298530 |
| CCO Holdings LLC / CCO Holdings Capital<br>Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/01/2031 - 01/15/2034 <sup>(B)</sup> | 671000 | 509580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/2030 - 06/01/2033 <sup>(B)</sup> | 934000 | 738867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/01/2032 | 298000 | 237402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/01/2030 - 02/01/2032 <sup>(B)</sup> | 1607000 | 1344022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2028 <sup>(B)</sup> | 423000 | 382286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 06/01/2029 <sup>(B)</sup> | 290000 | 261158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/01/2026 <sup>(B)</sup> | 348000 | 336837 |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 08/15/2027 <sup>(A)</sup> <sup>(B)</sup> | 584000 | 504979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 06/01/2029 <sup>(A)</sup> <sup>(B)</sup> | 220000 | 161539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 04/15/2028 <sup>(A)</sup> <sup>(B)</sup> | 244000 | 178122 |
| CSC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/01/2030 <sup>(B)</sup> | 248000 | 175279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/2031 <sup>(B)</sup> | 462000 | 320542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 02/01/2028 <sup>(A)</sup> <sup>(B)</sup> | 400000 | 322500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/2030 <sup>(B)</sup> | 1453000 | 819477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/01/2029 <sup>(B)</sup> | 460000 | 376050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/01/2028 <sup>(A)</sup> <sup>(B)</sup> | 250000 | 169375 |
|  Diamond Sports Group LLC / Diamond Sports Finance Co. <br>5.38%, 08/15/2026 <sup>(B)</sup> | 974000 | 114445 |
|  Directv Financing LLC / Directv Financing Co-Obligor, Inc. <br>5.88%, 08/15/2027 <sup>(B)</sup> | 985000 | 881240 |
| DISH DBS Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/2023 | 189000 | 188132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/01/2026 <sup>(B)</sup> | 444000 | 373997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/01/2028 <sup>(B)</sup> | 455000 | 363147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 07/01/2028 | 360000 | 254700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 07/01/2026 | 409000 | 330554 |
|  DISH Network Corp. <br>11.75%, 11/15/2027 <sup>(B)</sup> | 592000 | 609701 |
|  Gray Escrow II, Inc. <br>5.38%, 11/15/2031 <sup>(B)</sup> | 558000 | 402123 |
| Gray Television, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/2030 <sup>(B)</sup> | 969000 | 687990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 05/15/2027 <sup>(A)</sup> <sup>(B)</sup> | 857000 | 759979 |
| iHeartCommunications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 05/01/2026 | 36000 | 33120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 05/01/2027 <sup>(A)</sup> | 1147386 | 975424 |

---

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 9** 

------

##### [**Table of Contents**](#toc)
**Transamerica Aegon High Yield Bond VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| LCPR Senior Secured Financing DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 07/15/2029 <sup>(B)</sup> | $430000 | $356216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 10/15/2027 <sup>(B)</sup> | 616000 | 575960 |
| Sinclair Television Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/01/2030 <sup>(B)</sup> | 319000 | 239150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/01/2030 <sup>(A)</sup> <sup>(B)</sup> | 635000 | 444011 |
| Sirius XM Radio, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 09/01/2026 <sup>(B)</sup> | 211000 | 187355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 07/01/2030 <sup>(B)</sup> | 341000 | 281397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2027 <sup>(B)</sup> | 31000 | 28658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/01/2029 <sup>(B)</sup> | 357000 | 325862 |
| TEGNA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/15/2028 | 370000 | 350975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/15/2026 <sup>(B)</sup> | 211000 | 204597 |
| Univision Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 06/01/2027 <sup>(B)</sup> | 541000 | 521962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 06/30/2030 <sup>(B)</sup> | 93000 | 88880 |
|  UPC Broadband Finco BV <br>4.88%, 07/15/2031 <sup>(B)</sup> | 501000 | 420840 |
|  UPC Holding BV <br>5.50%, 01/15/2028 <sup>(B)</sup> | 374000 | 331925 |
|  Virgin Media Finance PLC <br>5.00%, 07/15/2030 <sup>(B)</sup> | 447000 | 358126 |
|  VZ Secured Financing BV <br>5.00%, 01/15/2032 <sup>(B)</sup> | 1448000 | 1176676 |
|  Ziggo Bond Co. BV <br>6.00%, 01/15/2027 <sup>(A)</sup> <sup>(B)</sup> | 500000 | 465210 |
|  |  | 19920169 |
| **Metals & Mining - 4.4%** | **Metals & Mining - 4.4%** | **Metals & Mining - 4.4%** |
|  Big River Steel LLC / BRS Finance Corp. <br>6.63%, 01/31/2029 <sup>(B)</sup> | 480000 | 457308 |
| Constellium SE |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 06/15/2028 <sup>(A)</sup> <sup>(B)</sup> | 1025000 | 947325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/15/2026 <sup>(B)</sup> | 1656000 | 1577609 |
|  First Quantum Minerals Ltd. <br>7.50%, 04/01/2025 <sup>(A)</sup> <sup>(B)</sup> | 234000 | 227762 |
| FMG Resources August Pty. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 04/15/2030 <sup>(B)</sup> | 540000 | 503025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 04/15/2032 <sup>(B)</sup> | 403000 | 375838 |
| Freeport-McMoRan, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/01/2028 | 317000 | 292934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/01/2030 | 341000 | 309468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 08/01/2028 | 443000 | 413483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 08/01/2030 | 443000 | 412712 |
| Mineral Resources Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 05/01/2027 <sup>(B)</sup> | 705000 | 709888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 05/01/2030 <sup>(B)</sup> | 691000 | 700349 |
|  New Gold, Inc. <br>7.50%, 07/15/2027 <sup>(B)</sup> | 906000 | 795064 |
| Novelis Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/15/2026 <sup>(B)</sup> | 70000 | 62756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/15/2031 <sup>(B)</sup> | 71000 | 57964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/30/2030 <sup>(B)</sup> | 463000 | 410480 |
|  |  | 8253965 |
| **Oil, Gas & Consumable Fuels - 12.1%** | **Oil, Gas & Consumable Fuels - 12.1%** | **Oil, Gas & Consumable Fuels - 12.1%** |
| Antero Midstream Partners LP / Antero<br>Midstream Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 06/15/2029 <sup>(B)</sup> | 603000 | 551287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 05/15/2026 <sup>(B)</sup> | 539000 | 545602 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| Callon Petroleum Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 07/01/2026 <sup>(A)</sup> | $180000 | $167768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 06/15/2030 <sup>(B)</sup> | 182000 | 166530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 08/01/2028 <sup>(B)</sup> | 329000 | 312353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 07/15/2025 | 629000 | 625855 |
|  Cheniere Corpus Christi Holdings LLC <br>5.88%, 03/31/2025 | 170000 | 170964 |
|  Cheniere Energy Partners LP <br>4.00%, 03/01/2031 | 600000 | 510816 |
|  Cheniere Energy, Inc. <br>4.63%, 10/15/2028 | 309000 | 279313 |
|  Chord Energy Corp. <br>6.38%, 06/01/2026 <sup>(B)</sup> | 473000 | 460669 |
|  Civitas Resources, Inc. <br>5.00%, 10/15/2026 <sup>(B)</sup> | 305000 | 278848 |
|  Comstock Resources, Inc. <br>5.88%, 01/15/2030 <sup>(B)</sup> | 463000 | 398041 |
|  Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp. <br>8.00%, 04/01/2029 <sup>(B)</sup> | 999000 | 994090 |
| CrownRock LP / CrownRock Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2029 <sup>(B)</sup> | 17000 | 15275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 10/15/2025 <sup>(B)</sup> | 1068000 | 1030620 |
|  DCP Midstream Operating LP <br>5.38%, 07/15/2025 | 591000 | 585504 |
| DT Midstream, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/15/2029 <sup>(B)</sup> | 368000 | 316152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 06/15/2031 <sup>(B)</sup> | 92000 | 77179 |
|  eG Global Finance PLC <br>6.75%, 02/07/2025 <sup>(B)</sup> | 701000 | 611994 |
| EQM Midstream Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 07/01/2025 <sup>(B)</sup> | 59000 | 56935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/01/2027 <sup>(B)</sup> | 314000 | 300105 |
| Hess Midstream Operations LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/15/2030 <sup>(B)</sup> | 31000 | 26504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/15/2028 <sup>(A)</sup> <sup>(B)</sup> | 626000 | 579057 |
|  Holly Energy Partners LP / Holly Energy Finance Corp. <br>6.38%, 04/15/2027 <sup>(B)</sup> | 450000 | 442121 |
|  Ithaca Energy North Sea PLC <br>9.00%, 07/15/2026 <sup>(B)</sup> | 675000 | 663470 |
| Kinder Morgan, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 01/15/2032 <sup>(A)</sup> | 245000 | 275658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.05%, 10/15/2030 | 134000 | 145677 |
| Moss Creek Resources Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 01/15/2026 <sup>(B)</sup> | 115000 | 103525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 05/15/2027 <sup>(A)</sup> <sup>(B)</sup> | 441000 | 416862 |
| NuStar Logistics LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 04/28/2027 | 451000 | 421669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/01/2025 | 115000 | 110704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/01/2026 | 100000 | 96291 |
| Occidental Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 09/01/2025 | 353000 | 351676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 01/01/2031 <sup>(A)</sup> | 79000 | 79726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 03/15/2040 | 359000 | 348746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 09/15/2036 | 1194000 | 1217880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.60%, 03/15/2046 | 193000 | 198595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 09/01/2030 | 432000 | 446420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.15%, 05/15/2028 | 433000 | 445990 |

---

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 10** 

------

##### [**Table of Contents**](#toc)
**Transamerica Aegon High Yield Bond VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
|  Ovintiv, Inc. <br>7.38%, 11/01/2031 | $276000 | $294687 |
| Parkland Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/2029 <sup>(B)</sup> | 217000 | 181063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 05/01/2030 <sup>(B)</sup> | 77000 | 63717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 07/15/2027 <sup>(B)</sup> | 531000 | 504184 |
| PDC Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/15/2026 | 395000 | 377055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 09/15/2024 | 635000 | 625861 |
| SM Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 06/01/2025 | 169000 | 162238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/15/2028 <sup>(A)</sup> | 56000 | 53691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 01/15/2027 | 832000 | 801399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 09/15/2026 | 222000 | 215529 |
| Southwestern Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/01/2032 | 225000 | 192283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 03/15/2030 | 277000 | 252629 |
| Summit Midstream Holdings LLC / Summit<br>Midstream Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/15/2025 <sup>(A)</sup> | 343000 | 290347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 10/15/2026 <sup>(B)</sup> | 242000 | 229673 |
|  Summit Midstream Partners LP <br>Fixed until 01/30/2023 <sup>(C)</sup>, 12.18% <sup>(D)</sup> | 672000 | 496527 |
| Targa Resources Partners LP / Targa<br>Resources Partners Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/2032 | 250000 | 209962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 02/01/2031 | 938000 | 841914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/2028 | 450000 | 429281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/01/2030 | 378000 | 355668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/15/2027 | 255000 | 256617 |
| Western Midstream Operating LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 03/01/2048 | 699000 | 573709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 04/01/2044 | 251000 | 208169 |
|  |  | 22442674 |
| **Paper & Forest Products - 0.7%** | **Paper & Forest Products - 0.7%** | **Paper & Forest Products - 0.7%** |
|  Domtar Corp. <br>6.75%, 10/01/2028 <sup>(B)</sup> | 637000 | 557760 |
|  Glatfelter Corp. <br>4.75%, 11/15/2029 <sup>(A)</sup> <sup>(B)</sup> | 1110000 | 667522 |
|  |  | 1225282 |
| **Personal Products - 0.5%** | **Personal Products - 0.5%** | **Personal Products - 0.5%** |
| Coty, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/2026 <sup>(B)</sup> | 572000 | 542412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 04/15/2026 <sup>(A)</sup> <sup>(B)</sup> | 436000 | 418560 |
|  |  | 960972 |
| **Pharmaceuticals - 1.7%** | **Pharmaceuticals - 1.7%** | **Pharmaceuticals - 1.7%** |
| Bausch Health Americas, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 01/31/2027 <sup>(B)</sup> | 532000 | 279300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 04/01/2026 <sup>(B)</sup> | 336000 | 235200 |
| Bausch Health Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/30/2028 - 02/15/2029 <sup>(B)</sup> | 574000 | 275166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/30/2030 - 02/15/2031 <sup>(B)</sup> | 619000 | 297126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/01/2025 <sup>(A)</sup> <sup>(B)</sup> | 278000 | 236166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 01/15/2028 <sup>(B)</sup> | 161000 | 77819 |
|  Endo Luxembourg Finance Co. I SARL / Endo US, Inc. <br>6.13%, 04/01/2029 <sup>(B)</sup> | 458000 | 347452 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| Organon & Co. / Organon Foreign Debt<br>Co-Issuer BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/30/2028 <sup>(B)</sup> | $485000 | $429419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 04/30/2031 <sup>(B)</sup> | 245000 | 212018 |
|  Par Pharmaceutical, Inc. <br>7.50%, 04/01/2027 <sup>(B)</sup> | 938000 | 712856 |
|  |  | 3102522 |
| **Real Estate Management & Development - 0.3%** | **Real Estate Management & Development - 0.3%** | **Real Estate Management & Development - 0.3%** |
|  Cushman & Wakefield US Borrower LLC <br>6.75%, 05/15/2028 <sup>(B)</sup> | 502000 | 479089 |
| **Road & Rail - 1.3%** | **Road & Rail - 1.3%** | **Road & Rail - 1.3%** |
| Hertz Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/01/2026 <sup>(A)</sup> <sup>(B)</sup> | 69000 | 57788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2029 <sup>(B)</sup> | 657000 | 498400 |
| Uber Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/2029 <sup>(B)</sup> | 496000 | 432143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 01/15/2028 <sup>(A)</sup> <sup>(B)</sup> | 59000 | 56640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 09/15/2027 <sup>(B)</sup> | 1134000 | 1133648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/01/2026 <sup>(B)</sup> | 270000 | 270929 |
|  |  | 2449548 |
| **Software - 1.4%** | **Software - 1.4%** | **Software - 1.4%** |
|  Crowdstrike Holdings, Inc. <br>3.00%, 02/15/2029 <sup>(A)</sup> | 663000 | 559752 |
|  Helios Software Holdings, Inc. / ION Corp. Solutions Finance SARL <br>4.63%, 05/01/2028 <sup>(B)</sup> | 813000 | 617860 |
| NCR Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2028 <sup>(B)</sup> | 203000 | 173064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 04/15/2029 <sup>(B)</sup> | 286000 | 239254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/2030 <sup>(A)</sup> <sup>(B)</sup> | 481000 | 396825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 09/01/2027 <sup>(B)</sup> | 312000 | 298560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 09/01/2029 <sup>(A)</sup> <sup>(B)</sup> | 348000 | 325399 |
|  |  | 2610714 |
| **Specialty Retail - 1.0%** | **Specialty Retail - 1.0%** | **Specialty Retail - 1.0%** |
| Bath & Body Works, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 10/01/2030 <sup>(B)</sup> | 214000 | 200818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 07/01/2036 | 497000 | 436813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 11/01/2035 | 325000 | 288893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 06/15/2029 <sup>(A)</sup> | 226000 | 223107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.38%, 07/01/2025 <sup>(A)</sup> <sup>(B)</sup> | 56000 | 59651 |
|  Staples, Inc. <br>7.50%, 04/15/2026 <sup>(B)</sup> | 787000 | 677355 |
|  |  | 1886637 |
| **Technology Hardware, Storage & Peripherals - 0.2%** | **Technology Hardware, Storage & Peripherals - 0.2%** | **Technology Hardware, Storage & Peripherals - 0.2%** |
|  Western Digital Corp. <br>4.75%, 02/15/2026 | 452000 | 425648 |
| **Trading Companies & Distributors - 1.7%** | **Trading Companies & Distributors - 1.7%** | **Trading Companies & Distributors - 1.7%** |
|  Boise Cascade Co. <br>4.88%, 07/01/2030 <sup>(B)</sup> | 880000 | 765932 |
|  Herc Holdings, Inc. <br>5.50%, 07/15/2027 <sup>(B)</sup> | 919000 | 857197 |
| United Rentals North America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/15/2032 | 395000 | 322253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/15/2030 | 557000 | 476122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/15/2027 | 77000 | 76014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/15/2029 <sup>(B)</sup> | 666000 | 661838 |
|  |  | 3159356 |

---

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 11** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Wireless Telecommunication Services - 1.8%** | **Wireless Telecommunication Services - 1.8%** | **Wireless Telecommunication Services - 1.8%** |
| Altice France SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 07/15/2029 <sup>(B)</sup> | $200000 | $149949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/15/2029 <sup>(B)</sup> | 1096000 | 835733 |
| Sprint LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 06/15/2024 | 892000 | 909863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 03/01/2026 | 409000 | 430342 |
| Vmed O2 Financing I PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/31/2031 <sup>(B)</sup> | 585000 | 473566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 07/15/2031 <sup>(B)</sup> | 779000 | 635574 |
|  |  | 3435027 |
|  **Total Corporate Debt Securities <br>(Cost $208,911,109)** | **Total Corporate Debt Securities <br>(Cost $208,911,109)** | 181327816 |
| **LOAN ASSIGNMENTS - 0.3%** | **LOAN ASSIGNMENTS - 0.3%** | **LOAN ASSIGNMENTS - 0.3%** |
| **Communications Equipment - 0.1%** | **Communications Equipment - 0.1%** | **Communications Equipment - 0.1%** |
|  Avaya, Inc. <br>Term Loan B, <br>1-Month LIBOR + 4.25%, <br>8.57% <sup>(D)</sup>, 12/15/2027 <sup>(E)</sup> | 648571 | 212407 |
| **Equity Real Estate Investment Trusts - 0.0% <sup>(J)</sup>** | **Equity Real Estate Investment Trusts - 0.0% <sup>(J)</sup>** | **Equity Real Estate Investment Trusts - 0.0% <sup>(J)</sup>** |
|  CBL & Associates LP <br>Term Loan, <br>1-Month LIBOR + 2.75%, <br>6.87% <sup>(D)</sup>, 11/01/2025 <sup>(K)</sup> | 550 | 441 |
| **Media - 0.2%** | **Media - 0.2%** | **Media - 0.2%** |
|  Clear Channel Outdoor Holdings, Inc. <br>Term Loan B, <br>3-Month LIBOR + 3.50%, <br>7.91% <sup>(D)</sup>, 08/21/2026 | 372488 | 337381 |
|  **Total Loan Assignments <br>(Cost $1,017,705)** | **Total Loan Assignments <br>(Cost $1,017,705)** | 550229 |
|  | **Shares** | **Value** |
| **COMMON STOCKS - 0.0% <sup>(J)</sup>** | **COMMON STOCKS - 0.0% <sup>(J)</sup>** | **COMMON STOCKS - 0.0% <sup>(J)</sup>** |
| **Diversified Telecommunication Services - 0.0% <sup>(J)</sup>** | **Diversified Telecommunication Services - 0.0% <sup>(J)</sup>** | **Diversified Telecommunication Services - 0.0% <sup>(J)</sup>** |
|  Intelsat SA <sup>(I)</sup> <sup>(L)</sup> | 2946 | 64812 |
| **Electric Utilities - 0.0% <sup>(J)</sup>** | **Electric Utilities - 0.0% <sup>(J)</sup>** | **Electric Utilities - 0.0% <sup>(J)</sup>** |
|  Homer City Generation LLC <sup>(E)</sup> <sup>(H)</sup> <sup>(I)</sup> <sup>(L)</sup> | 39132 | 391 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued) <sup>(J)</sup>** | **COMMON STOCKS (continued) <sup>(J)</sup>** | **COMMON STOCKS (continued) <sup>(J)</sup>** |
| **Oil, Gas & Consumable Fuels - 0.0% <sup>(J)</sup>** | **Oil, Gas & Consumable Fuels - 0.0% <sup>(J)</sup>** | **Oil, Gas & Consumable Fuels - 0.0% <sup>(J)</sup>** |
|  Ultra Resources, Inc. <sup>(G)</sup> <sup>(H)</sup> <sup>(I)</sup> <sup>(L)</sup> | 123 | $0 |
|  **Total Common Stocks <br>(Cost $2,401,950)** | **Total Common Stocks <br>(Cost $2,401,950)** | 65203 |
| **WARRANTS - 0.0% <sup>(J)</sup>** | **WARRANTS - 0.0% <sup>(J)</sup>** | **WARRANTS - 0.0% <sup>(J)</sup>** |
| **Air Freight & Logistics - 0.0% <sup>(J)</sup>** | **Air Freight & Logistics - 0.0% <sup>(J)</sup>** | **Air Freight & Logistics - 0.0% <sup>(J)</sup>** |
|  Avation PLC, <sup>(A)</sup> <sup>(I)</sup> <sup>(L)</sup> <br>Exercise Price $0.36, <br>Expiration Date 10/31/2026 | 5250 | 1904 |
| **Construction & Engineering - 0.0% <sup>(J)</sup>** | **Construction & Engineering - 0.0% <sup>(J)</sup>** | **Construction & Engineering - 0.0% <sup>(J)</sup>** |
|  Abengoa Abenewco 2 SA, <sup>(B)</sup> <sup>(G)</sup> <sup>(H)</sup> <sup>(I)</sup> <sup>(L)</sup> <sup>(M)</sup> <br>Exercise Price $0.00, <br>Expiration Date 10/26/2024 | 314199 | 0 |
|  **Total Warrants <br>(Cost $60,513)** | **Total Warrants <br>(Cost $60,513)** | 1904 |
|  | **Principal** | **Value** |
| **SHORT-TERM U.S. GOVERNMENT OBLIGATION - 0.5%** | **SHORT-TERM U.S. GOVERNMENT OBLIGATION - 0.5%** | **SHORT-TERM U.S. GOVERNMENT OBLIGATION - 0.5%** |
|  U.S. Treasury Bills <br>3.74% <sup>(N)</sup>, 01/17/2023 <sup>(A)</sup> | $947200 | 945845 |
|  **Total Short-Term U.S. Government Obligation <br>(Cost $945,653)** | **Total Short-Term U.S. Government Obligation <br>(Cost $945,653)** | 945845 |
|  | **Shares** | **Value** |
| **OTHER INVESTMENT COMPANY - 12.8%** | **OTHER INVESTMENT COMPANY - 12.8%** | **OTHER INVESTMENT COMPANY - 12.8%** |
| **Securities Lending Collateral - 12.8%** | **Securities Lending Collateral - 12.8%** | **Securities Lending Collateral - 12.8%** |
|  State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 4.29% <sup>(N)</sup> | 23859260 | 23859260 |
|  **Total Other Investment Company <br>(Cost $23,859,260)** | **Total Other Investment Company <br>(Cost $23,859,260)** | 23859260 |
|  **Total Investments <br>(Cost $237,196,190)** | **Total Investments <br>(Cost $237,196,190)** | 206750257 |
|  **Net Other Assets (Liabilities) - (11.0)%** |  | (20521777) |
|  **Net Assets - 100.0%** |  | **$186228480** |

---

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(O)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs <sup>(P)</sup>** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Corporate Debt Securities | $— | $181327816 | $0 | $181327816 |
|  Loan Assignments |  | 550229 |  | 550229 |
|  Common Stocks |  | 64812 | 391 | 65203 |
|  Warrants |  | 1904 | 0 | 1904 |
|  Short-Term U.S. Government Obligation |  | 945845 |  | 945845 |
|  Other Investment Company | 23859260 |  |  | 23859260 |
|  **Total Investments** | $**23859260** | $**182890606** | $**391** | $**206750257** |

---

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 12** 

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##### [**Table of Contents**](#toc)
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**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

**INVESTMENT VALUATION (continued):** 

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Transfers** | **Transfers** | **Transfers** | **Transfers** | **Transfers** |
| **Investments** | **Transfers from<br>Level 1 to Level 3** | **Transfers from<br>Level 3 to Level 1** | **Transfers from<br>Level 2 to Level 3** | **Transfers from<br>Level 3 to Level 2** |
|  Warrants <sup>(M)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;— |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *All or a portion of the securities are on loan. The total value of all securities on loan is $24,876,563, collateralized by cash collateral of $23,859,260 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $1,534,246. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.* 

(B) *Securities are exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2022, the total value of 144A securities is $129,868,359, representing 69.7% of the Portfolio's net assets.* 

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

(D) *Floating or variable rate securities. The rates disclosed are as of December 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.* 

(E) *Restricted securities. At December 31, 2022, the value of such securities held by the Portfolio are as follows:* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Description** | **Acquisition<br>Date** | **Acquisition<br>Cost** | **Value** | **Value as<br>Percentage of<br>Net Assets** |
|  Corporate Debt Securities | Eagle Intermediate Global Holding BV / Eagle US Finance LLC<br>7.50%, 05/01/2025 | 04/20/2018 - 05/10/2021 | $831119 | $538867 | 0.3% |
|  Corporate Debt Securities | Avaya, Inc.<br>6.13%, 09/15/2028 | 09/11/2020 - 10/25/2022 | 1378164 | 437065 | 0.2 |
|  Loan Assignments | Avaya, Inc.<br>Term Loan B<br>8.57%, 12/15/2027 | 09/25/2020 | 644474 | 212407 | 0.1 |
|  Common Stocks | Homer City Generation LLC | 01/10/2011 - 04/01/2013 | 2125325 | 391 | 0.0 <sup>(J)</sup> |
|  **Total** |  |  | $**4979082** | $**1188730** | **0.6%** |

---

(F) *Payment in-kind. Securities pay interest or dividends in the form of additional bonds or preferred stock. If the securities make a cash payment in addition to in-kind, the cash rate is disclosed separately.* 

(G) *Securities deemed worthless.* 

(H) *Securities are Level 3 of the fair value hierarchy.* 

(I) *Fair valued as determined in good faith in accordance with procedures established by the Board. At December 31, 2022, the total value of securities is $67,107, representing less than 0.1% of the Portfolio's net assets.* 

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

(K) *When-issued, delayed-delivery and/or forward commitment (including TBAs) security. Security to be settled and delivered after December 31, 2022. Security may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.* 

(L) *Non-income producing securities.* 

(M) *Transferred from Level 2 to 3 due to utilizing significant unobservable inputs. As of prior reporting period, the security utilized significant observable inputs.* 

(N) *Rates disclosed reflect the yields at December 31, 2022.* 

(O) *The Portfolio recognized transfers in and out of Level 3 as of December 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

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

**PORTFOLIO ABBREVIATIONS:** 

*CMT* *Constant Maturity Treasury* <br> *LIBOR* *London Interbank Offered Rate*

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 13** 

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**STATEMENT OF ASSETS AND LIABILITIES** 

**At December 31, 2022** 

---

| | |
|:---|:---|
|  **Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value (cost $237,196,190) <br>(including securities loaned of $24,876,563) | $&nbsp;&nbsp;&nbsp;&nbsp;206750257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | 95802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables and other assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; When-issued, delayed-delivery, forward and TBA commitments sold | 505928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 15392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest sold | 18626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 3169188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 770 |
|  Total assets | 210555963 |
|  **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral received upon return of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities on loan | 23859260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables and other liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 22470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; When-issued, delayed-delivery, forward and TBA commitments purchased | 253465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest redeemed | 2223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 89273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 25862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 1648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 28639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 12557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 1136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 27922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 2805 |
|  Total liabilities | 24327483 |
|  **Net assets** | $186228480 |
|  **Net assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital stock ($0.01 par value) | $285001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 222170172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) | (36226693) |
|  **Net assets** | $186228480 |
|  **Net assets by class:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | $66792897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 119435583 |
|  **Shares outstanding:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 10356395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 18143705 |
|  **Net asset value and offering price per share:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | $6.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 6.58 |

---

**STATEMENT OF OPERATIONS** 

**For the year ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | $12251993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 130413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withholding taxes on foreign income | (181) |
|  Total investment income | 12382225 |
|  **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 1151576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 337475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 2158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 8807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 39357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 51562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 11513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 1137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 15513 |
|  Total expenses | 1619098 |
|  **Net investment income (loss)** | 10763127 |
|  **Net realized gain (loss) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (1090402) |
|  **Net change in unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (36588540) |
|  Net realized and change in unrealized gain (loss) | (37678942) |
|  **Net increase (decrease) in net assets resulting from operations** | $&nbsp;&nbsp;&nbsp;&nbsp;(26915815) |

---

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 14** 

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**STATEMENT OF CHANGES IN NET ASSETS** 

**For the years ended:** 

---

| | | |
|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2021** |
|  **From operations:** | **From operations:** | **From operations:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $10763127 | $11569534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (1090402) | 2371337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (36588540) | 1946425 |
|  Net increase (decrease) in net assets resulting from operations | (26915815) | 15887296 |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (4241087) | (4897430) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (7276431) | (8025776) |
|  Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (11517518) | (12923206) |
|  **Capital share transactions:** | **Capital share transactions:** | **Capital share transactions:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 7044983 | 8311007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 4239154 | 12350713 |
|  | 11284137 | 20661720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 4241087 | 4897430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 7276431 | 8025776 |
|  | 11517518 | 12923206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (14331082) | (27628920) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (27757328) | (22187088) |
|  | (42088410) | (49816008) |
|  Net increase (decrease) in net assets resulting from capital share transactions | (19286755) | (16231082) |
|  **Net increase (decrease) in net assets** | (57720088) | (13266992) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 243948568 | 257215560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $&nbsp;&nbsp;&nbsp;&nbsp;186228480 | $&nbsp;&nbsp;&nbsp;&nbsp;243948568 |
|  **Capital share transactions - shares:** | **Capital share transactions - shares:** | **Capital share transactions - shares:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 970941 | 1069283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 579907 | 1560337 |
|  | 1550848 | 2629620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 646507 | 643552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 1084416 | 1034249 |
|  | 1730923 | 1677801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (2046455) | (3558805) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (3942939) | (2805313) |
|  | (5989394) | (6364118) |
|  Net increase (decrease) in shares outstanding: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (429007) | (1845970) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (2278616) | (210727) |
|  | (2707623) | (2056697) |

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

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**FINANCIAL HIGHLIGHTS** 

**For a share outstanding during the years indicated:** 

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|:---|:---|:---|:---|:---|:---|
|  | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $7.72 | $7.65 | $7.78 | $7.27 | $7.94 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(A)</sup> | 0.37 | 0.36 | 0.39 | 0.44 | 0.46 |
|  Net realized and unrealized gain (loss) | (1.22) | 0.13 | (0.04) | 0.57 | (0.63) |
|  Total investment operations | (0.85) | 0.49 | 0.35 | 1.01 | (0.17) |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income | (0.42) | (0.42) | (0.48) | (0.50) | (0.50) |
|  **Net asset value, end of year** | $6.45 | $7.72 | $7.65 | $7.78 | $7.27 |
|  **Total return** | (11.12)% | 6.35% | 5.04% | 14.21% | (2.35)% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;66793 | $&nbsp;&nbsp;&nbsp;&nbsp;83291 | $&nbsp;&nbsp;&nbsp;&nbsp;96601 | $&nbsp;&nbsp;&nbsp;&nbsp;104239 | $&nbsp;&nbsp;&nbsp;&nbsp;97618 |
|  Expenses to average net assets | 0.62% | 0.62% | 0.63% | 0.65% | 0.64% |
|  Net investment income (loss) to average net assets | 5.35% | 4.68% | 5.34% | 5.64% | 5.96% |
|  Portfolio turnover rate | 16% | 36% | 40% | 37% | 32% |

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(A) *Calculated based on average number of shares outstanding.* 

**For a share outstanding during the years indicated:** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $7.87 | $7.78 | $7.91 | $7.38 | $8.06 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(A)</sup> | 0.36 | 0.35 | 0.38 | 0.42 | 0.45 |
|  Net realized and unrealized gain (loss) | (1.25) | 0.14 | (0.05) | 0.59 | (0.65) |
|  Total investment operations | (0.89) | 0.49 | 0.33 | 1.01 | (0.20) |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income | (0.40) | (0.40) | (0.46) | (0.48) | (0.48) |
|  **Net asset value, end of year** | $6.58 | $7.87 | $7.78 | $7.91 | $7.38 |
|  **Total return** | (11.45)% | 6.25% | 4.68% | 13.97% | (2.71)% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;119435 | $&nbsp;&nbsp;&nbsp;&nbsp;160658 | $&nbsp;&nbsp;&nbsp;&nbsp;160615 | $&nbsp;&nbsp;&nbsp;&nbsp;166739 | $&nbsp;&nbsp;&nbsp;&nbsp;147752 |
|  Expenses to average net assets | 0.87% | 0.87% | 0.88% | 0.90% | 0.89% |
|  Net investment income (loss) to average net assets | 5.09% | 4.42% | 5.08% | 5.39% | 5.71% |
|  Portfolio turnover rate | 16% | 36% | 40% | 37% | 32% |

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(A) *Calculated based on average number of shares outstanding.* 

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

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**NOTES TO FINANCIAL STATEMENTS** 

**At December 31, 2022** 

**1. ORGANIZATION** 

Transamerica Series Trust ("TST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). TST applies investment company accounting and reporting guidance. TST serves as a funding vehicle for variable life insurance, variable annuity, and group annuity products. Transamerica Aegon High Yield Bond VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers two classes of shares, Initial Class and Service Class.

The only shareholders of the Portfolio are affiliated insurance company separate accounts and affiliated asset allocation portfolios. Contract holders of the variable life and annuity contracts are not shareholders of the Portfolio. For ease of reference, shareholders and contract holders are collectively referred to in this report as "shareholders."

This report must be accompanied or preceded by the Portfolio's current prospectus, which contains additional information about the Portfolio, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Portfolio pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Portfolio. TAM supervises the Portfolio's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Portfolio.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of a Portfolio without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Portfolio and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Portfolio employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending portfolio combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Portfolio's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Portfolio; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for a Portfolio; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Portfolio's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; oversight of other service providers to the Portfolio, such as the custodian, the transfer agent, the Portfolio's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Portfolio; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Portfolio, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Portfolio. The Portfolio pays certain fees and expenses to State Street for sub-administration services which are not administrative

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**1. ORGANIZATION (continued)** 

services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the year ended December 31, 2022, (i) the expenses paid to State Street for sub-administration services by the Portfolio are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Portfolio are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES** 

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

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Portfolio is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

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

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Portfolio with broker/dealers with which TST has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Portfolio. In no event will commissions, paid by the Portfolio, be used to pay expenses that would otherwise be borne by any other portfolios within TST, or by any other party.

There were no commissions recaptured during the year ended December 31, 2022 by the Portfolio.

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

**3. INVESTMENT VALUATION** 

Effective September 8, 2022, TAM has been designated as the Portfolio's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Portfolio's Board of Trustees. The net asset value of the Portfolio is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

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

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

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**3. INVESTMENT VALUATION (continued)** 

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

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Portfolio's investments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Portfolio's investments at December 31, 2022, is disclosed within the Investment Valuation section of the Schedule of Investments.

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

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

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

*Loan assignments:* Loan assignments are normally valued using an income approach, which projects future cash flows and converts those future cash flows to a present value using a discount rate. The resulting present value reflects the likely fair value of the loan. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise are categorized in Level 3.

*Equity securities:* Securities are stated at the last reported sales price or closing price on the day of valuation taken from the primary exchange where the security is principally traded. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Equities traded on inactive markets or valued by reference to similar instruments are generally categorized in Level 2 or Level 3 if inputs are unobservable.

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

*Warrants:* Warrants may be priced intrinsically using a model that incorporates the subscription or strike price, the daily market price for the underlying security, and a subscription ratio. If the inputs are unavailable, or if the subscription or strike price is higher than the market price, then the warrants are priced at zero. Warrants are generally categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

*Short-term notes:* The Portfolio normally values short-term government and U.S. government agency securities using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers and reference data.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**3. INVESTMENT VALUATION (continued)** 

Certain securities are valued by principally using dealer quotations. Short-term government and U.S. government agency securities generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

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

*Restricted securities:* Restricted securities for which quotations are not readily available are valued at fair value. Restricted securities issued by publicly traded companies are generally valued at a discount to similar publicly traded securities. Restricted securities issued by nonpublic entities may be valued by reference to comparable public entities and/or fundamental data relating to the issuer. Depending on the relative significance of observable valuation inputs, these instruments may be classified in either Level 2 or Level 3 of the fair value hierarchy.

**4. SECURITIES AND OTHER INVESTMENTS** 

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

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

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

The Portfolio held no unfunded loan participations at December 31, 2022. Open funded loan participations and assignments at December 31, 2022, if any, are included within the Schedule of Investments.

**Payment in-kind ("PIK") securities:** PIKs give the issuer the option of making interest payments in either cash or additional debt securities at each interest payment date. Those additional debt securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original bonds. The daily market quotations of the original bonds may include the accrued interest (referred to as a "dirty price") and require a pro-rata adjustment from Total distributable earnings (loss) to Interest within the Statement of Assets and Liabilities.

PIKs held at December 31, 2022, if any, are identified within the Schedule of Investments.

**Real estate investment trusts ("REITs"):** REITs are pooled investment vehicles which invest primarily in income producing real estate, or real estate related loans or interests. Distributions received by REITs are classified at management's estimate of the dividend income, return of capital and capital gains. Estimates are based on information available at year-end, which includes the previous fiscal year's classification. The actual amounts of dividend income, return of capital, and capital gains are only determined by each REIT after the fiscal year end and may differ from the estimated amounts. Upon notification from the REITs, some of the distributions received may be re-classified and recorded as a return of capital or capital gains. There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

REITs held at December 31, 2022, if any, are identified within the Schedule of Investments.

**Restricted securities:** The Portfolio may invest in unregulated restricted securities. Restricted securities are subject to legal or contractual restrictions on resale. Restricted securities generally may be resold in transactions exempt from registration under the Securities Act of 1933.

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**Page 20** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**4. SECURITIES AND OTHER INVESTMENTS (continued)** 

Restricted securities held at December 31, 2022, if any, are identified within the Schedule of Investments.

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

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

TBA commitments are entered into to purchase or sell securities for a fixed price at a future date, typically not to exceed 45 days. TBAs are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased declines, or the value of the security sold increases, prior to settlement date, in addition to the risk of decline in the value of a Portfolio's other assets. Unsettled TBA commitments are valued at the current value of the underlying securities. TBA collateral requirements are typically calculated by netting the mark-to-market amount for each transaction and comparing that amount to the value of the collateral currently pledged by a Portfolio and the counterparty. Cash collateral that has been pledged to cover the obligations of a Portfolio and cash collateral received from the counterparty, if any, is reported separately in the Statement of Assets and Liabilities as Cash collateral pledged at broker for TBA commitments or Cash collateral at broker for TBA commitments, respectively. Non-cash collateral pledged by a Portfolio, if any, is disclosed within the Schedule of Investments. Typically, a Portfolio is permitted to sell, re-pledge or use the collateral it receives; however, the counterparty is not permitted. To the extent amounts due to a Portfolio are not fully collateralized, contractually or otherwise, a Portfolio bears the risk of loss from counterparty non-performance.

When-issued, delayed-delivery, forward and TBA commitment transactions held at December 31, 2022, if any, are identified within the Schedule of Investments. Open trades, if any, are reflected as When-issued, delayed-delivery, forward and TBA commitments purchased or sold within the Statements of Assets and Liabilities.

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

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

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the year ended December 31, 2022, the Portfolio has not utilized the program.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)** 

**Securities lending:** The Portfolio may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Portfolio pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Portfolio to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Portfolio may experience delays in recovery of the loaned securities or delays in access to collateral, or the Portfolio may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government and irrevocable letters of credit issued by banks as collateral. The initial collateral received by the Portfolio is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower.

The Portfolio receives compensation for lending securities from interest or dividends earned on the cash, U.S. Government securities and irrevocable letters of credit held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust—Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at December 31, 2022, if any, are shown on a gross basis within the Schedule of Investments.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of December 31, 2022.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
| | **Overnight and<br>Continuous** | **Less Than<br>30 Days** | **Between<br>30 & 90 Days** | **Greater Than<br>90 Days** | **Total** |
|  Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Debt Securities | $23857283 | $— | $— | $— | $23857283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrants | 1977 |  |  |  | 1977 |
|  Total Securities Lending Transactions | $23859260 | $— | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;23859260 |
|  **Total Borrowings** | $**23859260** | $**—** | $**—** | $**—** | $**23859260** |

---

**6. RISK FACTORS** 

Investing in the Portfolio involves certain key risks related to the Portfolio's trading activity. Please reference the Portfolio's prospectus for a more complete discussion of the following risk(s), as well as other risks of investing in the Portfolio.

**Market risk:** The market prices of the Portfolio's securities and other assets may go up or down, sometimes sharply and unpredictably, due to general market conditions, overall economic trends or events, inflation, changes in interest rates, government actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by wars, tariffs, trade disputes or other factors, political developments, investor sentiment, the global and domestic effects of a pandemic or other health emergency, and other factors that may or may not be related to the issuer of the security or other asset. The market prices of securities and other assets also may go down due to events or conditions that affect particular sectors, industries, issuers, or geographies. Adverse market conditions may be prolonged and may not have the same impact on all types of securities or other assets. If the value of the Portfolio's securities and assets fall, the value of your investment will go down. The Portfolio may experience a substantial or complete loss on any individual security or asset.

Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, the imposition of economic sanctions, public health events (such as the spread of infectious disease), wars, terrorism, cybersecurity events, technology and data interruptions, natural disasters, and other circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. In the past decade, financial markets throughout the world have experienced increased volatility and decreased liquidity. These conditions may continue or worsen. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down. Securities markets may also be susceptible to market manipulation or other fraudulent trade practices, which could disrupt the orderly functioning of these markets or adversely affect the value of securities traded in these markets, including the Portfolio's securities.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. RISK FACTORS (continued)** 

The pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in economic downturns throughout the world, severe losses, particularly to some sectors of the economy and individual issuers, and reduced liquidity of many instruments. There also have been significant disruptions to business operations, including business closures; strained healthcare systems; disruptions to supply chains and employee availability; large fluctuations in consumer demand; and widespread uncertainty regarding the duration and long-term effects of the pandemic. Economic downturns may be prolonged, and political and social instability, continued volatility and decreased liquidity in the securities markets may result. Developing or emerging market countries may be more impacted by the pandemic.

The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic. These and other government intervention into the economy and financial markets may not work as intended. In addition, government actions to mitigate the economic impact of the pandemic have resulted in large expansion of government deficits and debt, the long-term consequences of which are not known. Rates of inflation have recently risen, which could adversely affect economies and markets. The pandemic could continue to adversely affect the value and liquidity of the Portfolio's investments.

*Europe:* A number of countries in Europe have experienced severe economic and financial difficulties; and financial markets in Europe and elsewhere have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen or spread within or outside Europe. Responses to the financial problems by European governments, central banks and others may not work, may result in conflicts and social unrest and may limit future growth and economic recovery or have other unintended consequences. In January, 2020, through "Brexit," the United Kingdom withdrew from the European Union. The ramifications of Brexit are unknown, and the implications of possible political, regulatory, economic, and market outcomes could be significant. The United Kingdom has one of the largest economies in Europe and is a major trading partner with European Union countries and the United States. Brexit may create additional and substantial economic stresses for the United Kingdom, including a contraction of the United Kingdom's economy, decreased trade, capital outflows, devaluation of the British pound, and a decrease in business and consumer spending and investment. The negative impact on not only the United Kingdom and European Union economies but also the broader global economy could be significant. A number of countries in Europe have suffered terror attacks, and additional attacks may occur in the future. Europe has also been struggling with mass migration from the Middle East, Eastern Europe and Africa. The ultimate effects of these events and other socio-political or geopolitical issues could profoundly affect global economies and markets. Whether or not the Portfolio invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

*Additional Market Disruption:* Russia's invasion of Ukraine in February, 2022, the resulting responses by the United States and other countries, and the potential for wider conflict, have increased and may continue to increase volatility and uncertainty in financial markets worldwide. The United States and other countries have imposed broad-ranging economic sanctions on Russia and Russian entities and individuals, and may impose additional sanctions, including on other countries that provide military or economic support to Russia. These sanctions, among other things, restrict companies from doing business with Russia and Russian issuers, and may adversely affect companies with economic or financial exposure to Russia and Russian issuers. The extent and duration of Russia's military actions and the repercussions of such actions are not known. The invasion may widen beyond Ukraine and may escalate, including through retaliatory actions and cyberattacks by Russia and even other countries. These events may result in further and significant market disruptions and may adversely affect regional and global economies including those of Europe and the United States. Certain industries and markets, such as those involving oil, natural gas and other commodities, as well as global supply chains, may be particularly adversely affected. Whether or not the Portfolio invests in securities of issuers located in Russia, Ukraine and adjacent countries or with significant exposure to issuers in these countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

**High-yield debt securities risk:** High-yield debt securities, commonly referred to as "junk" bonds, are securities that are rated below "investment grade" or are of comparable quality. Changes in interest rates, the market's perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, tend to be volatile, typically have a higher risk of default, tend to be less liquid and more difficult to value than higher grade securities, and may result in losses for the Portfolio.

**Credit risk:** If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the Portfolio or a counterparty to a financial contract with the Portfolio is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be significant, particularly in certain market environments. In addition, the Portfolio may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. RISK FACTORS (continued)** 

**Interest rate risk:** Interest rates in the U.S. and certain foreign markets have been low relative to historic levels. The Portfolio faces a risk that interest rates may rise. The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates also may affect the liquidity of the Portfolio's investments. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the Portfolio. Increased redemptions could cause the Portfolio to sell securities at inopportune times or depressed prices and result in further losses.

**LIBOR risk:** Many financial instruments, financings or other transactions to which the Portfolio may be a party use or may use a floating rate based on the London Interbank Offered Rate ("LIBOR"). The UK Financial Conduct Authority and LIBOR's administrator announced that the use of LIBOR will be phased out; most LIBOR rates are no longer published as of the end of 2021 and a majority of U.S. dollar LIBOR rates will no longer be published after June 30, 2023. It is possible that a subset of LIBOR rates may be published after these dates on a "synthetic" basis, but any such publications would be considered non-representative of the underlying market. There remains uncertainty regarding the nature of any replacement rate and the impact of the transition from LIBOR on the Portfolio, issuers of instruments in which the Portfolio invests, and financial markets generally. As such, the potential effect of a transition away from LIBOR on the Portfolio or the Portfolio's investments cannot yet be determined.

**7. FEES AND OTHER AFFILIATED TRANSACTIONS** 

TST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Transamerica Life Insurance Company ("TLIC"), and Transamerica Financial Life Insurance Company.

TAM, the Portfolio's investment manager, is directly owned by TLIC and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon NV. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon NV, a Netherlands corporation, and a publicly traded international insurance group.

TAM has entered into a sub-advisory agreement with Aegon USA Investment Management, LLC ("AUIM"), an affiliate of TAM. AUIM provides day-to-day portfolio management services to the Portfolio, subject to the supervision of TAM. TAM is responsible for compensating the sub-adviser for its services.

Transamerica Fund Services, Inc. ("TFS") is the Portfolio's transfer agent. Transamerica Capital, Inc. ("TCI") is the Portfolio's distributor/principal underwriter. TAM, AUIM, TFS, and TCI are affiliates of Aegon NV.

Certain officers and trustees of the Portfolio are also officers and/or trustees of TAM, TFS and TCI. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Portfolio. The Portfolio does pay non-interested persons (independent trustees), as disclosed in Trustee, CCO and deferred compensation fees within the Statement of Operations.

**Investment management fees:** TAM serves as the Portfolio's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Portfolio pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Portfolio pays a management fee to TAM based on daily average net assets at the following rates:

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| | |
|:---|:---|
| **Breakpoints** | **Rate** |
|  First $1.25 billion | 0.554% |
|  Over $1.25 billion up to $2 billion | 0.544 |
|  Over $2 billion | 0.520 |

---

TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses, reorganization expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

---

| | | |
|:---|:---|:---|
| | **Operating<br>Expense Limit** | **Operating<br>Expense Limit<br>Effective Through** |
|  Initial Class | 0.70% | May 1, 2023 |
|  Service Class | 0.95 | May 1, 2023 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended December 31, 2022 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Portfolio, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

As of December 31, 2022, there are no amounts available for recapture by TAM.

**Distribution and service fees:** TST has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, TST entered into a distribution agreement with TCI as the Portfolio's distributor.

The Distribution Plan requires the Portfolio to pay distribution fees to TCI as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCI, on behalf of the Portfolio, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Portfolio's shares.

The fee on the Service Class shares is paid to the insurance companies for providing services and account maintenance for the policyholders who invest in the variable insurance products which invest in the Service Class shares. TCI has determined that it will not seek payment for the distribution expenses incurred by the Portfolio with respect to the Initial Class shares before May 1, 2023. Prior to TCI seeking distribution expenses on Initial Class shares, policy and contract owners will be notified in advance. The Portfolio will pay fees relating to Service Class shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Portfolio is authorized under the Distribution Plan to pay fees to TCI based on daily average net assets of each class up to the following annual rates:

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|:---|:---|
| **Class** | **Rate** |
|  Initial Class | 0.15% |
|  Service Class | 0.25 |

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**Transfer agent costs:** TFS provides transfer agency services under an intercompany agreement with TAM. TFS has outsourced the provision of certain sub-transfer agency services to SS&C Technology Holdings, Inc ("SS&C"). The Portfolio does not pay a separate transfer agent fee to TAM or TFS but does pay certain expenses to SS&C related to applicable sub-transfer agency services. For the year ended December 31, 2022, (i) the expenses paid to SS&C by the Portfolio are referred to as Transfer agent costs and are included within the Statement of Operations and (ii) the expenses payable to SS&C by the Portfolio are referred to as Transfer agent costs within the Statement of Assets and Liabilities.

**Deferred compensation plan:** Effective September 23, 2021, the Board has approved the termination of the deferred compensation plan. Payments will be made to applicable current and former Board members consistent with Section 409A of the Code. Under a non-qualified deferred compensation plan effective January 1, 1996, as amended and restated January 1, 2010, available to the trustees, compensation may be deferred that would otherwise be payable by TST to an independent trustee on a current basis for services rendered as trustee. Deferred compensation amounts will accumulate based on the value of the investment option, as elected by the trustee. Balances pursuant to deferred compensation plan are recorded in Trustees, Chief Compliance Officer ("CCO") and deferred compensation fees within the Statement of Assets and Liabilities. For the year ended December 31, 2022, amounts included in Trustees, CCO and deferred compensation fees within the Statement of Operations reflect total compensation paid to the independent Board members.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

**Brokerage commissions:** The Portfolio incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the year ended December 31, 2022.

**8. PURCHASES AND SALES OF SECURITIES** 

For the year ended December 31, 2022, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

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| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $32269350 | $— | $51695482 | $— |

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**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS** 

The Portfolio has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Portfolio recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Portfolio's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Portfolio's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Portfolio's financial statements. If applicable, the Portfolio recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Portfolio identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Portfolio makes significant investments; however, the Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales, premium amortization accruals, interest written off and added back and defaulted bond income accruals. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. There are no reclassifications in the current year.

As of December 31, 2022, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

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| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross<br>Appreciation** | **Gross<br>(Depreciation)** | **Net Appreciation<br>(Depreciation)** |
| $237443281 | $1014322 | $(31707346) | $(30693024) |

---

As of December 31, 2022, the capital loss carryforwards available to offset future realized capital gains are as follows:

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| | |
|:---|:---|
| **Unlimited** | **Unlimited** |
| **Short-Term** | **Long-Term** |
| $146610 | $16199133 |

---

During the year ended December 31, 2022, the Portfolio did not have any capital loss carryforwards utilized or expired.

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2022 and 2021 are as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** |
| **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of Capital** | **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of Capital** |
| $11517518 | $— | $— | $12923206 | $— | $— |

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)** 

As of December 31, 2022, the tax basis components of distributable earnings are as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Capital Loss<br>Carryforwards** | **Late Year<br>Ordinary Loss<br>Deferred** | **Other<br>Temporary<br>Differences** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| $10901982 | $— | $(16345743) | $— | $(89908) | $(30693024) |

---

**10. NEW ACCOUNTING PRONOUNCEMENTS** 

In June 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2022-03 ("ASU 2022-03"), "Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions" ("Topic 820"). ASU 2022-03 clarifies the guidance in Topic 820, related to the measurement of the fair value of an equity security subject to contractual sale restrictions, where it eliminates the need to apply a discount to fair value of these securities, and introduces disclosure requirements related to such equity securities. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. Management is currently evaluating the implications, if any, of the additional requirements and its impact on the Portfolio's financial statements.

In December 2022, FASB issued Accounting Standards Update No. 2022-06 ("ASU 2022-06"), "Reference Rate Reform (Topic 848)". ASU 2022-06 is an update of ASU 2020-04, which is in response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR, regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The ASU 2022-06 update clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The amendments in this update are effective immediately through December 31, 2024, for all entities. Management does not expect ASU 2022-06 to have a material impact on the financial statements.

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**Report of Independent Registered Public Accounting Firm** 

*To the Shareholders and the Board of Trustees of Transamerica Aegon High Yield Bond VP* 

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities of Transamerica Aegon High Yield Bond VP (the "Portfolio") (one of the portfolios constituting Transamerica Series Trust (the "Trust")), including the schedule of investments, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the portfolios constituting Transamerica Series Trust) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion** 

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. . Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g438566ernst_young.jpg)

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

February 27, 2023

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**SUPPLEMENTAL TAX INFORMATION** 

**(unaudited)** 

For tax purposes, the Portfolio has made no long-term capital gain designations for the year ended December 31, 2022.

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**(unaudited)** 

**MARKET ENVIRONMENT** 

The fiscal year ended December 31, 2022 was extremely tough across global financial markets, with nearly all asset classes recording sharp falls. The principal reason was inflation running up to its highest level since the 1980s and the Federal Reserve ("Fed") sharply hiking interest rates in response.

The Fed's aim in raising rates was to cool inflation, but it also caused investors to worry that the rate-hiking cycle could end in a recession, thus hurting economic growth and company profitability. Also, while employment data remained extremely robust, the combination of inflation and rising rates squeezed consumer disposable incomes. Together, they weighed on equity markets. However, data in the fourth quarter of 2022 suggested inflation had peaked and was trending down, which provided some solace to markets and sparked a rally in the closing stages of 2022.

Despite the gloomy economic picture, corporate earnings proved to be relatively resilient. While margins were dented by inflation and earnings growth slowed from the bumper levels seen in 2021, the worst-case scenario predicted by many did not materialize. In general, companies managed to pass on the impact of inflation to customers through price increases, thus defending their profit margins.

At the sector level, it was all about energy. Within the Russell 1000<sup>®</sup> Value Index, the energy sector gained 65.08%, which was 62.26% ahead of the next best performing sector, consumer staples. The traditionally defensive utilities and health-care sectors were the only others to creep into positive territory. Consumer discretionary, real estate and information technology suffered the sharpest declines.

**PERFORMANCE** 

For the year ended December 31, 2022, Transamerica Aegon Sustainable Equity Income VP, Initial Class returned -11.63%. By comparison, its benchmark, the Russell 1000<sup>®</sup> Value Index, returned -7.54%.

**STRATEGY REVIEW** 

A strong rally in the fourth quarter was not enough to prevent the Portfolio from underperforming its benchmark in 2022. The underperformance was largely due to sector allocation. Stock selection contributed positively.

Despite the disappointing capital return, the Portfolio has consistently achieved its objective on the income front of delivering a yield premium to the broad U.S. equity market.

The strategy looks to invest in high-quality companies that pay attractive and well-covered dividends from strong balance sheets. It also applies sustainability criteria, including a range of exclusions of companies that we view as having negative impacts on the environment or society. The sustainability exclusions had a negative effect over the review period, principally due to the exclusion of energy stocks. Not being able to access energy accounted for almost the total underperformance of the Portfolio.

Steel Dynamics, Inc. was the top individual contributor, as it benefited from an extremely favorable pricing and demand environment. Health-care stocks Gilead Sciences, Inc., Merck & Co., Inc., and AstraZeneca PLC, ADR and financial holdings MetLife, Inc. and Progressive Corp. were also among the leading contributors.

The primary detractors were largely technology stocks, (e.g., Taiwan Semiconductor Manufacturing Co. Ltd., ADR and Microsoft Corp. were both affected by sector weakness), companies exposed to consumer spending, (e.g., Stanley Black & Decker, Inc. and Hanesbrands Inc.) and stocks trading on higher valuations than peers (e.g., First Republic Bank and Schneider Electric SE, ADR, which were largely victims of the indiscriminate reduction in valuations across markets).

Over 2022 we sought to reduce cyclicality by trimming stocks with consumer-related exposure, as well as some industrials. We also exited companies in which we had concerns over the strength of their balance sheets in a rising-rate environment. The proceeds were used to add to defensive holdings including stocks in health care and utilities. Finally, we reduced several differences in the Portfolio's sector weights versus the index.

**Mark Peden, CFA** 

**Robin Black** 

**Co-Portfolio Managers** 

**Aegon Asset Management UK plc** 

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**(unaudited)** 

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| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  Common Stocks | 98.9% |
|  Other Investment Company | 1.3 |
|  Repurchase Agreement | 0.3 |
|  Net Other Assets (Liabilities) | (0.5) |
|  **Total** | 100.0% |

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*Current and future portfolio holdings are subject to change and risk.* 

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**(unaudited)**![LOGO](g438566g25q02.jpg)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Initial Class | (11.63)% | 1.91% | 7.55% | 05/01/1996 |
|  Russell 1000<sup>®</sup> Value Index <sup>(A)</sup> | (7.54)% | 6.67% | 10.29% |  |
|  Service Class | (11.84)% | 1.66% | 7.29% | 05/01/2003 |

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<sup>(A)</sup> *The Russell 1000<sup>®</sup> Value Index measures the performance of the large-cap value segment of the U.S. equity universe, and is comprised of Russell 1000<sup>®</sup> Index companies with lower price-to-book ratios and lower expected growth values. The Russell 1000<sup>®</sup> Index measures the performance of the large-cap segment of the U.S. equity universe.* 

The Portfolio's benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Year or Since Inception calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or the redemption of Portfolio shares. The Portfolio's investment return and net asset value will fluctuate. Investors' shares when redeemed may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month end. Portfolio performance is net of investment fees and Portfolio expenses, but not product charges, which, if included, would significantly lower the performance quoted.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of previously waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Dividend income may vary depending on market performance and is not guaranteed. A company's future ability to pay dividends may be limited. Focused funds are less diversified than other mutual funds; therefore, the performance of each holding in a focused fund has a greater impact upon the overall portfolio, which increases the risks associated with investing in the Portfolio. Value investing carries the risk that the market will not recognize a security's intrinsic value for a long time or that a stock considered undervalued is actually appropriately priced. Applying the sub-advisers ESG criteria to its investment analysis for the portfolio may impact the sub-advisers investment decisions as to securities of certain issuers and therefore the portfolio may forgo some investment opportunities available to portfolios that do not use ESG criteria. Securities of companies with what are defined by the sub-adviser as having favorable ESG characteristics may shift into and out of favor depending on market and economic conditions, and the portfolios performance may at times be better or worse than the performance of similar portfolios that do not use ESG criteria or that apply different ESG criteria. ESG is not a uniformly defined characteristic and applying ESG criteria involves a subjective assessment. ESG ratings and assessments of issuers can vary across third-party data providers.

Russell<sup>®</sup> and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.

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**DISCLOSURE OF EXPENSES** 

**(unaudited)** 

**SHAREHOLDER EXPENSES** 

Portfolio shareholders may incur two types of costs: (i) transaction costs, including brokerage commissions on purchases and sales of portfolio shares; and (ii) ongoing costs, including management fees, and other portfolio expenses.

The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other portfolios.

The example is based on an investment of $1,000 invested at July 1, 2022, and held for the entire six-month period until December 31, 2022.

**ACTUAL EXPENSES** 

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

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES** 

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Portfolio shares. Therefore, the information under the heading "Hypothetical Expenses" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different portfolios. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries, or other financial institutions.

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| | | **Actual Expenses** | **Actual Expenses** | **Hypothetical Expenses <sup>(A)</sup>** | **Hypothetical Expenses <sup>(A)</sup>** | |
| <br>**Class** |<br>**Beginning<br>Account Value<br>July 1, 2022** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** |<br>**Net Annualized<br>Expense Ratio <sup>(C)</sup>** |
|  Initial Class | $&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;1064.20 | $&nbsp;&nbsp;&nbsp;&nbsp;3.59 | $&nbsp;&nbsp;&nbsp;&nbsp;1021.70 | $&nbsp;&nbsp;&nbsp;&nbsp;3.52 | 0.69% |
|  Service Class | 1000.00 | 1063.10 | 4.89 | 1020.50 | 4.79 | 0.94 |

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

(B) *Expenses are calculated using the Portfolio's net annualized expense ratio, as disclosed in the table, multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (365 days).*

(C) *Net annualized expense ratios are reflective of applicable fee waivers and/or reimbursements and recapture, if any, and are based on the most recent six-months which may differ from the net expense ratio displayed in the Financial Highlights that covers a twelve-month period.*

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**SCHEDULE OF INVESTMENTS** 

**At December 31, 2022** 

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| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS - 98.9%** | **COMMON STOCKS - 98.9%** | **COMMON STOCKS - 98.9%** |
| **Banks - 7.2%** | **Banks - 7.2%** | **Banks - 7.2%** |
|  Citizens Financial Group, Inc. | 458419 | $18047956 |
|  First Republic Bank | 86008 | 10483515 |
|  US Bancorp | 243905 | 10636697 |
|  |  | 39168168 |
| **Biotechnology - 3.5%** | **Biotechnology - 3.5%** | **Biotechnology - 3.5%** |
|  Gilead Sciences, Inc. | 223360 | 19175456 |
| **Capital Markets - 4.9%** | **Capital Markets - 4.9%** | **Capital Markets - 4.9%** |
|  CME Group, Inc. | 79544 | 13376119 |
|  State Street Corp. | 169692 | 13163009 |
|  |  | 26539128 |
| **Chemicals - 3.6%** | **Chemicals - 3.6%** | **Chemicals - 3.6%** |
|  Air Products & Chemicals, Inc. | 46853 | 14442906 |
|  Albemarle Corp. | 23431 | 5081246 |
|  |  | 19524152 |
| **Commercial Services & Supplies - 2.8%** | **Commercial Services & Supplies - 2.8%** | **Commercial Services & Supplies - 2.8%** |
|  Republic Services, Inc. | 118961 | 15344779 |
| **Communications Equipment - 2.4%** | **Communications Equipment - 2.4%** | **Communications Equipment - 2.4%** |
|  Cisco Systems, Inc. | 278374 | 13261737 |
| **Containers & Packaging - 1.1%** | **Containers & Packaging - 1.1%** | **Containers & Packaging - 1.1%** |
|  Packaging Corp. of America | 46998 | 6011514 |
| **Diversified Telecommunication Services - 1.4%** | **Diversified Telecommunication Services - 1.4%** | **Diversified Telecommunication Services - 1.4%** |
|  TELUS Corp. <sup>(A)</sup> | 401623 | 7755340 |
| **Electrical Equipment - 4.4%** | **Electrical Equipment - 4.4%** | **Electrical Equipment - 4.4%** |
|  Emerson Electric Co. | 153141 | 14710724 |
|  Schneider Electric SE, ADR | 333978 | 9338025 |
|  |  | 24048749 |
| **Equity Real Estate Investment Trusts - 3.5%** | **Equity Real Estate Investment Trusts - 3.5%** | **Equity Real Estate Investment Trusts - 3.5%** |
|  American Tower Corp. | 31971 | 6773376 |
|  Digital Realty Trust, Inc. | 54993 | 5514148 |
|  Weyerhaeuser Co. | 221383 | 6862873 |
|  |  | 19150397 |
| **Food Products - 2.4%** | **Food Products - 2.4%** | **Food Products - 2.4%** |
|  McCormick & Co., Inc. <sup>(A)</sup> | 159961 | 13259167 |
| **Health Care Equipment & Supplies - 1.7%** | **Health Care Equipment & Supplies - 1.7%** | **Health Care Equipment & Supplies - 1.7%** |
|  Medtronic PLC | 117854 | 9159613 |
| **Health Care Providers & Services - 3.6%** | **Health Care Providers & Services - 3.6%** | **Health Care Providers & Services - 3.6%** |
|  Elevance Health, Inc. | 21037 | 10791350 |
|  Quest Diagnostics, Inc. | 56643 | 8861231 |
|  |  | 19652581 |
| **Household Products - 3.7%** | **Household Products - 3.7%** | **Household Products - 3.7%** |
|  Colgate-Palmolive Co. | 137271 | 10815582 |
|  Kimberly-Clark Corp. | 67090 | 9107468 |
|  |  | 19923050 |
| **Independent Power & Renewable Electricity Producers - 2.0%** | **Independent Power & Renewable Electricity Producers - 2.0%** | **Independent Power & Renewable Electricity Producers - 2.0%** |
|  AES Corp. | 384016 | 11044300 |
| **Insurance - 7.1%** | **Insurance - 7.1%** | **Insurance - 7.1%** |
|  Cincinnati Financial Corp. | 113032 | 11573346 |
|  MetLife, Inc. | 221688 | 16043561 |
|  Progressive Corp. | 82684 | 10724942 |
|  |  | 38341849 |
| **IT Services - 2.7%** | **IT Services - 2.7%** | **IT Services - 2.7%** |
|  Automatic Data Processing, Inc. | 61148 | 14605811 |
| **Leisure Products - 0.9%** | **Leisure Products - 0.9%** | **Leisure Products - 0.9%** |
|  Hasbro, Inc. | 82570 | 5037596 |

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|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Machinery - 6.8%** | **Machinery - 6.8%** | **Machinery - 6.8%** |
|  AGCO Corp. | 83707 | $11609324 |
|  Cummins, Inc. | 54440 | 13190267 |
|  Xylem, Inc. | 107770 | 11916129 |
|  |  | 36715720 |
| **Media - 2.7%** | **Media - 2.7%** | **Media - 2.7%** |
|  Omnicom Group, Inc. | 182571 | 14892316 |
| **Metals & Mining - 3.1%** | **Metals & Mining - 3.1%** | **Metals & Mining - 3.1%** |
|  Steel Dynamics, Inc. | 170951 | 16701913 |
| **Multiline Retail - 1.4%** | **Multiline Retail - 1.4%** | **Multiline Retail - 1.4%** |
|  Target Corp. | 52651 | 7847105 |
| **Pharmaceuticals - 8.5%** | **Pharmaceuticals - 8.5%** | **Pharmaceuticals - 8.5%** |
|  AstraZeneca PLC, ADR | 165960 | 11252088 |
|  Bristol-Myers Squibb Co. | 195119 | 14038812 |
|  Merck & Co., Inc. | 185845 | 20619503 |
|  |  | 45910403 |
| **Professional Services - 2.2%** | **Professional Services - 2.2%** | **Professional Services - 2.2%** |
|  RELX PLC, ADR <sup>(A)</sup> | 424662 | 11771631 |
| **Road & Rail - 2.1%** | **Road & Rail - 2.1%** | **Road & Rail - 2.1%** |
|  Union Pacific Corp. | 56053 | 11606895 |
| **Semiconductors & Semiconductor Equipment - 7.0%** | **Semiconductors & Semiconductor Equipment - 7.0%** | **Semiconductors & Semiconductor Equipment - 7.0%** |
|  Broadcom, Inc. | 29847 | 16688353 |
|  Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 143708 | 10704809 |
|  Texas Instruments, Inc. | 62664 | 10353346 |
|  |  | 37746508 |
| **Software - 2.2%** | **Software - 2.2%** | **Software - 2.2%** |
|  Microsoft Corp. | 48919 | 11731755 |
| **Specialty Retail - 1.2%** | **Specialty Retail - 1.2%** | **Specialty Retail - 1.2%** |
|  Best Buy Co., Inc. | 78641 | 6307795 |
| **Water Utilities - 2.8%** | **Water Utilities - 2.8%** | **Water Utilities - 2.8%** |
|  Essential Utilities, Inc. | 317061 | 15133322 |
|  **Total Common Stocks <br>(Cost $514,066,123)** |  | 537368750 |
| **OTHER INVESTMENT COMPANY - 1.3%** | **OTHER INVESTMENT COMPANY - 1.3%** | **OTHER INVESTMENT COMPANY - 1.3%** |
| **Securities Lending Collateral - 1.3%** | **Securities Lending Collateral - 1.3%** | **Securities Lending Collateral - 1.3%** |
|  State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 4.29% <sup>(B)</sup> | 7307500 | 7307500 |
|  **Total Other Investment Company <br>(Cost $7,307,500)** |  | 7307500 |
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 0.3%** | **REPURCHASE AGREEMENT - 0.3%** | **REPURCHASE AGREEMENT - 0.3%** |
|  Fixed Income Clearing Corp., 1.80% <sup>(B)</sup>, dated 12/30/2022, to be repurchased at $1,730,418 on 01/03/2023. Collateralized by a U.S. Government Obligation, 4.77%, due 12/28/2023, and with a value of $1,764,735. | $1730072 | 1730072 |
|  **Total Repurchase Agreement <br>(Cost $1,730,072)** | **Total Repurchase Agreement <br>(Cost $1,730,072)** | 1730072 |
|  **Total Investments <br>(Cost $523,103,695)** | **Total Investments <br>(Cost $523,103,695)** | 546406322 |
|  **Net Other Assets (Liabilities) - (0.5)%** |  | (2864562) |
|  **Net Assets - 100.0%** |  | **$543541760** |

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

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**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

**INVESTMENT VALUATION:** 

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**Valuation Inputs <sup>(C)</sup>** 

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|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Common Stocks | $537368750 | $— | $— | $537368750 |
|  Other Investment Company | 7307500 |  |  | 7307500 |
|  Repurchase Agreement |  | 1730072 |  | 1730072 |
|  **Total Investments** | $**544676250** | $**1730072** | $**—** | $**546406322** |

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**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *All or a portion of the securities are on loan. The total value of all securities on loan is $19,844,285, collateralized by cash collateral of $7,307,500 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $12,986,657. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.* 

(B) *Rates disclosed reflect the yields at December 31, 2022.* 

(C) *There were no transfers in or out of Level 3 during the year ended December 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

**PORTFOLIO ABBREVIATION:** 

*ADR* *American Depositary Receipt*

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

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**Page 6** 

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**STATEMENT OF ASSETS AND LIABILITIES** 

**At December 31, 2022** 

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| | |
|:---|:---|
|  **Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value (cost $521,373,623) <br>(including securities loaned of $19,844,285) | $544676250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreement, at value (cost $1,730,072) | 1730072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables and other assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 6675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest sold | 5637128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 1807011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 2190 |
|  Total assets | 553859499 |
|  **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral received upon return of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities on loan | 7307500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables and other liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest redeemed | 2552084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 306409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 39125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 4936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 16242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 7961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 3055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 73047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 6761 |
|  Total liabilities | 10317739 |
|  **Net assets** | $543541760 |
|  **Net assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital stock ($0.01 par value) | $309158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 523380334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) | 19852268 |
|  **Net assets** | $543541760 |
|  **Net assets by class:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | $365349332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 178192428 |
|  **Shares outstanding:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 20795375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 10120386 |
|  **Net asset value and offering price per share:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | $17.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 17.61 |

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**STATEMENT OF OPERATIONS** 

**For the year ended December 31, 2022** 

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| | |
|:---|:---|
|  **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $14767739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 11180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 15361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withholding taxes on foreign income | (156976) |
|  Total investment income | 14637304 |
|  **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 3746269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 489366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 5968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 24085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 29982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 33338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 31763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 34537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 35480 |
|  Total expenses | 4430788 |
|  **Net investment income (loss)** | 10206516 |
|  **Net realized gain (loss) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (13447793) |
|  **Net change in unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (76483142) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Translation of assets and liabilities denominated in foreign currencies | 293 |
|  Net change in unrealized appreciation (depreciation) | (76482849) |
|  Net realized and change in unrealized gain (loss) | (89930642) |
|  **Net increase (decrease) in net assets resulting from operations** | $(79724126) |

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

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**Page 7** 

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**STATEMENT OF CHANGES IN NET ASSETS** 

**For the years ended:** 

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| | | |
|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2021** |
|  **From operations:** | **From operations:** | **From operations:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $10206516 | $11307102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (13447793) | 32793557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (76482849) | 96385233 |
|  Net increase (decrease) in net assets resulting from operations | (79724126) | 140485892 |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (21453565) | (9853683) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (10448327) | (4440010) |
|  Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (31901892) | (14293693) |
|  **Capital share transactions:** | **Capital share transactions:** | **Capital share transactions:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 12082430 | 11583330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 7472338 | 6827757 |
|  | 19554768 | 18411087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 21453565 | 9853683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 10448327 | 4440010 |
|  | 31901892 | 14293693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (43361371) | (96908110) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (36366470) | (44612434) |
|  | (79727841) | (141520544) |
|  Net increase (decrease) in net assets resulting from capital share transactions | (28271181) | (108815764) |
|  **Net increase (decrease) in net assets** | (139897199) | 17376435 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 683438959 | 666062524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $543541760 | $683438959 |
|  **Capital share transactions - shares:** | **Capital share transactions - shares:** | **Capital share transactions - shares:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 667536 | 598486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 402199 | 352419 |
|  | 1069735 | 950905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 1228023 | 475105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 596366 | 213565 |
|  | 1824389 | 688670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (2341527) | (4848844) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (1999561) | (2247045) |
|  | (4341088) | (7095889) |
|  Net increase (decrease) in shares outstanding: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (445968) | (3775253) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (1000996) | (1681061) |
|  | (1446964) | (5456314) |

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

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**Page 8** 

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**FINANCIAL HIGHLIGHTS** 

**For a share outstanding during the years indicated:** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $21.11 | $17.60 | $22.57 | $22.22 | $25.65 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(A)</sup> | 0.34 | 0.34 | 0.43 | 0.57 | 0.57 |
|  Net realized and unrealized gain (loss) | (2.80) | 3.60 | (2.48) | 4.29 | (3.45) |
|  Total investment operations | (2.46) | 3.94 | (2.05) | 4.86 | (2.88) |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income | (0.41) | (0.43) | (0.58) | (0.63) | (0.55) |
|  Net realized gains | (0.67) |  | (2.34) | (3.88) |  |
|  Total dividends and/or distributions to shareholders | (1.08) | (0.43) | (2.92) | (4.51) | (0.55) |
|  **Net asset value, end of year** | $17.57 | $21.11 | $17.60 | $22.57 | $22.22 |
|  **Total return** | (11.63)% | 22.42% | (7.35)% | 23.91% | (11.50)% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $365350 | $448361 | $440332 | $564788 | $523815 |
|  Expenses to average net assets | 0.69% | 0.69% | 0.74% | 0.72% | 0.71% |
|  Net investment income (loss) to average net assets | 1.86% | 1.70% | 2.40% | 2.43% | 2.26% |
|  Portfolio turnover rate | 22% | 23% | 135% | 61% | 29% |

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(A) *Calculated based on average number of shares outstanding.* 

**For a share outstanding during the years indicated:** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $21.14 | $17.63 | $22.59 | $22.23 | $25.65 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(A)</sup> | 0.30 | 0.29 | 0.38 | 0.51 | 0.50 |
|  Net realized and unrealized gain (loss) | (2.81) | 3.60 | (2.47) | 4.29 | (3.43) |
|  Total investment operations | (2.51) | 3.89 | (2.09) | 4.80 | (2.93) |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income | (0.35) | (0.38) | (0.53) | (0.56) | (0.49) |
|  Net realized gains | (0.67) |  | (2.34) | (3.88) |  |
|  Total dividends and/or distributions to shareholders | (1.02) | (0.38) | (2.87) | (4.44) | (0.49) |
|  **Net asset value, end of year** | $17.61 | $21.14 | $17.63 | $22.59 | $22.23 |
|  **Total return** | (11.84)% | 22.12% | (7.59)% | 23.57% | (11.69)% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $178192 | $235078 | $225731 | $255061 | $223450 |
|  Expenses to average net assets | 0.94% | 0.94% | 0.99% | 0.97% | 0.96% |
|  Net investment income (loss) to average net assets | 1.61% | 1.45% | 2.16% | 2.17% | 2.01% |
|  Portfolio turnover rate | 22% | 23% | 135% | 61% | 29% |

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(A) *Calculated based on average number of shares outstanding.* 

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

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**Page 9** 

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**NOTES TO FINANCIAL STATEMENTS** 

**At December 31, 2022** 

**1. ORGANIZATION** 

Transamerica Series Trust ("TST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). TST applies investment company accounting and reporting guidance. TST serves as a funding vehicle for variable life insurance, variable annuity, and group annuity products. Transamerica Aegon Sustainable Equity Income VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers two classes of shares, Initial Class and Service Class.

The only shareholders of the Portfolio are affiliated insurance company separate accounts and affiliated asset allocation portfolios. Contract holders of the variable life and annuity contracts are not shareholders of the Portfolio. For ease of reference, shareholders and contract holders are collectively referred to in this report as "shareholders."

This report must be accompanied or preceded by the Portfolio's current prospectus, which contains additional information about the Portfolio, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Portfolio pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Portfolio. TAM supervises the Portfolio's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Portfolio.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of a Portfolio without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Portfolio and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Portfolio employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending portfolio combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Portfolio's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Portfolio; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for a Portfolio; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Portfolio's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; oversight of other service providers to the Portfolio, such as the custodian, the transfer agent, the Portfolio's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Portfolio; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Portfolio, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Portfolio. The Portfolio pays certain fees and expenses to State Street for sub-administration services which are not administrative

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**Page 10** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**1. ORGANIZATION (continued)** 

services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the year ended December 31, 2022, (i) the expenses paid to State Street for sub-administration services by the Portfolio are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Portfolio are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES** 

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

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

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

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

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Portfolio is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

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

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Portfolio with broker/dealers with which TST has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Portfolio. In no event will commissions, paid by the Portfolio, be used to pay expenses that would otherwise be borne by any other portfolios within TST, or by any other party.

There were no commissions recaptured during the year ended December 31, 2022 by the Portfolio.

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

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**Page 11** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**3. INVESTMENT VALUATION** 

Effective September 8, 2022, TAM has been designated as the Portfolio's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Portfolio's Board of Trustees. The net asset value of the Portfolio is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

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

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

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

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Portfolio's investments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Portfolio's investments at December 31, 2022, is disclosed within the Investment Valuation section of the Schedule of Investments.

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

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

*Equity securities:* Securities are stated at the last reported sales price or closing price on the day of valuation taken from the primary exchange where the security is principally traded. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Equities traded on inactive markets or valued by reference to similar instruments are generally categorized in Level 2 or Level 3 if inputs are unobservable.

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

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

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

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

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

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the year ended December 31, 2022, the Portfolio has not utilized the program.

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

Repurchase agreements are subject to netting agreements, which are agreements between the Portfolio and its counterparties that provide for the net settlement of all transactions and collateral with the Portfolio, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at December 31, 2022.

Repurchase agreements at December 31, 2022, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**Securities lending:** The Portfolio may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Portfolio pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Portfolio to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Portfolio may experience delays in recovery of the loaned securities or delays in access to collateral, or the Portfolio may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government and irrevocable letters of credit issued by banks as collateral. The initial collateral received by the Portfolio is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower.

The Portfolio receives compensation for lending securities from interest or dividends earned on the cash, U.S. Government securities and irrevocable letters of credit held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust—Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at December 31, 2022, if any, are shown on a gross basis within the Schedule of Investments.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)** 

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of December 31, 2022.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
| | **Overnight and<br>Continuous** | **Less Than<br>30 Days** | **Between<br>30 & 90 Days** | **Greater Than<br>90 Days** | **Total** |
|  Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $7307500 | $— | $— | $— | $7307500 |
|  **Total Borrowings** | $**7307500** | $**—** | $**—** | $**—** | $**7307500** |

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**5. RISK FACTORS** 

Investing in the Portfolio involves certain key risks related to the Portfolio's trading activity. Please reference the Portfolio's prospectus for a more complete discussion of the following risk(s), as well as other risks of investing in the Portfolio.

**Market risk:** The market prices of the Portfolio's securities and other assets may go up or down, sometimes sharply and unpredictably, due to general market conditions, overall economic trends or events, inflation, changes in interest rates, government actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by wars, tariffs, trade disputes or other factors, political developments, investor sentiment, the global and domestic effects of a pandemic or other health emergency, and other factors that may or may not be related to the issuer of the security or other asset. The market prices of securities and other assets also may go down due to events or conditions that affect particular sectors, industries, issuers, or geographies. Adverse market conditions may be prolonged and may not have the same impact on all types of securities or other assets. If the value of the Portfolio's securities and assets fall, the value of your investment will go down. The Portfolio may experience a substantial or complete loss on any individual security or asset.

Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, the imposition of economic sanctions, public health events (such as the spread of infectious disease), wars, terrorism, cybersecurity events, technology and data interruptions, natural disasters, and other circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. In the past decade, financial markets throughout the world have experienced increased volatility and decreased liquidity. These conditions may continue or worsen. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down. Securities markets may also be susceptible to market manipulation or other fraudulent trade practices, which could disrupt the orderly functioning of these markets or adversely affect the value of securities traded in these markets, including the Portfolio's securities.

The pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in economic downturns throughout the world, severe losses, particularly to some sectors of the economy and individual issuers, and reduced liquidity of many instruments. There also have been significant disruptions to business operations, including business closures; strained healthcare systems; disruptions to supply chains and employee availability; large fluctuations in consumer demand; and widespread uncertainty regarding the duration and long-term effects of the pandemic. Economic downturns may be prolonged, and political and social instability, continued volatility and decreased liquidity in the securities markets may result. Developing or emerging market countries may be more impacted by the pandemic.

The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic. These and other government intervention into the economy and financial markets may not work as intended. In addition, government actions to mitigate the economic impact of the pandemic have resulted in large expansion of government deficits and debt, the long-term consequences of which are not known. Rates of inflation have recently risen, which could adversely affect economies and markets. The pandemic could continue to adversely affect the value and liquidity of the Portfolio's investments.

*Europe:* A number of countries in Europe have experienced severe economic and financial difficulties; and financial markets in Europe and elsewhere have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen or spread within or outside Europe. Responses to the financial problems by European governments, central banks and others may not work, may result in conflicts and social unrest and may limit future growth and economic recovery or have other unintended consequences. In January, 2020, through "Brexit," the United Kingdom withdrew from the European Union. The ramifications of Brexit are unknown, and the implications of possible political, regulatory, economic, and market outcomes could be significant. The United

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**5. RISK FACTORS (continued)** 

Kingdom has one of the largest economies in Europe and is a major trading partner with European Union countries and the United States. Brexit may create additional and substantial economic stresses for the United Kingdom, including a contraction of the United Kingdom's economy, decreased trade, capital outflows, devaluation of the British pound, and a decrease in business and consumer spending and investment. The negative impact on not only the United Kingdom and European Union economies but also the broader global economy could be significant. A number of countries in Europe have suffered terror attacks, and additional attacks may occur in the future. Europe has also been struggling with mass migration from the Middle East, Eastern Europe and Africa. The ultimate effects of these events and other socio-political or geopolitical issues could profoundly affect global economies and markets. Whether or not the Portfolio invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

*Additional Market Disruption:* Russia's invasion of Ukraine in February, 2022, the resulting responses by the United States and other countries, and the potential for wider conflict, have increased and may continue to increase volatility and uncertainty in financial markets worldwide. The United States and other countries have imposed broad-ranging economic sanctions on Russia and Russian entities and individuals, and may impose additional sanctions, including on other countries that provide military or economic support to Russia. These sanctions, among other things, restrict companies from doing business with Russia and Russian issuers, and may adversely affect companies with economic or financial exposure to Russia and Russian issuers. The extent and duration of Russia's military actions and the repercussions of such actions are not known. The invasion may widen beyond Ukraine and may escalate, including through retaliatory actions and cyberattacks by Russia and even other countries. These events may result in further and significant market disruptions and may adversely affect regional and global economies including those of Europe and the United States. Certain industries and markets, such as those involving oil, natural gas and other commodities, as well as global supply chains, may be particularly adversely affected. Whether or not the Portfolio invests in securities of issuers located in Russia, Ukraine and adjacent countries or with significant exposure to issuers in these countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

**Dividend paying stock risk:** There can be no assurance that the issuers of the stocks held by the Portfolio will pay dividends in the future or that, if dividends are paid, they will not decrease. The Portfolio's emphasis on dividend paying stocks could cause the Portfolio's share price and total return to fluctuate more than, or cause the Portfolio to underperform, similar portfolios that invest without consideration of an issuer's track record of paying dividends or ability to pay dividends in the future. Dividend-paying stocks tend to go through cycles of over- or under-performing the stock market in general.

**Sustainability investing risk:** Applying the sub-adviser's sustainability assessment framework to its investment analysis for the Portfolio may impact the sub-adviser's investment decisions as to securities of certain issuers and, therefore, the Portfolio may forgo some investment opportunities available to funds that do not apply sustainability investing principals or that apply different sustainability criteria. Applying sustainability criteria may impact the Portfolio's exposure to risks associated with certain issuers, industries and sectors, which may impact the Portfolio's investment performance. Securities of companies meeting the sub-adviser's sustainability criteria may shift into and out of favor depending on market and economic conditions, and the Portfolio's performance may at times be better or worse than the performance of similar funds that do not utilize sustainability investing principals or that apply different sustainability criteria. The sub-adviser monitors the Portfolio's holdings based on the latest publicly available information. Any delay in obtaining public information regarding the Portfolio's holdings could result in the Portfolio holding an investment that no longer meets the Portfolio's sustainability investing principals. "Sustainability" is not a uniformly defined characteristic and applying sustainability criteria involves subjective assessment. The Portfolio's investments may include securities of issuers that derive revenue from non-sustainable activities. Sustainability information from third party data providers may be incomplete, inaccurate or unavailable, which could lead to an incorrect assessment of a company's sustainability characteristics.

**6. FEES AND OTHER AFFILIATED TRANSACTIONS** 

TST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Transamerica Life Insurance Company ("TLIC"), and Transamerica Financial Life Insurance Company.

TAM, the Portfolio's investment manager, is directly owned by TLIC and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon NV. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon NV, a Netherlands corporation, and a publicly traded international insurance group.

With respect to the Portfolio TAM has entered into a sub-advisory agreement with Aegon Asset Management UK plc ("AAM UK"), a wholly-owned subsidiary of Aegon NV. AAM UK provides day-to-day portfolio management services to the Portfolio, subject to the supervision of TAM. TAM is responsible for compensating the sub-adviser for its services.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

Transamerica Fund Services, Inc. ("TFS") is the Portfolio's transfer agent. Transamerica Capital, Inc. ("TCI") is the Portfolio's distributor/principal underwriter. TAM, TFS, and TCI are affiliates of Aegon NV.

Certain officers and trustees of the Portfolio are also officers and/or trustees of TAM, TFS and TCI. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Portfolio. The Portfolio does pay non-interested persons (independent trustees), as disclosed in Trustee, CCO and deferred compensation fees within the Statement of Operations.

**Investment management fees:** TAM serves as the Portfolio's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Portfolio pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Portfolio pays a management fee to TAM based on daily average net assets at the following rates:

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|:---|:---|
| **Breakpoints** | **Rate** |
|  First $500 million | 0.663% |
|  Over $500 million up to $1 billion | 0.580 |
|  Over $1 billion up to $1.5 billion | 0.550 |
|  Over $1.5 billion | 0.530 |

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TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses, reorganization expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

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| | | |
|:---|:---|:---|
| | **Operating<br>Expense Limit** | **Operating<br>Expense Limit**<br> **Effective Through** |
|  Effective May 1, 2022 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 0.73% | May 1, 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Class | 0.98 | May 1, 2023 |
|  Prior to May 1, 2022 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 0.79 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Class | 1.04 |  |

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TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended December 31, 2022 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Portfolio, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

As of December 31, 2022, there are no amounts available for recapture by TAM.

**Distribution and service fees:** TST has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, TST entered into a distribution agreement with TCI as the Portfolio's distributor.

The Distribution Plan requires the Portfolio to pay distribution fees to TCI as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCI, on behalf of the Portfolio, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Portfolio's shares.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

The fee on the Service Class shares is paid to the insurance companies for providing services and account maintenance for the policyholders who invest in the variable insurance products which invest in the Service Class shares. TCI has determined that it will not seek payment for the distribution expenses incurred by the Portfolio with respect to the Initial Class shares before May 1, 2023. Prior to TCI seeking distribution expenses on Initial Class shares, policy and contract owners will be notified in advance. The Portfolio will pay fees relating to Service Class shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Portfolio is authorized under the Distribution Plan to pay fees to TCI based on daily average net assets of each class up to the following annual rates:

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|:---|:---|
| **Class** | **Rate** |
|  Initial Class | 0.15% |
|  Service Class | 0.25 |

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**Transfer agent costs:** TFS provides transfer agency services under an intercompany agreement with TAM. TFS has outsourced the provision of certain sub-transfer agency services to SS&C Technology Holdings, Inc ("SS&C"). The Portfolio does not pay a separate transfer agent fee to TAM or TFS but does pay certain expenses to SS&C related to applicable sub-transfer agency services. For the year ended December 31, 2022, (i) the expenses paid to SS&C by the Portfolio are referred to as Transfer agent costs and are included within the Statement of Operations and (ii) the expenses payable to SS&C by the Portfolio are referred to as Transfer agent costs within the Statement of Assets and Liabilities.

**Deferred compensation plan:** Effective September 23, 2021, the Board has approved the termination of the deferred compensation plan. Payments will be made to applicable current and former Board members consistent with Section 409A of the Code. Under a non-qualified deferred compensation plan effective January 1, 1996, as amended and restated January 1, 2010, available to the trustees, compensation may be deferred that would otherwise be payable by TST to an independent trustee on a current basis for services rendered as trustee. Deferred compensation amounts will accumulate based on the value of the investment option, as elected by the trustee. Balances pursuant to deferred compensation plan are recorded in Trustees, Chief Compliance Officer ("CCO") and deferred compensation fees within the Statement of Assets and Liabilities. For the year ended December 31, 2022, amounts included in Trustees, CCO and deferred compensation fees within the Statement of Operations reflect total compensation paid to the independent Board members.

**Brokerage commissions:** The Portfolio incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the year ended December 31, 2022.

**7. PURCHASES AND SALES OF SECURITIES** 

For the year ended December 31, 2022, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

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| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $125539685 | $— | $174299446 | $— |

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**8. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS** 

The Portfolio has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Portfolio recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Portfolio's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Portfolio's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Portfolio's financial statements. If applicable, the Portfolio recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Portfolio identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Portfolio makes significant investments; however, the Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**8. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)** 

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. There are no reclassifications in the current year.

As of December 31, 2022, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

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| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross<br>Appreciation** | **Gross<br>(Depreciation)** | **Net Appreciation<br>(Depreciation)** |
| $523279801 | $57645187 | $(34518666) | $23126521 |

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As of December 31, 2022, the capital loss carryforwards available to offset future realized capital gains are as follows:

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| | |
|:---|:---|
| **Unlimited** | **Unlimited** |
| **Short-Term** | **Long-Term** |
| $11010113 | $2648703 |

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During the year ended December 31, 2022, the Portfolio did not have any capital loss carryforwards utilized or expired.

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2022 and 2021 are as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** |
| **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of Capital** | **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of Capital** |
| $31901892 | $— | $— | $14293693 | $— | $— |

---

As of December 31, 2022, the tax basis components of distributable earnings are as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Capital Loss<br>Carryforwards** | **Late Year<br>Ordinary Loss<br>Deferred** | **Other<br>Temporary<br>Differences** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| $10384270 | $— | $(13658816) | $— | $— | $23126814 |

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**9. NEW ACCOUNTING PRONOUNCEMENT** 

In June 2022, the Financial Accounting Standards Board issued Accounting Standards Update No. 2022-03 ("ASU 2022-03"), "Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions" ("Topic 820"). ASU 2022-03 clarifies the guidance in Topic 820, related to the measurement of the fair value of an equity security subject to contractual sale restrictions, where it eliminates the need to apply a discount to fair value of these securities, and introduces disclosure requirements related to such equity securities. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. Management is currently evaluating the implications, if any, of the additional requirements and its impact on the Portfolio's financial statements.

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**Report of Independent Registered Public Accounting Firm** 

*To the Shareholders and the Board of Trustees of Transamerica Aegon Sustainable Equity Income VP* 

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities of Transamerica Aegon Sustainable Equity Income VP (the "Portfolio") (one of the portfolios constituting Transamerica Series Trust (the "Trust")), including the schedule of investments, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the portfolios constituting Transamerica Series Trust) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion** 

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g438566ernst_young.jpg)

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

February 27, 2023

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**SUPPLEMENTAL TAX INFORMATION** 

**(unaudited)** 

For tax purposes, the Portfolio has made no long-term capital gain designations for the year ended December 31, 2022.

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**(unaudited)** 

**MARKET ENVIRONMENT** 

From a macro and markets perspective, the fiscal year ended December 31, 2022 was a year of significant monetary tightening. A myriad of macro headwinds took hold in the first quarter of the year that rattled the markets off the course to normalization and remained a concern for the rest of the year. The COVID-19 omicron variant was a mere bug bite in comparison to the stinging inflation story, a hawkish U.S. Federal Reserve ("Fed") and the outbreak of the Russia-Ukraine war. These events not only threw markets into the most volatile quarter since the start of the COVID-19 pandemic, but also further exacerbated supply chain bottlenecks. While the Fed formally embarked on its tightening cycle by increasing the federal funds rate by 0.25% at the start of the year, it was the more hawkish tone that initially spooked markets.

The second quarter brought the continuation of inflation, aggressive Fed action, choked supply chains and the ongoing war in Ukraine, which all weighed on the already weary consumers, whose confidence was clearly waning. Consumer confidence continued to weaken in the second quarter as high inflation ate into real purchasing power.

The market spent much of the third quarter focused on persistently high inflation and the Fed's efforts to tame it. The Fed again raised the federal funds rate by 0.75% at its September meeting, bringing the target range to 3.00% to 3.25%. Meanwhile, on the inflation front, the August Consumer Price Index ("CPI") reading showed both the headline and the core CPI readings came in hotter-than-expected. August's Core Personal Consumption Expenditures Index ("PCE") also reflected higher-than-expected inflation. These broad underlying price pressures indicated the Fed would continue on its hawkish path.

Market volatility persisted into the fourth quarter. The November Purchasing Managers Index fell to its lowest reading since May 2020 and below its neutral rate of 50, indicating the manufacturing sector had entered contractionary territory as higher borrowing costs started to weigh on demand for goods. While the economy showed signs of cooling, strong consumer demand coupled with a tight labor market indicated the Fed may need to keep interest rates higher for longer. It did, announcing another 0.50% rate increase at its December meeting, bringing rates to their highest level in 15 years.

**PERFORMANCE** 

For the year ended December 31, 2022, Transamerica Aegon U.S. Government Securities VP, Initial Class returned -13.03%. By comparison, its benchmark, the Bloomberg Government Index, returned -12.32%.

**STRATEGY REVIEW** 

For the 12-month period ended December 31, 2022, Transamerica Aegon U.S. Government Securities VP (the "Portfolio") underperformed its benchmark, the Bloomberg Government Index.

The impacts of spread widening on credits drove much of the Portfolio's underperformance relative to the benchmark. This was offset in part by positive contributions from duration/curve positioning, and to a smaller degree, excess yield. From an asset class perspective, out of benchmark allocations to agency residential mortgage-backed securities and security selection within Treasury securities were the largest detractors to relative returns while allocations to commercial mortgage-backed securities and non-agency residential mortgage-backed securities were the largest contributors.

The portfolio management team maintained an overweight to risk-based assets relative to the benchmark in 2022, but this overweight was reduced throughout the year as Treasury yields became more attractive and the likelihood of the Fed being able to navigate a soft landing for the economy became less and less likely. Duration and curve positioning were actively managed throughout the year, but in general, the Portfolio was underweight duration relative to the benchmark.

The portfolio management team maintained exposure to non-index securities for additional yield relative to the benchmark. While this out of benchmark exposure remains below the Portfolio's historical average, it is of higher quality than the Portfolio has historically held given the team's outlook on spreads for the near to intermediate term.

During the fiscal year, the Portfolio utilized derivatives. These positions contributed to performance.

**Tyler A. Knight, CFA** 

**Calvin W. Norris, CFA** 

**Sivakumar N. Rajan** 

**Co-Portfolio Managers** 

**Aegon USA Investment Management, LLC** 

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**(unaudited)** 

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|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  U.S. Government Obligations | 54.9% |
|  U.S. Government Agency Obligations | 34.9 |
|  Other Investment Company | 7.5 |
|  Repurchase Agreement | 6.5 |
|  Mortgage-Backed Securities | 4.7 |
|  Corporate Debt Securities | 4.4 |
|  Asset-Backed Securities | 1.4 |
|  Municipal Government Obligation | 0.2 |
|  Net Other Assets (Liabilities) ^ | (14.5) |
|  **Total** | 100.0% |
| **Portfolio Characteristics** | **Years** |
|  Average Maturity § | 7.39 |
|  Duration † | 5.88 |
| **Credit Quality‡** | **Percentage of Net<br>Assets** |
|  U.S. Government and Agency Securities | 89.8% |
|  AAA | 12.4 |
|  AA | 1.7 |
|  A | 1.4 |
|  BBB | 1.6 |
|  Not Rated | 7.6 |
|  Net Other Assets (Liabilities) ^ | (14.5) |
|  **Total** | 100.0% |

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*Current and future portfolio holdings are subject to change and risk.* 

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

§ *Average Maturity is computed by weighting the maturity of each security in the Portfolio by the market value of the security, then averaging these weighted figures.* 

† *Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder.* 

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

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**(unaudited)**![LOGO](g438566g23a98.jpg)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Initial Class | (13.03)% | (0.23)% | 0.42% | 05/13/1994 |
|  Bloomberg Government Index <sup>(A)</sup> | (12.32)% | (0.06)% | 0.60% |  |
|  Service Class | (13.30)% | (0.47)% | 0.17% | 05/01/2003 |

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<sup>(A)</sup> *The Bloomberg Government Index is comprised of U.S. Treasuries and U.S. agency debentures.* 

The Portfolio's benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Year or Since Inception calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or the redemption of Portfolio shares. The Portfolio's investment return and net asset value will fluctuate. Investors' shares when redeemed may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month end. Portfolio performance is net of investment fees and Portfolio expenses, but not product charges, which, if included, would significantly lower the performance quoted.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of previously waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Please keep in mind that U.S. government obligation guarantees apply only to the timely payment of principal and interest, and does not remove market risks when shares are redeemed. Any U.S. government guarantees of the securities held in this investment portfolio pertain only to those securities and not the Portfolio or its yield.

Fixed-income securities are subject to risks including credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk and liquidity risk. The value of fixed income securities generally goes down when interest rates rise, and therefore the value of your investment in the Portfolio may also go down. Derivatives involve special risks and costs and may result in losses to the Portfolio. Applying the sub-adviser's ESG criteria to its investment analysis for the Portfolio may impact the sub-adviser's investment decisions as to securities of certain issuers and, therefore, the Portfolio may forego some investment opportunities available to portfolios that do not use ESG criteria or that apply different ESG criteria.

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**DISCLOSURE OF EXPENSES** 

**(unaudited)** 

**SHAREHOLDER EXPENSES** 

Portfolio shareholders may incur two types of costs: (i) transaction costs, including brokerage commissions on purchases and sales of portfolio shares; and (ii) ongoing costs, including management fees, and other portfolio expenses.

The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other portfolios.

The example is based on an investment of $1,000 invested at July 1, 2022, and held for the entire six-month period until December 31, 2022.

**ACTUAL EXPENSES** 

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

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES** 

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Portfolio shares. Therefore, the information under the heading "Hypothetical Expenses" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different portfolios. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries, or other financial institutions.

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|:---|:---|:---|:---|:---|:---|:---|
| | | **Actual Expenses** | **Actual Expenses** | **Hypothetical Expenses <sup>(A)</sup>** | **Hypothetical Expenses <sup>(A)</sup>** | |
| <br>**Class** |<br>**Beginning<br>Account Value<br>July 1, 2022** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** |<br>**Net Annualized<br>Expense Ratio <sup>(C)</sup>** |
|  Initial Class | $&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;960.40 | $&nbsp;&nbsp;&nbsp;&nbsp;2.92 | $&nbsp;&nbsp;&nbsp;&nbsp;1022.20 | $&nbsp;&nbsp;&nbsp;&nbsp;3.01 | 0.59% |
|  Service Class | 1000.00 | 959.60 | 4.15 | 1021.00 | 4.28 | 0.84 |

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

(B) *Expenses are calculated using the Portfolio's net annualized expense ratio, as disclosed in the table, multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (365 days).*

(C) *Net annualized expense ratios are reflective of applicable fee waivers and/or reimbursements and recapture, if any, and are based on the most recent six-months which may differ from the net expense ratio displayed in the Financial Highlights that covers a twelve-month period.*

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**SCHEDULE OF INVESTMENTS** 

**At December 31, 2022** 

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| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES - 1.4%** | **ASSET-BACKED SECURITIES - 1.4%** | **ASSET-BACKED SECURITIES - 1.4%** |
|  Access to Loans for Learning Student Loan Corp. <br>Series 2012-1, Class A, <br>1-Month LIBOR + 0.70%, <br>5.09% <sup>(A)</sup>, 07/25/2036 | $1786130 | $1758266 |
|  Edsouth Indenture No. 3 LLC <br>Series 2012-2, Class A, <br>1-Month LIBOR + 0.73%, <br>5.12% <sup>(A)</sup>, 04/25/2039 <sup>(B)</sup> | 662024 | 654088 |
|  SLM Student Loan Trust <br>Series 2006-2, Class A6, <br>3-Month LIBOR + 0.17%, <br>4.53% <sup>(A)</sup>, 01/25/2041 | 2929035 | 2772131 |
|  **Total Asset-Backed Securities <br>(Cost $5,218,306)** | **Total Asset-Backed Securities <br>(Cost $5,218,306)** | 5184485 |
| **CORPORATE DEBT SECURITIES - 4.4%** | **CORPORATE DEBT SECURITIES - 4.4%** | **CORPORATE DEBT SECURITIES - 4.4%** |
| **Banks - 0.3%** | **Banks - 0.3%** | **Banks - 0.3%** |
|  Bank of America Corp. <br>Fixed until 02/13/2030,<br>2.50% <sup>(A)</sup>, 02/13/2031 | 1500000 | 1222686 |
| **Capital Markets - 0.9%** | **Capital Markets - 0.9%** | **Capital Markets - 0.9%** |
|  Goldman Sachs Group, Inc. <br>4.00%, 03/03/2024 | 1645000 | 1623389 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 01/22/2030,<br>2.70% <sup>(A)</sup>, 01/22/2031 | 1500000 | 1243027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/25/2023 | 316000 | 315351 |
|  |  | 3181767 |
| **Diversified Financial Services - 1.4%** | **Diversified Financial Services - 1.4%** | **Diversified Financial Services - 1.4%** |
|  Aviation Capital Group LLC <br>3.88%, 05/01/2023 <sup>(B)</sup> | 208000 | 206306 |
|  Portmarnock Leasing LLC <br>1.74%, 10/22/2024 | 543322 | 526985 |
|  Private Export Funding Corp. <br>0.55%, 07/30/2024 <sup>(B)</sup> | 5000000 | 4673545 |
|  |  | 5406836 |
| **Diversified Telecommunication Services - 0.3%** | **Diversified Telecommunication Services - 0.3%** | **Diversified Telecommunication Services - 0.3%** |
|  Verizon Communications, Inc. <br>4.02%, 12/03/2029 | 1000000 | 938889 |
| **Food Products - 0.1%** | **Food Products - 0.1%** | **Food Products - 0.1%** |
|  Cargill, Inc. <br>5.13%, 10/11/2032 <sup>(B)</sup> | 511000 | 513225 |
| **Health Care Equipment & Supplies - 0.1%** | **Health Care Equipment & Supplies - 0.1%** | **Health Care Equipment & Supplies - 0.1%** |
|  Abbott Laboratories <br>3.40%, 11/30/2023 <sup>(C)</sup> | 184000 | 182041 |
| **Health Care Providers & Services - 0.6%** | **Health Care Providers & Services - 0.6%** | **Health Care Providers & Services - 0.6%** |
|  Humana, Inc. <br>4.88%, 04/01/2030 | 1500000 | 1474139 |
|  UnitedHealth Group, Inc. <br>4.20%, 05/15/2032 | 918000 | 873940 |
|  |  | 2348079 |
| **Media - 0.2%** | **Media - 0.2%** | **Media - 0.2%** |
|  Comcast Corp. <br>3.40%, 04/01/2030 | 1000000 | 913656 |

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| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Multi-Utilities - 0.2%** | **Multi-Utilities - 0.2%** | **Multi-Utilities - 0.2%** |
|  Consolidated Edison Co. of New York, Inc. <br>3.35%, 04/01/2030 | $1000000 | $901894 |
| **Specialty Retail - 0.3%** | **Specialty Retail - 0.3%** | **Specialty Retail - 0.3%** |
|  Lowe's Cos., Inc. <br>4.50%, 04/15/2030 | 1000000 | 960918 |
|  **Total Corporate Debt Securities <br>(Cost $17,741,292)** | **Total Corporate Debt Securities <br>(Cost $17,741,292)** | 16569991 |
| **MORTGAGE-BACKED SECURITIES - 4.7%** | **MORTGAGE-BACKED SECURITIES - 4.7%** | **MORTGAGE-BACKED SECURITIES - 4.7%** |
| COMM Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-CR4, Class A3, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 10/15/2045 | 232179 | 230888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-CR9, Class A4, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.27% <sup>(A)</sup>, 07/10/2045 | 2200430 | 2186952 |
|  Eleven Madison Mortgage Trust <br>Series 2015-11MD, Class A, <br>3.55% <sup>(A)</sup>, 09/10/2035 <sup>(B)</sup> | 5000000 | 4621615 |
|  GS Mortgage Securities Trust <br>Series 2014-GC18, Class A4, <br>4.07%, 01/10/2047 | 3000000 | 2935375 |
|  JPMBB Commercial Mortgage Securities Trust <br>Series 2013-C12, Class A5, <br>3.66%, 07/15/2045 | 4535000 | 4496670 |
|  Morgan Stanley Bank of America Merrill Lynch Trust <br>Series 2013-C11, Class A4, <br>4.20% <sup>(A)</sup>, 08/15/2046 | 3500000 | 3449142 |
|  **Total Mortgage-Backed Securities <br>(Cost $18,922,734)** | **Total Mortgage-Backed Securities <br>(Cost $18,922,734)** | 17920642 |
| **MUNICIPAL GOVERNMENT OBLIGATION - 0.2%** | **MUNICIPAL GOVERNMENT OBLIGATION - 0.2%** | **MUNICIPAL GOVERNMENT OBLIGATION - 0.2%** |
| **Vermont - 0.2%** | **Vermont - 0.2%** | **Vermont - 0.2%** |
|  Vermont Student Assistance Corp., Certificate of Obligation, <br>1-Month LIBOR + 0.70%, <br>5.09% <sup>(A)</sup>, 07/28/2034 | 706823 | 703359 |
|  **Total Municipal Government Obligation <br>(Cost $706,823)** | **Total Municipal Government Obligation <br>(Cost $706,823)** | 703359 |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS - 34.9%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 34.9%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 34.9%** |
| Federal Home Loan Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 03/14/2025 | 25000000 | 23918459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/16/2028 <sup>(C)</sup> | 6000000 | 5773789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 12/10/2032 | 5000000 | 5137357 |
| Federal Home Loan Mortgage Corp.<br>Multifamily Structured Pass-Through<br>Certificates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.01%, 07/25/2025 | 5000000 | 4803918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.19% <sup>(A)</sup>, 09/25/2027 | 4070000 | 3858911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25% <sup>(A)</sup>, 04/25/2023 | 5515468 | 5493923 |
| Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 08/05/2030 <sup>(C)</sup> | 8300000 | 6607293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 01/25/2036 | 5000000 | 3585020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 01/19/2023 | 18500000 | 18484306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 09/06/2024 <sup>(C)</sup> | 4000000 | 3882419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 09/12/2023 <sup>(C)</sup> | 2000000 | 1974295 |

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

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**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

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| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| Government National Mortgage<br>Association |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.89% <sup>(A)</sup>, 09/20/2061 | $167062 | $163238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.26% <sup>(A)</sup>, 06/20/2062 | 225726 | 221001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63% <sup>(A)</sup>, 07/20/2061 | 9929 | 9386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70% <sup>(A)</sup>, 10/20/2061 - 12/20/2061 | 13166 | 12588 |
| Tennessee Valley Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 09/15/2031 <sup>(C)</sup> | 5000000 | 3937471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 02/01/2027 <sup>(C)</sup> | 6000000 | 5688638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/15/2042 | 5000000 | 4176018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/15/2048 | 5000000 | 4963133 |
|  Uniform Mortgage-Backed Security <br>4.50%, TBA <sup>(D)</sup> | 30000000 | 28898437 |
|  **Total U.S. Government Agency Obligations <br>(Cost $140,136,639)** | **Total U.S. Government Agency Obligations <br>(Cost $140,136,639)** | 131589600 |
| **U.S. GOVERNMENT OBLIGATIONS - 54.9%** | **U.S. GOVERNMENT OBLIGATIONS - 54.9%** | **U.S. GOVERNMENT OBLIGATIONS - 54.9%** |
| **U.S. Treasury - 54.9%** | **U.S. Treasury - 54.9%** | **U.S. Treasury - 54.9%** |
| U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 05/15/2040 | 6000000 | 3783984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/15/2051 | 14980000 | 9614702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/15/2050 | 6600000 | 4400859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 02/15/2052 | 2000000 | 1404375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 02/15/2042 | 7500000 | 5767383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/15/2045 - 05/15/2046 | 4000000 | 3015000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 11/15/2046 <sup>(C)</sup> | 4000000 | 3231250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/15/2049 - 05/15/2052 | 2900000 | 2348082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/2042 - 02/15/2048 | 7519000 | 6269980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/15/2052 <sup>(C)</sup> | 4000000 | 3326250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/15/2042 - 11/15/2048 | 2500000 | 2244454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/15/2039 | 1414500 | 1336813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 08/15/2043 | 1814000 | 1679013 |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 01/31/2023 | 5000000 | 4984932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 11/30/2025 - 12/31/2025 | 18000000 | 16106680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 12/31/2027 | 2000000 | 1697422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 11/30/2026 | 20000000 | 17971094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/31/2029 <sup>(C)</sup> | 10000000 | 8803125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/28/2027 - 02/15/2032 | 14400000 | 12918110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/31/2024 | 5000000 | 4852734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 03/31/2029 | 10000000 | 9113672 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **U.S. GOVERNMENT OBLIGATIONS (continued)** | **U.S. GOVERNMENT OBLIGATIONS (continued)** | **U.S. GOVERNMENT OBLIGATIONS (continued)** |
| **U.S. Treasury (continued)** | **U.S. Treasury (continued)** | **U.S. Treasury (continued)** |
| U.S. Treasury Notes (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/30/2024 - 03/31/2027 | $30000000 | $28989257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 05/31/2027 | 5000000 | 4720313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/30/2027 - 08/15/2032 | 20000000 | 18629687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/15/2032 | 3000000 | 2774531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/30/2024 - 07/15/2025 | 10000000 | 9728711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 08/31/2027 | 5000000 | 4816797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/30/2027 | 3000000 | 2905195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/30/2029 <sup>(C)</sup> | 3000000 | 2877422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/31/2027 | 7000000 | 7037187 |
|  **Total U.S. Government Obligations <br>(Cost $232,139,697)** | **Total U.S. Government Obligations <br>(Cost $232,139,697)** | 207349014 |
|  | **Shares** | **Value** |
| **OTHER INVESTMENT COMPANY - 7.5%** | **OTHER INVESTMENT COMPANY - 7.5%** | **OTHER INVESTMENT COMPANY - 7.5%** |
| **Securities Lending Collateral - 7.5%** | **Securities Lending Collateral - 7.5%** | **Securities Lending Collateral - 7.5%** |
|  State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 4.29% <sup>(E)</sup> | 28336874 | 28336874 |
|  **Total Other Investment Company <br>(Cost $28,336,874)** | **Total Other Investment Company <br>(Cost $28,336,874)** | 28336874 |
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 6.5%** | **REPURCHASE AGREEMENT - 6.5%** | **REPURCHASE AGREEMENT - 6.5%** |
|  Fixed Income Clearing Corp., 1.80% <sup>(E)</sup>, dated 12/30/2022, to be repurchased at $24,544,171 on 01/03/2023. Collateralized by a U.S. Government Obligation, 4.77%, due 12/28/2023, and with a value of $25,030,080. | $24539264 | 24539264 |
|  **Total Repurchase Agreement <br>(Cost $24,539,264)** | **Total Repurchase Agreement <br>(Cost $24,539,264)** | 24539264 |
|  **Total Investments <br>(Cost $467,741,629)** | **Total Investments <br>(Cost $467,741,629)** | 432193229 |
|  **Net Other Assets (Liabilities) - (14.5)%** | **Net Other Assets (Liabilities) - (14.5)%** | (54859712) |
|  **Net Assets - 100.0%** |  | **$377333517** |

---

**FUTURES CONTRACTS:** 

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Long Futures Contracts** | **Long Futures Contracts** | **Long Futures Contracts** | **Long Futures Contracts** | **Long Futures Contracts** | **Long Futures Contracts** | **Long Futures Contracts** |
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  5-Year U.S. Treasury Notes | 96 | 03/31/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;10389960 | $&nbsp;&nbsp;&nbsp;&nbsp;10361250 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $(28710) |
|  10-Year U.S. Treasury Notes | 79 | 03/22/2023 | 8956618 | 8871453 |  | (85165) |
|  30-Year U.S. Treasury Bonds | 29 | 03/22/2023 | 3694397 | 3634969 |  | (59428) |
|  U.S. Treasury Ultra Bonds | 40 | 03/22/2023 | 5521338 | 5372500 |  | (148838) |
|  **Total** |  |  |  |  | $**—** | $**(322141)** |

---

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 6** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

**FUTURES CONTRACTS (continued):** 

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** |
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  2-Year U.S. Treasury Notes | (18) | 03/31/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;(3696149) | $&nbsp;&nbsp;&nbsp;&nbsp;(3691406) | $4743 | $— |
|  10-Year U.S. Treasury Ultra Notes | (63) | 03/22/2023 | (7553340) | (7451719) | 101621 |  |
|  **Total** |  |  |  |  | $**106364** | $**—** |
|  **Total Futures Contracts** |  |  |  |  | $**106364** | $**(322141)** |

---

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(F)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Asset-Backed Securities | $— | $5184485 | $— | $5184485 |
|  Corporate Debt Securities |  | 16569991 |  | 16569991 |
|  Mortgage-Backed Securities |  | 17920642 |  | 17920642 |
|  Municipal Government Obligation |  | 703359 |  | 703359 |
|  U.S. Government Agency Obligations |  | 131589600 |  | 131589600 |
|  U.S. Government Obligations |  | 207349014 |  | 207349014 |
|  Other Investment Company | 28336874 |  |  | 28336874 |
|  Repurchase Agreement |  | 24539264 |  | 24539264 |
|  **Total Investments** | $**28336874** | $**403856355** | $**—** | $**432193229** |
|  **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** |
|  Futures Contracts <sup>(G)</sup> | $106364 | $— | $— | $106364 |
|  **Total Other Financial Instruments** | $**106364** | $**—** | $**—** | $**106364** |
| **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** |
|  **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** |
|  Futures Contracts <sup>(G)</sup> | $(322141) | $— | $— | $(322141) |
|  **Total Other Financial Instruments** | $**(322141)** | $**—** | $**—** | $**(322141)** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *Floating or variable rate securities. The rates disclosed are as of December 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.* 

(B) *Securities are exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2022, the total value of 144A securities is $10,668,779, representing 2.8% of the Portfolio's net assets.* 

(C) *All or a portion of the securities are on loan. The total value of all securities on loan is $36,353,039, collateralized by cash collateral of $28,336,874 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $8,760,506. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.* 

(D) *When-issued, delayed-delivery and/or forward commitment (including TBAs) security. Security to be settled and delivered after December 31, 2022. Security may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.* 

(E) *Rates disclosed reflect the yields at December 31, 2022.* 

(F) *There were no transfers in or out of Level 3 during the year ended December 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

(G) *Derivative instruments are valued at unrealized appreciation (depreciation).* 

**PORTFOLIO ABBREVIATIONS:** 

*LIBOR* *London Interbank Offered Rate* <br> *TBA* *To Be Announced*

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 7** 

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**STATEMENT OF ASSETS AND LIABILITIES** 

**At December 31, 2022** 

---

| | |
|:---|:---|
|  **Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value (cost $443,202,365) <br>(including securities loaned of $36,353,039) | $407653965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreement, at value (cost $24,539,264) | 24539264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | 130000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral pledged at broker for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 578442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables and other assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 5753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest sold | 16392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 2486474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 1263 |
|  Total assets | 435411553 |
|  **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral received upon return of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities on loan | 28336874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables and other liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; When-issued, delayed-delivery, forward and TBA commitments purchased | 29304141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest redeemed | 81130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 176260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 66455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 1933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 25350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 14160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 1814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 27921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 4360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin payable on futures contracts | 37184 |
|  Total liabilities | 58078036 |
|  **Net assets** | $&nbsp;&nbsp;&nbsp;&nbsp;377333517 |
|  **Net assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital stock ($0.01 par value) | $409457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 420550888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) | (43626828) |
|  **Net assets** | $377333517 |
|  **Net assets by class:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | $63432076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 313901441 |
|  **Shares outstanding:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 7100844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 33844810 |
|  **Net asset value and offering price per share:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | $8.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 9.27 |

---

**STATEMENT OF OPERATIONS** 

**For the year ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | $7727892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 77046 |
|  Total investment income | 7804938 |
|  **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 1947846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 708095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 3877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 15668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 36707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 53294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 19690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 7384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 24524 |
|  Total expenses | 2817085 |
|  **Net investment income (loss)** | 4987853 |
|  **Net realized gain (loss) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (10788659) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 2098237 |
|  Net realized gain (loss) | (8690422) |
|  **Net change in unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (42138642) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (196797) |
|  Net change in unrealized appreciation (depreciation) | (42335439) |
|  Net realized and change in unrealized gain (loss) | (51025861) |
|  **Net increase (decrease) in net assets resulting from operations** | $&nbsp;&nbsp;&nbsp;&nbsp;(46038008) |

---

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 8** 

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##### [**Table of Contents**](#toc)
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**STATEMENT OF CHANGES IN NET ASSETS** 

**For the years ended:** 

---

| | | |
|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2021** |
|  **From operations:** | **From operations:** | **From operations:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $4987853 | $3075448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (8690422) | (2353374) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (42335439) | (11210269) |
|  Net increase (decrease) in net assets resulting from operations | (46038008) | (10488195) |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (747165) | (8098796) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (2366739) | (20625550) |
|  Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (3113904) | (28724346) |
|  **Capital share transactions:** | **Capital share transactions:** | **Capital share transactions:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 10377743 | 14305114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 206169114 | 38009020 |
|  | 216546857 | 52314134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 747165 | 8098796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 2366739 | 20625550 |
|  | 3113904 | 28724346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (18535115) | (35065756) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (81872492) | (126564360) |
|  | (100407607) | (161630116) |
|  Net increase (decrease) in net assets resulting from capital share transactions | 119253154 | (80591636) |
|  **Net increase (decrease) in net assets** | 70101242 | (119804177) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;307232275 | 427036452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $377333517 | $&nbsp;&nbsp;&nbsp;&nbsp;307232275 |
|  **Capital share transactions - shares:** | **Capital share transactions - shares:** | **Capital share transactions - shares:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 1085693 | 1296667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 21155009 | 3319701 |
|  | 22240702 | 4616368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 80862 | 772049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 246535 | 1893990 |
|  | 327397 | 2666039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (1954597) | (3177917) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (8466707) | (10964305) |
|  | (10421304) | (14142222) |
|  Net increase (decrease) in shares outstanding: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (788042) | (1109201) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 12934837 | (5750614) |
|  | 12146795 | (6859815) |

---

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 9** 

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**Transamerica Aegon U.S. Government Securities VP** 

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**FINANCIAL HIGHLIGHTS** 

**For a share outstanding during the years indicated:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $10.38 | $11.69 | $10.92 | $10.45 | $10.75 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(A)</sup> | 0.15 | 0.12 | 0.15 | 0.21 | 0.17 |
|  Net realized and unrealized gain (loss) | (1.50) | (0.39) | 0.83 | 0.48 | (0.15) |
|  Total investment operations | (1.35) | (0.27) | 0.98 | 0.69 | 0.02 |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income | (0.10) | (0.25) | (0.20) | (0.22) | (0.32) |
|  Net realized gains |  | (0.79) | (0.01) |  |  |
|  Total dividends and/or distributions to shareholders | (0.10) | (1.04) | (0.21) | (0.22) | (0.32) |
|  **Net asset value, end of year** | $8.93 | $10.38 | $11.69 | $10.92 | $10.45 |
|  **Total return** | (13.03)% | (2.39)% | 8.97% | 6.60% | 0.26% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;63432 | $&nbsp;&nbsp;&nbsp;&nbsp;81905 | $&nbsp;&nbsp;&nbsp;&nbsp;105166 | $&nbsp;&nbsp;&nbsp;&nbsp;80042 | $&nbsp;&nbsp;&nbsp;&nbsp;78801 |
|  Expenses to average net assets | 0.59% | 0.60% | 0.59% | 0.61% | 0.62% |
|  Net investment income (loss) to average net assets | 1.56% | 1.06% | 1.32% | 1.92% | 1.60% |
|  Portfolio turnover rate | 9% | 29% | 128% | 44% | 85% |

---

(A) *Calculated based on average number of shares outstanding.* 

**For a share outstanding during the years indicated:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $10.78 | $12.07 | $11.28 | $10.79 | $11.07 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(A)</sup> | 0.13 | 0.09 | 0.13 | 0.19 | 0.15 |
|  Net realized and unrealized gain (loss) | (1.56) | (0.39) | 0.84 | 0.50 | (0.15) |
|  Total investment operations | (1.43) | (0.30) | 0.97 | 0.69 |  |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income | (0.08) | (0.20) | (0.17) | (0.20) | (0.28) |
|  Net realized gains |  | (0.79) | (0.01) |  |  |
|  Total dividends and/or distributions to shareholders | (0.08) | (0.99) | (0.18) | (0.20) | (0.28) |
|  **Net asset value, end of year** | $9.27 | $10.78 | $12.07 | $11.28 | $10.79 |
|  **Total return** | (13.30)% | (2.53)% | 8.66% | 6.35% | 0.01% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;313902 | $&nbsp;&nbsp;&nbsp;&nbsp;225327 | $&nbsp;&nbsp;&nbsp;&nbsp;321870 | $&nbsp;&nbsp;&nbsp;&nbsp;234467 | $&nbsp;&nbsp;&nbsp;&nbsp;398566 |
|  Expenses to average net assets | 0.84% | 0.85% | 0.84% | 0.86% | 0.87% |
|  Net investment income (loss) to average net assets | 1.37% | 0.81% | 1.04% | 1.67% | 1.37% |
|  Portfolio turnover rate | 9% | 29% | 128% | 44% | 85% |

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(A) *Calculated based on average number of shares outstanding.* 

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

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**NOTES TO FINANCIAL STATEMENTS** 

**At December 31, 2022** 

**1. ORGANIZATION** 

Transamerica Series Trust ("TST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). TST applies investment company accounting and reporting guidance. TST serves as a funding vehicle for variable life insurance, variable annuity, and group annuity products. Transamerica Aegon U.S. Government Securities VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers two classes of shares, Initial Class and Service Class.

The only shareholders of the Portfolio are affiliated insurance company separate accounts and affiliated asset allocation portfolios. Contract holders of the variable life and annuity contracts are not shareholders of the Portfolio. For ease of reference, shareholders and contract holders are collectively referred to in this report as "shareholders."

This report must be accompanied or preceded by the Portfolio's current prospectus, which contains additional information about the Portfolio, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Portfolio pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Portfolio. TAM supervises the Portfolio's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Portfolio.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of a Portfolio without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Portfolio and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Portfolio employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending portfolio combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Portfolio's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Portfolio; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for a Portfolio; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Portfolio's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; oversight of other service providers to the Portfolio, such as the custodian, the transfer agent, the Portfolio's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Portfolio; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Portfolio, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Portfolio. The Portfolio pays certain fees and expenses to State Street for sub-administration services which are not administrative

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**1. ORGANIZATION (continued)** 

services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the year ended December 31, 2022, (i) the expenses paid to State Street for sub-administration services by the Portfolio are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Portfolio are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES** 

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

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Portfolio is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Portfolio with broker/dealers with which TST has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Portfolio. In no event will commissions, paid by the Portfolio, be used to pay expenses that would otherwise be borne by any other portfolios within TST, or by any other party.

There were no commissions recaptured during the year ended December 31, 2022 by the Portfolio.

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

**3. INVESTMENT VALUATION** 

Effective September 8, 2022, TAM has been designated as the Portfolio's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Portfolio's Board of Trustees. The net asset value of the Portfolio is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

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

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

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

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Portfolio's investments and derivative instruments.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**3. INVESTMENT VALUATION (continued)** 

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Portfolio's investments at December 31, 2022, is disclosed within the Investment Valuation section of the Schedule of Investments.

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

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

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

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

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

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

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

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

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

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

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**3. INVESTMENT VALUATION (continued)** 

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

**4. SECURITIES AND OTHER INVESTMENTS** 

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

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

TBA commitments are entered into to purchase or sell securities for a fixed price at a future date, typically not to exceed 45 days. TBAs are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased declines, or the value of the security sold increases, prior to settlement date, in addition to the risk of decline in the value of a Portfolio's other assets. Unsettled TBA commitments are valued at the current value of the underlying securities. TBA collateral requirements are typically calculated by netting the mark-to-market amount for each transaction and comparing that amount to the value of the collateral currently pledged by a Portfolio and the counterparty. Cash collateral that has been pledged to cover the obligations of a Portfolio and cash collateral received from the counterparty, if any, is reported separately in the Statement of Assets and Liabilities as Cash collateral pledged at broker for TBA commitments or Cash collateral at broker for TBA commitments, respectively. Non-cash collateral pledged by a Portfolio, if any, is disclosed within the Schedule of Investments. Typically, a Portfolio is permitted to sell, re-pledge or use the collateral it receives; however, the counterparty is not permitted. To the extent amounts due to a Portfolio are not fully collateralized, contractually or otherwise, a Portfolio bears the risk of loss from counterparty non-performance.

When-issued, delayed-delivery, forward and TBA commitment transactions held at December 31, 2022, if any, are identified within the Schedule of Investments. Open trades, if any, are reflected as When-issued, delayed-delivery, forward and TBA commitments purchased or sold within the Statement of Assets and Liabilities.

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

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

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)** 

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the year ended December 31, 2022, the Portfolio has not utilized the program.

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

Repurchase agreements are subject to netting agreements, which are agreements between the Portfolio and its counterparties that provide for the net settlement of all transactions and collateral with the Portfolio, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at December 31, 2022.

Repurchase agreements at December 31, 2022, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**Securities lending:** The Portfolio may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Portfolio pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Portfolio to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Portfolio may experience delays in recovery of the loaned securities or delays in access to collateral, or the Portfolio may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government and irrevocable letters of credit issued by banks as collateral. The initial collateral received by the Portfolio is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower.

The Portfolio receives compensation for lending securities from interest or dividends earned on the cash, U.S. Government securities and irrevocable letters of credit held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust—Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at December 31, 2022, if any, are shown on a gross basis within the Schedule of Investments.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of December 31, 2022.

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|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
| | **Overnight and<br>Continuous** | **Less Than<br>30 Days** | **Between<br>30 & 90 Days** | **Greater Than<br>90 Days** | **Total** |
|  Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Debt Securities | $182506 | $— | $— | $— | $182506 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agency Obligations | 21978436 |  |  |  | 21978436 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Obligations | 6175932 |  |  |  | 6175932 |
|  Total Securities Lending Transactions | $28336874 | $— | $— | $— | $28336874 |
|  **Total Borrowings** | $**28336874** | $**—** | $**—** | $**—** | $**28336874** |

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS** 

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

**Market Risk Factors:** In pursuit of the Portfolio's investment strategies, the Portfolio may seek to use derivatives to increase or decrease its exposure to certain market risks, including:

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

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

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

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

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

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

The Portfolio's exposure to market risk factors and certain other associated risks are summarized by derivative type as follows:

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

Open futures contracts at December 31, 2022, if any, are listed within the Schedule of Investments. Variation margin, if applicable, is shown in Variation margin receivable or payable on futures contracts within the Statement of Assets and Liabilities.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

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

The following is a summary of the location and the Portfolio's fair values of derivative investments disclosed, if any, within the Statement of Assets and Liabilities, categorized by primary market risk exposure as of December 31, 2022.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| **Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  Futures contracts: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings<br>(accumulated losses) <sup>(A) (B)</sup> | $106364 | $— | $— | $— | $— | $106364 |
|  **Total** | $**106364** | $**—** | $**—** | $**—** | $**—** | $**106364** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  Futures contracts: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings<br>(accumulated losses) <sup>(A) (B)</sup> | $(322141) | $— | $— | $— | $— | $(322141) |
|  **Total** | $**(322141)** | $**—** | $**—** | $**—** | $**—** | $**(322141)** |

---

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

(B) *Included within unrealized appreciation (depreciation) on futures contracts as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.* 

The following is a summary of the location and the effect of derivative investments, if any, within the Statement of Operations, categorized by primary market risk exposure as of December 31, 2022.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** |
| **Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  Futures contracts | $2098237 | $— | $— | $— | $— | $2098237 |
|  **Total** | $**2098237** | $**—** | $**—** | $**—** | $**—** | $**2098237** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** |
| **Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  Futures contracts | $(196797) | $— | $— | $— | $— | $(196797) |
|  **Total** | $**(196797)** | $**—** | $**—** | $**—** | $**—** | $**(196797)** |

---

The following is a summary of the ending monthly average volume on derivative activity during the year ended December 31, 2022.

---

| | |
|:---|:---|
|  **Futures contracts:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $12775718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | &nbsp;&nbsp;&nbsp;&nbsp;(14130297) |

---

*Collateral requirements:* Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (futures contracts, exchange-traded options, and exchange-traded swap agreements) while collateral terms are contract specific for OTC derivatives (forward foreign currency exchange contracts, OTC options, and OTC swap agreements). For OTC derivatives, under standard derivatives agreements, the Portfolio may be required to pledge collateral on derivatives to a counterparty if the Portfolio is in a net liability position, and receive collateral if in a net positive position. For financial reporting purposes, cash collateral that has been pledged by the Portfolio to cover obligations, if any, is reported in Cash collateral at broker within the Statement

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

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

of Assets and Liabilities. Cash collateral that has been received by the Portfolio from a counterparty, if any, is reported separately in Cash collateral pledged at custodian and/or broker within the Statement of Assets and Liabilities. Non-cash collateral pledged to the Portfolio, if any, is disclosed within the Schedule of Investments.

Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold before a transfer has been made. Typically a counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The Portfolio generally does not use non-cash collateral that it receives but may, absent default or certain other circumstances, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty.

To the extent amounts due to the Portfolio from its counterparties are not fully collateralized, contractually or otherwise, the Portfolio bears the risk of loss from counterparty non-performance. Additionally, to the extent the Portfolio has delivered collateral to a counterparty, the Portfolio bears the risk of loss from a counterparty in the event the counterparty fails to return such collateral. Counterparties may immediately terminate derivatives contracts if the Portfolio fails to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages. Collateral may not be required for all derivative contracts.

**7. RISK FACTORS** 

Investing in the Portfolio involves certain key risks related to the Portfolio's trading activity. Please reference the Portfolio's prospectus for a more complete discussion of the following risk(s), as well as other risks of investing in the Portfolio.

**Market risk:** The market prices of the Portfolio's securities and other assets may go up or down, sometimes sharply and unpredictably, due to general market conditions, overall economic trends or events, inflation, changes in interest rates, government actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by wars, tariffs, trade disputes or other factors, political developments, investor sentiment, the global and domestic effects of a pandemic or other health emergency, and other factors that may or may not be related to the issuer of the security or other asset. The market prices of securities and other assets also may go down due to events or conditions that affect particular sectors, industries, issuers, or geographies. Adverse market conditions may be prolonged and may not have the same impact on all types of securities or other assets. If the value of the Portfolio's securities and assets fall, the value of your investment will go down. The Portfolio may experience a substantial or complete loss on any individual security or asset.

Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, the imposition of economic sanctions, public health events (such as the spread of infectious disease), wars, terrorism, cybersecurity events, technology and data interruptions, natural disasters, and other circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. In the past decade, financial markets throughout the world have experienced increased volatility and decreased liquidity. These conditions may continue or worsen. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down. Securities markets may also be susceptible to market manipulation or other fraudulent trade practices, which could disrupt the orderly functioning of these markets or adversely affect the value of securities traded in these markets, including the Portfolio's securities.

The pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in economic downturns throughout the world, severe losses, particularly to some sectors of the economy and individual issuers, and reduced liquidity of many instruments. There also have been significant disruptions to business operations, including business closures; strained healthcare systems; disruptions to supply chains and employee availability; large fluctuations in consumer demand; and widespread uncertainty regarding the duration and long-term effects of the pandemic. Economic downturns may be prolonged, and political and social instability, continued volatility and decreased liquidity in the securities markets may result. Developing or emerging market countries may be more impacted by the pandemic.

The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic. These and other government intervention into the economy and financial markets may not work as intended. In addition, government actions to mitigate the economic impact of the pandemic have resulted in large expansion of government deficits and debt, the long-term consequences of which are not known. Rates of inflation have recently risen, which could adversely affect economies and markets. The pandemic could continue to adversely affect the value and liquidity of the Portfolio's investments.

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**Page 18** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**7. RISK FACTORS (continued)** 

*Europe:* A number of countries in Europe have experienced severe economic and financial difficulties; and financial markets in Europe and elsewhere have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen or spread within or outside Europe. Responses to the financial problems by European governments, central banks and others may not work, may result in conflicts and social unrest and may limit future growth and economic recovery or have other unintended consequences. In January, 2020, through "Brexit," the United Kingdom withdrew from the European Union. The ramifications of Brexit are unknown, and the implications of possible political, regulatory, economic, and market outcomes could be significant. The United Kingdom has one of the largest economies in Europe and is a major trading partner with European Union countries and the United States. Brexit may create additional and substantial economic stresses for the United Kingdom, including a contraction of the United Kingdom's economy, decreased trade, capital outflows, devaluation of the British pound, and a decrease in business and consumer spending and investment. The negative impact on not only the United Kingdom and European Union economies but also the broader global economy could be significant. A number of countries in Europe have suffered terror attacks, and additional attacks may occur in the future. Europe has also been struggling with mass migration from the Middle East, Eastern Europe and Africa. The ultimate effects of these events and other socio-political or geopolitical issues could profoundly affect global economies and markets. Whether or not the Portfolio invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

*Additional Market Disruption:* Russia's invasion of Ukraine in February, 2022, the resulting responses by the United States and other countries, and the potential for wider conflict, have increased and may continue to increase volatility and uncertainty in financial markets worldwide. The United States and other countries have imposed broad-ranging economic sanctions on Russia and Russian entities and individuals, and may impose additional sanctions, including on other countries that provide military or economic support to Russia. These sanctions, among other things, restrict companies from doing business with Russia and Russian issuers, and may adversely affect companies with economic or financial exposure to Russia and Russian issuers. The extent and duration of Russia's military actions and the repercussions of such actions are not known. The invasion may widen beyond Ukraine and may escalate, including through retaliatory actions and cyberattacks by Russia and even other countries. These events may result in further and significant market disruptions and may adversely affect regional and global economies including those of Europe and the United States. Certain industries and markets, such as those involving oil, natural gas and other commodities, as well as global supply chains, may be particularly adversely affected. Whether or not the Portfolio invests in securities of issuers located in Russia, Ukraine and adjacent countries or with significant exposure to issuers in these countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

**Interest rate risk:** Interest rates in the U.S. and certain foreign markets have been low relative to historic levels. The Portfolio faces a risk that interest rates may rise. The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates also may affect the liquidity of the Portfolio's investments. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the Portfolio. Increased redemptions could cause the Portfolio to sell securities at inopportune times or depressed prices and result in further losses.

**U.S. government and agency obligations risk:** Government agency obligations have different levels of credit support and, therefore, different degrees of credit risk. Securities issued by agencies and instrumentalities of the U.S. government that are supported by the full faith and credit of the U.S. government generally present a lesser degree of credit risk than securities issued by agencies and instrumentalities sponsored by the U.S. government that are supported only by the issuer's right to borrow from the U.S. Treasury and securities issued by agencies and instrumentalities sponsored by the U.S. government that are supported only by the credit of the issuing agencies. A security backed by the "full faith and credit" of the U.S. government is guaranteed only as to its stated interest rate and face value at maturity, not its current market price.

**LIBOR risk:** Many financial instruments, financings or other transactions to which the Portfolio may be a party use or may use a floating rate based on the London Interbank Offered Rate ("LIBOR"). The UK Financial Conduct Authority and LIBOR's administrator announced that the use of LIBOR will be phased out; most LIBOR rates are no longer published as of the end of 2021 and a majority of U.S. dollar LIBOR rates will no longer be published after June 30, 2023. It is possible that a subset of LIBOR rates may be published after these dates on a "synthetic" basis, but any such publications would be considered non-representative of the underlying market. There remains uncertainty regarding the nature of any replacement rate and the impact of the transition from LIBOR on the Portfolio, issuers of instruments in which the Portfolio invests, and financial markets generally. As such, the potential effect of a transition away from LIBOR on the Portfolio or the Portfolio's investments cannot yet be determined.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**8. FEES AND OTHER AFFILIATED TRANSACTIONS** 

TST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Transamerica Life Insurance Company ("TLIC"), and Transamerica Financial Life Insurance Company.

TAM, the Portfolio's investment manager, is directly owned by TLIC and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon NV. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon NV, a Netherlands corporation, and a publicly traded international insurance group.

TAM has entered into a sub-advisory agreement with Aegon USA Investment Management, LLC ("AUIM"), an affiliate of TAM. AUIM provides day-to-day portfolio management services to the Portfolio, subject to the supervision of TAM. TAM is responsible for compensating the sub-adviser for its services.

Transamerica Fund Services, Inc. ("TFS") is the Portfolio's transfer agent. Transamerica Capital, Inc. ("TCI") is the Portfolio's distributor/principal underwriter. TAM, AUIM, TFS, and TCI are affiliates of Aegon NV.

Certain officers and trustees of the Portfolio are also officers and/or trustees of TAM, TFS and TCI. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Portfolio. The Portfolio does pay non-interested persons (independent trustees), as disclosed in Trustee, CCO and deferred compensation fees within the Statement of Operations.

**Investment management fees:** TAM serves as the Portfolio's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Portfolio pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Portfolio pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
|  First $500 million | 0.55% |
|  Over $500 million up to $1.5 billion | 0.51 |
|  Over $1.5 billion | 0.50 |

---

TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses, reorganization expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| | **Operating<br>Expense Limit** | **Operating<br>Expense Limit<br>Effective Through** |
|  Initial Class | 0.63% | May 1, 2023 |
|  Service Class | 0.88 | May 1, 2023 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended December 31, 2022 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Portfolio, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

As of December 31, 2022, there are no amounts available for recapture by TAM.

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##### [**Table of Contents**](#toc)
**Transamerica Aegon U.S. Government Securities VP** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

**Distribution and service fees:** TST has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, TST entered into a distribution agreement with TCI as the Portfolio's distributor.

The Distribution Plan requires the Portfolio to pay distribution fees to TCI as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCI, on behalf of the Portfolio, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Portfolio's shares.

The fee on the Service Class shares is paid to the insurance companies for providing services and account maintenance for the policyholders who invest in the variable insurance products which invest in the Service Class shares. TCI has determined that it will not seek payment for the distribution expenses incurred by the Portfolio with respect to the Initial Class shares before May 1, 2023. Prior to TCI seeking distribution expenses on Initial Class shares, policy and contract owners will be notified in advance. The Portfolio will pay fees relating to Service Class shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Portfolio is authorized under the Distribution Plan to pay fees to TCI based on daily average net assets of each class up to the following annual rates:

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| | |
|:---|:---|
| **Class** | **Rate** |
|  Initial Class | 0.15% |
|  Service Class | 0.25 |

---

**Transfer agent costs:** TFS provides transfer agency services under an intercompany agreement with TAM. TFS has outsourced the provision of certain sub-transfer agency services to SS&C Technology Holdings, Inc ("SS&C"). The Portfolio does not pay a separate transfer agent fee to TAM or TFS but does pay certain expenses to SS&C related to applicable sub-transfer agency services. For the year ended December 31, 2022, (i) the expenses paid to SS&C by the Portfolio are referred to as Transfer agent costs and are included within the Statement of Operations and (ii) the expenses payable to SS&C by the Portfolio are referred to as Transfer agent costs within the Statement of Assets and Liabilities.

**Deferred compensation plan:** Effective September 23, 2021, the Board has approved the termination of the deferred compensation plan. Payments will be made to applicable current and former Board members consistent with Section 409A of the Code. Under a non-qualified deferred compensation plan effective January 1, 1996, as amended and restated January 1, 2010, available to the trustees, compensation may be deferred that would otherwise be payable by TST to an independent trustee on a current basis for services rendered as trustee. Deferred compensation amounts will accumulate based on the value of the investment option, as elected by the trustee. Balances pursuant to deferred compensation plan are recorded in Trustees, Chief Compliance Officer ("CCO") and deferred compensation fees within the Statement of Assets and Liabilities. For the year ended December 31, 2022, amounts included in Trustees, CCO and deferred compensation fees within the Statement of Operations reflect total compensation paid to the independent Board members.

**Brokerage commissions:** The Portfolio incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the year ended December 31, 2022.

**9. PURCHASES AND SALES OF SECURITIES** 

For the year ended December 31, 2022, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $6260848 | $155339473 | $13051550 | $14315801 |

---

**10. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS** 

The Portfolio has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Portfolio recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**10. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)** 

sustained assuming examination by tax authorities. The Portfolio's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Portfolio's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Portfolio's financial statements. If applicable, the Portfolio recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Portfolio identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Portfolio makes significant investments; however, the Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales, futures contracts mark-to-market, premium amortization accruals and straddle loss deferrals. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. There are no reclassifications in the current year.

As of December 31, 2022, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross<br>Appreciation** | **Gross<br>(Depreciation)** | **Net Appreciation<br>(Depreciation)** |
| $467827414 | $111486 | $(35745671) | $(35634185) |

---

As of December 31, 2022, the capital loss carryforwards available to offset future realized capital gains are as follows:

---

| | |
|:---|:---|
| **Unlimited**  | **Unlimited**  |
| **Short-Term** | **Long-Term** |
| $11937711 | $1057428 |

---

During the year ended December 31, 2022, the Portfolio did not have any capital loss carryforwards utilized or expired.

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2022 and 2021 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** |
| **Ordinary**<br> **Income** | **Long-Term<br>Capital Gain** | **Return of Capital** | **Ordinary**<br> **Income** | **Long-Term<br>Capital Gain** | **Return of Capital** |
| $3113904 | $— | $— | $26229337 | $2495009 | $— |

---

As of December 31, 2022, the tax basis components of distributable earnings are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Capital Loss<br>Carryforwards** | **Late Year<br>Ordinary Loss<br>Deferred** | **Other**<br> **Temporary<br>Differences** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| $5064384 | $— | $(12995139) | $— | $(61888) | $(35634185) |

---

**11. NEW ACCOUNTING PRONOUNCEMENT** 

In December 2022, the Financial Accounting Standards Board issued Accounting Standards Update No. 2022-06 ("ASU 2022-06"), "Reference Rate Reform (Topic 848)". ASU 2022-06 is an update of ASU 2020-04, which is in response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR, regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The ASU 2022-06 update clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The amendments in this update are effective immediately through December 31, 2024, for all entities. Management does not expect ASU 2022-06 to have a material impact on the financial statements.

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**Report of Independent Registered Public Accounting Firm** 

*To the Shareholders and the Board of Trustees of Transamerica Aegon U.S. Government Securities VP* 

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities of Transamerica Aegon U.S. Government Securities VP (the "Portfolio") (one of the portfolios constituting Transamerica Series Trust (the "Trust")), including the schedule of investments, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the portfolios constituting Transamerica Series Trust) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion** 

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g438566ernst_young.jpg)

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

February 27, 2023

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**Page 23** 

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**SUPPLEMENTAL TAX INFORMATION** 

**(unaudited)** 

For tax purposes, the Portfolio has made no long-term capital gain designations for the year ended December 31, 2022.

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**Page 24** 

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**Transamerica American Funds Managed Risk VP** 

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**(unaudited)** 

**MARKET ENVIRONMENT** 

Numerous factors played a part in the poor market performance for 2022, including global monetary tightening, the Ukraine war, global trade crises in energy, commodities, and other resources, supply chain issues, and ongoing COVID-19 restrictions in China. Amid the high volatility and inflationary environment, both stock and bond markets declined in tandem for the first time since the 1960s. Most major equity indices ended the year down, marking the worst year for equity investors since 2008. On the domestic front, the S&P 500<sup>®</sup> Index ended the year at -18.11%. Meanwhile, the effects of inflation and curtailing policies were also felt worldwide with the MSCI EAFE Index down -14.01% and MSCI Emerging Markets Index down -19.74% for the year ended December 31, 2022.

The Federal Reserve steadily increased rates throughout 2022 resulting in a total increase of 425 basis points to the overnight Federal Funds Rate, the largest net calendar increase since 1972. Both short-term and long-term treasury yields increased by several percentage points as investors began factoring in the Federal Reserve's tightening path and continuing high inflation. Over 2022, the Bloomberg Global Aggregate Bond Index decreased by -16.25% and the Bloomberg US Aggregate Bond Index decreased by -13.01%, which was their worst calendar year on record since their inception in 1976.

**PERFORMANCE** 

For the year ended December 31, 2022, Transamerica American Funds Managed Risk VP, Service Class returned -11.42%. By comparison, its primary and secondary benchmarks, the S&P 500<sup>®</sup> Index and the Transamerica American Funds Managed Risk VP Blended Benchmark, returned -18.11% and -15.79%, respectively.

**STRATEGY REVIEW** 

Transamerica American Funds Managed Risk VP (the "Portfolio") normally invests most of its assets in the American Funds Insurance Series Asset Allocation fund, a diversified portfolio that targets a split between equities, debt securities and money market instruments, with a primary focus on domestic assets. Additionally, the Portfolio employs the Milliman Managed Risk Strategy<sup>™</sup> ("MMRS"), a dynamic derivative overlay strategy that aims to manage the Portfolio's volatility and guard against severe, sustained market declines. The strategy attempts to stabilize the volatility of the Portfolio around a target volatility level and manage downside exposure during periods of significant market declines. The strategy may limit the Portfolio's ability to participate in up markets.

The Portfolio outperformed its primary and secondary benchmarks for the fiscal year ended December 31, 2022. The Portfolio benefitted from the MMRS strategy during the year as 2022 exhibited a high level of volatility and substantial global instability and rising risks. Moreover, due to the employment of the MMRS strategy and the Portfolio's defensive positioning, the maximum drawdown (worst peak-to-trough during the year) and volatility suffered by the Portfolio were substantially reduced compared to the primary benchmark.

**Adam Schenck, CFA** 

**Maria Schiopu, CFA** 

**Co-Portfolio Managers** 

**Milliman Financial Risk Management LLC** 

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| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  U.S. Mixed Allocation Fund | 93.8% |
|  Repurchase Agreement | 4.6 |
|  Net Other Assets (Liabilities) | 1.6 |
|  **Total** | 100.0% |

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*Current and future portfolio holdings are subject to change and risk.* 

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**Page 1** 

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**(unaudited)**![LOGO](g438566g99l81.jpg)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Service Class | (11.42)% | 2.99% | 4.09% | 05/01/2015 |
|  S&P 500<sup>®</sup> Index <sup>(A)</sup> | (18.11)% | 9.42% | 10.35% |  |
|  Transamerica American Funds Managed Risk VP Blended Benchmark <sup>(A) (B) (C)</sup> | (15.79)% | 5.96% | 6.70% |  |

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<sup>(A)</sup> *The S&P 500<sup>®</sup> Index is a market-capitalization weighted index of 500 large U.S. companies with common stock listed on the NYSE or NASDAQ.* 

<sup>(B)</sup> *The Transamerica American Funds Managed Risk VP Blended Benchmark is composed of the following benchmarks: 60% S&P 500<sup>®</sup> Index and 40% Bloomberg US Aggregate Bond Index.* 

<sup>(C)</sup> *The Bloomberg US Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities.* 

The Portfolio's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Year or Since Inception calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or the redemption of Portfolio shares. The Portfolio's investment return and net asset value will fluctuate. Investors' shares when redeemed may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month end. Portfolio performance is net of investment fees and Portfolio expenses, but not product charges, which, if included, would significantly lower the performance quoted.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of previously waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Investing internationally, globally, or in emerging markets exposes investors to additional risks and expenses such as changes in currency rates, foreign taxation, differences in auditing and other financial standards not associated with investing domestically. Investments in lower-rated debt securities present a greater risk to principal and income than investments in higher-quality securities.

The Portfolio is classified as "non-diversified," which means it may invest a larger percentage of its assets in one issuer than a diversified portfolio. To the extent the Portfolio invests its assets in fewer issuers, the Portfolio will be more susceptible to negative events affecting those issuers.

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**Page 2** 

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**DISCLOSURE OF EXPENSES** 

**(unaudited)** 

**SHAREHOLDER EXPENSES** 

Portfolio shareholders may incur two types of costs: (i) transaction costs, including brokerage commissions on purchases and sales of portfolio shares; and (ii) ongoing costs, including management fees, and other portfolio expenses.

The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other portfolios.

The example is based on an investment of $1,000 invested at July 1, 2022, and held for the entire six-month period until December 31, 2022.

**ACTUAL EXPENSES** 

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

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES** 

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Portfolio shares. Therefore, the information under the heading "Hypothetical Expenses" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different portfolios. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries, or other financial institutions.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Actual Expenses** | **Actual Expenses** | **Hypothetical Expenses <sup>(A)</sup>** | **Hypothetical Expenses <sup>(A)</sup>** | |
| <br>**Class** |<br>**Beginning<br>Account Value<br>July 1, 2022** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** |<br>**Net Annualized<br>Expense Ratio <sup>(C) (D)</sup>** |
|  Service Class | $&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;1013.40 | $&nbsp;&nbsp;&nbsp;&nbsp;3.96 | $&nbsp;&nbsp;&nbsp;&nbsp;1021.30 | $&nbsp;&nbsp;&nbsp;&nbsp;3.97 | 0.78% |

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

(B) *Expenses are calculated using the Portfolio's net annualized expense ratio, as disclosed in the table, multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (365 days).*

(C) *Net annualized expense ratios, as disclosed in the table, do not include the expenses of the underlying investments in which the Portfolio invests. The net annualized expense ratios, as stated in the fee table of the Portfolio's Prospectus, may differ from the expense ratios disclosed in this report.*

(D) *Net annualized expense ratios are reflective of applicable fee waivers and/or reimbursements and recapture, if any, and are based on the most recent six-months which may differ from the net expense ratio displayed in the Financial Highlights that covers a twelve-month period.*

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**Page 3** 

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**SCHEDULE OF INVESTMENTS** 

**At December 31, 2022** 

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| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **INVESTMENT COMPANY - 93.8%** | **INVESTMENT COMPANY - 93.8%** | **INVESTMENT COMPANY - 93.8%** |
| **U.S. Mixed Allocation Fund - 93.8%** | **U.S. Mixed Allocation Fund - 93.8%** | **U.S. Mixed Allocation Fund - 93.8%** |
|  American Funds Insurance Series - Asset Allocation Fund | 38063552 | $845010855 |
|  **Total Investment Company <br>(Cost $877,224,585)** |  | 845010855 |
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 4.6%** | **REPURCHASE AGREEMENT - 4.6%** | **REPURCHASE AGREEMENT - 4.6%** |
|  Fixed Income Clearing Corp., 1.80% <sup>(A)</sup>, dated 12/30/2022, to be repurchased at $41,288,197 on 01/03/2023. Collateralized by a U.S. Government Obligation, 0.75%, due 12/31/2023, and with a value of $42,105,597. | $41279941 | 41279941 |
|  **Total Repurchase Agreement <br>(Cost $41,279,941)** |  | 41279941 |
|  **Total Investments <br>(Cost $918,504,526)** |  | 886290796 |
|  **Net Other Assets (Liabilities) - 1.6%** | **Net Other Assets (Liabilities) - 1.6%** | 14253973 |
|  **Net Assets - 100.0%** |  | **$900544769** |

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**FUTURES CONTRACTS:** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** |
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  E-Mini Russell 2000<sup>®</sup> Index | (42) | 03/17/2023 | $(3807796) | $(3718890) | $88906 | $— |
|  EUR Currency | (55) | 03/13/2023 | (7366671) | (7393375) |  | (26704) |
|  EURO STOXX 50<sup>®</sup> Index | (170) | 03/17/2023 | (7169526) | (6887807) | 281719 |  |
|  FTSE 100 Index | (39) | 03/17/2023 | (3514052) | (3520149) |  | (6097) |
|  GBP Currency | (49) | 03/13/2023 | (3792355) | (3700725) | 91630 |  |
|  MSCI Emerging Markets Index | (74) | 03/17/2023 | (3602054) | (3549780) | 52274 |  |
|  S&P 500<sup>®</sup> E-Mini Index | (1134) | 03/17/2023 | (224901732) | (218918700) | 5983032 |  |
|  S&P Midcap 400<sup>®</sup> E-Mini Index | (79) | 03/17/2023 | (19653887) | (19296540) | 357347 |  |
|  **Total Futures Contracts** |  |  |  |  | $**6854908** | $**(32801)** |

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

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**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

**INVESTMENT VALUATION:** 

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**Valuation Inputs <sup>(B)</sup>** 

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Investment Company | $845010855 | $— | $— | $845010855 |
|  Repurchase Agreement |  | 41279941 |  | 41279941 |
|  **Total Investments** | $**845010855** | $**41279941** | $**—** | $**886290796** |
|  **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** |
|  Futures Contracts <sup>(C)</sup> | $6854908 | $— | $— | $6854908 |
|  **Total Other Financial Instruments** | $**6854908** | $**—** | $**—** | $**6854908** |
| **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** |
|  **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** |
|  Futures Contracts <sup>(C)</sup> | $(32801) | $— | $— | $(32801) |
|  **Total Other Financial Instruments** | $**(32801)** | $**—** | $**—** | $**(32801)** |

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**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *Rate disclosed reflects the yield at December 31, 2022.* 

(B) *There were no transfers in or out of Level 3 during the year ended December 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

(C) *Derivative instruments are valued at unrealized appreciation (depreciation).* 

**CURRENCY ABBREVIATIONS:** 

*EUR* *Euro* <br> *GBP* *Pound Sterling*

**PORTFOLIO ABBREVIATIONS:** 

*FTSE* *Financial Times Stock Exchange* <br> *STOXX* *Deutsche Börse Group & SIX Group Index*

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

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**Page 5** 

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**STATEMENT OF ASSETS AND LIABILITIES** 

**At December 31, 2022** 

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| | |
|:---|:---|
|  **Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments, at value (cost $877,224,585) | $845010855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreement, at value (cost $41,279,941) | 41279941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral pledged at broker for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 14492914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables and other assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 4128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin receivable on futures contracts | 919765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 3021 |
|  Total assets | 901710624 |
|  **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables and other liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest redeemed | 161777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 408953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 192903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 1057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 4414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 17714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 21905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 5142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 342690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 9300 |
|  Total liabilities | 1165855 |
|  **Net assets** | $&nbsp;&nbsp;&nbsp;&nbsp;900544769 |
|  **Net assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital stock ($0.01 par value) | $777408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 794815881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) | 104951480 |
|  **Net assets** | $900544769 |
|  **Shares outstanding** | 77740830 |
|  **Net asset value and offering price per share** | $11.58 |

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**STATEMENT OF OPERATIONS** 

**For the year ended December 31, 2022** 

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| | |
|:---|:---|
|  **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income from unaffiliated investments | $26407145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income from unaffiliated investments | 366691 |
|  Total investment income | 26773836 |
|  **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 5072024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 2392464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 10061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 40594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 33588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 83099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 53589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 47135 |
|  Total expenses | 7732554 |
|  **Net investment income (loss)** | 19041282 |
|  **Net realized gain (loss) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments | 17924307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions received from unaffiliated investment companies | 84406682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 12610265 |
|  Net realized gain (loss) | 114941254 |
|  **Net change in unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments | (265270382) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 6822107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Translation of assets and liabilities denominated in foreign currencies | 11339 |
|  Net change in unrealized appreciation (depreciation) | (258436936) |
|  Net realized and change in unrealized gain (loss) | (143495682) |
|  **Net increase (decrease) in net assets resulting from operations** | $&nbsp;&nbsp;&nbsp;&nbsp;(124454400) |

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

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**STATEMENT OF CHANGES IN NET ASSETS** 

**For the years ended:** 

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| | | |
|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2021** |
|  **From operations:** | **From operations:** | **From operations:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $19041282 | $14405904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 114941254 | 48073646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (258436936) | 71483168 |
|  Net increase (decrease) in net assets resulting from operations | (124454400) | 133962718 |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions to shareholders | (18580987) | (9565023) |
|  Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (18580987) | (9565023) |
|  **Capital share transactions:** | **Capital share transactions:** | **Capital share transactions:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold | 9394081 | 15852536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions reinvested | 18580987 | 9565023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (91185248) | (104262830) |
|  Net increase (decrease) in net assets resulting from capital share transactions | (63210180) | (78845271) |
|  **Net increase (decrease) in net assets** | (206245567) | 45552424 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;1106790336 | &nbsp;&nbsp;&nbsp;&nbsp;1061237912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $900544769 | $1106790336 |
|  **Capital share transactions - shares:** | **Capital share transactions - shares:** | **Capital share transactions - shares:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued | 789828 | 1243288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested | 1603191 | 735771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (7623284) | (8206447) |
|  Net increase (decrease) in shares outstanding | (5230265) | (6227388) |

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**FINANCIAL HIGHLIGHTS** 

**For a share outstanding during the years indicated:** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $13.34 | $11.90 | $11.91 | $10.48 | $11.59 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(A)</sup> | 0.24 | 0.17 | 0.11 | 0.15 | 0.17 |
|  Net realized and unrealized gain (loss) | (1.77) | 1.38 | 0.37 | 1.69 | (0.81) |
|  Total investment operations | (1.53) | 1.55 | 0.48 | 1.84 | (0.64) |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income | (0.18) | (0.11) | (0.14) | (0.14) | (0.10) |
|  Net realized gains | (0.05) |  | (0.35) | (0.27) | (0.37) |
|  Total dividends and/or distributions to shareholders | (0.23) | (0.11) | (0.49) | (0.41) | (0.47) |
|  **Net asset value, end of year** | $11.58 | $13.34 | $11.90 | $11.91 | $10.48 |
|  **Total return** | (11.42)% | 13.08% | 4.29% | 17.81% | (5.82)% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;900545 | $&nbsp;&nbsp;&nbsp;&nbsp;1106790 | $&nbsp;&nbsp;&nbsp;&nbsp;1061238 | $&nbsp;&nbsp;&nbsp;&nbsp;1015698 | $&nbsp;&nbsp;&nbsp;&nbsp;781007 |
|  Expenses to average net assets <sup>(B)</sup> | 0.81% | 0.82% | 0.84% | 0.83% | 0.84% |
|  Net investment income (loss) to average net assets | 1.99% | 1.32% | 0.96% | 1.37% | 1.46% |
|  Portfolio turnover rate | —% | —% | 9% | 2% | —% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Does not include expenses of the underlying investments in which the Portfolio invests.* 

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

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**Transamerica American Funds Managed Risk VP** 

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**NOTES TO FINANCIAL STATEMENTS** 

**At December 31, 2022** 

**1. ORGANIZATION** 

Transamerica Series Trust ("TST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). TST applies investment company accounting and reporting guidance. TST serves as a funding vehicle for variable life insurance, variable annuity, and group annuity products. Transamerica American Funds Managed Risk VP (the "Portfolio") is a series of TST and is classified as non-diversified under the 1940 Act. The Portfolio currently offers one class of shares, Service Class.

The only shareholders of the Portfolio are affiliated insurance company separate accounts and affiliated asset allocation portfolios. Contract holders of the variable life and annuity contracts are not shareholders of the Portfolio. For ease of reference, shareholders and contract holders are collectively referred to in this report as "shareholders."

This report must be accompanied or preceded by the Portfolio's current prospectus, which contains additional information about the Portfolio, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Portfolio pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Portfolio. TAM supervises the Portfolio's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Portfolio.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of a Portfolio without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Portfolio and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Portfolio employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending portfolio combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Portfolio's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Portfolio; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for a Portfolio; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Portfolio's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; oversight of other service providers to the Portfolio, such as the custodian, the transfer agent, the Portfolio's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Portfolio; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Portfolio, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Portfolio. The Portfolio pays certain fees and expenses to State Street for sub-administration services which are not administrative

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**1. ORGANIZATION (continued)** 

services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the year ended December 31, 2022, (i) the expenses paid to State Street for sub-administration services by the Portfolio are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Portfolio are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES** 

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

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Interest income, if any, is accrued as earned. Dividend income and capital gain distributions from underlying investments, if any, are recorded on the ex-dividend date. Income or short-term capital gain distributions received from underlying investments, if any, are recorded as Dividend income from investments within the Statement of Operations. Long-term capital gain distributions received from underlying investments, if any, are recorded as Net realized gain (loss) on Capital gain distributions received from investments within the Statement of Operations.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Portfolio with broker/dealers with which TST has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Portfolio. In no event will commissions, paid by the Portfolio, be used to pay expenses that would otherwise be borne by any other portfolios within TST, or by any other party.

There were no commissions recaptured during the year ended December 31, 2022 by the Portfolio.

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

**3. INVESTMENT VALUATION** 

Effective September 8, 2022, TAM has been designated as the Portfolio's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Portfolio's Board of Trustees. The net asset value of the Portfolio is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

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

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

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

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Portfolio's investments and derivative instruments.

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

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**3. INVESTMENT VALUATION (continued)** 

share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Portfolio's investments at December 31, 2022, is disclosed within the Investment Valuation section of the Schedule of Investments.

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

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

*Investment companies:* Certain investment companies are valued at the NAV as the practical expedient. These investment companies are not included within the fair value hierarchy. Certain other investment companies are valued at the actively traded NAV and no valuation adjustments are applied. These investment companies are categorized in Level 1 of the fair value hierarchy.

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

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

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

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

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the year ended December 31, 2022, the Portfolio has not utilized the program.

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

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)** 

Repurchase agreements are subject to netting agreements, which are agreements between the Portfolio and its counterparties that provide for the net settlement of all transactions and collateral with the Portfolio, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at December 31, 2022.

Repurchase agreements at December 31, 2022, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**5. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS** 

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

**Market Risk Factors:** In pursuit of the Portfolio's investment strategies, the Portfolio may seek to use derivatives to increase or decrease its exposure to certain market risks, including:

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

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

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

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

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

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

The Portfolio's exposure to market risk factors and certain other associated risks are summarized by derivative type as follows:

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

Open futures contracts at December 31, 2022, if any, are listed within the Schedule of Investments. Variation margin, if applicable, is shown in Variation margin receivable or payable on futures contracts within the Statement of Assets and Liabilities.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

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

The following is a summary of the location and the Portfolio's fair values of derivative investments disclosed, if any, within the Statement of Assets and Liabilities, categorized by primary market risk exposure as of December 31, 2022.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| **Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  Futures contracts: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) <sup>(A) (B)</sup> | $— | $91630 | $&nbsp;&nbsp;&nbsp;&nbsp;6763278 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;6854908 |
|  **Total** | $**—** | $**91630** | $**6763278** | $**—** | $**—** | $**6854908** |
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  Futures contracts: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) <sup>(A) (B)</sup> | $— | $(26704) | $(6097) | $— | $— | $(32801) |
|  **Total** | $**—** | $**(26704)** | $**(6097)** | $**—** | $**—** | $**(32801)** |

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

(B) *Included within unrealized appreciation (depreciation) on futures contracts as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.* 

The following is a summary of the location and the effect of derivative investments, if any, within the Statement of Operations, categorized by primary market risk exposure as of December 31, 2022.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** |
| **Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  Futures contracts | $— | $807100 | $11803165 | $— | $— | $12610265 |
|  **Total** | $**—** | $**807100** | $**11803165** | $**—** | $**—** | $**12610265** |
| **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** |
| **Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  Futures contracts | $— | $64926 | $&nbsp;&nbsp;&nbsp;&nbsp;6757181 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $6822107 |
|  **Total** | $**—** | $**64926** | $**6757181** | $**—** | $**—** | $**6822107** |

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The following is a summary of the ending monthly average volume on derivative activity during the year ended December 31, 2022.

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| | |
|:---|:---|
|  **Futures contracts:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts – short | $&nbsp;&nbsp;&nbsp;&nbsp;(217395742) |

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*Collateral requirements:* Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (futures contracts, exchange-traded options, and exchange-traded swap agreements) while collateral terms are contract specific for OTC derivatives (forward foreign currency exchange contracts, OTC options, and OTC swap agreements). For OTC derivatives, under standard derivatives agreements, the Portfolio may be required to pledge collateral on derivatives to a counterparty if the Portfolio is in a net liability position, and receive collateral if in a net positive position. For financial reporting purposes, cash collateral that has been pledged by the Portfolio to cover obligations, if any, is reported in Cash collateral at broker within the Statement of Assets and Liabilities. Cash collateral that has been received by the Portfolio from a counterparty, if any, is reported separately in Cash collateral pledged at custodian and/or broker within the Statement of Assets and Liabilities. Non-cash collateral pledged to the Portfolio, if any, is disclosed within the Schedule of Investments.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

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

Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold before a transfer has been made. Typically a counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The Portfolio generally does not use non-cash collateral that it receives but may, absent default or certain other circumstances, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty.

To the extent amounts due to the Portfolio from its counterparties are not fully collateralized, contractually or otherwise, the Portfolio bears the risk of loss from counterparty non-performance. Additionally, to the extent the Portfolio has delivered collateral to a counterparty, the Portfolio bears the risk of loss from a counterparty in the event the counterparty fails to return such collateral. Counterparties may immediately terminate derivatives contracts if the Portfolio fails to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages. Collateral may not be required for all derivative contracts.

**6. RISK FACTORS** 

Investing in the Portfolio involves certain key risks related to the Portfolio's trading activity. Please reference the Portfolio's prospectus for a more complete discussion of the following risk(s), as well as other risks of investing in the Portfolio.

**Market risk:** The market prices of the Portfolio's securities and other assets may go up or down, sometimes sharply and unpredictably, due to general market conditions, overall economic trends or events, inflation, changes in interest rates, government actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by wars, tariffs, trade disputes or other factors, political developments, investor sentiment, the global and domestic effects of a pandemic or other health emergency, and other factors that may or may not be related to the issuer of the security or other asset. The market prices of securities and other assets also may go down due to events or conditions that affect particular sectors, industries, issuers, or geographies. Adverse market conditions may be prolonged and may not have the same impact on all types of securities or other assets. If the value of the Portfolio's securities and assets fall, the value of your investment will go down. The Portfolio may experience a substantial or complete loss on any individual security or asset.

Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, the imposition of economic sanctions, public health events (such as the spread of infectious disease), wars, terrorism, cybersecurity events, technology and data interruptions, natural disasters, and other circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. In the past decade, financial markets throughout the world have experienced increased volatility and decreased liquidity. These conditions may continue or worsen. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down. Securities markets may also be susceptible to market manipulation or other fraudulent trade practices, which could disrupt the orderly functioning of these markets or adversely affect the value of securities traded in these markets, including the Portfolio's securities.

The pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in economic downturns throughout the world, severe losses, particularly to some sectors of the economy and individual issuers, and reduced liquidity of many instruments. There also have been significant disruptions to business operations, including business closures; strained healthcare systems; disruptions to supply chains and employee availability; large fluctuations in consumer demand; and widespread uncertainty regarding the duration and long-term effects of the pandemic. Economic downturns may be prolonged, and political and social instability, continued volatility and decreased liquidity in the securities markets may result. Developing or emerging market countries may be more impacted by the pandemic.

The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic. These and other government intervention into the economy and financial markets may not work as intended. In addition, government actions to mitigate the economic impact of the pandemic have resulted in large expansion of government deficits and debt, the long-term consequences of which are not known. Rates of inflation have recently risen, which could adversely affect economies and markets. The pandemic could continue to adversely affect the value and liquidity of the Portfolio's investments.

*Europe:* A number of countries in Europe have experienced severe economic and financial difficulties; and financial markets in Europe and elsewhere have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen or spread within or outside Europe. Responses to the financial problems by European governments, central banks and others may not work, may result in conflicts and social unrest and may limit future growth and economic recovery or have other unintended consequences. In January, 2020, through "Brexit," the United Kingdom withdrew from the European Union. The ramifications of Brexit

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**Transamerica American Funds Managed Risk VP** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. RISK FACTORS (continued)** 

are unknown, and the implications of possible political, regulatory, economic, and market outcomes could be significant. The United Kingdom has one of the largest economies in Europe and is a major trading partner with European Union countries and the United States. Brexit may create additional and substantial economic stresses for the United Kingdom, including a contraction of the United Kingdom's economy, decreased trade, capital outflows, devaluation of the British pound, and a decrease in business and consumer spending and investment. The negative impact on not only the United Kingdom and European Union economies but also the broader global economy could be significant. A number of countries in Europe have suffered terror attacks, and additional attacks may occur in the future. Europe has also been struggling with mass migration from the Middle East, Eastern Europe and Africa. The ultimate effects of these events and other socio-political or geopolitical issues could profoundly affect global economies and markets. Whether or not the Portfolio invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

*Additional Market Disruption:* Russia's invasion of Ukraine in February, 2022, the resulting responses by the United States and other countries, and the potential for wider conflict, have increased and may continue to increase volatility and uncertainty in financial markets worldwide. The United States and other countries have imposed broad-ranging economic sanctions on Russia and Russian entities and individuals, and may impose additional sanctions, including on other countries that provide military or economic support to Russia. These sanctions, among other things, restrict companies from doing business with Russia and Russian issuers, and may adversely affect companies with economic or financial exposure to Russia and Russian issuers. The extent and duration of Russia's military actions and the repercussions of such actions are not known. The invasion may widen beyond Ukraine and may escalate, including through retaliatory actions and cyberattacks by Russia and even other countries. These events may result in further and significant market disruptions and may adversely affect regional and global economies including those of Europe and the United States. Certain industries and markets, such as those involving oil, natural gas and other commodities, as well as global supply chains, may be particularly adversely affected. Whether or not the Portfolio invests in securities of issuers located in Russia, Ukraine and adjacent countries or with significant exposure to issuers in these countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

**Asset allocation risk:** The Portfolio's investment performance is significantly impacted by the Portfolio's asset allocation and reallocation from time to time. The sub-adviser's decisions whether and when to tactically overweight or underweight asset classes, create and apply formulas for de-risking or ending de-risking and select a mix of underlying portfolios may not produce the desired results. These actions may be unsuccessful in maximizing return and/or avoiding investment losses. The value of your investment may decrease if the sub-adviser's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying portfolio or other issuer is incorrect. The sub-adviser may favor an asset class that performs poorly relative to other asset classes. The available underlying portfolios selected by the sub-adviser may underperform the market or similar portfolios.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The value of equity securities fluctuates based on real or perceived changes in a company's financial condition, factors affecting a particular industry or industries, and overall market, economic and political conditions. If the market prices of the equity securities owned by the Portfolio fall, the value of your investment in the Portfolio will decline. The Portfolio may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Non-diversification risk:** As a "non-diversified" Portfolio, the Portfolio may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund. Investing in a smaller number of issuers will make the Portfolio more susceptible to negative events affecting those issuers.

**7. INVESTMENT CONCENTRATION** 

Throughout the year, the Portfolio can have investments that account for a significant percentage of the Portfolio's total assets. As of December 31, 2022, the most recent financial statements are included within this report for the following investments:

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| | |
|:---|:---|
| **Investment** | **Percentage of<br>Total Assets** |
|  American Funds Insurance Series – Asset Allocation Fund | 93.71% |

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**Transamerica American Funds Managed Risk VP** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**8. FEES AND OTHER AFFILIATED TRANSACTIONS** 

TST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Transamerica Life Insurance Company ("TLIC"), and Transamerica Financial Life Insurance Company.

TAM, the Portfolio's investment manager, is directly owned by TLIC and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon NV. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon NV, a Netherlands corporation, and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Portfolio's transfer agent. Transamerica Capital, Inc. ("TCI") is the Portfolio's distributor/principal underwriter. TAM, TFS, and TCI are affiliates of Aegon NV.

Certain officers and trustees of the Portfolio are also officers and/or trustees of TAM, TFS and TCI. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Portfolio. The Portfolio does pay non-interested persons (independent trustees), as disclosed in Trustee, CCO and deferred compensation fees within the Statement of Operations.

**Investment management fees:** TAM serves as the Portfolio's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Portfolio pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Portfolio pays a management fee to TAM based on daily average net assets at the following rates:

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| | |
|:---|:---|
| **Breakpoints** | **Rate** |
|  First $2 billion | 0.53% |
|  Over $2 billion up to $4 billion | 0.52 |
|  Over $4 billion up to $6 billion | 0.50 |
|  Over $6 billion up to $8 billion | 0.49 |
|  Over $8 billion up to $10 billion | 0.48 |
|  Over $10 billion | 0.46 |

---

TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses, reorganization expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

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| | | |
|:---|:---|:---|
| | **Operating<br>Expense Limit** | **Operating<br>Expense Limit<br>Effective Through** |
|  Service Class | 0.85% | May 1, 2023 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended December 31, 2022 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Portfolio, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

As of December 31, 2022, there are no amounts available for recapture by TAM.

**Distribution and service fees:** TST has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, TST entered into a distribution agreement with TCI as the Portfolio's distributor.

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**Transamerica American Funds Managed Risk VP** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

The Distribution Plan requires the Portfolio to pay distribution fees to TCI as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCI, on behalf of the Portfolio, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Portfolio's shares.

The fee on the Service Class shares is paid to the insurance companies for providing services and account maintenance for the policyholders who invest in the variable insurance products which invest in the Service Class shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Portfolio is authorized under the Distribution Plan to pay fees to TCI based on daily average net assets up to an annual fee of 0.25% of Service Class shares.

**Transfer agent costs:** TFS provides transfer agency services under an intercompany agreement with TAM. TFS has outsourced the provision of certain sub-transfer agency services to SS&C Technology Holdings, Inc ("SS&C"). The Portfolio does not pay a separate transfer agent fee to TAM or TFS but does pay certain expenses to SS&C related to applicable sub-transfer agency services. For the year ended December 31, 2022, (i) the expenses paid to SS&C by the Portfolio are referred to as Transfer agent costs and are included within the Statement of Operations and (ii) the expenses payable to SS&C by the Portfolio are referred to as Transfer agent costs within the Statement of Assets and Liabilities.

**Deferred compensation plan:** Effective September 23, 2021, the Board has approved the termination of the deferred compensation plan. Payments will be made to applicable current and former Board members consistent with Section 409A of the Code. Under a non-qualified deferred compensation plan effective January 1, 1996, as amended and restated January 1, 2010, available to the trustees, compensation may be deferred that would otherwise be payable by TST to an independent trustee on a current basis for services rendered as trustee. Deferred compensation amounts will accumulate based on the value of the investment option, as elected by the trustee. Balances pursuant to deferred compensation plan are recorded in Trustees, Chief Compliance Officer ("CCO") and deferred compensation fees within the Statement of Assets and Liabilities. For the year ended December 31, 2022, amounts included in Trustees, CCO and deferred compensation fees within the Statement of Operations reflect total compensation paid to the independent Board members.

**Brokerage commissions:** The Portfolio incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the year ended December 31, 2022.

**9. PURCHASES AND SALES OF SECURITIES** 

For the year ended December 31, 2022, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

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| | |
|:---|:---|
| **Purchases of Securities** | **Sales of Securities** |
| $— | $101731529 |

---

**10. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS** 

The Portfolio has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Portfolio recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Portfolio's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Portfolio's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Portfolio's financial statements. If applicable, the Portfolio recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Portfolio identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Portfolio makes significant investments; however, the Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales and futures contracts mark to market. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income

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**Transamerica American Funds Managed Risk VP** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**10. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)** 

and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. There are no reclassifications in the current year.

As of December 31, 2022, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross<br>Appreciation** | **Gross<br>(Depreciation)** | **Net Appreciation<br>(Depreciation)** |
| $922110034 | $— | $(35819238) | $(35819238) |

---

As of December 31, 2022, the Portfolio had no capital loss carryforwards available to offset future realized capital gains. During the year ended December 31, 2022, the Portfolio did not have any capital loss carryforwards utilized or expired.

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2022 and 2021 are as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** |
| **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of Capital** | **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of Capital** |
| $14389846 | $4191141 | $— | $9565023 | $— | $— |

---

As of December 31, 2022, the tax basis components of distributable earnings are as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Capital Loss<br>Carryforwards** | **Late Year<br>Ordinary Loss<br>Deferred** | **Other<br>Temporary<br>Differences** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| $26779441 | $113980638 | $— | $— | $— | $(35808599) |

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**Report of Independent Registered Public Accounting Firm** 

*To the Shareholders and the Board of Trustees of Transamerica American Funds Managed Risk VP* 

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities of Transamerica American Funds Managed Risk VP (the "Portfolio") (one of the portfolios constituting Transamerica Series Trust (the "Trust")), including the schedule of investments, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the portfolios constituting Transamerica Series Trust) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion** 

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g438566ernst_young.jpg)

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

February 27, 2023

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**Transamerica American Funds Managed Risk VP** 

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**SUPPLEMENTAL TAX INFORMATION** 

**(unaudited)** 

For tax purposes, the Portfolio has made a long-term capital gain designation of $4,191,141 for the year ended December 31, 2022.

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![LOGO](g455684dsp001.jpg)

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American Funds Insurance Series, by Capital Group, is

the underlying investment vehicle for many variable

annuities and insurance products. For over 90 years,

Capital Group has invested with a long-term focus

based on thorough research and attention to risk.

**Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.** 

Investing outside the United States involves risks, such as currency fluctuations, periods of illiquidity and price volatility, as more fully described in the prospectus. These risks may be heightened in connection with investments in developing countries. Investing in small-capitalization stocks can involve greater risk than is customarily associated with investing in stocks of larger, more established companies. The return of principal for bond funds and for funds with significant underlying bond holdings is not guaranteed. Fund shares are subject to the same interest rate, inflation and credit risks associated with the underlying bond holdings. High-yield bonds are subject to greater fluctuations in value and risk of loss of income and principal than investment-grade bonds. Bond ratings, which typically range from AAA/Aaa (highest) to D (lowest), are assigned by credit rating agencies such as Standard & Poor's, Moody's and/or Fitch as an indication of an issuer's creditworthiness. The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional cash securities, such as stocks and bonds. Hedge instruments, including exchange-traded futures contracts and exchange-traded put options, may not provide an effective hedge of the underlying securities because changes in the prices of such instruments may not track those of the securities they are intended to hedge. In addition, the managed risk strategy may not effectively protect the funds from market declines and will limit the funds' participation in market gains. The use of the managed risk strategy could cause the funds' returns to lag those of the underlying funds in certain market conditions. Refer to the funds' prospectuses and the Risk Factors section of this report for more information on these and other risks associated with investing in the funds.

**Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.** 

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| | |
|:---|:---|
|  | Contents |
| 1 | [Letter to investors](#amf455684_1) |
| 4 | [Fund reviews](#amf455684_2) |
|  | **Investment portfolios** |
| 46 | [Global Growth Fund](#amf455684_3) |
| 51 | [Global Small Capitalization Fund](#amf455684_4) |
| 58 | [Growth Fund](#amf455684_5) |
| 65 | [International Fund](#amf455684_6) |
| 70 | [New World Fund<sup>®</sup>](#amf455684_7) |
| 84 | [Washington Mutual Investors Fund](#amf455684_8) |
| 89 | [Capital World Growth and Income Fund<sup>®</sup>](#amf455684_9) |
| 97 | [Growth-Income Fund](#amf455684_10) |
| 103 | [International Growth and Income Fund](#amf455684_11) |
| 109 | [Capital Income Builder<sup>®</sup>](#amf455684_12) |
| 127 | [Asset Allocation Fund](#amf455684_13) |
| 160 | [American Funds<sup>®</sup> Global Balanced Fund](#amf455684_14) |
| 176 | [The Bond Fund of America<sup>®</sup>](#amf455684_15) |
| 206 | [Capital World Bond Fund<sup>®</sup>](#amf455684_16) |
| 226 | [American High-Income Trust<sup>®</sup>](#amf455684_17) |
| 245 | [American Funds Mortgage Fund<sup>®</sup>](#amf455684_18) |
| 252 | [Ultra-Short Bond Fund](#amf455684_19) |
| 254 | [U.S. Government Securities Fund<sup>®</sup>](#amf455684_20) |
| 263 | [Managed Risk Growth Fund](#amf455684_21) |
| 265 | [Managed Risk International Fund](#amf455684_22) |
| 267 | [Managed Risk Washington Mutual Investors Fund](#amf455684_23) |
| 269 | [Managed Risk Growth-Income Fund](#amf455684_24) |
| 271 | [Managed Risk Asset Allocation Fund](#amf455684_25) |
| 273 | [Financial statements](#amf455684_26) |

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Fellow investors:

It is our pleasure to present the annual report for American Funds Insurance Series<sup>®</sup> for the year ended December 31, 2022.

Regarding the investment environment, global stocks fell sharply, pressured by rising interest rates, slowing economic growth and inflationary pressures not seen since the 1980s. Several key benchmark indexes fell into bear market territory at times and all but one sector declined in the MSCI All Country World Index<sup>1</sup>. Communication services, consumer discretionary and information technology stocks suffered the biggest losses. Meanwhile, energy stocks surged amid higher oil and gas prices. Late in the year, signs that inflation may have peaked in the U.S., Europe and elsewhere sparked a rally that erased some of the losses.

U.S. equities had their worst year since 2008 as the S&P 500 Index<sup>2</sup> fell 18.11%. Growth stocks had the sharpest declines, including several tech giants that had been market leaders over the last decade. On the upside, energy was the top S&P 500 sector for the second straight year, climbing 66%. Crude oil prices spiked in March after Russia's invasion of Ukraine upended global oil flows. Despite consecutive quarters of negative gross domestic product growth in the first half,

a strong labor market helped inflation to persist.

European stocks declined as record-high inflation, rising interest rates and the Ukraine invasion combined to hammer the eurozone economy. Gross domestic product growth in the 19-member eurozone decelerated throughout the year, falling to 0.3% in the third quarter from 0.6% in the first quarter. Political turmoil also weighed on markets amid contentious leadership changes in Italy and the United Kingdom. Despite a strong fourth-quarter rally in European stocks, the MSCI Europe Index<sup>3</sup> finished the full year down by 15.06%.

Emerging markets stocks tumbled, undercut by China's economic slowdown, interest rate hikes and the growing strength of the U.S. dollar. Rising inflation in developing countries that spurred monetary tightening, as well as rolling lockdowns in China to suppress COVID-19, also weighed on equity prices. Overall, the MSCI Emerging Markets Index<sup>4</sup> slid 20.09%.

Bonds fell in the face of rising inflation, and the Federal Reserve hiked its policy rate 425 basis points over seven policy meetings in an attempt to tame it. The Bloomberg U.S. Treasury Index<sup>5</sup> lost 12.46% in one of the worst bond market

Past results are not predictive of results in future periods.

All market returns referenced in this report are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index. Country returns are based on MSCI indexes, which reflect reinvestment of distributions and dividends net of withholding taxes. Source: MSCI.

<sup>1</sup> Source: MSCI. MSCI ACWI is a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets, consisting of more than 40 developed and emerging market country indexes. Results reflect dividends net of withholding taxes. 

<sup>2</sup> Source: S&P Dow Jones Indices LLC. S&P 500 Index is a market capitalization-weighted index based on the results of approximately 500 widely held common stocks.

<sup>3</sup> Source: MSCI. MSCI Europe Index is a free float-adjusted market capitalization-weighted index that is designed to measure results of more than 10 developed equity markets in Europe. Results reflect dividends net of withholding taxes.

<sup>4</sup> Source: MSCI. MSCI Emerging Markets Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market results in the global emerging markets, consisting of more than 20 emerging market country indexes. Results reflect dividends net of withholding taxes. 

<sup>5</sup> Source: Bloomberg Index Services Ltd. Bloomberg U.S. Treasury Index measures the performance of public obligations of the U.S. Treasury.

American Funds Insurance Series<sub>1</sub>

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declines in history. The Federal Reserve and European Central Bank, among others, aggressively raised interest rates in an attempt to bring inflation back to a target of roughly 2%, down from 7% to 10% in many economies. U.S. Treasury yields rose across the curve, which ended the year inverted as shorter dated bonds sold off sharply. The 10-year Treasury yield rose 237 basis points to 3.88%. In this environment, investment-grade (BBB/ Baa and above) corporate bonds saw the worst returns. The Bloomberg U.S. Corporate Investment Grade Index<sup>6</sup> was down 15.76%, and spreads widened by 38 basis points. Elsewhere, the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index<sup>7</sup> fell by 11.18%, while the Bloomberg Municipal Bond Index<sup>8</sup> declined 8.53%.

In foreign exchange markets a strong U.S. dollar grew stronger for much of the year, particularly as the Fed raised rates at a faster pace than some other central banks, though there was some reversal of its strength in the last two months of the year. The dollar posted gains of 6.6% and 14.6% against the euro and the yen, respectively.

**Looking ahead** 

Big questions remain about how the U.S. economy will do in 2023. It is possible

that the delayed impact of higher rates will keep growth slow, or even cause a mild recession. However, we have confidence in the long-term trajectory of the economy, and the stock market has likely digested much of the potential bad news already, given the decline this year. Investors have reason for hope, as we've already taken a measure of pain, in both stocks and bonds. Inflation may persist above the levels we've been used to the past decade, but is likely to gently decline over the coming year from the 6.5% mark, published in January 2023. That would be good news on its own, and would also lighten the upward pressure we've seen on interest rates this past year. The global negative impact of COVID-19 has already persisted longer than anyone predicted back in early 2020, but should also decline with time, particularly as China has decided to end lockdowns. That will eventually help economic growth.

Thus, as 2023 progresses we may see, out of many fears, a reason for optimism. The ongoing war in Ukraine remains a wild card, and we hope it does not spill over into a larger conflict. That may be the biggest risk to a mildly positive outlook for stocks. There can still be bumps in the road, but with our world-class research, we will continue to focus on finding those companies with the best fundamentals

and the best risk-versus-return tradeoffs. We believe that we will find plenty of attractive securities for the long term in this environment. In the event of periods of volatility, we remain committed to our process, and will look for opportunities at that time as well.

Our time-tested process is based on extensive research, a long-term framework and close attention to valuation, and has resulted in superior outcomes for investors over time. As always, we thank you for your continued support of our efforts and we look forward to reporting to you again in six months.

Sincerely,

![LOGO](g455684dsp004a.jpg)

Donald D. O'Neal

Co-President

![LOGO](g455684dsp004b.jpg)

Alan N. Berro

Co-President

February 13, 2023

Past results are not predictive of results in future periods.

<sup>6</sup> Source: Bloomberg Index Services Ltd. Bloomberg U.S. Corporate Investment Grade Index represents the universe of investment-grade, publicly issued U.S. corporate and specified foreign debentures and secured notes that meet the specified maturity, liquidity and quality requirements.

<sup>7</sup> Source: Bloomberg Index Services Ltd. Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index covers the universe of fixed-rate, non-investment-grade debt. The index limits the maximum exposure of any one issuer to 2%. 

<sup>8</sup> Source: Bloomberg Index Services Ltd. Bloomberg Municipal Bond Index is a market-value-weighted index designed to represent the long-term investment-grade tax-exempt bond market.

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|:---|:---|
| **2** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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##### [**Table of Contents**](#toc)
About the series

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Unless otherwise indicated, American Funds Insurance Series investment results are for Class 1 shares (Class P1 shares for managed risk funds). Class 1A shares began operations on January 6, 2017. Class 2 shares began operations on April 30, 1997. Class 3 shares began operations on January 16, 2004. Class 4 shares began operations on December 14, 2012. Results encompassing periods prior to those dates assume a hypothetical investment in Class 1 shares and include the deduction of additional annual expenses (0.25% for Class 1A shares, 0.25% for Class 2 shares, 0.18% for Class 3 shares and 0.50% for Class 4 shares).

The variable annuities and life insurance contracts that use the series' funds contain certain fees and expenses not reflected in this report. Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower. Visit capitalgroup.com/afis for more information.

The investment adviser is currently waiving a portion of its management fee for Global Growth Fund, Global Small Capitalization Fund, New World Fund, Washington Mutual Investors Fund, Capital World Growth and Income Fund, International Growth and Income Fund, Capital Income Builder, American Funds Global Balanced Fund, The Bond Fund of America, Capital World Bond Fund, American High-Income Trust, American Funds Mortgage Fund and U.S. Government Securities Fund. The waivers will be in effect through at least May 1, 2023. The waivers may only be modified or terminated with the approval of the series' board. Applicable fund results shown reflect the waivers, without which results would have been lower. Refer to the Financial Highlights tables in this report for details.

For the managed risk funds, the investment adviser is currently waiving a portion of its management fee equal to 0.05% of each fund's net assets. In addition, the investment adviser is currently reimbursing a portion of other expenses for Managed Risk International Fund. The waivers and reimbursement will be in effect through at least May 1, 2023, unless modified or terminated by the series' board. After that time, the investment adviser may elect to extend, modify or terminate the reimbursement. The waivers may only be modified or terminated with the approval of the series' board. Applicable fund results shown reflect the waivers and reimbursement, without which results would have been lower. Refer to the Financial Highlights tables in this report for details.

The Managed Risk Growth Fund pursues its objective by investing in shares of American Funds Insurance Series<sup>®</sup> – Growth Fund and American Funds Insurance Series<sup>®</sup> – The Bond Fund of America. The Managed Risk International Fund pursues its objective by investing in shares of American Funds Insurance Series<sup>®</sup> – International Fund and American Funds Insurance Series<sup>®</sup> – The Bond Fund of America. The Managed Risk Washington Mutual Investors Fund pursues its objective by investing in shares of American Funds Insurance Series<sup>®</sup> – Washington Mutual Investors Fund and American Funds Insurance Series<sup>®</sup> – U.S. Government Securities Fund. The Managed Risk Growth-Income Fund pursues its objective by investing in shares of American Funds Insurance Series<sup>®</sup> – Growth-Income Fund and American Funds Insurance Series<sup>®</sup> – The Bond Fund of America. The Managed Risk Asset Allocation Fund pursues its objective by investing in shares of American Funds Insurance Series<sup>®</sup> – Asset Allocation Fund. The funds seek to manage portfolio volatility and provide downside protection, primarily through the use of exchange-traded futures. The benefit of the funds' managed risk strategy should be most apparent during periods of high volatility and in down markets. In steady or rising markets, the funds' results can be expected to lag those of the underlying fund.

Funds are listed in the report as follows: equity, balanced, fixed income and managed risk.

American Funds Insurance Series<sub>3</sub>

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##### [**Table of Contents**](#toc)
Global Growth Fund

**Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.** 

Global Growth Fund declined 24.54% for the 12 months ended December 31, 2022, compared with a decrease of 18.36% in its benchmark index, MSCI ACWI (All Country World Index),¹ a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets, consisting of more than 40 developed and emerging market country indexes.

Global stocks fell sharply, pressured by rising interest rates, slowing economic growth and inflationary pressures not seen since the 1980s. The war in Ukraine also weighed on investors throughout the year. Several key benchmark indexes fell into bear market territory at times and all but one sector declined in the MSCI ACWI. Within that index, communication services, consumer discretionary and information technology stocks suffered the biggest losses. Meanwhile, energy stocks surged amid higher oil and gas prices. Late in the year, signs that inflation may have peaked in the U.S., Europe and elsewhere sparked a rally that erased some of the losses.

Within the fund, stock selection in the consumer discretionary sector was the top contributor to relative returns. A larger-than-index position in health care firm Cigna was among the top individual contributors to the fund, with returns that outpaced the broader market. On the downside, stock selections within the information technology sector weighed on results. Netherlands-based payments firm Adyen was among the top individual detractors, with returns that lagged the broader market in a weak sector overall.

On a geographic basis, stocks of companies domiciled in Hong Kong and France were among the top contributors to results, while stocks of companies based in the United States and the Netherlands were among the top detractors.

The fund's portfolio managers are optimistic they will continue to find good companies globally that offer high-quality products and services, and whose values are not yet fully reflected in their share prices.

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|:---|:---|
| **4** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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##### [**Table of Contents**](#toc)
Global Growth Fund (continued)

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|:---|:---|
| **How a hypothetical $10,000 investment**<br> **has grown** | ![LOGO](g455684dsp007b.jpg) |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total returns based on** | For periods ended December 31, 2022<sup>2</sup> | For periods ended December 31, 2022<sup>2</sup> | For periods ended December 31, 2022<sup>2</sup> | For periods ended December 31, 2022<sup>2</sup> |  |  |  |
| **a $1,000 investment** |  |  |  |  | **Lifetime** | **Gross** | **Net** |
| **a $1,000 investment** |  | **1 year** | **5 years** | **10 years** | (since April 30, 1997) | **expense ratio** | **expense ratio** |
|  | Class 1 | –24.54% | 7.33% | 10.43% | 9.57% | 0.52% | 0.41% |
|  | Class 1A | –24.73 | 7.07 | 10.16 | 9.30 | 0.77 | 0.66 |
|  | Class 2 | –24.74 | 7.06 | 10.15 | 9.30 | 0.77 | 0.66 |
|  | Class 4 | –24.92 | 6.80 | 9.92 | 9.04 | 1.02 | 0.91 |
|  | Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index. <br><sup>1</sup> Source: MSCI. The MSCI index results reflect dividends net of withholding taxes and reinvestment of distributions.<br> ² Periods greater than one year are annualized. | Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index. <br><sup>1</sup> Source: MSCI. The MSCI index results reflect dividends net of withholding taxes and reinvestment of distributions.<br> ² Periods greater than one year are annualized. | Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index. <br><sup>1</sup> Source: MSCI. The MSCI index results reflect dividends net of withholding taxes and reinvestment of distributions.<br> ² Periods greater than one year are annualized. | Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index. <br><sup>1</sup> Source: MSCI. The MSCI index results reflect dividends net of withholding taxes and reinvestment of distributions.<br> ² Periods greater than one year are annualized. | Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index. <br><sup>1</sup> Source: MSCI. The MSCI index results reflect dividends net of withholding taxes and reinvestment of distributions.<br> ² Periods greater than one year are annualized. | Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index. <br><sup>1</sup> Source: MSCI. The MSCI index results reflect dividends net of withholding taxes and reinvestment of distributions.<br> ² Periods greater than one year are annualized. | Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index. <br><sup>1</sup> Source: MSCI. The MSCI index results reflect dividends net of withholding taxes and reinvestment of distributions.<br> ² Periods greater than one year are annualized. |

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Percent of net assets

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| | |
|:---|:---|
| **Where the fund's**<br> **assets were**<br> **invested as of**<br> **December 31, 2022** | ![LOGO](g455684dsp007a.jpg) |

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American Funds Insurance Series<sub>5</sub>

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##### [**Table of Contents**](#toc)
Global Small Capitalization Fund

**Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.** 

Global Small Capitalization Fund declined 29.37% for the 12 months ended December 31, 2022. Its benchmark, the MSCI All Country World Small Cap Index,¹ a free float-adjusted market capitalization-weighted index designed to measure equity market results of smaller capitalization companies in both developed and emerging markets, declined 18.67%.

Global stocks fell sharply, pressured by rising interest rates, slowing economic growth and inflationary pressures not seen since the 1980s. The war in Ukraine also weighed on investors throughout the year. Several key benchmark indexes fell into bear market territory at times and all but one sector declined in the MSCI All Country World Index. Within that index, communication services, consumer discretionary and information technology stocks suffered the biggest losses. Meanwhile, energy stocks surged amid higher oil and gas prices. Late in the year, signs that inflation may have peaked in the U.S., Europe and elsewhere sparked a rally that erased some of the losses.

Regarding the fund, stock selection within the health care sector was a positive contributor to relative returns. A larger-than-index investment in medical technology firm Haemonetics was among the fund's top individual contributors over the period. On the downside, stock selection within the information technology sector weighed on returns. Within individual securities, India-based cloud platform provider Tanla Platforms was a top detractor, as its stock lagged the broader market.

Geographically, investments in companies domiciled in Hong Kong and Korea were overall additive to returns, while investments in those domiciled in China and the United States were detractors, overall.

In a turbulent year for markets across the board, the fund's results for the past 12 months have been disappointing. However, with analysts' full-time return to the road after COVID-19-related pauses, fund managers remain confident in the primary research capabilities underpinning investment decisions, and optimistic for the outlook ahead. While cognizant of the possibility of recession in the short term, managers remain committed to investing in companies with long-term potential.

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|:---|:---|
| **6** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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##### [**Table of Contents**](#toc)
Global Small Capitalization Fund (continued)

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| | |
|:---|:---|
| **How a hypothetical $10,000 investment**<br> **has grown** | ![LOGO](g455684dsp009a.jpg) |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total returns based on** | For periods ended December 31, 2022<sup>2</sup> | For periods ended December 31, 2022<sup>2</sup> | For periods ended December 31, 2022<sup>2</sup> | For periods ended December 31, 2022<sup>2</sup> |  |  |  |
| **a $1,000 investment** |  |  |  |  | **Lifetime** | **Gross** | **Net** |
| **a $1,000 investment** |  | **1 year** | **5 years** | **10 years** | (since April 30, 1998) | **expense ratio** | **expense ratio** |
|  | Class 1 | –29.37% | 3.05% | 7.10% | 8.39% | 0.70% | 0.66% |
|  | Class 1A | –29.54 | 2.80 | 6.84 | 8.13 | 0.95 | 0.91 |
|  | Class 2 | –29.55 | 2.79 | 6.84 | 8.13 | 0.95 | 0.91 |
|  | Class 4 | –29.69 | 2.54 | 6.58 | 7.86 | 1.20 | 1.16 |
|  | Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/ afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source: MSCI. The MSCI index results reflect dividends net of withholding taxes and reinvestment of distributions.<br> ²Periods greater than one year are annualized. | Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/ afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source: MSCI. The MSCI index results reflect dividends net of withholding taxes and reinvestment of distributions.<br> ²Periods greater than one year are annualized. | Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/ afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source: MSCI. The MSCI index results reflect dividends net of withholding taxes and reinvestment of distributions.<br> ²Periods greater than one year are annualized. | Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/ afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source: MSCI. The MSCI index results reflect dividends net of withholding taxes and reinvestment of distributions.<br> ²Periods greater than one year are annualized. | Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/ afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source: MSCI. The MSCI index results reflect dividends net of withholding taxes and reinvestment of distributions.<br> ²Periods greater than one year are annualized. | Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/ afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source: MSCI. The MSCI index results reflect dividends net of withholding taxes and reinvestment of distributions.<br> ²Periods greater than one year are annualized. | Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/ afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source: MSCI. The MSCI index results reflect dividends net of withholding taxes and reinvestment of distributions.<br> ²Periods greater than one year are annualized. |

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Percent of net assets

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| | |
|:---|:---|
| **Where the fund's**<br> **assets were**<br> **invested as of**<br> **December 31, 2022** | <br> ![LOGO](g455684dsp009b.jpg)  |

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American Funds Insurance Series<sub>7</sub>

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##### [**Table of Contents**](#toc)
Growth Fund

**Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.** 

Growth Fund declined 29.75% for the 12 months ended December 31, 2022, compared with a decrease of 18.11% in its benchmark index, S&P 500 Index,¹ a market capitalization-weighted index based on the results of approximately 500 widely held common stocks.

U.S. equities had their worst year since 2008, as persistently high inflation and aggressive rate hikes stoked recession fears. S&P 500 Index entered its first bear market since 2020. Energy was the top S&P 500 sector for the second straight year, climbing 66%. Crude oil prices spiked in March after Russia's invasion of Ukraine upended global oil flows. Growth stocks had the sharpest declines, including several tech giants that had been market leaders over the last decade. Despite consecutive quarters of negative gross domestic product growth in the first half, a strong labor market helped inflation to persist.

Regarding the fund, stock selection within the materials sector was the top contributor to relative returns. A position in energy industry firm Halliburton buoyed results as its stock outpaced the broader industry. On the downside, investments within the communication services sector weighed on results. A position in Tesla was the top individual detractor to returns.

The overall uncertain economic environment and challenges of inflation are very real concerns. The fund's managers believe it is well-positioned for the road ahead and continue to focus on capital appreciation and selecting companies best suited for this challenging economic environment. Portfolio managers remain confident their time-tested investment approach, based on thorough research and robust debate with an eye on valuation, can continue to deliver superior outcomes for investors over the long-term.

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| | |
|:---|:---|
| **8** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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##### [**Table of Contents**](#toc)
Growth Fund (continued)

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| | |
|:---|:---|
| **How a hypothetical $10,000 investment has grown** | ![LOGO](g455684dsp011a.jpg) |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Total returns based on** <br> **a $1,000 investment** | For periods ended December 31, 2022<sup>2</sup> | For periods ended December 31, 2022<sup>2</sup> | For periods ended December 31, 2022<sup>2</sup> |  |  |  |
|  |  |  |  |  | **Lifetime** | **Expense** |
|  |  | **1 year** | **5 years** | **10 years** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(since February 8, 1984) | **ratio** |
|  | Class 1 | –29.75% | 11.42% | 13.93% | 12.65% | 0.34% |
|  | Class 1A | –29.93 | 11.14 | 13.65 | 12.37 | 0.59 |
|  | Class 2 | –29.94 | 11.14 | 13.64 | 12.37 | 0.59 |
|  | Class 3 | –29.89 | 11.22 | 13.72 | 12.45 | 0.52 |
|  | Class 4 | –30.11 | 10.86 | 13.38 | 12.09 | 0.84 |
|  | Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afi s for more information. Expense ratios are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source: S&P Dow Jones Indices LLC. <br> <sup>2</sup>Periods greater than one year are annualized. | Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afi s for more information. Expense ratios are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source: S&P Dow Jones Indices LLC. <br> <sup>2</sup>Periods greater than one year are annualized. | Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afi s for more information. Expense ratios are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source: S&P Dow Jones Indices LLC. <br> <sup>2</sup>Periods greater than one year are annualized. | Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afi s for more information. Expense ratios are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source: S&P Dow Jones Indices LLC. <br> <sup>2</sup>Periods greater than one year are annualized. | Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afi s for more information. Expense ratios are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source: S&P Dow Jones Indices LLC. <br> <sup>2</sup>Periods greater than one year are annualized. | Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afi s for more information. Expense ratios are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source: S&P Dow Jones Indices LLC. <br> <sup>2</sup>Periods greater than one year are annualized. |

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Percent of net assets

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| | |
|:---|:---|
| **Where the fund's assets were invested as of December 31, 2022** | <br> ![LOGO](g455684dsp011b.jpg)  |

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American Funds Insurance Series<sub>9</sub>

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##### [**Table of Contents**](#toc)
International Fund

**Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.** 

International Fund declined 20.57% for the 12 months ended December 31, 2022. Its benchmark index, MSCI ACWI (All Country World Index) ex USA,¹ a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets (consisting of more than 40 developed and emerging market country indexes, excluding the U.S.), fell 16.00%.

Global stocks fell sharply, pressured by rising interest rates, slowing economic growth and inflationary pressures not seen since the 1980s. The war in Ukraine also weighed on investors throughout the year. Several key benchmark indexes fell into bear market territory at times and all but one sector declined in the MSCI All Country World Index. Within that index, communication services, consumer discretionary and information technology stocks suffered the biggest losses. Meanwhile, energy stocks surged amid higher oil and gas prices. Late in the year, signs that inflation may have peaked in the U.S., Europe and elsewhere sparked a rally that erased some of the losses.

Within the portfolio, stock selection within the energy sector boosted relative returns. Within individual securities, a higher-than-index position in Petroleo Brasileiro was a top contributor as the stock significantly outpaced the market overall. On the downside, stock selection within the information technology sector dragged on returns. A larger-than-index position in South Korean chipmaker SK Hynix was among the top individual detractors.

Looking ahead, the market continues to focus on global inflation levels as a key determinant for interest-rate and asset-price movement. There are signs that the worst of the inflation surge, due in part to rising oil prices and supply-chain issues during the COVID-19 pandemic, seems to be behind us. However, there is still uncertainty about how wage increases – as seen in many developed markets – could impact the continuation of high inflation. As a result of tighter monetary conditions, economies around the world are seeing growth moderate. Meanwhile, contributors to a turbulent macro environment in 2022, such as the war in Ukraine and U.S.-China tensions, have not subsided. In this uncertain environment, the fund's managers endeavor to maintain a portfolio with a healthy balance of well-managed companies across sectors.

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| **10** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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##### [**Table of Contents**](#toc)
International Fund (continued)

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| | |
|:---|:---|
| **How a hypothetical**<br> **$10,000 investment**<br> **has grown** | ![LOGO](g455684dsp013a.jpg) |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Total returns based on** <br> **a $1,000 investment** | For periods ended December 31, 2022<sup>2</sup> | For periods ended December 31, 2022<sup>2</sup> | For periods ended December 31, 2022<sup>2</sup> |  | **Lifetime** | <br> **Expense**  |
| **Total returns based on** <br> **a $1,000 investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1 year** <br>| &nbsp;&nbsp;&nbsp;&nbsp;**5 years** <br>| **10 years** <br>| (since May 1, 1990) <br>| **ratio** <br>|
| **Total returns based on** <br> **a $1,000 investment** |  |  |  |  |  |  |
| **Total returns based on** <br> **a $1,000 investment** |  |  |  |  |  |  |
| **Total returns based on** <br> **a $1,000 investment** | Class 1 | -20.57% | –0.78% | 4.18% | 7.07% | 0.53% |
| **Total returns based on** <br> **a $1,000 investment** | Class 1A | -20.80 | –1.03 | 3.92 | 6.80 | 0.78 |
| **Total returns based on** <br> **a $1,000 investment** | Class 2 | -20.79 | –1.03 | 3.92 | 6.80 | 0.78 |
| **Total returns based on** <br> **a $1,000 investment** | Class 3 | -20.76 | –0.97 | 3.98 | 6.87 | 0.71 |
| **Total returns based on** <br> **a $1,000 investment** | Class 4 | -21.02 | –1.29 | 3.67 | 6.54 | 1.03 |
|  | Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source:MSCI. The MSCI index result reflects dividends net of withholding taxes and reinvestment of distributions.<br> ²Periodsgreater than one year are annualized. | Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source:MSCI. The MSCI index result reflects dividends net of withholding taxes and reinvestment of distributions.<br> ²Periodsgreater than one year are annualized. | Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source:MSCI. The MSCI index result reflects dividends net of withholding taxes and reinvestment of distributions.<br> ²Periodsgreater than one year are annualized. | Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source:MSCI. The MSCI index result reflects dividends net of withholding taxes and reinvestment of distributions.<br> ²Periodsgreater than one year are annualized. | Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source:MSCI. The MSCI index result reflects dividends net of withholding taxes and reinvestment of distributions.<br> ²Periodsgreater than one year are annualized. | Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source:MSCI. The MSCI index result reflects dividends net of withholding taxes and reinvestment of distributions.<br> ²Periodsgreater than one year are annualized. |

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Percent of net assets

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| | |
|:---|:---|
| **Where the fund's**<br> **assets were**<br> **invested as of**<br> **December 31, 2022** | <br> ![LOGO](g455684dsp013b.jpg)  |

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American Funds Insurance Series<sub>11</sub>

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##### [**Table of Contents**](#toc)
New World Fund<sup>®</sup>

**Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.** 

New World Fund was down 21.86% for the 12 months ended December 31, 2022. Its benchmark index, MSCI ACWI (All Country World Index),¹ a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets (consisting of more than 40 developed and emerging market country indexes), declined 18.36%. The MSCI Emerging Markets (EM) Index,¹ a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global emerging markets (consisting of more than 20 emerging market country indexes), fell by 20.09%.

Global stocks fell sharply, pressured by rising interest rates, slowing economic growth and inflationary pressures not seen since the 1980s. The war in Ukraine also weighed on investors throughout the year. Several key benchmark indexes fell into bear market territory at times and all but one sector declined in the MSCI All Country World Index. Within that index, communication services, consumer discretionary and information technology stocks suffered the biggest losses. Meanwhile, energy stocks surged amid higher oil and gas prices. Late in the year, signs that inflation may have peaked in the U.S., Europe and elsewhere sparked a rally that erased some of the losses.

Emerging markets stocks tumbled, undercut by China's economic slowdown, the Federal Reserve's aggressive interest rate hikes and the growing strength of the U.S. dollar. Rising inflation in developing countries that spurred monetary tightening, as well as rolling lockdowns in China to suppress COVID-19, also weighed on equity prices. However, a few countries, including Brazil, were able to separate from the group by benefiting from some stronger fundamentals.

Within the portfolio, a higher-than-benchmark position in the materials sector was beneficial to the fund's relative returns. Brazilian mining company Vale was a top individual contributor, as its stock saw returns that outpaced the broader market. Indian energy company Reliance Industries was also a relative contributor. On the downside, stock selection within the health care sector dragged on relative returns. Among individual securities, a larger-than-benchmark position in Singapore-based Sea Ltd. was a top detractor to results.

The investment environment has become much more challenging over the last year, with a wide range of uncertainties affecting equity prices – including global shifts in monetary policy, elevated geopolitical tensions and the potential for widespread recession. The portfolio managers believe the fund's flexibility in seeking investments in both the developed world and emerging markets will provide significant opportunities in these periods of volatility. They remain confident that on-the-ground research, a cornerstone of their investment process, will provide highly differentiated investment insights leading to potentially superior outcomes over the long term.

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|:---|:---|
| **12** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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##### [**Table of Contents**](#toc)
New World Fund<sup>®</sup> (continued)

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| | |
|:---|:---|
| **How a hypothetical**<br> **$10,000 investment**<br> **has grown** | ![LOGO](g455684dsp015a.jpg)  |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total returns based on** <br> **a $1,000 investment** | For periods ended December 31, 2022<sup>2</sup> | For periods ended December 31, 2022<sup>2</sup> | For periods ended December 31, 2022<sup>2</sup> | For periods ended December 31, 2022<sup>2</sup> | For periods ended December 31, 2022<sup>2</sup> |  |  |
|  |  |  |  |  | **Lifetime** | **Gross** | **Net** |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1 year** <br>| &nbsp;&nbsp;&nbsp;&nbsp;**5 years** <br>| &nbsp;&nbsp;&nbsp;&nbsp;**10 years** <br>| (since June 17, 1999) <br>| **expense ratio** <br>| **expense ratio**<br>|
|  | Class 1 | –21.86% | 2.58% | 4.53% | 7.45% | 0.64% | 0.57% |
|  | Class 1A | –22.09 | 2.32 | 4.27 | 7.18 | 0.89 | 0.82 |
|  | Class 2 | –22.10 | 2.32 | 4.27 | 7.18 | 0.89 | 0.82 |
|  | Class 4 | –22.25 | 2.07 | 4.02 | 6.92 | 1.14 | 1.07 |
|  | <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source: MSCI. The MSCI index result reflects dividends net of withholding taxes and reinvestment of distributions.<br> ²Periods greater than one year are annualized. | <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source: MSCI. The MSCI index result reflects dividends net of withholding taxes and reinvestment of distributions.<br> ²Periods greater than one year are annualized. | <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source: MSCI. The MSCI index result reflects dividends net of withholding taxes and reinvestment of distributions.<br> ²Periods greater than one year are annualized. | <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source: MSCI. The MSCI index result reflects dividends net of withholding taxes and reinvestment of distributions.<br> ²Periods greater than one year are annualized. | <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source: MSCI. The MSCI index result reflects dividends net of withholding taxes and reinvestment of distributions.<br> ²Periods greater than one year are annualized. | <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source: MSCI. The MSCI index result reflects dividends net of withholding taxes and reinvestment of distributions.<br> ²Periods greater than one year are annualized. | <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source: MSCI. The MSCI index result reflects dividends net of withholding taxes and reinvestment of distributions.<br> ²Periods greater than one year are annualized. |

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Percent of net assets

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| | |
|:---|:---|
| **Where the fund's**<br> **assets were**<br> **invested as of**<br> **December 31, 2022** | ![LOGO](g455684dsp015b.jpg)  |

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American Funds Insurance Series<sub>13</sub>

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##### [**Table of Contents**](#toc)
Washington Mutual Investors Fund

**Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.** 

Washington Mutual Investors Fund declined 8.28% for the 12 months ended December 31, 2022. Its benchmark index, S&P 500 Index,¹ a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, fell by 18.11%.

U.S. equities had their worst year since 2008, as persistently high inflation and aggressive rate hikes stoked recession fears. S&P 500 Index entered its first bear market since 2020. Energy was the top S&P 500 sector for the second straight year, climbing 66%. Crude oil prices spiked in March after Russia's invasion of Ukraine upended global oil flows. Growth stocks had the sharpest declines, including several tech giants that had been market leaders over the last decade. Despite consecutive quarters of negative gross domestic product growth in the first half, a strong labor market helped inflation to persist.

Regarding the fund, stock selections in the consumer discretionary and information technology sectors were additive to relative returns. Among individual securities, a higher-than-benchmark position in Unitedhealth Group was a top contributor, as the stock outpaced the broader market. On the downside, security selections within the financials and real estate sectors were top detractors. A lower-than-index position in Exxon Mobil weighed on relative returns as the stock outpaced the market overall.

Looking ahead, the fund's portfolio managers are keeping a close watch on monetary policy, inflation, and other global issues, along with the resulting implications for the U.S. economy. Portfolio managers continue to favor well-managed, high-quality companies that are capable of paying dividends in myriad economic environments. We remain optimistic that this focus, supported by our global research, will help us to identify attractive long-term investment opportunities.

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|:---|:---|
| **14** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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##### [**Table of Contents**](#toc)
Washington Mutual Investors Fund (continued)

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|:---|:---|
| **How a hypothetical $10,000 investment has grown** | ![LOGO](g455684dsp017a.jpg)  |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total returns based on** <br> **a $1,000 investment** | For periods ended December 31, 2022<sup>2</sup> | For periods ended December 31, 2022<sup>2</sup> | For periods ended December 31, 2022<sup>2</sup> | For periods ended December 31, 2022<sup>2</sup> | For periods ended December 31, 2022<sup>2</sup> |  |  |
|  |  |  |  |  | **Lifetime** | **Gross** | **Net** |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1 year** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5 years** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10 years** <br>| (since July 5, 2001) <br>| &nbsp;&nbsp;&nbsp;&nbsp;**expense ratio** <br>| &nbsp;&nbsp;&nbsp;&nbsp;**expense ratio** <br>|
|  | Class 1 | –8.28% | 7.37% | 11.57% | 6.97% | 0.40% | 0.25% |
|  | Class 1A | –8.45 | 7.11 | 11.30 | 6.71 | 0.65 | 0.50 |
|  | Class 2 | –8.45 | 7.11 | 11.30 | 6.70 | 0.65 | 0.50 |
|  | Class 4 | –8.69 | 6.84 | 11.08 | 6.47 | 0.90 | 0.75 |
|  | <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source:S&P Dow Jones Indices LLC.<br> <sup>2</sup>Periods greater than one year are annualized. | <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source:S&P Dow Jones Indices LLC.<br> <sup>2</sup>Periods greater than one year are annualized. | <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source:S&P Dow Jones Indices LLC.<br> <sup>2</sup>Periods greater than one year are annualized. | <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source:S&P Dow Jones Indices LLC.<br> <sup>2</sup>Periods greater than one year are annualized. | <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source:S&P Dow Jones Indices LLC.<br> <sup>2</sup>Periods greater than one year are annualized. | <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source:S&P Dow Jones Indices LLC.<br> <sup>2</sup>Periods greater than one year are annualized. | <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source:S&P Dow Jones Indices LLC.<br> <sup>2</sup>Periods greater than one year are annualized. |

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Percent of net assets

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| | |
|:---|:---|
| **Where the fund's**<br> **assets were**<br> **invested as of**<br> **December 31, 2022** | ![LOGO](g455684dsp017b.jpg)  |

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| | |
|:---|:---|
| American Funds Insurance Series | **15** |

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##### [**Table of Contents**](#toc)
Capital World Growth and Income Fund<sup>®</sup>

**Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.** 

Capital World Growth and Income Fund declined 17.13% for the 12 months ended December 31, 2022, compared with a decline of 18.36% in its benchmark index, MSCI ACWI (All Country World Index),¹ a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets, consisting of more than 40 developed and emerging market country indexes.

Global stocks fell sharply, pressured by rising interest rates, slowing economic growth and inflationary pressures not seen since the 1980s. The war in Ukraine also weighed on investors throughout the year. Several key benchmark indexes fell into bear market territory at times and all but one sector declined in the MSCI All Country World Index. Within that index, communication services, consumer discretionary and information technology stocks suffered the biggest losses. Meanwhile, energy stocks surged amid higher oil and gas prices. Late in the year, signs that inflation may have peaked in the U.S., Europe and elsewhere sparked a rally that erased some of the losses.

Within the portfolio, a higher-than-index position and stock selection within the materials sector was a top contributor to relative returns. Results were also buoyed by holdings in Vale, a Brazil-based mining company, which saw returns over the period that outpaced the broader market. On the downside, stock selection within the communication services and financials sectors were among the top detractors to returns. A position in Sberbank Russia weighed on returns as the stock saw sharp declines due to Russia's invasion of Ukraine and related consequences.

On a geographical basis, stocks domiciled in the United States and Brazil contributed the most to relative returns, while holdings in Japan and Russia dragged.

Looking ahead, the market continues to focus on global inflation levels as a key determinant for interest-rate and asset-price movement. There are signs that the worst of the inflation surge, due in part to rising oil prices and supply-chain issues during the COVID-19 pandemic, seems to be behind us. However, there is still uncertainty about how wage increases – as seen in many developed markets – could impact the continuation of high inflation. As a result of tighter monetary conditions, economies around the world are seeing growth moderate. Meanwhile, contributors to a turbulent macro environment in 2022, such as the war in Ukraine and U.S.-China tensions, have not subsided. Against this uncertainty, the fund's managers remain committed to finding companies that can grow regardless of macro environment and investing in those that have shown a strong tendency to pay a dividend through difficult economic conditions.

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|:---|:---|
| **16** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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##### [**Table of Contents**](#toc)
Capital World Growth and Income Fund<sup>®</sup> (continued)

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| | |
|:---|:---|
| **How a hypothetical $10,000 investment**<br> **has grown** | ![LOGO](g455684dsp019a.jpg) |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total returns based on** <br> **a $1,000 investment** | For periods ended December 31, 2022<sup>2</sup> | For periods ended December 31, 2022<sup>2</sup> | For periods ended December 31, 2022<sup>2</sup> | For periods ended December 31, 2022<sup>2</sup> | For periods ended December 31, 2022<sup>2</sup> |  |  |
|  |  |  |  |  | **Lifetime** | **Gross** | **Net** |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1 year** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5 years** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10 years** <br>| (since May 1, 2006) <br>| &nbsp;&nbsp;&nbsp;&nbsp;**expense ratio** <br>| &nbsp;&nbsp;&nbsp;&nbsp;**expense ratio** <br>|
|  | Class 1 | –17.13% | 4.36% | 8.04% | 6.40% | 0.53% | 0.42% |
|  | Class 1A | –17.29 | 4.10 | 7.79 | 6.15 | 0.78 | 0.67 |
|  | Class 2 | –17.33 | 4.10 | 7.77 | 6.14 | 0.78 | 0.67 |
|  | Class 4 | –17.57 | 3.83 | 7.53 | 5.89 | 1.03 | 0.92 |
|  | <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source:MSCI. The MSCI index results reflect dividends net of withholding taxes and reinvestment of distributions.<br> <sup>2</sup>Periods greater than one year are annualized. | <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source:MSCI. The MSCI index results reflect dividends net of withholding taxes and reinvestment of distributions.<br> <sup>2</sup>Periods greater than one year are annualized. | <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source:MSCI. The MSCI index results reflect dividends net of withholding taxes and reinvestment of distributions.<br> <sup>2</sup>Periods greater than one year are annualized. | <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source:MSCI. The MSCI index results reflect dividends net of withholding taxes and reinvestment of distributions.<br> <sup>2</sup>Periods greater than one year are annualized. | <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source:MSCI. The MSCI index results reflect dividends net of withholding taxes and reinvestment of distributions.<br> <sup>2</sup>Periods greater than one year are annualized. | <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source:MSCI. The MSCI index results reflect dividends net of withholding taxes and reinvestment of distributions.<br> <sup>2</sup>Periods greater than one year are annualized. | <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source:MSCI. The MSCI index results reflect dividends net of withholding taxes and reinvestment of distributions.<br> <sup>2</sup>Periods greater than one year are annualized. |

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Percent of net assets

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| | |
|:---|:---|
| **Where the fund's**<br> **assets were**<br> **invested as of**<br> **December 31, 2022** | <br> ![LOGO](g455684dsp019b.jpg)  |

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| | |
|:---|:---|
| American Funds Insurance Series | **17** |

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##### [**Table of Contents**](#toc)
Growth-Income Fund

**Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.** 

Growth-Income Fund fell 16.28% for the 12 months ended December 31, 2022, compared with a decline of 18.11% in its benchmark index, S&P 500 Index,¹ a market capitalization-weighted index based on the results of approximately 500 widely held common stocks.

U.S. equities had their worst year since 2008, as persistently high inflation and aggressive rate hikes stoked recession fears. The S&P 500 entered its first bear market since 2020. Energy was the top S&P 500 sector for the second straight year, climbing 66%. Crude oil prices spiked in March after Russia's invasion of Ukraine upended global oil flows. Growth stocks had the sharpest declines, including several tech giants that had been market leaders over the last decade. Despite consecutive quarters of negative gross domestic product growth in the first half, a strong labor market helped inflation to persist.

Regarding the fund, investments within the information technology and industrials sectors were top contributors to the fund's relative returns. An out-of-benchmark position in energy company Canadian Natural Resources was a top individual contributor, as the stock outpaced the market overall. On the downside, security selections within the communications and financials sectors dragged on portfolio returns. Netflix was the fund's top individual detractor owing to a larger-than-benchmark position and returns that lagged the market overall.

Looking ahead, uncertainty in the macroeconomic outlook and in the trajectory of inflation and interest rates will likely continue. Stock valuations have started to come down to reflect investor concerns, although corporate earnings outlooks may not have bottomed. The fund's portfolio managers will take advantage of volatility to build positions in companies and stocks in which they see long term value. The current environment should provide opportunities for finding investments with attractive risk-adjusted return potential.

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|:---|:---|
| **18** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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##### [**Table of Contents**](#toc)
Growth-Income Fund (continued)

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| | |
|:---|:---|
| **How a hypothetical $10,000 investment has grown** | ![LOGO](g455684dsp021a.jpg)  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Total returns based on**<br> **a $1,000 investment** | For periods ended December 31, 2022<sup>2</sup>  | For periods ended December 31, 2022<sup>2</sup>  | For periods ended December 31, 2022<sup>2</sup>  |  | **Lifetime** | **Expense** |
| **Total returns based on**<br> **a $1,000 investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1 year**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5 years**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10 years**  | (since February 8, 1984)  | &nbsp;&nbsp;&nbsp;&nbsp;**ratio**  |
| **Total returns based on**<br> **a $1,000 investment** |  |  |  |  |  |  |
| **Total returns based on**<br> **a $1,000 investment** |  |  |  |  |  |  |
| **Total returns based on**<br> **a $1,000 investment** | Class 1 | –16.28% | 8.09% | 11.82% | 11.01% | 0.28% |
| **Total returns based on**<br> **a $1,000 investment** | Class 1A | –16.48 | 7.83 | 11.55 | 10.74 | 0.53 |
| **Total returns based on**<br> **a $1,000 investment** | Class 2 | –16.50 | 7.83 | 11.54 | 10.74 | 0.53 |
| **Total returns based on**<br> **a $1,000 investment** | Class 3 | –16.43 | 7.91 | 11.62 | 10.82 | 0.46 |
| **Total returns based on**<br> **a $1,000 investment** | Class 4 | –16.70 | 7.56 | 11.28 | 10.47 | 0.78 |
|  | <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index. <br><sup>1</sup>Source: S&P Dow Jones Indices LLC. <br> <sup>2</sup>Periods greater than one year are annualized. | <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index. <br><sup>1</sup>Source: S&P Dow Jones Indices LLC. <br> <sup>2</sup>Periods greater than one year are annualized. | <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index. <br><sup>1</sup>Source: S&P Dow Jones Indices LLC. <br> <sup>2</sup>Periods greater than one year are annualized. | <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index. <br><sup>1</sup>Source: S&P Dow Jones Indices LLC. <br> <sup>2</sup>Periods greater than one year are annualized. | <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index. <br><sup>1</sup>Source: S&P Dow Jones Indices LLC. <br> <sup>2</sup>Periods greater than one year are annualized. | <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index. <br><sup>1</sup>Source: S&P Dow Jones Indices LLC. <br> <sup>2</sup>Periods greater than one year are annualized. |

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Percent of net assets

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| | |
|:---|:---|
| **Where the fund's**<br> **assets were**<br> **invested as of**<br> **December 31, 2022** | <br> ![LOGO](g455684dsp021b.jpg)  |

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| | |
|:---|:---|
| American Funds Insurance Series | **19** |

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##### [**Table of Contents**](#toc)
International Growth and Income Fund

**Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.** 

International Growth and Income Fund fell 15.00% for the 12 months ended December 31, 2022, compared with a decline of 16.00% in its benchmark index, MSCI ACWI (All Country World Index) ex USA,¹ a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets (consisting of more than 40 developed and emerging market country indexes excluding the U.S.).

Global stocks fell sharply, pressured by rising interest rates, slowing economic growth and inflationary pressures not seen since the 1980s. The war in Ukraine also weighed on investors throughout the year. Several key benchmark indexes fell into bear market territory at times and all but one sector declined in the MSCI All Country World Index. Within that index, communication services, consumer discretionary and information technology stocks suffered the biggest losses. Meanwhile, energy stocks surged amid higher oil and gas prices. Late in the year, signs that inflation may have peaked in the U.S., Europe and elsewhere sparked a rally that erased some of the losses.

Regarding the fund, stock selections within the consumer discretionary and consumer staples sectors were additive to relative results. Within individual securities, British American Tobacco was a top contributor owing to returns that outpaced the broader market. On the downside, security selections within the financials and energy sectors detracted from returns. Positions in Russian firms Sberbank and Gazprom were among the top individual detractors as their stocks saw declines due to the Russian invasion of Ukraine and related consequences.

The new year looks to continue current macroeconomic uncertainty and trends stemming from shifting monetary policies and geopolitical tensions around the world. In this environment, valuations remain depressed, particularly outside the United States. The fund's managers continue to focus on businesses they believe will provide good value over the long-term, as guided by the fundamental, global research that underpins investment decisions.

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|:---|:---|
| **20** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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##### [**Table of Contents**](#toc)
International Growth and Income Fund (continued)

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| | |
|:---|:---|
| **How a hypothetical $10,000 investment has grown** | ![LOGO](g455684dsp023a.jpg)  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Total returns based on**<br> **a $1,000 investment** | For periods ended December 31, 2022<sup>2</sup>  | For periods ended December 31, 2022<sup>2</sup>  | For periods ended December 31, 2022<sup>2</sup>  |  | **Lifetime** | **Expense** |
| **Total returns based on**<br> **a $1,000 investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1 year**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5 years**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10 years**  | (since November 18, 2008)  | &nbsp;&nbsp;&nbsp;&nbsp;**ratio**  |
| **Total returns based on**<br> **a $1,000 investment** |  |  |  |  |  |  |
| **Total returns based on**<br> **a $1,000 investment** |  |  |  |  |  |  |
| **Total returns based on**<br> **a $1,000 investment** | Class 1 | –15.00% | 0.88% | 3.86% | 6.91% | 0.55% |
| **Total returns based on**<br> **a $1,000 investment** | Class 1A | –15.31 | 0.61 | 3.60 | 6.64 | 0.80 |
| **Total returns based on**<br> **a $1,000 investment** | Class 2 | –15.25 | 0.62 | 3.60 | 6.64 | 0.80 |
| **Total returns based on**<br> **a $1,000 investment** | Class 4 | –15.52 | 0.35 | 3.37 | 6.40 | 1.05 |
| **Total returns based on**<br> **a $1,000 investment** | <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index. <br><sup>1</sup>Source: MSCI. The MSCI index result reflects dividends net of withholding taxes and reinvestment of distributions.<br> <sup>2</sup>Periods greater than one year are annualized. | <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index. <br><sup>1</sup>Source: MSCI. The MSCI index result reflects dividends net of withholding taxes and reinvestment of distributions.<br> <sup>2</sup>Periods greater than one year are annualized. | <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index. <br><sup>1</sup>Source: MSCI. The MSCI index result reflects dividends net of withholding taxes and reinvestment of distributions.<br> <sup>2</sup>Periods greater than one year are annualized. | <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index. <br><sup>1</sup>Source: MSCI. The MSCI index result reflects dividends net of withholding taxes and reinvestment of distributions.<br> <sup>2</sup>Periods greater than one year are annualized. | <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index. <br><sup>1</sup>Source: MSCI. The MSCI index result reflects dividends net of withholding taxes and reinvestment of distributions.<br> <sup>2</sup>Periods greater than one year are annualized. | <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index. <br><sup>1</sup>Source: MSCI. The MSCI index result reflects dividends net of withholding taxes and reinvestment of distributions.<br> <sup>2</sup>Periods greater than one year are annualized. |

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Percent of net assets

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|:---|:---|
| **Where the fund's**<br> **assets were**<br> **invested as of**<br> **December 31, 2022** | <br> ![LOGO](g455684dsp023b.jpg)  |

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|:---|:---|
| American Funds Insurance Series | **21** |

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##### [**Table of Contents**](#toc)
Capital Income Builder<sup>®</sup>

**Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.** 

Capital Income Builder, which invests in a mix of stocks and bonds, declined 6.90% for the 12 months ended December 31, 2022. During the same period, the index blend of 70%/30% MSCI ACWI (All Country World Index)/Bloomberg U.S. Aggregate Index¹ fell 16.59%. MSCI ACWI,² a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets (consisting of more than 40 developed and emerging market country indexes), fell 18.36%. The Bloomberg U.S. Aggregate Index,³ which represents the U.S. investment-grade (rated BBB/Baa and above) fixed-rate bond market, fell 13.01%.

Global stocks fell sharply, pressured by rising interest rates, slowing economic growth and inflationary pressures not seen since the 1980s. The war in Ukraine also weighed on investors throughout the year. Several key benchmark indexes fell into bear market territory at times and all but one sector declined in the MSCI All Country World Index. Within that index, communication services, consumer discretionary and information technology stocks suffered the biggest losses. Meanwhile, energy stocks surged amid higher oil and gas prices. Late in the year, signs that inflation may have peaked in the U.S., Europe and elsewhere sparked a rally that erased some of the losses.

U.S. fixed income markets fell across the board. The Federal Reserve raised the federal funds rate by 425 basis points from near zero to counter the highest inflation since the 1980s. U.S. Treasury yields rose across the curve, which ended the year inverted as shorter dated bonds sold off sharply.

The overall portfolio has protected the absolute downside for investors. In the equity portfolio, stock selection in consumer staples was a top contributor to relative returns. Investment in aerospace, within the industrials sector, was also additive, as was a position in the energy sector. On the downside, stock selection within financials detracted from returns. Overall, dividend-paying companies have done better than the broader market.

The fund's fixed income portfolio outpaced its benchmark and was additive to relative returns overall. Duration positioning within the portfolio was a primary driver of returns, while curve positioning and security selection detracted.

The fund's portfolio managers are cautious given the impact of a potential U.S. recession on earnings and dividends, but also aware that markets tend to bottom three to six months ahead of a recession and are therefore ready to revisit early cyclical investment ideas. With the strength of the U.S. dollar reversing, we believe the fund's exposure to global markets is well-positioned. The fund also remains well-positioned to use its geographic flexibility to pursue dividend-paying investment opportunities around the world. Fund managers remain loyal to the fund's objective and optimistic about the companies with growing dividends that were selected for this portfolio through fundamental, bottom-up security selection.

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|:---|:---|
| **22** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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##### [**Table of Contents**](#toc)
Capital Income Builder<sup>®</sup> (continued)

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|:---|:---|
| **How a hypothetical $10,000 investment has grown** | ![LOGO](g455684dsp025a.jpg)  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Total returns based on** <br> **a $1,000 investment** | For periods ended December 31, 2022<sup>4</sup> | For periods ended December 31, 2022<sup>4</sup> | For periods ended December 31, 2022<sup>4</sup> | For periods ended December 31, 2022<sup>4</sup> | For periods ended December 31, 2022<sup>4</sup> | For periods ended December 31, 2022<sup>4</sup> |
| **Total returns based on** <br> **a $1,000 investment** |  |  |  | **Lifetime** | **Gross** | **Net** |
| **Total returns based on** <br> **a $1,000 investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1 year**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5 years**  | (since May 1, 2014) | **expense ratio**  | &nbsp;&nbsp;&nbsp;&nbsp;**expense ratio**  |
| **Total returns based on** <br> **a $1,000 investment** |  |  |  |  |  |  |
| **Total returns based on** <br> **a $1,000 investment** | Class 1 | –6.90% | 4.35% | 4.33% | 0.41% | 0.27% |
| **Total returns based on** <br> **a $1,000 investment** | Class 1A | –7.06 | 4.10 | 4.08 | 0.66 | 0.52 |
| **Total returns based on** <br> **a $1,000 investment** | Class 2 | –7.13 | 4.09 | 4.14 | 0.66 | 0.52 |
|  | Class 4 | –7.37 | 3.83 | 3.81 | 0.91 | 0.77 |
|  | <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios refl ect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br>¹Data sources: MSCI and Bloomberg Index Services Ltd. The 70%/30% MSCI ACWI/Bloomberg U.S. Aggregate Index blends the MSCI ACWI (All Country World Index) with the Bloomberg U.S. Aggregate Index by weighting their total returns at 70% and 30%, respectively. Its result assumes the blend is rebalanced monthly. <br> <sup>2</sup>Source: MSCI. The MSCI index result reflects dividends net of withholding taxes and reinvestment of distributions. <br> <sup>3</sup>Source: Bloomberg Index Services Ltd. <br> <sup>4</sup>Periods greater than one year are annualized. | <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios refl ect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br>¹Data sources: MSCI and Bloomberg Index Services Ltd. The 70%/30% MSCI ACWI/Bloomberg U.S. Aggregate Index blends the MSCI ACWI (All Country World Index) with the Bloomberg U.S. Aggregate Index by weighting their total returns at 70% and 30%, respectively. Its result assumes the blend is rebalanced monthly. <br> <sup>2</sup>Source: MSCI. The MSCI index result reflects dividends net of withholding taxes and reinvestment of distributions. <br> <sup>3</sup>Source: Bloomberg Index Services Ltd. <br> <sup>4</sup>Periods greater than one year are annualized. | <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios refl ect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br>¹Data sources: MSCI and Bloomberg Index Services Ltd. The 70%/30% MSCI ACWI/Bloomberg U.S. Aggregate Index blends the MSCI ACWI (All Country World Index) with the Bloomberg U.S. Aggregate Index by weighting their total returns at 70% and 30%, respectively. Its result assumes the blend is rebalanced monthly. <br> <sup>2</sup>Source: MSCI. The MSCI index result reflects dividends net of withholding taxes and reinvestment of distributions. <br> <sup>3</sup>Source: Bloomberg Index Services Ltd. <br> <sup>4</sup>Periods greater than one year are annualized. | <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios refl ect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br>¹Data sources: MSCI and Bloomberg Index Services Ltd. The 70%/30% MSCI ACWI/Bloomberg U.S. Aggregate Index blends the MSCI ACWI (All Country World Index) with the Bloomberg U.S. Aggregate Index by weighting their total returns at 70% and 30%, respectively. Its result assumes the blend is rebalanced monthly. <br> <sup>2</sup>Source: MSCI. The MSCI index result reflects dividends net of withholding taxes and reinvestment of distributions. <br> <sup>3</sup>Source: Bloomberg Index Services Ltd. <br> <sup>4</sup>Periods greater than one year are annualized. | <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios refl ect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br>¹Data sources: MSCI and Bloomberg Index Services Ltd. The 70%/30% MSCI ACWI/Bloomberg U.S. Aggregate Index blends the MSCI ACWI (All Country World Index) with the Bloomberg U.S. Aggregate Index by weighting their total returns at 70% and 30%, respectively. Its result assumes the blend is rebalanced monthly. <br> <sup>2</sup>Source: MSCI. The MSCI index result reflects dividends net of withholding taxes and reinvestment of distributions. <br> <sup>3</sup>Source: Bloomberg Index Services Ltd. <br> <sup>4</sup>Periods greater than one year are annualized. | <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios refl ect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br>¹Data sources: MSCI and Bloomberg Index Services Ltd. The 70%/30% MSCI ACWI/Bloomberg U.S. Aggregate Index blends the MSCI ACWI (All Country World Index) with the Bloomberg U.S. Aggregate Index by weighting their total returns at 70% and 30%, respectively. Its result assumes the blend is rebalanced monthly. <br> <sup>2</sup>Source: MSCI. The MSCI index result reflects dividends net of withholding taxes and reinvestment of distributions. <br> <sup>3</sup>Source: Bloomberg Index Services Ltd. <br> <sup>4</sup>Periods greater than one year are annualized. |

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Percent of net assets

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| | |
|:---|:---|
| **Where the fund's**<br> **assets were**<br> **invested as of**<br> **December 31, 2022** | <br> ![LOGO](g455684dsp025b.jpg)  |

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|:---|:---|
| American Funds Insurance Series | **23** |

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##### [**Table of Contents**](#toc)
Asset Allocation Fund

**Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.** 

Asset Allocation Fund, which is a mix of stocks and bonds, fell 13.19% for the 12 months ended December 31, 2022. During the same period, the index blend of 60%/40% S&P 500 Index/Bloomberg U.S. Aggregate Index¹ declined 15.79%. S&P 500 Index,² a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, was down 18.11%, while the Bloomberg U.S. Aggregate Index,³ which represents the U.S. investment-grade (rated BBB/Baa and above) fixed-rate bond market, fell by 13.01%.

U.S. equities had their worst year since 2008, as persistently high inflation and aggressive rate hikes stoked recession fears. The S&P 500 entered its first bear market since 2020. Energy was the top S&P 500 sector for the second straight year, climbing 66%. Crude oil prices spiked in March after Russia's invasion of Ukraine upended global oil flows. Growth stocks had the sharpest declines, including several tech giants that had been market leaders over the last decade. Despite consecutive quarters of negative gross domestic product growth in the first half, a strong labor market helped inflation to persist.

U.S. fixed income markets fell across the board. The Federal Reserve raised the federal funds rate by 425 basis points from near zero to counter the highest inflation since the 1980s. U.S. Treasury yields rose across the curve, and ended the year inverted as shorter dated bonds sold off sharply.

In the equity portfolio, investment selection within the consumer discretionary sector was the top contributor to relative returns on a sector basis. Results were buoyed by an off-benchmark holding in food services company Aramark and a higher-than-index position in Philip Morris, which saw returns that significantly outpaced the market overall. On the downside, stock selections within the energy and financials sectors weighed on relative returns. Within energy, Exxon Mobil – which the fund did not hold – weighed on relative results as its stock outpaced the broader market. A higher-than-benchmark holding in Charter Communications was among the top individual detractors, as returns lagged the broader market.

The fund's fixed income investments were additive to relative returns overall. Duration positioning within Treasuries and mortgage-backed securities (MBS) contributed positively to results. Sector and security selections detracted. An out-of-benchmark position within U.S. Treasury Inflation-Protected Securities (TIPS) also weighed on returns.

In the wake of market selloffs and rotations like the one seen in 2022, opportunities often abound for the long-term investor. Fund managers note that many sound companies with outstanding long-term prospects are trading at attractive valuations because the market is focused on the short term. Managers are focused on differentiating between companies whose fundamental outlook has changed versus those facing more transient issues, and where valuations are attractive. In addition, their portfolios are balanced across a broad array of cyclical and market exposures.

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|:---|:---|
| **24** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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##### [**Table of Contents**](#toc)
Asset Allocation Fund (continued)

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|:---|:---|
| <br> **How a hypothetical $10,000 investment has grown** | ![LOGO](g455684dsp027a.jpg) |

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|:---|:---|:---|:---|:---|:---|:---|
| **Total returns based on**<br> **a $1,000 investment** | For periods ended December 31, 2022<sup>4</sup> | For periods ended December 31, 2022<sup>4</sup> | For periods ended December 31, 2022<sup>4</sup> | For periods ended December 31, 2022<sup>4</sup> | For periods ended December 31, 2022<sup>4</sup> | For periods ended December 31, 2022<sup>4</sup> |
| **Total returns based on**<br> **a $1,000 investment** |  |  |  |  | **Lifetime** | **Expense** |
| **Total returns based on**<br> **a $1,000 investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1 year** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5 years**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10 years**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(since August 1, 1989)  | &nbsp;&nbsp;&nbsp;&nbsp;**ratio** <br>|
| **Total returns based on**<br> **a $1,000 investment** |  |  |  |  |  |  |
| **Total returns based on**<br> **a $1,000 investment** |  |  |  |  |  |  |
| **Total returns based on**<br> **a $1,000 investment** | Class 1 | –13.19% | 5.59% | 8.37% | 8.22% | 0.30% |
| **Total returns based on**<br> **a $1,000 investment** | Class 1A | –13.43 | 5.32 | 8.11 | 7.95 | 0.55 |
| **Total returns based on**<br> **a $1,000 investment** | Class 2 | –13.41 | 5.33 | 8.10 | 7.95 | 0.55 |
| **Total returns based on**<br> **a $1,000 investment** | Class 3 | –13.37 | 5.40 | 8.18 | 8.03 | 0.48 |
| **Total returns based on**<br> **a $1,000 investment** | Class 4 | –13.66 | 5.06 | 7.87 | 7.69 | 0.80 |
|  | <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup> Data sources: Bloomberg Index Services Ltd. and S&P Dow Jones Indices LLC. The 60%/40% S&P 500 Index/Bloomberg U.S. Aggregate Index blends the S&P 500 with the Bloomberg U.S. Aggregate Index by weighting their total returns at 60% and 40%, respectively. Its result assumes the blend is rebalanced monthly.<br> <sup>2</sup> Source: S&P Dow Jones Indices LLC.<br> <sup>3</sup> Source: Bloomberg Index Services Ltd.<br> <sup>4</sup> Periods greater than one year are annualized. | <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup> Data sources: Bloomberg Index Services Ltd. and S&P Dow Jones Indices LLC. The 60%/40% S&P 500 Index/Bloomberg U.S. Aggregate Index blends the S&P 500 with the Bloomberg U.S. Aggregate Index by weighting their total returns at 60% and 40%, respectively. Its result assumes the blend is rebalanced monthly.<br> <sup>2</sup> Source: S&P Dow Jones Indices LLC.<br> <sup>3</sup> Source: Bloomberg Index Services Ltd.<br> <sup>4</sup> Periods greater than one year are annualized. | <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup> Data sources: Bloomberg Index Services Ltd. and S&P Dow Jones Indices LLC. The 60%/40% S&P 500 Index/Bloomberg U.S. Aggregate Index blends the S&P 500 with the Bloomberg U.S. Aggregate Index by weighting their total returns at 60% and 40%, respectively. Its result assumes the blend is rebalanced monthly.<br> <sup>2</sup> Source: S&P Dow Jones Indices LLC.<br> <sup>3</sup> Source: Bloomberg Index Services Ltd.<br> <sup>4</sup> Periods greater than one year are annualized. | <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup> Data sources: Bloomberg Index Services Ltd. and S&P Dow Jones Indices LLC. The 60%/40% S&P 500 Index/Bloomberg U.S. Aggregate Index blends the S&P 500 with the Bloomberg U.S. Aggregate Index by weighting their total returns at 60% and 40%, respectively. Its result assumes the blend is rebalanced monthly.<br> <sup>2</sup> Source: S&P Dow Jones Indices LLC.<br> <sup>3</sup> Source: Bloomberg Index Services Ltd.<br> <sup>4</sup> Periods greater than one year are annualized. | <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup> Data sources: Bloomberg Index Services Ltd. and S&P Dow Jones Indices LLC. The 60%/40% S&P 500 Index/Bloomberg U.S. Aggregate Index blends the S&P 500 with the Bloomberg U.S. Aggregate Index by weighting their total returns at 60% and 40%, respectively. Its result assumes the blend is rebalanced monthly.<br> <sup>2</sup> Source: S&P Dow Jones Indices LLC.<br> <sup>3</sup> Source: Bloomberg Index Services Ltd.<br> <sup>4</sup> Periods greater than one year are annualized. | <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup> Data sources: Bloomberg Index Services Ltd. and S&P Dow Jones Indices LLC. The 60%/40% S&P 500 Index/Bloomberg U.S. Aggregate Index blends the S&P 500 with the Bloomberg U.S. Aggregate Index by weighting their total returns at 60% and 40%, respectively. Its result assumes the blend is rebalanced monthly.<br> <sup>2</sup> Source: S&P Dow Jones Indices LLC.<br> <sup>3</sup> Source: Bloomberg Index Services Ltd.<br> <sup>4</sup> Periods greater than one year are annualized. |

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Percent of net assets

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|:---|:---|
| **Where the fund's**<br> **assets were**<br> **invested as of**<br> **December 31, 2022** | <br> ![LOGO](g455684dsp027b.jpg)  |

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|:---|:---|
| American Funds Insurance Series | **25** |

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##### [**Table of Contents**](#toc)
American Funds<sup>®</sup> Global Balanced Fund

**Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.** 

American Funds Global Balanced Fund declined 14.33% for the 12 months ended December 31, 2022. Over the same period, the fund's index blend of 60%/40% MSCI ACWI (All Country World Index)/Bloomberg Global Aggregate Index¹ fell 17.33%. MSCI ACWI,² a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets (consisting of more than 40 developed and emerging market country indexes), was down 18.36%, while the Bloomberg Global Aggregate Index,³ a measure of global investment-grade bonds (rated BBB/Baa and above), declined 16.25%.

Global stocks fell sharply, pressured by rising interest rates, slowing economic growth and inflationary pressures not seen since the 1980s. The war in Ukraine also weighed on investors throughout the year. Several key benchmark indexes fell into bear market territory at times and all but one sector declined in the MSCI ACWI. Within that index, communication services, consumer discretionary and information technology stocks suffered the biggest losses. Meanwhile, energy stocks surged amid higher oil and gas prices. Late in the year, signs that inflation may have peaked in the U.S., Europe and elsewhere sparked a rally that erased some of the losses. Bonds fell in the face of rising inflation, and the Federal Reserve hiked its policy rate 425 basis points over seven policy meetings in an attempt to tame it. The Bloomberg U.S. Treasury Index<sup>4</sup> lost 12.46% in one of the worst bond market declines in history. The Federal Reserve and European Central Bank, among others, aggressively raised interest rates in an attempt to bring inflation back to a target of roughly 2%, down from 7% to 10% in many economies.

The fund declined overall but outpaced its primary benchmark index. Within the equity portfolio, stock selection in the communication services sector was a top contributor to relative results. A lower-than-benchmark position in Amazon was additive to portfolio relative returns as the stock lagged the market overall. On the downside, stock selection within the materials sector weighed on returns. A higher-than-benchmark holding in Home Depot was a top detractor among individual stocks. The fund's fixed income investments detracted from relative results. A small exposure to Russian bonds weighed on relative returns, while overall sector selection was positive, owing mostly to holdings in euro-denominated assets.

Investors face an ongoing combination of risks in the year ahead, with likely weak economic growth, high inflation and geopolitical risk continuing. Among stock sectors, fund managers believe sectors such as U.S. utilities and health care may provide attractive investment opportunities as renewable energy incentives and demographic changes are expected to aid growth. They are also closely watching the U.S. dollar, whose strength has weighed on non-U.S. holdings in the portfolio and is expected to remain strong into 2023. The fund's fixed income portfolio remains cautiously positioned in the current inflationary environment, but managers are confident in the long-term opportunities in bond markets that are now delivering meaningful income for the first time in years. As always, they continue to focus on core principals of global research, individual security selection and bottom-up fundamental analysis to underpin investment decisions.

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|:---|:---|
| **26** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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##### [**Table of Contents**](#toc)
American Funds<sup>®</sup> Global Balanced Fund (continued)

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|:---|:---|
| **How a hypothetical $10,000 investment has grown** | ![LOGO](g455684dsp029a.jpg) |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total returns based on** <br> **a $1,000 investment** | For periods ended December 31, 2022<sup>5</sup> | For periods ended December 31, 2022<sup>5</sup> | For periods ended December 31, 2022<sup>5</sup> | For periods ended December 31, 2022<sup>5</sup> | For periods ended December 31, 2022<sup>5</sup> | For periods ended December 31, 2022<sup>5</sup> |  |  |
| **Total returns based on** <br> **a $1,000 investment** |  |  |  |  | **Lifetime** | **Gross** | **Gross** | **Net** |
| **Total returns based on** <br> **a $1,000 investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1 year** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5 years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 years**  | (since May 2, 2011) | &nbsp;&nbsp;&nbsp;&nbsp;**expense ratio**  | &nbsp;&nbsp;&nbsp;&nbsp;**expense ratio**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**expense ratio** <br>|
| **Total returns based on** <br> **a $1,000 investment** |  |  |  |  |  |  |  |  |
| **Total returns based on** <br> **a $1,000 investment** |  |  |  |  |  |  |  |  |
| **Total returns based on** <br> **a $1,000 investment** | Class 1 | –14.33% | 3.65% | 5.52% | 5.23% |  | 0.51% | 0.50% |
| **Total returns based on** <br> **a $1,000 investment** | Class 1A | –14.56 | 3.41 | 5.28 | 4.99 |  | 0.76 | 0.75 |
| **Total returns based on** <br> **a $1,000 investment** | Class 2 | –14.56 | 3.40 | 5.25 | 4.97 |  | 0.76 | 0.75 |
| **Total returns based on** <br> **a $1,000 investment** | Class 4 | –14.73 | 3.13 | 5.12 | 4.81 |  | 1.01 | 1.00 |
|  | &nbsp;&nbsp;&nbsp; <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index. <br><sup>1</sup> Data sources: MSCI and Bloomberg Index Services Ltd. The 60%/40% MSCI ACWI/Bloomberg Global Aggregate Index blends the MSCI ACWI (All Country World Index) with the Bloomberg Global Aggregate Index by weighting their cumulative total returns at 60% and 40%, respectively. Its result assumes the blend is rebalanced monthly. <br> <sup>2</sup> Source: MSCI. The MSCI index results reflect dividends net of withholding taxes and reinvestment of distributions. <br> <sup>3</sup> Source: Bloomberg Index Services Ltd. <br> <sup>4</sup>Source:Bloomberg Index Services Ltd. The Bloomberg U.S. Treasury Index measures the performance of public obligations of the<br> U.S.Treasury.<br> <sup>5</sup>Periodsgreater than one year are annualized. | &nbsp;&nbsp;&nbsp; <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index. <br><sup>1</sup> Data sources: MSCI and Bloomberg Index Services Ltd. The 60%/40% MSCI ACWI/Bloomberg Global Aggregate Index blends the MSCI ACWI (All Country World Index) with the Bloomberg Global Aggregate Index by weighting their cumulative total returns at 60% and 40%, respectively. Its result assumes the blend is rebalanced monthly. <br> <sup>2</sup> Source: MSCI. The MSCI index results reflect dividends net of withholding taxes and reinvestment of distributions. <br> <sup>3</sup> Source: Bloomberg Index Services Ltd. <br> <sup>4</sup>Source:Bloomberg Index Services Ltd. The Bloomberg U.S. Treasury Index measures the performance of public obligations of the<br> U.S.Treasury.<br> <sup>5</sup>Periodsgreater than one year are annualized. | &nbsp;&nbsp;&nbsp; <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index. <br><sup>1</sup> Data sources: MSCI and Bloomberg Index Services Ltd. The 60%/40% MSCI ACWI/Bloomberg Global Aggregate Index blends the MSCI ACWI (All Country World Index) with the Bloomberg Global Aggregate Index by weighting their cumulative total returns at 60% and 40%, respectively. Its result assumes the blend is rebalanced monthly. <br> <sup>2</sup> Source: MSCI. The MSCI index results reflect dividends net of withholding taxes and reinvestment of distributions. <br> <sup>3</sup> Source: Bloomberg Index Services Ltd. <br> <sup>4</sup>Source:Bloomberg Index Services Ltd. The Bloomberg U.S. Treasury Index measures the performance of public obligations of the<br> U.S.Treasury.<br> <sup>5</sup>Periodsgreater than one year are annualized. | &nbsp;&nbsp;&nbsp; <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index. <br><sup>1</sup> Data sources: MSCI and Bloomberg Index Services Ltd. The 60%/40% MSCI ACWI/Bloomberg Global Aggregate Index blends the MSCI ACWI (All Country World Index) with the Bloomberg Global Aggregate Index by weighting their cumulative total returns at 60% and 40%, respectively. Its result assumes the blend is rebalanced monthly. <br> <sup>2</sup> Source: MSCI. The MSCI index results reflect dividends net of withholding taxes and reinvestment of distributions. <br> <sup>3</sup> Source: Bloomberg Index Services Ltd. <br> <sup>4</sup>Source:Bloomberg Index Services Ltd. The Bloomberg U.S. Treasury Index measures the performance of public obligations of the<br> U.S.Treasury.<br> <sup>5</sup>Periodsgreater than one year are annualized. | &nbsp;&nbsp;&nbsp; <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index. <br><sup>1</sup> Data sources: MSCI and Bloomberg Index Services Ltd. The 60%/40% MSCI ACWI/Bloomberg Global Aggregate Index blends the MSCI ACWI (All Country World Index) with the Bloomberg Global Aggregate Index by weighting their cumulative total returns at 60% and 40%, respectively. Its result assumes the blend is rebalanced monthly. <br> <sup>2</sup> Source: MSCI. The MSCI index results reflect dividends net of withholding taxes and reinvestment of distributions. <br> <sup>3</sup> Source: Bloomberg Index Services Ltd. <br> <sup>4</sup>Source:Bloomberg Index Services Ltd. The Bloomberg U.S. Treasury Index measures the performance of public obligations of the<br> U.S.Treasury.<br> <sup>5</sup>Periodsgreater than one year are annualized. | &nbsp;&nbsp;&nbsp; <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index. <br><sup>1</sup> Data sources: MSCI and Bloomberg Index Services Ltd. The 60%/40% MSCI ACWI/Bloomberg Global Aggregate Index blends the MSCI ACWI (All Country World Index) with the Bloomberg Global Aggregate Index by weighting their cumulative total returns at 60% and 40%, respectively. Its result assumes the blend is rebalanced monthly. <br> <sup>2</sup> Source: MSCI. The MSCI index results reflect dividends net of withholding taxes and reinvestment of distributions. <br> <sup>3</sup> Source: Bloomberg Index Services Ltd. <br> <sup>4</sup>Source:Bloomberg Index Services Ltd. The Bloomberg U.S. Treasury Index measures the performance of public obligations of the<br> U.S.Treasury.<br> <sup>5</sup>Periodsgreater than one year are annualized. | &nbsp;&nbsp;&nbsp; <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index. <br><sup>1</sup> Data sources: MSCI and Bloomberg Index Services Ltd. The 60%/40% MSCI ACWI/Bloomberg Global Aggregate Index blends the MSCI ACWI (All Country World Index) with the Bloomberg Global Aggregate Index by weighting their cumulative total returns at 60% and 40%, respectively. Its result assumes the blend is rebalanced monthly. <br> <sup>2</sup> Source: MSCI. The MSCI index results reflect dividends net of withholding taxes and reinvestment of distributions. <br> <sup>3</sup> Source: Bloomberg Index Services Ltd. <br> <sup>4</sup>Source:Bloomberg Index Services Ltd. The Bloomberg U.S. Treasury Index measures the performance of public obligations of the<br> U.S.Treasury.<br> <sup>5</sup>Periodsgreater than one year are annualized. | &nbsp;&nbsp;&nbsp; <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index. <br><sup>1</sup> Data sources: MSCI and Bloomberg Index Services Ltd. The 60%/40% MSCI ACWI/Bloomberg Global Aggregate Index blends the MSCI ACWI (All Country World Index) with the Bloomberg Global Aggregate Index by weighting their cumulative total returns at 60% and 40%, respectively. Its result assumes the blend is rebalanced monthly. <br> <sup>2</sup> Source: MSCI. The MSCI index results reflect dividends net of withholding taxes and reinvestment of distributions. <br> <sup>3</sup> Source: Bloomberg Index Services Ltd. <br> <sup>4</sup>Source:Bloomberg Index Services Ltd. The Bloomberg U.S. Treasury Index measures the performance of public obligations of the<br> U.S.Treasury.<br> <sup>5</sup>Periodsgreater than one year are annualized. |

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Percent of net assets

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|:---|:---|
| **Where the fund's**<br> **assets were**<br> **invested as of**<br> **December 31, 2022** | <br> ![LOGO](g455684dsp029b.jpg)  |

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|:---|:---|
| American Funds Insurance Series | **27** |

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##### [**Table of Contents**](#toc)
The Bond Fund of America<sup>®</sup>

**Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.** 

The Bond Fund of America declined 12.26% for the 12 months ended December 31, 2022. The fund's benchmark, Bloomberg U.S. Aggregate Index,¹ which represents the U.S. investment-grade (rated BBB/Baa and above) fixed-rate bond market, was down 13.01%.

U.S. fixed income markets fell across the board. The U.S. Federal Reserve raised the federal funds rate by 425 basis points from near zero to counter the highest inflation since the 1980s. U.S. Treasury yields rose across the curve, which ended the year inverted as shorter dated bonds sold off sharply. The 10-year Treasury yield soared 237 basis points to 3.88%. The Bloomberg U.S. Corporate Investment Grade Index<sup>2</sup> returned –15.76%, and spreads widened by 38 basis points. Elsewhere, the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index<sup>3</sup> returned –11.18%, while the Bloomberg Municipal Bond Index<sup>4</sup> returned –8.53%.

Over the period, the largest contributions to relative results came from duration positioning and agency mortgage-backed securities (MBS). The fund's lower-than-benchmark duration helped reduce interest rate sensitivity as rates moved higher and bond prices fell over the period. A lower position in MBS also helped, relative to the benchmark, as spreads widened materially. On the downside, yield curve positioning and a modest position in emerging markets and high-yield bonds detracted from results.

The market and economic environments in 2023 look very different than last year. Inflation appears to have peaked and is on the decline, the Fed has guided to a peak federal funds rate of around 5% to be reached in the first half of 2023, and the market is gearing for an economic slowdown or recession. In response, yields have moved higher and spreads on risky assets have moved wider, making valuations more attractive for fixed income investors.

The fund's managers have a conservative outlook on the economy and believe that while valuations are more attractive, they do not fully compensate investors for the risk of a deeper economic downturn in the coming year. Managers have added duration, corporate bonds and structured products like agency mortgage-backed securities to effectively eliminate lower-than-benchmark positions but have not moved significantly higher than the benchmark. Interest rate positioning is concentrated in intermediate securities around five-year maturities, which managers believe will benefit the portfolio if inflation and the economy continue to slow and the Fed ends the rate-hike cycle in the first half of 2023.

As the year progresses and managers gain more confidence on either the direction of the economy or valuations, they expect to take more meaningful positions relative to the benchmark. As always, research-driven security selection is expected to be an important driver of future investment results.

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| **28** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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##### [**Table of Contents**](#toc)
The Bond Fund of America<sup>®</sup> (continued)

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|:---|:---|
| **How a hypothetical**<br> **$10,000 investment**<br> **has grown** | ![LOGO](g455684dsp031a.jpg) |

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|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total returns based on** <br> **a $1,000 investment** | For periods ended December 31, 2022<sup>5</sup> | For periods ended December 31, 2022<sup>5</sup> | For periods ended December 31, 2022<sup>5</sup> | For periods ended December 31, 2022<sup>5</sup> | For periods ended December 31, 2022<sup>5</sup> | For periods ended December 31, 2022<sup>5</sup> |  |
| **Total returns based on** <br> **a $1,000 investment** |  |  |  |  | **Lifetime** | **Gross** | **Net** |
| **Total returns based on** <br> **a $1,000 investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1 year**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5 years**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10 years**  | (since January 2, 1996)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**expense ratio**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**expense ratio**  |
| **Total returns based on** <br> **a $1,000 investment** |  |  |  |  |  |  |  |
| **Total returns based on** <br> **a $1,000 investment** |  |  |  |  |  |  |  |
| **Total returns based on** <br> **a $1,000 investment** | Class 1 | –12.26% | 1.02% | 1.62% | 4.04% | 0.38% | 0.21% |
| **Total returns based on** <br> **a $1,000 investment** | Class 1A | –12.49 | 0.78 | 1.37 | 3.79 | 0.63 | 0.46 |
| **Total returns based on** <br> **a $1,000 investment** | Class 2 | –12.58 | 0.76 | 1.36 | 3.78 | 0.63 | 0.46 |
| **Total returns based on** <br> **a $1,000 investment** | Class 4 | –12.75 | 0.51 | 1.12 | 3.53 | 0.88 | 0.71 |
|  | <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source: Bloomberg Index Services Ltd.<br> ²Source: Bloomberg Index Services Ltd. Bloomberg U.S. Corporate Investment Grade Index represents the universe of investment-grade, publicly issued U.S. corporate and specified foreign debentures and secured notes that meet the specified maturity, liquidity and quality requirements.<br> <sup>3</sup>Source: Bloomberg Index Services Ltd. Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index covers the universe of fixed-rate, non-investment-grade debt. The index limits the maximum exposure of any one issuer to 2%.<br> <sup>4</sup>Source: Bloomberg Index Services Ltd. Bloomberg Municipal Bond Index is a market-value-weighted index designed to represent the long-term investment-grade tax-exempt bond market.<br> <sup>5</sup>Periodsgreater than one year are annualized. | <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source: Bloomberg Index Services Ltd.<br> ²Source: Bloomberg Index Services Ltd. Bloomberg U.S. Corporate Investment Grade Index represents the universe of investment-grade, publicly issued U.S. corporate and specified foreign debentures and secured notes that meet the specified maturity, liquidity and quality requirements.<br> <sup>3</sup>Source: Bloomberg Index Services Ltd. Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index covers the universe of fixed-rate, non-investment-grade debt. The index limits the maximum exposure of any one issuer to 2%.<br> <sup>4</sup>Source: Bloomberg Index Services Ltd. Bloomberg Municipal Bond Index is a market-value-weighted index designed to represent the long-term investment-grade tax-exempt bond market.<br> <sup>5</sup>Periodsgreater than one year are annualized. | <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source: Bloomberg Index Services Ltd.<br> ²Source: Bloomberg Index Services Ltd. Bloomberg U.S. Corporate Investment Grade Index represents the universe of investment-grade, publicly issued U.S. corporate and specified foreign debentures and secured notes that meet the specified maturity, liquidity and quality requirements.<br> <sup>3</sup>Source: Bloomberg Index Services Ltd. Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index covers the universe of fixed-rate, non-investment-grade debt. The index limits the maximum exposure of any one issuer to 2%.<br> <sup>4</sup>Source: Bloomberg Index Services Ltd. Bloomberg Municipal Bond Index is a market-value-weighted index designed to represent the long-term investment-grade tax-exempt bond market.<br> <sup>5</sup>Periodsgreater than one year are annualized. | <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source: Bloomberg Index Services Ltd.<br> ²Source: Bloomberg Index Services Ltd. Bloomberg U.S. Corporate Investment Grade Index represents the universe of investment-grade, publicly issued U.S. corporate and specified foreign debentures and secured notes that meet the specified maturity, liquidity and quality requirements.<br> <sup>3</sup>Source: Bloomberg Index Services Ltd. Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index covers the universe of fixed-rate, non-investment-grade debt. The index limits the maximum exposure of any one issuer to 2%.<br> <sup>4</sup>Source: Bloomberg Index Services Ltd. Bloomberg Municipal Bond Index is a market-value-weighted index designed to represent the long-term investment-grade tax-exempt bond market.<br> <sup>5</sup>Periodsgreater than one year are annualized. | <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source: Bloomberg Index Services Ltd.<br> ²Source: Bloomberg Index Services Ltd. Bloomberg U.S. Corporate Investment Grade Index represents the universe of investment-grade, publicly issued U.S. corporate and specified foreign debentures and secured notes that meet the specified maturity, liquidity and quality requirements.<br> <sup>3</sup>Source: Bloomberg Index Services Ltd. Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index covers the universe of fixed-rate, non-investment-grade debt. The index limits the maximum exposure of any one issuer to 2%.<br> <sup>4</sup>Source: Bloomberg Index Services Ltd. Bloomberg Municipal Bond Index is a market-value-weighted index designed to represent the long-term investment-grade tax-exempt bond market.<br> <sup>5</sup>Periodsgreater than one year are annualized. | <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source: Bloomberg Index Services Ltd.<br> ²Source: Bloomberg Index Services Ltd. Bloomberg U.S. Corporate Investment Grade Index represents the universe of investment-grade, publicly issued U.S. corporate and specified foreign debentures and secured notes that meet the specified maturity, liquidity and quality requirements.<br> <sup>3</sup>Source: Bloomberg Index Services Ltd. Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index covers the universe of fixed-rate, non-investment-grade debt. The index limits the maximum exposure of any one issuer to 2%.<br> <sup>4</sup>Source: Bloomberg Index Services Ltd. Bloomberg Municipal Bond Index is a market-value-weighted index designed to represent the long-term investment-grade tax-exempt bond market.<br> <sup>5</sup>Periodsgreater than one year are annualized. | <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source: Bloomberg Index Services Ltd.<br> ²Source: Bloomberg Index Services Ltd. Bloomberg U.S. Corporate Investment Grade Index represents the universe of investment-grade, publicly issued U.S. corporate and specified foreign debentures and secured notes that meet the specified maturity, liquidity and quality requirements.<br> <sup>3</sup>Source: Bloomberg Index Services Ltd. Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index covers the universe of fixed-rate, non-investment-grade debt. The index limits the maximum exposure of any one issuer to 2%.<br> <sup>4</sup>Source: Bloomberg Index Services Ltd. Bloomberg Municipal Bond Index is a market-value-weighted index designed to represent the long-term investment-grade tax-exempt bond market.<br> <sup>5</sup>Periodsgreater than one year are annualized. |

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Percent of net assets

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| | |
|:---|:---|
| **Where the fund's**<br> **assets were**<br> **invested as of**<br> **December 31, 2022** | ![LOGO](g455684dsp031b.jpg) |

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| | |
|:---|:---|
| American Funds Insurance Series | **29** |

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##### [**Table of Contents**](#toc)
Capital World Bond Fund<sup>®</sup>

**Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.** 

Capital World Bond Fund declined 17.43% for the 12 months ended December 31, 2022. The fund's benchmark, the Bloomberg Global Aggregate Index,¹ which measures global investment-grade bonds (rated BBB/Baa and above), was down 16.25%.

Bonds plummeted in the face of soaring inflation, which rose in part due to energy price shocks resulting from Russia's invasion of Ukraine. The Bloomberg U.S. Treasury Index² lost 12.46% in one of the worst bond market declines in history. The Federal Reserve and European Central Bank, among others, aggressively raised interest rates in an attempt to bring consumer price increases back to a target of roughly 2%, down from 7% to 10% in many economies.

Over the period, the largest contributions to the fund's relative results were due to currency and sector selection, with a modest boost from curve positioning. Unhedged holdings in the euro and Japanese yen were additive. On the downside, duration positioning as well as currency hedging in forward contracts detracted. Weak absolute returns in part reflect the strength of the U.S. dollar, spurred by the Fed's aggressive rate hikes and their effect on global bond markets.

Looking ahead, the fund's managers believe the Fed's hiking cycle is close to a peak and see the 50-60 basis points of further hikes priced into forward curves as realistic. The managers' outlook for bonds is therefore good, with the U.S. dollar likely in a peaking phase as inflation momentum turns around. They expect inflation to fall this year as growth is likely to be relatively sluggish in both the U.S. and Europe.

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| | |
|:---|:---|
| **30** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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##### [**Table of Contents**](#toc)
Capital World Bond Fund<sup>®</sup> (continued)

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|:---|:---|
| **How a hypothetical**<br> **$10,000 investment**<br> **has grown** | ![LOGO](g455684dsp033a.jpg)  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Total returns based on**<br>**a $1,000 investment** | For periods ended December 31, 2022<sup>3</sup> | For periods ended December 31, 2022<sup>3</sup> | For periods ended December 31, 2022<sup>3</sup> | For periods ended December 31, 2022<sup>3</sup> | For periods ended December 31, 2022<sup>3</sup> |  |
| **Total returns based on**<br>**a $1,000 investment** |  |  |  |  | **Lifetime** | **Expense** |
| **Total returns based on**<br>**a $1,000 investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1 year**  | &nbsp;&nbsp;&nbsp;&nbsp;**5 years**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10 years**  | (since October 4, 2006) | **ratio**<br>|
| **Total returns based on**<br>**a $1,000 investment** |  |  |  |  |  |  |
| **Total returns based on**<br>**a $1,000 investment** |  |  |  |  |  |  |
| **Total returns based on**<br>**a $1,000 investment** | Class 1 | –17.43% | –1.53% | –0.25% | 2.40% | 0.47% |
| **Total returns based on**<br>**a $1,000 investment** | Class 1A | –17.69 | –1.76 | –0.48 | 2.16 | 0.72 |
| **Total returns based on**<br>**a $1,000 investment** | Class 2<sup>4</sup> | –17.70 | –1.77 | –0.50 | 2.14 | 0.72 |
| **Total returns based on**<br>**a $1,000 investment** | Class 4 | –17.84 | –2.01 | –0.70 | 1.92 | 0.97 |
|  | <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Pastresults are not predictive of results in future periods.<br>Anymarket index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source: Bloomberg Index Services Ltd.<br> ²Source: Bloomberg Index Services Ltd. Bloomberg U.S. Treasury Index measures the performance of public obligations of the U.S. Treasury.<br> ³Periods greater than one year are annualized.<br> <sup>4</sup>Capital World Bond Fund Class 2 shares were first sold on November 6, 2006. Results prior to that date are hypothetical based on Class 1 share results adjusted for estimated additional annual expenses of 0.25%. | <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Pastresults are not predictive of results in future periods.<br>Anymarket index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source: Bloomberg Index Services Ltd.<br> ²Source: Bloomberg Index Services Ltd. Bloomberg U.S. Treasury Index measures the performance of public obligations of the U.S. Treasury.<br> ³Periods greater than one year are annualized.<br> <sup>4</sup>Capital World Bond Fund Class 2 shares were first sold on November 6, 2006. Results prior to that date are hypothetical based on Class 1 share results adjusted for estimated additional annual expenses of 0.25%. | <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Pastresults are not predictive of results in future periods.<br>Anymarket index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source: Bloomberg Index Services Ltd.<br> ²Source: Bloomberg Index Services Ltd. Bloomberg U.S. Treasury Index measures the performance of public obligations of the U.S. Treasury.<br> ³Periods greater than one year are annualized.<br> <sup>4</sup>Capital World Bond Fund Class 2 shares were first sold on November 6, 2006. Results prior to that date are hypothetical based on Class 1 share results adjusted for estimated additional annual expenses of 0.25%. | <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Pastresults are not predictive of results in future periods.<br>Anymarket index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source: Bloomberg Index Services Ltd.<br> ²Source: Bloomberg Index Services Ltd. Bloomberg U.S. Treasury Index measures the performance of public obligations of the U.S. Treasury.<br> ³Periods greater than one year are annualized.<br> <sup>4</sup>Capital World Bond Fund Class 2 shares were first sold on November 6, 2006. Results prior to that date are hypothetical based on Class 1 share results adjusted for estimated additional annual expenses of 0.25%. | <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Pastresults are not predictive of results in future periods.<br>Anymarket index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source: Bloomberg Index Services Ltd.<br> ²Source: Bloomberg Index Services Ltd. Bloomberg U.S. Treasury Index measures the performance of public obligations of the U.S. Treasury.<br> ³Periods greater than one year are annualized.<br> <sup>4</sup>Capital World Bond Fund Class 2 shares were first sold on November 6, 2006. Results prior to that date are hypothetical based on Class 1 share results adjusted for estimated additional annual expenses of 0.25%. | <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Pastresults are not predictive of results in future periods.<br>Anymarket index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source: Bloomberg Index Services Ltd.<br> ²Source: Bloomberg Index Services Ltd. Bloomberg U.S. Treasury Index measures the performance of public obligations of the U.S. Treasury.<br> ³Periods greater than one year are annualized.<br> <sup>4</sup>Capital World Bond Fund Class 2 shares were first sold on November 6, 2006. Results prior to that date are hypothetical based on Class 1 share results adjusted for estimated additional annual expenses of 0.25%. |

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Percent of net assets

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| | |
|:---|:---|
| **Where the fund's**<br> **assets were**<br> **invested as of**<br> **December 31, 2022** | ![LOGO](g455684dsp033b.jpg)  |

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| | |
|:---|:---|
| American Funds Insurance Series | **31** |

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##### [**Table of Contents**](#toc)
American High-Income Trust<sup>®</sup>

**Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.** 

American High-Income Trust fell 9.01% for the 12 months ended December 31, 2022. In comparison, the fund's benchmark, the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index,¹ which measures fixed-rate non-investment-grade bonds (rated BB/Ba and below) and limits the exposure of an issuer to 2%, was down 11.18%.

U.S. fixed income markets fell across the board. The Federal Reserve raised the federal funds rate by 425 basis points from near zero to counter the highest inflation since the 1980s. U.S. Treasury yields rose across the curve, and ended the year inverted as shorter dated bonds sold off sharply. The 10-year Treasury yield soared 237 basis points to 3.88%. Investment-grade (BBB/Baa and above) corporate bonds saw the worst returns. The Bloomberg U.S. Corporate Investment Grade Index<sup>2</sup> returned –15.76%, and spreads widened by 38 basis points. Elsewhere, the Bloomberg Municipal Bond Index<sup>3</sup> returned –8.53%.

At a high level, security selection was most additive to the fund's relative returns over the period. In particular, investments within the energy and non-cyclical consumer staples sectors contributed to relative results. On the downside, security selection and a lower-than-benchmark position within the cyclical consumer goods sector detracted from relative results.

With high-yield bond yields close to their long-term average, markets now reflect the higher inflation that emerged over the last year. The adverse consequences of tighter global monetary policy may lead to somewhat higher default rates in the next several years, which could in turn lead to a further rise in yields. The substantial yield increases across fixed income markets provides a more attractive forward return outlook, and although yields may continue to adjust to higher levels, much of the required adjustment may have already occurred. The fund's managers continue to seek attractive opportunities within the high yield market that appropriately compensate for the underlying investment risks.

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|:---|:---|
| **32** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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##### [**Table of Contents**](#toc)
American High-Income Trust<sup>®</sup> (continued)

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| | |
|:---|:---|
| **How a hypothetical**<br> **$10,000 investment**<br> **has grown** | ![LOGO](g455684dsp035a.jpg) |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total returns based on** <br> **a $1,000 investment** | For periods ended December 31, 2022<sup>4</sup> | For periods ended December 31, 2022<sup>4</sup> | For periods ended December 31, 2022<sup>4</sup> | For periods ended December 31, 2022<sup>4</sup> | For periods ended December 31, 2022<sup>4</sup> | For periods ended December 31, 2022<sup>4</sup> | For periods ended December 31, 2022<sup>4</sup> |
| **Total returns based on** <br> **a $1,000 investment** |  |  |  |  | **Lifetime** | **Gross** | **Net** |
| **Total returns based on** <br> **a $1,000 investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1 year**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5 years**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10 years**  | (since February 8, 1984) | **expense ratio** | **expense ratio**<br>|
| **Total returns based on** <br> **a $1,000 investment** |  |  |  |  |  |  |  |
| **Total returns based on** <br> **a $1,000 investment** |  |  |  |  |  |  |  |
| **Total returns based on** <br> **a $1,000 investment** | Class 1 | –9.01% | 3.40% | 4.12% | 8.16% | 0.44% | 0.30% |
| **Total returns based on** <br> **a $1,000 investment** | Class 1A | –9.29 | 3.14 | 3.87 | 7.89 | 0.69 | 0.55 |
| **Total returns based on** <br> **a $1,000 investment** | Class 2 | –9.26 | 3.14 | 3.86 | 7.89 | 0.69 | 0.55 |
| **Total returns based on** <br> **a $1,000 investment** | Class 3 | –9.25 | 3.21 | 3.93 | 7.97 | 0.62 | 0.48 |
| **Total returns based on** <br> **a $1,000 investment** | Class 4 | –9.53 | 2.88 | 3.64 | 7.63 | 0.94 | 0.80 |

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 Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source:Bloomberg Index Services Ltd.<br> <sup>2</sup>Source:Bloomberg Index Services Ltd. Bloomberg U.S. Corporate Investment Grade Index represents the universe of investment-grade, publicly issued U.S. corporate and specified foreign debentures and secured notes that meet the specified maturity, liquidity and quality requirements.<br> <sup>3</sup>Source:Bloomberg Index Services Ltd. Bloomberg Municipal Bond Index is a market-value-weighted index designed to represent the long-term investment-grade tax-exempt bond market.<br> <sup>4</sup>Periodsgreater than one year are annualized.<br>

Percent of net assets

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| | |
|:---|:---|
| **Where the fund's**<br> **assets were**<br> **invested as of**<br> **December 31, 2022** | ![LOGO](g455684dsp035b.jpg) |

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|:---|:---|
| American Funds Insurance Series | **33** |

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##### [**Table of Contents**](#toc)
American Funds Mortgage Fund<sup>®</sup>

**Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.** 

American Funds Mortgage Fund fell 9.76% for the 12 months ended December 31, 2022. Its benchmark index, Bloomberg U.S. Mortgage-Backed Securities Index,1 which covers the mortgage-backed pass-through securities of Ginnie Mae, Fannie Mae and Freddie Mac, was down 11.81%.

U.S. fixed income markets fell across the board. The Federal Reserve raised the federal funds rate by 425 basis points from near zero to counter the highest inflation since the 1980s. U.S. Treasury yields rose across the curve, which ended the year inverted as shorter dated bonds sold off sharply. The 10-year Treasury yield soared 237 basis points to 3.88%. Investment-grade (BBB/Baa and above) corporate bonds saw the worst returns. The Bloomberg U.S. Corporate Investment Grade Index<sup>2</sup> returned –15.76%, and spreads widened by 38 basis points. Elsewhere, the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index<sup>3</sup> returned –11.18%, while the Bloomberg Municipal Bond Index<sup>4</sup> returned –8.53%.

The fund declined but outpaced its benchmark index. At a high level, duration and curve positioning were most additive to relative returns over the period. In particular, the fund benefitted from lower-than-benchmark duration positioning within securitized mortgage-backed security pass-throughs. On the downside, sector selection weighed on results overall, particularly in an out-of-benchmark position within Treasuries.

The fund's focus remains on meeting its core objectives of providing current income and preserving invested capital. Managers are mindful of the fund's correlation to equity and its use as a building block in investor portfolios. They are cautious about weakening economic activity as the Fed continues to raise interest rates. The fund is positioned with the view that inflation may remain elevated and that a contraction in growth is likely sometime in the next year.

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|:---|:---|
| **34** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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##### [**Table of Contents**](#toc)
American Funds Mortgage Fund<sup>®</sup> (continued)

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|:---|:---|
| **How a hypothetical**<br> **$10,000 investment**<br> **has grown** | ![LOGO](g455684dsp037a.jpg) |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total returns based on** <br> **a $1,000 investment** | For periods ended December 31, 2022<sup>5</sup> | For periods ended December 31, 2022<sup>5</sup> | For periods ended December 31, 2022<sup>5</sup> | For periods ended December 31, 2022<sup>5</sup> | For periods ended December 31, 2022<sup>5</sup> | For periods ended December 31, 2022<sup>5</sup> |  |
| **Total returns based on** <br> **a $1,000 investment** |  |  |  | **Lifetime** | **Gross** | **Net** |  |
| **Total returns based on** <br> **a $1,000 investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1 year**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5 years**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10 years**  | (since May 2, 2011) | **expense ratio** | **expense ratio**<br>|
| **Total returns based on** <br> **a $1,000 investment** |  |  |  |  |  |  |  |
| **Total returns based on** <br> **a $1,000 investment** |  |  |  |  |  |  |  |
| **Total returns based on** <br> **a $1,000 investment** | Class 1 | –9.76% | 0.38% | 1.19% | 1.65% | 0.40% | 0.30% |
| **Total returns based on** <br> **a $1,000 investment** | Class 1A | –10.03 | 0.14 | 0.95 | 1.40 | 0.65 | 0.55 |
| **Total returns based on** <br> **a $1,000 investment** | Class 2 | –9.94 | 0.14 | 0.94 | 1.40 | 0.65 | 0.55 |
|  | Class 4 | –10.16 | –0.11 | 0.75 | 1.20 | 0.90 | 0.80 |
|  | <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios refl ect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source: Bloomberg Index Services Ltd.<br> <sup>2</sup>Source: Bloomberg Index Services Ltd. Bloomberg U.S. Corporate Investment Grade Index represents the universe of investment-grade, publicly issued U.S. corporate and specified foreign debentures and secured notes that meet the specified maturity, liquidity and quality requirements.<br> <sup>3</sup>Source: Bloomberg Index Services Ltd. Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index covers the universe of fixed-rate, non-investment-grade debt. The index limits the maximum exposure of any one issuer to 2%.<br> <sup>4</sup>Source: Bloomberg Index Services Ltd. Bloomberg Municipal Bond Index is a market-value-weighted index designed to represent the long-term investment-grade tax-exempt bond market.<br> <sup>5</sup>Periods greater than one year are annualized. | <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios refl ect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source: Bloomberg Index Services Ltd.<br> <sup>2</sup>Source: Bloomberg Index Services Ltd. Bloomberg U.S. Corporate Investment Grade Index represents the universe of investment-grade, publicly issued U.S. corporate and specified foreign debentures and secured notes that meet the specified maturity, liquidity and quality requirements.<br> <sup>3</sup>Source: Bloomberg Index Services Ltd. Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index covers the universe of fixed-rate, non-investment-grade debt. The index limits the maximum exposure of any one issuer to 2%.<br> <sup>4</sup>Source: Bloomberg Index Services Ltd. Bloomberg Municipal Bond Index is a market-value-weighted index designed to represent the long-term investment-grade tax-exempt bond market.<br> <sup>5</sup>Periods greater than one year are annualized. | <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios refl ect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source: Bloomberg Index Services Ltd.<br> <sup>2</sup>Source: Bloomberg Index Services Ltd. Bloomberg U.S. Corporate Investment Grade Index represents the universe of investment-grade, publicly issued U.S. corporate and specified foreign debentures and secured notes that meet the specified maturity, liquidity and quality requirements.<br> <sup>3</sup>Source: Bloomberg Index Services Ltd. Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index covers the universe of fixed-rate, non-investment-grade debt. The index limits the maximum exposure of any one issuer to 2%.<br> <sup>4</sup>Source: Bloomberg Index Services Ltd. Bloomberg Municipal Bond Index is a market-value-weighted index designed to represent the long-term investment-grade tax-exempt bond market.<br> <sup>5</sup>Periods greater than one year are annualized. | <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios refl ect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source: Bloomberg Index Services Ltd.<br> <sup>2</sup>Source: Bloomberg Index Services Ltd. Bloomberg U.S. Corporate Investment Grade Index represents the universe of investment-grade, publicly issued U.S. corporate and specified foreign debentures and secured notes that meet the specified maturity, liquidity and quality requirements.<br> <sup>3</sup>Source: Bloomberg Index Services Ltd. Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index covers the universe of fixed-rate, non-investment-grade debt. The index limits the maximum exposure of any one issuer to 2%.<br> <sup>4</sup>Source: Bloomberg Index Services Ltd. Bloomberg Municipal Bond Index is a market-value-weighted index designed to represent the long-term investment-grade tax-exempt bond market.<br> <sup>5</sup>Periods greater than one year are annualized. | <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios refl ect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source: Bloomberg Index Services Ltd.<br> <sup>2</sup>Source: Bloomberg Index Services Ltd. Bloomberg U.S. Corporate Investment Grade Index represents the universe of investment-grade, publicly issued U.S. corporate and specified foreign debentures and secured notes that meet the specified maturity, liquidity and quality requirements.<br> <sup>3</sup>Source: Bloomberg Index Services Ltd. Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index covers the universe of fixed-rate, non-investment-grade debt. The index limits the maximum exposure of any one issuer to 2%.<br> <sup>4</sup>Source: Bloomberg Index Services Ltd. Bloomberg Municipal Bond Index is a market-value-weighted index designed to represent the long-term investment-grade tax-exempt bond market.<br> <sup>5</sup>Periods greater than one year are annualized. | <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios refl ect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source: Bloomberg Index Services Ltd.<br> <sup>2</sup>Source: Bloomberg Index Services Ltd. Bloomberg U.S. Corporate Investment Grade Index represents the universe of investment-grade, publicly issued U.S. corporate and specified foreign debentures and secured notes that meet the specified maturity, liquidity and quality requirements.<br> <sup>3</sup>Source: Bloomberg Index Services Ltd. Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index covers the universe of fixed-rate, non-investment-grade debt. The index limits the maximum exposure of any one issuer to 2%.<br> <sup>4</sup>Source: Bloomberg Index Services Ltd. Bloomberg Municipal Bond Index is a market-value-weighted index designed to represent the long-term investment-grade tax-exempt bond market.<br> <sup>5</sup>Periods greater than one year are annualized. | <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios refl ect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source: Bloomberg Index Services Ltd.<br> <sup>2</sup>Source: Bloomberg Index Services Ltd. Bloomberg U.S. Corporate Investment Grade Index represents the universe of investment-grade, publicly issued U.S. corporate and specified foreign debentures and secured notes that meet the specified maturity, liquidity and quality requirements.<br> <sup>3</sup>Source: Bloomberg Index Services Ltd. Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index covers the universe of fixed-rate, non-investment-grade debt. The index limits the maximum exposure of any one issuer to 2%.<br> <sup>4</sup>Source: Bloomberg Index Services Ltd. Bloomberg Municipal Bond Index is a market-value-weighted index designed to represent the long-term investment-grade tax-exempt bond market.<br> <sup>5</sup>Periods greater than one year are annualized. |

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Percent of net assets

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| | |
|:---|:---|
| **Where the fund's**<br> **assets were**<br> **invested as of**<br> **December 31, 2022** | ![LOGO](g455684dsp037b.jpg) |

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|:---|:---|
| American Funds Insurance Series | **35** |

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##### [**Table of Contents**](#toc)
Ultra-Short Bond Fund

**Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.** 

Ultra-Short Bond Fund rose 1.42% for the 12 months ended December 31, 2022, compared with a 0.69% rise in the Bloomberg Short-Term Government/Corporate Index,¹ which consists of investment-grade (rated BBB/ Baa and above), fixed-rate, publicly placed, dollar-denominated and non-convertible securities with remaining maturity from one up to (but not including) 12 months within either the government or corporate sector.

With a focus on capital preservation and liquidity, the fund continues to invest in a conservative manner, typically investing in both shorter duration and higher quality securities relative to the index. In the current rising interest rate environment, this approach positioned the fund to capture interest rate hikes relatively quickly. With the U.S. Federal Reserve raising its benchmark rate seven times and by a total of 425 basis points in 2022, the fund's shorter duration compared with the index resulted in a more positive 12-month return.

Short-term interest rates are currently near a 15-year high and, with the current inflation outlook, the Federal Reserve may choose to increase them again. However, uncertainty on when the Fed may pause hikes or reverse course continues to drive the market.

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|:---|:---|
| **36** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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##### [**Table of Contents**](#toc)
Ultra-Short Bond Fund (continued)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Total returns based on**<br> **a $1,000 investment** | For periods ended December 31, 2022<sup>2</sup> | For periods ended December 31, 2022<sup>2</sup> | For periods ended December 31, 2022<sup>2</sup> |  |  |  |
| **Total returns based on**<br> **a $1,000 investment** |  |  |  |  | **Lifetime** | **Expense** |
| **Total returns based on**<br> **a $1,000 investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1 year**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5 years**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10 years**  | &nbsp;&nbsp;&nbsp;&nbsp;(since February 8, 1984)  | **ratio**<br>|
| **Total returns based on**<br> **a $1,000 investment** |  |  |  |  |  |  |
| **Total returns based on**<br> **a $1,000 investment** |  |  |  |  |  |  |
| **Total returns based on**<br> **a $1,000 investment** | Class 1 | 1.42% | 0.97% | 0.49% | 3.17% | 0.30% |
| **Total returns based on**<br> **a $1,000 investment** | Class 1A | 1.32 | 0.97 | 0.39 | 2.95 | 0.55  |
| **Total returns based on**<br> **a $1,000 investment** | Class 2 | 1.17 | 0.72 | 0.24 | 2.91 | 0.55  |
| **Total returns based on**<br> **a $1,000 investment** | Class 3 | 1.19 | 0.80 | 0.31 | 2.98 | 0.48  |
|  | Class 4 | 0.83 | 0.47 | 0.06 | 2.67 | 0.80  |
|  | <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source: Bloomberg Index Services Ltd.<br> <sup>2</sup>Periods greater than one year are annualized. | <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source: Bloomberg Index Services Ltd.<br> <sup>2</sup>Periods greater than one year are annualized. | <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source: Bloomberg Index Services Ltd.<br> <sup>2</sup>Periods greater than one year are annualized. | <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source: Bloomberg Index Services Ltd.<br> <sup>2</sup>Periods greater than one year are annualized. | <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source: Bloomberg Index Services Ltd.<br> <sup>2</sup>Periods greater than one year are annualized. | <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details.<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source: Bloomberg Index Services Ltd.<br> <sup>2</sup>Periods greater than one year are annualized. |

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Percent of net assets

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| | | |
|:---|:---|:---|
|  **Where the fund's**<br> **assets were**<br> **invested as of**<br> **December 31, 2022** | Commercial paper | 76.5% |
|  **Where the fund's**<br> **assets were**<br> **invested as of**<br> **December 31, 2022** | Federal agency bills & notes | 21.5 |
|  **Where the fund's**<br> **assets were**<br> **invested as of**<br> **December 31, 2022** | Other assets less liabilities | <u>2.0</u> |
|  **Where the fund's**<br> **assets were**<br> **invested as of**<br> **December 31, 2022** | Total | <u>100.0</u>% |

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|:---|:---|
| American Funds Insurance Series | **37** |

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##### [**Table of Contents**](#toc)
U.S. Government Securities Fund<sup>®</sup>

**Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.** 

U.S. Government Securities Fund declined 10.75% for the 12 months ended December 31, 2022. Its benchmark, the Bloomberg U.S. Government/Mortgage-Backed Securities Index,¹ which covers obligations issued by the U.S. Treasury and U.S. government agencies, was down 12.12%.

U.S. fixed income markets fell across the board. The Federal Reserve raised the federal funds rate by 425 basis points from near zero to counter the highest inflation since the 1980s. U.S. Treasury yields rose across the curve, which ended the year inverted as shorter dated bonds sold off sharply. The 10-year Treasury yield soared 237 basis points to 3.88%.

Over the period, the fund outpaced its benchmark. Top contributors to relative returns were duration and curve positioning. Duration positioning particularly within agency mortgage-backed securities (MBS) was additive. On the downside, sector and security selection weighed modestly on returns relative to the benchmark. The fund utilized interest rate derivatives to more efficiently execute the portfolio's interest rate positioning based on how managers expected yields to move. These had mixed impacts on results, but ultimately helped to express managers' convictions more efficiently.

The Fed has provided enormous support to the markets, particularly over the last two years. It is difficult to imagine unwinding that support without disruptions to financial markets and the economy. The fund's present high weighting to Treasury Inflation-Protected Securities (TIPS) is intended to provide additional return if the market underestimates future inflation. It remains to be seen just how far the Fed will go to tame inflation, but the fund's managers intend to use all the tools at their disposal to navigate these volatile markets as they seek to protect and grow shareholder assets over time.

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|:---|:---|
| **38** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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##### [**Table of Contents**](#toc)
U.S. Government Securities Fund<sup>®</sup> (continued)

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| | |
|:---|:---|
| **How a hypothetical $10,000 investment has grown** | ![LOGO](g455684dsp041a.jpg) |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total returns based on**<br> **a $1,000 investment** | For periods ended December 31, 2022<sup>2</sup> | For periods ended December 31, 2022<sup>2</sup> | For periods ended December 31, 2022<sup>2</sup> | For periods ended December 31, 2022<sup>2</sup> | For periods ended December 31, 2022<sup>2</sup> |  |  |
| **Total returns based on**<br> **a $1,000 investment** |  |  |  |  | **Lifetime** | **Gross** | **Net** |
| **Total returns based on**<br> **a $1,000 investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1 year** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5 years**  | **10 years**  | (since December 2, 1985) | &nbsp;&nbsp;&nbsp;&nbsp;**expense ratio**  | **expense ratio**<br>|
| **Total returns based on**<br> **a $1,000 investment** |  |  |  |  |  |  |  |
| **Total returns based on**<br> **a $1,000 investment** |  |  |  |  |  |  |  |
| **Total returns based on**<br> **a $1,000 investment** | Class 1 | –10.75% | 0.85% | 1.17% | 5.17% | 0.34% | 0.24% |
| **Total returns based on**<br> **a $1,000 investment** | Class 1A | –10.93 | 0.61 | 0.93 | 4.92 | 0.59 | 0.49 |
| **Total returns based on**<br> **a $1,000 investment** | Class 2 | –10.95 | 0.61 | 0.92 | 4.91 | 0.59 | 0.49 |
| **Total returns based on**<br> **a $1,000 investment** | Class 3 | –10.90 | 0.67 | 0.99 | 4.99 | 0.52 | 0.42 |
| **Total returns based on**<br> **a $1,000 investment** | Class 4 | –11.19 | 0.37 | 0.70 | 4.66 | 0.84 | 0.74 |
|  | <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details. | <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details. | <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details. | <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details. | <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details. | <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details. | <br> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund's prospectus dated May 1, 2023 (unaudited). Refer to the Financial Highlights table in this report for details. |
|  | Past results are not predictive of results in future periods. | Past results are not predictive of results in future periods. | Past results are not predictive of results in future periods. | Past results are not predictive of results in future periods. | Past results are not predictive of results in future periods. | Past results are not predictive of results in future periods. | Past results are not predictive of results in future periods. |
|  | Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index. | Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index. | Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index. | Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index. | Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index. | Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index. | Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index. |
|  | <sup>1</sup>Source:Bloomberg Index Services Ltd.<br> <sup>2</sup>Periods greater than one year are annualized. | <sup>1</sup>Source:Bloomberg Index Services Ltd.<br> <sup>2</sup>Periods greater than one year are annualized. | <sup>1</sup>Source:Bloomberg Index Services Ltd.<br> <sup>2</sup>Periods greater than one year are annualized. | <sup>1</sup>Source:Bloomberg Index Services Ltd.<br> <sup>2</sup>Periods greater than one year are annualized. | <sup>1</sup>Source:Bloomberg Index Services Ltd.<br> <sup>2</sup>Periods greater than one year are annualized. | <sup>1</sup>Source:Bloomberg Index Services Ltd.<br> <sup>2</sup>Periods greater than one year are annualized. | <sup>1</sup>Source:Bloomberg Index Services Ltd.<br> <sup>2</sup>Periods greater than one year are annualized. |

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Percent of net assets

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|:---|:---|
| **Where the fund's assets were**<br>**invested as of December 31, 2022** | <br> ![LOGO](g455684dsp041b.jpg)  |

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|:---|:---|
| American Funds Insurance Series | **39** |

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##### [**Table of Contents**](#toc)
Managed Risk Growth Fund

**Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.** 

The fund declined 24.62% for the 12 months ended December 31, 2022. S&P 500 Managed Risk Index – Moderate Aggressive<sup>1</sup> was down 13.52%. S&P 500 Index,<sup>2</sup> a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, fell 18.11%.

The fund pursues its objective by investing in shares of American Funds Insurance Series<sup>®</sup>– Growth Fund and American Funds Insurance Series<sup>®</sup> – The Bond Fund of America while seeking to manage portfolio volatility and provide downside protection, primarily through the use of exchange-traded options and futures contracts. The benefit of the fund's managed risk strategy should be most apparent during periods of high volatility and in down markets. In steady or rising markets, the fund's results can be expected to lag those of the underlying fund.

The underlying Growth Fund's investment within the materials sector was the top contributor to relative returns. Security selections within the consumer discretionary and communication services sectors detracted. The return of the underlying The Bond Fund of America was additive to relative results against its primary benchmark, the Bloomberg U.S. Aggregate Index.<sup>3</sup> The managed risk strategy was additive to returns overall. Within the strategy, the equity future overlay was positive while the Treasury future and option overlays detracted.

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|:---|:---|
| **How a hypothetical $10,000 investment has grown** | ![LOGO](g455684dsp042.jpg) |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Total returns based on**<br> **a $1,000 investment** | For periods ended December 31, 2022<sup>4</sup> | For periods ended December 31, 2022<sup>4</sup> | For periods ended December 31, 2022<sup>4</sup> | For periods ended December 31, 2022<sup>4</sup> | For periods ended December 31, 2022<sup>4</sup> |  |
| **Total returns based on**<br> **a $1,000 investment** |  |  |  | **Lifetime** | **Gross** | **Net** |
| **Total returns based on**<br> **a $1,000 investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1 year**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5 years**  | &nbsp;&nbsp;&nbsp;&nbsp;(since May 1, 2013)  | &nbsp;&nbsp;&nbsp;&nbsp;**expense ratio**  | &nbsp;&nbsp;&nbsp;&nbsp;**expense ratio**  |
| **Total returns based on**<br> **a $1,000 investment** |  |  |  |  |  |  |
| **Total returns based on**<br> **a $1,000 investment** |  |  |  |  |  |  |
| **Total returns based on**<br> **a $1,000 investment** | Class P1 | –24.62% | 6.61% | 8.10% | 0.74% | 0.69% |
| **Total returns based on**<br> **a $1,000 investment** | Class P2 | –24.88 | 6.31 | 7.80 | 0.99 | 0.94 |
|  | <br> The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios shown reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund's prospectus dated May 1, 2023 (unaudited).<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source: S&P Dow Jones Indices LLC. Standard & Poor's Managed Risk Index Series is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indexes, while maintaining a fixed allocation to the underlying bond index.<br> <sup>2</sup>Source: S&P Dow Jones Indices LLC.<br> <sup>3</sup>Source: Bloomberg Index Services Ltd. Bloomberg U.S. Aggregate Index represents the U.S. investment-grade (rated BBB/Baa and above) fixed-rate bond market.<br> <sup>4</sup>Periods greater than one year are annualized.<br>Milliman Financial Risk Management LLC serves as the subadviser with respect to the management of the fund's managed risk strategy. | <br> The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios shown reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund's prospectus dated May 1, 2023 (unaudited).<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source: S&P Dow Jones Indices LLC. Standard & Poor's Managed Risk Index Series is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indexes, while maintaining a fixed allocation to the underlying bond index.<br> <sup>2</sup>Source: S&P Dow Jones Indices LLC.<br> <sup>3</sup>Source: Bloomberg Index Services Ltd. Bloomberg U.S. Aggregate Index represents the U.S. investment-grade (rated BBB/Baa and above) fixed-rate bond market.<br> <sup>4</sup>Periods greater than one year are annualized.<br>Milliman Financial Risk Management LLC serves as the subadviser with respect to the management of the fund's managed risk strategy. | <br> The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios shown reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund's prospectus dated May 1, 2023 (unaudited).<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source: S&P Dow Jones Indices LLC. Standard & Poor's Managed Risk Index Series is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indexes, while maintaining a fixed allocation to the underlying bond index.<br> <sup>2</sup>Source: S&P Dow Jones Indices LLC.<br> <sup>3</sup>Source: Bloomberg Index Services Ltd. Bloomberg U.S. Aggregate Index represents the U.S. investment-grade (rated BBB/Baa and above) fixed-rate bond market.<br> <sup>4</sup>Periods greater than one year are annualized.<br>Milliman Financial Risk Management LLC serves as the subadviser with respect to the management of the fund's managed risk strategy. | <br> The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios shown reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund's prospectus dated May 1, 2023 (unaudited).<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source: S&P Dow Jones Indices LLC. Standard & Poor's Managed Risk Index Series is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indexes, while maintaining a fixed allocation to the underlying bond index.<br> <sup>2</sup>Source: S&P Dow Jones Indices LLC.<br> <sup>3</sup>Source: Bloomberg Index Services Ltd. Bloomberg U.S. Aggregate Index represents the U.S. investment-grade (rated BBB/Baa and above) fixed-rate bond market.<br> <sup>4</sup>Periods greater than one year are annualized.<br>Milliman Financial Risk Management LLC serves as the subadviser with respect to the management of the fund's managed risk strategy. | <br> The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios shown reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund's prospectus dated May 1, 2023 (unaudited).<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source: S&P Dow Jones Indices LLC. Standard & Poor's Managed Risk Index Series is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indexes, while maintaining a fixed allocation to the underlying bond index.<br> <sup>2</sup>Source: S&P Dow Jones Indices LLC.<br> <sup>3</sup>Source: Bloomberg Index Services Ltd. Bloomberg U.S. Aggregate Index represents the U.S. investment-grade (rated BBB/Baa and above) fixed-rate bond market.<br> <sup>4</sup>Periods greater than one year are annualized.<br>Milliman Financial Risk Management LLC serves as the subadviser with respect to the management of the fund's managed risk strategy. | <br> The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios shown reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund's prospectus dated May 1, 2023 (unaudited).<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source: S&P Dow Jones Indices LLC. Standard & Poor's Managed Risk Index Series is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indexes, while maintaining a fixed allocation to the underlying bond index.<br> <sup>2</sup>Source: S&P Dow Jones Indices LLC.<br> <sup>3</sup>Source: Bloomberg Index Services Ltd. Bloomberg U.S. Aggregate Index represents the U.S. investment-grade (rated BBB/Baa and above) fixed-rate bond market.<br> <sup>4</sup>Periods greater than one year are annualized.<br>Milliman Financial Risk Management LLC serves as the subadviser with respect to the management of the fund's managed risk strategy. |

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| | |
|:---|:---|
| **40** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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##### [**Table of Contents**](#toc)
Managed Risk International Fund

**Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.** 

The fund declined 15.27% for the 12 months ended December 31, 2022, compared to S&P EPAC Ex. Korea LargeMidCap Managed Risk Index – Moderate Aggressive,<sup>1</sup> which was down 12.42%. MSCI ACWI (All Country World Index) ex USA,<sup>2</sup> a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets (consisting of more than 40 developed and emerging market country indexes, excluding the U.S.), fell 16.00%.

The fund pursues its objective by investing in shares of American Funds Insurance Series<sup>®</sup>– International Fund and American Funds Insurance Series<sup>®</sup>– The Bond Fund of America while seeking to manage portfolio volatility and provide downside protection, primarily through the use of exchange-traded options and futures contracts. The benefit of the fund's managed risk strategy should be most apparent during periods of high volatility and in down markets. In steady or rising markets, the fund's results can be expected to lag those of the underlying fund.

The underlying International Fund's investment within the energy sector was the top contributor to relative returns. On the downside, stock selections within the financials and information technology sectors detracted from relative results. The managed risk strategy was additive to results overall. Within the strategy, the equity future overlay was positive while the Treasury future and option overlays detracted.

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| | |
|:---|:---|
| **How a hypothetical $10,000 investment has grown** | ![LOGO](g455684dsp043.jpg) |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Total returns based on**<br> **a $1,000 investment** | For periods ended December 31, 2022<sup>3</sup> | For periods ended December 31, 2022<sup>3</sup> | For periods ended December 31, 2022<sup>3</sup> | For periods ended December 31, 2022<sup>3</sup> | For periods ended December 31, 2022<sup>3</sup> |  |
| **Total returns based on**<br> **a $1,000 investment** |  |  |  | **Lifetime** | **Gross** | **Net** |
| **Total returns based on**<br> **a $1,000 investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1 year**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5 years**  | (since May 1, 2013) | &nbsp;&nbsp;&nbsp;&nbsp;**expense ratio**  | &nbsp;&nbsp;&nbsp;&nbsp;**expense ratio**  |
| **Total returns based on**<br> **a $1,000 investment** |  |  |  |  |  |  |
| **Total returns based on**<br> **a $1,000 investment** |  |  |  |  |  |  |
| **Total returns based on**<br> **a $1,000 investment** | Class P1 | –15.27% | –2.31% | 0.86% | 0.93% | 0.86% |
| **Total returns based on**<br> **a $1,000 investment** | Class P2 | –15.54 | –2.60 | 0.51 | 1.18 | 1.11 |
| **Total returns based on**<br> **a $1,000 investment** | <br> The investment adviser is currently waiving a portion of its management fee. In addition, the investment adviser is currently reimbursing a portion of other expenses. This waiver and reimbursement will be in effect through at least May 1, 2023. The adviser may elect at its discretion to extend, modify or terminate the reimbursement at that time. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios shown reflect the waiver and reimbursement, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund's prospectus dated May 1, 2023 (unaudited).<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source: S&P Dow Jones Indices LLC. Standard & Poor's Managed Risk Index Series is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indexes, while maintaining a fixed allocation to the underlying bond index.<br> <sup>2</sup>Source: MSCI. The MSCI index result reflects reinvestment of distributions and dividends net of withholding taxes.<br> <sup>3</sup>Periods greater than one year are annualized.<br>Milliman Financial Risk Management LLC serves as the subadviser with respect to the management of the fund's managed risk strategy. | <br> The investment adviser is currently waiving a portion of its management fee. In addition, the investment adviser is currently reimbursing a portion of other expenses. This waiver and reimbursement will be in effect through at least May 1, 2023. The adviser may elect at its discretion to extend, modify or terminate the reimbursement at that time. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios shown reflect the waiver and reimbursement, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund's prospectus dated May 1, 2023 (unaudited).<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source: S&P Dow Jones Indices LLC. Standard & Poor's Managed Risk Index Series is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indexes, while maintaining a fixed allocation to the underlying bond index.<br> <sup>2</sup>Source: MSCI. The MSCI index result reflects reinvestment of distributions and dividends net of withholding taxes.<br> <sup>3</sup>Periods greater than one year are annualized.<br>Milliman Financial Risk Management LLC serves as the subadviser with respect to the management of the fund's managed risk strategy. | <br> The investment adviser is currently waiving a portion of its management fee. In addition, the investment adviser is currently reimbursing a portion of other expenses. This waiver and reimbursement will be in effect through at least May 1, 2023. The adviser may elect at its discretion to extend, modify or terminate the reimbursement at that time. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios shown reflect the waiver and reimbursement, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund's prospectus dated May 1, 2023 (unaudited).<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source: S&P Dow Jones Indices LLC. Standard & Poor's Managed Risk Index Series is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indexes, while maintaining a fixed allocation to the underlying bond index.<br> <sup>2</sup>Source: MSCI. The MSCI index result reflects reinvestment of distributions and dividends net of withholding taxes.<br> <sup>3</sup>Periods greater than one year are annualized.<br>Milliman Financial Risk Management LLC serves as the subadviser with respect to the management of the fund's managed risk strategy. | <br> The investment adviser is currently waiving a portion of its management fee. In addition, the investment adviser is currently reimbursing a portion of other expenses. This waiver and reimbursement will be in effect through at least May 1, 2023. The adviser may elect at its discretion to extend, modify or terminate the reimbursement at that time. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios shown reflect the waiver and reimbursement, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund's prospectus dated May 1, 2023 (unaudited).<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source: S&P Dow Jones Indices LLC. Standard & Poor's Managed Risk Index Series is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indexes, while maintaining a fixed allocation to the underlying bond index.<br> <sup>2</sup>Source: MSCI. The MSCI index result reflects reinvestment of distributions and dividends net of withholding taxes.<br> <sup>3</sup>Periods greater than one year are annualized.<br>Milliman Financial Risk Management LLC serves as the subadviser with respect to the management of the fund's managed risk strategy. | <br> The investment adviser is currently waiving a portion of its management fee. In addition, the investment adviser is currently reimbursing a portion of other expenses. This waiver and reimbursement will be in effect through at least May 1, 2023. The adviser may elect at its discretion to extend, modify or terminate the reimbursement at that time. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios shown reflect the waiver and reimbursement, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund's prospectus dated May 1, 2023 (unaudited).<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source: S&P Dow Jones Indices LLC. Standard & Poor's Managed Risk Index Series is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indexes, while maintaining a fixed allocation to the underlying bond index.<br> <sup>2</sup>Source: MSCI. The MSCI index result reflects reinvestment of distributions and dividends net of withholding taxes.<br> <sup>3</sup>Periods greater than one year are annualized.<br>Milliman Financial Risk Management LLC serves as the subadviser with respect to the management of the fund's managed risk strategy. | <br> The investment adviser is currently waiving a portion of its management fee. In addition, the investment adviser is currently reimbursing a portion of other expenses. This waiver and reimbursement will be in effect through at least May 1, 2023. The adviser may elect at its discretion to extend, modify or terminate the reimbursement at that time. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios shown reflect the waiver and reimbursement, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund's prospectus dated May 1, 2023 (unaudited).<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source: S&P Dow Jones Indices LLC. Standard & Poor's Managed Risk Index Series is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indexes, while maintaining a fixed allocation to the underlying bond index.<br> <sup>2</sup>Source: MSCI. The MSCI index result reflects reinvestment of distributions and dividends net of withholding taxes.<br> <sup>3</sup>Periods greater than one year are annualized.<br>Milliman Financial Risk Management LLC serves as the subadviser with respect to the management of the fund's managed risk strategy. |

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|:---|:---|
| American Funds Insurance Series | **41** |

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##### [**Table of Contents**](#toc)
Managed Risk Washington Mutual Investors Fund

**Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.** 

The fund declined 8.92% for the 12 months ended December 31, 2022. S&P 500 Managed Risk Index – Moderate<sup>1</sup> fell 13.13%. S&P 500 Index,<sup>2</sup> a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, was down 18.11%.

The fund pursues its objective by investing in shares of American Funds Insurance Series<sup>®</sup>– Washington Mutual Investors Fund and American Funds Insurance Series<sup>®</sup>– U.S. Government Securities Fund while seeking to manage portfolio volatility and provide downside protection, primarily through the use of exchange-traded options and futures contracts. The benefit of the fund's managed risk strategy should be most apparent during periods of high volatility and in down markets. In steady or rising markets, the fund's results can be expected to lag those of the underlying fund.

The underlying Washington Mutual Investors Fund's security selection within the consumer discretionary sector was the top contributor to relative returns. Investments in the information technology sector were also additive. The top detractors to relative returns on a sector basis were security selections within financials and real estate. The managed risk strategy detracted overall. Within the strategy, the equity future overlay was additive while the Treasury future and option overlays detracted.

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| **How a hypothetical $10,000 investment has grown** | ![LOGO](g455684dsp044.jpg) |

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|:---|:---|:---|:---|:---|:---|:---|
| **Total returns based on**<br> **a $1,000 investment** | For periods ended December 31, 2022<sup>3</sup> | For periods ended December 31, 2022<sup>3</sup> | For periods ended December 31, 2022<sup>3</sup> |  |  |  |
| **Total returns based on**<br> **a $1,000 investment** |  |  |  | **Lifetime** | **Gross** | **Net** |
| **Total returns based on**<br> **a $1,000 investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1 year** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5 years** <br>| (since May 1, 2013)<br>| &nbsp;&nbsp;&nbsp;&nbsp;**expense ratio** <br>| &nbsp;&nbsp;&nbsp;&nbsp;**expense ratio** <br>|
| **Total returns based on**<br> **a $1,000 investment** |  |  |  |  |  |  |
| **Total returns based on**<br> **a $1,000 investment** |  |  |  |  |  |  |
| **Total returns based on**<br> **a $1,000 investment** | Class P1 | –8.92% | 2.39% | 5.47% | 0.67% | 0.62% |
|  | Class P2 | –9.16 | 2.08 | 5.12 | 0.93 | 0.88 |
|  | <br> The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios shown reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund's prospectus dated May 1, 2023 (unaudited).<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source: S&P Dow Jones Indices LLC. Standard & Poor's Managed Risk Index Series is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indexes, while maintaining a fixed allocation to the underlying bond index.<br> <sup>2</sup>Source: S&P Dow Jones Indices LLC.<br> <sup>3</sup>Periods greater than one year are annualized.<br>Milliman Financial Risk Management LLC serves as the subadviser with respect to the management of the fund's managed risk strategy. | <br> The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios shown reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund's prospectus dated May 1, 2023 (unaudited).<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source: S&P Dow Jones Indices LLC. Standard & Poor's Managed Risk Index Series is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indexes, while maintaining a fixed allocation to the underlying bond index.<br> <sup>2</sup>Source: S&P Dow Jones Indices LLC.<br> <sup>3</sup>Periods greater than one year are annualized.<br>Milliman Financial Risk Management LLC serves as the subadviser with respect to the management of the fund's managed risk strategy. | <br> The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios shown reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund's prospectus dated May 1, 2023 (unaudited).<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source: S&P Dow Jones Indices LLC. Standard & Poor's Managed Risk Index Series is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indexes, while maintaining a fixed allocation to the underlying bond index.<br> <sup>2</sup>Source: S&P Dow Jones Indices LLC.<br> <sup>3</sup>Periods greater than one year are annualized.<br>Milliman Financial Risk Management LLC serves as the subadviser with respect to the management of the fund's managed risk strategy. | <br> The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios shown reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund's prospectus dated May 1, 2023 (unaudited).<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source: S&P Dow Jones Indices LLC. Standard & Poor's Managed Risk Index Series is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indexes, while maintaining a fixed allocation to the underlying bond index.<br> <sup>2</sup>Source: S&P Dow Jones Indices LLC.<br> <sup>3</sup>Periods greater than one year are annualized.<br>Milliman Financial Risk Management LLC serves as the subadviser with respect to the management of the fund's managed risk strategy. | <br> The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios shown reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund's prospectus dated May 1, 2023 (unaudited).<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source: S&P Dow Jones Indices LLC. Standard & Poor's Managed Risk Index Series is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indexes, while maintaining a fixed allocation to the underlying bond index.<br> <sup>2</sup>Source: S&P Dow Jones Indices LLC.<br> <sup>3</sup>Periods greater than one year are annualized.<br>Milliman Financial Risk Management LLC serves as the subadviser with respect to the management of the fund's managed risk strategy. | <br> The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios shown reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund's prospectus dated May 1, 2023 (unaudited).<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source: S&P Dow Jones Indices LLC. Standard & Poor's Managed Risk Index Series is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indexes, while maintaining a fixed allocation to the underlying bond index.<br> <sup>2</sup>Source: S&P Dow Jones Indices LLC.<br> <sup>3</sup>Periods greater than one year are annualized.<br>Milliman Financial Risk Management LLC serves as the subadviser with respect to the management of the fund's managed risk strategy. |

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| **42** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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##### [**Table of Contents**](#toc)
Managed Risk Growth-Income Fund

**Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.** 

The fund declined 16.74% for the 12 months ended December 31, 2022, compared to the S&P 500 Managed Risk Index – Moderate,<sup>1</sup> which declined 13.13%. S&P 500 Index,<sup>2</sup> a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, was down 18.11%.

The fund pursues its objective by investing in shares of American Funds Insurance Series<sup>®</sup>– Growth-Income Fund and American Funds Insurance Series<sup>®</sup>– The Bond Fund of America while seeking to manage portfolio volatility and provide downside protection, primarily through the use of exchange-traded options and futures contracts. The benefit of the fund's managed risk strategy should be most apparent during periods of high volatility and in down markets. In steady or rising markets, the fund's results can be expected to lag those of the underlying fund.

The underlying Growth-Income Fund's investment within the information technology sector was the top contributor to relative returns. A higher-than-benchmark investment within the industrials sector was also additive to results. On the downside, security selections within the financials and communication services sectors weighed on relative results. The managed risk strategy detracted overall. Within the strategy, the equity future overlay was positive while the Treasury future and option overlays detracted.

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|:---|:---|
| **How a hypothetical $10,000 investment has grown** | ![LOGO](g455684dsp045.jpg) |

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|:---|:---|:---|:---|:---|:---|:---|
| **Total returns based on**<br> **a $1,000 investment** | For periods ended December 31, 2022<sup>3</sup> | For periods ended December 31, 2022<sup>3</sup> | For periods ended December 31, 2022<sup>3</sup> |  |  |  |
|  |  |  |  | **Lifetime** | **Gross** | **Net** |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1 year** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5 years** <br>| (since May 1, 2013)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**expense ratio** <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**expense ratio** <br>|
|  | Class P1 | –16.74% | 4.32% | 6.69% | 0.67% | 0.62% |
|  | Class P2 | –16.93 | 4.06 | 6.39 | 0.92 | 0.87 |
|  | <br> The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios shown reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund's prospectus dated May 1, 2023 (unaudited).<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source: S&P Dow Jones Indices LLC. Standard & Poor's Managed Risk Index Series is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indexes, while maintaining a fixed allocation to the underlying bond index.<br> <sup>2</sup>Source: S&P Dow Jones Indices LLC.<br> <sup>3</sup>Periods greater than one year are annualized.<br>Milliman Financial Risk Management LLC serves as the subadviser with respect to the management of the fund's managed risk strategy. | <br> The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios shown reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund's prospectus dated May 1, 2023 (unaudited).<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source: S&P Dow Jones Indices LLC. Standard & Poor's Managed Risk Index Series is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indexes, while maintaining a fixed allocation to the underlying bond index.<br> <sup>2</sup>Source: S&P Dow Jones Indices LLC.<br> <sup>3</sup>Periods greater than one year are annualized.<br>Milliman Financial Risk Management LLC serves as the subadviser with respect to the management of the fund's managed risk strategy. | <br> The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios shown reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund's prospectus dated May 1, 2023 (unaudited).<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source: S&P Dow Jones Indices LLC. Standard & Poor's Managed Risk Index Series is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indexes, while maintaining a fixed allocation to the underlying bond index.<br> <sup>2</sup>Source: S&P Dow Jones Indices LLC.<br> <sup>3</sup>Periods greater than one year are annualized.<br>Milliman Financial Risk Management LLC serves as the subadviser with respect to the management of the fund's managed risk strategy. | <br> The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios shown reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund's prospectus dated May 1, 2023 (unaudited).<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source: S&P Dow Jones Indices LLC. Standard & Poor's Managed Risk Index Series is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indexes, while maintaining a fixed allocation to the underlying bond index.<br> <sup>2</sup>Source: S&P Dow Jones Indices LLC.<br> <sup>3</sup>Periods greater than one year are annualized.<br>Milliman Financial Risk Management LLC serves as the subadviser with respect to the management of the fund's managed risk strategy. | <br> The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios shown reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund's prospectus dated May 1, 2023 (unaudited).<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source: S&P Dow Jones Indices LLC. Standard & Poor's Managed Risk Index Series is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indexes, while maintaining a fixed allocation to the underlying bond index.<br> <sup>2</sup>Source: S&P Dow Jones Indices LLC.<br> <sup>3</sup>Periods greater than one year are annualized.<br>Milliman Financial Risk Management LLC serves as the subadviser with respect to the management of the fund's managed risk strategy. | <br> The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios shown reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund's prospectus dated May 1, 2023 (unaudited).<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source: S&P Dow Jones Indices LLC. Standard & Poor's Managed Risk Index Series is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indexes, while maintaining a fixed allocation to the underlying bond index.<br> <sup>2</sup>Source: S&P Dow Jones Indices LLC.<br> <sup>3</sup>Periods greater than one year are annualized.<br>Milliman Financial Risk Management LLC serves as the subadviser with respect to the management of the fund's managed risk strategy. |

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| American Funds Insurance Series | **43** |

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##### [**Table of Contents**](#toc)
Managed Risk Asset Allocation Fund

**Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.** 

The fund was down 13.75% for the 12 months ended December 31, 2022. S&P 500 Managed Risk Index — Moderate Conservative<sup>1</sup> fell 12.94%. S&P 500 Index,<sup>2</sup> a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, declined 18.11%.

The fund pursues its objective by investing in shares of American Funds Insurance Series<sup>®</sup>– Asset Allocation Fund while seeking to manage portfolio volatility and provide downside protection, primarily through the use of exchange-traded options and futures contracts. The benefit of the fund's managed risk strategy should be most apparent during periods of high volatility and in down markets. In steady or rising markets, the fund's results can be expected to lag those of the underlying fund.

The underlying Asset Allocation Fund's investment selections within the consumer discretionary and health care sectors were top contributors to relative results on a sector basis. Stock selections within financials and energy detracted from relative returns on a sector basis, although the energy sector was up on an absolute basis. The managed risk strategy detracted from returns overall. Within the strategy, the equity future overlay was positive while the Treasury future and option overlays detracted.

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| **44** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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##### [**Table of Contents**](#toc)
Managed Risk Asset Allocation Fund (continued)

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| **How a hypothetical $10,000 investment has grown** | ![LOGO](g455684dsp047.jpg) |

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|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total returns based on**<br> **a $1,000<br>investment** | For periods ended December 31, 2022<sup>4</sup> | For periods ended December 31, 2022<sup>4</sup> | For periods ended December 31, 2022<sup>4</sup> | For periods ended December 31, 2022<sup>4</sup> |  |  |  |
| **Total returns based on**<br> **a $1,000<br>investment** |  |  |  |  | **Lifetime** | **Gross** | **Net** |
| **Total returns based on**<br> **a $1,000<br>investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1 year** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5 years**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10 years**  | &nbsp;&nbsp;&nbsp;&nbsp;(since September 28, 2012)  | &nbsp;&nbsp;&nbsp;&nbsp;**expense ratio**  | &nbsp;&nbsp;&nbsp;&nbsp;**expense ratio** <br>|
| **Total returns based on**<br> **a $1,000<br>investment** |  |  |  |  |  |  |  |
| **Total returns based on**<br> **a $1,000<br>investment** |  |  |  |  |  |  |  |
| **Total returns based on**<br> **a $1,000<br>investment** | Class P1 | –13.75% | 3.09% | 5.95% | 5.92% | 0.70% | 0.65% |
|  | Class P2 | –13.97 | 2.83 | 5.69 | 5.66 | 0.95 | 0.90 |
|  | <br> The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios shown reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund's prospectus dated May 1, 2023 (unaudited).<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source: S&P Dow Jones Indices LLC. Standard & Poor's Managed Risk Index Series is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indexes, while maintaining a fixed allocation to the underlying bond index.<br> <sup>2</sup>Source: S&P Dow Jones Indices LLC.<br> <sup>3</sup>Source: Bloomberg Index Services Ltd. Bloomberg U.S. Aggregate Index represents the U.S. investment-grade (rated BBB/Baa and above) fixed-rate bond market.<br> <sup>4</sup>Periods greater than one year are annualized.<br>Milliman Financial Risk Management LLC serves as the subadviser with respect to the management of the fund's managed risk strategy. | <br> The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios shown reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund's prospectus dated May 1, 2023 (unaudited).<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source: S&P Dow Jones Indices LLC. Standard & Poor's Managed Risk Index Series is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indexes, while maintaining a fixed allocation to the underlying bond index.<br> <sup>2</sup>Source: S&P Dow Jones Indices LLC.<br> <sup>3</sup>Source: Bloomberg Index Services Ltd. Bloomberg U.S. Aggregate Index represents the U.S. investment-grade (rated BBB/Baa and above) fixed-rate bond market.<br> <sup>4</sup>Periods greater than one year are annualized.<br>Milliman Financial Risk Management LLC serves as the subadviser with respect to the management of the fund's managed risk strategy. | <br> The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios shown reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund's prospectus dated May 1, 2023 (unaudited).<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source: S&P Dow Jones Indices LLC. Standard & Poor's Managed Risk Index Series is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indexes, while maintaining a fixed allocation to the underlying bond index.<br> <sup>2</sup>Source: S&P Dow Jones Indices LLC.<br> <sup>3</sup>Source: Bloomberg Index Services Ltd. Bloomberg U.S. Aggregate Index represents the U.S. investment-grade (rated BBB/Baa and above) fixed-rate bond market.<br> <sup>4</sup>Periods greater than one year are annualized.<br>Milliman Financial Risk Management LLC serves as the subadviser with respect to the management of the fund's managed risk strategy. | <br> The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios shown reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund's prospectus dated May 1, 2023 (unaudited).<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source: S&P Dow Jones Indices LLC. Standard & Poor's Managed Risk Index Series is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indexes, while maintaining a fixed allocation to the underlying bond index.<br> <sup>2</sup>Source: S&P Dow Jones Indices LLC.<br> <sup>3</sup>Source: Bloomberg Index Services Ltd. Bloomberg U.S. Aggregate Index represents the U.S. investment-grade (rated BBB/Baa and above) fixed-rate bond market.<br> <sup>4</sup>Periods greater than one year are annualized.<br>Milliman Financial Risk Management LLC serves as the subadviser with respect to the management of the fund's managed risk strategy. | <br> The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios shown reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund's prospectus dated May 1, 2023 (unaudited).<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source: S&P Dow Jones Indices LLC. Standard & Poor's Managed Risk Index Series is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indexes, while maintaining a fixed allocation to the underlying bond index.<br> <sup>2</sup>Source: S&P Dow Jones Indices LLC.<br> <sup>3</sup>Source: Bloomberg Index Services Ltd. Bloomberg U.S. Aggregate Index represents the U.S. investment-grade (rated BBB/Baa and above) fixed-rate bond market.<br> <sup>4</sup>Periods greater than one year are annualized.<br>Milliman Financial Risk Management LLC serves as the subadviser with respect to the management of the fund's managed risk strategy. | <br> The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios shown reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund's prospectus dated May 1, 2023 (unaudited).<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source: S&P Dow Jones Indices LLC. Standard & Poor's Managed Risk Index Series is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indexes, while maintaining a fixed allocation to the underlying bond index.<br> <sup>2</sup>Source: S&P Dow Jones Indices LLC.<br> <sup>3</sup>Source: Bloomberg Index Services Ltd. Bloomberg U.S. Aggregate Index represents the U.S. investment-grade (rated BBB/Baa and above) fixed-rate bond market.<br> <sup>4</sup>Periods greater than one year are annualized.<br>Milliman Financial Risk Management LLC serves as the subadviser with respect to the management of the fund's managed risk strategy. | <br> The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund's board. Net expense ratios shown reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund's prospectus dated May 1, 2023 (unaudited).<br>Past results are not predictive of results in future periods.<br>Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.<br><sup>1</sup>Source: S&P Dow Jones Indices LLC. Standard & Poor's Managed Risk Index Series is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indexes, while maintaining a fixed allocation to the underlying bond index.<br> <sup>2</sup>Source: S&P Dow Jones Indices LLC.<br> <sup>3</sup>Source: Bloomberg Index Services Ltd. Bloomberg U.S. Aggregate Index represents the U.S. investment-grade (rated BBB/Baa and above) fixed-rate bond market.<br> <sup>4</sup>Periods greater than one year are annualized.<br>Milliman Financial Risk Management LLC serves as the subadviser with respect to the management of the fund's managed risk strategy. |

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| | |
|:---|:---|
| American Funds Insurance Series | **45** |

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##### [**Table of Contents**](#toc)
Global Growth Fund

**Investment portfolio** December 31, 2022

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| | | | |
|:---|:---|:---|:---|
| Common stocks 94.49% | Common stocks 94.49% | Shares | Value<br> (000) |
|  **Information**<br> **technology**<br> **22.59%** | Microsoft Corp. | 1807800 | $433547 |
|  | ASML Holding NV | 458318 | 248089 |
|  | ASML Holding NV (New York registered) (ADR) | 227600 | 124361 |
|  | Taiwan Semiconductor Manufacturing Company, Ltd. | 15615000 | 227583 |
|  | Taiwan Semiconductor Manufacturing Company, Ltd. (ADR) | 140000 | 10429 |
|  | Applied Materials, Inc. | 875000 | 85208 |
|  | Broadcom, Inc. | 125300 | 70059 |
|  | Fiserv, Inc.<sup>1</sup> | 497600 | 50292 |
|  | Adyen NV<sup>1</sup> | 34330 | 47506 |
|  | Samsung Electronics Co., Ltd. | 785100 | 34621 |
|  | Apple, Inc. | 242400 | 31495 |
|  | Hexagon AB, Class B | 2920500 | 30700 |
|  | MongoDB, Inc., Class A<sup>1</sup> | 139000 | 27361 |
|  | Keyence Corp. | 69400 | 27170 |
|  | NVIDIA Corp. | 167500 | 24478 |
|  | Mastercard, Inc., Class A | 53300 | 18534 |
|  | EPAM Systems, Inc.<sup>1</sup> | 50700 | 16616 |
|  | Visa, Inc., Class A | 70197 | 14584 |
|  | Capgemini SE | 85000 | 14256 |
|  | Network International Holdings PLC<sup>1</sup> | 3731800 | 13366 |
|  | DocuSign, Inc.<sup>1</sup> | 180000 | 9976 |
|  | Shopify, Inc., Class A, subordinate voting shares<sup>1</sup> | 195000 | 6768 |
|  |  |  | 1566999 |
|  **Health care**<br> **21.87%** | Novo Nordisk A/S, Class B | 1706930 | 231118 |
|  | UnitedHealth Group, Inc. | 335800 | 178034 |
|  | DexCom, Inc.<sup>1</sup> | 1012000 | 114599 |
|  | ResMed, Inc. | 509000 | 105938 |
|  | AstraZeneca PLC | 748300 | 101556 |
|  | Pfizer, Inc. | 1884219 | 96547 |
|  | Cigna Corp. | 259119 | 85857 |
|  | Merck & Co., Inc. | 620000 | 68789 |
|  | Regeneron Pharmaceuticals, Inc.<sup>1</sup> | 95036 | 68568 |
|  | Eli Lilly and Company | 158300 | 57912 |
|  | EssilorLuxottica | 266943 | 48609 |
|  | Gilead Sciences, Inc. | 457317 | 39261 |
|  | Mettler-Toledo International, Inc.<sup>1</sup> | 25400 | 36714 |
|  | NovoCure, Ltd.<sup>1</sup> | 340000 | 24939 |
|  | Alnylam Pharmaceuticals, Inc.<sup>1</sup> | 104200 | 24763 |
|  | CVS Health Corp. | 243600 | 22701 |
|  | Danaher Corp. | 82100 | 21791 |
|  | Bayer AG | 363860 | 18787 |
|  | Seagen, Inc.<sup>1</sup> | 127200 | 16346 |
|  | Novartis AG | 165600 | 15000 |
|  | Zoetis, Inc., Class A | 98300 | 14406 |
|  | Eurofins Scientific SE, non-registered shares | 182400 | 13135 |
|  | Sanofi | 135000 | 13063 |
|  | Vertex Pharmaceuticals, Inc.<sup>1</sup> | 43700 | 12620 |
|  | Olympus Corp. | 665800 | 11769 |
|  | Centene Corp.<sup>1</sup> | 143500 | 11768 |
|  | Genus PLC | 270000 | 9731 |
|  | Thermo Fisher Scientific, Inc. | 17472 | 9622 |
|  | Siemens Healthineers AG | 178000 | 8905 |
|  | Bachem Holding AG | 101500 | 8853 |
|  | Virbac SA | 36000 | 8825 |
|  | Catalent, Inc.<sup>1</sup> | 166200 | 7481 |
|  | Rede D'Or Sao Luiz SA | 1073663 | 6015 |

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| | |
|:---|:---|
| **46** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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##### [**Table of Contents**](#toc)
Global Growth Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Common stocks (continued) | Common stocks (continued) | Shares | Value<br> (000) |
|  **Health care**<br> **(continued)** | Organon & Co. | 62000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1732 |
|  | Viatris, Inc. | 110678 | 1232 |
|  | EUROAPI<sup>1</sup> | 5869 | 87 |
|  |  |  | 1517073 |
|  **Consumer**<br> **discretionary**<br> **13.94%** | Chipotle Mexican Grill, Inc.<sup>1</sup> | 141600 | 196468 |
|  | LVMH Moët Hennessy-Louis Vuitton SE | 236818 | 172035 |
|  | Floor & Decor Holdings, Inc., Class A<sup>1</sup> | 914698 | 63690 |
|  | MGM China Holdings, Ltd.<sup>1</sup> | 54589200 | 60155 |
|  | Renault SA<sup>1</sup> | 1688781 | 56267 |
|  | Prosus NV, Class N | 760993 | 52246 |
|  | Amazon.com, Inc.<sup>1</sup> | 524248 | 44037 |
|  | NIKE, Inc., Class B | 352600 | 41258 |
|  | Cie. Financière Richemont SA, Class A | 291500 | 37722 |
|  | Wynn Macau, Ltd.<sup>1</sup> | 21430000 | 23884 |
|  | Coupang, Inc., Class A<sup>1</sup> | 1445604 | 21265 |
|  | YUM! Brands, Inc. | 166000 | 21261 |
|  | Booking Holdings, Inc.<sup>1</sup> | 9900 | 19951 |
|  | Domino's Pizza Enterprises, Ltd. | 430000 | 19367 |
|  | MercadoLibre, Inc.<sup>1</sup> | 22250 | 18829 |
|  | Home Depot, Inc. | 59500 | 18794 |
|  | Melco Resorts & Entertainment, Ltd. (ADR)<sup>1</sup> | 1559600 | 17935 |
|  | IDP Education, Ltd. | 871300 | 16102 |
|  | Evolution AB | 140000 | 13673 |
|  | Dollar Tree Stores, Inc.<sup>1</sup> | 95000 | 13437 |
|  | Moncler SpA | 217370 | 11571 |
|  | Entain PLC | 665250 | 10666 |
|  | Target Corp. | 60500 | 9017 |
|  | Tesla, Inc.<sup>1</sup> | 60000 | 7391 |
|  |  |  | 967021 |
|  **Financials**<br> **8.92%** | AIA Group, Ltd. | 10109600 | 111378 |
|  | Tradeweb Markets, Inc., Class A | 1634960 | 106158 |
|  | AXA SA | 1692893 | 47182 |
|  | Kotak Mahindra Bank, Ltd. | 1696000 | 37316 |
|  | Aon PLC, Class A | 101000 | 30314 |
|  | Prudential PLC | 2203282 | 29816 |
|  | HDFC Bank, Ltd. | 1464450 | 28828 |
|  | Citigroup, Inc. | 569715 | 25768 |
|  | Ping An Insurance (Group) Company of China, Ltd., Class H | 3855500 | 25447 |
|  | Société Générale | 1011450 | 25378 |
|  | Blackstone, Inc., nonvoting shares | 312000 | 23147 |
|  | China Merchants Bank Co., Ltd., Class H | 3867000 | 21436 |
|  | Zurich Insurance Group AG | 42200 | 20166 |
|  | Banco Santander, SA | 5334500 | 15976 |
|  | Wells Fargo & Company | 377200 | 15575 |
|  | London Stock Exchange Group PLC | 165000 | 14237 |
|  | AU Small Finance Bank, Ltd. | 1416725 | 11157 |
|  | Bank of America Corp. | 320200 | 10605 |
|  | HDFC Life Insurance Company, Ltd. | 1406500 | 9600 |
|  | Tokio Marine Holdings, Inc. | 368300 | 7884 |
|  | Jackson Financial, Inc., Class A | 44327 | 1542 |
|  | Moscow Exchange MICEX-RTS PJSC<sup>1,2</sup> | 12640000 | —<sup>3</sup> |
|  |  |  | 618910 |
|  **Consumer staples 8.57%** | British American Tobacco PLC | 3329455 | 132095 |
|  | Philip Morris International, Inc. | 1086204 | 109935 |
|  | Altria Group, Inc. | 1523500 | 69639 |
|  | Kweichow Moutai Co., Ltd., Class A | 278166 | 68834 |

---

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| | |
|:---|:---|
| American Funds Insurance Series | **47** |

---

------

##### [**Table of Contents**](#toc)
Global Growth Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Common stocks (continued) | Common stocks (continued) | Shares | Value<br>(000) |
|  **Consumer staples**<br> **(continued)** | Keurig Dr Pepper, Inc. | 1624000 | $57912 |
|  | Nestlé SA | 460353 | 53164 |
|  | Monster Beverage Corp.<sup>1</sup> | 336502 | 34165 |
|  | Costco Wholesale Corp. | 39170 | 17881 |
|  | Carrefour SA, non-registered shares | 1055594 | 17662 |
|  | Pernod Ricard SA | 73000 | 14349 |
|  | Simply Good Foods Co.<sup>1</sup> | 263800 | 10032 |
|  | Bunge, Ltd. | 85000 | 8481 |
|  |  |  | 594149 |
|  **Industrials**<br> **7.54%** | Carrier Global Corp. | 1366400 | 56364 |
|  | Caterpillar, Inc. | 231600 | 55482 |
|  | Boeing Company<sup>1</sup> | 239000 | 45527 |
|  | MTU Aero Engines AG | 167000 | 36146 |
|  | Alliance Global Group, Inc. | 156400700 | 33466 |
|  | Airbus SE, non-registered shares | 245400 | 29179 |
|  | DSV A/S | 171230 | 27158 |
|  | NIBE Industrier AB, Class B | 2328700 | 21776 |
|  | Techtronic Industries Co., Ltd. | 1883000 | 20967 |
|  | CSX Corp. | 635000 | 19672 |
|  | Safran SA | 156300 | 19532 |
|  | GT Capital Holdings, Inc. | 2454611 | 19234 |
|  | Rentokil Initial PLC | 2380000 | 14628 |
|  | Kone OYJ, Class B | 273500 | 14166 |
|  | Canadian Pacific Railway, Ltd. (CAD denominated) | 183000 | 13644 |
|  | ASSA ABLOY AB, Class B | 611000 | 13146 |
|  | L3Harris Technologies, Inc. | 62600 | 13034 |
|  | Recruit Holdings Co., Ltd. | 374200 | 11901 |
|  | Daikin Industries, Ltd. | 74600 | 11476 |
|  | Rheinmetall AG | 52200 | 10397 |
|  | BayCurrent Consulting, Inc. | 321000 | 10037 |
|  | SMC Corp. | 22500 | 9523 |
|  | Suzhou Maxwell Technologies Co., Ltd., Class A | 156970 | 9302 |
|  | Nidec Corp. | 143000 | 7447 |
|  |  |  | 523204 |
|  **Energy**<br> **4.84%** | TotalEnergies SE | 1210900 | 75578 |
|  | Canadian Natural Resources, Ltd. (CAD denominated) | 1281064 | 71140 |
|  | Cenovus Energy, Inc. (CAD denominated) | 3151200 | 61139 |
|  | Reliance Industries, Ltd. | 1601273 | 49121 |
|  | Tourmaline Oil Corp. | 430700 | 21732 |
|  | Equinor ASA | 592000 | 21234 |
|  | Aker BP ASA | 599979 | 18702 |
|  | Halliburton Company | 235128 | 9252 |
|  | Gaztransport & Technigaz SA | 75000 | 8013 |
|  | Gazprom PJSC<sup>2</sup> | 8346000 | —<sup>3</sup> |
|  | LUKOIL Oil Co. PJSC<sup>2</sup> | 246300 | —<sup>3</sup> |
|  |  |  | 335911 |
|  **Materials**<br> **3.25%** | Sherwin-Williams Company | 385500 | 91491 |
|  | Linde PLC | 169940 | 55431 |
|  | Vale SA, ordinary nominative shares | 1577389 | 26554 |
|  | First Quantum Minerals, Ltd. | 706200 | 14755 |
|  | Shin-Etsu Chemical Co., Ltd. | 113500 | 13828 |
|  | Corteva, Inc. | 201300 | 11832 |
|  | Koninklijke DSM NV | 93100 | 11414 |
|  |  |  | 225305 |

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| | |
|:---|:---|
| **48** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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------

##### [**Table of Contents**](#toc)
Global Growth Fund (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Common stocks (continued) |  |  | Shares | Value<br> (000) |
|  **Communication**<br> **services**<br> **2.68%** | Alphabet, Inc., Class A<sup>1</sup> |  | 1236600 | $109105 |
|  | Meta Platforms, Inc., Class A<sup>1</sup> |  | 190923 | 22976 |
|  | Publicis Groupe SA |  | 273000 | 17336 |
|  | Sea, Ltd., Class A (ADR)<sup>1</sup> |  | 273336 | 14222 |
|  | Tencent Holdings, Ltd. |  | 297100 | 12627 |
|  | Bharti Airtel, Ltd. |  | 945000 | 9186 |
|  |  |  |  | 185452 |
|  **Real estate**<br> **018.%** | Goodman Logistics (HK), Ltd. REIT |  | 1027500 | 12072 |
|  **Utilities**<br> **0.11%** | Brookfield Infrastructure Partners, LP |  | 247500 | 7666 |
|  | **Total common stocks** (cost: $4,798,092,000) |  |  | 6553762 |
|  Preferred securities 1.66% | Preferred securities 1.66% |  |  |  |
|  **Health care**<br> **1.36%** | Sartorius AG, nonvoting non-registered preferred shares |  | 239000 | 94514 |
|  **Information**<br> **technology**<br> **0.30%** | Samsung Electronics Co., Ltd., nonvoting preferred shares |  | 512300 | 20614 |
|  | **Total preferred securities** (cost: $27,546,000) |  |  | 115128 |
|  Short-term securities 4.03% | Short-term securities 4.03% |  |  |  |
|  **Money market investments 2.37%** | **Money market investments 2.37%** |  |  |  |
|  | Capital Group Central Cash Fund 4.31%<sup>4,5</sup> |  | 1645519 | 164535 |
|  |  | Weighted<br>average yield<br>at acquisition | Principal amount<br>(000) |  |
|  **Commercial paper 1.66%** | **Commercial paper 1.66%** |  |  |  |
|  | KfW 1/27/2023<sup>6</sup> | 3.890% | USD65,000 | 64782 |
|  | Toronto-Dominion Bank 1/27/2023<sup>6</sup> | 4.130 | 50000 | 49833 |
|  |  |  |  | 114615 |
|  | **Total short-term securities** (cost: $279,166,000) |  |  | 279150 |
|  | **Total investment securities 100.18%** (cost: $5,104,804,000) |  |  | 6948040 |
|  | Other assets less liabilities (0.18)% |  |  | (12386) |
|  | **Net assets 100.00%** |  |  | $6935654 |

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| | |
|:---|:---|
| American Funds Insurance Series | **49** |

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##### [**Table of Contents**](#toc)
Global Growth Fund (continued)

**Investments in affiliates<sup>5</sup>** 

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Value of<br>affiliates at<br>1/1/2022<br>(000) | Additions<br> (000) | Reductions<br> (000) | <br> Net<br>realized<br>loss<br> (000) | <br> Net<br> unrealized<br>depreciation<br> (000) | <br> Value of<br>affiliates at<br>12/31/2022<br> (000) | <br> Dividend<br>income<br> (000) |
|  Short-term securities 2.37% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Money market investments 2.37%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 4.31%<sup>4</sup> | $376714 | $1480091 | $1692180 | $(71) | $(19) | $164535 | $9353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Money market investments purchased with collateralfrom securities on loan 0.00%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 4.31%<sup>4</sup> | 1808 |  | 1808<sup>7</sup> |  |  |  | —<sup>8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total 2.37%** |  |  |  | $(71) | $(19) | $164535 | $9353 |

---

<sup>1</sup> Security did not produce income during the last 12 months.

<sup>2</sup> Value determined using significant unobservable inputs.

<sup>3</sup> Amount less than one thousand. 

<sup>4</sup> Rate represents the seven-day yield at 12/31/2022.

<sup>5</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>6</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $114,615,000, which represented 1.65% of the net assets of the fund. 

<sup>7</sup> Represents net activity. Refer to Note 5 for more information on securities lending.

<sup>8</sup> Dividend income is included with securities lending income in the fund's statement of operations and is not shown in this table.

**Key to abbreviations** 

ADR = American Depositary Receipts

CAD = Canadian dollars

REIT = Real Estate Investment Trust

USD = U.S. dollars

Refer to the notes to financial statements.

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| | |
|:---|:---|
| **50** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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##### [**Table of Contents**](#toc)
Global Small Capitalization Fund

**Investment portfolio** December 31, 2022

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| | | | |
|:---|:---|:---|:---|
| Common stocks 96.00% | Common stocks 96.00% | Shares | Value<br> (000) |
|  **Industrials**<br> **20.67%** | International Container Terminal Services, Inc. | 11690490 | $42075 |
|  | Visional, Inc.<sup>1</sup> | 504850 | 33522 |
|  | Stericycle, Inc.<sup>1</sup> | 571050 | 28490 |
|  | Japan Airport Terminal Co., Ltd.<sup>1</sup> | 559900 | 27843 |
|  | IMCD NV | 177337 | 25330 |
|  | Fasadgruppen Group AB | 2370503 | 23995 |
|  | Trelleborg AB, Class B | 982292 | 22727 |
|  | Boyd Group Services, Inc. | 146809 | 22678 |
|  | Cleanaway Waste Management, Ltd. | 12501414 | 22274 |
|  | Interpump Group SpA | 454700 | 20598 |
|  | Saia, Inc.<sup>1</sup> | 80994 | 16983 |
|  | CG Power and Industrial Solutions, Ltd.<sup>1</sup> | 4880108 | 15908 |
|  | Instalco AB | 4098065 | 15622 |
|  | Montrose Environmental Group, Inc.<sup>1</sup> | 348186 | 15456 |
|  | Alfen NV<sup>1</sup> | 162431 | 14668 |
|  | Dürr AG | 426625 | 14396 |
|  | ALS, Ltd. | 1639100 | 13632 |
|  | Cargotec OYJ, Class B, non-registered shares | 300450 | 13341 |
|  | Wizz Air Holdings PLC<sup>1</sup> | 522941 | 11979 |
|  | Daiseki Co., Ltd. | 313600 | 10798 |
|  | AirTAC International Group | 355062 | 10747 |
|  | Woodward, Inc. | 105000 | 10144 |
|  | Rumo SA | 2802100 | 9877 |
|  | Japan Elevator Service Holdings Co., Ltd. | 787656 | 9866 |
|  | The AZEK Co., Inc., Class A<sup>1</sup> | 482390 | 9802 |
|  | Comfort Systems USA, Inc. | 84100 | 9678 |
|  | Centre Testing International Group Co., Ltd. | 2684839 | 8615 |
|  | Melrose Industries PLC | 5266169 | 8561 |
|  | DL E&C Co., Ltd. | 287442 | 7732 |
|  | Guangzhou Baiyun International Airport Co., Ltd., Class A<sup>1</sup> | 3524879 | 7613 |
|  | Engcon AB, Class B<sup>1,2</sup> | 1070647 | 6833 |
|  | Carel Industries SpA | 252900 | 6357 |
|  | Burckhardt Compression Holding AG | 9963 | 5929 |
|  | Kajaria Ceramics, Ltd. | 422763 | 5916 |
|  | Hensoldt AG | 248197 | 5873 |
|  | Diploma PLC | 161300 | 5420 |
|  | SIS, Ltd.<sup>1</sup> | 1128949 | 5353 |
|  | GVS SpA<sup>1,2</sup> | 1192262 | 5159 |
|  | Reliance Worldwide Corp., Ltd. | 2548379 | 5127 |
|  | Addtech AB, Class B | 353050 | 5054 |
|  | KEI Industries, Ltd. | 267444 | 4724 |
|  | First Advantage Corp.<sup>1</sup> | 361017 | 4693 |
|  | Vicor Corp.<sup>1</sup> | 85683 | 4605 |
|  | Harsha Engineers International, Ltd.<sup>1</sup> | 970777 | 4488 |
|  | ICF International, Inc. | 43592 | 4318 |
|  | Sulzer AG | 54789 | 4278 |
|  | Controladora Vuela Compañía de Aviación, SAB de CV, Class A (ADR), ordinary participation certificates<sup>1</sup> | 460200 | 3847 |
|  | LIXIL Corp. | 196500 | 2995 |
|  | Trex Co., Inc.<sup>1</sup> | 59516 | 2519 |
|  | Aalberts NV, non-registered shares | 64502 | 2508 |
|  | Dätwyler Holding, Inc., non-registered shares | 12348 | 2466 |
|  | Antares Vision SpA<sup>1</sup> | 281100 | 2418 |
|  | Chart Industries, Inc.<sup>1</sup> | 16174 | 1864 |
|  | Matson, Inc. | 8674 | 542 |
|  |  |  | 608236 |
|  **Information**<br> **technology**<br> **18.70%** | Wolfspeed, Inc.<sup>1</sup> | 790681 | 54589 |
|  | eMemory Technology, Inc. | 910430 | 39481 |
|  | Net One Systems Co., Ltd. | 1201156 | 31223 |
|  | Nordic Semiconductor ASA<sup>1</sup> | 1677583 | 28098 |

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---

| | |
|:---|:---|
| American Funds Insurance Series | **51** |

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##### [**Table of Contents**](#toc)
Global Small Capitalization Fund (continued)

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| | | | |
|:---|:---|:---|:---|
| Common stocks (continued) | Common stocks (continued) | Shares | Value<br> (000) |
|  **Information**<br> **technology**<br> **(continued)** | Confluent, Inc., Class A<sup>1</sup> | 1096085 | $&nbsp;&nbsp;&nbsp;&nbsp;24377 |
|  | PAR Technology Corp.<sup>1,2</sup> | 837615 | 21837 |
|  | SUMCO Corp. | 1466300 | 19620 |
|  | ALTEN SA, non-registered shares | 142299 | 17869 |
|  | Kingdee International Software Group Co., Ltd.<sup>1</sup> | 7337224 | 15619 |
|  | Extreme Networks, Inc.<sup>1</sup> | 828378 | 15168 |
|  | BE Semiconductor Industries NV | 235536 | 14308 |
|  | Smartsheet, Inc., Class A<sup>1</sup> | 346627 | 13643 |
|  | Euronet Worldwide, Inc.<sup>1</sup> | 144187 | 13608 |
|  | Ceridian HCM Holding, Inc.<sup>1</sup> | 211500 | 13568 |
|  | Silicon Laboratories, Inc.<sup>1</sup> | 95000 | 12889 |
|  | Tanla Platforms, Ltd. | 1477291 | 12708 |
|  | MACOM Technology Solutions Holdings, Inc.<sup>1</sup> | 190000 | 11966 |
|  | Keywords Studios PLC | 344606 | 11355 |
|  | Alphawave IP Group PLC<sup>1,2</sup> | 8897291 | 10900 |
|  | SHIFT, Inc.<sup>1</sup> | 59200 | 10521 |
|  | SINBON Electronics Co., Ltd. | 1142550 | 10218 |
|  | OVH Groupe SAS<sup>1,2</sup> | 591394 | 10169 |
|  | Qorvo, Inc.<sup>1</sup> | 110518 | 10017 |
|  | Pegasystems, Inc. | 288141 | 9866 |
|  | GitLab, Inc., Class A<sup>1,2</sup> | 213816 | 9716 |
|  | SimCorp AS | 139192 | 9512 |
|  | CCC Intelligent Solutions Holdings, Inc.<sup>1</sup> | 1033074 | 8988 |
|  | Aspen Technology, Inc.<sup>1</sup> | 36561 | 7510 |
|  | Credo Technology Group Holding, Ltd.<sup>1</sup> | 555400 | 7392 |
|  | INFICON Holding AG | 7397 | 6462 |
|  | Cognex Corp. | 116600 | 5493 |
|  | Bentley Systems, Inc., Class B | 142373 | 5262 |
|  | Unity Software, Inc.<sup>1,2</sup> | 183231 | 5239 |
|  | Kingboard Laminates Holdings, Ltd. | 4498000 | 4945 |
|  | AvidXchange Holdings, Inc.<sup>1</sup> | 489768 | 4868 |
|  | Topicus.com, Inc., subordinate voting shares<sup>1</sup> | 87540 | 4596 |
|  | MongoDB, Inc., Class A<sup>1</sup> | 23300 | 4586 |
|  | Truecaller AB, Class B<sup>1,2</sup> | 1289744 | 4044 |
|  | Linklogis, Inc., Class B<sup>1,2</sup> | 6753115 | 3482 |
|  | Softcat PLC | 222430 | 3192 |
|  | Globant SA<sup>1</sup> | 17730 | 2981 |
|  | Rapid7, Inc.<sup>1</sup> | 71250 | 2421 |
|  | Kingboard Holdings, Ltd. | 710000 | 2261 |
|  | TELUS International (Cda), Inc., subordinate voting shares<sup>1,2</sup> | 102669 | 2032 |
|  | GlobalWafers Co., Ltd. | 145000 | 2014 |
|  | LEM Holding SA | 990 | 1922 |
|  | Cvent Holding Corp.<sup>1</sup> | 344800 | 1862 |
|  | HashiCorp, Inc., Class A<sup>1</sup> | 54600 | 1493 |
|  | Bechtle AG, non-registered shares | 40616 | 1437 |
|  | Marqeta, Inc., Class A<sup>1</sup> | 212881 | 1301 |
|  | Semtech Corp.<sup>1</sup> | 32200 | 924 |
|  | Yotpo, Ltd.<sup>1,3,4</sup> | 678736 | 842 |
|  |  |  | 550394 |
|  **Consumer**<br> **discretionary**<br> **17.91%** | Melco Resorts & Entertainment, Ltd. (ADR)<sup>1</sup> | 3600384 | 41404 |
|  | Skechers USA, Inc., Class A<sup>1</sup> | 700000 | 29365 |
|  | Five Below, Inc.<sup>1</sup> | 165181 | 29216 |
|  | Thor Industries, Inc. | 370472 | 27967 |
|  | Mattel, Inc.<sup>1</sup> | 1400000 | 24976 |
|  | Wyndham Hotels & Resorts, Inc. | 332330 | 23698 |
|  | Entain PLC | 1424930 | 22847 |
|  | YETI Holdings, Inc.<sup>1</sup> | 547131 | 22602 |
|  | NEXTAGE Co., Ltd. | 1036500 | 19999 |
|  | Domino's Pizza Enterprises, Ltd.<sup>2</sup> | 443338 | 19968 |
|  | Light & Wonder, Inc.<sup>1</sup> | 299658 | 17560 |

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|:---|:---|
| **52** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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------

##### [**Table of Contents**](#toc)
Global Small Capitalization Fund (continued)

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| | | | |
|:---|:---|:---|:---|
| Common stocks (continued) | Common stocks (continued) | Shares | Value<br> (000) |
|  **Consumer**<br> **discretionary**<br> **(continued)** | Asbury Automotive Group, Inc.<sup>1</sup> | 97426 | $&nbsp;&nbsp;&nbsp;&nbsp;17464 |
|  | Inchcape PLC | 1719150 | 16969 |
|  | Evolution AB | 172264 | 16824 |
|  | DraftKings, Inc., Class A<sup>1,2</sup> | 1400364 | 15950 |
|  | Lands' End, Inc.<sup>1,5</sup> | 2100000 | 15939 |
|  | Helen of Troy, Ltd.<sup>1</sup> | 141542 | 15698 |
|  | TopBuild Corp.<sup>1</sup> | 82261 | 12873 |
|  | WH Smith PLC | 701756 | 12524 |
|  | Kindred Group PLC (SDR) | 1164011 | 12150 |
|  | Shoei Co., Ltd. | 281700 | 11006 |
|  | Tongcheng Travel Holdings, Ltd.<sup>1</sup> | 4538400 | 10922 |
|  | Golden Entertainment, Inc.<sup>1</sup> | 256800 | 9604 |
|  | Chervon Holdings, Ltd.<sup>2</sup> | 1635700 | 9023 |
|  | Musti Group OYJ | 495800 | 8297 |
|  | MRF, Ltd. | 7160 | 7650 |
|  | Tube Investments of India, Ltd. | 204200 | 6852 |
|  | Melco International Development, Ltd.<sup>1</sup> | 6130000 | 6655 |
|  | Compagnie Plastic Omnium SA | 337633 | 4898 |
|  | Zhongsheng Group Holdings, Ltd. | 938500 | 4784 |
|  | Everi Holdings, Inc.<sup>1</sup> | 330000 | 4736 |
|  | Leslie's, Inc.<sup>1</sup> | 353358 | 4315 |
|  | On Holding AG, Class A<sup>1</sup> | 238410 | 4091 |
|  | Elior Group SA<sup>1,2</sup> | 1153174 | 4066 |
|  | Persimmon PLC | 255136 | 3766 |
|  | Haichang Ocean Park Holdings, Ltd.<sup>1</sup> | 17691000 | 3617 |
|  | IDP Education, Ltd. | 150966 | 2790 |
|  | Arco Platform, Ltd., Class A<sup>1,2</sup> | 158600 | 2141 |
|  | DESCENTE, Ltd. | 81425 | 2003 |
|  |  |  | 527209 |
|  **Health care**<br> **17.06%** | Insulet Corp.<sup>1</sup> | 322368 | 94901 |
|  | Haemonetics Corp.<sup>1</sup> | 960147 | 75516 |
|  | Globus Medical, Inc., Class A<sup>1</sup> | 464688 | 34512 |
|  | Oak Street Health, Inc.<sup>1</sup> | 1542490 | 33179 |
|  | Integra LifeSciences Holdings Corp.<sup>1</sup> | 527958 | 29603 |
|  | Max Healthcare Institute, Ltd.<sup>1</sup> | 4669887 | 24816 |
|  | CONMED Corp. | 200920 | 17810 |
|  | CanSino Biologics, Inc., Class H | 1864200 | 15948 |
|  | Vaxcyte, Inc.<sup>1</sup> | 274959 | 13184 |
|  | Ocumension Therapeutics<sup>1</sup> | 9650966 | 12105 |
|  | Hapvida Participações e Investimentos SA<sup>1</sup> | 12352106 | 11885 |
|  | Bachem Holding AG | 135555 | 11823 |
|  | Angelalign Technology, Inc. | 640800 | 10100 |
|  | ICON PLC<sup>1</sup> | 46061 | 8947 |
|  | Shandong Pharmaceutical Glass Co., Ltd., Class A | 2180508 | 8890 |
|  | CompuGroup Medical SE & Co. KGaA | 228815 | 8808 |
|  | Ambu AS, Class B, non-registered shares<sup>1</sup> | 683462 | 8672 |
|  | Penumbra, Inc.<sup>1</sup> | 36200 | 8053 |
|  | Netcare, Ltd. | 8818088 | 7527 |
|  | iRhythm Technologies, Inc.<sup>1</sup> | 79700 | 7466 |
|  | Denali Therapeutics, Inc.<sup>1</sup> | 257903 | 7172 |
|  | Encompass Health Corp. | 117866 | 7050 |
|  | New Horizon Health, Ltd.<sup>1</sup> | 3007844 | 6730 |
|  | Medmix AG | 324953 | 6200 |
|  | Health Catalyst, Inc.<sup>1</sup> | 568785 | 6046 |
|  | Hypera SA, ordinary nominative shares | 582885 | 4990 |
|  | Amplifon SpA | 141536 | 4228 |
|  | The Ensign Group, Inc. | 39450 | 3732 |
|  | Masimo Corp.<sup>1</sup> | 23687 | 3505 |
|  | Amvis Holdings, Inc. | 122400 | 3113 |
|  | Nordhealth AS, Class A<sup>1,2</sup> | 1279999 | 2916 |

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| | |
|:---|:---|
| American Funds Insurance Series | **53** |

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------

##### [**Table of Contents**](#toc)
Global Small Capitalization Fund (continued)

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| | | | |
|:---|:---|:---|:---|
| Common stocks (continued) | Common stocks (continued) | Shares | Value<br> (000) |
|  **Health care**<br> **(continued)** | Gland Pharma, Ltd.<sup>1</sup> | 90000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1715 |
|  | Beam Therapeutics, Inc.<sup>1</sup> | 22757 | 890 |
|  | DiaSorin Italia SpA | 292 | 41 |
|  |  |  | 502073 |
|  **Financials**<br> **8.75%** | Star Health & Allied Insurance Co., Ltd.<sup>1</sup> | 6037336 | 41333 |
|  | Cholamandalam Investment and Finance Co., Ltd. | 3684053 | 32078 |
|  | Eurobank Ergasias Services and Holdings SA<sup>1</sup> | 17966239 | 20281 |
|  | Independent Bank Group, Inc. | 280449 | 16849 |
|  | Stifel Financial Corp. | 271050 | 15821 |
|  | Glacier Bancorp, Inc. | 286088 | 14139 |
|  | Fukuoka Financial Group, Inc. | 572200 | 13049 |
|  | IIFL Finance, Ltd. | 2116842 | 12316 |
|  | IIFL Wealth Management, Ltd. | 513500 | 11028 |
|  | Janus Henderson Group PLC | 440000 | 10349 |
|  | Bridgepoint Group PLC | 3459845 | 8017 |
|  | Remgro, Ltd. | 965035 | 7551 |
|  | Five-Star Business Finance, Ltd.<sup>1</sup> | 993023 | 7268 |
|  | Patria Investments, Ltd., Class A | 508200 | 7079 |
|  | Aptus Value Housing Finance India, Ltd. | 1816424 | 6657 |
|  | SiriusPoint, Ltd.<sup>1</sup> | 1100000 | 6490 |
|  | Aavas Financiers, Ltd.<sup>1</sup> | 272734 | 6072 |
|  | Eastern Bankshares, Inc. | 278164 | 4798 |
|  | AU Small Finance Bank, Ltd. | 483716 | 3809 |
|  | SouthState Corp. | 46350 | 3539 |
|  | Allfunds Group PLC | 470000 | 3284 |
|  | East West Bancorp, Inc. | 49700 | 3275 |
|  | Capitec Bank Holdings, Ltd. | 15161 | 1658 |
|  | PT Bank Raya Indonesia Tbk<sup>1</sup> | 23860996 | 619 |
|  |  |  | 257359 |
|  **Materials**<br> **3.56%** | JSR Corp. | 1140088 | 22469 |
|  | LANXESS AG | 441240 | 17807 |
|  | OZ Minerals, Ltd. | 648901 | 12142 |
|  | Navin Fluorine International, Ltd. | 175000 | 8586 |
|  | PI Industries, Ltd. | 188382 | 7772 |
|  | Zeon Corp. | 768700 | 7730 |
|  | Vidrala, SA, non-registered shares | 64918 | 5581 |
|  | MMG, Ltd.<sup>1</sup> | 14608000 | 3728 |
|  | Materion Corp. | 41809 | 3659 |
|  | Toyo Gosei Co., Ltd.<sup>2</sup> | 63400 | 3485 |
|  | Recticel SA/NV | 175000 | 2921 |
|  | Mayr-Melnhof Karton AG, non-registered shares | 17479 | 2824 |
|  | Livent Corp.<sup>1</sup> | 130000 | 2583 |
|  | Perimeter Solutions SA<sup>1,2</sup> | 221167 | 2021 |
|  | Huhtamäki OYJ | 42500 | 1455 |
|  | Covestro AG, non-registered shares | 2600 | 102 |
|  |  |  | 104865 |
|  **Real estate**<br> **2.53%** | Altus Group, Ltd. | 551189 | 21999 |
|  | Embassy Office Parks REIT | 4939400 | 20043 |
|  | Macrotech Developers, Ltd.<sup>1</sup> | 582697 | 7685 |
|  | JHSF Participações SA | 5823950 | 5537 |
|  | Mindspace Business Parks REIT | 1250000 | 5054 |
|  | ESR-Logos REIT | 15133928 | 4166 |

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| | |
|:---|:---|
| **54** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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------

##### [**Table of Contents**](#toc)
Global Small Capitalization Fund (continued)

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| | | | |
|:---|:---|:---|:---|
| Common stocks (continued) | Common stocks (continued) | Shares | Value<br> (000) |
|  **Real estate**<br> **(continued)** | Fibra Uno Administración, SA de CV REIT | 3400000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4006 |
|  | Corp. Inmobiliaria Vesta, SAB de CV | 1606000 | 3833 |
|  | Ayala Land, Inc. | 3718100 | 2069 |
|  |  |  | 74392 |
|  **Energy**<br> **1.89%** | Venture Global LNG, Inc., Series C<sup>1,3,4</sup> | 2760 | 25418 |
|  | Subsea 7 SA | 1050980 | 12088 |
|  | DT Midstream, Inc. | 166383 | 9194 |
|  | Weatherford International<sup>1</sup> | 82600 | 4206 |
|  | Worley, Ltd. | 350000 | 3577 |
|  | Aegis Logistics, Ltd. | 199283 | 838 |
|  | Helmerich & Payne, Inc. | 7700 | 382 |
|  |  |  | 55703 |
|  **Communication**<br> **services**<br> **1.77%** | JCDecaux SE<sup>1</sup> | 976059 | 18563 |
|  | Lions Gate Entertainment Corp., Class B<sup>1</sup> | 3059785 | 16614 |
|  | Rightmove PLC | 816439 | 5055 |
|  | Bandwidth, Inc., Class A<sup>1</sup> | 206800 | 4746 |
|  | VTEX, Class A<sup>1</sup> | 993126 | 3724 |
|  | Trustpilot Group PLC<sup>1</sup> | 2966832 | 3473 |
|  |  |  | 52175 |
|  **Utilities**<br> **1.62%** | ACEN Corp. | 143954250 | 19747 |
|  | ENN Energy Holdings, Ltd. | 1205597 | 16819 |
|  | Brookfield Infrastructure Corp., Class A, subordinate voting shares | 157667 | 6133 |
|  | Neoenergia SA | 1442015 | 4220 |
|  | SembCorp Industries, Ltd. | 282600 | 712 |
|  |  |  | 47631 |
|  **Consumer staples**<br> **1.54%** | Grocery Outlet Holding Corp.<sup>1</sup> | 621782 | 18150 |
|  | Shop Apotheke Europe NV, non-registered shares<sup>1</sup> | 169500 | 8003 |
|  | Monde Nissin Corp. | 39914950 | 7960 |
|  | Scandinavian Tobacco Group A/S | 305111 | 5352 |
|  | AAK AB | 223527 | 3819 |
|  | Hilton Food Group PLC | 250077 | 1688 |
|  | Zur Rose Group AG<sup>1,2</sup> | 9250 | 257 |
|  |  |  | 45229 |
|  | **Total common stocks** (cost: $2,451,546,000) |  | 2825266 |
| Preferred securities 0.87% | Preferred securities 0.87% |  |  |
|  **Information**<br> **technology**<br> **0.62%** | SmartHR, Inc., Series D, preferred shares<sup>1,3,4</sup> | 3006 | 10752 |
|  | Yotpo, Ltd., Series F, preferred shares<sup>1,3,4</sup> | 2158609 | 2677 |
|  | Yotpo, Ltd., Series B, preferred shares<sup>1,3,4</sup> | 287894 | 357 |
|  | Yotpo, Ltd., Series C, preferred shares<sup>1,3,4</sup> | 274070 | 340 |
|  | Yotpo, Ltd., Series A-1, preferred shares<sup>1,3,4</sup> | 183819 | 228 |
|  | Yotpo, Ltd., Series A, preferred shares<sup>1,3,4</sup> | 89605 | 111 |
|  | Yotpo, Ltd., Series C-1, preferred shares<sup>1,3,4</sup> | 75980 | 94 |
|  | Yotpo, Ltd., Series D, preferred shares<sup>1,3,4</sup> | 42368 | 52 |
|  | Yotpo, Ltd., Series B-1, preferred shares<sup>1,3,4</sup> | 33838 | 42 |
|  | Outreach Corp., Series G, preferred shares<sup>1,3,4</sup> | 154354 | 3603 |
|  |  |  | 18256 |

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| | |
|:---|:---|
| American Funds Insurance Series | **55** |

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##### [**Table of Contents**](#toc)
Global Small Capitalization Fund (continued)

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| | | | |
|:---|:---|:---|:---|
| Preferred securities (continued) | Preferred securities (continued) | Shares | Value<br> (000) |
|  **Industrials**<br> **0.24%** | Azul SA (ADR), preferred nominative shares<sup>1,2</sup> | 1128836 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6897 |
|  | Azul SA, preferred nominative shares<sup>1</sup> | 109500 | 229 |
|  |  |  | 7126 |
|  **Health care**<br> **0.01%** | PACT Pharma, Inc., Series C, 8.00% noncumulative preferred shares<sup>1,3,4</sup> | 2931405 | 196 |
|  | **Total preferred securities** (cost: $45,236,000) |  | 25578 |
| Rights & warrants 0.34% | Rights & warrants 0.34% |  |  |
|  **Information**<br> **technology**<br> **0.34%** | OPT Machine Vision Tech Co., Ltd., Class A, warrants, expire 2/3/2023<sup>1,6</sup> | 526700 | 10007 |
|  | **Total rights & warrants** (cost: $18,773,000) |  | 10007 |
| Short-term securities 5.05% | Short-term securities 5.05% |  |  |
|  **Money market investments 3.25%** | **Money market investments 3.25%** |  |  |
|  | Capital Group Central Cash Fund 4.31%<sup>5,7</sup> | 958183 | 95809 |
|  **Money market investments purchased with collateral from securities on loan 1.80%** | **Money market investments purchased with collateral from securities on loan 1.80%** |  |  |
|  | Capital Group Central Cash Fund 4.31%<sup>5,7,8</sup> | 232377 | 23235 |
|  | Goldman Sachs Financial Square Government Fund, Institutional Shares 4.15%<sup>7,8</sup> | 18552259 | 18553 |
|  | Invesco Short-Term Investments Trust – Government & Agency Portfolio,<br>Institutional Class 4.22%<sup>7,8</sup> | 10793666 | 10794 |
|  | State Street Institutional U.S. Government Money Market Fund,<br>Institutional Class 4.09%<sup>7,8</sup> | 271134 | 271 |
|  |  |  | 52853 |
|  | **Total short-term securities** (cost: $148,644,000) |  | 148662 |
|  | **Total investment securities 102.26%** (cost: $2,664,199,000) |  | 3009513 |
|  | Other assets less liabilities (2.26)% |  | (66610) |
|  | **Net assets 100.00%** |  | $2942903 |

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**Investments in affiliates<sup>5</sup>** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Value of<br>affiliates at<br>1/1/2022<br>(000) | Additions<br>(000) | Reductions<br>(000) | Net<br>realized<br>loss<br> (000) | Net<br>unrealized<br>depreciation<br> (000) | Value of<br>affiliates at<br>12/31/2022<br>(000) | Dividend<br>income<br>(000) |
|  **Common stocks 0.54%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer discretionary 0.54%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lands' End, Inc.<sup>1</sup> | $41223 | $— | $— | $— | $(25284) | $15939 | $— |
|  **Short-term securities 4.04%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Money market investments 3.25%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 4.31%<sup>7</sup> | 203087 | 779439 | 886686 | (30) | (1) | 95809 | 3871 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Money market investments purchased with collateral from securities on loan 0.79%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 4.31%<sup>7,8</sup> | 32260 |  | 9025<sup>9</sup> |  |  | 23235 | —<sup>10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total short-term securities** |  |  |  |  |  | 119044 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total 4.58%** |  |  |  | $(30) | $(25285) | $134983 | $3871 |

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|:---|:---|
| **56** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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##### [**Table of Contents**](#toc)
Global Small Capitalization Fund (continued)

**Restricted securities<sup>4</sup>** 

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| | | | | |
|:---|:---|:---|:---|:---|
| | Acquisition<br>date | Cost<br>(000) | Value<br>(000) | Percent<br>of net<br>assets |
| &nbsp;&nbsp;&nbsp;&nbsp; Venture Global LNG, Inc., Series C<sup>1,3</sup> | 5/1/2015 | $8280 | $25418 | .86% |
| &nbsp;&nbsp;&nbsp;&nbsp; SmartHR, Inc., Series D, preferred shares<sup>1,3</sup> | 5/28/2021 | 14344 | 10752 | .37 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yotpo, Ltd., Series F, preferred shares<sup>1,3</sup> | 2/25/2021 | 4748 | 2677 | .09 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yotpo, Ltd.<sup>1,3</sup> | 3/16/2021 | 1418 | 842 | .03 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yotpo, Ltd., Series B, preferred shares<sup>1,3</sup> | 3/16/2021 | 602 | 357 | .01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yotpo, Ltd., Series C, preferred shares<sup>1,3</sup> | 3/16/2021 | 573 | 340 | .01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yotpo, Ltd., Series A-1, preferred shares<sup>1,3</sup> | 3/16/2021 | 384 | 228 | .01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yotpo, Ltd., Series A, preferred shares<sup>1,3</sup> | 3/16/2021 | 187 | 111 | .01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yotpo, Ltd., Series C-1, preferred shares<sup>1,3</sup> | 3/16/2021 | 159 | 94 | .00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yotpo, Ltd., Series D, preferred shares<sup>1,3</sup> | 3/16/2021 | 89 | 52 | .00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yotpo, Ltd., Series B-1, preferred shares<sup>1,3</sup> | 3/16/2021 | 71 | 42 | .00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Outreach Corp., Series G, preferred shares<sup>1,3</sup> | 5/27/2021 | 4517 | 3603 | .12 |
| &nbsp;&nbsp;&nbsp;&nbsp; PACT Pharma, Inc., Series C, 8.00% noncumulative preferred shares<sup>1,3</sup> | 2/7/2020 | 6000 | 196 | .01 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** |  | $41372 | $44712 | 1.52% |

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<sup></sup><sup>1</sup> Security did not produce income during the last 12 months.

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| | |
|:---|:---|
| <sup>2</sup> | All or a portion of this security was on loan. The total value of all such securities was $59,781,000, which represented 2.03% of the net assets of the fund. Refer to Note 5 for more information on securities lending.  |

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<sup></sup><sup>3</sup> Value determined using significant unobservable inputs.

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| | |
|:---|:---|
| <sup>4</sup> | Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $44,712,000, which represented 1.52% of the net assets of the fund.  |

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<sup></sup><sup>5</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

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| | |
|:---|:---|
| <sup>6</sup> | Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $10,007,000, which represented .34% of the net assets of the fund.  |

---

<sup></sup><sup>7</sup> Rate represents the seven-day yield at 12/31/2022.

<sup></sup><sup>8</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>9</sup> Represents net activity. Refer to Note 5 for more information on securities lending.

<sup>10</sup> Dividend income is included with securities lending income in the fund's statement of operations and is not shown in this table.

**Key to abbreviations** 

ADR = American Depositary Receipts

REIT = Real Estate Investment Trust

SDR = Swedish Depositary Receipts

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American Funds Insurance Series | **57** |

---

------

##### [**Table of Contents**](#toc)
Growth Fund

**Investment portfolio** December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| Common stocks 96.12% | Common stocks 96.12% | Shares | Value<br> (000) |
|  **Information**<br> **technology**<br> **20.03%** | Microsoft Corp. | 6282998 | $1506789 |
|  | Broadcom, Inc. | 1265075 | 707341 |
|  | ASML Holding NV | 736108 | 398458 |
|  | ASML Holding NV (New York registered) (ADR) | 189937 | 103781 |
|  | Visa, Inc., Class A | 1198388 | 248977 |
|  | Apple, Inc. | 1694416 | 220156 |
|  | Mastercard, Inc., Class A | 566983 | 197157 |
|  | Fiserv, Inc.<sup>1</sup> | 1615000 | 163228 |
|  | Synopsys, Inc.<sup>1</sup> | 467600 | 149300 |
|  | Motorola Solutions, Inc. | 510100 | 131458 |
|  | Shopify, Inc., Class A, subordinate voting shares<sup>1</sup> | 3665992 | 127247 |
|  | Applied Materials, Inc. | 1199328 | 116791 |
|  | Wolfspeed, Inc.<sup>1</sup> | 1655641 | 114305 |
|  | RingCentral, Inc., Class A<sup>1</sup> | 3132381 | 110886 |
|  | ServiceNow, Inc.<sup>1</sup> | 269875 | 104784 |
|  | Salesforce, Inc.<sup>1</sup> | 787000 | 104348 |
|  | Micron Technology, Inc. | 2048078 | 102363 |
|  | NVIDIA Corp. | 665500 | 97256 |
|  | Taiwan Semiconductor Manufacturing Company, Ltd. | 5456000 | 79519 |
|  | Taiwan Semiconductor Manufacturing Company, Ltd. (ADR) | 209700 | 15621 |
|  | Cloudflare, Inc., Class A<sup>1</sup> | 1858800 | 84036 |
|  | Amadeus IT Group SA, Class A, non-registered shares<sup>1</sup> | 1612361 | 83150 |
|  | Genpact, Ltd. | 1524231 | 70602 |
|  | Keyence Corp. | 165500 | 64794 |
|  | Fidelity National Information Services, Inc. | 884718 | 60028 |
|  | Toast, Inc., Class A<sup>1</sup> | 3143518 | 56678 |
|  | CDW Corp. | 311859 | 55692 |
|  | MongoDB, Inc., Class A<sup>1</sup> | 279700 | 55056 |
|  | SAP SE | 477361 | 49263 |
|  | Constellation Software, Inc. | 31255 | 48798 |
|  | GoDaddy, Inc., Class A<sup>1</sup> | 645081 | 48265 |
|  | Samsung Electronics Co., Ltd. | 1085000 | 47846 |
|  | Unity Software, Inc.<sup>1,2</sup> | 1660000 | 47459 |
|  | Ceridian HCM Holding, Inc.<sup>1</sup> | 712011 | 45676 |
|  | Trimble, Inc.<sup>1</sup> | 840920 | 42517 |
|  | Concentrix Corp. | 305551 | 40687 |
|  | Block, Inc., Class A<sup>1</sup> | 635970 | 39964 |
|  | DocuSign, Inc.<sup>1</sup> | 718524 | 39821 |
|  | Bill.com Holdings, Inc.<sup>1</sup> | 358729 | 39087 |
|  | MicroStrategy, Inc., Class A<sup>1</sup> | 236458 | 33475 |
|  | NetApp, Inc. | 527540 | 31684 |
|  | Silicon Laboratories, Inc.<sup>1</sup> | 231815 | 31450 |
|  | MKS Instruments, Inc. | 360705 | 30563 |
|  | Intel Corp. | 1136000 | 30025 |
|  | Smartsheet, Inc., Class A<sup>1</sup> | 729700 | 28721 |
|  | Adobe, Inc.<sup>1</sup> | 69034 | 23232 |
|  | VeriSign, Inc.<sup>1</sup> | 110053 | 22609 |
|  | Ciena Corp.<sup>1</sup> | 416000 | 21208 |
|  | Nuvei Corp., subordinate voting shares<sup>1</sup> | 806616 | 20499 |
|  | Intuit, Inc. | 52500 | 20434 |
|  | TE Connectivity, Ltd. | 156600 | 17978 |
|  | Alteryx, Inc., Class A<sup>1</sup> | 286092 | 14496 |
|  | Enphase Energy, Inc.<sup>1</sup> | 45303 | 12004 |
|  | TELUS International (Cda), Inc., subordinate voting shares<sup>1</sup> | 533800 | 10564 |
|  | Globant SA<sup>1</sup> | 57138 | 9608 |
|  | Kulicke and Soffa Industries, Inc. | 151860 | 6721 |
|  | Stripe, Inc., Class B<sup>1,3,4</sup> | 168598 | 4704 |
|  |  |  | 6189159 |

---

---

| | |
|:---|:---|
| **58** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
Growth Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Common stocks <sub>(continued)</sub> | Common stocks <sub>(continued)</sub> | Shares | Value<br>(000) |
|  **Health care**<br> **17.31%** | Regeneron Pharmaceuticals, Inc.<sup>1</sup> | 1123014 | $810243 |
|  | UnitedHealth Group, Inc. | 1508620 | 799840 |
|  | Intuitive Surgical, Inc.<sup>1</sup> | 2058000 | 546090 |
|  | Alnylam Pharmaceuticals, Inc.<sup>1</sup> | 2075046 | 493135 |
|  | Centene Corp.<sup>1</sup> | 3895936 | 319506 |
|  | Thermo Fisher Scientific, Inc. | 532200 | 293077 |
|  | Vertex Pharmaceuticals, Inc.<sup>1</sup> | 879601 | 254011 |
|  | Seagen, Inc.<sup>1</sup> | 1746784 | 224479 |
|  | Moderna, Inc.<sup>1</sup> | 1200000 | 215544 |
|  | NovoCure, Ltd.<sup>1</sup> | 2388098 | 175167 |
|  | Eli Lilly and Company | 463663 | 169627 |
|  | Pfizer, Inc. | 1675000 | 85827 |
|  | CVS Health Corp. | 909400 | 84747 |
|  | Horizon Therapeutics PLC<sup>1</sup> | 689825 | 78502 |
|  | AstraZeneca PLC | 550784 | 74750 |
|  | Edwards Lifesciences Corp.<sup>1</sup> | 906411 | 67627 |
|  | Danaher Corp. | 216235 | 57393 |
|  | Molina Healthcare, Inc.<sup>1</sup> | 145723 | 48121 |
|  | Abbott Laboratories | 426712 | 46849 |
|  | Verily Life Sciences, LLC<sup>1,3,4</sup> | 300178 | 45222 |
|  | Zimmer Biomet Holdings, Inc. | 353900 | 45122 |
|  | Ascendis Pharma A/S (ADR)<sup>1</sup> | 364721 | 44543 |
|  | Zoetis, Inc., Class A | 297320 | 43572 |
|  | Mettler-Toledo International, Inc.<sup>1</sup> | 26000 | 37582 |
|  | Humana, Inc. | 65982 | 33795 |
|  | Align Technology, Inc.<sup>1</sup> | 160000 | 33744 |
|  | Karuna Therapeutics, Inc.<sup>1</sup> | 170239 | 33452 |
|  | Guardant Health, Inc.<sup>1</sup> | 1166810 | 31737 |
|  | Novo Nordisk A/S, Class B | 225077 | 30475 |
|  | Catalent, Inc.<sup>1</sup> | 409100 | 18414 |
|  | Oak Street Health, Inc.<sup>1</sup> | 806352 | 17345 |
|  | Exact Sciences Corp.<sup>1</sup> | 341000 | 16883 |
|  | DexCom, Inc.<sup>1</sup> | 148800 | 16850 |
|  | Pacific Biosciences of California, Inc.<sup>1</sup> | 1613190 | 13196 |
|  | CRISPR Therapeutics AG<sup>1</sup> | 262678 | 10678 |
|  | Galapagos NV<sup>1</sup> | 231294 | 10259 |
|  | R1 RCM, Inc.<sup>1</sup> | 912865 | 9996 |
|  | Ultragenyx Pharmaceutical, Inc.<sup>1</sup> | 161278 | 7472 |
|  | Fate Therapeutics, Inc.<sup>1</sup> | 233700 | 2358 |
|  | Biohaven, Ltd.<sup>1</sup> | 65550 | 910 |
|  | Sana Biotechnology, Inc.<sup>1,2</sup> | 179600 | 710 |
|  |  |  | 5348850 |
|  **Consumer**<br> **discretionary**<br> **16.94%** | Tesla, Inc.<sup>1</sup> | 10830000 | 1334039 |
|  | D.R. Horton, Inc. | 5494844 | 489810 |
|  | Amazon.com, Inc.<sup>1</sup> | 4125222 | 346519 |
|  | Home Depot, Inc. | 1031000 | 325652 |
|  | Dollar Tree Stores, Inc.<sup>1</sup> | 1965915 | 278059 |
|  | Las Vegas Sands Corp.<sup>1</sup> | 5500000 | 264385 |
|  | LVMH Moët Hennessy-Louis Vuitton SE | 313000 | 227377 |
|  | Chipotle Mexican Grill, Inc.<sup>1</sup> | 120100 | 166637 |
|  | Dollar General Corp. | 657120 | 161816 |
|  | Target Corp. | 1030200 | 153541 |
|  | Hermès International | 94901 | 146446 |
|  | Burlington Stores, Inc.<sup>1</sup> | 664250 | 134683 |
|  | Royal Caribbean Cruises, Ltd.<sup>1</sup> | 2282305 | 112814 |
|  | Aramark | 2454864 | 101484 |
|  | DoorDash, Inc., Class A<sup>1</sup> | 2000000 | 97640 |
|  | Etsy, Inc.<sup>1</sup> | 770678 | 92312 |
|  | Airbnb, Inc., Class A<sup>1</sup> | 1044500 | 89305 |
|  | NVR, Inc.<sup>1</sup> | 18380 | 84779 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **59** |

---

------

##### [**Table of Contents**](#toc)
Growth Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Common stocks <sub>(continued)</sub> | Common stocks <sub>(continued)</sub> | Shares | Value<br>(000) |
|  **Consumer**<br> **discretionary**<br> **(continued)** | NIKE, Inc., Class B | 543416 | $63585 |
|  | Norwegian Cruise Line Holdings, Ltd.<sup>1,2</sup> | 5159551 | 63153 |
|  | Darden Restaurants, Inc. | 387870 | 53654 |
|  | O'Reilly Automotive, Inc.<sup>1</sup> | 63500 | 53596 |
|  | Booking Holdings, Inc.<sup>1</sup> | 25450 | 51289 |
|  | Salvatore Ferragamo SpA | 2174477 | 38488 |
|  | Toll Brothers, Inc. | 744683 | 37175 |
|  | YUM! Brands, Inc. | 275700 | 35312 |
|  | Floor & Decor Holdings, Inc., Class A<sup>1</sup> | 420000 | 29245 |
|  | Polaris, Inc. | 280000 | 28280 |
|  | adidas AG | 200959 | 27433 |
|  | Caesars Entertainment, Inc.<sup>1</sup> | 653214 | 27174 |
|  | Adient PLC<sup>1</sup> | 722000 | 25046 |
|  | VF Corp. | 872859 | 24100 |
|  | General Motors Company | 660000 | 22202 |
|  | LGI Homes, Inc.<sup>1</sup> | 181100 | 16770 |
|  | YETI Holdings, Inc.<sup>1</sup> | 405000 | 16730 |
|  | Hilton Worldwide Holdings, Inc. | 100828 | 12741 |
|  |  |  | 5233271 |
|  **Communication**<br> **services**<br> **12.87%** | Meta Platforms, Inc., Class A<sup>1</sup> | 9903206 | 1191752 |
|  | Netflix, Inc.<sup>1</sup> | 3896520 | 1149006 |
|  | Alphabet, Inc., Class C<sup>1</sup> | 5949690 | 527916 |
|  | Alphabet, Inc., Class A<sup>1</sup> | 2232320 | 196958 |
|  | Charter Communications, Inc., Class A<sup>1</sup> | 469410 | 159177 |
|  | Verizon Communications, Inc. | 3720000 | 146568 |
|  | Take-Two Interactive Software, Inc.<sup>1</sup> | 1177716 | 122635 |
|  | Snap, Inc., Class A, nonvoting shares<sup>1</sup> | 11280711 | 100962 |
|  | Frontier Communications Parent, Inc.<sup>1</sup> | 3168010 | 80721 |
|  | T-Mobile US, Inc.<sup>1</sup> | 543849 | 76139 |
|  | Comcast Corp., Class A | 1822263 | 63724 |
|  | Pinterest, Inc., Class A<sup>1</sup> | 1752664 | 42555 |
|  | Electronic Arts, Inc. | 304581 | 37214 |
|  | Iridium Communications, Inc.<sup>1</sup> | 604439 | 31068 |
|  | Tencent Holdings, Ltd. | 605000 | 25714 |
|  | ZoomInfo Technologies, Inc.<sup>1</sup> | 785400 | 23648 |
|  |  |  | 3975757 |
|  **Industrials**<br> **10.90%** | Uber Technologies, Inc.<sup>1</sup> | 14666767 | 362709 |
|  | TransDigm Group, Inc. | 562400 | 354115 |
|  | Carrier Global Corp. | 7599761 | 313490 |
|  | Jacobs Solutions, Inc. | 2554200 | 306683 |
|  | Delta Air Lines, Inc.<sup>1</sup> | 7215000 | 237085 |
|  | United Rentals, Inc.<sup>1</sup> | 462000 | 164204 |
|  | Caterpillar, Inc. | 676300 | 162014 |
|  | Waste Connections, Inc. | 1101159 | 145970 |
|  | MTU Aero Engines AG | 541769 | 117261 |
|  | General Electric Co. | 1368072 | 114631 |
|  | Airbus SE, non-registered shares | 955893 | 113658 |
|  | Ryanair Holdings PLC (ADR)<sup>1</sup> | 1500325 | 112164 |
|  | Ryanair Holdings PLC<sup>1</sup> | 96554 | 1264 |
|  | Robert Half International, Inc. | 1323800 | 97736 |
|  | Old Dominion Freight Line, Inc. | 329800 | 93591 |
|  | Boeing Company<sup>1</sup> | 395000 | 75243 |
|  | United Airlines Holdings, Inc.<sup>1</sup> | 1695914 | 63936 |
|  | Middleby Corp.<sup>1</sup> | 449500 | 60188 |
|  | Axon Enterprise, Inc.<sup>1</sup> | 347957 | 57736 |
|  | Equifax, Inc. | 290691 | 56499 |
|  | Northrop Grumman Corp. | 98700 | 53852 |
|  | Dun & Bradstreet Holdings, Inc. | 3869573 | 47441 |

---

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| | |
|:---|:---|
| **60** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
Growth Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Common stocks <sub>(continued)</sub> | Common stocks <sub>(continued)</sub> | Shares | Value<br>(000) |
|  **Industrials**<br> **(continued)** | Canadian Pacific Railway, Ltd. | 496000 | $36997 |
|  | AMETEK, Inc. | 253600 | 35433 |
|  | Rockwell Automation | 129246 | 33290 |
|  | HEICO Corp. | 195000 | 29960 |
|  | Advanced Drainage Systems, Inc. | 350426 | 28724 |
|  | ITT, Inc. | 343000 | 27817 |
|  | Armstrong World Industries, Inc. | 374203 | 25666 |
|  | Safran SA | 185870 | 23227 |
|  | Saia, Inc.<sup>1</sup> | 75433 | 15817 |
|  |  |  | 3368401 |
|  **Energy**<br> **5.92%** | Halliburton Company | 12143661 | 477853 |
|  | Canadian Natural Resources, Ltd. (CAD denominated) | 6655000 | 369564 |
|  | Schlumberger, Ltd. | 2340000 | 125096 |
|  | Cenovus Energy, Inc. (CAD denominated) | 6081800 | 117998 |
|  | Permian Resources Corp., Class A | 11260000 | 105844 |
|  | Tourmaline Oil Corp. | 1838700 | 92777 |
|  | TotalEnergies SE | 1469000 | 91688 |
|  | EQT Corp. | 2268000 | 76726 |
|  | Pioneer Natural Resources Company | 328000 | 74912 |
|  | EOG Resources, Inc. | 466699 | 60447 |
|  | ConocoPhillips | 472041 | 55701 |
|  | MEG Energy Corp.<sup>1</sup> | 3810000 | 53042 |
|  | Hess Corp. | 354000 | 50204 |
|  | Coterra Energy, Inc. | 1275197 | 31332 |
|  | Range Resources Corp. | 907000 | 22693 |
|  | Suncor Energy, Inc. | 540794 | 17154 |
|  | Equitrans Midstream Corp. | 936942 | 6278 |
|  |  |  | 1829309 |
|  **Financials**<br> **5.82%** | Bank of America Corp. | 14780700 | 489537 |
|  | Capital One Financial Corp. | 1399000 | 130051 |
|  | First Republic Bank | 943211 | 114968 |
|  | KKR & Co., Inc. | 2409043 | 111828 |
|  | Apollo Asset Management, Inc. | 1557942 | 99381 |
|  | T. Rowe Price Group, Inc. | 642000 | 70017 |
|  | MSCI, Inc. | 146390 | 68096 |
|  | Marsh & McLennan Companies, Inc. | 403461 | 66765 |
|  | Western Alliance Bancorporation | 1071775 | 63835 |
|  | Wells Fargo & Company | 1511200 | 62397 |
|  | Blackstone, Inc., nonvoting shares | 738000 | 54752 |
|  | Signature Bank | 446233 | 51415 |
|  | S&P Global, Inc. | 141000 | 47227 |
|  | Aon PLC, Class A | 155700 | 46732 |
|  | JPMorgan Chase & Co. | 313702 | 42067 |
|  | Morgan Stanley | 426474 | 36259 |
|  | Progressive Corp. | 265951 | 34496 |
|  | Blue Owl Capital, Inc., Class A | 2891712 | 30652 |
|  | Arch Capital Group, Ltd.<sup>1</sup> | 458700 | 28797 |
|  | Goldman Sachs Group, Inc. | 74300 | 25513 |
|  | Tradeweb Markets, Inc., Class A | 390000 | 25323 |
|  | Ares Management Corp., Class A | 310500 | 21251 |
|  | SVB Financial Group<sup>1</sup> | 87300 | 20091 |
|  | Ryan Specialty Holdings, Inc., Class A<sup>1</sup> | 455200 | 18895 |
|  | Brookfield Corp., Class A | 585103 | 18407 |
|  | Trupanion, Inc.<sup>1,2</sup> | 287655 | 13672 |
|  | Brookfield Asset Management, Ltd., Class A | 146275 | 4194 |
|  |  |  | 1796618 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **61** |

---

------

##### [**Table of Contents**](#toc)
Growth Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Common stocks <sub>(continued)</sub> | Common stocks <sub>(continued)</sub> | Shares | Value<br> (000) |
|  **Materials**<br> **3.15%** | Silgan Holdings, Inc. | 2858000 | $148159 |
|  | Wheaton Precious Metals Corp. | 3674000 | 143580 |
|  | Linde PLC | 373860 | 121946 |
|  | Grupo México, SAB de CV, Series B | 25356800 | 89018 |
|  | Barrick Gold Corp. | 4058000 | 69716 |
|  | CF Industries Holdings, Inc. | 743000 | 63304 |
|  | ATI, Inc.<sup>1</sup> | 2070860 | 61836 |
|  | Royal Gold, Inc. | 517000 | 58276 |
|  | Franco-Nevada Corp. | 390000 | 53163 |
|  | Nutrien, Ltd. (CAD denominated) | 665949 | 48618 |
|  | Steel Dynamics, Inc. | 394900 | 38582 |
|  | Albemarle Corp. | 144809 | 31403 |
|  | Mosaic Co. | 678459 | 29764 |
|  | Summit Materials, Inc., Class A | 570855 | 16206 |
|  |  |  | 973571 |
|  **Consumer staples**<br> **2.28%** | Costco Wholesale Corp. | 253000 | 115494 |
|  | British American Tobacco PLC | 2768763 | 109850 |
|  | Performance Food Group Co.<sup>1</sup> | 1743000 | 101774 |
|  | Constellation Brands, Inc., Class A | 334017 | 77408 |
|  | Archer Daniels Midland Company | 784800 | 72869 |
|  | Altria Group, Inc. | 1440000 | 65822 |
|  | Monster Beverage Corp.<sup>1</sup> | 577600 | 58644 |
|  | Estée Lauder Companies, Inc., Class A | 211111 | 52379 |
|  | Molson Coors Beverage Company, Class B, restricted voting shares | 608423 | 31346 |
|  | Philip Morris International, Inc. | 201113 | 20355 |
|  |  |  | 705941 |
|  **Utilities**<br> **0.79%** | PG&E Corp.<sup>1</sup> | 9227065 | 150032 |
|  | AES Corp. | 1085884 | 31230 |
|  | CenterPoint Energy, Inc. | 953746 | 28603 |
|  | Constellation Energy Corp. | 242227 | 20882 |
|  | Edison International | 199191 | 12673 |
|  |  |  | 243420 |
|  **Real estate**<br> **0.11%** | Equinix, Inc. REIT | 51784 | 33920 |
|  | **Total common stocks** (cost: $20,777,099,000) |  | 29698217 |
| Preferred securities 0.19% | Preferred securities 0.19% |  |  |
|  **Information**<br> **technology**<br> **0.16%** | PsiQuantum Corp., Series D, preferred shares<sup>1,3,4</sup> | 906761 | 24501 |
|  | Samsung Electronics Co., Ltd., nonvoting preferred shares | 531000 | 21366 |
|  | Tipalti Solutions, Ltd., Series F, preferred shares<sup>1,3,4</sup> | 406310 | 2385 |
|  | Stripe, Inc., Series H, 6.00% noncumulative preferred shares<sup>1,3,4</sup> | 52656 | 1469 |
|  |  |  | 49721 |
|  **Industrials**<br> **0.03%** | ABL Space Systems Co., Series B2, preferred shares<sup>1,3,4</sup> | 153713 | 5775 |
|  | Einride AB, Series C, preferred shares<sup>1,3,4</sup> | 77647 | 2640 |
|  |  |  | 8415 |
|  | **Total preferred securities** (cost: $68,091,000) |  | 58136 |

---

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| | |
|:---|:---|
| **62** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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------

##### [**Table of Contents**](#toc)
Growth Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Convertible stocks 0.03% | Convertible stocks 0.03% | Shares | Value<br> (000) |
|  **Financials**<br> **0.03%** | KKR & Co., Inc., Series C, convertible preferred shares, 6.00% 9/15/2023 | 125800 | $7202 |
|  | **Total convertible stocks** (cost: $7,758,000) |  | 7202 |
| Convertible bonds & notes 0.02% | Convertible bonds & notes 0.02% | Principal amount<br> (000) |  |
|  **Consumer staples**<br> **0.01%** | JUUL Labs, Inc., convertible notes, 7.00% PIK 2/3/2025<sup>3,4,5</sup> | USD46,459 | 4646 |
|  **Industrials**<br> **0.01%** | Einride AB, convertible notes, 7.00% 2/1/2023<sup>3,4</sup> | 2500 | 2500 |
|  | **Total convertible bonds & notes** (cost: $46,042,000) |  | 7146 |
| Bonds, notes & other debt instruments 0.05% | Bonds, notes & other debt instruments 0.05% |  |  |
|  **Corporate bonds, notes & loans 0.05%** | **Corporate bonds, notes & loans 0.05%** |  |  |
|  **Consumer**<br> **discretionary**<br> **0.05%** | Royal Caribbean Cruises, Ltd. 5.50% 4/1/2028<sup>6</sup> | 19060 | 15245 |
|  **Consumer**<br> **discretionary**<br> **0.05%** |  |  |  |
|  **Consumer**<br> **discretionary**<br> **0.05%** | **Total bonds, notes & other debt instruments** (cost: $14,159,000) |  | 15245 |
| Short-term securities 3.86% | Short-term securities 3.86% | Shares |  |
|  **Money market investments 3.70%** | **Money market investments 3.70%** |  |  |
|  | Capital Group Central Cash Fund 4.31%<sup>7,8</sup> | 11426693 | 1142555 |
|  **Money market investments purchased with collateral from securities on loan 0.16%** | **Money market investments purchased with collateral from securities on loan 0.16%** |  |  |
|  | Capital Group Central Cash Fund 4.31%<sup>7,8,9</sup> | 244125 | 24410 |
|  | Goldman Sachs Financial Square Government Fund, Institutional Shares 4.15%<sup>7,9</sup> | 13667057 | 13667 |
|  | Invesco Short-Term Investments Trust – Government & Agency Portfolio,<br>Institutional Class 4.22%<sup>7,9</sup> | 12203079 | 12203 |
|  |  |  | 50280 |
|  | **Total short-term securities** (cost: $1,192,617,000) |  | 1192835 |
|  | **Total investment securities 100.27**% (cost: $22,105,766,000) |  | 30978781 |
|  | Other assets less liabilities (0.27)% |  | (82433) |
|  | **Net assets 100.00**% |  | $30896348 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Investments in affiliates<sup>8</sup>** | | | | | | | |
|  | Value of<br>affiliates at<br>1/1/2022<br>(000) | Additions<br>(000) | Reductions<br>(000) | Net realized<br>loss<br> (000) | Net<br>unrealized<br>appreciation<br> (000) | Value of<br>affiliates at<br>12/31/2022<br>(000) | Dividend<br>income<br>(000) |
|  **Short-term securities 3.78%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Money market investments 3.70%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 4.31%<sup>7</sup> | $1610187 | $4675615 | $5142944 | $(325) | $22 | $1142555 | $22361 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Money market investments purchased with collateral from securities on loan 0.08%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 4.31%<sup>7,9</sup> | 20304 | 4106<sup>10</sup> |  |  |  | 24410 | —<sup>11</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total 3.78%** |  |  |  | $(325) | $22 | $1166965 | $22361 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **63** |

---

------

##### [**Table of Contents**](#toc)
Growth Fund (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Restricted securities<sup>4</sup>** | **Restricted securities<sup>4</sup>** | | | |
|  | Acquisition<br> date(s) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost<br> (000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value<br>(000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Percent<br>of net<br> assets |
| &nbsp;&nbsp;&nbsp;&nbsp; Verily Life Sciences, LLC<sup>1,3</sup> | 12/21/2018 | $37000 | $45222 | .14% |
| &nbsp;&nbsp;&nbsp;&nbsp; PsiQuantum Corp., Series D, preferred shares<sup>1,3</sup> | 5/28/2021 | 23781 | 24501 | .08 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stripe, Inc., Class B<sup>1,3</sup> | 5/6/2021 | 6766 | 4704 | .02 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stripe, Inc., Series H, 6.00% noncumulative preferred shares<sup>1,3</sup> | 3/15/2021 | 2113 | 1469 | .00 |
| &nbsp;&nbsp;&nbsp;&nbsp; ABL Space Systems Co., Series B2, preferred shares<sup>1,3</sup> | 10/22/2021 | 10452 | 5775 | .02 |
| &nbsp;&nbsp;&nbsp;&nbsp; Einride AB, Series C, preferred shares<sup>1,3</sup> | 11/23/2022 | 2640 | 2640 | .01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Einride AB, convertible notes, 7.00% 2/1/2023<sup>3</sup> | 1/7/2022 | 2500 | 2500 | .01 |
| &nbsp;&nbsp;&nbsp;&nbsp; JUUL Labs, Inc., convertible notes, 7.00% PIK 2/3/2025<sup>3,5</sup> | 2/3/2020-11/3/2022 | 43542 | 4646 | .01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tipalti Solutions, Ltd., Series F, preferred shares<sup>1,3</sup> | 12/1/2021 | 6956 | 2385 | .01 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** |  | $135750 | $93842 | .30% |

---

<sup>1</sup> Security did not produce income during the last 12 months.

 <sup>2</sup> All or a portion of this security was on loan. The total value of all such securities was $54,504,000, which represented ..18% of the net assets of the fund. Refer to Note 5 for more information on securities lending. 

<sup>3</sup> Value determined using significant unobservable inputs.

 <sup>4</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $93,842,000, which represented .30% of the net assets of the fund. 

<sup>5</sup> Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>6</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $15,245,000, which represented .05% of the net assets of the fund. 

<sup>7</sup> Rate represents the seven-day yield at 12/31/2022.

<sup>8</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>9</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>10</sup> Represents net activity. Refer to Note 5 for more information on securities lending.

<sup>11</sup> Dividend income is included with securities lending income in the fund's statement of operations and is not shown in this table.

**Key to abbreviations** 

ADR = American Depositary Receipts

CAD = Canadian dollars

PIK = Payment In Kind

REIT = Real Estate Investment Trust

USD = U.S. dollars

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **64** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
International Fund

**Investment portfolio** December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| Common stocks 94.99% | Common stocks 94.99% | Shares | Value<br> (000) |
|  **Industrials**<br> **16.64%** | Recruit Holdings Co., Ltd. | 7310189 | $&nbsp;&nbsp;&nbsp;&nbsp;232492 |
|  | Airbus SE, non-registered shares | 1657958 | 197135 |
|  | Safran SA | 718500 | 89786 |
|  | Melrose Industries PLC | 36613980 | 59524 |
|  | Siemens AG | 418132 | 58034 |
|  | MTU Aero Engines AG | 229720 | 49721 |
|  | Ashtead Group PLC | 645000 | 36847 |
|  | DSV A/S | 230223 | 36515 |
|  | NIBE Industrier AB, Class B | 3878804 | 36271 |
|  | Thales SA | 271438 | 34700 |
|  | Techtronic Industries Co., Ltd. | 2724000 | 30332 |
|  | Legrand SA | 358100 | 28833 |
|  | International Container Terminal Services, Inc. | 7953240 | 28625 |
|  | Shenzhen Inovance Technology Co., Ltd., Class A | 2350967 | 23513 |
|  | ZTO Express (Cayman), Inc., Class A (ADR) | 685354 | 18415 |
|  | Diploma PLC | 540545 | 18165 |
|  | Rumo SA | 5039366 | 17763 |
|  | Grab Holdings, Ltd., Class A<sup>1</sup> | 5356295 | 17247 |
|  | Brenntag SE | 259299 | 16578 |
|  | CCR SA, ordinary nominative shares | 5580000 | 11435 |
|  | SMC Corp. | 26900 | 11385 |
|  | Airports of Thailand PCL, foreign registered shares<sup>1</sup> | 5078900 | 11000 |
|  | Kingspan Group PLC | 153796 | 8281 |
|  | Larsen & Toubro, Ltd. | 327351 | 8232 |
|  | Bureau Veritas SA | 292900 | 7709 |
|  | AB Volvo, Class B | 396824 | 7185 |
|  | LIXIL Corp. | 441700 | 6731 |
|  | Fluidra, SA, non-registered shares | 432985 | 6715 |
|  | BAE Systems PLC | 617024 | 6377 |
|  | Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A | 846334 | 2578 |
|  |  |  | 1118124 |
|  **Information**<br> **technology**<br> **13.74%** | SK hynix, Inc. | 3255725 | 195968 |
|  | Shopify, Inc., Class A, subordinate voting shares<sup>1</sup> | 4215370 | 146315 |
|  | ASML Holding NV | 210218 | 113792 |
|  | Taiwan Semiconductor Manufacturing Company, Ltd. | 6501000 | 94750 |
|  | Nice, Ltd. (ADR)<sup>1</sup> | 432150 | 83102 |
|  | Fujitsu, Ltd. | 437900 | 57990 |
|  | Lasertec Corp. | 320511 | 53238 |
|  | Samsung Electronics Co., Ltd. | 631500 | 27848 |
|  | NXP Semiconductors NV | 173200 | 27371 |
|  | Disco Corp. | 65800 | 18915 |
|  | Atlassian Corp., Class A<sup>1</sup> | 107001 | 13769 |
|  | OBIC Co., Ltd. | 83700 | 12374 |
|  | Constellation Software, Inc. | 7730 | 12069 |
|  | TELUS International (Cda), Inc., subordinate voting shares<sup>1</sup> | 526752 | 10424 |
|  | Suse SA<sup>1,2</sup> | 576586 | 10410 |
|  | Kingdee International Software Group Co., Ltd.<sup>1</sup> | 4786000 | 10188 |
|  | Dassault Systemes SE | 277000 | 9991 |
|  | ASM International NV | 25152 | 6368 |
|  | Infosys, Ltd. | 329392 | 5967 |
|  | Tata Consultancy Services, Ltd. | 113863 | 4483 |
|  | Canva, Inc.<sup>1,3,4</sup> | 4819 | 4282 |
|  | PagSeguro Digital, Ltd., Class A<sup>1</sup> | 426548 | 3728 |
|  |  |  | 923342 |
|  **Health care**<br> **12.52%** | Daiichi Sankyo Company, Ltd. | 9749808 | 312457 |
|  | Novo Nordisk A/S, Class B | 1255260 | 169962 |
|  | Olympus Corp. | 5808100 | 102662 |
|  | Bayer AG | 841261 | 43436 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **65** |

---

------

##### [**Table of Contents**](#toc)
International Fund <sub></sub> (continued)

---

| | | | |
|:---|:---|:---|:---|
| Common stocks (continued) | Common stocks (continued) | Shares | Value<br>(000) |
|  **Health care**<br> **(continued)** | Siemens Healthineers AG | 833668 | $41705 |
|  | Grifols, SA, Class A, non-registered shares<sup>1</sup> | 2789283 | 32345 |
|  | Grifols, SA, Class B (ADR)<sup>1</sup> | 793690 | 6747 |
|  | WuXi Biologics (Cayman), Inc.<sup>1</sup> | 2504066 | 19224 |
|  | HOYA Corp. | 198300 | 19187 |
|  | M3, Inc. | 644835 | 17566 |
|  | EssilorLuxottica | 80200 | 14604 |
|  | Insulet Corp.<sup>1</sup> | 46653 | 13734 |
|  | Takeda Pharmaceutical Company, Ltd. | 361300 | 11285 |
|  | Hapvida Participações e Investimentos SA<sup>1</sup> | 8863653 | 8528 |
|  | Ambu AS, Class B, non-registered shares<sup>1</sup> | 662880 | 8411 |
|  | Eurofins Scientific SE, non-registered shares | 98473 | 7091 |
|  | WuXi AppTec Co., Ltd., Class A | 288960 | 3345 |
|  | WuXi AppTec Co., Ltd., Class H | 312000 | 3297 |
|  | bioMérieux SA | 58300 | 6131 |
|  |  |  | 841717 |
|  **Materials**<br> **10.64%** | First Quantum Minerals, Ltd. | 10951800 | 228823 |
|  | Fortescue Metals Group, Ltd. | 12796750 | 178403 |
|  | Vale SA (ADR), ordinary nominative shares | 6886607 | 116865 |
|  | Vale SA, ordinary nominative shares | 770681 | 12974 |
|  | Shin-Etsu Chemical Co., Ltd. | 563500 | 68654 |
|  | JSR Corp. | 1681700 | 33144 |
|  | Ivanhoe Mines, Ltd., Class A<sup>1</sup> | 3403051 | 26893 |
|  | Wacker Chemie AG | 147773 | 18887 |
|  | Linde PLC | 35287 | 11510 |
|  | Koninklijke DSM NV | 93550 | 11469 |
|  | BASF SE | 136760 | 6789 |
|  | Yunnan Energy New Material Co., Ltd., Class A | 19136 | 362 |
|  |  |  | 714773 |
|  **Energy**<br> **10.48%** | Reliance Industries, Ltd. | 9393560 | 288158 |
|  | Canadian Natural Resources, Ltd. (CAD denominated) | 1562283 | 86756 |
|  | Neste OYJ | 1756952 | 81150 |
|  | Woodside Energy Group, Ltd. | 3071566 | 74317 |
|  | Petróleo Brasileiro SA (Petrobras) (ADR), ordinary nominative shares | 6724576 | 71617 |
|  | TotalEnergies SE | 1147298 | 71609 |
|  | Shell PLC (GBP denominated) | 573839 | 16307 |
|  | Cenovus Energy, Inc. (CAD denominated) | 725880 | 14084 |
|  |  |  | 703998 |
|  **Consumer**<br> **discretionary**<br> **9.06%** | MercadoLibre, Inc.<sup>1</sup> | 128451 | 108700 |
|  | Evolution AB | 960556 | 93812 |
|  | Sony Group Corp. | 920500 | 70194 |
|  | Galaxy Entertainment Group, Ltd. | 9204000 | 60944 |
|  | LVMH Moët Hennessy-Louis Vuitton SE | 72682 | 52799 |
|  | Flutter Entertainment PLC<sup>1</sup> | 313163 | 42911 |
|  | Ferrari NV (EUR denominated) | 177292 | 37933 |
|  | Kering SA | 70951 | 36312 |
|  | Maruti Suzuki India, Ltd. | 303300 | 30675 |
|  | Entain PLC | 1832094 | 29375 |
|  | Coupang, Inc., Class A<sup>1</sup> | 1304214 | 19185 |
|  | Mercedes-Benz Group AG | 136786 | 8976 |
|  | InterContinental Hotels Group PLC | 155468 | 8949 |
|  | Aptiv PLC<sup>1</sup> | 84000 | 7823 |
|  |  |  | 608588 |

---

---

| | |
|:---|:---|
| **66** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
International Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Common stocks (continued) | Common stocks (continued) | Shares | Value<br>(000) |
|  **Financials**<br> **9.05%** | Kotak Mahindra Bank, Ltd. | 7207964 | $158591 |
|  | AIA Group, Ltd. | 12210576 | 134524 |
|  | Aegon NV | 12263736 | 62212 |
|  | HDFC Bank, Ltd. | 2216455 | 43632 |
|  | HDFC Bank, Ltd. (ADR) | 207750 | 14212 |
|  | Nu Holdings, Ltd., Class A<sup>1</sup> | 8115368 | 33030 |
|  | Bajaj Finance, Ltd. | 396342 | 31369 |
|  | ING Groep NV | 2331678 | 28447 |
|  | Axis Bank, Ltd. | 1917190 | 21549 |
|  | FinecoBank SpA | 1211135 | 20184 |
|  | Futu Holdings, Ltd. (ADR)<sup>1</sup> | 375890 | 15280 |
|  | China Merchants Bank Co., Ltd., Class A | 2726800 | 14621 |
|  | B3 SA-Brasil, Bolsa, Balcao | 4413000 | 11041 |
|  | Allfunds Group PLC | 1266915 | 8853 |
|  | Bajaj Finserv, Ltd. | 325950 | 6074 |
|  | XP, Inc., Class A<sup>1</sup> | 292000 | 4479 |
|  |  |  | 608098 |
|  **Communication**<br> **services**<br> **6.20%** | Sea, Ltd., Class A (ADR)<sup>1</sup> | 3557478 | 185096 |
|  | Bharti Airtel, Ltd. | 12732125 | 123766 |
|  | Bharti Airtel, Ltd., interim shares | 836308 | 4373 |
|  | Universal Music Group NV | 1717633 | 41462 |
|  | Informa PLC | 3630108 | 27216 |
|  | Ubisoft Entertainment SA<sup>1</sup> | 518403 | 14715 |
|  | Singapore Telecommunications, Ltd. | 5800500 | 11136 |
|  | Vivendi SE | 907392 | 8683 |
|  | Yandex NV, Class A<sup>1,3</sup> | 313000 | —<sup>5</sup> |
|  |  |  | 416447 |
|  **Consumer staples**<br> **4.31%** | Kweichow Moutai Co., Ltd., Class A | 224223 | 55485 |
|  | Danone SA | 878392 | 46277 |
|  | Seven & i Holdings Co., Ltd. | 984200 | 42102 |
|  | Treasury Wine Estates, Ltd. | 4139490 | 38250 |
|  | British American Tobacco PLC | 911000 | 36144 |
|  | Kobe Bussan Co., Ltd. | 754900 | 21791 |
|  | CP ALL PCL, foreign registered shares | 9053300 | 17849 |
|  | Nestlé SA | 78463 | 9061 |
|  | Dabur India, Ltd. | 933875 | 6324 |
|  | Shiseido Company, Ltd. | 122000 | 6012 |
|  | Essity Aktiebolag, Class B | 211237 | 5544 |
|  | Pernod Ricard SA | 22974 | 4516 |
|  | Diageo PLC | 13194 | 583 |
|  |  |  | 289938 |
|  **Utilities**<br> **1.77%** | ENN Energy Holdings, Ltd. | 8532700 | 119038 |
|  **Real estate**<br> **0.58%** | ESR Group, Ltd. | 14852600 | 31175 |
|  | Ayala Land, Inc. | 14181500 | 7891 |
|  |  |  | 39066 |
|  | **Total common stocks** (cost: $5,702,657,000) |  | 6383129 |
|  Preferred securities 0.79% | Preferred securities 0.79% |  |  |
|  **Health care 0.29%** | Grifols, SA, Class B, nonvoting non-registered preferred shares<sup>1</sup> | 2274930 | 19221 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **67** |

---

------

##### [**Table of Contents**](#toc)
International Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Preferred securities (continued) | Preferred securities (continued) | Shares | Value<br> (000) |
|  **Energy**<br> **0.20%** | Petróleo Brasileiro SA (Petrobras), preferred nominative shares | 2980131 | $13829 |
|  **Financials**<br> **0.16%** | Itaú Unibanco Holding SA, preferred nominative shares | 2246000 | 10635 |
|  **Consumer**<br> **discretionary**<br> **0.13%** | Dr. Ing. h.c. F. Porsche AG, nonvoting non-registered preferred shares<sup>1</sup> | 88248 | 8953 |
|  **Information**<br> **technology**<br> **0.01%** | Canva, Inc., Series A, noncumulative preferred shares<sup>1,3,4</sup> | 422 | 375 |
|  **Information**<br> **technology**<br> **0.01%** | Canva, Inc., Series A-3, noncumulative preferred shares<sup>1,3,4</sup> | 18 | 16 |
|  **Information**<br> **technology**<br> **0.01%** | Canva, Inc., Series A-4, noncumulative preferred shares<sup>1,3,4</sup> | 1 | 1 |
|  |  |  | 392 |
|  | **Total preferred securities** (cost: $78,028,000) |  | 53030 |
|  Rights & warrants 0.13% | Rights & warrants 0.13% |  |  |
|  **Health care**<br> **0.13%** | WuXi AppTec Co., Ltd., Class A, warrants, expire 11/21/2023<sup>1,6</sup> | 729706 | 8446 |
|  | **Total rights & warrants** (cost: $8,772,000) |  | 8446 |
|  Short-term securities 4.57% | Short-term securities 4.57% |  |  |
|  **Money market investments 4.55%** | **Money market investments 4.55%** |  |  |
|  | Capital Group Central Cash Fund 4.31%<sup>7,8</sup> | 3060530 | 306023 |
|  **Money market investments purchased with collateral from securities on loan 0.02%** | **Money market investments purchased with collateral from securities on loan 0.02%** |  |  |
|  | Goldman Sachs Financial Square Government Fund, Institutional Shares 4.15%<sup>7,9</sup> | 603851 | 604 |
|  | Capital Group Central Cash Fund 4.31%<sup>7,8,9</sup> | 4223 | 422 |
|  | Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.22%<sup>7,9</sup> | 420189 | 420 |
|  |  |  | 1446 |
|  | **Total short-term securities** (cost: $307,420,000) |  | 307469 |
|  | **Total investment securities** 100.48% (cost: $6,096,877,000) |  | 6752074 |
|  | Other assets less liabilities (0.48)% |  | (32493) |
|  | **Net assets 100.00%** |  | $6719581 |

---

---

| | |
|:---|:---|
| **68** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
International Fund (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Investments in affiliates<sup>8</sup>**  | | | | | | | |
|  | Value of<br>affiliates at<br>1/1/2022<br>(000) | Additions<br>(000) | Reductions<br>(000) | Net<br>realized<br>loss<br>(000) | Net<br> unrealized<br> depreciation<br> (000) | Value of<br>affiliates at<br>12/31/2022<br>(000) | Dividend<br>income<br>(000) |
|  **Short-term securities 4.56%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Money market investments 4.55%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 4.31%<sup>7</sup> | $977398 | $1494158 | $2165364 | $(112) | $(57) | $306023 | $9392 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Money market investments purchased with collateral from securities on loan 0.01%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 4.31%<sup>7,9</sup> | 34059 |  | 33637<sup>10</sup> |  |  | 422 | —<sup>11</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total 4.56%** |  |  |  | $(112) | $(57) | $306445 | $9392 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Restricted securities<sup>4</sup>** | | | | |
|  | Acquisition<br> date(s) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost<br> (000) | Value<br> (000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Percent<br> of net<br> assets |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canva, Inc.<sup>1,3</sup> | 8/26/2021-11/4/2021 | $8215 | $4282 | .06% |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canva, Inc., Series A, noncumulative preferred shares<sup>1,3</sup> | 11/4/2021 | 719 | 375 | .01 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canva, Inc., Series A-3, noncumulative preferred shares<sup>1,3</sup> | 11/4/2021 | 31 | 16 | .00 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canva, Inc., Series A-4, noncumulative preferred shares<sup>1,3</sup> | 11/4/2021 | 2 | 1 | .00 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** |  | $8967 | $4674 | .07% |

---

<sup>1</sup> Security did not produce income during the last 12 months.

 <sup>2</sup> All or a portion of this security was on loan. The total value of all such securities was $1,530,000, which represented ..02% of the net assets of the fund. Refer to Note 5 for more information on securities lending. 

<sup>3</sup> Value determined using significant unobservable inputs.

 <sup>4</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $4,674,000, which represented .07% of the net assets of the fund. 

 <sup>5</sup> Amount less than one thousand. 

 <sup>6</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $8,446,000, which represented .13% of the net assets of the fund. 

<sup>7</sup> Rate represents the seven-day yield at 12/31/2022.

<sup>8</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>9</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>10</sup> Represents net activity. Refer to Note 5 for more information on securities lending.

<sup>11</sup> Dividend income is included with securities lending income in the fund's statement of operations and is not shown in this table.

**Key to abbreviations** 

ADR = American Depositary Receipts

CAD = Canadian dollars

EUR = Euros

GBP = British pounds

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American Funds Insurance Series | **69** |

---

------

##### [**Table of Contents**](#toc)
New World Fund

**Investment portfolio** December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| Common stocks 90.37% | Common stocks 90.37% | Shares | Value<br> (000) |
|  **Information**<br> **technology**<br> **14.17%** | Microsoft Corp. | 343380 | $&nbsp;&nbsp;&nbsp;&nbsp;82348 |
|  | Taiwan Semiconductor Manufacturing Company, Ltd. | 3763000 | 54844 |
|  | Broadcom, Inc. | 50719 | 28359 |
|  | ASML Holding NV | 52210 | 28261 |
|  | Micron Technology, Inc. | 505143 | 25247 |
|  | Wolfspeed, Inc.<sup>1</sup> | 312105 | 21548 |
|  | Mastercard, Inc., Class A | 47073 | 16369 |
|  | Apple, Inc. | 114398 | 14864 |
|  | Tata Consultancy Services, Ltd. | 274095 | 10793 |
|  | Visa, Inc., Class A | 50545 | 10501 |
|  | Keyence Corp. | 23700 | 9279 |
|  | Infosys, Ltd. (ADR) | 342942 | 6176 |
|  | Infosys, Ltd. | 131247 | 2378 |
|  | SAP SE | 70089 | 7233 |
|  | Silergy Corp. | 459376 | 6514 |
|  | Synopsys, Inc.<sup>1</sup> | 20004 | 6387 |
|  | TELUS International (Cda), Inc., subordinate voting shares<sup>1</sup> | 321870 | 6370 |
|  | Samsung Electronics Co., Ltd. | 143145 | 6312 |
|  | NVIDIA Corp. | 42638 | 6231 |
|  | EPAM Systems, Inc.<sup>1</sup> | 18611 | 6100 |
|  | PagSeguro Digital, Ltd., Class A<sup>1</sup> | 674012 | 5891 |
|  | Edenred SA | 100382 | 5462 |
|  | Accenture PLC, Class A | 20142 | 5375 |
|  | Network International Holdings PLC<sup>1</sup> | 1472831 | 5275 |
|  | Nokia Corp. | 1113649 | 5174 |
|  | Tokyo Electron, Ltd. | 15700 | 4664 |
|  | Nice, Ltd. (ADR)<sup>1</sup> | 23806 | 4578 |
|  | Kingdee International Software Group Co., Ltd.<sup>1</sup> | 2128000 | 4530 |
|  | Lasertec Corp. | 27100 | 4501 |
|  | Amadeus IT Group SA, Class A, non-registered shares<sup>1</sup> | 70704 | 3646 |
|  | Applied Materials, Inc. | 36011 | 3507 |
|  | MediaTek, Inc. | 142000 | 2884 |
|  | ASM International NV | 10858 | 2749 |
|  | SK hynix, Inc. | 41006 | 2468 |
|  | Trimble, Inc.<sup>1</sup> | 41404 | 2093 |
|  | Logitech International SA | 31053 | 1927 |
|  | Euronet Worldwide, Inc.<sup>1</sup> | 19369 | 1828 |
|  | KLA Corp. | 4743 | 1788 |
|  | Coforge, Ltd. | 33028 | 1544 |
|  | Cognizant Technology Solutions Corp., Class A | 25905 | 1482 |
|  | Globant SA<sup>1</sup> | 8094 | 1361 |
|  | Hamamatsu Photonics KK | 25400 | 1222 |
|  | Hundsun Technologies, Inc., Class A | 198090 | 1153 |
|  | Atlassian Corp., Class A<sup>1</sup> | 8731 | 1124 |
|  | VeriSign, Inc.<sup>1</sup> | 4446 | 913 |
|  | MKS Instruments, Inc. | 8486 | 719 |
|  | StoneCo, Ltd., Class A<sup>1</sup> | 67249 | 635 |
|  | Autodesk, Inc.<sup>1</sup> | 3359 | 628 |
|  | Disco Corp. | 2100 | 604 |
|  | Advanced Micro Devices, Inc.<sup>1</sup> | 8455 | 548 |
|  | Canva, Inc.<sup>1,2,3</sup> | 385 | 342 |
|  | Intel Corp. | 3575 | 95 |
|  |  |  | 436824 |
|  **Financials**<br> **13.94%** | Kotak Mahindra Bank, Ltd. | 2819943 | 62045 |
|  | AIA Group, Ltd. | 4251600 | 46840 |
|  | Ping An Insurance (Group) Company of China, Ltd., Class H | 4499844 | 29700 |
|  | HDFC Bank, Ltd. | 1423436 | 28021 |
|  | B3 SA-Brasil, Bolsa, Balcao | 10338358 | 25867 |
|  | Capitec Bank Holdings, Ltd. | 206384 | 22575 |
|  | Bajaj Finance, Ltd. | 215621 | 17066 |

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| **70** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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##### [**Table of Contents**](#toc)
New World Fund (continued)

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| | | | |
|:---|:---|:---|:---|
| Common stocks (continued) | Common stocks (continued) | Shares | Value<br>(000) |
|  **Financials**<br> **(continued)** | ICICI Bank, Ltd. | 967310 | $10368 |
|  | ICICI Bank, Ltd. (ADR) | 290583 | 6361 |
|  | AU Small Finance Bank, Ltd. | 1923084 | 15145 |
|  | Bank Central Asia Tbk PT | 20947600 | 11484 |
|  | UniCredit SpA | 750471 | 10672 |
|  | Industrial and Commercial Bank of China, Ltd., Class H | 20423000 | 10519 |
|  | Nu Holdings, Ltd., Class A<sup>1</sup> | 2383890 | 9702 |
|  | Bank Mandiri (Persero) Tbk PT | 15218600 | 9671 |
|  | XP, Inc., Class A<sup>1</sup> | 602058 | 9236 |
|  | China Merchants Bank Co., Ltd., Class H | 1461000 | 8099 |
|  | Discovery, Ltd.<sup>1</sup> | 1031032 | 7486 |
|  | Banco Bilbao Vizcaya Argentaria, SA | 1202030 | 7259 |
|  | Bank Rakyat Indonesia (Persero) Tbk PT | 19736600 | 6257 |
|  | Eurobank Ergasias Services and Holdings SA<sup>1</sup> | 5321431 | 6007 |
|  | Bank of Baroda | 2476327 | 5528 |
|  | Moody's Corp. | 17666 | 4922 |
|  | United Overseas Bank, Ltd. | 191900 | 4401 |
|  | Canara Bank | 1094165 | 4386 |
|  | Erste Group Bank AG | 135838 | 4332 |
|  | East Money Information Co., Ltd., Class A | 1416356 | 3955 |
|  | Alpha Services and Holdings SA<sup>1</sup> | 3535444 | 3772 |
|  | Hong Kong Exchanges and Clearing, Ltd. | 76500 | 3306 |
|  | Bajaj Finserv, Ltd. | 176756 | 3294 |
|  | Standard Bank Group, Ltd. | 330214 | 3261 |
|  | Aon PLC, Class A | 10455 | 3138 |
|  | DBS Group Holdings, Ltd. | 122873 | 3111 |
|  | Grupo Financiero Banorte, SAB de CV, Series O | 393905 | 2828 |
|  | China Pacific Insurance (Group) Co., Ltd., Class H | 1158294 | 2558 |
|  | Postal Savings Bank of China Co., Ltd., Class H | 3919000 | 2421 |
|  | Bank of Ningbo Co., Ltd., Class A | 498700 | 2329 |
|  | S&P Global, Inc. | 6883 | 2305 |
|  | National Bank of Greece SA<sup>1</sup> | 482747 | 1931 |
|  | Piramal Enterprises, Ltd. | 169260 | 1690 |
|  | Banco Santander México, SA, Institución de Banca Múltiple,<br>Grupo Financiero Santander México, Class B | 1294654 | 1515 |
|  | Lufax Holding, Ltd. (ADR) | 751404 | 1458 |
|  | China Construction Bank Corp., Class H | 2110000 | 1322 |
|  | TISCO Financial Group PCL, foreign registered shares | 343800 | 983 |
|  | Fairfax Financial Holdings, Ltd., subordinate voting shares | 1008 | 597 |
|  | HDFC Life Insurance Company, Ltd. | 23813 | 162 |
|  | Moscow Exchange MICEX-RTS PJSC<sup>1,2</sup> | 438203 | —<sup>4</sup> |
|  | Sberbank of Russia PJSC<sup>1,2</sup> | 2662164 | —<sup>4</sup> |
|  |  |  | 429885 |
|  **Health care**<br> **13.14%** | Novo Nordisk A/S, Class B | 469272 | 63539 |
|  | Thermo Fisher Scientific, Inc. | 72737 | 40056 |
|  | Eli Lilly and Company | 98730 | 36119 |
|  | AstraZeneca PLC | 199832 | 27120 |
|  | Max Healthcare Institute, Ltd.<sup>1</sup> | 4642420 | 24670 |
|  | PerkinElmer, Inc. | 129804 | 18201 |
|  | Abbott Laboratories | 165381 | 18157 |
|  | BeiGene, Ltd. (ADR)<sup>1</sup> | 65681 | 14446 |
|  | BeiGene, Ltd.<sup>1</sup> | 44100 | 753 |
|  | Jiangsu Hengrui Medicine Co., Ltd., Class A | 2545088 | 14110 |
|  | EssilorLuxottica | 72078 | 13125 |
|  | Danaher Corp. | 48758 | 12941 |
|  | Rede D'Or Sao Luiz SA | 1633717 | 9153 |
|  | Hypera SA, ordinary nominative shares | 1024373 | 8770 |
|  | Pfizer, Inc. | 167880 | 8602 |
|  | Laurus Labs, Ltd. | 1901101 | 8597 |
|  | WuXi Biologics (Cayman), Inc.<sup>1</sup> | 1102600 | 8465 |

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|:---|:---|
| American Funds Insurance Series | **71** |

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##### [**Table of Contents**](#toc)
New World Fund (continued)

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| | | | |
|:---|:---|:---|:---|
| Common stocks (continued) | Common stocks (continued) | Shares | Value<br>(000) |
|  **Health care**<br> **(continued)** | CSL, Ltd. | 41156 | $&nbsp;&nbsp;&nbsp;&nbsp;8025 |
|  | Olympus Corp. | 386100 | 6825 |
|  | Carl Zeiss Meditec AG, non-registered shares | 52892 | 6676 |
|  | CanSino Biologics, Inc., Class H | 673696 | 5763 |
|  | WuXi AppTec Co., Ltd., Class H | 268500 | 2837 |
|  | WuXi AppTec Co., Ltd., Class A | 203359 | 2354 |
|  | Siemens Healthineers AG | 100533 | 5029 |
|  | Hapvida Participações e Investimentos SA<sup>1</sup> | 4948421 | 4761 |
|  | Zoetis, Inc., Class A | 31997 | 4689 |
|  | Innovent Biologics, Inc.<sup>1</sup> | 1062373 | 4561 |
|  | Straumann Holding AG | 28092 | 3181 |
|  | Legend Biotech Corp. (ADR)<sup>1</sup> | 63359 | 3163 |
|  | Hutchmed China, Ltd.<sup>1,5</sup> | 786002 | 2418 |
|  | Shionogi & Co., Ltd. | 46400 | 2308 |
|  | Teva Pharmaceutical Industries, Ltd. (ADR)<sup>1</sup> | 238996 | 2180 |
|  | Mettler-Toledo International, Inc.<sup>1</sup> | 1435 | 2074 |
|  | OdontoPrev SA, ordinary nominative shares | 1000547 | 1711 |
|  | Align Technology, Inc.<sup>1</sup> | 7299 | 1539 |
|  | Asahi Intecc Co., Ltd. | 91600 | 1510 |
|  | Genus PLC | 40970 | 1477 |
|  | Angelalign Technology, Inc. | 85000 | 1340 |
|  | Medtronic PLC | 16413 | 1276 |
|  | Merck KGaA | 5502 | 1066 |
|  | Bayer AG | 16010 | 827 |
|  | Zai Lab, Ltd. (ADR)<sup>1</sup> | 16060 | 493 |
|  | Shandong Pharmaceutical Glass Co., Ltd., Class A | 66700 | 272 |
|  |  |  | 405179 |
|  **Industrials**<br> **10.83%** | Airbus SE, non-registered shares | 370290 | 44028 |
|  | General Electric Co. | 229310 | 19214 |
|  | Larsen & Toubro, Ltd. | 722885 | 18180 |
|  | Safran SA | 141435 | 17674 |
|  | IMCD NV | 113074 | 16151 |
|  | DSV A/S | 97381 | 15445 |
|  | Shenzhen Inovance Technology Co., Ltd., Class A | 1435674 | 14359 |
|  | Copa Holdings, SA, Class A<sup>1</sup> | 172274 | 14328 |
|  | Carrier Global Corp. | 342044 | 14109 |
|  | International Container Terminal Services, Inc. | 3660200 | 13173 |
|  | Grab Holdings, Ltd., Class A<sup>1</sup> | 3941298 | 12691 |
|  | Rumo SA | 3544401 | 12493 |
|  | Caterpillar, Inc. | 38431 | 9207 |
|  | ZTO Express (Cayman), Inc., Class A (ADR) | 294858 | 7923 |
|  | Daikin Industries, Ltd. | 45200 | 6953 |
|  | Mitsui & Co., Ltd. | 239100 | 6952 |
|  | InPost SA<sup>1</sup> | 768099 | 6492 |
|  | TransDigm Group, Inc. | 9831 | 6190 |
|  | Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A | 2015524 | 6140 |
|  | Suzhou Maxwell Technologies Co., Ltd., Class A | 89800 | 5321 |
|  | Thales SA | 39462 | 5045 |
|  | Interpump Group SpA | 109354 | 4954 |
|  | Boeing Company<sup>1</sup> | 25403 | 4839 |
|  | Raytheon Technologies Corp. | 39064 | 3942 |
|  | Contemporary Amperex Technology Co., Ltd., Class A | 67547 | 3825 |
|  | Wizz Air Holdings PLC<sup>1</sup> | 153309 | 3512 |
|  | Siemens AG | 24155 | 3353 |
|  | Centre Testing International Group Co., Ltd. | 953496 | 3059 |
|  | SMC Corp. | 7000 | 2963 |
|  | BAE Systems PLC | 273358 | 2825 |
|  | Spirax-Sarco Engineering PLC | 21156 | 2718 |
|  | Epiroc AB, Class B | 153337 | 2472 |
|  | Bharat Electronics, Ltd. | 1997357 | 2412 |

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| **72** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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##### [**Table of Contents**](#toc)
New World Fund (continued)

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| | | | |
|:---|:---|:---|:---|
| Common stocks (continued) | Common stocks (continued) | Shares | Value<br>(000) |
|  **Industrials**<br> **(continued)** | Legrand SA | 28999 | $2335 |
|  | Bureau Veritas SA | 85112 | 2240 |
|  | ABB, Ltd. | 71165 | 2168 |
|  | AirTAC International Group | 70000 | 2119 |
|  | Techtronic Industries Co., Ltd. | 180500 | 2010 |
|  | Grupo Aeroportuario del Pacífico, SAB de CV, Class B | 138094 | 1978 |
|  | Hitachi, Ltd. | 32800 | 1651 |
|  | Atlas Copco AB, Class B | 128644 | 1374 |
|  | Nidec Corp. | 25100 | 1307 |
|  | Haitian International Holdings, Ltd. | 485000 | 1297 |
|  | Experian PLC | 27683 | 942 |
|  | CCR SA, ordinary nominative shares | 343384 | 704 |
|  | Vicor Corp.<sup>1</sup> | 8616 | 463 |
|  | Hefei Meyer Optoelectronic Technology, Inc., Class A | 126100 | 434 |
|  |  |  | 333964 |
|  **Consumer**<br> **discretionary**<br> **10.70%** | LVMH Moët Hennessy-Louis Vuitton SE | 58437 | 42451 |
|  | MercadoLibre, Inc.<sup>1</sup> | 33916 | 28701 |
|  | Midea Group Co., Ltd., Class A | 3015168 | 22397 |
|  | Hermès International | 13597 | 20982 |
|  | Evolution AB | 195296 | 19073 |
|  | Li Ning Co., Ltd. | 2222001 | 19068 |
|  | Galaxy Entertainment Group, Ltd. | 2661000 | 17620 |
|  | General Motors Company | 464326 | 15620 |
|  | H World Group, Ltd. (ADR) | 205118 | 8701 |
|  | H World Group, Ltd. | 611320 | 2631 |
|  | YUM! Brands, Inc. | 70324 | 9007 |
|  | Trip.com Group, Ltd. (ADR)<sup>1</sup> | 243784 | 8386 |
|  | Zhongsheng Group Holdings, Ltd. | 1519000 | 7743 |
|  | Kering SA | 13551 | 6935 |
|  | NIKE, Inc., Class B | 56533 | 6615 |
|  | Jumbo SA | 367791 | 6278 |
|  | Astra International Tbk PT | 16312800 | 5943 |
|  | IDP Education, Ltd. | 294204 | 5437 |
|  | Industria de Diseño Textil, SA | 198585 | 5288 |
|  | Marriott International, Inc., Class A | 35444 | 5277 |
|  | JD.com, Inc., Class A | 181431 | 5100 |
|  | Titan Co., Ltd. | 153168 | 4794 |
|  | Tesla, Inc.<sup>1</sup> | 36323 | 4474 |
|  | adidas AG | 32573 | 4447 |
|  | Prosus NV, Class N | 63003 | 4325 |
|  | Alibaba Group Holding, Ltd.<sup>1</sup> | 377472 | 4168 |
|  | Americanas SA, ordinary nominative shares | 1839202 | 3362 |
|  | Lear Corp. | 22412 | 2779 |
|  | Airbnb, Inc., Class A<sup>1</sup> | 32220 | 2755 |
|  | Melco Resorts & Entertainment, Ltd. (ADR)<sup>1</sup> | 237753 | 2734 |
|  | Maruti Suzuki India, Ltd. | 24671 | 2495 |
|  | Aptiv PLC<sup>1</sup> | 23648 | 2202 |
|  | Booking Holdings, Inc.<sup>1</sup> | 1083 | 2183 |
|  | InterContinental Hotels Group PLC | 37749 | 2173 |
|  | JD Health International, Inc.<sup>1</sup> | 233200 | 2133 |
|  | Naspers, Ltd., Class N | 10720 | 1767 |
|  | Stellantis NV | 121859 | 1726 |
|  | Inchcape PLC | 158322 | 1563 |
|  | Shangri-La Asia, Ltd.<sup>1</sup> | 1882000 | 1542 |
|  | Magazine Luiza SA<sup>1</sup> | 2856097 | 1482 |
|  | Levi Strauss & Co., Class A | 89390 | 1387 |
|  | Sands China, Ltd.<sup>1</sup> | 367200 | 1216 |
|  | Renault SA<sup>1</sup> | 31040 | 1034 |
|  | FSN E-Commerce Ventures, Ltd. | 499594 | 932 |
|  | Flutter Entertainment PLC<sup>1</sup> | 6201 | 850 |

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|:---|:---|
| American Funds Insurance Series | **73** |

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##### [**Table of Contents**](#toc)
New World Fund (continued)

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| | | | |
|:---|:---|:---|:---|
| Common stocks (continued) | Common stocks (continued) | Shares | Value<br>(000) |
|  **Consumer**<br> **discretionary**<br> **(continued)** | Cie. Financière Richemont SA, Class A | 6488 | $840 |
|  | Gree Electric Appliances, Inc. of Zhuhai, Class A | 132946 | 617 |
|  | Jiumaojiu International Holdings, Ltd. | 196000 | 517 |
|  | Cyrela Brazil Realty SA, ordinary nominative shares | 115141 | 285 |
|  | Ozon Holdings PLC (ADR)<sup>1,2</sup> | 209599 | —<sup>4</sup> |
|  |  |  | 330035 |
|  **Materials**<br> **7.96%** | Vale SA (ADR), ordinary nominative shares | 1657863 | 28134 |
|  | Vale SA, ordinary nominative shares | 1563228 | 26316 |
|  | First Quantum Minerals, Ltd. | 1427502 | 29826 |
|  | Freeport-McMoRan, Inc. | 632561 | 24037 |
|  | Asian Paints, Ltd. | 524675 | 19588 |
|  | Albemarle Corp. | 72979 | 15826 |
|  | Linde PLC | 43780 | 14280 |
|  | Sika AG | 54150 | 13066 |
|  | Pidilite Industries, Ltd. | 359013 | 11037 |
|  | Barrick Gold Corp. | 348685 | 5990 |
|  | Shin-Etsu Chemical Co., Ltd. | 46300 | 5641 |
|  | LANXESS AG | 133996 | 5408 |
|  | Sociedad Química y Minera de Chile SA, Class B (ADR) | 59883 | 4781 |
|  | Wacker Chemie AG | 33237 | 4248 |
|  | Gerdau SA (ADR) | 743704 | 4120 |
|  | Givaudan SA | 1316 | 4012 |
|  | Loma Negra Compania Industrial Argentina SA (ADR) | 505941 | 3466 |
|  | Fresnillo PLC | 299094 | 3247 |
|  | Jindal Steel & Power, Ltd. | 427648 | 2989 |
|  | Shandong Sinocera Functional Material Co., Ltd., Class A | 551700 | 2189 |
|  | Wheaton Precious Metals Corp. | 52459 | 2050 |
|  | OCI NV | 50734 | 1810 |
|  | Amcor PLC (CDI) | 142086 | 1703 |
|  | Arkema SA | 18241 | 1645 |
|  | CCL Industries, Inc., Class B, nonvoting shares | 34789 | 1486 |
|  | Umicore SA | 37150 | 1371 |
|  | Koninklijke DSM NV | 11145 | 1366 |
|  | Grupo México, SAB de CV, Series B | 372626 | 1308 |
|  | Corteva, Inc. | 19893 | 1169 |
|  | Glencore PLC | 166729 | 1115 |
|  | Yunnan Energy New Material Co., Ltd., Class A | 53564 | 1012 |
|  | BASF SE | 13092 | 650 |
|  | Navin Fluorine International, Ltd. | 7411 | 364 |
|  | Polymetal International PLC<sup>1</sup> | 76572 | 228 |
|  | Alrosa PJSC<sup>1,2</sup> | 1123215 | —<sup>4</sup> |
|  |  |  | 245478 |
|  **Consumer staples**<br> **6.23%** | Kweichow Moutai Co., Ltd., Class A | 119607 | 29597 |
|  | ITC, Ltd. | 4065758 | 16297 |
|  | Bunge, Ltd. | 149915 | 14957 |
|  | Anheuser-Busch InBev SA/NV | 179767 | 10807 |
|  | Nestlé SA | 92198 | 10648 |
|  | Constellation Brands, Inc., Class A | 41910 | 9713 |
|  | Philip Morris International, Inc. | 89011 | 9009 |
|  | Varun Beverages, Ltd. | 520713 | 8291 |
|  | Ajinomoto Co., Inc. | 270999 | 8263 |
|  | Monster Beverage Corp.<sup>1</sup> | 79331 | 8054 |
|  | Carlsberg A/S, Class B | 47845 | 6334 |
|  | Kimberly-Clark de México, SAB de CV, Class A, ordinary participation certificates | 3616697 | 6138 |
|  | Pernod Ricard SA | 31035 | 6100 |
|  | Raia Drogasil SA, ordinary nominative shares | 1191066 | 5351 |
|  | Avenue Supermarts, Ltd.<sup>1</sup> | 96957 | 4752 |
|  | Japan Tobacco, Inc. | 232900 | 4709 |

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| **74** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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##### [**Table of Contents**](#toc)
New World Fund (continued)

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| | | | |
|:---|:---|:---|:---|
| Common stocks (continued) | Common stocks (continued) | Shares | Value<br>(000) |
|  **Consumer staples**<br> **(continued)** | Arca Continental, SAB de CV | 559188 | $4541 |
|  | Dabur India, Ltd. | 536320 | 3632 |
|  | Uni-Charm Corp. | 86000 | 3298 |
|  | Mondelez International, Inc. | 48376 | 3224 |
|  | British American Tobacco PLC | 57762 | 2292 |
|  | L'Oréal SA, non-registered shares | 6141 | 2203 |
|  | Foshan Haitian Flavouring and Food Co., Ltd., Class A | 189896 | 2174 |
|  | Proya Cosmetics Co., Ltd., Class A | 83620 | 2015 |
|  | Danone SA | 34906 | 1839 |
|  | United Spirits, Ltd.<sup>1</sup> | 150135 | 1593 |
|  | Essity Aktiebolag, Class B | 59261 | 1555 |
|  | Monde Nissin Corp. | 7788000 | 1553 |
|  | Wuliangye Yibin Co., Ltd., Class A | 51771 | 1340 |
|  | Reckitt Benckiser Group PLC | 18928 | 1317 |
|  | Diageo PLC | 9646 | 426 |
|  | X5 Retail Group NV (GDR)<sup>1,2</sup> | 88147 | –<sup>4</sup> |
|  |  |  | 192022 |
|  **Communication**<br> **services**<br> **5.12%** | Sea, Ltd., Class A (ADR)<sup>1</sup> | 440837 | 22937 |
|  **Communication**<br> **services**<br> **5.12%** | Alphabet, Inc., Class C<sup>1</sup> | 170931 | 15167 |
|  **Communication**<br> **services**<br> **5.12%** | Alphabet, Inc., Class A<sup>1</sup> | 70628 | 6231 |
|  | Bharti Airtel, Ltd. | 1936137 | 18821 |
|  | Bharti Airtel, Ltd., interim shares | 80154 | 419 |
|  | Tencent Holdings, Ltd. | 398700 | 16946 |
|  | MTN Group, Ltd. | 1937113 | 14510 |
|  | América Móvil, SAB de CV, Series L (ADR) | 579878 | 10554 |
|  | Netflix, Inc.<sup>1</sup> | 32399 | 9554 |
|  | Meta Platforms, Inc., Class A<sup>1</sup> | 66844 | 8044 |
|  | Telefónica, SA, non-registered shares | 2013890 | 7294 |
|  | NetEase, Inc. | 215200 | 3137 |
|  | NetEase, Inc. (ADR) | 26801 | 1946 |
|  | Vodafone Group PLC | 4478968 | 4540 |
|  | Indus Towers, Ltd. | 1704995 | 3916 |
|  | Activision Blizzard, Inc. | 51137 | 3914 |
|  | Singapore Telecommunications, Ltd. | 1920800 | 3688 |
|  | JCDecaux SE<sup>1</sup> | 88804 | 1689 |
|  | Telefônica Brasil SA, ordinary nominative shares | 222879 | 1619 |
|  | TIM SA | 649389 | 1525 |
|  | Informa PLC | 166372 | 1247 |
|  | Sitios Latinoamerica, SAB de CV, Class B1<sup>1</sup> | 531908 | 255 |
|  | Yandex NV, Class A<sup>1,2</sup> | 378730 | —<sup>4</sup> |
|  |  |  | 157953 |
|  **Energy**<br> **4.96%** | Reliance Industries, Ltd. | 1922257 | 58967 |
|  | TotalEnergies SE | 429775 | 26824 |
|  | Baker Hughes Co., Class A | 400704 | 11833 |
|  | New Fortress Energy, Inc., Class A | 199711 | 8472 |
|  | BP PLC | 1438591 | 8366 |
|  | Exxon Mobil Corp. | 66625 | 7349 |
|  | Hess Corp. | 42526 | 6031 |
|  | Cheniere Energy, Inc. | 33338 | 4999 |
|  | Aker BP ASA | 160241 | 4995 |
|  | Chevron Corp. | 24508 | 4399 |
|  | Petróleo Brasileiro SA (Petrobras) (ADR), ordinary nominative shares | 240586 | 2562 |
|  | Shell PLC (GBP denominated) | 88634 | 2519 |
|  | INPEX Corp. | 229000 | 2444 |
|  | TechnipFMC PLC<sup>1</sup> | 171689 | 2093 |

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| | |
|:---|:---|
| American Funds Insurance Series | **75** |

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##### [**Table of Contents**](#toc)
New World Fund (continued)

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| | | | |
|:---|:---|:---|:---|
| Common stocks (continued) | Common stocks (continued) | Shares | Value<br> (000) |
|  **Energy**<br> **(continued)** | Galp Energia, SGPS, SA, Class B | 76673 | $1037 |
|  | Gazprom PJSC<sup>2</sup> | 945858 | —<sup>4</sup> |
|  | Rosneft Oil Co. PJSC<sup>2</sup> | 588661 | —<sup>4</sup> |
|  |  |  | 152890 |
|  **Utilities**<br> **1.73%** | ENN Energy Holdings, Ltd. | 1596100 | 22267 |
|  | AES Corp. | 494900 | 14233 |
|  | Engie SA | 433528 | 6210 |
|  | Enel SpA | 717325 | 3858 |
|  | Power Grid Corporation of India, Ltd. | 1407075 | 3622 |
|  | China Resources Gas Group, Ltd. | 848600 | 3161 |
|  | China Gas Holdings, Ltd. | 67400 | 97 |
|  |  |  | 53448 |
|  **Real estate**<br> **1.59%** | Macrotech Developers, Ltd.<sup>1</sup> | 1294321 | 17070 |
|  | American Tower Corp. REIT | 36333 | 7698 |
|  | ESR Group, Ltd. | 2725200 | 5720 |
|  | CK Asset Holdings, Ltd. | 920500 | 5667 |
|  | BR Malls Participações SA, ordinary nominative shares | 3350637 | 5267 |
|  | China Resources Mixc Lifestyle Services, Ltd. | 550000 | 2794 |
|  | CTP NV | 192994 | 2273 |
|  | Embassy Office Parks REIT | 367228 | 1490 |
|  | China Overseas Land & Investment, Ltd. | 222115 | 586 |
|  | Country Garden Services Holdings Co., Ltd. | 180000 | 446 |
|  | Ayala Land, Inc. | 198600 | 110 |
|  |  |  | 49121 |
|  | **Total common stocks** (cost: $2,233,829,000) |  | 2786799 |
| Preferred securities 1.05% | Preferred securities 1.05% |  |  |
|  **Consumer**<br> **discretionary**<br> **0.38%** | Dr. Ing. h.c. F. Porsche AG, nonvoting non-registered preferred shares<sup>1</sup> | 43971 | 4461 |
|  **Consumer**<br> **discretionary**<br> **0.38%** | Getir BV, Series D, preferred shares<sup>1,2,3</sup> | 7768 | 3736 |
|  **Consumer**<br> **discretionary**<br> **0.38%** | Porsche Automobil Holding SE, nonvoting preferred shares | 60985 | 3346 |
|  |  |  | 11543 |
|  **Materials**<br> **0.28%** | Gerdau SA, preferred nominative shares | 1533179 | 8529 |
|  **Real estate**<br> **0.17%** | QuintoAndar, Ltd., Series E, preferred shares<sup>1,2,3</sup> | 32657 | 4267 |
|  | QuintoAndar, Ltd., Series E-1, preferred shares<sup>1,2,3</sup> | 8400 | 1098 |
|  |  |  | 5365 |
|  **Financials**<br> **0.13%** | Itaú Unibanco Holding SA, preferred nominative shares | 339548 | 1608 |
|  | Itaú Unibanco Holding SA (ADR), preferred nominative shares | 151962 | 716 |
|  | Banco Bradesco SA, preferred nominative shares | 619768 | 1778 |
|  |  |  | 4102 |
|  **Energy** | Petróleo Brasileiro SA (Petrobras) (ADR), preferred nominative shares | 129613 | 1204 |
|  **0.06%** | Petróleo Brasileiro SA (Petrobras), preferred nominative shares | 156248 | 725 |
|  |  |  | 1929 |
|  **Health care**<br> **0.02%** | Grifols, SA, Class B, nonvoting non-registered preferred shares<sup>1</sup> | 71554 | 605 |

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| | |
|:---|:---|
| **76** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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##### [**Table of Contents**](#toc)
New World Fund (continued)

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| | | | |
|:---|:---|:---|:---|
| Preferred securities (continued) | Preferred securities (continued) | Shares | Value<br> (000) |
|  **Industrials**<br> **0.01%** | GOL Linhas Aéreas Inteligentes SA, preferred nominative shares<sup>1</sup> | 169406 | $235 |
|  **Information**<br> **technology**<br> **0.00%** | Canva, Inc., Series A, noncumulative preferred shares<sup>1,2,3</sup> | 34 | 30 |
|  | Canva, Inc., Series A-3, noncumulative preferred shares<sup>1,2,3</sup> | 1 | 1 |
|  |  |  | 31 |
|  | **Total preferred securities** (cost: $30,813,000) |  | 32339 |
| Rights & warrants 0.00% | Rights & warrants 0.00% |  |  |
|  **Materials**<br> **0.00%** | Shandong Sinocera Functional Material Co., Ltd., Class A, warrants,<br>expire 10/30/2023<sup>1,6</sup> | 43474 | 172 |
|  **Consumer**<br> **discretionary**<br> **0.00%** | Compagnie Financière Richemont SA, Class A, warrants, expire 11/22/2023<sup>1</sup> | 37386 | 31 |
|  | **Total rights & warrants** (cost: $183,000) |  | 203 |
| Bonds, notes & other debt instruments 3.26% | Bonds, notes & other debt instruments 3.26% | Principal amount<br>(000) |  |
|  **Bonds & notes of governments & government agencies outside the U.S. 2.66%** | **Bonds & notes of governments & government agencies outside the U.S. 2.66%** |  |  |
|  | Abu Dhabi (Emirate of) 2.50% 9/30/2029<sup>6</sup> | USD1,000 | 899 |
|  | Abu Dhabi (Emirate of) 1.70% 3/2/2031<sup>6</sup> | 885 | 732 |
|  | Angola (Republic of) 8.25% 5/9/2028 | 500 | 457 |
|  | Angola (Republic of) 8.00% 11/26/2029<sup>6</sup> | 1100 | 968 |
|  | Angola (Republic of) 8.75% 4/14/2032<sup>6</sup> | 280 | 243 |
|  | Argentine Republic 1.00% 7/9/2029 | 32 | 9 |
|  | Argentine Republic 0.50% 7/9/2030 (0.75% on 7/9/2023)<sup>7</sup> | 5341 | 1454 |
|  | Argentine Republic 1.50% 7/9/2035 (3.625% on 7/9/2023)<sup>7</sup> | 2217 | 568 |
|  | Argentine Republic 3.875% 1/9/2038 (4.25% on 7/9/2023)<sup>7</sup> | 1318 | 420 |
|  | Argentine Republic 3.50% 7/9/2041 (4.875% on 7/9/2029)<sup>7</sup> | 5279 | 1502 |
|  | Armenia (Republic of) 7.15% 3/26/2025 | 290 | 294 |
|  | Bahrain (Kingdom of) 6.75% 9/20/2029<sup>6</sup> | 200 | 200 |
|  | Brazil (Federative Republic of) 10.00% 1/1/2027 | BRL19,869 | 3461 |
|  | Brazil (Federative Republic of) 6.00% 5/15/2027<sup>8</sup> | 16377 | 3109 |
|  | Chile (Republic of) 3.10% 5/7/2041 | USD375 | 271 |
|  | Chile (Republic of) 4.34% 3/7/2042 | 645 | 547 |
|  | China (People's Republic of), Series INBK, 2.89% 11/18/2031 | CNY36,200 | 5205 |
|  | China (People's Republic of), Series INBK, 3.72% 4/12/2051 | 34650 | 5410 |
|  | Colombia (Republic of) 4.50% 1/28/2026 | USD280 | 264 |
|  | Colombia (Republic of) 3.25% 4/22/2032 | 700 | 511 |
|  | Colombia (Republic of) 8.00% 4/20/2033 | 200 | 201 |
|  | Colombia (Republic of) 7.375% 9/18/2037 | 1090 | 1025 |
|  | Colombia (Republic of) 5.625% 2/26/2044 | 520 | 384 |
|  | Colombia (Republic of) 5.20% 5/15/2049 | 755 | 517 |
|  | Colombia (Republic of) 4.125% 5/15/2051 | 350 | 211 |
|  | Cote d'Ivoire (Republic of) 4.875% 1/30/2032 | EUR150 | 127 |
|  | Dominican Republic 6.875% 1/29/2026 | USD370 | 374 |
|  | Dominican Republic 8.625% 4/20/2027<sup>6</sup> | 575 | 600 |
|  | Dominican Republic 5.50% 2/22/2029<sup>6</sup> | 275 | 254 |
|  | Dominican Republic 11.375% 7/6/2029 | DOP12,800 | 221 |
|  | Dominican Republic 6.00% 2/22/2033<sup>6</sup> | USD150 | 136 |
|  | Dominican Republic 7.45% 4/30/2044<sup>6</sup> | 1125 | 1053 |
|  | Dominican Republic 7.45% 4/30/2044 | 1000 | 936 |
|  | Dominican Republic 5.875% 1/30/2060<sup>6</sup> | 280 | 206 |
|  | Egypt (Arab Republic of) 5.875% 2/16/2031<sup>6</sup> | 365 | 255 |

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| | |
|:---|:---|
| American Funds Insurance Series | **77** |

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##### [**Table of Contents**](#toc)
New World Fund (continued)

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| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
| **Bonds & notes of governments & government agencies outside the U.S. (continued)** |  |  |
| Egypt (Arab Republic of) 6.375% 4/11/2031 | EUR550 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411 |
| Egypt (Arab Republic of) 7.625% 5/29/2032<sup>6</sup> | USD900 | 669 |
| Egypt (Arab Republic of) 7.625% 5/29/2032 | 275 | 204 |
| Egypt (Arab Republic of) 8.50% 1/31/2047 | 800 | 536 |
| Egypt (Arab Republic of) 8.875% 5/29/2050 | 850 | 578 |
| Egypt (Arab Republic of) 8.75% 9/30/2051 | 755 | 510 |
| Egypt (Arab Republic of) 8.15% 11/20/2059<sup>6</sup> | 500 | 329 |
| Ethiopia (Federal Democratic Republic of) 6.625% 12/11/2024 | 880 | 553 |
| Export-Import Bank of India 3.25% 1/15/2030 | 1180 | 1025 |
| Gabonese Republic 6.95% 6/16/2025 | 540 | 513 |
| Gabonese Republic 7.00% 11/24/2031 | 300 | 247 |
| Ghana (Republic of) 6.375% 2/11/2027 | 485 | 188 |
| Ghana (Republic of) 7.875% 3/26/2027 | 200 | 79 |
| Ghana (Republic of) 7.75% 4/7/2029<sup>6</sup> | 1125 | 423 |
| Ghana (Republic of) 7.625% 5/16/2029 | 460 | 174 |
| Ghana (Republic of) 8.125% 3/26/2032 | 2130 | 782 |
| Honduras (Republic of) 6.25% 1/19/2027 | 1365 | 1208 |
| Honduras (Republic of) 5.625% 6/24/2030 | 678 | 547 |
| Honduras (Republic of) 5.625% 6/24/2030<sup>6</sup> | 281 | 227 |
| Indonesia (Republic of) 6.625% 2/17/2037 | 500 | 568 |
| Indonesia (Republic of) 5.25% 1/17/2042 | 840 | 828 |
| Iraq (Republic of) 6.752% 3/9/2023 | 960 | 950 |
| Jordan (Hashemite Kingdom of) 5.75% 1/31/2027<sup>6</sup> | 800 | 773 |
| Kazakhstan (Republic of) 6.50% 7/21/2045<sup>6</sup> | 800 | 836 |
| Kenya (Republic of) 6.875% 6/24/2024 | 200 | 185 |
| Kenya (Republic of) 8.25% 2/28/2048<sup>6</sup> | 1800 | 1402 |
| Mongolia (State of) 8.75% 3/9/2024 | 370 | 359 |
| Mongolia (State of) 4.45% 7/7/2031 | 300 | 234 |
| Mozambique (Republic of) 5.00% 9/15/2031 (9.00% on 9/15/2023)<sup>7</sup> | 880 | 678 |
| Oman (Sultanate of) 4.875% 2/1/2025<sup>6</sup> | 565 | 556 |
| Oman (Sultanate of) 5.375% 3/8/2027 | 750 | 736 |
| Oman (Sultanate of) 6.25% 1/25/2031<sup>6</sup> | 600 | 606 |
| Pakistan (Islamic Republic of) 8.25% 9/30/2025<sup>6</sup> | 410 | 199 |
| Pakistan (Islamic Republic of) 6.00% 4/8/2026<sup>6</sup> | 380 | 153 |
| Pakistan (Islamic Republic of) 6.875% 12/5/2027<sup>6</sup> | 1050 | 416 |
| Pakistan (Islamic Republic of) 7.875% 3/31/2036 | 200 | 72 |
| Pakistan (Islamic Republic of) 8.875% 4/8/2051 | 850 | 300 |
| Panama (Republic of) 3.75% 4/17/2026<sup>6</sup> | 678 | 639 |
| Panama (Republic of) 4.50% 5/15/2047 | 1155 | 892 |
| Panama (Republic of) 4.50% 4/16/2050 | 200 | 152 |
| Panama (Republic of) 4.30% 4/29/2053 | 400 | 290 |
| Panama (Republic of) 4.50% 1/19/2063 | 200 | 142 |
| Paraguay (Republic of) 4.70% 3/27/2027<sup>6</sup> | 400 | 395 |
| Paraguay (Republic of) 4.95% 4/28/2031 | 320 | 310 |
| Peru (Republic of) 3.00% 1/15/2034 | 425 | 336 |
| Peru (Republic of) 6.55% 3/14/2037 | 1070 | 1131 |
| Peru (Republic of) 3.55% 3/10/2051 | 370 | 265 |
| Peru (Republic of) 2.78% 12/1/2060 | 365 | 214 |
| PETRONAS Capital, Ltd. 4.55% 4/21/2050<sup>6</sup> | 400 | 359 |
| Philippines (Republic of) 1.648% 6/10/2031 | 580 | 465 |
| Philippines (Republic of) 6.375% 10/23/2034 | 820 | 911 |
| Philippines (Republic of) 3.95% 1/20/2040 | 700 | 595 |
| Philippines (Republic of) 3.70% 3/1/2041 | 505 | 414 |
| Philippines (Republic of) 2.95% 5/5/2045 | 790 | 572 |
| PT Indonesia Asahan Aluminium Tbk 6.757% 11/15/2048 | 200 | 188 |
| Qatar (State of) 4.50% 4/23/2028<sup>6</sup> | 2000 | 2016 |
| Qatar (State of) 4.50% 4/23/2028 | 600 | 605 |
| Romania 2.00% 1/28/2032 | EUR1,375 | 987 |
| Romania 2.00% 4/14/2033 | 300 | 207 |
| Romania 5.125% 6/15/2048<sup>6</sup> | USD500 | 399 |
| Russian Federation 4.25% 6/23/2027<sup>9</sup> | 1000 | 430 |

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| | |
|:---|:---|
| **78** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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##### [**Table of Contents**](#toc)
New World Fund (continued)

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| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** |  |  |
|  | Russian Federation 4.375% 3/21/2029<sup>6,9</sup> | USD800 | $328 |
|  | Russian Federation 5.10% 3/28/2035<sup>9</sup> | 1600 | 656 |
|  | Russian Federation 5.25% 6/23/2047<sup>9</sup> | 1200 | 492 |
|  | Senegal (Republic of) 4.75% 3/13/2028 | EUR950 | 880 |
|  | South Africa (Republic of) 5.875% 6/22/2030 | USD1,200 | 1120 |
|  | South Africa (Republic of) 5.875% 4/20/2032 | 400 | 362 |
|  | Sri Lanka (Democratic Socialist Republic of) 6.125% 6/3/2025<sup>9</sup> | 450 | 147 |
|  | Sri Lanka (Democratic Socialist Republic of) 6.85% 11/3/2025<sup>9</sup> | 1904 | 614 |
|  | Sri Lanka (Democratic Socialist Republic of) 6.825% 7/18/2026<sup>9</sup> | 1270 | 407 |
|  | Sri Lanka (Democratic Socialist Republic of) 7.55% 3/28/2030<sup>9</sup> | 471 | 150 |
|  | Tunisia (Republic of) 6.75% 10/31/2023 | EUR465 | 420 |
|  | Tunisia (Republic of) 6.75% 10/31/2023 | 310 | 280 |
|  | Tunisia (Republic of) 5.625% 2/17/2024 | 500 | 422 |
|  | Tunisia (Republic of) 5.75% 1/30/2025 | USD625 | 435 |
|  | Turkey (Republic of) 11.875% 1/15/2030 | 800 | 954 |
|  | Turkey (Republic of) 5.875% 6/26/2031 | 1170 | 963 |
|  | Turkey (Republic of) 4.875% 4/16/2043 | 400 | 261 |
|  | Turkey (Republic of) 5.75% 5/11/2047 | 2005 | 1373 |
|  | Ukraine 8.994% 2/1/2026<sup>9</sup> | 600 | 134 |
|  | Ukraine 7.75% 9/1/2029<sup>9</sup> | 2328 | 503 |
|  | Ukraine 9.75% 11/1/2030<sup>9</sup> | 900 | 187 |
|  | Ukraine 7.375% 9/25/2034<sup>9</sup> | 2180 | 416 |
|  | United Mexican States 4.50% 4/22/2029 | 300 | 287 |
|  | United Mexican States 4.75% 4/27/2032 | 870 | 817 |
|  | United Mexican States 4.75% 3/8/2044 | 1090 | 884 |
|  | United Mexican States 3.75% 4/19/2071 | 200 | 125 |
|  | United Mexican States, Series M, 7.50% 6/3/2027 | MXN20,360 | 986 |
|  | United Mexican States, Series M, 7.75% 5/29/2031 | 43000 | 2044 |
|  | Venezuela (Bolivarian Republic of) 9.00% 5/7/2023<sup>9</sup> | USD1,383 | 121 |
|  | Venezuela (Bolivarian Republic of) 8.25% 10/13/2024<sup>9</sup> | 299 | 26 |
|  | Venezuela (Bolivarian Republic of) 7.65% 4/21/2025<sup>9</sup> | 129 | 11 |
|  | Venezuela (Bolivarian Republic of) 11.75% 10/21/2026<sup>9</sup> | 64 | 6 |
|  | Venezuela (Bolivarian Republic of) 9.25% 9/15/2027<sup>9</sup> | 170 | 16 |
|  | Venezuela (Bolivarian Republic of) 9.25% 5/7/2028<sup>9</sup> | 319 | 29 |
|  | Venezuela (Bolivarian Republic of) 7.00% 12/1/2018<sup>9</sup> | 64 | 5 |
|  | Venezuela (Bolivarian Republic of) 7.75% 10/13/2019<sup>9</sup> | 1149 | 92 |
|  | Venezuela (Bolivarian Republic of) 6.00% 12/9/2020<sup>9</sup> | 950 | 67 |
|  | Venezuela (Bolivarian Republic of) 11.95% 8/5/2031<sup>9</sup> | 106 | 10 |
|  | Venezuela (Bolivarian Republic of) 12.75% 8/23/2022<sup>9</sup> | 85 | 7 |
|  | Venezuela (Bolivarian Republic of) 7.00% 3/31/2038<sup>9</sup> | 107 | 10 |
|  |  |  | 82039 |
|  **Corporate bonds, notes & loans 0.51%** | **Corporate bonds, notes & loans 0.51%** |  |  |
|  **Energy**<br> **0.17%** | Oleoducto Central SA 4.00% 7/14/2027<sup>6</sup> | 255 | 225 |
|  | Oleoducto Central SA 4.00% 7/14/2027 | 200 | 177 |
|  | Petrobras Global Finance Co. 6.85% 6/5/2115 | 314 | 266 |
|  | Petróleos Mexicanos 6.875% 8/4/2026 | 800 | 757 |
|  | Petróleos Mexicanos 6.49% 1/23/2027 | 1670 | 1525 |
|  | Petróleos Mexicanos 8.75% 6/2/2029 | 1105 | 1038 |
|  | Petróleos Mexicanos 6.70% 2/16/2032 | 622 | 490 |
|  | Petrorio Luxembourg SARL 6.125% 6/9/2026 | 200 | 191 |
|  | PTT Exploration and Production PCL 2.993% 1/15/2030 | 200 | 174 |
|  | Sinopec Group Overseas Development (2018), Ltd. 3.10% 1/8/2051<sup>6</sup> | 630 | 420 |
|  |  |  | 5263 |

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| | |
|:---|:---|
| American Funds Insurance Series | **79** |

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##### [**Table of Contents**](#toc)
New World Fund (continued)

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| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |  |  |
|  **Financials**<br> **0.09%** | Bangkok Bank PCL 3.733% 9/25/2034 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (5-year UST Yield Curve Rate T Note Constant Maturity + 1.90% on 9/25/2029)<sup>7</sup> | USD800 | $670 |
|  | CMB International Leasing Management, Ltd. 2.75% 8/12/2030 | 895 | 687 |
|  | HDFC Bank, Ltd. 3.70% junior subordinated perpetual bonds |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (5-Year UST Yield Curve Rate T Note Constant Maturity + 2.925% on 2/25/2027)<sup>6,7</sup> | 600 | 516 |
|  | Power Financial Corp., Ltd. 6.15% 12/6/2028 | 432 | 439 |
|  | Power Financial Corp., Ltd. 4.50% 6/18/2029 | 273 | 253 |
|  | Power Financial Corp., Ltd. 3.35% 5/16/2031 | 310 | 258 |
|  |  |  | 2823 |
|  **Consumer**<br> **discretionary**<br> **0.07%** | Alibaba Group Holding, Ltd. 4.20% 12/6/2047 | 600 | 461 |
|  | Alibaba Group Holding, Ltd. 3.15% 2/9/2051 | 410 | 256 |
|  | Arcos Dorados BV 6.125% 5/27/2029 | 450 | 437 |
|  | Meituan Dianping 3.05% 10/28/2030<sup>6</sup> | 800 | 618 |
|  | MercadoLibre, Inc. 3.125% 1/14/2031 | 400 | 310 |
|  | Sands China, Ltd. 4.875% 6/18/2030 | 220 | 193 |
|  |  |  | 2275 |
|  **Materials**<br> **0.05%** | Braskem Idesa SAPI 7.45% 11/15/2029 | 775 | 613 |
|  | Braskem Idesa SAPI 7.45% 11/15/2029<sup>6</sup> | 300 | 237 |
|  | GC Treasury Center Co., Ltd. 4.40% 3/30/2032<sup>6</sup> | 230 | 204 |
|  | Sasol Financing USA, LLC 5.875% 3/27/2024 | 500 | 491 |
|  |  |  | 1545 |
|  **Utilities**<br> **0.04%** | AES Panama Generation Holdings SRL 4.375% 5/31/2030<sup>6</sup> | 280 | 244 |
|  | Empresas Publicas de Medellin ESP 4.25% 7/18/2029<sup>6</sup> | 412 | 328 |
|  | Enfragen Energia Sur SA 5.375% 12/30/2030 | 969 | 679 |
|  |  |  | 1251 |
|  **Communication**<br> **services**<br> **0.04%** | Axiata SPV5 Labuan, Ltd. 3.064% 8/19/2050 | 357 | 238 |
|  | PLDT, Inc. 2.50% 1/23/2031 | 210 | 165 |
|  | Tencent Holdings, Ltd. 3.975% 4/11/2029 | 400 | 369 |
|  | Tencent Holdings, Ltd. 3.24% 6/3/2050<sup>6</sup> | 580 | 368 |
|  |  |  | 1140 |
|  **Consumer staples**<br> **0.02%** | Marfrig Global Foods SA 3.95% 1/29/2031 | 320 | 246 |
|  | NBM US Holdings, Inc. 6.625% 8/6/2029<sup>3</sup> | 420 | 407 |
|  |  |  | 653 |
|  **Industrials**<br> **0.02%** | Mexico City Airport Trust 4.25% 10/31/2026 | 475 | 454 |
|  **Health care**<br> **0.01%** | Rede D'Or Finance SARL 4.50% 1/22/2030 | 480 | 414 |
|  | **Total corporate bonds, notes & loans** |  | 15818 |
|  **U.S. Treasury bonds & notes 0.09%** | **U.S. Treasury bonds & notes 0.09%** |  |  |
|  **U.S. Treasury**<br> **0.09%** | U.S. Treasury (3-month U.S. Treasury Bill Yield - 0.015%) 4.383% 1/31/2024<sup>10,11</sup> | 2730 | 2729 |
|  | **Total bonds, notes & other debt instruments** (cost: $123,585,000) |  | 100586 |

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| | |
|:---|:---|
| **80** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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##### [**Table of Contents**](#toc)
New World Fund (continued)

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| | | |
|:---|:---|:---|
| Short-term securities 5.44% | Shares | Value<br> (000) |
| **Money market investments 5.43%** |  |  |
| Capital Group Central Cash Fund 4.31%<sup>12,13</sup> | 1673444 | $167328 |
| **Money market investments purchased with collateral from securities on loan 0.01%** |  |  |
| Goldman Sachs Financial Square Government Fund, Institutional Shares 4.15%<sup>12,14</sup> | 149334 | 150 |
| Capital Group Central Cash Fund 4.31%<sup>12,13,14</sup> | 862 | 86 |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.22%<sup>12,14</sup> | 58955 | 59 |
|  |  | 295 |
| **Total short-term securities** (cost: $167,602,000) |  | 167623 |
| **Total investment securities 100.12%** (cost: $2,556,012,000) |  | 3087550 |
| Other assets less liabilities (0.12)% |  | (3766) |
| **Net assets 100.00%** |  | $3083784 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Futures contracts** | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contracts | Type | Number of<br>contracts | Expiration | Notional <br> amount <br> (000)  | Value and<br>unrealized<br>(depreciation)<br>appreciation<br> at 12/31/2022<br> (000) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 Year Euro-Schatz Futures | Long | 40 | March 2023 | USD4,514 | $(18) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 Year U.S. Treasury Note Futures | Short | 14 | March 2023 | (1511) | 3 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 Year Euro-Bund Futures | Short | 18 | March 2023 | (2561) | 126 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 Year Ultra U.S. Treasury Note Futures | Short | 43 | March 2023 | (5086) | 30 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 Year Ultra U.S. Treasury Bond Futures | Long | 53 | March 2023 | 7118 | (48) |
|  |  |  |  |  | $93 |

---

 **Forward currency contracts**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | |  | | Unrealized |
| Contract amount | Contract amount |  |  | (depreciation)<br>appreciation |
| Currency purchased | Currency sold |  | Settlement | at 12/31/2022 |
| (000) | (000) | Counterparty | date | (000) |
| USD 77 | EUR 73 | Goldman Sachs | 1/11/2023 | $(1) |
| USD 1,484 | EUR 1,409 | Goldman Sachs | 1/12/2023 | (25) |
| EUR 8 | USD 9 | Barclays Bank PLC | 1/13/2023 | –<sup>4</sup> |
| USD 1,683 | EUR 1,593 | JPMorgan Chase | 1/13/2023 | (24) |
|  |  |  |  | $(50) |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **81** |

---

------

##### [**Table of Contents**](#toc)
New World Fund (continued)

---

| |
|:---|
|  **Swap contracts** |
|  **Credit default swaps** |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Centrally cleared credit default swaps on credit indices – buy protection** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  Reference<br> index | Financing<br> rate paid | Payment<br>frequency | Expiration<br> date | Notional<br>amount<br> (000) | Value at<br>12/31/2022<br>(000) | Upfront<br>premium<br> paid<br> (000) | Unrealized<br>appreciation<br> at 12/31/2022<br>(000) |
|  CDX.EM.38 | 1.00% | Quarterly | 12/20/2027 | USD2,230 | $131 | $129 | $2 |

---

 **Investments in affiliates<sup>13</sup>**<br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Value of<br>affiliates at<br>1/1/2022<br> (000) | Additions<br>(000) | Reductions<br>(000) | Net<br> realized<br> loss<br> (000) | Net<br>unrealized<br>appreciation<br>(000) | Value of<br>affiliates at<br>12/31/2022<br>(000) | Dividend<br>income<br>(000) |
|  **Short-term securities 5.43%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Money market investments 5.43%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 4.31%<sup>12</sup> | $216764 | $756276 | $805673 | $(44) | $5 | $167328 | $4331 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Money market investments purchased with collateral from securities on loan 0.00%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 4.31%<sup>12,14</sup> | 4255 |  | 4169<sup>15</sup> |  |  | 86 | –<sup>16</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total 5.43%** |  |  |  | $(44) | $5 | $167414 | $4331 |

---

 **Restricted securities<sup>3</sup>**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Acquisition<br> date(s) | Cost<br> (000) | Value<br>(000) | Percent<br>of net<br>assets |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QuintoAndar, Ltd., Series E, preferred shares<sup>1,2</sup> | 5/26/2021 | $5258 | $4267 | .14% |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QuintoAndar, Ltd., Series E-1, preferred shares<sup>1,2</sup> | 12/20/2021 | 1716 | 1098 | .04 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Getir BV, Series D, preferred shares<sup>1,2</sup> | 5/27/2021 | 3500 | 3736 | .12 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NBM US Holdings, Inc. 6.625% 8/6/2029 | 7/8/2022 | 404 | 407 | .01 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canva, Inc.<sup>1,2</sup> | 8/26/2021-11/4/2021 | 656 | 342 | .01 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canva, Inc., Series A, noncumulative preferred shares<sup>1,2</sup> | 11/4/2021 | 58 | 30 | .00 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canva, Inc., Series A-3, noncumulative preferred shares<sup>1,2</sup> | 11/4/2021 | 2 | 1 | .00 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** |  | $11594 | $9881 | .32% |

---

---

| | |
|:---|:---|
| **82** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
New World Fund (continued)

<sup>1</sup> Security did not produce income during the last 12 months.

<sup>2</sup> Value determined using significant unobservable inputs.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>3</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $9,881,000, which represented .32% of the net assets of the fund. 

&nbsp;&nbsp;&nbsp;&nbsp;<sup>4</sup> Amount less than one thousand. 

&nbsp;&nbsp;&nbsp;&nbsp;<sup>5</sup> All or a portion of this security was on loan. The total value of all such securities was $311,000, which represented ..01% of the net assets of the fund. Refer to Note 5 for more information on securities lending. 

&nbsp;&nbsp;&nbsp;&nbsp;<sup>6</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $19,603,000, which represented .64% of the net assets of the fund. 

<sup>7</sup> Step bond; coupon rate may change at a later date.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>8</sup> Index-linked bond whose principal amount moves with a government price index. 

<sup>9</sup> Scheduled interest and/or principal payment was not received.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>10</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $297,000, which represented .01% of the net assets of the fund. 

<sup>11</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.

<sup>12</sup> Rate represents the seven-day yield at 12/31/2022.

<sup>13</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>14</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>15</sup> Represents net activity. Refer to Note 5 for more information on securities lending.

<sup>16</sup> Dividend income is included with securities lending income in the fund's statement of operations and is not shown in this table.

**Key to abbreviations** 

ADR = American Depositary Receipts

BRL = Brazilian reais

CDI = CREST Depository Interest

CNY = Chinese yuan

DOP = Dominican pesos

EUR = Euros

GBP = British pounds

GDR = Global Depositary Receipts

MXN = Mexican pesos

REIT = Real Estate Investment Trust

USD = U.S. dollars

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American Funds Insurance Series | **83** |

---

------

##### [**Table of Contents**](#toc)
Washington Mutual Investors Fund

**Investment portfolio** December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| Common stocks 95.35% | Common stocks 95.35% | Shares | Value<br> (000) |
|  **Health care**<br> **21.99%** | UnitedHealth Group, Inc. | 706573 | $374611 |
|  | Pfizer, Inc. | 5089889 | 260806 |
|  | CVS Health Corp. | 2030283 | 189202 |
|  | Eli Lilly and Company | 436276 | 159607 |
|  | Johnson & Johnson | 897185 | 158488 |
|  | AbbVie, Inc. | 926694 | 149763 |
|  | AstraZeneca PLC (ADR) | 1747998 | 118514 |
|  | Humana, Inc. | 211641 | 108400 |
|  | Gilead Sciences, Inc. | 1234157 | 105952 |
|  | Abbott Laboratories | 676709 | 74296 |
|  | Cigna Corp. | 197196 | 65339 |
|  | Elevance Health, Inc. | 118687 | 60883 |
|  | Danaher Corp. | 228637 | 60685 |
|  | Bristol-Myers Squibb Company | 577839 | 41576 |
|  | Novo Nordisk A/S, Class B (ADR) | 214095 | 28976 |
|  | Zimmer Biomet Holdings, Inc. | 179120 | 22838 |
|  | Thermo Fisher Scientific, Inc. | 38181 | 21026 |
|  | Regeneron Pharmaceuticals, Inc.<sup>1</sup> | 25933 | 18710 |
|  | Zoetis, Inc., Class A | 100063 | 14664 |
|  | Roche Holding AG (ADR) | 322207 | 12614 |
|  | Molina Healthcare, Inc.<sup>1</sup> | 37656 | 12435 |
|  | Edwards Lifesciences Corp.<sup>1</sup> | 85300 | 6364 |
|  | Baxter International, Inc. | 114187 | 5820 |
|  | ResMed, Inc. | 24754 | 5152 |
|  |  |  | 2076721 |
|  **Information**<br> **technology**<br> **17.56%** | Broadcom, Inc. | 919032 | 513857 |
|  | Microsoft Corp. | 1830263 | 438934 |
|  | Apple, Inc. | 765754 | 99494 |
|  | ASML Holding NV (New York registered) (ADR) | 157302 | 85950 |
|  | Intel Corp. | 2778330 | 73431 |
|  | Visa, Inc., Class A | 290482 | 60351 |
|  | Fidelity National Information Services, Inc. | 587989 | 39895 |
|  | Motorola Solutions, Inc. | 149004 | 38400 |
|  | Mastercard, Inc., Class A | 110216 | 38325 |
|  | SAP SE (ADR) | 370066 | 38187 |
|  | KLA Corp. | 90564 | 34145 |
|  | Applied Materials, Inc. | 344981 | 33594 |
|  | Paychex, Inc. | 238707 | 27585 |
|  | TE Connectivity, Ltd. | 233588 | 26816 |
|  | Automatic Data Processing, Inc. | 91188 | 21781 |
|  | Texas Instruments, Inc. | 119302 | 19711 |
|  | NetApp, Inc. | 285109 | 17124 |
|  | Synopsys, Inc.<sup>1</sup> | 47178 | 15064 |
|  | Oracle Corp. | 116989 | 9563 |
|  | QUALCOMM, Inc. | 85889 | 9443 |
|  | EPAM Systems, Inc.<sup>1</sup> | 21637 | 7091 |
|  | Analog Devices, Inc. | 28186 | 4623 |
|  | Micron Technology, Inc. | 74256 | 3711 |
|  | Ciena Corp.<sup>1</sup> | 17550 | 895 |
|  |  |  | 1657970 |
|  **Financials**<br> **13.67%** | Marsh & McLennan Companies, Inc. | 1329999 | 220088 |
|  | JPMorgan Chase & Co. | 1231233 | 165108 |
|  | BlackRock, Inc. | 152050 | 107747 |
|  | Chubb, Ltd. | 450474 | 99375 |
|  | CME Group, Inc., Class A | 530969 | 89288 |
|  | Wells Fargo & Company | 1821863 | 75225 |
|  | Bank of America Corp. | 1370945 | 45406 |
|  | Citizens Financial Group, Inc. | 1109159 | 43668 |

---

---

| | |
|:---|:---|
| **84** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
Washington Mutual Investors Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Common stocks (continued) | Common stocks (continued) | Shares | Value<br> (000) |
|  **Financials**<br> **(continued)** | Discover Financial Services | 414920 | $40592 |
|  | Intercontinental Exchange, Inc. | 394483 | 40470 |
|  | Morgan Stanley | 458540 | 38985 |
|  | S&P Global, Inc. | 111373 | 37303 |
|  | Capital One Financial Corp. | 348076 | 32357 |
|  | Blackstone, Inc., nonvoting shares | 403946 | 29969 |
|  | Apollo Asset Management, Inc. | 443289 | 28277 |
|  | Nasdaq, Inc. | 458289 | 28116 |
|  | KKR & Co., Inc. | 601229 | 27909 |
|  | Goldman Sachs Group, Inc. | 78842 | 27073 |
|  | Aon PLC, Class A | 75142 | 22553 |
|  | PNC Financial Services Group, Inc. | 130342 | 20586 |
|  | Toronto-Dominion Bank<sup>2</sup> | 236859 | 15339 |
|  | KeyCorp | 770460 | 13422 |
|  | Canadian Imperial Bank of Commerce | 314940 | 12739 |
|  | Arthur J. Gallagher & Co. | 56249 | 10605 |
|  | Moody's Corp. | 26105 | 7273 |
|  | Fifth Third Bancorp | 192883 | 6329 |
|  | Charles Schwab Corp. | 38738 | 3225 |
|  | Progressive Corp. | 14654 | 1901 |
|  |  |  | 1290928 |
|  **Industrials**<br> **11.24%** | Northrop Grumman Corp. | 340603 | 185836 |
|  | Lockheed Martin Corp. | 220356 | 107201 |
|  | Raytheon Technologies Corp. | 991865 | 100099 |
|  | Caterpillar, Inc. | 415519 | 99542 |
|  | Norfolk Southern Corp. | 312913 | 77108 |
|  | CSX Corp. | 2421254 | 75011 |
|  | L3Harris Technologies, Inc. | 323116 | 67276 |
|  | Honeywell International, Inc. | 292363 | 62653 |
|  | Boeing Company<sup>1</sup> | 256666 | 48892 |
|  | Waste Connections, Inc. | 206205 | 27335 |
|  | Equifax, Inc. | 124702 | 24237 |
|  | ABB, Ltd. (ADR) | 753846 | 22962 |
|  | United Parcel Service, Inc., Class B | 123077 | 21396 |
|  | Robert Half International, Inc. | 278467 | 20559 |
|  | Union Pacific Corp. | 99249 | 20552 |
|  | Rockwell Automation | 59498 | 15325 |
|  | Carrier Global Corp. | 317975 | 13117 |
|  | Huntington Ingalls Industries, Inc. | 47307 | 10913 |
|  | PACCAR, Inc. | 108835 | 10771 |
|  | Republic Services, Inc. | 78273 | 10096 |
|  | Johnson Controls International PLC | 152323 | 9749 |
|  | BAE Systems PLC (ADR)<sup>2</sup> | 212361 | 8950 |
|  | HEICO Corp. | 56216 | 8637 |
|  | Air Lease Corp., Class A | 157245 | 6041 |
|  | RELX PLC (ADR) | 186041 | 5157 |
|  | Waste Management, Inc. | 11150 | 1749 |
|  |  |  | 1061164 |
|  **Consumer**<br> **discretionary**<br> **8.11%** | Home Depot, Inc. | 574803 | 181557 |
|  | YUM! Brands, Inc. | 682736 | 87445 |
|  | Target Corp. | 566187 | 84385 |
|  | General Motors Company | 1894289 | 63724 |
|  | Darden Restaurants, Inc. | 417284 | 57723 |
|  | Lennar Corp., Class A | 515314 | 46636 |
|  | Wynn Resorts, Ltd.<sup>1</sup> | 470851 | 38831 |
|  | NIKE, Inc., Class B | 321417 | 37609 |
|  | TJX Companies, Inc. | 469822 | 37398 |
|  | Dollar General Corp. | 115057 | 28333 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **85** |

---

------

##### [**Table of Contents**](#toc)
Washington Mutual Investors Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Common stocks (continued) | Common stocks (continued) | Shares | Value<br> (000) |
|  **Consumer**<br> **discretionary**<br> **(continued)** | D.R. Horton, Inc. | 283590 | $25279 |
|  | Starbucks Corp. | 247055 | 24508 |
|  | Chipotle Mexican Grill, Inc.<sup>1</sup> | 9251 | 12836 |
|  | VF Corp. | 440631 | 12166 |
|  | Aptiv PLC<sup>1</sup> | 104868 | 9766 |
|  | McDonald's Corp. | 21948 | 5784 |
|  | Royal Caribbean Cruises, Ltd.<sup>1</sup> | 110264 | 5450 |
|  | Polaris, Inc. | 52835 | 5336 |
|  | Amazon.com, Inc.<sup>1</sup> | 17265 | 1450 |
|  |  |  | 766216 |
|  **Consumer staples**<br> **6.76%** | Archer Daniels Midland Company | 1568943 | 145676 |
|  | Philip Morris International, Inc. | 1242650 | 125769 |
|  | Keurig Dr Pepper, Inc. | 1386913 | 49457 |
|  | Kraft Heinz Company | 1133294 | 46136 |
|  | Procter & Gamble Company | 266724 | 40425 |
|  | Reckitt Benckiser Group PLC (ADR)<sup>2</sup> | 2494590 | 35149 |
|  | Nestlé SA (ADR) | 289515 | 33393 |
|  | General Mills, Inc. | 345460 | 28967 |
|  | Hormel Foods Corp. | 592388 | 26983 |
|  | Mondelez International, Inc. | 372276 | 24812 |
|  | Costco Wholesale Corp. | 50498 | 23052 |
|  | Church & Dwight Co., Inc. | 148770 | 11992 |
|  | Walgreens Boots Alliance, Inc. | 316943 | 11841 |
|  | Unilever PLC (ADR) | 182723 | 9200 |
|  | British American Tobacco PLC (ADR) | 222076 | 8879 |
|  | Kimberly-Clark Corp. | 55351 | 7514 |
|  | Danone (ADR) | 694054 | 7298 |
|  | Conagra Brands, Inc. | 57435 | 2223 |
|  |  |  | 638766 |
|  **Energy**<br> **5.90%** | Pioneer Natural Resources Company | 558497 | 127555 |
|  | Chevron Corp. | 509098 | 91378 |
|  | ConocoPhillips | 757878 | 89430 |
|  | Baker Hughes Co., Class A | 2518351 | 74367 |
|  | Exxon Mobil Corp. | 576453 | 63583 |
|  | EOG Resources, Inc. | 297609 | 38546 |
|  | Canadian Natural Resources, Ltd. | 665647 | 36963 |
|  | TC Energy Corp. | 678590 | 27049 |
|  | Enbridge, Inc. | 208235 | 8142 |
|  |  |  | 557013 |
|  **Communication**<br> **services**<br> **3.97%** | Comcast Corp., Class A | 6323705 | 221140 |
|  | Alphabet, Inc., Class C<sup>1</sup> | 732176 | 64966 |
|  | Alphabet, Inc., Class A<sup>1</sup> | 442820 | 39070 |
|  | Meta Platforms, Inc., Class A<sup>1</sup> | 262927 | 31641 |
|  | Activision Blizzard, Inc. | 138758 | 10622 |
|  | Electronic Arts, Inc. | 36898 | 4508 |
|  | Deutsche Telekom AG (ADR) | 142813 | 2853 |
|  |  |  | 374800 |
|  **Utilities**<br> **2.63%** | Constellation Energy Corp. | 810638 | 69885 |
|  | Sempra Energy | 407271 | 62940 |
|  | Entergy Corp. | 349992 | 39374 |
|  | CMS Energy Corp. | 446368 | 28268 |
|  | Public Service Enterprise Group, Inc. | 235300 | 14417 |
|  | NextEra Energy, Inc. | 142120 | 11881 |

---

---

| | |
|:---|:---|
| **86** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
Washington Mutual Investors Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Common stocks (continued) | Common stocks (continued) | Shares | Value<br> (000) |
|  **Utilities**<br> **(continued)** | Xcel Energy, Inc. | 110238 | $7729 |
|  | Dominion Energy, Inc. | 123750 | 7588 |
|  | Evergy, Inc. | 95960 | 6039 |
|  |  |  | 248121 |
|  **Materials**<br> **2.24%** | Linde PLC | 198540 | 64760 |
|  | Rio Tinto PLC (ADR) | 501584 | 35713 |
|  | Corteva, Inc. | 497904 | 29267 |
|  | Air Products and Chemicals, Inc. | 64476 | 19875 |
|  | LyondellBasell Industries NV | 219873 | 18256 |
|  | Nucor Corp. | 125314 | 16518 |
|  | Huntsman Corp. | 442172 | 12151 |
|  | Albemarle Corp. | 55023 | 11932 |
|  | H.B. Fuller Co. | 49263 | 3528 |
|  |  |  | 212000 |
|  **Real estate**<br> **1.28%** | Extra Space Storage, Inc. REIT | 363771 | 53540 |
|  | American Tower Corp. REIT | 109250 | 23146 |
|  | Equinix, Inc. REIT | 27909 | 18281 |
|  | Digital Realty Trust, Inc. REIT | 174296 | 17477 |
|  | Regency Centers Corp. REIT | 115400 | 7212 |
|  | Welltower, Inc. REIT | 15517 | 1017 |
|  |  |  | 120673 |
|  | **Total common stocks** (cost: $7,295,957,000) |  | 9004372 |
| Convertible stocks 0.35% | Convertible stocks 0.35% |  |  |
|  **Health care**<br> **0.20%** | Becton, Dickinson and Company, Series B, convertible preferred shares, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 6.00% 6/1/2023 | 197800 | 9906 |
|  | Danaher Corp., Series B, cumulative convertible preferred shares, 5.00% 4/15/2023<sup>2</sup> | 6821 | 9253 |
|  |  |  | 19159 |
|  **Utilities**<br> **0.08%** | NextEra Energy, Inc., noncumulative convertible preferred units, 6.926% 9/1/2025 | 90700 | 4552 |
|  | American Electric Power Company, Inc., convertible preferred units, |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 6.125% 8/15/2023 | 56400 | 2909 |
|  |  |  | 7461 |
|  **Financials**<br> **0.07%** | KKR & Co., Inc., Series C, convertible preferred shares, 6.00% 9/15/2023 | 113300 | 6487 |
|  | **Total convertible stocks** (cost: $33,103,000) |  | 33107 |
| Short-term securities 4.19% | Short-term securities 4.19% |  |  |
|  **Money market investments 4.07%** | **Money market investments 4.07%** |  |  |
|  | Capital Group Central Cash Fund 4.31%<sup>3,4</sup> | 3847079 | 384669 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **87** |

---

------

##### [**Table of Contents**](#toc)
Washington Mutual Investors Fund (continued)

---

| | | |
|:---|:---|:---|
| Short-term securities (continued) | Shares | Value<br> (000) |
|  **Money market investments purchased with collateral from securities on loan 0.12%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 4.31%<sup>3,4,5</sup> | 63391 | $6338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Street Institutional U.S. Government Money Market Fund, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class 4.09%<sup>3,5</sup> | 2494000 | 2494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Financial Square Government Fund, Institutional Shares 4.15%<sup>3,5</sup> | 1460582 | 1461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invesco Short-Term Investments Trust – Government & Agency Portfolio,<br>Institutional Class 4.22%<sup>3,5</sup> | 1324956 | 1325 |
|  |  | 11618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total short-term securities** (cost: $396,237,000) |  | 396287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total investment securities** 99.89% (cost: $7,725,297,000) |  | 9433766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets less liabilities 0.11% |  | 9934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net assets 100.00%** |  | $9443700 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Investments in affiliates<sup>4</sup>**  | | | | | | | |
|  | Value of<br>affiliates at<br>1/1/2022<br>(000) | Additions<br>(000) | Reductions<br>(000) | Net<br> realized<br> loss<br> (000) | Net<br>unrealized<br>appreciation<br>(000) | Value of<br>affiliates at<br>12/31/2022<br>(000) | Dividend<br>income<br>(000) |
|  **Short-term securities 4.14%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Money market investments 4.07%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 4.31%<sup>3</sup> | $321870 | $1392905 | $1330045 | $(71) | $10 | $384669 | $6762 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Money market investments purchased with collateral from securities on loan 0.07%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 4.31%<sup>3,5</sup> | 9273 |  | 2935<sup>6</sup> |  |  | 6338 | –<sup>7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total 4.14%** |  |  |  | $(71) | $10 | $391007 | $6762 |

---

<sup>1</sup>Security did not produce income during the last 12 months.

---

| | |
|:---|:---|
| <sup>2</sup>All | or a portion of this security was on loan. The total value of all such securities was $12,432,000, which represented ..13% of the net assets of the fund. Refer to Note 5 for more information on securities lending.  |

---

<sup>3</sup>Rate represents the seven-day yield at 12/31/2022.

<sup>4</sup>Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>5</sup>Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>6</sup>Represents net activity. Refer to Note 5 for more information on securities lending.

<sup>7</sup>Dividend income is included with securities lending income in the fund's statement of operations and is not shown in this table.

**Key to abbreviations**

ADR = American Depositary Receipts

REIT = Real Estate Investment Trust

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **88** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
Capital World Growth and Income Fund

**Investment portfolio** December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| Common stocks 95.23% | Common stocks 95.23% | Shares | Value<br>(000) |
|  **Information**<br> **technology**<br> **15.74%** | Broadcom, Inc. | 91368 | $&nbsp;&nbsp;&nbsp;&nbsp;51087 |
|  | Microsoft Corp. | 200685 | 48128 |
|  | Taiwan Semiconductor Manufacturing Company, Ltd. | 2403800 | 35035 |
|  | ASML Holding NV | 48522 | 26265 |
|  | Apple, Inc. | 111767 | 14522 |
|  | EPAM Systems, Inc.<sup>1</sup> | 37912 | 12425 |
|  | Tokyo Electron, Ltd. | 35800 | 10635 |
|  | Capgemini SE | 47477 | 7963 |
|  | Micron Technology, Inc. | 141746 | 7085 |
|  | Accenture PLC, Class A | 24538 | 6548 |
|  | Mastercard, Inc., Class A | 15969 | 5553 |
|  | Logitech International SA | 65146 | 4043 |
|  | NVIDIA Corp. | 25359 | 3706 |
|  | Delta Electronics, Inc. | 337000 | 3139 |
|  | Keyence Corp. | 7600 | 2975 |
|  | Hexagon AB, Class B | 260158 | 2735 |
|  | Ceridian HCM Holding, Inc.<sup>1</sup> | 38252 | 2454 |
|  | Shopify, Inc., Class A, subordinate voting shares<sup>1</sup> | 69098 | 2398 |
|  | OBIC Co., Ltd. | 16200 | 2395 |
|  | Applied Materials, Inc. | 23343 | 2273 |
|  | Synopsys, Inc.<sup>1</sup> | 6800 | 2171 |
|  | MediaTek, Inc. | 93000 | 1889 |
|  | Worldline SA, non-registered shares<sup>1</sup> | 44297 | 1729 |
|  | TE Connectivity, Ltd. | 13147 | 1509 |
|  | Lasertec Corp. | 8872 | 1474 |
|  | Fujitsu, Ltd. | 11000 | 1457 |
|  | SK hynix, Inc. | 22772 | 1371 |
|  | ServiceNow, Inc.<sup>1</sup> | 3191 | 1239 |
|  | Oracle Corp. | 15041 | 1229 |
|  | Disco Corp. | 3900 | 1121 |
|  | GlobalWafers Co., Ltd. | 71000 | 986 |
|  | Snowflake, Inc., Class A<sup>1</sup> | 5882 | 844 |
|  | Zscaler, Inc.<sup>1</sup> | 7066 | 791 |
|  | Infosys, Ltd. | 41700 | 755 |
|  | Nomura Research Institute, Ltd. | 28600 | 680 |
|  | SS&C Technologies Holdings, Inc. | 10174 | 530 |
|  | PagSeguro Digital, Ltd., Class A<sup>1</sup> | 22705 | 198 |
|  | Wolfspeed, Inc.<sup>1</sup> | 1813 | 125 |
|  | Fidelity National Information Services, Inc. | 1708 | 116 |
|  |  |  | 271578 |
|  **Health care**<br> **15.17%** | UnitedHealth Group, Inc. | 74724 | 39617 |
|  | Abbott Laboratories | 241728 | 26539 |
|  | Eli Lilly and Company | 58184 | 21286 |
|  | Gilead Sciences, Inc. | 178860 | 15355 |
|  | AstraZeneca PLC | 104122 | 14131 |
|  | Pfizer, Inc. | 261843 | 13417 |
|  | Novo Nordisk A/S, Class B | 84097 | 11387 |
|  | Thermo Fisher Scientific, Inc. | 20658 | 11376 |
|  | Daiichi Sankyo Company, Ltd. | 344500 | 11040 |
|  | Centene Corp.<sup>1</sup> | 118976 | 9757 |
|  | Novartis AG | 96113 | 8706 |
|  | Siemens Healthineers AG | 144724 | 7240 |
|  | Stryker Corp. | 28725 | 7023 |
|  | AbbVie, Inc. | 34990 | 5655 |
|  | Amgen, Inc. | 18534 | 4868 |
|  | Takeda Pharmaceutical Company, Ltd. | 146400 | 4573 |
|  | CVS Health Corp. | 47511 | 4428 |
|  | Olympus Corp. | 213300 | 3770 |
|  | Medtronic PLC | 42451 | 3299 |
|  | Vertex Pharmaceuticals, Inc.<sup>1</sup> | 10220 | 2951 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **89** |

---

------

##### [**Table of Contents**](#toc)
Capital World Growth and Income Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Common stocks (continued) | Common stocks (continued) | Shares | Value<br>(000) |
|  **Health care**<br> **(continued)** | ResMed, Inc. | 13349 | $2778 |
|  | Shionogi & Co., Ltd. | 52400 | 2607 |
|  | Insulet Corp.<sup>1</sup> | 8552 | 2518 |
|  | PerkinElmer, Inc. | 17633 | 2472 |
|  | Carl Zeiss Meditec AG, non-registered shares | 19475 | 2458 |
|  | Bayer AG | 46783 | 2416 |
|  | EssilorLuxottica | 12616 | 2297 |
|  | DexCom, Inc.<sup>1</sup> | 19845 | 2247 |
|  | Cigna Corp. | 6618 | 2193 |
|  | Intuitive Surgical, Inc.<sup>1</sup> | 7213 | 1914 |
|  | Zoetis, Inc., Class A | 11180 | 1638 |
|  | CSL, Ltd. | 8133 | 1586 |
|  | Alcon, Inc. | 21412 | 1471 |
|  | Rede D'Or Sao Luiz SA | 255608 | 1432 |
|  | BioNTech SE (ADR) | 8468 | 1272 |
|  | Guardant Health, Inc.<sup>1</sup> | 32188 | 876 |
|  | Eurofins Scientific SE, non-registered shares | 12151 | 875 |
|  | Penumbra, Inc.<sup>1</sup> | 3640 | 810 |
|  | Catalent, Inc.<sup>1</sup> | 13075 | 588 |
|  | Molina Healthcare, Inc.<sup>1</sup> | 1089 | 360 |
|  | Agilon Health, Inc.<sup>1</sup> | 19961 | 322 |
|  | HOYA Corp. | 1300 | 126 |
|  | EUROAPI<sup>1</sup> | 2830 | 42 |
|  |  |  | 261716 |
|  **Financials**<br> **12.95%** | Zurich Insurance Group AG | 40892 | 19541 |
|  | AIA Group, Ltd. | 1331999 | 14675 |
|  | Kotak Mahindra Bank, Ltd. | 641387 | 14112 |
|  | Toronto-Dominion Bank (CAD denominated) | 196293 | 12710 |
|  | JPMorgan Chase & Co. | 73488 | 9855 |
|  | HDFC Bank, Ltd. | 379442 | 7470 |
|  | HDFC Bank, Ltd. (ADR) | 14868 | 1017 |
|  | B3 SA-Brasil, Bolsa, Balcao | 3320838 | 8309 |
|  | DNB Bank ASA | 401356 | 7946 |
|  | Ping An Insurance (Group) Company of China, Ltd., Class H | 1071500 | 7072 |
|  | Ping An Insurance (Group) Company of China, Ltd., Class A | 23000 | 156 |
|  | Nasdaq, Inc. | 110650 | 6788 |
|  | PNC Financial Services Group, Inc. | 39710 | 6272 |
|  | Wells Fargo & Company | 142901 | 5900 |
|  | Morgan Stanley | 64543 | 5487 |
|  | Chubb, Ltd. | 23142 | 5105 |
|  | ING Groep NV | 395598 | 4827 |
|  | American International Group, Inc. | 75453 | 4772 |
|  | Aon PLC, Class A | 15659 | 4700 |
|  | HDFC Life Insurance Company, Ltd. | 681398 | 4651 |
|  | CME Group, Inc., Class A | 27577 | 4637 |
|  | Discover Financial Services | 44649 | 4368 |
|  | DBS Group Holdings, Ltd. | 167200 | 4233 |
|  | Blackstone, Inc., nonvoting shares | 54273 | 4027 |
|  | Intercontinental Exchange, Inc. | 35038 | 3595 |
|  | KBC Groep NV | 54921 | 3526 |
|  | S&P Global, Inc. | 8773 | 2938 |
|  | Citigroup, Inc. | 60832 | 2751 |
|  | FinecoBank SpA | 153752 | 2562 |
|  | Israel Discount Bank Ltd., Class A | 471720 | 2479 |
|  | Fairfax Financial Holdings, Ltd., subordinate voting shares | 4135 | 2449 |
|  | AXA SA | 80016 | 2230 |
|  | BNP Paribas SA | 35889 | 2042 |
|  | ICICI Bank, Ltd. | 188346 | 2019 |
|  | Apollo Asset Management, Inc. | 31437 | 2005 |
|  | Banco Santander, SA | 631521 | 1891 |

---

---

| | |
|:---|:---|
| **90** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
Capital World Growth and Income Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Common stocks (continued) | Common stocks (continued) | Shares | Value<br>(000) |
|  **Financials**<br> **(continued)** | National Bank of Canada | 26966 | $1817 |
|  | Arthur J. Gallagher & Co. | 9509 | 1793 |
|  | Fifth Third Bancorp | 48163 | 1580 |
|  | Goldman Sachs Group, Inc. | 4548 | 1562 |
|  | Power Corporation of Canada, subordinate voting shares<sup>2</sup> | 63342 | 1490 |
|  | Blue Owl Capital, Inc., Class A | 136448 | 1446 |
|  | Macquarie Group, Ltd. | 12033 | 1366 |
|  | XP, Inc., Class A<sup>1</sup> | 86047 | 1320 |
|  | Postal Savings Bank of China Co., Ltd., Class H | 2121000 | 1310 |
|  | United Overseas Bank, Ltd. | 54800 | 1257 |
|  | Marsh & McLennan Companies, Inc. | 7341 | 1215 |
|  | Bajaj Finance, Ltd. | 15022 | 1189 |
|  | China Merchants Bank Co., Ltd., Class H | 130403 | 723 |
|  | China Merchants Bank Co., Ltd., Class A | 86187 | 462 |
|  | Axis Bank, Ltd. | 100962 | 1135 |
|  | Hong Kong Exchanges and Clearing, Ltd. | 25200 | 1089 |
|  | Tryg A/S | 45292 | 1074 |
|  | East Money Information Co., Ltd., Class A | 379800 | 1061 |
|  | Aegon NV | 196376 | 996 |
|  | Lufax Holding, Ltd. (ADR) | 180760 | 351 |
|  | Sberbank of Russia PJSC<sup>1,3</sup> | 3196952 | –<sup>4</sup> |
|  |  |  | 223353 |
|  **Industrials**<br> **12.59%** | Airbus SE, non-registered shares | 165602 | 19690 |
|  | General Electric Co. | 226107 | 18945 |
|  | BAE Systems PLC | 1376080 | 14222 |
|  | Raytheon Technologies Corp. | 121846 | 12297 |
|  | Carrier Global Corp. | 262272 | 10819 |
|  | Recruit Holdings Co., Ltd. | 317150 | 10087 |
|  | Safran SA | 80040 | 10002 |
|  | Lockheed Martin Corp. | 20070 | 9764 |
|  | Deere & Company | 21851 | 9369 |
|  | Siemens AG | 59301 | 8230 |
|  | Caterpillar, Inc. | 31794 | 7617 |
|  | Boeing Company<sup>1</sup> | 39550 | 7534 |
|  | CSX Corp. | 174517 | 5406 |
|  | L3Harris Technologies, Inc. | 25925 | 5398 |
|  | Mitsui & Co., Ltd. | 152400 | 4431 |
|  | LIXIL Corp. | 288000 | 4389 |
|  | Melrose Industries PLC | 2436274 | 3961 |
|  | RELX PLC | 119741 | 3318 |
|  | RELX PLC (ADR) | 15132 | 419 |
|  | TransDigm Group, Inc. | 5844 | 3680 |
|  | Bureau Veritas SA | 137541 | 3620 |
|  | Johnson Controls International PLC | 55085 | 3525 |
|  | Daikin Industries, Ltd. | 19600 | 3015 |
|  | Brenntag SE | 39862 | 2549 |
|  | Compagnie de Saint-Gobain SA, non-registered shares | 51704 | 2538 |
|  | Canadian Pacific Railway, Ltd. | 31797 | 2372 |
|  | Legrand SA | 28600 | 2303 |
|  | Bunzl PLC | 68998 | 2303 |
|  | ASSA ABLOY AB, Class B | 104956 | 2258 |
|  | Northrop Grumman Corp. | 3877 | 2115 |
|  | Schneider Electric SE | 13179 | 1853 |
|  | Thales SA | 14244 | 1821 |
|  | Waste Connections, Inc. | 13211 | 1751 |
|  | BayCurrent Consulting, Inc. | 54200 | 1695 |
|  | Rockwell Automation | 6529 | 1682 |
|  | VINCI SA | 15814 | 1579 |
|  | Rentokil Initial PLC | 256104 | 1574 |
|  | Nidec Corp. | 22100 | 1151 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **91** |

---

------

##### [**Table of Contents**](#toc)
Capital World Growth and Income Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Common stocks (continued) | Common stocks (continued) | Shares | Value<br> (000) |
|  **Industrials**<br> **(continued)** | SMC Corp. | 2700 | $1143 |
|  | AB Volvo, Class B | 62128 | 1125 |
|  | MTU Aero Engines AG | 5108 | 1106 |
|  | Atlas Copco AB, Class B | 89617 | 957 |
|  | Adecco Group AG | 28154 | 926 |
|  | ManpowerGroup, Inc. | 11115 | 925 |
|  | Larsen & Toubro, Ltd. | 35295 | 888 |
|  | International Consolidated Airlines Group SA (CDI)<sup>1,2</sup> | 287033 | 427 |
|  | Honeywell International, Inc. | 1401 | 300 |
|  | Deutsche Post AG | 3901 | 147 |
|  |  |  | 217226 |
|  **Consumer**<br> **discretionary**<br> **9.00%** | LVMH Moët Hennessy-Louis Vuitton SE | 40590 | 29488 |
|  | Home Depot, Inc. | 63297 | 19993 |
|  | General Motors Company | 304882 | 10256 |
|  | Amazon.com, Inc.<sup>1</sup> | 98471 | 8272 |
|  | Booking Holdings, Inc.<sup>1</sup> | 3555 | 7164 |
|  | Flutter Entertainment PLC<sup>1</sup> | 45621 | 6251 |
|  | Restaurant Brands International, Inc. | 44121 | 2853 |
|  | Restaurant Brands International, Inc. (CAD denominated) | 43454 | 2811 |
|  | Cie. Financière Richemont SA, Class A | 40890 | 5291 |
|  | Sony Group Corp. | 66800 | 5094 |
|  | Dollar Tree Stores, Inc.<sup>1</sup> | 33180 | 4693 |
|  | Marriott International, Inc., Class A | 29974 | 4463 |
|  | Lennar Corp., Class A | 39345 | 3561 |
|  | Target Corp. | 22747 | 3390 |
|  | Industria de Diseño Textil, SA | 117969 | 3141 |
|  | Sands China, Ltd.<sup>1</sup> | 935200 | 3098 |
|  | Shimano, Inc. | 19200 | 3059 |
|  | Chipotle Mexican Grill, Inc.<sup>1</sup> | 2122 | 2944 |
|  | Evolution AB | 25292 | 2470 |
|  | Rivian Automotive, Inc., Class A<sup>1</sup> | 126108 | 2324 |
|  | NIKE, Inc., Class B | 19311 | 2260 |
|  | Pan Pacific International Holdings Corp. | 119900 | 2226 |
|  | YUM! Brands, Inc. | 16678 | 2136 |
|  | Astra International Tbk PT | 5716600 | 2083 |
|  | InterContinental Hotels Group PLC | 34581 | 1991 |
|  | Darden Restaurants, Inc. | 14208 | 1965 |
|  | Stellantis NV | 128257 | 1818 |
|  | JD.com, Inc., Class A | 52947 | 1488 |
|  | Tesla, Inc.<sup>1</sup> | 12036 | 1483 |
|  | Midea Group Co., Ltd., Class A | 194700 | 1446 |
|  | Li Ning Co., Ltd. | 163000 | 1399 |
|  | Kindred Group PLC (SDR) | 127475 | 1331 |
|  | Wynn Macau, Ltd.<sup>1</sup> | 826400 | 921 |
|  | Royal Caribbean Cruises, Ltd.<sup>1</sup> | 17446 | 862 |
|  | Aristocrat Leisure, Ltd. | 39792 | 822 |
|  | Entain PLC | 17337 | 278 |
|  | Hermès International | 105 | 162 |
|  |  |  | 155287 |
|  **Consumer staples**<br> **7.57%** | Philip Morris International, Inc. | 309980 | 31373 |
|  | Nestlé SA | 110820 | 12798 |
|  | Keurig Dr Pepper, Inc. | 316125 | 11273 |
|  | British American Tobacco PLC | 243321 | 9654 |
|  | Kroger Co. | 171853 | 7661 |
|  | Kweichow Moutai Co., Ltd., Class A | 28600 | 7077 |
|  | Ocado Group PLC<sup>1</sup> | 898794 | 6764 |
|  | Imperial Brands PLC | 257311 | 6429 |
|  | Seven & i Holdings Co., Ltd. | 137500 | 5882 |

---

---

| | |
|:---|:---|
| **92** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
Capital World Growth and Income Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Common stocks (continued) | Common stocks (continued) | Shares | Value<br>(000) |
|  **Consumer staples**<br> **(continued)** | Bunge, Ltd. | 52225 | $5210 |
|  | Ajinomoto Co., Inc. | 131100 | 3997 |
|  | Danone SA | 68733 | 3621 |
|  | Arca Continental, SAB de CV | 432054 | 3509 |
|  | Treasury Wine Estates, Ltd. | 365056 | 3373 |
|  | Varun Beverages, Ltd. | 177457 | 2825 |
|  | Altria Group, Inc. | 56773 | 2595 |
|  | ITC, Ltd. | 565239 | 2266 |
|  | Constellation Brands, Inc., Class A | 9208 | 2134 |
|  | Inner Mongolia Yili Industrial Group Co., Ltd., Class A | 307600 | 1368 |
|  | Essity Aktiebolag, Class B | 31422 | 825 |
|  |  |  | 130634 |
|  **Materials**<br> **7.02%** | Vale SA, ordinary nominative shares | 1606974 | 27052 |
|  | Vale SA (ADR), ordinary nominative shares | 880043 | 14934 |
|  | Fortescue Metals Group, Ltd. | 1251957 | 17454 |
|  | Rio Tinto PLC | 167527 | 11755 |
|  | Freeport-McMoRan, Inc. | 262321 | 9968 |
|  | Linde PLC | 21113 | 6887 |
|  | Shin-Etsu Chemical Co., Ltd. | 39100 | 4764 |
|  | BHP Group, Ltd. (CDI) | 116082 | 3579 |
|  | Air Products and Chemicals, Inc. | 8996 | 2773 |
|  | Albemarle Corp. | 11198 | 2428 |
|  | CRH PLC | 60032 | 2377 |
|  | Air Liquide SA, bonus shares<sup>1</sup> | 8561 | 1218 |
|  | Air Liquide SA, non-registered shares | 7503 | 1067 |
|  | Barrick Gold Corp. (CAD denominated) | 121716 | 2086 |
|  | Dow, Inc. | 40669 | 2049 |
|  | Akzo Nobel NV | 29669 | 1980 |
|  | Glencore PLC | 279444 | 1869 |
|  | Amcor PLC (CDI) | 147168 | 1764 |
|  | Evonik Industries AG | 82596 | 1586 |
|  | First Quantum Minerals, Ltd. | 70833 | 1480 |
|  | HeidelbergCement AG | 25414 | 1449 |
|  | Lynas Rare Earths, Ltd.<sup>1</sup> | 121178 | 643 |
|  |  |  | 121162 |
|  **Energy**<br> **6.30%** | Canadian Natural Resources, Ltd. (CAD denominated)<sup>2</sup> | 429516 | 23852 |
|  | Baker Hughes Co., Class A | 428998 | 12668 |
|  | TotalEnergies SE | 178299 | 11129 |
|  | EOG Resources, Inc. | 74135 | 9602 |
|  | Tourmaline Oil Corp. | 123757 | 6244 |
|  | BP PLC | 932803 | 5424 |
|  | Reliance Industries, Ltd. | 147765 | 4533 |
|  | Cameco Corp. (CAD denominated) | 147245 | 3337 |
|  | Cameco Corp. | 46300 | 1050 |
|  | Shell PLC (GBP denominated) | 149201 | 4240 |
|  | Cenovus Energy, Inc. (CAD denominated) | 206756 | 4011 |
|  | Woodside Energy Group, Ltd. | 119566 | 2893 |
|  | Woodside Energy Group, Ltd. (CDI) | 37610 | 908 |
|  | ConocoPhillips | 29431 | 3473 |
|  | Aker BP ASA | 101330 | 3159 |
|  | TC Energy Corp. (CAD denominated) | 76353 | 3044 |
|  | Suncor Energy, Inc. | 84173 | 2670 |
|  | Var Energi ASA | 735288 | 2537 |
|  | Exxon Mobil Corp. | 18586 | 2050 |
|  | Halliburton Company | 44744 | 1761 |
|  | Gazprom PJSC<sup>3</sup> | 2248304 | –<sup>4</sup> |
|  |  |  | 108585 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **93** |

---

------

##### [**Table of Contents**](#toc)
Capital World Growth and Income Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Common stocks (continued) | Common stocks (continued) | Shares | Value<br>(000) |
|  **Communication**<br> **services**<br> **4.97%** | Alphabet, Inc., Class C<sup>1</sup> | 185056 | $16420 |
|  | Alphabet, Inc., Class A<sup>1</sup> | 90146 | 7954 |
|  | Netflix, Inc.<sup>1</sup> | 30480 | 8988 |
|  | Comcast Corp., Class A | 225329 | 7880 |
|  | SoftBank Corp. | 536785 | 6069 |
|  | NetEase, Inc. | 348000 | 5073 |
|  | Publicis Groupe SA | 78301 | 4972 |
|  | Meta Platforms, Inc., Class A<sup>1</sup> | 38469 | 4629 |
|  | Sea, Ltd., Class A (ADR)<sup>1</sup> | 85765 | 4462 |
|  | Universal Music Group NV | 148872 | 3594 |
|  | Bharti Airtel, Ltd. | 357140 | 3472 |
|  | Bharti Airtel, Ltd., interim shares | 13994 | 73 |
|  | Deutsche Telekom AG<sup>1</sup> | 161959 | 3230 |
|  | Singapore Telecommunications, Ltd. | 1510800 | 2901 |
|  | Omnicom Group, Inc. | 21678 | 1768 |
|  | Nippon Telegraph and Telephone Corp. | 53400 | 1524 |
|  | Tencent Holdings, Ltd. | 34300 | 1458 |
|  | Take-Two Interactive Software, Inc.<sup>1</sup> | 12130 | 1263 |
|  | Yandex NV, Class A<sup>1,3</sup> | 151598 | –<sup>4</sup> |
|  |  |  | 85730 |
|  **Utilities**<br> **2.91%** | DTE Energy Company | 51844 | 6093 |
|  | Iberdrola, SA, non-registered shares | 502226 | 5875 |
|  | PG&E Corp.<sup>1</sup> | 322958 | 5251 |
|  | NextEra Energy, Inc. | 55877 | 4671 |
|  | E.ON SE | 439329 | 4385 |
|  | China Resources Gas Group, Ltd. | 1106532 | 4121 |
|  | Engie SA | 236678 | 3390 |
|  | Engie SA, bonus shares | 41586 | 596 |
|  | Edison International | 52162 | 3318 |
|  | Enel SpA | 583497 | 3138 |
|  | Exelon Corp. | 59727 | 2582 |
|  | Power Grid Corporation of India, Ltd. | 862367 | 2220 |
|  | AES Corp. | 47865 | 1377 |
|  | Endesa, SA | 67522 | 1274 |
|  | Constellation Energy Corp. | 12539 | 1081 |
|  | Public Service Enterprise Group, Inc. | 14569 | 893 |
|  |  |  | 50265 |
|  **Real estate**<br> **1.01%** | Crown Castle, Inc. REIT | 39469 | 5353 |
|  | Longfor Group Holdings, Ltd. | 866238 | 2655 |
|  | American Tower Corp. REIT | 12107 | 2565 |
|  | China Resources Mixc Lifestyle Services, Ltd. | 358800 | 1823 |
|  | W. P. Carey, Inc. REIT | 22705 | 1774 |
|  | Americold Realty Trust, Inc. REIT | 62231 | 1762 |
|  | Sun Hung Kai Properties, Ltd. | 70500 | 965 |
|  | Iron Mountain, Inc. REIT | 11618 | 579 |
|  |  |  | 17476 |
|  | **Total common stocks** (cost: $1,368,680,000) |  | 1643012 |
| Preferred securities 0.16% | Preferred securities 0.16% |  |  |
|  **Consumer**<br> **discretionary**<br> **0.12%** | Dr. Ing. h.c. F. Porsche AG, nonvoting non-registered preferred shares<sup>1</sup> | 19788 | 2007 |

---

---

| | |
|:---|:---|
| **94** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
Capital World Growth and Income Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Preferred securities (continued) | Preferred securities (continued) | Shares | Value<br>(000) |
|  **Health care**<br> **0.03%** | Grifols, SA, Class B, nonvoting non-registered preferred shares<sup>1</sup> | 59790 | $505 |
|  **Financials**<br> **0.01%** | Fannie Mae, Series S, 8.25% noncumulative preferred shares<sup>1</sup> | 58870 | 138 |
|  | Federal Home Loan Mortgage Corp., Series Z, 8.375% noncumulative preferred shares<sup>1</sup> | 61516 | 125 |
|  |  |  | 263 |
|  | **Total preferred securities** (cost: $3,231,000) |  | 2775 |
| Convertible bonds & notes 0.05% | Convertible bonds & notes 0.05% | Principal amount<br>(000) |  |
|  **Communication**<br> **services**<br> **0.05%** | Sea, Ltd., convertible notes, 2.375% 12/1/2025 | USD952 | 940 |
|  | **Total convertible bonds & notes** (cost: $2,437,000) |  | 940 |
| Bonds, notes & other debt instruments 0.35% | Bonds, notes & other debt instruments 0.35% |  |  |
|  **Corporate bonds, notes & loans 0.29%** | **Corporate bonds, notes & loans 0.29%** |  |  |
|  **Health care**<br> **0.15%** | Teva Pharmaceutical Finance Co. BV 6.00% 4/15/2024 | 1600 | 1572 |
|  | Teva Pharmaceutical Finance Co. BV 3.15% 10/1/2026 | 1100 | 964 |
|  |  |  | 2536 |
|  **Consumer**<br> **discretionary**<br> **0.07%** | Royal Caribbean Cruises, Ltd. 11.50% 6/1/2025<sup>5</sup> | 647 | 695 |
|  | Royal Caribbean Cruises, Ltd. 5.50% 4/1/2028<sup>5</sup> | 390 | 312 |
|  | Royal Caribbean Cruises, Ltd. 8.25% 1/15/2029<sup>5</sup> | 151 | 152 |
|  | Royal Caribbean Cruises, Ltd. 9.25% 1/15/2029<sup>5</sup> | 125 | 129 |
|  |  |  | 1288 |
|  **Energy**<br> **0.04%** | TransCanada PipeLines, Ltd. 5.10% 3/15/2049 | 800 | 729 |
|  **Financials**<br> **0.03%** | Lloyds Banking Group PLC 3.369% 12/14/2046<sup>6</sup> | 709 | 462 |
|  | **Total corporate bonds, notes & loans** |  | 5015 |
|  **Bonds & notes of governments & government agencies outside the U.S. 0.06%** | **Bonds & notes of governments & government agencies outside the U.S. 0.06%** |  |  |
|  | United Mexican States, Series M, 8.00% 12/7/2023 | MXN20,000 | 1001 |
|  | **Total bonds, notes & other debt instruments** (cost: $6,581,000) |  | 6016 |

---

---

| | | | |
|:---|:---|:---|:---|
| Short-term securities 4.42% | Weighted<br>average yield<br>at acquisition |  |  |
|  **Commercial paper 4.04%** |  |  |  |
| DBS Bank, Ltd. 1/5/2023<sup>5</sup> | 3.640% | USD37,100 | 37073 |
|  DNB Bank ASA 3/2/2023<sup>5</sup> | 4.273 | 33000 | 32755 |
|  |  |  | 69828 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **95** |

---

------

##### [**Table of Contents**](#toc)
Capital World Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Short-term securities (continued) | Shares | Value<br> (000) |
| **Money market investments purchased with collateral from securities on loan 0.34%** |  |  |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio,<br>Institutional Class 4.22%<sup>7,8</sup> | 2893689 | $2894 |
| Goldman Sachs Financial Square Government Fund, Institutional Shares 4.15%<sup>7,8</sup> | 2827563 | 2827 |
| Capital Group Central Cash Fund 4.31%<sup>7,8,9</sup> | 1112 | 111 |
|  |  | 5832 |
| **Money market investments 0.04%** |  |  |
| Capital Group Central Cash Fund 4.31%<sup>7,9</sup> | 6929 | 693 |
| **Total short-term securities** (cost: $76,365,000) |  | 76353 |
| **Total investment securities** 100.21% (cost: $1,457,294,000) |  | 1729096 |
| Other assets less liabilities (0.21)% |  | (3698) |
| **Net assets 100.00%** |  | $1725398 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Investments in affiliates<sup>9</sup>** | | | | | | | | |
|  | Value of<br>affiliates at<br>1/1/2022<br>(000) | Additions<br>(000) | Reductions<br>(000) | Reductions<br>(000) | Net<br>realized<br>gain<br> (000) | Net<br>unrealized<br>depreciation<br> (000) | Value of<br>affiliates at<br>12/31/2022<br>(000) | Dividend<br>income<br>(000) |
|  **Short-term securities 0.05%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Money market investments purchased with collateral from securities on loan 0.01%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 4.31%<sup>7,8</sup> | $293 |  | $— | $182<sup>10</sup> | $— | $— | $111 | $–<sup>11</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; **Money market investments 0.04%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 4.31%<sup>7</sup> | 12989 |  |  | 506123 | 8 | (1) | 693 | 1469 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total 0.05%** |  |  |  |  | $8 | $(1) | $804 | $1469 |

---

<sup>1</sup> Security did not produce income during the last 12 months.

 <sup>2</sup> All or a portion of this security was on loan. The total value of all such securities was $6,155,000, which represented ..36% of the net assets of the fund. Refer to Note 5 for more information on securities lending. 

<sup>3</sup> Value determined using significant unobservable inputs.

 <sup>4</sup> Amount less than one thousand. 

 <sup>5</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $71,116,000, which represented 4.12% of the net assets of the fund. 

<sup>6</sup> Step bond; coupon rate may change at a later date. 7Rate represents the seven-day yield at 12/31/2022.

<sup>8</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>9</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>10</sup> Represents net activity. Refer to Note 5 for more information on securities lending.

<sup>11</sup> Dividend income is included with securities lending income in the fund's statement of operations and is not shown in this table.

**Key to abbreviations** 

ADR = American Depositary Receipts

CAD = Canadian dollars

CDI = CREST Depository Interest

GBP = British pounds

MXN = Mexican pesos

REIT = Real Estate Investment Trust

SDR = Swedish Depositary Receipts

USD = U.S. dollars

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **96** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
Growth-Income Fund

**Investment portfolio** December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| Common stocks 91.48% | Common stocks 91.48% | Shares | Value<br> (000) |
|  **Information**<br> **technology**<br> **20.19%** | Microsoft Corp. | 7759381 | $1860855 |
|  | Broadcom, Inc. | 2430747 | 1359104 |
|  | Mastercard, Inc., Class A | 1487948 | 517404 |
|  | Apple, Inc. | 2169231 | 281848 |
|  | Visa, Inc., Class A | 1346541 | 279757 |
|  | ASML Holding NV | 215068 | 116417 |
|  | ASML Holding NV (New York registered) (ADR) | 137293 | 75017 |
|  | Taiwan Semiconductor Manufacturing Company, Ltd. | 12123000 | 176689 |
|  | Automatic Data Processing, Inc. | 718796 | 171692 |
|  | Fidelity National Information Services, Inc. | 2472310 | 167746 |
|  | Accenture PLC, Class A | 625335 | 166864 |
|  | Applied Materials, Inc. | 1686100 | 164192 |
|  | Concentrix Corp. | 904367 | 120426 |
|  | Micron Technology, Inc. | 2363454 | 118125 |
|  | ServiceNow, Inc.<sup>1</sup> | 294412 | 114311 |
|  | GoDaddy, Inc., Class A<sup>1</sup> | 1402444 | 104931 |
|  | Global Payments, Inc. | 973628 | 96701 |
|  | FleetCor Technologies, Inc.<sup>1</sup> | 420507 | 77239 |
|  | Analog Devices, Inc. | 398402 | 65350 |
|  | QUALCOMM, Inc. | 564911 | 62106 |
|  | Fiserv, Inc.<sup>1</sup> | 536700 | 54244 |
|  | Texas Instruments, Inc. | 309811 | 51187 |
|  | Adobe, Inc.<sup>1</sup> | 143116 | 48163 |
|  | TELUS International (Cda), Inc., subordinate voting shares<sup>1</sup> | 2302991 | 45576 |
|  | KLA Corp. | 116000 | 43736 |
|  | MKS Instruments, Inc. | 481000 | 40755 |
|  | Cognizant Technology Solutions Corp., Class A | 682850 | 39052 |
|  | NVIDIA Corp. | 239765 | 35039 |
|  | Snowflake, Inc., Class A<sup>1</sup> | 225042 | 32303 |
|  | Datadog, Inc., Class A<sup>1</sup> | 365800 | 26886 |
|  | Intel Corp. | 1000000 | 26430 |
|  | Ceridian HCM Holding, Inc.<sup>1</sup> | 350352 | 22475 |
|  | Trimble, Inc.<sup>1</sup> | 443800 | 22439 |
|  | Lam Research Corp. | 50039 | 21031 |
|  | Dye & Durham, Ltd.<sup>2</sup> | 1322100 | 16023 |
|  | Paychex, Inc. | 127131 | 14691 |
|  | VeriSign, Inc.<sup>1</sup> | 61000 | 12532 |
|  | Atlassian Corp., Class A<sup>1</sup> | 52744 | 6787 |
|  | Euronet Worldwide, Inc.<sup>1</sup> | 27800 | 2624 |
|  |  |  | 6658747 |
|  **Industrials**<br> **14.17%** | Raytheon Technologies Corp. | 7634279 | 770451 |
|  | General Electric Co. | 6238229 | 522701 |
|  | Northrop Grumman Corp. | 633267 | 345517 |
|  | TFI International, Inc. | 2669105 | 267551 |
|  | Carrier Global Corp. | 5549584 | 228920 |
|  | TransDigm Group, Inc. | 340571 | 214441 |
|  | Woodward, Inc. | 2204500 | 212977 |
|  | General Dynamics Corp. | 848975 | 210639 |
|  | Airbus SE, non-registered shares | 1617590 | 192335 |
|  | Waste Connections, Inc. | 1425463 | 188959 |
|  | L3Harris Technologies, Inc. | 840290 | 174957 |
|  | Old Dominion Freight Line, Inc. | 525000 | 148985 |
|  | BWX Technologies, Inc. | 2159505 | 125424 |
|  | Norfolk Southern Corp. | 482759 | 118962 |
|  | United Rentals, Inc.<sup>1</sup> | 296000 | 105204 |
|  | ITT, Inc. | 1244379 | 100919 |
|  | Waste Management, Inc. | 625300 | 98097 |
|  | Equifax, Inc. | 490008 | 95238 |
|  | Air Lease Corp., Class A | 2097300 | 80578 |
|  | Honeywell International, Inc. | 364682 | 78151 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **97** |

---

------

##### [**Table of Contents**](#toc)
Growth-Income Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Common stocks (continued) | Common stocks (continued) | Shares | Value<br>(000) |
|  **Industrials**<br> **(continued)** | Fortive Corp. | 1085000 | $69711 |
|  | United Airlines Holdings, Inc.<sup>1</sup> | 1810598 | 68260 |
|  | Safran SA | 539713 | 67444 |
|  | Lockheed Martin Corp. | 110000 | 53514 |
|  | GFL Environmental, Inc., subordinate voting shares | 1600000 | 46768 |
|  | CSX Corp. | 1171873 | 36305 |
|  | Otis Worldwide Corp. | 268100 | 20995 |
|  | Fastenal Co. | 379747 | 17970 |
|  | Boeing Company<sup>1</sup> | 62500 | 11906 |
|  |  |  | 4673879 |
|  **Health care**<br> **13.30%** | UnitedHealth Group, Inc. | 2035435 | 1079147 |
|  | Abbott Laboratories | 6014324 | 660313 |
|  | AbbVie, Inc. | 3742689 | 604856 |
|  | Novo Nordisk A/S, Class B | 2431449 | 329218 |
|  | Humana, Inc. | 487426 | 249655 |
|  | AstraZeneca PLC | 1209323 | 164124 |
|  | AstraZeneca PLC (ADR) | 721200 | 48897 |
|  | Elevance Health, Inc. | 366614 | 188062 |
|  | Thermo Fisher Scientific, Inc. | 265602 | 146264 |
|  | Bristol-Myers Squibb Company | 1994278 | 143488 |
|  | Eli Lilly and Company | 360974 | 132059 |
|  | Pfizer, Inc. | 2180169 | 111712 |
|  | PerkinElmer, Inc. | 769600 | 107913 |
|  | Seagen, Inc.<sup>1</sup> | 654515 | 84112 |
|  | Horizon Therapeutics PLC<sup>1</sup> | 421815 | 48002 |
|  | Zoetis, Inc., Class A | 305121 | 44715 |
|  | Tandem Diabetes Care, Inc.<sup>1</sup> | 910186 | 40913 |
|  | Stryker Corp. | 148897 | 36404 |
|  | Medtronic PLC | 413597 | 32145 |
|  | Roche Holding AG, nonvoting non-registered shares | 85502 | 26870 |
|  | Penumbra, Inc.<sup>1</sup> | 117381 | 26113 |
|  | Edwards Lifesciences Corp.<sup>1</sup> | 317059 | 23656 |
|  | Zimmer Biomet Holdings, Inc. | 171174 | 21825 |
|  | Takeda Pharmaceutical Company, Ltd. | 464600 | 14511 |
|  | NovoCure, Ltd.<sup>1</sup> | 193600 | 14200 |
|  | Vir Biotechnology, Inc.<sup>1</sup> | 258400 | 6540 |
|  |  |  | 4385714 |
|  **Financials**<br> **8.78%** | JPMorgan Chase & Co. | 3394830 | 455247 |
|  | Chubb, Ltd. | 1451726 | 320251 |
|  | Marsh & McLennan Companies, Inc. | 1709201 | 282839 |
|  | Arthur J. Gallagher & Co. | 1189650 | 224297 |
|  | Nasdaq, Inc. | 2761260 | 169403 |
|  | BlackRock, Inc. | 202957 | 143821 |
|  | Morgan Stanley | 1592297 | 135377 |
|  | Aon PLC, Class A | 442013 | 132666 |
|  | B3 SA-Brasil, Bolsa, Balcao | 39829500 | 99654 |
|  | Berkshire Hathaway, Inc., Class B<sup>1</sup> | 285000 | 88037 |
|  | State Street Corp. | 1077260 | 83563 |
|  | Webster Financial Corp. | 1701139 | 80532 |
|  | American International Group, Inc. | 1272230 | 80456 |
|  | Signature Bank | 669947 | 77191 |
|  | S&P Global, Inc. | 228138 | 76413 |
|  | Moody's Corp. | 216306 | 60267 |
|  | Power Corporation of Canada, subordinate voting shares<sup>2</sup> | 2293100 | 53940 |
|  | Wells Fargo & Company | 1298041 | 53596 |
|  | Blue Owl Capital, Inc., Class A | 4749165 | 50341 |
|  | MSCI, Inc. | 98300 | 45726 |
|  | TPG, Inc., Class A | 1347552 | 37502 |

---

---

| | |
|:---|:---|
| **98** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
Growth-Income Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Common stocks (continued) | Common stocks (continued) | Shares | Value<br> (000) |
|  **Financials**<br> **(continued)** | LPL Financial Holdings, Inc. | 169900 | $36727 |
|  | Western Alliance Bancorporation | 486936 | 29002 |
|  | Citizens Financial Group, Inc. | 728750 | 28691 |
|  | Bank of America Corp. | 791332 | 26209 |
|  | PNC Financial Services Group, Inc. | 152679 | 24114 |
|  | CME Group, Inc., Class A | 5500 | 925 |
|  |  |  | 2896787 |
|  **Consumer**<br> **discretionary**<br> **7.82%** | Amazon.com, Inc.<sup>1</sup> | 5804151 | 487549 |
|  | General Motors Company | 8736000 | 293879 |
|  | Dollar Tree Stores, Inc.<sup>1</sup> | 1279006 | 180903 |
|  | Home Depot, Inc. | 551165 | 174091 |
|  | Hilton Worldwide Holdings, Inc. | 1177320 | 148766 |
|  | Royal Caribbean Cruises, Ltd.<sup>1</sup> | 2958586 | 146243 |
|  | Wyndham Hotels & Resorts, Inc. | 1842940 | 131420 |
|  | D.R. Horton, Inc. | 1325599 | 118164 |
|  | Chipotle Mexican Grill, Inc.<sup>1</sup> | 70670 | 98054 |
|  | Burlington Stores, Inc.<sup>1</sup> | 399428 | 80988 |
|  | InterContinental Hotels Group PLC | 1396700 | 80392 |
|  | Starbucks Corp. | 767500 | 76136 |
|  | NIKE, Inc., Class B | 629740 | 73686 |
|  | Dollar General Corp. | 291102 | 71684 |
|  | Lear Corp. | 569068 | 70576 |
|  | Kering SA | 101695 | 52046 |
|  | Aptiv PLC<sup>1</sup> | 447289 | 41656 |
|  | Darden Restaurants, Inc. | 296000 | 40946 |
|  | CarMax, Inc.<sup>1</sup> | 650000 | 39578 |
|  | Churchill Downs, Inc. | 185426 | 39205 |
|  | Airbnb, Inc., Class A<sup>1</sup> | 350000 | 29925 |
|  | Norwegian Cruise Line Holdings, Ltd.<sup>1</sup> | 2177187 | 26649 |
|  | YUM! Brands, Inc. | 196630 | 25184 |
|  | NVR, Inc.<sup>1</sup> | 5298 | 24437 |
|  | Rivian Automotive, Inc., Class A<sup>1</sup> | 1071576 | 19749 |
|  | McDonald's Corp. | 25000 | 6588 |
|  |  |  | 2578494 |
|  **Communication**<br> **services**<br> **7.52%** | Alphabet, Inc., Class C<sup>1</sup> | 5068984 | 449771 |
|  | Alphabet, Inc., Class A<sup>1</sup> | 4841135 | 427133 |
|  | Netflix, Inc.<sup>1</sup> | 1812523 | 534477 |
|  | Comcast Corp., Class A | 11970266 | 418600 |
|  | Meta Platforms, Inc., Class A<sup>1</sup> | 3113843 | 374720 |
|  | Charter Communications, Inc., Class A<sup>1</sup> | 378097 | 128213 |
|  | Electronic Arts, Inc. | 843700 | 103083 |
|  | T-Mobile US, Inc.<sup>1</sup> | 181772 | 25448 |
|  | Take-Two Interactive Software, Inc.<sup>1</sup> | 178984 | 18638 |
|  |  |  | 2480083 |
|  **Consumer staples**<br> **5.80%** | Philip Morris International, Inc. | 6790089 | 687225 |
|  | British American Tobacco PLC | 9433859 | 374286 |
|  | Keurig Dr Pepper, Inc. | 6469367 | 230698 |
|  | General Mills, Inc. | 1378800 | 115612 |
|  | Mondelez International, Inc. | 1506161 | 100386 |
|  | Molson Coors Beverage Company, Class B, restricted voting shares | 1620313 | 83478 |
|  | Anheuser-Busch InBev SA/NV | 1339531 | 80530 |
|  | Archer Daniels Midland Company | 670100 | 62219 |
|  | Constellation Brands, Inc., Class A | 237807 | 55112 |
|  | Bunge, Ltd. | 538852 | 53761 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **99** |

---

------

##### [**Table of Contents**](#toc)
Growth-Income Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Common stocks (continued) | Common stocks (continued) | Shares | Value<br> (000) |
|  **Consumer staples**<br> **(continued)** | Procter & Gamble Company | 180677 | $27383 |
|  | Kraft Heinz Company | 567200 | 23091 |
|  | Monster Beverage Corp.<sup>1</sup> | 178560 | 18129 |
|  |  |  | 1911910 |
|  **Energy**<br> **4.78%** | Chevron Corp. | 2053300 | 368547 |
|  | ConocoPhillips | 2749013 | 324383 |
|  | Canadian Natural Resources, Ltd. (CAD denominated) | 4947114 | 274722 |
|  | Baker Hughes Co., Class A | 7353936 | 217162 |
|  | EOG Resources, Inc. | 620310 | 80343 |
|  | TC Energy Corp. (CAD denominated)<sup>2</sup> | 1849358 | 73728 |
|  | Exxon Mobil Corp. | 660220 | 72822 |
|  | Equitrans Midstream Corp. | 10215807 | 68446 |
|  | Suncor Energy, Inc. | 1451133 | 46031 |
|  | Cheniere Energy, Inc. | 238735 | 35801 |
|  | Diamondback Energy, Inc. | 117500 | 16072 |
|  |  |  | 1578057 |
|  **Utilities**<br> **4.04%** | PG&E Corp.<sup>1</sup> | 25776996 | 419134 |
|  | Edison International | 2689330 | 171095 |
|  | Entergy Corp. | 1304500 | 146756 |
|  | Constellation Energy Corp. | 1414838 | 121973 |
|  | Sempra Energy | 690000 | 106633 |
|  | CenterPoint Energy, Inc. | 2840104 | 85175 |
|  | AES Corp. | 2803707 | 80635 |
|  | Enel SpA | 12931498 | 69549 |
|  | NextEra Energy, Inc. | 585000 | 48906 |
|  | DTE Energy Company | 401000 | 47129 |
|  | CMS Energy Corp. | 551001 | 34895 |
|  |  |  | 1331880 |
|  **Materials**<br> **3.24%** | Linde PLC | 1122332 | 366082 |
|  | Vale SA (ADR), ordinary nominative shares | 5459475 | 92647 |
|  | Vale SA, ordinary nominative shares | 3404848 | 57318 |
|  | LyondellBasell Industries NV | 1735980 | 144138 |
|  | Albemarle Corp. | 540457 | 117204 |
|  | Freeport-McMoRan, Inc. | 2382960 | 90553 |
|  | Corteva, Inc. | 1405942 | 82641 |
|  | ATI, Inc.<sup>1</sup> | 1769447 | 52836 |
|  | Barrick Gold Corp. | 2373000 | 40768 |
|  | Sherwin-Williams Company | 101038 | 23979 |
|  |  |  | 1068166 |
|  **Real estate**<br> **1.84%** | VICI Properties, Inc. REIT | 9124903 | 295647 |
|  | Equinix, Inc. REIT | 298158 | 195302 |
|  | Crown Castle, Inc. REIT | 864782 | 117299 |
|  |  |  | 608248 |
|  | **Total common stocks** (cost: $19,921,309,000) |  | 30171965 |
| Convertible stocks 0.83% | Convertible stocks 0.83% |  |  |
|  **Health care**<br> **0.51%** | Danaher Corp., Series B, cumulative convertible preferred shares, 5.00% 4/15/2023<sup>2</sup> | 123957 | 168154 |

---

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| | |
|:---|:---|
| **100** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
Growth-Income Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Convertible stocks (continued) | Convertible stocks (continued) | Shares | Value<br> (000) |
|  **Consumer**<br> **discretionary**<br> **0.14%** | Aptiv PLC, Series A, convertible preferred shares, 5.50% 6/15/2023 | 420075 | $45082 |
|  **Utilities**<br> **0.09%** | NextEra Energy, Inc., noncumulative convertible preferred units, 6.926% 9/1/2025 | 617200 | 30977 |
|  **Financials**<br> **0.09%** | KKR & Co., Inc., Series C, convertible preferred shares, 6.00% 9/15/2023 | 527700 | 30211 |
|  | **Total convertible stocks** (cost: $288,316,000) |  | 274424 |
| Bonds, notes & other debt instruments 0.02% | Bonds, notes & other debt instruments 0.02% | Principal amount<br>(000) |  |
|  **Corporate bonds, notes & loans 0.02%** | **Corporate bonds, notes & loans 0.02%** |  |  |
|  **Industrials**<br> **0.02%** | Boeing Company 4.875% 5/1/2025 | USD4,706 | 4674 |
|  **Consumer**<br> **discretionary**<br> **0.00%** | General Motors Financial Co. 4.30% 7/13/2025 | 160 | 155 |
|  | General Motors Financial Co. 5.25% 3/1/2026 | 827 | 815 |
|  |  |  | 970 |
|  **Energy**<br> **0.00%** | Weatherford International, Ltd. 11.00% 12/1/2024<sup>3</sup> | 265 | 272 |
|  | **Total corporate bonds, notes & loans** |  | 5916 |
|  | **Total bonds, notes & other debt instruments** (cost: $5,868,000) |  | 5916 |
| Short-term securities 8.45% | Short-term securities 8.45% | Shares |  |
|  **Money market investments 7.77%** | **Money market investments 7.77%** |  |  |
|  | Capital Group Central Cash Fund 4.31%<sup>4,5</sup> | 25654468 | 2565190 |
|  **Money market investments purchased with collateral from securities on loan 0.68%** | **Money market investments purchased with collateral from securities on loan 0.68%** |  |  |
|  | Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.22%<sup>4,6</sup> | 92462113 | 92462 |
|  | Goldman Sachs Financial Square Government Fund, Institutional Shares 4.15%<sup>4,6</sup> | 91131298 | 91131 |
|  | Capital Group Central Cash Fund 4.31%<sup>4,5,6</sup> | 402344 | 40231 |
|  |  |  | 223824 |
|  | **Total short-term securities** (cost: $2,788,688,000) |  | 2789014 |
|  | **Total investment securities 100.78%** (cost: $23,004,181,000) |  | 33241319 |
|  | Other assets less liabilities (0.78)% |  | (258352) |
|  | **Net assets 100.00%** |  | $32982967 |

---

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| | |
|:---|:---|
| American Funds Insurance Series | **101** |

---

------

##### [**Table of Contents**](#toc)
Growth-Income Fund (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments in affiliates<sup>5</sup>** | | | | | | | |
|  | Value of<br>affiliates at<br>1/1/2022<br>(000) | Additions<br>(000) | Reductions<br>(000) | Net<br>realized<br>loss<br> (000) | Net<br>unrealized<br>appreciation<br> (000) | Value of<br>affiliates at<br>12/31/2022<br>(000) | Dividend<br>income<br>(000) |
|  **Short-term securities 7.89%** |  |  |  |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Money market investments 7.77%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 4.31%<sup>4</sup> | $1220761 | $5840874 | $4496259 | $(316) | $130 | $2565190 | $40278 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Money market investments purchased with collateral from securities on loan 0.12%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 4.31%<sup>4,6</sup> | 39148 | 1083<sup>7</sup> |  |  |  | 40231 | –<sup>8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total 7.89%** |  |  |  | $(316) | $130 | $2605421 | $40278 |

---

<sup>1</sup> Security did not produce income during the last 12 months.

 <sup>2</sup> All or a portion of this security was on loan. The total value of all such securities was $240,456,000, which represented .73% of the net assets of the fund. Refer to Note 5 for more information on securities lending. 

 <sup>3</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $272,000, which represented less than .01% of the net assets of the fund. 

<sup>4</sup> Rate represents the seven-day yield at 12/31/2022.

<sup>5</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>6</sup>Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>7</sup> Represents net activity. Refer to Note 5 for more information on securities lending.

<sup>8</sup> Dividend income is included with securities lending income in the fund's statement of operations and is not shown in this table.

**Key to abbreviations** 

ADR = American Depositary Receipts

CAD = Canadian dollars

REIT = Real Estate Investment Trust

USD = U.S. dollars

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **102** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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##### [**Table of Contents**](#toc)
International Growth and Income Fund

**Investment portfolio** December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| Common stocks 96.75% | Common stocks 96.75% | Shares | Value<br>(000) |
|  **Financials**<br> **16.53%** | AIA Group, Ltd. | 408000 | $4495 |
|  | Ping An Insurance (Group) Company of China, Ltd., Class H | 643000 | 4244 |
|  | AXA SA | 114432 | 3189 |
|  | Zurich Insurance Group AG | 5399 | 2580 |
|  | HDFC Bank, Ltd. | 118266 | 2328 |
|  | Tokio Marine Holdings, Inc. | 105200 | 2252 |
|  | UniCredit SpA | 132526 | 1885 |
|  | Toronto-Dominion Bank (CAD denominated) | 28953 | 1875 |
|  | Société Générale | 70627 | 1772 |
|  | DNB Bank ASA | 78454 | 1553 |
|  | Euronext NV | 20312 | 1506 |
|  | Banco Bilbao Vizcaya Argentaria, SA | 216058 | 1305 |
|  | Aon PLC, Class A | 4301 | 1291 |
|  | Hana Financial Group, Inc. | 37354 | 1250 |
|  | London Stock Exchange Group PLC | 12717 | 1097 |
|  | Hang Seng Bank, Ltd. | 66200 | 1096 |
|  | B3 SA-Brasil, Bolsa, Balcao | 407901 | 1021 |
|  | UBS Group AG | 54178 | 1010 |
|  | Industrial and Commercial Bank of China, Ltd., Class H | 1959040 | 1009 |
|  | Banco Santander, SA | 307795 | 922 |
|  | Resona Holdings, Inc. | 167200 | 918 |
|  | XP, Inc., Class A<sup>1</sup> | 53223 | 816 |
|  | Prudential PLC | 55866 | 756 |
|  | Erste Group Bank AG | 22556 | 719 |
|  | DBS Group Holdings, Ltd. | 26695 | 676 |
|  | Bank Leumi Le-Israel BM | 77681 | 648 |
|  | Discovery, Ltd.<sup>1</sup> | 88847 | 645 |
|  | Tryg A/S | 25561 | 606 |
|  | ABN AMRO Bank NV | 42512 | 587 |
|  | HDFC Life Insurance Company, Ltd. | 82955 | 566 |
|  | China Merchants Bank Co., Ltd., Class H | 98500 | 546 |
|  | Kotak Mahindra Bank, Ltd. | 23335 | 513 |
|  | Israel Discount Bank Ltd., Class A | 87914 | 462 |
|  | Banca Generali SpA | 13051 | 449 |
|  | ICICI Bank, Ltd. (ADR) | 18198 | 398 |
|  | Islandsbanki hf. | 466167 | 394 |
|  | Skandinaviska Enskilda Banken AB, Class A | 32490 | 374 |
|  | Brookfield Corp., Class A (CAD denominated) | 10905 | 343 |
|  | Grupo Financiero Banorte, SAB de CV, Series O | 41185 | 296 |
|  | ICICI Securities, Ltd. | 45682 | 275 |
|  | Postal Savings Bank of China Co., Ltd., Class H | 437000 | 270 |
|  | ING Groep NV | 21878 | 267 |
|  | EQT AB | 11659 | 248 |
|  | United Overseas Bank, Ltd. | 5400 | 124 |
|  | AU Small Finance Bank, Ltd. | 12289 | 97 |
|  | Brookfield Asset Management, Ltd., Class A (CAD denominated)<sup>1</sup> | 2726 | 78 |
|  | Moscow Exchange MICEX-RTS PJSC<sup>1,2</sup> | 346177 | –<sup>3</sup> |
|  | Sberbank of Russia PJSC<sup>1,2</sup> | 476388 | –<sup>3</sup> |
|  |  |  | 49751 |
|  **Industrials**<br> **11.96%** | Airbus SE, non-registered shares | 51245 | 6093 |
|  | BAE Systems PLC | 413069 | 4269 |
|  | Alliance Global Group, Inc. | 7895900 | 1689 |
|  | ABB, Ltd. | 50534 | 1539 |
|  | Rheinmetall AG | 7314 | 1457 |
|  | SMC Corp. | 3100 | 1312 |
|  | Daikin Industries, Ltd. | 8400 | 1292 |
|  | RELX PLC | 46516 | 1289 |
|  | Brenntag SE | 19924 | 1274 |
|  | Bunzl PLC | 34974 | 1167 |
|  | CCR SA, ordinary nominative shares | 565458 | 1159 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **103** |

---

------

##### [**Table of Contents**](#toc)
International Growth and Income Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Common stocks (continued) | Common stocks (continued) | Shares | Value<br>(000) |
|  **Industrials**<br> **(continued)** | Ryanair Holdings PLC (ADR)<sup>1</sup> | 13626 | $1019 |
|  | Safran SA | 7664 | 958 |
|  | InPost SA<sup>1</sup> | 109547 | 926 |
|  | Cathay Pacific Airways, Ltd.<sup>1,4</sup> | 787000 | 856 |
|  | LIXIL Corp. | 50900 | 776 |
|  | Mitsui & Co., Ltd. | 25200 | 733 |
|  | Waste Connections, Inc. (CAD denominated) | 5192 | 688 |
|  | Experian PLC | 17789 | 606 |
|  | TFI International, Inc. (CAD denominated) | 5936 | 594 |
|  | Techtronic Industries Co., Ltd. | 50500 | 562 |
|  | Caterpillar, Inc. | 2260 | 541 |
|  | BELIMO Holding AG | 1112 | 531 |
|  | Epiroc AB, Class A | 19779 | 362 |
|  | Epiroc AB, Class B | 10197 | 164 |
|  | Canadian Pacific Railway, Ltd. (CAD denominated) | 6837 | 510 |
|  | Interpump Group SpA | 9158 | 415 |
|  | Deutsche Post AG | 9640 | 363 |
|  | Siemens AG | 2589 | 359 |
|  | Nidec Corp. | 6900 | 359 |
|  | DSV A/S | 2161 | 343 |
|  | Japan Airlines Co., Ltd.<sup>1</sup> | 16500 | 338 |
|  | Adecco Group AG | 10191 | 335 |
|  | Kone OYJ, Class B | 5245 | 272 |
|  | ASSA ABLOY AB, Class B | 11710 | 252 |
|  | Wizz Air Holdings PLC<sup>1</sup> | 9714 | 222 |
|  | SITC International Holdings Co., Ltd. | 79659 | 176 |
|  | Hitachi, Ltd. | 2400 | 121 |
|  | Polycab India, Ltd. | 2077 | 64 |
|  | Husqvarna AB, Class B | 1503 | 11 |
|  |  |  | 35996 |
|  **Consumer**<br> **discretionary**<br> **11.78%** | Evolution AB | 44081 | 4305 |
|  | LVMH Moët Hennessy-Louis Vuitton SE | 5830 | 4235 |
|  | MGM China Holdings, Ltd.<sup>1</sup> | 2330000 | 2568 |
|  | Renault SA<sup>1</sup> | 75272 | 2508 |
|  | Sands China, Ltd.<sup>1</sup> | 568372 | 1883 |
|  | Restaurant Brands International, Inc. (CAD denominated) | 26120 | 1689 |
|  | InterContinental Hotels Group PLC | 25528 | 1469 |
|  | Wynn Macau, Ltd.<sup>1</sup> | 1317200 | 1468 |
|  | Prosus NV, Class N | 19085 | 1310 |
|  | Midea Group Co., Ltd., Class A | 170800 | 1269 |
|  | Galaxy Entertainment Group, Ltd. | 184000 | 1218 |
|  | Sodexo SA | 11689 | 1118 |
|  | adidas AG | 8004 | 1093 |
|  | Li Ning Co., Ltd. | 122500 | 1051 |
|  | B&M European Value Retail SA | 203086 | 1012 |
|  | Nitori Holdings Co., Ltd. | 6200 | 804 |
|  | Industria de Diseño Textil, SA | 29903 | 796 |
|  | Paltac Corp. | 21900 | 767 |
|  | Valeo SA, non-registered shares | 40170 | 716 |
|  | Stellantis NV | 43832 | 621 |
|  | OPAP SA | 41296 | 585 |
|  | Entain PLC | 33218 | 533 |
|  | Coupang, Inc., Class A<sup>1</sup> | 32030 | 471 |
|  | D'Ieteren Group | 2035 | 392 |
|  | Americanas SA, ordinary nominative shares | 149913 | 274 |
|  | Games Workshop Group PLC | 2532 | 262 |
|  | IDP Education, Ltd. | 13164 | 243 |
|  | JD.com, Inc., Class A | 7174 | 202 |
|  | Pan Pacific International Holdings Corp. | 9000 | 167 |
|  | Kering SA | 287 | 147 |

---

---

| | |
|:---|:---|
| **104** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
International Growth and Income Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Common stocks (continued) | Common stocks (continued) | Shares | Value<br>(000) |
|  **Consumer**<br> **discretionary**<br> **(continued)** | Balkrishna Industries, Ltd. | 4894 | $126 |
|  | Dixon Technologies (India), Ltd. | 1902 | 90 |
|  | MercadoLibre, Inc.<sup>1</sup> | 88 | 75 |
|  |  |  | 35467 |
|  **Consumer staples**<br> **11.46%** | British American Tobacco PLC | 196339 | 7790 |
|  | Philip Morris International, Inc. | 65119 | 6591 |
|  | Nestlé SA | 26069 | 3011 |
|  | Anheuser-Busch InBev SA/NV | 40759 | 2450 |
|  | Carlsberg A/S, Class B | 18056 | 2390 |
|  | Kweichow Moutai Co., Ltd., Class A | 9490 | 2348 |
|  | Pernod Ricard SA | 6241 | 1227 |
|  | Japan Tobacco, Inc. | 58100 | 1175 |
|  | Asahi Group Holdings, Ltd. | 33300 | 1037 |
|  | Foshan Haitian Flavouring and Food Co., Ltd., Class A | 77954 | 892 |
|  | Arca Continental, SAB de CV | 108287 | 879 |
|  | Carrefour SA, non-registered shares | 47224 | 790 |
|  | KT&G Corp. | 9986 | 722 |
|  | Varun Beverages, Ltd. | 43375 | 691 |
|  | Ocado Group PLC<sup>1</sup> | 80608 | 607 |
|  | Imperial Brands PLC | 20722 | 518 |
|  | L'Oréal SA, non-registered shares | 1190 | 427 |
|  | Reckitt Benckiser Group PLC | 5140 | 357 |
|  | Haleon PLC<sup>1</sup> | 60392 | 241 |
|  | Danone SA | 4351 | 229 |
|  | Avenue Supermarts, Ltd.<sup>1</sup> | 2324 | 114 |
|  |  |  | 34486 |
|  **Information**<br> **technology**<br> **10.82%** | Taiwan Semiconductor Manufacturing Company, Ltd. | 517000 | 7535 |
|  | ASML Holding NV | 10887 | 5893 |
|  | Edenred SA | 50178 | 2730 |
|  | Tokyo Electron, Ltd. | 8300 | 2466 |
|  | Samsung Electronics Co., Ltd. | 41896 | 1848 |
|  | MediaTek, Inc. | 87000 | 1767 |
|  | Broadcom, Inc. | 2678 | 1497 |
|  | SAP SE | 13056 | 1347 |
|  | Keyence Corp. | 2700 | 1057 |
|  | Kingdee International Software Group Co., Ltd.<sup>1</sup> | 444000 | 945 |
|  | Logitech International SA | 14465 | 898 |
|  | Nokia Corp. | 184789 | 859 |
|  | TDK Corp. | 25500 | 828 |
|  | Capgemini SE | 4791 | 804 |
|  | ASM International NV | 2074 | 525 |
|  | Vanguard International Semiconductor Corp. | 186000 | 468 |
|  | Halma PLC | 12131 | 290 |
|  | Amadeus IT Group SA, Class A, non-registered shares<sup>1</sup> | 4613 | 238 |
|  | Nice, Ltd. (ADR)<sup>1</sup> | 888 | 171 |
|  | Fujitsu, Ltd. | 1000 | 132 |
|  | eMemory Technology, Inc. | 3000 | 130 |
|  | Nomura Research Institute, Ltd. | 5300 | 126 |
|  |  |  | 32554 |
|  **Health care**<br> **10.34%** | AstraZeneca PLC | 77983 | 10584 |
|  | Novo Nordisk A/S, Class B | 49782 | 6740 |
|  | Sanofi | 28623 | 2770 |
|  | EssilorLuxottica | 10095 | 1838 |
|  | Siemens Healthineers AG | 34852 | 1744 |
|  | Bayer AG | 32378 | 1672 |
|  | GSK PLC | 49438 | 860 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **105** |

---

------

##### [**Table of Contents**](#toc)
International Growth and Income Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Common stocks (continued) | Common stocks (continued) | Shares | Value<br>(000) |
|  **Health care**<br> **(continued)** | Genus PLC | 21154 | $762 |
|  | Grifols, SA, Class B (ADR)<sup>1</sup> | 88384 | 751 |
|  | EUROAPI<sup>1</sup> | 39510 | 586 |
|  | Shionogi & Co., Ltd. | 9600 | 478 |
|  | Lonza Group AG | 927 | 456 |
|  | Roche Holding AG, nonvoting non-registered shares | 1328 | 417 |
|  | Novartis AG | 4476 | 405 |
|  | BeiGene, Ltd. (ADR)<sup>1</sup> | 1387 | 305 |
|  | Hypera SA, ordinary nominative shares | 30419 | 260 |
|  | Innovent Biologics, Inc.<sup>1</sup> | 48500 | 208 |
|  | CanSino Biologics, Inc., Class H<sup>4</sup> | 22800 | 195 |
|  | HOYA Corp. | 1000 | 97 |
|  |  |  | 31128 |
|  **Energy**<br> **7.77%** | TotalEnergies SE | 89101 | 5561 |
|  | BP PLC | 643014 | 3739 |
|  | TechnipFMC PLC<sup>1</sup> | 186903 | 2279 |
|  | Equinor ASA | 57576 | 2065 |
|  | TC Energy Corp. (CAD denominated) | 42686 | 1702 |
|  | Schlumberger, Ltd. | 30187 | 1614 |
|  | Canadian Natural Resources, Ltd. (CAD denominated)<sup>4</sup> | 25703 | 1427 |
|  | Aker BP ASA | 43949 | 1370 |
|  | Cameco Corp. (CAD denominated) | 52625 | 1193 |
|  | Reliance Industries, Ltd. | 18972 | 582 |
|  | Gaztransport & Technigaz SA | 4690 | 501 |
|  | Tourmaline Oil Corp. | 9772 | 493 |
|  | Woodside Energy Group, Ltd. | 18414 | 446 |
|  | INPEX Corp. | 31500 | 336 |
|  | Var Energi ASA | 20924 | 72 |
|  | Sovcomflot PAO<sup>1,2</sup> | 356717 | –<sup>3</sup> |
|  | Gazprom PJSC<sup>2</sup> | 671150 | –<sup>3</sup> |
|  | LUKOIL Oil Co. PJSC<sup>2</sup> | 9706 | –<sup>3</sup> |
|  |  |  | 23380 |
|  **Materials**<br> **5.76%** | Vale SA, ordinary nominative shares | 198640 | 3344 |
|  | Vale SA (ADR), ordinary nominative shares | 80910 | 1373 |
|  | Linde PLC | 7570 | 2469 |
|  | Glencore PLC | 306363 | 2049 |
|  | Barrick Gold Corp. | 94562 | 1625 |
|  | Barrick Gold Corp. (CAD denominated) | 13543 | 232 |
|  | UPM-Kymmene OYJ | 23659 | 887 |
|  | Rio Tinto PLC | 10464 | 734 |
|  | Asahi Kasei Corp. | 99900 | 710 |
|  | Air Liquide SA, non-registered shares | 4908 | 698 |
|  | Fresnillo PLC | 58201 | 632 |
|  | Koninklijke DSM NV | 5120 | 628 |
|  | Sociedad Química y Minera de Chile SA, Class B (ADR) | 7688 | 614 |
|  | Fortescue Metals Group, Ltd. | 42173 | 588 |
|  | Sika AG | 1500 | 362 |
|  | Shin-Etsu Chemical Co., Ltd. | 1900 | 231 |
|  | Givaudan SA | 52 | 158 |
|  | Alrosa PJSC<sup>1,2</sup> | 53607 | –<sup>3</sup> |
|  |  |  | 17334 |
|  **Communication**<br> **services**<br> **5.66%** | Koninklijke KPN NV | 752688 | 2329 |
|  | Nippon Telegraph and Telephone Corp. | 81600 | 2329 |
|  | Tencent Holdings, Ltd. | 50600 | 2151 |
|  | Telefónica, SA, non-registered shares | 402982 | 1459 |
|  | Publicis Groupe SA | 22225 | 1411 |

---

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| | |
|:---|:---|
| **106** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
International Growth and Income Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Common stocks (continued) | Common stocks (continued) | Shares | Value<br>(000) |
|  **Communication**<br> **services**<br> **(continued)** | Sea, Ltd., Class A (ADR)<sup>1</sup> | 21542 | $1121 |
|  | BT Group PLC | 635302 | 863 |
|  | SoftBank Corp. | 76200 | 862 |
|  | Vodafone Group PLC | 839939 | 851 |
|  | América Móvil, SAB de CV, Series L (ADR) | 41487 | 755 |
|  | Singapore Telecommunications, Ltd. | 319600 | 614 |
|  | Deutsche Telekom AG<sup>1</sup> | 29435 | 587 |
|  | Indus Towers, Ltd. | 246737 | 567 |
|  | Viaplay Group AB, Class B<sup>1</sup> | 20606 | 393 |
|  | MTN Group, Ltd. | 44802 | 336 |
|  | Universal Music Group NV | 9460 | 228 |
|  | NetEase, Inc. | 10800 | 157 |
|  | Sitios Latinoamerica, SAB de CV, Class B1<sup>1</sup> | 40380 | 19 |
|  | Yandex NV, Class A<sup>1,2</sup> | 5000 | –<sup>3</sup> |
|  |  |  | 17032 |
|  **Utilities**<br> **3.07%** | Engie SA | 190787 | 2733 |
|  | Enel SpA | 397417 | 2137 |
|  | ENN Energy Holdings, Ltd. | 118100 | 1648 |
|  | Brookfield Infrastructure Partners, LP | 36875 | 1142 |
|  | National Grid PLC | 43151 | 518 |
|  | Iberdrola, SA, non-registered shares | 37788 | 442 |
|  | China Resources Gas Group, Ltd. | 106200 | 396 |
|  | Veolia Environnement | 9023 | 232 |
|  |  |  | 9248 |
|  **Real estate**<br> **1.60%** | CK Asset Holdings, Ltd. | 327000 | 2014 |
|  | Longfor Group Holdings, Ltd. | 351500 | 1077 |
|  | Link REIT | 108007 | 793 |
|  | Unibail-Rodamco-Westfield REIT, non-registered shares<sup>1</sup> | 10561 | 551 |
|  | Embassy Office Parks REIT | 94895 | 385 |
|  |  |  | 4820 |
|  | **Total common stocks** (cost: $287,727,000) |  | 291196 |
| Preferred securities 0.63% | Preferred securities 0.63% |  |  |
|  **Materials**<br> **0.40%** | Gerdau SA, preferred nominative shares | 216930 | 1207 |
|  **Consumer**<br> **discretionary**<br> **0.14%** | Volkswagen AG, nonvoting preferred shares | 3468 | 432 |
|  **Information**<br> **technology**<br> **0.09%** | Samsung Electronics Co., Ltd., nonvoting preferred shares | 6483 | 261 |
|  | **Total preferred securities** (cost: $2,271,000) |  | 1900 |
| Short-term securities 2.11% | Short-term securities 2.11% |  |  |
|  **Money market investments 1.82%** | **Money market investments 1.82%** |  |  |
|  | Capital Group Central Cash Fund 4.31%<sup>5,6</sup> | 54926 | 5492 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **107** |

---

------

##### [**Table of Contents**](#toc)
International Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Short-term securities (continued) | Shares | Value<br> (000) |
| **Money market investments purchased with collateral from securities on loan 0.29%** |  |  |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio,<br>Institutional Class 4.22%<sup>5,7</sup> | 851683 | $852 |
| Goldman Sachs Financial Square Government Fund, Institutional Shares 4.15%<sup>5,7</sup> | 14166 | 14 |
|  |  | 866 |
| **Total short-term securities** (cost: $6,355,000) |  | 6358 |
| **Total investment securities 99.49%** (cost: $296,353,000) |  | 299454 |
| Other assets less liabilities 0.51% |  | 1543 |
| **Net assets 100.00%** |  | $300997 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Forward currency contracts** | **Forward currency contracts** | **Forward currency contracts** | **Forward currency contracts** | **Forward currency contracts** |
|  |  |  |  | Unrealized |
| Contract amount | Contract amount |  |  | appreciation |
| Currency purchased | Currency sold |  | Settlement | at 12/31/2022 |
| (000) | (000) | Counterparty | date | (000) |
| USD 612 | GBP 502 | UBS AG | 1/12/2023 | $5 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Investments in affiliates<sup>6</sup>**  | | | | | | | |
|  | Value of<br>affiliate at<br>1/1/2022<br> (000) | Additions<br> (000) | Reductions<br> (000) | Net<br>realized<br>loss<br> (000) | Net<br>unrealized<br>depreciation<br> (000) | Value of<br>affiliate at<br>12/31/2022<br> (000) | Dividend<br>income<br> (000) |
|  **Short-term securities 1.82%** |  |  |  |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Money market investments 1.82%** |  |  |  |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 4.31%<sup>5</sup>  | $21699 | $75477 | $91678 | $(4) | $(2) | $5492 | $302 |

---

<sup>1</sup> Security did not produce income during the last 12 months.

<sup>2</sup> Value determined using significant unobservable inputs.

 <sup>3</sup> Amount less than one thousand. 

 <sup>4</sup> All or a portion of this security was on loan. The total value of all such securities was $1,435,000, which represented ..48% of the net assets of the fund. Refer to Note 5 for more information on securities lending. 

<sup>5</sup> Rate represents the seven-day yield at 12/31/2022.

<sup>6</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>7</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

---

| | |
|:---|:---|
| **Key** | **to abbreviations**  |

---

ADR = American Depositary Receipts

CAD = Canadian dollars

GBP = British pounds

REIT = Real Estate Investment Trust

USD = U.S. dollars

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **108** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
Capital Income Builder

**Investment portfolio** December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| Common stocks 74.46% | Common stocks 74.46% | Shares | Value<br>(000) |
|  **Financials**<br> **13.77%** | Zurich Insurance Group AG | 39942 | $19087 |
|  | Toronto-Dominion Bank (CAD denominated) | 162719 | 10536 |
|  | JPMorgan Chase & Co. | 68717 | 9215 |
|  | PNC Financial Services Group, Inc. | 49137 | 7761 |
|  | Münchener Rückversicherungs-Gesellschaft AG | 23791 | 7736 |
|  | CME Group, Inc., Class A | 45573 | 7664 |
|  | DBS Group Holdings, Ltd. | 300006 | 7595 |
|  | Morgan Stanley | 88772 | 7547 |
|  | DNB Bank ASA | 301733 | 5974 |
|  | Power Corporation of Canada, subordinate voting shares | 201698 | 4745 |
|  | BlackRock, Inc. | 6520 | 4620 |
|  | B3 SA-Brasil, Bolsa, Balcao | 1360408 | 3404 |
|  | Tryg A/S | 138292 | 3280 |
|  | Ping An Insurance (Group) Company of China, Ltd., Class H | 447500 | 2954 |
|  | Ping An Insurance (Group) Company of China, Ltd., Class A | 34457 | 233 |
|  | Webster Financial Corp. | 61978 | 2934 |
|  | AIA Group, Ltd. | 253600 | 2794 |
|  | American International Group, Inc. | 43993 | 2782 |
|  | Principal Financial Group, Inc. | 31762 | 2665 |
|  | Blackstone, Inc., nonvoting shares | 33399 | 2478 |
|  | KBC Groep NV | 33615 | 2158 |
|  | United Overseas Bank, Ltd. | 89200 | 2046 |
|  | State Street Corp. | 26015 | 2018 |
|  | Kaspi.kz JSC<sup>1</sup> | 21756 | 1555 |
|  | Kaspi.kz JSC (GDR) | 5969 | 426 |
|  | East West Bancorp, Inc. | 29501 | 1944 |
|  | ING Groep NV | 157320 | 1919 |
|  | Wells Fargo & Company | 45898 | 1895 |
|  | China Pacific Insurance (Group) Co., Ltd., Class H | 794150 | 1754 |
|  | National Bank of Canada | 24069 | 1622 |
|  | Travelers Companies, Inc. | 8641 | 1620 |
|  | Swedbank AB, Class A | 88691 | 1507 |
|  | Citizens Financial Group, Inc. | 36461 | 1436 |
|  | KeyCorp | 75308 | 1312 |
|  | China Merchants Bank Co., Ltd., Class A | 131100 | 703 |
|  | China Merchants Bank Co., Ltd., Class H | 94500 | 524 |
|  | IIFL Wealth Management, Ltd. | 55104 | 1183 |
|  | Franklin Resources, Inc. | 42738 | 1127 |
|  | OneMain Holdings, Inc. | 33517 | 1116 |
|  | EFG International AG | 113913 | 1086 |
|  | BNP Paribas SA | 17927 | 1020 |
|  | Great-West Lifeco, Inc. | 43284 | 1001 |
|  | Truist Financial Corp. | 23131 | 995 |
|  | Corebridge Financial, Inc. | 44617 | 895 |
|  | Hang Seng Bank, Ltd. | 52200 | 864 |
|  | Euronext NV | 11304 | 838 |
|  | Hong Kong Exchanges and Clearing, Ltd. | 18300 | 791 |
|  | Bank Central Asia Tbk PT | 1423700 | 781 |
|  | TPG, Inc., Class A | 26918 | 749 |
|  | Citigroup, Inc. | 16200 | 733 |
|  | Patria Investments, Ltd., Class A | 47813 | 666 |
|  | Banco Santander, SA | 201758 | 604 |
|  | Vontobel Holding AG | 7885 | 524 |
|  | Macquarie Group, Ltd. | 4045 | 459 |
|  | Hana Financial Group, Inc. | 10680 | 357 |
|  | Cullen/Frost Bankers, Inc. | 1968 | 263 |
|  | UniCredit SpA | 12643 | 180 |
|  | SouthState Corp. | 2204 | 168 |
|  | Moscow Exchange MICEX-RTS PJSC<sup>2,3</sup> | 875002 | –<sup>4</sup> |
|  | Sberbank of Russia PJSC<sup>2,3</sup> | 204176 | –<sup>4</sup> |
|  |  |  | 156843 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **109** |

---

------

##### [**Table of Contents**](#toc)
Capital Income Builder (continued)

---

| | | | |
|:---|:---|:---|:---|
| Common stocks (continued) | Common stocks (continued) | Shares | Value<br>(000) |
|  **Consumer staples**<br> **10.07%** | Philip Morris International, Inc. | 259908 | $26305 |
|  | British American Tobacco PLC | 471482 | 18706 |
|  | General Mills, Inc. | 102770 | 8617 |
|  | Altria Group, Inc. | 188250 | 8605 |
|  | PepsiCo, Inc. | 47154 | 8519 |
|  | Nestlé SA | 70531 | 8145 |
|  | Kimberly-Clark Corp. | 39311 | 5337 |
|  | Imperial Brands PLC | 207379 | 5181 |
|  | ITC, Ltd. | 1060348 | 4250 |
|  | Unilever PLC (GBP denominated) | 57668 | 2909 |
|  | Carlsberg A/S, Class B | 19656 | 2602 |
|  | Keurig Dr Pepper, Inc. | 72760 | 2595 |
|  | Danone SA | 48454 | 2553 |
|  | Anheuser-Busch InBev SA/NV | 37592 | 2260 |
|  | Kraft Heinz Company | 32392 | 1319 |
|  | Seven & i Holdings Co., Ltd. | 29600 | 1266 |
|  | Procter & Gamble Company | 7687 | 1165 |
|  | Mondelez International, Inc. | 14725 | 981 |
|  | Vector Group, Ltd. | 69487 | 824 |
|  | Essity Aktiebolag, Class B | 23218 | 610 |
|  | Viscofan, SA, non-registered shares | 9124 | 589 |
|  | Reckitt Benckiser Group PLC | 7982 | 555 |
|  | Scandinavian Tobacco Group A/S | 21667 | 380 |
|  | Kimberly-Clark de México, SAB de CV, Class A, ordinary participation certificates | 136106 | 231 |
|  | Coca-Cola HBC AG (CDI) | 7021 | 168 |
|  |  |  | 114672 |
|  **Health care**<br> **9.47%** | AbbVie, Inc. | 173251 | 27999 |
|  | Amgen, Inc. | 53879 | 14151 |
|  | Gilead Sciences, Inc. | 153232 | 13155 |
|  | AstraZeneca PLC | 60447 | 8204 |
|  | Abbott Laboratories | 66565 | 7308 |
|  | Medtronic PLC | 82068 | 6378 |
|  | Novartis AG | 65737 | 5955 |
|  | Bristol-Myers Squibb Company | 74164 | 5336 |
|  | Pfizer, Inc. | 89394 | 4581 |
|  | UnitedHealth Group, Inc. | 6954 | 3687 |
|  | Roche Holding AG, nonvoting non-registered shares | 10419 | 3274 |
|  | Takeda Pharmaceutical Company, Ltd. | 87100 | 2720 |
|  | Royalty Pharma PLC, Class A | 42309 | 1672 |
|  | Merck & Co., Inc. | 7825 | 868 |
|  | EBOS Group, Ltd. | 30676 | 850 |
|  | CVS Health Corp. | 7431 | 692 |
|  | Bayer AG | 12641 | 653 |
|  | GSK PLC | 17925 | 312 |
|  | Koninklijke Philips NV (EUR denominated) | 4898 | 74 |
|  | Organon & Co. | 662 | 18 |
|  |  |  | 107887 |
|  **Industrials**<br> **7.34%** | Raytheon Technologies Corp. | 239595 | 24180 |
|  | Lockheed Martin Corp. | 11445 | 5568 |
|  | BAE Systems PLC | 526461 | 5441 |
|  | Honeywell International, Inc. | 24790 | 5312 |
|  | Siemens AG | 36680 | 5091 |
|  | RELX PLC | 131761 | 3650 |
|  | RELX PLC (ADR) | 8177 | 227 |
|  | Kone OYJ, Class B | 71780 | 3718 |
|  | L3Harris Technologies, Inc. | 16708 | 3479 |
|  | Deutsche Post AG | 64678 | 2435 |
|  | VINCI SA | 24215 | 2418 |

---

---

| | |
|:---|:---|
| **110** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
Capital Income Builder (continued)

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| | | | |
|:---|:---|:---|:---|
| Common stocks (continued) | Common stocks (continued) | Shares | Value<br>(000) |
|  **Industrials**<br> **(continued)** | Singapore Technologies Engineering, Ltd. | 898600 | $2249 |
|  | Trinity Industries, Inc. | 72684 | 2149 |
|  | BOC Aviation, Ltd. | 194500 | 1617 |
|  | Illinois Tool Works, Inc. | 7243 | 1596 |
|  | ITOCHU Corp. | 44400 | 1388 |
|  | SGS SA | 589 | 1364 |
|  | Compañia de Distribución Integral Logista Holdings, SA, non-registered shares | 45292 | 1144 |
|  | Trelleborg AB, Class B | 47577 | 1101 |
|  | Grupo Aeroportuario del Pacífico, SAB de CV, Class B | 74506 | 1067 |
|  | AB Volvo, Class B | 58146 | 1053 |
|  | Norfolk Southern Corp. | 3965 | 977 |
|  | LIXIL Corp. | 54600 | 832 |
|  | Ventia Services Group Pty, Ltd. | 490862 | 796 |
|  | United Parcel Service, Inc., Class B | 4455 | 774 |
|  | Union Pacific Corp. | 3606 | 747 |
|  | Marubeni Corp. | 56900 | 650 |
|  | General Dynamics Corp. | 2526 | 627 |
|  | Waste Management, Inc. | 3955 | 620 |
|  | Carrier Global Corp. | 13015 | 537 |
|  | Airbus SE, non-registered shares | 3671 | 436 |
|  | Sulzer AG | 4695 | 367 |
|  |  |  | 83610 |
|  **Information**<br> **technology**<br> **6.92%** | Broadcom, Inc. | 65566 | 36661 |
|  | Microsoft Corp. | 63062 | 15124 |
|  | Taiwan Semiconductor Manufacturing Company, Ltd. | 583800 | 8509 |
|  | Paychex, Inc. | 17290 | 1998 |
|  | Texas Instruments, Inc. | 11533 | 1905 |
|  | KLA Corp. | 4878 | 1839 |
|  | Vanguard International Semiconductor Corp. | 618700 | 1558 |
|  | Automatic Data Processing, Inc. | 6477 | 1547 |
|  | QUALCOMM, Inc. | 11372 | 1250 |
|  | Western Union Company | 83565 | 1151 |
|  | Tokyo Electron, Ltd. | 3500 | 1040 |
|  | SAP SE | 10071 | 1039 |
|  | Analog Devices, Inc. | 5930 | 973 |
|  | NetApp, Inc. | 14882 | 894 |
|  | GlobalWafers Co., Ltd. | 46938 | 652 |
|  | Fidelity National Information Services, Inc. | 9497 | 644 |
|  | Intel Corp. | 18944 | 501 |
|  | MediaTek, Inc. | 24000 | 487 |
|  | Tripod Technology Corp. | 152000 | 465 |
|  | SINBON Electronics Co., Ltd. | 42446 | 380 |
|  | BE Semiconductor Industries NV | 3388 | 206 |
|  |  |  | 78823 |
|  **Utilities**<br> **6.24%** | Dominion Energy, Inc. | 102936 | 6312 |
|  | Iberdrola, SA, non-registered shares | 496459 | 5807 |
|  | DTE Energy Company | 49064 | 5766 |
|  | National Grid PLC | 476775 | 5727 |
|  | Engie SA | 335814 | 4810 |
|  | Engie SA, bonus shares | 36900 | 529 |
|  | Power Grid Corporation of India, Ltd. | 2007912 | 5169 |
|  | E.ON SE | 486449 | 4855 |
|  | The Southern Co. | 62100 | 4434 |
|  | Edison International | 60608 | 3856 |
|  | Duke Energy Corp. | 32752 | 3373 |
|  | AES Corp. | 108568 | 3122 |
|  | Entergy Corp. | 26522 | 2984 |
|  | Exelon Corp. | 49566 | 2143 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **111** |

---

------

##### [**Table of Contents**](#toc)
Capital Income Builder (continued)

---

| | | | |
|:---|:---|:---|:---|
| Common stocks (continued) | Common stocks (continued) | Shares | Value<br>(000) |
|  **Utilities**<br> **(continued)** | Public Service Enterprise Group, Inc. | 28665 | $1756 |
|  | SSE PLC | 77332 | 1595 |
|  | CenterPoint Energy, Inc. | 51179 | 1535 |
|  | Sempra Energy | 9762 | 1509 |
|  | ENN Energy Holdings, Ltd. | 93600 | 1306 |
|  | Enel SpA | 240213 | 1292 |
|  | NextEra Energy, Inc. | 13466 | 1126 |
|  | Evergy, Inc. | 15369 | 967 |
|  | Power Assets Holdings, Ltd. | 106500 | 583 |
|  | CMS Energy Corp. | 3992 | 253 |
|  | American Electric Power Company, Inc. | 1512 | 144 |
|  | SembCorp Industries, Ltd. | 44800 | 113 |
|  |  |  | 71066 |
|  **Energy**<br> **6.00%** | Canadian Natural Resources, Ltd. (CAD denominated)<sup>5</sup> | 195057 | 10832 |
|  | Chevron Corp. | 47686 | 8559 |
|  | TC Energy Corp. (CAD denominated) | 181889 | 7252 |
|  | TC Energy Corp. | 16085 | 641 |
|  | Exxon Mobil Corp. | 69719 | 7690 |
|  | TotalEnergies SE | 90216 | 5631 |
|  | BP PLC | 806006 | 4687 |
|  | EOG Resources, Inc. | 34736 | 4499 |
|  | Shell PLC (GBP denominated) | 115306 | 3277 |
|  | Shell PLC (ADR) | 8467 | 482 |
|  | Woodside Energy Group, Ltd. | 86228 | 2086 |
|  | Woodside Energy Group, Ltd. (CDI) | 23081 | 557 |
|  | ConocoPhillips | 20510 | 2420 |
|  | Pioneer Natural Resources Company | 10296 | 2352 |
|  | Schlumberger, Ltd. | 36843 | 1970 |
|  | Enbridge, Inc. (CAD denominated) | 40329 | 1576 |
|  | Baker Hughes Co., Class A | 52596 | 1553 |
|  | Equitrans Midstream Corp. | 213059 | 1427 |
|  | DT Midstream, Inc. | 13716 | 758 |
|  | Galp Energia, SGPS, SA, Class B | 11022 | 149 |
|  | Gazprom PJSC<sup>2</sup> | 880428 | –<sup>4</sup> |
|  |  |  | 68398 |
|  **Real estate**<br> **5.99%** | VICI Properties, Inc. REIT | 586804 | 19012 |
|  | Crown Castle, Inc. REIT | 113151 | 15348 |
|  | Equinix, Inc. REIT | 10699 | 7008 |
|  | Gaming and Leisure Properties, Inc. REIT | 93929 | 4893 |
|  | Federal Realty Investment Trust REIT | 28164 | 2846 |
|  | Link REIT | 372507 | 2735 |
|  | American Tower Corp. REIT | 9879 | 2093 |
|  | CK Asset Holdings, Ltd. | 318000 | 1958 |
|  | Boston Properties, Inc. REIT | 22486 | 1520 |
|  | Charter Hall Group REIT | 146326 | 1192 |
|  | Longfor Group Holdings, Ltd. | 353000 | 1082 |
|  | POWERGRID Infrastructure Investment Trust | 681036 | 1047 |
|  | Embassy Office Parks REIT | 245585 | 996 |
|  | Mindspace Business Parks REIT | 214689 | 868 |
|  | Extra Space Storage, Inc. REIT | 5810 | 855 |
|  | Americold Realty Trust, Inc. REIT | 30182 | 854 |
|  | Sun Hung Kai Properties, Ltd. | 61255 | 838 |
|  | CTP NV | 68103 | 802 |
|  | Digital Realty Trust, Inc. REIT | 6950 | 697 |

---

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| | |
|:---|:---|
| **112** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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##### [**Table of Contents**](#toc)
Capital Income Builder (continued)

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| | | | |
|:---|:---|:---|:---|
| Common stocks (continued) | Common stocks (continued) | Shares | Value<br>(000) |
|  **Real estate**<br> **(continued)** | Kimco Realty Corp. REIT | 31388 | $665 |
|  | Prologis, Inc. REIT | 4763 | 537 |
|  | CubeSmart REIT | 8847 | 356 |
|  |  |  | 68202 |
|  **Materials**<br> **2.91%** | Vale SA (ADR), ordinary nominative shares | 349433 | 5930 |
|  | Vale SA, ordinary nominative shares | 225247 | 3792 |
|  | Rio Tinto PLC | 79626 | 5587 |
|  | Air Products and Chemicals, Inc. | 9631 | 2969 |
|  | Linde PLC | 8936 | 2915 |
|  | BHP Group, Ltd. (CDI) | 82385 | 2540 |
|  | International Flavors & Fragrances, Inc. | 21588 | 2263 |
|  | LyondellBasell Industries NV | 18557 | 1541 |
|  | Evonik Industries AG | 54480 | 1046 |
|  | Sociedad Química y Minera de Chile SA, Class B (ADR) | 12475 | 996 |
|  | BASF SE | 16131 | 801 |
|  | UPM-Kymmene OYJ | 19684 | 738 |
|  | Asahi Kasei Corp. | 96900 | 688 |
|  | Fortescue Metals Group, Ltd. | 28457 | 397 |
|  | Nexa Resources SA<sup>5</sup> | 51286 | 309 |
|  | WestRock Co. | 7448 | 262 |
|  | Shin-Etsu Chemical Co., Ltd. | 1900 | 231 |
|  | Smurfit Kappa Group PLC | 4754 | 176 |
|  |  |  | 33181 |
|  **Consumer**<br> **discretionary**<br> **2.90%** | Starbucks Corp. | 41213 | 4088 |
|  | Home Depot, Inc. | 12852 | 4059 |
|  | Industria de Diseño Textil, SA | 149994 | 3994 |
|  | Midea Group Co., Ltd., Class A | 513775 | 3816 |
|  | McDonald's Corp. | 11404 | 3005 |
|  | Kering SA | 5640 | 2887 |
|  | Restaurant Brands International, Inc. | 38245 | 2473 |
|  | LVMH Moët Hennessy-Louis Vuitton SE | 2860 | 2078 |
|  | YUM! Brands, Inc. | 10281 | 1317 |
|  | Galaxy Entertainment Group, Ltd. | 196000 | 1298 |
|  | Cie. Financière Richemont SA, Class A | 7967 | 1031 |
|  | Darden Restaurants, Inc. | 7101 | 982 |
|  | Mercedes-Benz Group AG | 8466 | 556 |
|  | OPAP SA | 27844 | 395 |
|  | Pearson PLC | 26653 | 302 |
|  | Inchcape PLC | 26460 | 261 |
|  | Kindred Group PLC (SDR) | 24452 | 255 |
|  | VF Corp. | 4833 | 134 |
|  | Thule Group AB | 4224 | 88 |
|  |  |  | 33019 |
|  **Communication**<br> **services**<br> **2.85%** | Comcast Corp., Class A | 222680 | 7787 |
|  | Verizon Communications, Inc. | 113150 | 4458 |
|  | SoftBank Corp. | 380300 | 4300 |
|  | Singapore Telecommunications, Ltd. | 1528600 | 2935 |
|  | Koninklijke KPN NV | 918661 | 2842 |
|  | BCE, Inc. | 54651 | 2401 |
|  | Nippon Telegraph and Telephone Corp. | 75100 | 2143 |
|  | HKT Trust and HKT, Ltd., units | 1127240 | 1378 |
|  | Warner Music Group Corp., Class A | 33470 | 1172 |
|  | Omnicom Group, Inc. | 10871 | 887 |
|  | WPP PLC | 81366 | 808 |

---

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| | |
|:---|:---|
| American Funds Insurance Series | **113** |

---

------

##### [**Table of Contents**](#toc)
Capital Income Builder (continued)

---

| | | | |
|:---|:---|:---|:---|
| Common stocks (continued) | Common stocks (continued) | Shares | Value<br>(000) |
|  **Communication**<br> **services**<br> **(continued)** | Indus Towers, Ltd. | 211665 | $486 |
|  | América Móvil, SAB de CV, Series L (ADR) | 24725 | 450 |
|  | ProSiebenSat.1 Media SE | 40927 | 366 |
|  |  |  | 32413 |
|  | **Total common stocks** (cost: $704,847,000) |  | 848114 |
| Preferred securities 0.05% | Preferred securities 0.05% |  |  |
|  **Information**<br> **technology**<br> **0.05%** | Samsung Electronics Co., Ltd., nonvoting preferred shares | 13546 | 545 |
|  | T**otal preferred securities** (cost: $456,000) |  | 545 |
| Rights & warrants 0.00% | Rights & warrants 0.00% |  |  |
|  **Consumer**<br> **discretionary**<br> **0.00%** | Compagnie Financière Richemont SA, Class A, warrants, expire 11/22/2023<sup>3</sup> | 7130 | 6 |
|  | **Total rights & warrants** (cost: $0) |  | 6 |
| Convertible stocks 0.44% | Convertible stocks 0.44% |  |  |
|  **Utilities**<br> **0.28%** | NextEra Energy, Inc., noncumulative convertible preferred units, 6.926% 9/1/2025 | 35900 | 1802 |
|  | AES Corp., convertible preferred units, 6.875% 2/15/2024 | 8659 | 883 |
|  | American Electric Power Company, Inc., convertible preferred units, 6.125% 8/15/2023 | 9704 | 501 |
|  |  |  | 3186 |
|  **Health care**<br> **0.10%** | Danaher Corp., Series B, cumulative convertible preferred shares, 5.00% 4/15/2023<sup>5</sup> | 841 | 1141 |
|  **Consumer**<br> **discretionary**<br> **0.06%** | Aptiv PLC, Series A, convertible preferred shares, 5.50% 6/15/2023 | 6448 | 692 |
|  | **Total convertible stocks** (cost: $4,623,000) |  | 5019 |
| Investment funds 2.46% | Investment funds 2.46% |  |  |
|  | Capital Group Central Corporate Bond Fund<sup>6</sup> | 3442868 | 28059 |
|  | **Total investment funds** (cost: $33,742,000) |  | 28059 |

---

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments 18.22% | Bonds, notes & other debt instruments 18.22% | Principal amount<br>(000) |  |
|  **U.S. Treasury bonds & notes 9.44%** | **U.S. Treasury bonds & notes 9.44%** |  |  |
| **U.S. Treasury**<br> **7.06%** | U.S. Treasury 0.125% 1/31/2023 | USD2,200 | 2193 |
|  | U.S. Treasury 0.375% 10/31/2023 | 875 | 844 |
|  | U.S. Treasury 0.125% 12/15/2023 | 8410 | 8057 |
|  | U.S. Treasury 2.50% 4/30/2024 | 2224 | 2161 |
|  | U.S. Treasury 3.25% 8/31/2024 | 554 | 542 |
|  | U.S. Treasury 0.625% 10/15/2024 | 11050 | 10322 |
|  | U.S. Treasury 0.75% 11/15/2024 | 3525 | 3291 |
|  | U.S. Treasury 4.50% 11/30/2024 | 3677 | 3678 |
|  | U.S. Treasury 4.00% 12/15/2025 | 4257 | 4230 |
|  | U.S. Treasury 0.75% 3/31/2026 | 1 | 1 |
|  | U.S. Treasury 0.75% 4/30/2026 | 1093 | 977 |
|  | U.S. Treasury 0.75% 5/31/2026 | 3850 | 3435 |

---

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| | |
|:---|:---|
| **114** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
Capital Income Builder (continued)

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| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** |  |  |
| **U.S. Treasury**<br> **(continued)** | U.S. Treasury 1.875% 6/30/2026 | USD6,300 | $5845 |
|  | U.S. Treasury 1.125% 10/31/2026 | 995 | 890 |
|  | U.S. Treasury 2.00% 11/15/2026<sup>7</sup> | 2800 | 2589 |
|  | U.S. Treasury 0.50% 4/30/2027 | 2900 | 2498 |
|  | U.S. Treasury 6.125% 11/15/2027 | 950 | 1037 |
|  | U.S. Treasury 3.875% 11/30/2027 | 15438 | 15354 |
|  | U.S. Treasury 1.25% 3/31/2028 | 1350 | 1174 |
|  | U.S. Treasury 3.875% 11/30/2029 | 1360 | 1351 |
|  | U.S. Treasury 6.25% 5/15/2030 | 890 | 1016 |
|  | U.S. Treasury 4.125% 11/15/2032 | 1610 | 1642 |
|  | U.S. Treasury 1.125% 5/15/2040<sup>7</sup> | 2400 | 1506 |
|  | U.S. Treasury 2.00% 11/15/2041 | 300 | 215 |
|  | U.S. Treasury 4.00% 11/15/2042 | 806 | 790 |
|  | U.S. Treasury 2.375% 5/15/2051 | 197 | 142 |
|  | U.S. Treasury 3.00% 8/15/2052<sup>7</sup> | 5411 | 4486 |
|  | U.S. Treasury 4.00% 11/15/2052 | 115 | 116 |
|  |  |  | 80382 |
|  **U.S. Treasury**<br> **inflation-protected**<br> **securities**<br> **2.38%** | U.S. Treasury Inflation-Protected Security 0.125% 1/15/2023<sup>8</sup> | 2610 | 2605 |
|  | U.S. Treasury Inflation-Protected Security 0.625% 4/15/2023<sup>8</sup> | 3400 | 3367 |
|  | U.S. Treasury Inflation-Protected Security 0.375% 7/15/2023<sup>8</sup> | 1818 | 1797 |
|  | U.S. Treasury Inflation-Protected Security 0.625% 1/15/2024<sup>8</sup> | 1220 | 1195 |
|  | U.S. Treasury Inflation-Protected Security 0.50% 4/15/2024<sup>8</sup> | 1581 | 1539 |
|  | U.S. Treasury Inflation-Protected Security 0.125% 7/15/2024<sup>8</sup> | 1887 | 1828 |
|  | U.S. Treasury Inflation-Protected Security 0.125% 10/15/2024<sup>8</sup> | 2752 | 2652 |
|  | U.S. Treasury Inflation-Protected Security 0.25% 1/15/2025<sup>8</sup> | 539 | 518 |
|  | U.S. Treasury Inflation-Protected Security 0.125% 4/15/2025<sup>8</sup> | 1269 | 1210 |
|  | U.S. Treasury Inflation-Protected Security 0.375% 7/15/2025<sup>8</sup> | 377 | 362 |
|  | U.S. Treasury Inflation-Protected Security 0.125% 10/15/2025<sup>8</sup> | 230 | 218 |
|  | U.S. Treasury Inflation-Protected Security 0.125% 4/15/2026<sup>8</sup> | 2388 | 2245 |
|  | U.S. Treasury Inflation-Protected Security 1.625% 10/15/2027<sup>8</sup> | 2253 | 2250 |
|  | U.S. Treasury Inflation-Protected Security 0.50% 1/15/2028<sup>8</sup> | 242 | 227 |
|  | U.S. Treasury Inflation-Protected Security 0.125% 1/15/2030<sup>8</sup> | 2143 | 1925 |
|  | U.S. Treasury Inflation-Protected Security 0.125% 1/15/2031<sup>8</sup> | 1831 | 1625 |
|  | U.S. Treasury Inflation-Protected Security 0.125% 7/15/2031<sup>8</sup> | 139 | 123 |
|  | U.S. Treasury Inflation-Protected Security 1.00% 2/15/2049<sup>8</sup> | 201 | 169 |
|  | U.S. Treasury Inflation-Protected Security 0.125% 2/15/2051<sup>7,8</sup> | 2031 | 1311 |
|  |  |  | 27166 |
|  | **Total U.S. Treasury bonds & notes** |  | 107548 |
|  **Mortgage-backed obligations 6.13%** | **Mortgage-backed obligations 6.13%** |  |  |
|  **Federal agency**<br> **mortgage-backed**<br> **obligations**<br> **5.40%** | Fannie Mae Pool #695412 5.00% 6/1/2033<sup>9</sup> | –<sup>4</sup> | –<sup>4</sup> |
|  | Fannie Mae Pool #AD3566 5.00% 10/1/2035<sup>9</sup> | 2 | 2 |
|  | Fannie Mae Pool #931768 5.00% 8/1/2039<sup>9</sup> | 1 | 1 |
|  | Fannie Mae Pool #AC0794 5.00% 10/1/2039<sup>9</sup> | 5 | 5 |
|  | Fannie Mae Pool #932606 5.00% 2/1/2040<sup>9</sup> | 2 | 2 |
|  | Fannie Mae Pool #AE0311 3.50% 8/1/2040<sup>9</sup> | 9 | 8 |
|  | Fannie Mae Pool #AE1248 5.00% 6/1/2041<sup>9</sup> | 8 | 8 |
|  | Fannie Mae Pool #AJ1873 4.00% 10/1/2041<sup>9</sup> | 7 | 6 |
|  | Fannie Mae Pool #AE1274 5.00% 10/1/2041<sup>9</sup> | 7 | 7 |
|  | Fannie Mae Pool #AE1277 5.00% 11/1/2041<sup>9</sup> | 5 | 5 |
|  | Fannie Mae Pool #AE1283 5.00% 12/1/2041<sup>9</sup> | 2 | 2 |
|  | Fannie Mae Pool #AE1290 5.00% 2/1/2042<sup>9</sup> | 4 | 4 |
|  | Fannie Mae Pool #AT0300 3.50% 3/1/2043<sup>9</sup> | 1 | 1 |
|  | Fannie Mae Pool #AT3954 3.50% 4/1/2043<sup>9</sup> | 2 | 2 |
|  | Fannie Mae Pool #AY1829 3.50% 12/1/2044<sup>9</sup> | 2 | 2 |
|  | Fannie Mae Pool #FM9416 3.50% 7/1/2045<sup>9</sup> | 150 | 138 |
|  | Fannie Mae Pool #BH3122 4.00% 6/1/2047<sup>9</sup> | 1 | 1 |

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| | |
|:---|:---|
| American Funds Insurance Series | **115** |

---

------

##### [**Table of Contents**](#toc)
Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Mortgage-backed obligations (continued)** |  |  |
|  **Federal agency**<br> **mortgage-backed**<br> **obligations**<br> **(continued)**<br> Fannie Mae Pool #BJ5015 4.00% 12/1/2047<sup>9</sup> | USD39 | $37 |
| Fannie Mae Pool #BK5232 4.00% 5/1/2048<sup>9</sup> | 20 | 19 |
| Fannie Mae Pool #BK6840 4.00% 6/1/2048<sup>9</sup> | 27 | 25 |
| Fannie Mae Pool #BK9743 4.00% 8/1/2048<sup>9</sup> | 8 | 8 |
| Fannie Mae Pool #BK9761 4.50% 8/1/2048<sup>9</sup> | 5 | 5 |
| Fannie Mae Pool #FM3280 3.50% 5/1/2049<sup>9</sup> | 38 | 35 |
| Fannie Mae Pool #CA5540 3.00% 4/1/2050<sup>9</sup> | 3219 | 2861 |
| Fannie Mae Pool #CA6309 3.00% 7/1/2050<sup>9</sup> | 376 | 337 |
| Fannie Mae Pool #CB2787 3.50% 12/1/2051<sup>9</sup> | 23 | 21 |
| Fannie Mae Pool #BV0790 3.50% 1/1/2052<sup>9</sup> | 97 | 88 |
| Fannie Mae Pool #FS0647 3.00% 2/1/2052<sup>9</sup> | 1017 | 907 |
| Fannie Mae Pool #CB3236 3.00% 3/1/2052<sup>9</sup> | 424 | 373 |
| Fannie Mae Pool #FS3275 3.00% 4/1/2052<sup>9</sup> | 787 | 691 |
| Fannie Mae Pool #MA4600 3.50% 5/1/2052<sup>9</sup> | 1452 | 1321 |
| Fannie Mae Pool #BT8370 3.50% 6/1/2052<sup>9</sup> | 291 | 265 |
| Fannie Mae Pool #MA4732 4.00% 9/1/2052<sup>9</sup> | 353 | 332 |
| Fannie Mae Pool #MA4782 3.50% 10/1/2052<sup>9</sup> | 880 | 800 |
| Fannie Mae Pool #MA4877 6.50% 12/1/2052<sup>9</sup> | 103 | 106 |
| Fannie Mae Pool #MA4902 3.50% 1/1/2053<sup>9</sup> | 53 | 48 |
| Fannie Mae Pool #MA4866 4.00% 1/1/2053<sup>9</sup> | 828 | 777 |
| Fannie Mae Pool #MA4868 5.00% 1/1/2053<sup>9</sup> | 30 | 30 |
| Fannie Mae Pool #MA4895 6.50% 1/1/2053<sup>9</sup> | 118 | 121 |
| Fannie Mae Pool #BF0142 5.50% 8/1/2056<sup>9</sup> | 391 | 404 |
| Fannie Mae Pool #BF0342 5.50% 1/1/2059<sup>9</sup> | 266 | 272 |
| Fannie Mae Pool #BM6737 4.50% 11/1/2059<sup>9</sup> | 704 | 691 |
| Fannie Mae Pool #BF0497 3.00% 7/1/2060<sup>9</sup> | 458 | 401 |
| Freddie Mac Pool #Q15874 4.00% 2/1/2043<sup>9</sup> | 1 | 1 |
| Freddie Mac Pool #G67711 4.00% 3/1/2048<sup>9</sup> | 234 | 225 |
| Freddie Mac Pool #Q55971 4.00% 5/1/2048<sup>9</sup> | 20 | 19 |
| Freddie Mac Pool #Q56175 4.00% 5/1/2048<sup>9</sup> | 19 | 18 |
| Freddie Mac Pool #Q55970 4.00% 5/1/2048<sup>9</sup> | 10 | 9 |
| Freddie Mac Pool #Q56599 4.00% 6/1/2048<sup>9</sup> | 28 | 27 |
| Freddie Mac Pool #Q57242 4.50% 7/1/2048<sup>9</sup> | 13 | 13 |
| Freddie Mac Pool #Q58411 4.50% 9/1/2048<sup>9</sup> | 51 | 51 |
| Freddie Mac Pool #Q58436 4.50% 9/1/2048<sup>9</sup> | 28 | 27 |
| Freddie Mac Pool #Q58378 4.50% 9/1/2048<sup>9</sup> | 20 | 20 |
| Freddie Mac Pool #ZT1704 4.50% 1/1/2049<sup>9</sup> | 1234 | 1218 |
| Freddie Mac Pool #QD2877 3.00% 12/1/2051<sup>9</sup> | 130 | 114 |
| Freddie Mac Pool #SD1374 3.00% 3/1/2052<sup>9</sup> | 430 | 378 |
| Freddie Mac Pool #SD1937 3.00% 3/1/2052<sup>9</sup> | 243 | 214 |
| Freddie Mac Pool #QE4383 4.00% 6/1/2052<sup>9</sup> | 340 | 319 |
| Freddie Mac Pool #RA7556 4.50% 6/1/2052<sup>9</sup> | 936 | 903 |
| Freddie Mac Pool #SD8242 3.00% 9/1/2052<sup>9</sup> | 605 | 531 |
| Freddie Mac Pool #SD1584 4.50% 9/1/2052<sup>9</sup> | 206 | 202 |
| Freddie Mac Pool #QF1730 4.00% 10/1/2052<sup>9</sup> | 838 | 787 |
| Freddie Mac Pool #SD8256 4.00% 10/1/2052<sup>9</sup> | 100 | 94 |
| Freddie Mac Pool #SD8264 3.50% 11/1/2052<sup>9</sup> | 200 | 182 |
| Freddie Mac Pool #SD8275 4.50% 12/1/2052<sup>9</sup> | 1959 | 1887 |
| Freddie Mac Pool #SD8281 6.50% 12/1/2052<sup>9</sup> | 406 | 416 |
| Freddie Mac Pool #SD8285 3.50% 1/1/2053<sup>9</sup> | 14 | 13 |
| Freddie Mac Pool #SD8286 4.00% 1/1/2053<sup>9</sup> | 200 | 188 |
| Freddie Mac Pool #SD8288 5.00% 1/1/2053<sup>9</sup> | 35 | 35 |
| Freddie Mac Pool #SD8282 6.50% 1/1/2053<sup>9</sup> | 457 | 468 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA,<br>3.00% 1/25/2056<sup>9,10</sup> | 115 | 108 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA,<br>3.00% 8/25/2056<sup>9</sup> | 235 | 219 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA,<br>3.00% 8/25/2056<sup>9,10</sup> | 233 | 218 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT,<br>3.25% 6/25/2057<sup>9,10</sup> | 97 | 88 |

---

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| | |
|:---|:---|
| **116** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Mortgage-backed obligations (continued)** |  |  |
|  **Federal agency**<br> **mortgage-backed**<br> **obligations**<br> **(continued)**<br> Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT,<br>3.50% 6/25/2057<sup>9</sup> | USD80 | $73 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA,<br>3.50% 8/25/2057<sup>9</sup> | 20 | 19 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MT,<br>3.50% 7/25/2058<sup>9</sup> | 1001 | 905 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MA,<br>3.50% 7/25/2058<sup>9</sup> | 408 | 386 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA,<br>3.50% 8/25/2058<sup>9</sup> | 629 | 594 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MA,<br>3.50% 10/25/2058<sup>9</sup> | 18 | 17 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MT,<br>3.50% 10/25/2058<sup>9</sup> | 10 | 9 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1,<br>3.50% 11/25/2028<sup>9</sup> | 922 | 881 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-2, Class A1C,<br>2.75% 9/25/2029<sup>9</sup> | 1293 | 1191 |
| Government National Mortgage Assn. 4.00% 1/1/2053<sup>9,11</sup> | 3400 | 3218 |
| Government National Mortgage Assn. 4.50% 1/1/2053<sup>9,11</sup> | 60 | 58 |
| Government National Mortgage Assn. 5.00% 2/1/2053<sup>9,11</sup> | 8731 | 8652 |
| Government National Mortgage Assn. 5.50% 2/1/2053<sup>9,11</sup> | 1017 | 1022 |
| Government National Mortgage Assn. Pool #MA5764 4.50% 2/20/2049<sup>9</sup> | 454 | 441 |
| Government National Mortgage Assn. Pool #MA8426 4.00% 11/20/2052<sup>9</sup> | 2927 | 2773 |
| Government National Mortgage Assn. Pool #MA8427 4.50% 11/20/2052<sup>9</sup> | 1054 | 1024 |
| Government National Mortgage Assn. Pool #MA8488 4.00% 12/20/2052<sup>9</sup> | 54 | 52 |
| Government National Mortgage Assn. Pool #MA8489 4.50% 12/20/2052<sup>9</sup> | 300 | 291 |
| Government National Mortgage Assn. Pool #694836 5.682% 9/20/2059<sup>9</sup> | –<sup>4</sup> | –<sup>4</sup> |
| Government National Mortgage Assn. Pool #765152 4.14% 7/20/2061<sup>9</sup> | –<sup>4</sup> | –<sup>4</sup> |
| Government National Mortgage Assn. Pool #766525 4.70% 11/20/2062<sup>9</sup> | –<sup>4</sup> | –<sup>4</sup> |
| Government National Mortgage Assn. Pool #AA7554 6.64% 7/20/2064<sup>9</sup> | 1 | 1 |
| Government National Mortgage Assn. Pool #725893 5.20% 9/20/2064<sup>9</sup> | –<sup>4</sup> | –<sup>4</sup> |
| Uniform Mortgage-Backed Security 2.50% 1/1/2038<sup>9,11</sup> | 1708 | 1563 |
| Uniform Mortgage-Backed Security 2.00% 1/1/2053<sup>9,11</sup> | 60 | 49 |
| Uniform Mortgage-Backed Security 2.50% 1/1/2053<sup>9,11</sup> | 140 | 119 |
| Uniform Mortgage-Backed Security 4.00% 1/1/2053<sup>9,11</sup> | 340 | 319 |
| Uniform Mortgage-Backed Security 4.50% 1/1/2053<sup>9,11</sup> | 340 | 327 |
| Uniform Mortgage-Backed Security 5.00% 1/1/2053<sup>9,11</sup> | 1250 | 1232 |
| Uniform Mortgage-Backed Security 5.50% 1/1/2053<sup>9,11</sup> | 13500 | 13538 |
| Uniform Mortgage-Backed Security 6.50% 1/1/2053<sup>9,11</sup> | 1836 | 1880 |
| Uniform Mortgage-Backed Security 4.00% 2/1/2053<sup>9,11</sup> | 172 | 161 |
| Uniform Mortgage-Backed Security 5.50% 2/1/2053<sup>9,11</sup> | 80 | 80 |
| Uniform Mortgage-Backed Security 6.00% 2/1/2053<sup>9,11</sup> | 470 | 477 |
|  |  | 61513 |
| **Collateralized**<br> **mortgage-backed**<br> **obligations (privately**<br> **originated)**<br> **0.42%**<br> Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.175% 10/25/2048<sup>1,9,10</sup> | 141 | 112 |
| BINOM Securitization Trust, Series 2022-RPL1, Class A1, 3.00% 2/25/2061<sup>1,9,10</sup> | 84 | 75 |
| BRAVO Residential Funding Trust, Series 2022-RPL1, Class A1, 2.75% 9/25/2061<sup>1,9</sup> | 90 | 78 |
| Cascade Funding Mortgage Trust, Series 2020-HB4, Class A, 0.946% 12/26/2030<sup>1,9,10</sup> | 71 | 69 |
| Cascade Funding Mortgage Trust, Series 2021-HB7, Class A, 1.151% 10/27/2031<sup>1,9,10</sup> | 136 | 129 |
| Cascade Funding Mortgage Trust, Series 2021-HB6, Class A, 0.898% 6/25/2036<sup>1,9,10</sup> | 104 | 99 |
| CIM Trust, Series 2022-R2, Class A1, 3.75% 12/25/2061<sup>1,9,10</sup> | 185 | 175 |
| Citigroup Mortgage Loan Trust, Series 2020-EXP1, Class A1A, 1.804% 5/25/2060<sup>1,9,10</sup> | 10 | 10 |
| Connecticut Avenue Securities Trust, Series 2021-R01, Class 1M1,<br>(30-day Average USD-SOFR + 0.75%) 4.678% 10/25/2041<sup>1,9,10</sup> | 4 | 4 |
| Finance of America Structured Securities Trust, Series 2019-JR3, Class A,<br>2.00% 9/25/2069<sup>1,9</sup> | 59 | 61 |
| Finance of America Structured Securities Trust, Series 2019-JR4, Class A,<br>2.00% 11/25/2069<sup>1,9</sup> | 67 | 66 |

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| | |
|:---|:---|
| American Funds Insurance Series | **117** |

---

------

##### [**Table of Contents**](#toc)
Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Mortgage-backed obligations (continued)** |  |  |
|  **Collateralized**<br> **mortgage-backed**<br> **obligations (privately**<br> **originated)**<br> **(continued)**<br> Flagstar Mortgage Trust, Series 2021-10INV, Class A3, 2.50% 10/25/2051<sup>1,9,10</sup> | USD117 | $95 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2015-DNA3, Class M3,<br>(1-month USD-LIBOR + 4.70%) 9.089% 4/25/2028<sup>9,10</sup> | 252 | 261 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA3, Class M1A,<br>(30-day Average USD-SOFR + 2.00%) 5.928% 4/25/2042<sup>1,9,10</sup> | 109 | 109 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA4, Class M1A,<br>(30-day Average USD-SOFR + 2.20%) 6.128% 5/25/2042<sup>1,9,10</sup> | 19 | 19 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1A,<br>(30-day Average USD-SOFR + 2.15%) 6.078% 9/25/2042<sup>1,9,10</sup> | 34 | 34 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1B,<br>(30-day Average USD-SOFR + 3.70%) 7.628% 9/25/2042<sup>1,9,10</sup> | 64 | 65 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA1, Class M2,<br>(1-month USD-LIBOR + 1.70%) 6.089% 1/25/2050<sup>1,9,10</sup> | 188 | 187 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA2, Class M2,<br>(1-month USD-LIBOR + 1.85%) 6.239% 2/25/2050<sup>1,9,10</sup> | 408 | 407 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA3, Class B1,<br>(1-month USD-LIBOR + 5.10%) 9.489% 6/27/2050<sup>1,9,10</sup> | 108 | 112 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA4, Class B1,<br>(1-month USD-LIBOR + 6.00%) 10.389% 8/25/2050<sup>1,9,10</sup> | 540 | 575 |
| Home Partners of America Trust, Series 2022-1, Class A, 3.93% 4/17/2039<sup>1,9</sup> | 196 | 184 |
| Legacy Mortgage Asset Trust, Series 2022-GS1, Class A1,<br>4.00% 2/25/2061 (7.00% on 4/25/2025)<sup>1,9,12</sup> | 200 | 185 |
| Legacy Mortgage Asset Trust, Series 2021-GS2, Class A1, 1.75% 4/25/2061<sup>1,9,10</sup> | 78 | 71 |
| Legacy Mortgage Asset Trust, Series 2021-GS5, Class A1,<br>2.25% 7/25/2067 (5.25% on 11/25/2024)<sup>1,9,12</sup> | 132 | 119 |
| Mello Warehouse Securitization Trust, Series 2021-3, Class A,<br>(1-month USD-LIBOR + 0.85%) 5.239% 11/25/2055<sup>1,9,10</sup> | 202 | 195 |
| NewRez Warehouse Securitization Trust, Series 2021-1, Class A,<br>(1-month USD-LIBOR + 0.75%) 5.139% 5/25/2055<sup>1,9,10</sup> | 281 | 277 |
| Progress Residential Trust, Series 2022-SFR3, Class A, 3.20% 4/17/2039<sup>1,9</sup> | 100 | 91 |
| Reverse Mortgage Investment Trust, Series 2021-HB1, Class A,<br>1.259% 11/25/2031<sup>1,9,10</sup> | 66 | 62 |
| Towd Point Mortgage Trust, Series 2016-5, Class A1, 2.50% 10/25/2056<sup>1,9,10</sup> | 20 | 19 |
| Towd Point Mortgage Trust, Series 2017-3, Class A1, 2.75% 7/25/2057<sup>1,9,10</sup> | 20 | 19 |
| Towd Point Mortgage Trust, Series 2017-6, Class A1, 2.75% 10/25/2057<sup>1,9,10</sup> | 40 | 39 |
| Towd Point Mortgage Trust, Series 2018-2, Class A1, 3.25% 3/25/2058<sup>1,9,10</sup> | 49 | 47 |
| Towd Point Mortgage Trust, Series 2018-5, Class A1A, 3.25% 7/25/2058<sup>1,9,10</sup> | 24 | 23 |
| Towd Point Mortgage Trust, Series 2020-4, Class A1, 1.75% 10/25/2060<sup>1,9</sup> | 472 | 420 |
| Treehouse Park Improvement Association No.1 - Anleihen 9.75% 12/1/2033<sup>1,2</sup> | 100 | 89 |
| Tricon Residential Trust, Series 2021-SFR1, Class A, 1.943% 7/17/2038<sup>1,9</sup> | 196 | 170 |
|  |  | 4752 |
|  **Commercial**<br> **mortgage-backed**<br> **securities**<br> **0.31%**<br> BOCA Commercial Mortgage Trust, Series 2022-BOCA, Class A,<br>(1-month USD CME Term SOFR + 1.77%) 6.105% 5/15/2039<sup>1,9,10</sup> | 110 | 108 |
| BPR Trust, Series 2022-OANA, Class A,<br>(1-month USD CME Term SOFR + 1.898%) 6.234% 4/15/2037<sup>1,9,10</sup> | 329 | 322 |
| BX Trust, Series 2022-CSMO, Class A,<br>(1-month USD CME Term SOFR + 2.115%) 6.45% 6/15/2027<sup>1,9,10</sup> | 332 | 330 |
| BX Trust, Series 2021-VOLT, Class A,<br>(1-month USD-LIBOR + 0.70%) 5.018% 9/15/2036<sup>1,9,10</sup> | 548 | 529 |
| BX Trust, Series 2021-ARIA, Class A,<br>(1-month USD-LIBOR + 0.899%) 5.217% 10/15/2036<sup>1,9,10</sup> | 266 | 253 |
| BX Trust, Series 2021-ARIA Class C,<br>(1-month USD-LIBOR + 1.646%) 5.964% 10/15/2036<sup>1,9,10</sup> | 100 | 93 |
| BX Trust, Series 2022-IND, Class A,<br>(1-month USD CME Term SOFR + 1.491%) 5.827% 4/15/2037<sup>1,9,10</sup> | 155 | 152 |
| BX Trust, Series 2021-SOAR, Class A,<br>(1-month USD-LIBOR + 0.67%) 4.988% 6/15/2038<sup>1,9,10</sup> | 173 | 167 |

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|:---|:---|
| **118** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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##### [**Table of Contents**](#toc)
Capital Income Builder (continued)

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| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |  |  |
| **Commercial**<br> **mortgage-backed**<br> **securities**<br> **(continued)** | BX Trust, Series 2021-SOAR, Class D,<br>(1-month USD-LIBOR + 1.40%) 5.718% 6/15/2038<sup>1,9,10</sup> | USD99 | $94 |
|  | BX Trust, Series 2021-ACNT, Class C,<br>(1-month USD-LIBOR + 1.50%) 5.818% 11/15/2038<sup>1,9,10</sup> | 100 | 95 |
|  | BX Trust, Series 2022-PSB, Class A,<br>(1-month USD CME Term SOFR + 2.451%) 6.787% 8/15/2039<sup>1,9,10</sup> | 99 | 99 |
|  | Extended Stay America Trust, Series 2021-ESH, Class A,<br>(1-month USD-LIBOR + 1.08%) 5.398% 7/15/2038<sup>1,9,10</sup> | 98 | 95 |
|  | GreatWolf Trust, Series 2019-WOLF, Class A,<br>(1-month USD-LIBOR + 1.034%) 5.352% 12/15/2036<sup>1,9,10</sup> | 24 | 23 |
|  | GS Mortgage Securities Trust, Series 2018-HULA, Class A, 5.238% 7/15/2025<sup>1,9,10</sup> | 229 | 223 |
|  | Hawaii Hotel Trust, Series 2019-MAUI, Class A,<br>(1-month USD-LIBOR + 1.15%) 5.468% 5/17/2038<sup>1,9,10</sup> | 300 | 292 |
|  | JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class C,<br>3.565% 1/5/2039<sup>1,9,10</sup> | 100 | 78 |
|  | La Quinta Mortgage Trust, Series 2022-LAQ, Class A,<br>(1-month USD CME Term SOFR + 1.724%) 6.059% 3/15/2039<sup>1,9,10</sup> | 50 | 49 |
|  | LUXE Commercial Mortgage Trust, Series 2021-TRIP, Class A,<br>(1-month USD-LIBOR + 1.05%) 5.368% 10/15/2038<sup>1,9,10</sup> | 62 | 59 |
|  | Multifamily Connecticut Avenue Securities, Series 2019-1, Class M10,<br>(1-month USD-LIBOR + 3.25%) 7.639% 10/15/2049<sup>1,9,10</sup> | 141 | 133 |
|  | SREIT Trust, Series 2021-MFP, Class A,<br>(1-month USD-LIBOR + 0.731%) 5.049% 11/15/2038<sup>1,9,10</sup> | 361 | 348 |
|  |  |  | 3542 |
|  | **Total mortgage-backed obligations** |  | 69807 |
|  **Corporate bonds, notes & loans 1.72%** | **Corporate bonds, notes & loans 1.72%** |  |  |
|  **Health care**<br> **0.28%** | AbbVie, Inc. 3.20% 11/21/2029 | 25 | 23 |
|  | AbbVie, Inc. 4.25% 11/21/2049 | 39 | 33 |
|  | Amgen, Inc. 4.05% 8/18/2029 | 145 | 136 |
|  | Amgen, Inc. 4.20% 3/1/2033 | 133 | 123 |
|  | Amgen, Inc. 4.20% 2/22/2052 | 19 | 15 |
|  | Amgen, Inc. 4.875% 3/1/2053 | 45 | 40 |
|  | AstraZeneca PLC 3.375% 11/16/2025 | 200 | 193 |
|  | AstraZeneca PLC 3.00% 5/28/2051 | 11 | 8 |
|  | Centene Corp. 4.625% 12/15/2029 | 530 | 486 |
|  | Centene Corp. 3.375% 2/15/2030 | 179 | 152 |
|  | Centene Corp. 2.625% 8/1/2031 | 40 | 31 |
|  | Gilead Sciences, Inc. 1.65% 10/1/2030 | 8 | 6 |
|  | HCA, Inc. 2.375% 7/15/2031 | 18 | 14 |
|  | Humana, Inc. 3.70% 3/23/2029 | 12 | 11 |
|  | Merck & Co., Inc. 1.70% 6/10/2027 | 118 | 105 |
|  | Merck & Co., Inc. 3.40% 3/7/2029 | 110 | 103 |
|  | Regeneron Pharmaceuticals, Inc. 1.75% 9/15/2030 | 8 | 6 |
|  | Regeneron Pharmaceuticals, Inc. 2.80% 9/15/2050 | 2 | 1 |
|  | Shire PLC 3.20% 9/23/2026 | 270 | 254 |
|  | Teva Pharmaceutical Finance Co. BV 6.00% 4/15/2024 | 700 | 687 |
|  | Teva Pharmaceutical Finance Co. BV 3.15% 10/1/2026 | 650 | 570 |
|  | Teva Pharmaceutical Finance Co. BV 4.10% 10/1/2046 | 300 | 184 |
|  | Zoetis, Inc. 5.60% 11/16/2032 | 25 | 26 |
|  |  |  | 3207 |
|  **Energy**<br> **0.27%** | Apache Corp. 4.25% 1/15/2030 | 385 | 341 |
|  | Baker Hughes Holdings, LLC 2.061% 12/15/2026 | 8 | 7 |
|  | BP Capital Markets America, Inc. 3.633% 4/6/2030 | 360 | 331 |
|  | Cenovus Energy, Inc. 5.40% 6/15/2047 | 73 | 66 |
|  | EQT Corp. 5.00% 1/15/2029 | 35 | 33 |
|  | EQT Corp. 3.625% 5/15/2031<sup>1</sup> | 20 | 17 |

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| | |
|:---|:---|
| American Funds Insurance Series | **119** |

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##### [**Table of Contents**](#toc)
Capital Income Builder (continued)

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| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |  |  |
|  **Energy**<br> **(continued)** | Equinor ASA 2.375% 5/22/2030 | USD365 | $311 |
|  | Exxon Mobil Corp. 2.995% 8/16/2039 | 200 | 154 |
|  | Exxon Mobil Corp. 3.452% 4/15/2051 | 25 | 19 |
|  | Kinder Morgan, Inc. 5.45% 8/1/2052 | 11 | 10 |
|  | MPLX, LP 4.95% 9/1/2032 | 20 | 19 |
|  | MPLX, LP 4.95% 3/14/2052 | 20 | 16 |
|  | New Fortress Energy, Inc. 6.50% 9/30/2026<sup>1</sup> | 80 | 75 |
|  | NGL Energy Operating, LLC 7.50% 2/1/2026<sup>1</sup> | 80 | 71 |
|  | ONEOK, Inc. 3.10% 3/15/2030 | 42 | 35 |
|  | ONEOK, Inc. 7.15% 1/15/2051 | 97 | 99 |
|  | Pemex Project Funding Master Trust, Series 13, 6.625% 6/15/2035 | 150 | 109 |
|  | Petróleos Mexicanos 6.50% 1/23/2029 | 20 | 17 |
|  | Petróleos Mexicanos 8.75% 6/2/2029 | 177 | 166 |
|  | Sabine Pass Liquefaction, LLC 4.50% 5/15/2030 | 142 | 132 |
|  | Shell International Finance BV 2.00% 11/7/2024 | 420 | 400 |
|  | TransCanada Corp. 5.875% 8/15/2076<br>(3-month USD-LIBOR + 4.64% on 8/15/2026)<sup>12</sup> | 540 | 515 |
|  | TransCanada PipeLines, Ltd. 5.10% 3/15/2049 | 150 | 137 |
|  | Williams Companies, Inc. 5.30% 8/15/2052 | 40 | 36 |
|  |  |  | 3116 |
|  **Communication**<br> **services**<br> **0.24%** | América Móvil, SAB de CV, 8.46% 12/18/2036 | MXN1,300 | 58 |
|  | AT&T, Inc. 3.50% 6/1/2041 | USD75 | 56 |
|  | CCO Holdings, LLC 4.25% 2/1/2031<sup>1</sup> | 360 | 290 |
|  | CCO Holdings, LLC 4.75% 2/1/2032<sup>1</sup> | 25 | 20 |
|  | CCO Holdings, LLC 4.25% 1/15/2034<sup>1</sup> | 175 | 130 |
|  | Charter Communications Operating, LLC 3.70% 4/1/2051 | 25 | 15 |
|  | Meta Platforms, Inc. 3.85% 8/15/2032 | 160 | 141 |
|  | Meta Platforms, Inc. 4.45% 8/15/2052 | 95 | 76 |
|  | Netflix, Inc. 4.875% 4/15/2028 | 150 | 145 |
|  | SBA Tower Trust 1.631% 11/15/2026<sup>1</sup> | 253 | 215 |
|  | Sprint Corp. 6.875% 11/15/2028 | 325 | 338 |
|  | Sprint Corp. 8.75% 3/15/2032 | 90 | 107 |
|  | T-Mobile US, Inc. 3.875% 4/15/2030 | 625 | 568 |
|  | T-Mobile US, Inc. 2.55% 2/15/2031 | 253 | 207 |
|  | Verizon Communications, Inc. 1.75% 1/20/2031 | 142 | 111 |
|  | Walt Disney Company 4.625% 3/23/2040 | 120 | 113 |
|  | WarnerMedia Holdings, Inc. 4.279% 3/15/2032<sup>1</sup> | 56 | 46 |
|  | WarnerMedia Holdings, Inc. 5.05% 3/15/2042<sup>1</sup> | 47 | 36 |
|  | WarnerMedia Holdings, Inc. 5.141% 3/15/2052<sup>1</sup> | 88 | 64 |
|  |  |  | 2736 |
|  **Utilities**<br> **0.23%** | AEP Transmission Co., LLC 3.80% 6/15/2049 | 45 | 35 |
|  | Duke Energy Florida, LLC 5.95% 11/15/2052 | 25 | 27 |
|  | Edison International 4.125% 3/15/2028 | 132 | 123 |
|  | Edison International 6.95% 11/15/2029 | 25 | 26 |
|  | FirstEnergy Corp. 2.65% 3/1/2030 | 493 | 403 |
|  | FirstEnergy Corp. 2.25% 9/1/2030 | 107 | 85 |
|  | ITC Holdings Corp. 3.35% 11/15/2027 | 25 | 23 |
|  | Pacific Gas and Electric Co. 3.25% 2/16/2024 | 1025 | 1001 |
|  | Pacific Gas and Electric Co. 2.95% 3/1/2026 | 97 | 89 |
|  | Pacific Gas and Electric Co. 3.75% 7/1/2028 | 105 | 93 |
|  | Pacific Gas and Electric Co. 4.65% 8/1/2028 | 284 | 262 |
|  | Pacific Gas and Electric Co. 2.50% 2/1/2031 | 375 | 292 |
|  | Southern California Edison Co., Series C, 3.60% 2/1/2045 | 206 | 149 |
|  | Union Electric Co. 3.90% 4/1/2052 | 25 | 20 |
|  | WEC Energy Group, Inc. 5.15% 10/1/2027 | 25 | 25 |
|  |  |  | 2653 |

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| | |
|:---|:---|
| **120** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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##### [**Table of Contents**](#toc)
Capital Income Builder (continued)

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| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |  |  |
|  **Financials**<br> **0.20%** | AerCap Ireland Capital DAC 3.30% 1/30/2032 | USD150 | $118 |
|  | American Express Co. 4.42% 8/3/2033 (USD-SOFR + 1.76% on 8/3/2032)<sup>12</sup> | 82 | 78 |
|  | Bank of America Corp. 4.948% 7/22/2028 (USD-SOFR + 2.04% on 7/22/2027)<sup>12</sup> | 40 | 39 |
|  | Bank of America Corp. 1.922% 10/24/2031 (USD-SOFR + 1.37% on 10/24/2030)<sup>12</sup> | 231 | 177 |
|  | Bank of America Corp. 5.015% 7/22/2033 (USD-SOFR + 2.16% on 7/22/2032)<sup>12</sup> | 84 | 80 |
|  | Charles Schwab Corp. 2.45% 3/3/2027 | 25 | 23 |
|  | Citigroup, Inc. 3.057% 1/25/2033 (USD-SOFR + 1.351% on 1/25/2032)<sup>12</sup> | 35 | 28 |
|  | CME Group, Inc. 2.65% 3/15/2032 | 50 | 42 |
|  | Corebridge Financial, Inc. 3.85% 4/5/2029<sup>1</sup> | 180 | 164 |
|  | Corebridge Financial, Inc. 3.90% 4/5/2032<sup>1</sup> | 32 | 28 |
|  | Corebridge Financial, Inc. 4.35% 4/5/2042<sup>1</sup> | 7 | 6 |
|  | Corebridge Financial, Inc. 4.40% 4/5/2052<sup>1</sup> | 49 | 39 |
|  | Credit Suisse Group AG 9.016% 11/15/2033 (USD-SOFR + 5.02% on 11/15/2032)<sup>1,12</sup> | 250 | 257 |
|  | Danske Bank AS 4.298% 4/1/2028<br>(1-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on 4/1/2027)<sup>1,12</sup> | 200 | 184 |
|  | Discover Financial Services 6.70% 11/29/2032 | 25 | 25 |
|  | Goldman Sachs Group, Inc. 2.65% 10/21/2032<br>(USD-SOFR + 1.264% on 10/21/2031)<sup>12</sup> | 75 | 59 |
|  | Goldman Sachs Group, Inc. 3.102% 2/24/2033 (USD-SOFR + 1.41% on 2/24/2032)<sup>12</sup> | 40 | 33 |
|  | Intercontinental Exchange, Inc. 4.60% 3/15/2033 | 18 | 17 |
|  | Intercontinental Exchange, Inc. 4.95% 6/15/2052 | 16 | 15 |
|  | JPMorgan Chase & Co. 5.546% 12/15/2025 (USD-SOFR + 1.07% on 12/15/2024)<sup>12</sup> | 100 | 100 |
|  | JPMorgan Chase & Co. 4.851% 7/25/2028 (USD-SOFR + 1.99% on 7/25/2027)<sup>12</sup> | 40 | 39 |
|  | JPMorgan Chase & Co. 1.953% 2/4/2032 (USD-SOFR + 1.065% on 2/4/2031)<sup>12</sup> | 227 | 174 |
|  | JPMorgan Chase & Co. 2.963% 1/25/2033 (USD-SOFR + 1.26% on 1/25/2032)<sup>12</sup> | 17 | 14 |
|  | JPMorgan Chase & Co. 4.912% 7/25/2033 (USD-SOFR + 2.08% on 7/25/2032)<sup>12</sup> | 25 | 24 |
|  | Morgan Stanley 4.889% 7/20/2033 (USD-SOFR + 2.077% on 7/20/2032)<sup>12</sup> | 20 | 19 |
|  | Navient Corp. 5.00% 3/15/2027 | 150 | 132 |
|  | New York Life Global Funding 3.00% 1/10/2028<sup>1</sup> | 150 | 138 |
|  | SVB Financial Group 4.70% junior subordinated perpetual bonds<br>(5-year UST Yield Curve Rate T Note Constant Maturity + 3.064% on 11/15/2031)<sup>12</sup> | 38 | 24 |
|  | Wells Fargo & Company 4.808% 7/25/2028 (USD-SOFR + 1.98% on 7/25/2027)<sup>12</sup> | 45 | 44 |
|  | Wells Fargo & Company 3.35% 3/2/2033 (USD-SOFR + 1.50% on 3/2/2032)<sup>12</sup> | 105 | 89 |
|  | Wells Fargo & Company 4.897% 7/25/2033 (USD-SOFR + 4.897% on 7/25/2032)<sup>12</sup> | 35 | 33 |
|  |  |  | 2242 |
|  **Consumer**<br> **discretionary**<br> **0.19%** | Bayerische Motoren Werke AG 3.45% 4/1/2027<sup>1</sup> | 25 | 23 |
|  | Bayerische Motoren Werke AG 4.15% 4/9/2030<sup>1</sup> | 290 | 276 |
|  | Bayerische Motoren Werke AG 3.70% 4/1/2032<sup>1</sup> | 25 | 22 |
|  | Daimler Trucks Finance North America, LLC 1.125% 12/14/2023<sup>1</sup> | 495 | 476 |
|  | Daimler Trucks Finance North America, LLC 1.625% 12/13/2024<sup>1</sup> | 175 | 162 |
|  | Daimler Trucks Finance North America, LLC 2.375% 12/14/2028<sup>1</sup> | 150 | 126 |
|  | Daimler Trucks Finance North America, LLC 2.50% 12/14/2031<sup>1</sup> | 150 | 117 |
|  | Ford Motor Co. 2.30% 2/10/2025 | 200 | 183 |
|  | Ford Motor Credit Company, LLC 5.125% 6/16/2025 | 200 | 193 |
|  | Grand Canyon University 4.125% 10/1/2024 | 200 | 188 |
|  | McDonald's Corp. 4.60% 9/9/2032 | 15 | 15 |
|  | McDonald's Corp. 5.15% 9/9/2052 | 10 | 10 |
|  | Royal Caribbean Cruises, Ltd. 11.50% 6/1/2025<sup>1</sup> | 160 | 172 |
|  | Toyota Motor Credit Corp. 5.40% 11/10/2025 | 228 | 232 |
|  |  |  | 2195 |
|  **Industrials**<br> **0.10%** | Ashtead Capital, Inc. 5.50% 8/11/2032<sup>1</sup> | 200 | 192 |
|  | Boeing Company 4.508% 5/1/2023 | 270 | 270 |
|  | Boeing Company 2.75% 2/1/2026 | 91 | 84 |
|  | Boeing Company 3.625% 2/1/2031 | 280 | 246 |
|  | Boeing Company 5.805% 5/1/2050 | 95 | 89 |

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| | |
|:---|:---|
| American Funds Insurance Series | **121** |

---

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##### [**Table of Contents**](#toc)
Capital Income Builder (continued)

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| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |  |  |
|  **Industrials**<br> **(continued)** | Canadian Pacific Railway, Ltd. 2.45% 12/2/2031 | USD78 | $65 |
|  | Canadian Pacific Railway, Ltd. 3.10% 12/2/2051 | 102 | 69 |
|  | CSX Corp. 4.75% 11/15/2048 | 50 | 45 |
|  | CSX Corp. 4.50% 11/15/2052 | 35 | 31 |
|  | Lockheed Martin Corp. 5.10% 11/15/2027 | 19 | 19 |
|  | Masco Corp. 3.125% 2/15/2051 | 10 | 6 |
|  | Union Pacific Corp. 2.80% 2/14/2032 | 17 | 15 |
|  | Union Pacific Corp. 3.50% 2/14/2053 | 20 | 15 |
|  |  |  | 1146 |
|  **Consumer staples**<br> **0.09%** | 7-Eleven, Inc. 0.80% 2/10/2024<sup>1</sup> | 50 | 48 |
|  | 7-Eleven, Inc. 1.30% 2/10/2028<sup>1</sup> | 30 | 25 |
|  | 7-Eleven, Inc. 1.80% 2/10/2031<sup>1</sup> | 207 | 159 |
|  | Altria Group, Inc. 3.875% 9/16/2046 | 22 | 15 |
|  | Altria Group, Inc. 3.70% 2/4/2051 | 28 | 18 |
|  | Anheuser-Busch InBev NV 4.50% 6/1/2050 | 20 | 18 |
|  | British American Tobacco PLC 4.70% 4/2/2027 | 105 | 101 |
|  | British American Tobacco PLC 4.448% 3/16/2028 | 150 | 139 |
|  | British American Tobacco PLC 4.54% 8/15/2047 | 82 | 58 |
|  | British American Tobacco PLC 4.758% 9/6/2049 | 121 | 88 |
|  | Kraft Heinz Company 3.00% 6/1/2026 | 93 | 87 |
|  | Kraft Heinz Company 4.875% 10/1/2049 | 170 | 148 |
|  | Kraft Heinz Company 5.50% 6/1/2050 | 75 | 72 |
|  | Philip Morris International, Inc. 5.125% 11/17/2027 | 43 | 43 |
|  | Philip Morris International, Inc. 5.625% 11/17/2029 | 23 | 23 |
|  | Philip Morris International, Inc. 5.75% 11/17/2032 | 16 | 16 |
|  |  |  | 1058 |
|  **Information**<br> **technology**<br> **0.07%** | Apple, Inc. 3.35% 8/8/2032 | 20 | 18 |
|  | Apple, Inc. 3.95% 8/8/2052 | 20 | 17 |
|  | Broadcom, Inc. 4.00% 4/15/2029<sup>1</sup> | 3 | 3 |
|  | Broadcom, Inc. 4.15% 4/15/2032<sup>1</sup> | 11 | 10 |
|  | Broadcom, Inc. 3.137% 11/15/2035<sup>1</sup> | 2 | 1 |
|  | Broadcom, Inc. 3.75% 2/15/2051<sup>1</sup> | 91 | 63 |
|  | Lenovo Group, Ltd. 5.875% 4/24/2025 | 400 | 390 |
|  | Oracle Corp. 2.875% 3/25/2031 | 64 | 53 |
|  | Oracle Corp. 3.60% 4/1/2050 | 150 | 102 |
|  | ServiceNow, Inc. 1.40% 9/1/2030 | 130 | 100 |
|  |  |  | 757 |
|  **Materials**<br> **0.03%** | Celanese US Holdings, LLC 6.379% 7/15/2032 | 10 | 9 |
|  | Dow Chemical Co. 3.60% 11/15/2050 | 75 | 54 |
|  | International Flavors & Fragrances, Inc. 1.832% 10/15/2027<sup>1</sup> | 100 | 84 |
|  | International Flavors & Fragrances, Inc. 3.468% 12/1/2050<sup>1</sup> | 10 | 7 |
|  | LYB International Finance III, LLC 3.625% 4/1/2051 | 102 | 69 |
|  | Nutrien, Ltd. 5.90% 11/7/2024 | 84 | 85 |
|  | South32 Treasury, Ltd. 4.35% 4/14/2032<sup>1</sup> | 10 | 9 |
|  |  |  | 317 |
|  **Real estate**<br> **0.02%** | American Tower Corp. 4.05% 3/15/2032 | 11 | 10 |
|  | Equinix, Inc. 1.55% 3/15/2028 | 25 | 21 |
|  | Equinix, Inc. 3.20% 11/18/2029 | 144 | 125 |
|  | Equinix, Inc. 2.50% 5/15/2031 | 47 | 38 |
|  |  |  | 194 |
|  | **Total corporate bonds, notes & loans** |  | 19621 |

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| | |
|:---|:---|
| **122** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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##### [**Table of Contents**](#toc)
Capital Income Builder (continued)

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| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Asset-backed obligations 0.84%** |  |  |
| Affirm Asset Securitization Trust, Series 2022-X1, Class A, 1.75% 2/15/2027<sup>1,9</sup> | USD96 | $93 |
| American Express Credit Account Master Trust, Series 2022-3, Class A,<br>3.75% 8/16/2027<sup>9</sup> | 100 | 98 |
| American Homes 4 Rent, Series 2014-SFR2, Class A, 3.786% 10/17/2036<sup>1,9</sup> | 86 | 83 |
| American Homes 4 Rent, Series 2015-SFR2, Class A, 3.732% 10/17/2052<sup>1,9</sup> | 87 | 83 |
| American Homes 4 Rent, Series 2015-SFR2, Class B, 4.295% 10/17/2052<sup>1,9</sup> | 100 | 95 |
| AmeriCredit Automobile Receivables Trust, Series 2022-2, Class A2B,<br>(30-day Average USD-SOFR + 1.15%) 4.958% 12/18/2025<sup>9,10</sup> | 132 | 132 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2, Class A,<br>2.02% 2/20/2027<sup>1,9</sup> | 197 | 179 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2A, Class B,<br>2.96% 2/20/2027<sup>1,9</sup> | 100 | 90 |
| Bankers Healthcare Group Securitization Trust, Series 2022-A, Class A,<br>1.71% 2/20/2035<sup>1,9</sup> | 69 | 64 |
| CarMax Auto Owner Trust, Series 2022-3, Class A2B,<br>(30-day Average USD-SOFR + 0.77%) 4.577% 9/15/2025<sup>9,10</sup> | 103 | 103 |
| CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/2060<sup>1,9</sup> | 354 | 317 |
| CF Hippolyta, LLC, Series 2020-1, Class A2, 1.99% 7/15/2060<sup>1,9</sup> | 89 | 73 |
| CF Hippolyta, LLC, Series 2020-1, Class B1, 2.28% 7/15/2060<sup>1,9</sup> | 91 | 79 |
| CF Hippolyta, LLC, Series 2020-1, Class B2, 2.60% 7/15/2060<sup>1,9</sup> | 91 | 72 |
| CF Hippolyta, LLC, Series 2021-1, Class A1, 1.53% 3/15/2061<sup>1,9</sup> | 319 | 276 |
| CF Hippolyta, LLC, Series 2022-1, Class A1, 5.97% 8/15/2062<sup>1,9</sup> | 493 | 483 |
| Exeter Automobile Receivables Trust, Series 2022-3A, Class A2, 3.45% 8/15/2024<sup>9</sup> | 36 | 36 |
| Exeter Automobile Receivables Trust, Series 2022-4A, Class A2, 3.99% 8/15/2024<sup>9</sup> | 44 | 44 |
| FirstKey Homes Trust, Series 2022-SFR2, Class A, 4.145% 5/17/2039<sup>1,9</sup> | 131 | 123 |
| Ford Credit Auto Owner Trust, Series 2022-B, Class A2B,<br>(30-day Average USD-SOFR + 0.60%) 4.407% 2/15/2025<sup>9,10</sup> | 70 | 70 |
| Freedom Financial, Series 2022-1FP, Class A, 0.94% 3/19/2029<sup>1,9</sup> | 7 | 7 |
| GCI Funding I, LLC, Series 2020-1, Class A, 2.82% 10/18/2045<sup>1,9</sup> | 506 | 447 |
| GCI Funding I, LLC, Series 2021-1, Class A, 2.38% 6/18/2046<sup>1,9</sup> | 85 | 72 |
| Global SC Finance V SRL, Series 2019-1A, Class B, 4.81% 9/17/2039<sup>1,9</sup> | 133 | 125 |
| GM Financial Automobile Leasing Trust, Series 2022-3, Class A2B,<br>(30-day Average USD-SOFR + 0.71%) 4.536% 10/21/2024<sup>9,10</sup> | 76 | 76 |
| GM Financial Consumer Automobile Receivables Trust, Series 2022-3, Class A2B,<br>(30-day Average USD-SOFR + 0.60%) 4.408% 9/16/2025<sup>9,10</sup> | 78 | 78 |
| GM Financial Revolving Receivables Trust, Series 2022-1, Class A,<br>5.91% 10/11/2035<sup>1,9</sup> | 184 | 188 |
| Hertz Vehicle Financing III, LLC, Series 2021-1A, Class A, 1.21% 12/26/2025<sup>1,9</sup> | 247 | 228 |
| Hertz Vehicle Financing III, LLC, Series 2021-1A, Class B, 1.56% 12/26/2025<sup>1,9</sup> | 100 | 92 |
| Hertz Vehicle Financing III, LLC, Series 2021-2A, Class A, 1.68% 12/27/2027<sup>1,9</sup> | 268 | 234 |
| Hertz Vehicle Financing III, LLC, Series 2021-2A, Class B, 2.12% 12/27/2027<sup>1,9</sup> | 100 | 86 |
| Hertz Vehicle Financing III, LLC, Series 2021-2A, Class C, 2.52% 12/27/2027<sup>1,9</sup> | 100 | 83 |
| Hyundai Auto Receivables Trust, Series 2022-B, Class A2B,<br>(30-day Average USD-SOFR + 0.58%) 4.387% 5/15/2025<sup>9,10</sup> | 100 | 100 |
| Navient Student Loan Trust, Series 2021-A, Class A, 0.84% 5/15/2069<sup>1,9</sup> | 46 | 40 |
| Navient Student Loan Trust, Series 2021-C, Class A, 1.06% 10/15/2069<sup>1,9</sup> | 143 | 122 |
| Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 4/20/2062<sup>1,9</sup> | 211 | 187 |
| Nelnet Student Loan Trust, Series 2021-B, Class AFX, 1.42% 4/20/2062<sup>1,9</sup> | 423 | 376 |
| Nelnet Student Loan Trust, Series 2021-C, Class AFL,<br>(1-month USD-LIBOR + 0.74%) 5.093% 4/20/2062<sup>1,9,10</sup> | 218 | 212 |
| New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1,<br>1.91% 10/20/2061<sup>1,9</sup> | 935 | 792 |
| Nissan Auto Lease Trust, Series 2021-A, Class A3, 0.52% 8/15/2024<sup>9</sup> | 199 | 194 |
| Nissan Auto Lease Trust, Series 2022-A, Class A2B,<br>(30-day Average USD-SOFR + 0.68%) 4.487% 8/15/2024<sup>9,10</sup> | 236 | 236 |
| OnDeck Asset Securitization Trust, LLC, Series 2021-1A, Class A, 1.59% 5/17/2027<sup>1,9</sup> | 100 | 92 |
| Oportun Funding, LLC, Series 2021-B, Class A, 1.47% 5/8/2031<sup>1,9</sup> | 100 | 87 |
| PFS Financing Corp., Series 2022-D, Class A, 4.27% 8/16/2027<sup>1,9</sup> | 100 | 98 |
| Santander Drive Auto Receivables Trust, Series 2022-4, Class A2, 4.05% 7/15/2025<sup>9</sup> | 158 | 158 |
| Santander Drive Auto Receivables Trust, Series 2022-7, Class A2, 5.81% 1/15/2026<sup>9</sup> | 577 | 578 |
| SMB Private Education Loan Trust, Series 2021-A, Class APT2, 1.07% 1/15/2053<sup>1,9</sup> | 73 | 62 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **123** |

---

------

##### [**Table of Contents**](#toc)
Capital Income Builder (continued)

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| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** |  |  |
|  | Stonepeak Infrastructure Partners, Series 2021-1A, Class AA, 2.301% 2/28/2033<sup>1,9</sup> | USD211 | $188 |
|  | Toyota Auto Loan Extended Note Trust, Series 2021-1, Class A, 1.07% 2/27/2034<sup>1,9,10</sup> | 335 | 297 |
|  | Toyota Auto Receivables Owner Trust, Series 2022-C, Class A2B,<br>(1-month USD-SOFR + 0.57%) 4.377% 8/15/2025<sup>9,10</sup> | 27 | 27 |
|  | Verizon Master Trust, Series 2022-3, Class A,<br>3.01% 5/20/2027 (3.76% on 11/20/2023)<sup>9,12</sup> | 160 | 157 |
|  | Verizon Master Trust, Series 2022-7, Class A1A,<br>5.23% 11/22/2027 (5.98% on 11/20/2024)<sup>9,12</sup> | 451 | 454 |
|  | Volkswagen Auto Lease Trust, Series 2022-A, Class A2, 3.02% 10/21/2024<sup>9</sup> | 102 | 100 |
|  | Westlake Automobile Receivables Trust, Series 2022-2A, Class A2A,<br>3.36% 8/15/2025<sup>1,9</sup> | 492 | 487 |
|  | Westlake Automobile Receivables Trust, Series 2022-3, Class C, 5.49% 7/15/2026<sup>1,9</sup> | 80 | 79 |
|  | Westlake Automobile Receivables Trust, Series 2022-3, Class B, 5.99% 12/15/2027<sup>1,9</sup> | 100 | 100 |
|  |  |  | 9532 |
|  **Bonds & notes of governments & government agencies outside the U.S. 0.07%** | **Bonds & notes of governments & government agencies outside the U.S. 0.07%** |  |  |
|  | Peru (Republic of) 2.783% 1/23/2031 | 190 | 158 |
|  | Portuguese Republic 5.125% 10/15/2024 | 18 | 18 |
|  | Qatar (State of) 4.50% 4/23/2028 | 200 | 201 |
|  | Saudi Arabia (Kingdom of) 3.625% 3/4/2028 | 200 | 191 |
|  | United Mexican States 3.25% 4/16/2030 | 200 | 175 |
|  |  |  | 743 |
|  **Municipals 0.02%** | **Municipals 0.02%** |  |  |
|  **California**<br> **0.00%** | Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement<br>Asset-Backed Bonds, Series 2021-B, 2.746% 6/1/2034 | 15 | 12 |
|  **Illinois**<br> **0.02%** | G.O. Bonds, Pension Funding, Series 2003, 5.10% 6/1/2033 | 225 | 216 |
|  | **Total municipals** |  | 228 |
|  | **Total bonds, notes & other debt instruments** (cost: $218,921,000) |  | 207479 |
| Short-term securities 7.36% | Short-term securities 7.36% | Shares |  |
|  **Money market investments 6.84%** | **Money market investments 6.84%** |  |  |
|  | Capital Group Central Cash Fund 4.31%<sup>6,13</sup> | 779601 | 77952 |
|  **Money market investments purchased with collateral from securities on loan 0.52%** | **Money market investments purchased with collateral from securities on loan 0.52%** |  |  |
|  | Goldman Sachs Financial Square Government Fund, Institutional Shares 4.15%<sup>13,14</sup> | 2241328 | 2241 |
|  | Invesco Short-Term Investments Trust – Government & Agency Portfolio,<br>Institutional Class 4.22%<sup>13,14</sup> | 1944356 | 1945 |
|  | Capital Group Central Cash Fund 4.31%<sup>6,13,14</sup> | 17119 | 1712 |
|  |  |  | 5898 |
|  | **Total short-term securities** (cost: $83,839,000) |  | 83850 |
|  | **Total investment securities 102.99%** (cost: $1,046,428,000) |  | 1173072 |
|  | Other assets less liabilities (2.99)% |  | (34006) |
|  | **Net assets 100.00%** |  | $1139066 |

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| | |
|:---|:---|
| **124** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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------

##### [**Table of Contents**](#toc)
Capital Income Builder (continued)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Futures contracts** | **Futures contracts** | **Futures contracts** | **Futures contracts** | **Futures contracts** | **Futures contracts** |
| Contracts | Type | Number of<br>contracts | Expiration | Notional <br>amount <br>(000) | Value and<br>unrealized<br>appreciation<br> (depreciation)<br>at 12/31/2022<br> (000) |
|  2 Year U.S. Treasury Note Futures | Long | 203 | March 2023 | USD41,631 | $49 |
|  5 Year U.S. Treasury Note Futures | Long | 357 | March 2023 | 38531 | (52) |
|  10 Year Ultra U.S. Treasury Note Futures | Long | 7 | March 2023 | 828 | (12) |
|  10 Year U.S. Treasury Note Futures | Short | 14 | March 2023 | (1572) | 11 |
|  20 Year U.S. Treasury Bond Futures | Long | 9 | March 2023 | 1128 | (13) |
|  30 Year Ultra U.S. Treasury Bond Futures | Long | 61 | March 2023 | 8193 | (62) |
|  |  |  |  |  | $(79) |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Swap contracts** | **Swap contracts** | **Swap contracts** | **Swap contracts** | **Swap contracts** | | | | |
|  **Interest rate swaps** | **Interest rate swaps** | **Interest rate swaps** | **Interest rate swaps** | **Interest rate swaps** | **Interest rate swaps** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Centrally cleared interest rate swaps** | &nbsp;&nbsp;&nbsp;&nbsp; **Centrally cleared interest rate swaps** | &nbsp;&nbsp;&nbsp;&nbsp; **Centrally cleared interest rate swaps** | &nbsp;&nbsp;&nbsp;&nbsp; **Centrally cleared interest rate swaps** | &nbsp;&nbsp;&nbsp;&nbsp; **Centrally cleared interest rate swaps** | &nbsp;&nbsp;&nbsp;&nbsp; **Centrally cleared interest rate swaps** | &nbsp;&nbsp;&nbsp;&nbsp; **Centrally cleared interest rate swaps** | &nbsp;&nbsp;&nbsp;&nbsp; **Centrally cleared interest rate swaps** |  |
|  |  |  |  |  |  |  |  | Unrealized |
|  |  |  |  |  |  |  | Upfront | (depreciation) |
| Receive | Receive | Pay | Pay |  | Notional | Value at | premium | appreciation |
|  | Payment |  | Payment | Expiration | amount | 12/31/2022 | paid | at 12/31/2022 |
|  Rate | frequency | Rate | frequency | date | (000) | (000) | (000) | (000) |
|  3.52647% | Annual | U.S. EFFR | Annual | 6/16/2024 | USD5,215 | $(90) | $– | $(90) |
|  3.5291% | Annual | U.S. EFFR | Annual | 6/16/2024 | 5635 | (98) |  | (98) |
|  3.497% | Annual | U.S. EFFR | Annual | 6/16/2024 | 5600 | (99) |  | (99) |
|  3.4585% | Annual | U.S. EFFR | Annual | 6/17/2024 | 898 | (17) |  | (17) |
|  3.4325% | Annual | U.S. EFFR | Annual | 6/17/2024 | 4100 | (76) |  | (76) |
|  3-month USD-LIBOR | Quarterly | 0.5935% | Semi-annual | 5/18/2030 | 7200 | 1512 |  | 1512 |
|  3-month USD-LIBOR | Quarterly | 0.807% | Semi-annual | 5/18/2050 | 805 | 388 |  | &nbsp;&nbsp;&nbsp;&nbsp;388 |
|  |  |  |  |  |  | $1520 | $– | $1520 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Credit default swaps** | **Credit default swaps** | **Credit default swaps** | **Credit default swaps** | **Credit default swaps** | **Credit default swaps** | **Credit default swaps** | **Credit default swaps** |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Centrally cleared credit default swaps on credit indices – sell protection** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Centrally cleared credit default swaps on credit indices – sell protection** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Centrally cleared credit default swaps on credit indices – sell protection** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Centrally cleared credit default swaps on credit indices – sell protection** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Centrally cleared credit default swaps on credit indices – sell protection** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Centrally cleared credit default swaps on credit indices – sell protection** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Centrally cleared credit default swaps on credit indices – sell protection** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Centrally cleared credit default swaps on credit indices – sell protection** |
|  Financing<br> rate received | Payment frequency | Reference<br> index | Expiration<br> date | Notional amount<sup>15</sup><br> (000) | Value at 12/31/2022<sup>16</sup> (000) | Upfront<br> premium<br> paid<br> (000) | Unrealized<br>depreciation<br>at 12/31/2022<br> (000) |
|  5.00% | Quarterly | CDX.NA.HY.38 | 6/20/2027 | USD6,138 | $127 | $174 | $(47) |

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| | |
|:---|:---|
| American Funds Insurance Series | **125** |

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##### [**Table of Contents**](#toc)
Capital Income Builder (continued)

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Investments in affiliates<sup>6</sup>** | | | | | | | |
|  | Value of<br>affiliates at<br>1/1/2022<br>(000) | Additions<br>(000) | Reductions<br>(000) | Net<br>realized<br>loss<br> (000) | Net<br>unrealized<br>(depreciation)<br>appreciation<br> (000) | Value of<br>affiliates at<br>12/31/2022<br>(000) | Dividend<br>income<br>(000) |
|  **Investment funds 2.46%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Corporate Bond Fund | $30304 | $6708 | $3076 | $(677) | $(5200) | $28059 | $900 |
|  **Short-term securities 6.99%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Money market investments 6.84%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 4.31%<sup>13</sup> | 42892 | 254586 | 219519 | (14) | 7 | 77952 | 1714 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Money market investments purchased<br>with collateral from securities on loan 0.15%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 4.31%<sup>13,14</sup> | 1954 |  | 242<sup>17</sup> |  |  | 1712 | –<sup>18</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total short-term securities** |  |  |  |  |  | 79664 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total 9.45%** |  |  |  | $(691) | $(5193) | $107723 | $2614 |

---

<sup>1</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $20,234,000, which represented 1.78% of the net assets of the fund. 

<sup>2</sup> Value determined using significant unobservable inputs.

<sup>3</sup> Security did not produce income during the last 12 months.

<sup>4</sup> Amount less than one thousand. 

<sup>5</sup> All or a portion of this security was on loan. The total value of all such securities was $6,251,000, which represented ..55% of the net assets of the fund. Refer to Note 5 for more information on securities lending. 

<sup>6</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>7</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $1,982,000, which represented .17% of the net assets of the fund. 

<sup>8</sup> Index-linked bond whose principal amount moves with a government price index. 

<sup>9</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>10</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.

<sup>11</sup> Purchased on a TBA basis.

<sup>12</sup> Step bond; coupon rate may change at a later date.

<sup>13</sup> Rate represents the seven-day yield at 12/31/2022.

<sup>14</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>15</sup> The maximum potential amount the fund may pay as a protection seller should a credit event occur. 

<sup>16</sup> The prices and resulting values for credit default swap indices serve as an indicator of the current status of the payment/performance risk. As the value of a sell protection credit default swap increases or decreases, when compared to the notional amount of the swap, the payment/performance risk may decrease or increase, respectively. 

<sup>17</sup> Represents net activity. Refer to Note 5 for more information on securities lending.

<sup>18</sup> Dividend income is included with securities lending income in the fund's statement of operations and is not shown in this table.

**Key to abbreviations** 

---

| | | |
|:---|:---|:---|
| ADR = American Depositary Receipts | EFFR = Effective Federal Funds Rate | MXN = Mexican pesos |
| Assn. = Association | EUR = Euros | REIT = Real Estate Investment Trust |
| CAD = Canadian dollars | G.O. = General Obligation | SDR = Swedish Depositary Receipts |
| CDI = CREST Depository Interest | GBP = British pounds | SOFR = Secured Overnight Financing Rate |
| CME = CME Group | GDR = Global Depositary Receipts | TBA = To be announced |
| DAC = Designated Activity Company | LIBOR = London Interbank Offered Rate | USD = U.S. dollars |

---

Refer to the notes to financial statements.

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| | |
|:---|:---|
| **126** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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##### [**Table of Contents**](#toc)
Asset Allocation Fund

**Investment portfolio** December 31, 2022

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| | | | |
|:---|:---|:---|:---|
| Common stocks 67.78% | Common stocks 67.78% | Shares | Value<br> (000) |
|  **Health care**<br> **13.40%** | UnitedHealth Group, Inc. | 929300 | $492696 |
|  | Johnson & Johnson | 2030000 | 358600 |
|  | Pfizer, Inc. | 5493542 | 281489 |
|  | Humana, Inc. | 500000 | 256095 |
|  | Gilead Sciences, Inc. | 2665000 | 228790 |
|  | Cigna Corp. | 650000 | 215371 |
|  | AbbVie, Inc. | 1221978 | 197484 |
|  | Abbott Laboratories | 1600000 | 175664 |
|  | Eli Lilly and Company | 400469 | 146508 |
|  | Vertex Pharmaceuticals, Inc.<sup>1</sup> | 505500 | 145978 |
|  | CVS Health Corp. | 1453100 | 135414 |
|  | Regeneron Pharmaceuticals, Inc.<sup>1</sup> | 187220 | 135077 |
|  | Centene Corp.<sup>1</sup> | 1235513 | 101324 |
|  | Bristol-Myers Squibb Company | 1374818 | 98918 |
|  | AstraZeneca PLC | 461000 | 62565 |
|  | AstraZeneca PLC (ADR) | 249881 | 16942 |
|  | Thermo Fisher Scientific, Inc. | 116000 | 63880 |
|  | Alnylam Pharmaceuticals, Inc.<sup>1</sup> | 261834 | 62225 |
|  | Novo Nordisk A/S, Class B | 246400 | 33363 |
|  | AbCellera Biologics, Inc.<sup>1,2</sup> | 2871293 | 29086 |
|  | Seagen, Inc.<sup>1</sup> | 170500 | 21911 |
|  | Rotech Healthcare, Inc.<sup>1,3,4</sup> | 184138 | 19703 |
|  | Elevance Health, Inc. | 37542 | 19258 |
|  | Zoetis, Inc., Class A | 95618 | 14013 |
|  | Karuna Therapeutics, Inc.<sup>1</sup> | 57100 | 11220 |
|  |  |  | 3323574 |
|  **Consumer**<br> **discretionary**<br> **9.59%** | Aramark | 11375152 | 470249 |
|  | Home Depot, Inc. | 1206200 | 380990 |
|  | General Motors Company | 6575000 | 221183 |
|  | Booking Holdings, Inc.<sup>1</sup> | 87604 | 176546 |
|  | Lennar Corp., Class A | 1357800 | 122881 |
|  | Dollar General Corp. | 493075 | 121420 |
|  | LVMH Moët Hennessy-Louis Vuitton SE | 165700 | 120372 |
|  | Amazon.com, Inc.<sup>1</sup> | 1340400 | 112594 |
|  | Target Corp. | 750000 | 111780 |
|  | Etsy, Inc.<sup>1</sup> | 840578 | 100684 |
|  | Entain PLC | 6000000 | 96202 |
|  | Burlington Stores, Inc.<sup>1</sup> | 431484 | 87488 |
|  | D.R. Horton, Inc. | 870000 | 77552 |
|  | Royal Caribbean Cruises, Ltd.<sup>1</sup> | 1014324 | 50138 |
|  | YUM! Brands, Inc. | 277000 | 35478 |
|  | Dollar Tree Stores, Inc.<sup>1</sup> | 185000 | 26166 |
|  | YETI Holdings, Inc.<sup>1</sup> | 495471 | 20468 |
|  | Darden Restaurants, Inc. | 142000 | 19643 |
|  | Chipotle Mexican Grill, Inc.<sup>1</sup> | 9709 | 13471 |
|  | Li Auto, Inc., Class A (ADR)<sup>1,2</sup> | 350694 | 7154 |
|  | Xpeng, Inc., Class A (ADR)<sup>1,2</sup> | 703800 | 6996 |
|  |  |  | 2379455 |
|  **Financials**<br> **9.21%** | Aon PLC, Class A | 807600 | 242393 |
|  | Chubb, Ltd. | 800000 | 176480 |
|  | Apollo Asset Management, Inc. | 2630627 | 167808 |
|  | Synchrony Financial | 4100000 | 134726 |
|  | JPMorgan Chase & Co. | 973100 | 130493 |
|  | First Republic Bank | 1000000 | 121890 |
|  | Bank of America Corp. | 3000000 | 99360 |
|  | Arthur J. Gallagher & Co. | 476724 | 89881 |
|  | Capital One Financial Corp. | 850000 | 79016 |
|  | Blue Owl Capital, Inc., Class A<sup>2</sup> | 7085161 | 75103 |

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| | |
|:---|:---|
| American Funds Insurance Series | **127** |

---

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##### [**Table of Contents**](#toc)
Asset Allocation Fund (continued)

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| | | | |
|:---|:---|:---|:---|
| Common stocks (continued) | Common stocks (continued) | Shares | Value<br>(000) |
|  **Financials**<br> **(continued)** | Goldman Sachs Group, Inc. | 213000 | $73140 |
|  | Ares Management Corp., Class A | 1015403 | 69494 |
|  | KKR & Co., Inc. | 1497000 | 69491 |
|  | Nasdaq, Inc. | 1098300 | 67381 |
|  | Charles Schwab Corp. | 801126 | 66702 |
|  | CME Group, Inc., Class A | 380200 | 63934 |
|  | Discover Financial Services | 600000 | 58698 |
|  | Toronto-Dominion Bank (CAD denominated)<sup>2</sup> | 885700 | 57348 |
|  | SLM Corp. | 3345000 | 55527 |
|  | Intercontinental Exchange, Inc. | 538487 | 55243 |
|  | Blackstone, Inc., nonvoting shares | 737500 | 54715 |
|  | S&P Global, Inc. | 118700 | 39757 |
|  | Brookfield Corp., Class A | 1260000 | 39640 |
|  | The Bank of N.T. Butterfield & Son, Ltd. | 1120585 | 33405 |
|  | Morgan Stanley | 339372 | 28853 |
|  | Antin Infrastructure Partners SA | 1243300 | 27033 |
|  | EQT AB | 1250263 | 26646 |
|  | Wells Fargo & Company | 570000 | 23535 |
|  | Progressive Corp. | 105000 | 13620 |
|  | Bridgepoint Group PLC | 5809554 | 13461 |
|  | OneMain Holdings, Inc. | 300000 | 9993 |
|  | Brookfield Asset Management, Ltd., Class A | 315000 | 9031 |
|  | Islandsbanki hf. | 9555235 | 8073 |
|  | Jonah Energy Parent, LLC<sup>3</sup> | 32117 | 1899 |
|  | Sberbank of Russia PJSC<sup>1,3</sup> | 8880000 | –<sup>5</sup> |
|  |  |  | 2283769 |
|  **Information**<br> **technology**<br> **8.88%** | Microsoft Corp. | 3355454 | 804705 |
|  | Broadcom, Inc. | 1249134 | 698428 |
|  | ASML Holding NV (New York registered) (ADR) | 316764 | 173080 |
|  | MKS Instruments, Inc. | 1600000 | 135568 |
|  | Taiwan Semiconductor Manufacturing Company, Ltd. (ADR) | 1275000 | 94975 |
|  | Mastercard, Inc., Class A | 195977 | 68147 |
|  | NVIDIA Corp. | 332696 | 48620 |
|  | MediaTek, Inc. | 1463000 | 29717 |
|  | Oracle Corp. | 321820 | 26306 |
|  | Paychex, Inc. | 205595 | 23759 |
|  | GoDaddy, Inc., Class A<sup>1</sup> | 281000 | 21024 |
|  | Apple, Inc. | 150000 | 19490 |
|  | KLA Corp. | 49000 | 18474 |
|  | MicroStrategy, Inc., Class A<sup>1</sup> | 96100 | 13605 |
|  | Applied Materials, Inc. | 135000 | 13146 |
|  | Snowflake, Inc., Class A<sup>1</sup> | 85810 | 12317 |
|  |  |  | 2201361 |
|  **Consumer staples**<br> **6.59%** | Philip Morris International, Inc. | 9438592 | 955280 |
|  | Nestlé SA | 1954200 | 225682 |
|  | Archer Daniels Midland Company | 1880000 | 174558 |
|  | British American Tobacco PLC (ADR) | 2634146 | 105313 |
|  | British American Tobacco PLC | 1080000 | 42849 |
|  | Altria Group, Inc. | 1570000 | 71764 |
|  | Avenue Supermarts, Ltd.<sup>1</sup> | 970539 | 47566 |
|  | Costco Wholesale Corp. | 26000 | 11869 |
|  |  |  | 1634881 |
|  **Industrials**<br> **6.22%** | Northrop Grumman Corp. | 933553 | 509356 |
|  | Lockheed Martin Corp. | 474900 | 231034 |
|  | L3Harris Technologies, Inc. | 1094000 | 227782 |
|  | Boeing Company<sup>1</sup> | 1039506 | 198015 |

---

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| | |
|:---|:---|
| **128** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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##### [**Table of Contents**](#toc)
Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Common stocks (continued) | Common stocks (continued) | Shares | Value<br> (000) |
|  **Industrials**<br> **(continued)** | Caterpillar, Inc. | 618000 | $148048 |
|  | CSX Corp. | 2628369 | 81427 |
|  | Raytheon Technologies Corp. | 395000 | 39863 |
|  | General Electric Co. | 288000 | 24132 |
|  | Huntington Ingalls Industries, Inc. | 100000 | 23068 |
|  | AMETEK, Inc. | 140000 | 19561 |
|  | Chart Industries, Inc.<sup>1</sup> | 130200 | 15003 |
|  | Copart, Inc.<sup>1</sup> | 232000 | 14126 |
|  | Storskogen Group AB, Class B | 16853587 | 12088 |
|  |  |  | 1543503 |
|  **Communication**<br> **services**<br> **4.72%** | Alphabet, Inc., Class C<sup>1</sup> | 2992500 | 265525 |
|  | Alphabet, Inc., Class A<sup>1</sup> | 1269460 | 112004 |
|  | Charter Communications, Inc., Class A<sup>1</sup> | 821000 | 278401 |
|  | Meta Platforms, Inc., Class A<sup>1</sup> | 1777348 | 213886 |
|  | Netflix, Inc.<sup>1</sup> | 384527 | 113390 |
|  | Comcast Corp., Class A | 2874400 | 100518 |
|  | ZoomInfo Technologies, Inc.<sup>1</sup> | 1747900 | 52629 |
|  | Activision Blizzard, Inc. | 400000 | 30620 |
|  | Electronic Arts, Inc. | 35000 | 4276 |
|  |  |  | 1171249 |
|  **Energy**<br> **4.12%** | Canadian Natural Resources, Ltd. (CAD denominated)<sup>2</sup> | 7515800 | 417366 |
|  | Pioneer Natural Resources Company | 752000 | 171749 |
|  | ConocoPhillips | 1252000 | 147736 |
|  | Cenovus Energy, Inc. (CAD denominated) | 7500000 | 145513 |
|  | Hess Corp. | 400000 | 56728 |
|  | Chevron Corp. | 270000 | 48462 |
|  | TC Energy Corp. | 631700 | 25180 |
|  | Equitrans Midstream Corp. | 718490 | 4814 |
|  | Diamond Offshore Drilling, Inc.<sup>1</sup> | 266381 | 2770 |
|  | Altera Infrastructure, LP<sup>1,3</sup> | 6273 | 497 |
|  | Constellation Oil Services Holding SA, Class B-1<sup>1,3</sup> | 480336 | 53 |
|  | McDermott International, Ltd.<sup>1</sup> | 30762 | 10 |
|  | Bighorn Permian Resources, LLC<sup>3</sup> | 4392 | –<sup>5</sup> |
|  |  |  | 1020878 |
|  **Materials**<br> **3.45%** | Corteva, Inc. | 4365508 | 256605 |
|  | Mosaic Co. | 1940000 | 85108 |
|  | Linde PLC | 256541 | 83678 |
|  | Royal Gold, Inc. | 700000 | 78904 |
|  | Wheaton Precious Metals Corp. | 1785000 | 69758 |
|  | Nucor Corp. | 500000 | 65905 |
|  | Franco-Nevada Corp. | 347089 | 47313 |
|  | First Quantum Minerals, Ltd. | 2100000 | 43877 |
|  | ATI, Inc.<sup>1</sup> | 1350000 | 40311 |
|  | Vale SA, ordinary nominative shares | 1750000 | 29460 |
|  | Nutrien, Ltd. (CAD denominated) | 400272 | 29222 |
|  | Lundin Mining Corp.<sup>2</sup> | 4320000 | 26513 |
|  |  |  | 856654 |
|  **Real estate**<br> **0.96%** | VICI Properties, Inc. REIT | 2769449 | 89730 |
|  | Gaming and Leisure Properties, Inc. REIT | 1593566 | 83009 |
|  | Equinix, Inc. REIT | 63445 | 41559 |
|  | Crown Castle, Inc. REIT | 166000 | 22516 |
|  |  |  | 236814 |

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| | |
|:---|:---|
| American Funds Insurance Series | **129** |

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##### [**Table of Contents**](#toc)
Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Common stocks (continued) | Common stocks (continued) | Shares | Value<br> (000) |
|  **Utilities**<br> **0.64%** | CenterPoint Energy, Inc. | 1717846 | $51518 |
|  | Exelon Corp. | 779231 | 33686 |
|  | AES Corp. | 983067 | 28273 |
|  | Sempra Energy | 132039 | 20405 |
|  | FirstEnergy Corp. | 307000 | 12876 |
|  | Constellation Energy Corp. | 138666 | 11955 |
|  |  |  | 158713 |
|  | **Total common stocks** (cost: $11,870,390,000) |  | 16810851 |
|  Preferred securities 0.00% | Preferred securities 0.00% |  |  |
| **Industrials**<br> **0.00%** | ACR III LSC Holdings, LLC, Series B, preferred shares<sup>1,3,6</sup> | 450 | 189 |
|  | **Total preferred securities** (cost: $466,000) |  | 189 |
|  Rights & warrants 0.00% | Rights & warrants 0.00% |  |  |
|  **Energy**<br> **0.00%** | Constellation Oil Services Holding SA, Class D, warrants, expire 6/10/2071<sup>1,3</sup> | 4 | –<sup>5</sup> |
|  | **Total rights & warrants** (cost: $0) |  | –<sup>5</sup> |
|  Convertible stocks 0.26% | Convertible stocks 0.26% |  |  |
| **Health care**<br> **0.26%** | Carbon Health Technologies, Inc., convertible preferred shares, 1.00% 7/9/2024<sup>3,4</sup> | 50000 | 63388 |
|  | **Total convertible stocks** (cost: $50,000,000) |  | 63388 |
|  Investment funds 5.51% | Investment funds 5.51% |  |  |
|  | Capital Group Central Corporate Bond Fund<sup>7</sup> | 167745028 | 1367122 |
|  | **Total investment funds** (cost: $1,676,023,000) |  | 1367122 |
| Bonds, notes & other debt instruments 21.72% | Bonds, notes & other debt instruments 21.72% | Principal amount<br> (000) |  |
| **Mortgage-backed obligations 7.58%** | **Mortgage-backed obligations 7.58%** | **Mortgage-backed obligations 7.58%** | **Mortgage-backed obligations 7.58%** |
| **Federal agency**<br> **mortgage-backed**<br> **obligations**<br> **7.02%** | Fannie Mae Pool #AD7072 4.00% 6/1/2025<sup>8</sup> | USD2 | 2 |
|  | Fannie Mae Pool #AE2321 4.00% 8/1/2025<sup>8</sup> | 1 | 1 |
|  | Fannie Mae Pool #AE3069 4.00% 9/1/2025<sup>8</sup> | 1 | 1 |
|  | Fannie Mae Pool #AH0829 4.00% 1/1/2026<sup>8</sup> | 1 | 1 |
|  | Fannie Mae Pool #AH6431 4.00% 2/1/2026<sup>8</sup> | 168 | 165 |
|  | Fannie Mae Pool #AH5618 4.00% 2/1/2026<sup>8</sup> | 2 | 1 |
|  | Fannie Mae Pool #890329 4.00% 4/1/2026<sup>8</sup> | 27 | 26 |
|  | Fannie Mae Pool #MA1109 4.00% 5/1/2027<sup>8</sup> | 2 | 2 |
|  | Fannie Mae Pool #MA3653 3.00% 3/1/2029<sup>8</sup> | 13 | 12 |
|  | Fannie Mae Pool #AL8347 4.00% 3/1/2029<sup>8</sup> | 185 | 181 |
|  | Fannie Mae Pool #254767 5.50% 6/1/2033<sup>8</sup> | 208 | 214 |
|  | Fannie Mae Pool #555956 5.50% 12/1/2033<sup>8</sup> | 131 | 135 |
|  | Fannie Mae Pool #BN1085 4.00% 1/1/2034<sup>8</sup> | 411 | 403 |
|  | Fannie Mae Pool #BN3172 4.00% 1/1/2034<sup>8</sup> | 162 | 158 |
|  | Fannie Mae Pool #929185 5.50% 1/1/2036<sup>8</sup> | 383 | 396 |
|  | Fannie Mae Pool #893641 6.00% 9/1/2036<sup>8</sup> | 776 | 811 |
|  | Fannie Mae Pool #893688 6.00% 10/1/2036<sup>8</sup> | 164 | 171 |
|  | Fannie Mae Pool #AS8554 3.00% 12/1/2036<sup>8</sup> | 5967 | 5542 |
|  | Fannie Mae Pool #907239 6.00% 12/1/2036<sup>8</sup> | 54 | 56 |
|  | Fannie Mae Pool #928031 6.00% 1/1/2037<sup>8</sup> | 63 | 65 |
|  | Fannie Mae Pool #888292 6.00% 3/1/2037<sup>8</sup> | 547 | 571 |
|  | Fannie Mae Pool #AD0249 5.50% 4/1/2037<sup>8</sup> | 111 | 114 |

---

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| | |
|:---|:---|
| **130** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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------

##### [**Table of Contents**](#toc)
Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
|  **Federal agency**<br> **mortgage-backed**<br> **obligations**<br> **(continued)**<br> Fannie Mae Pool #190379 5.50% 5/1/2037<sup>8</sup> | USD55 | $57 |
| Fannie Mae Pool #924952 6.00% 8/1/2037<sup>8</sup> | 865 | 903 |
| Fannie Mae Pool #888637 6.00% 9/1/2037<sup>8</sup> | 10 | 10 |
| Fannie Mae Pool #995674 6.00% 5/1/2038<sup>8</sup> | 310 | 324 |
| Fannie Mae Pool #AD0119 6.00% 7/1/2038<sup>8</sup> | 938 | 984 |
| Fannie Mae Pool #995224 6.00% 9/1/2038<sup>8</sup> | 8 | 8 |
| Fannie Mae Pool #AE0021 6.00% 10/1/2038<sup>8</sup> | 286 | 298 |
| Fannie Mae Pool #AL7164 6.00% 10/1/2038<sup>8</sup> | 196 | 201 |
| Fannie Mae Pool #889983 6.00% 10/1/2038<sup>8</sup> | 18 | 19 |
| Fannie Mae Pool #AD0095 6.00% 11/1/2038<sup>8</sup> | 689 | 717 |
| Fannie Mae Pool #AB0538 6.00% 11/1/2038<sup>8</sup> | 110 | 114 |
| Fannie Mae Pool #995391 6.00% 11/1/2038<sup>8</sup> | 14 | 15 |
| Fannie Mae Pool #AD0833 6.00% 1/1/2039<sup>8</sup> | –<sup>5</sup> | –<sup>5</sup> |
| Fannie Mae Pool #AL0309 6.00% 1/1/2040<sup>8</sup> | 62 | 65 |
| Fannie Mae Pool #AL0013 6.00% 4/1/2040<sup>8</sup> | 182 | 190 |
| Fannie Mae Pool #AL7228 6.00% 4/1/2041<sup>8</sup> | 242 | 248 |
| Fannie Mae Pool #AB4536 6.00% 6/1/2041<sup>8</sup> | 413 | 428 |
| Fannie Mae Pool #MA4387 2.00% 7/1/2041<sup>8</sup> | 7655 | 6462 |
| Fannie Mae Pool #MA4501 2.00% 12/1/2041<sup>8</sup> | 8791 | 7421 |
| Fannie Mae Pool #FS0305 1.50% 1/1/2042<sup>8</sup> | 22809 | 18688 |
| Fannie Mae Pool #MA4520 2.00% 1/1/2042<sup>8</sup> | 14931 | 12603 |
| Fannie Mae Pool #AP2131 3.50% 8/1/2042<sup>8</sup> | 3155 | 2956 |
| Fannie Mae Pool #AU8813 4.00% 11/1/2043<sup>8</sup> | 2218 | 2169 |
| Fannie Mae Pool #AU9348 4.00% 11/1/2043<sup>8</sup> | 1262 | 1234 |
| Fannie Mae Pool #AU9350 4.00% 11/1/2043<sup>8</sup> | 1052 | 1015 |
| Fannie Mae Pool #AL8773 3.50% 2/1/2045<sup>8</sup> | 5278 | 4945 |
| Fannie Mae Pool #FM9416 3.50% 7/1/2045<sup>8</sup> | 8847 | 8192 |
| Fannie Mae Pool #AL8354 3.50% 10/1/2045<sup>8</sup> | 1320 | 1231 |
| Fannie Mae Pool #AL8522 3.50% 5/1/2046<sup>8</sup> | 2806 | 2610 |
| Fannie Mae Pool #BC7611 4.00% 5/1/2046<sup>8</sup> | 113 | 109 |
| Fannie Mae Pool #AS8310 3.00% 11/1/2046<sup>8</sup> | 373 | 335 |
| Fannie Mae Pool #BD9307 4.00% 11/1/2046<sup>8</sup> | 1322 | 1263 |
| Fannie Mae Pool #BD9699 3.50% 12/1/2046<sup>8</sup> | 1482 | 1375 |
| Fannie Mae Pool #BE1290 3.50% 2/1/2047<sup>8</sup> | 2160 | 2005 |
| Fannie Mae Pool #BM1179 3.00% 4/1/2047<sup>8</sup> | 470 | 421 |
| Fannie Mae Pool #256975 7.00% 10/1/2047<sup>8</sup> | 2 | 2 |
| Fannie Mae Pool #CA0770 3.50% 11/1/2047<sup>8</sup> | 1522 | 1415 |
| Fannie Mae Pool #257036 7.00% 11/1/2047<sup>8</sup> | 6 | 7 |
| Fannie Mae Pool #MA3211 4.00% 12/1/2047<sup>8</sup> | 2648 | 2535 |
| Fannie Mae Pool #MA3277 4.00% 2/1/2048<sup>8</sup> | 11 | 10 |
| Fannie Mae Pool #BK5255 4.00% 5/1/2048<sup>8</sup> | 11 | 11 |
| Fannie Mae Pool #FM3278 3.50% 11/1/2048<sup>8</sup> | 16898 | 15676 |
| Fannie Mae Pool #FM3280 3.50% 5/1/2049<sup>8</sup> | 2314 | 2144 |
| Fannie Mae Pool #CA4756 3.00% 12/1/2049<sup>8</sup> | 1745 | 1556 |
| Fannie Mae Pool #CA5659 2.50% 5/1/2050<sup>8</sup> | 2353 | 1999 |
| Fannie Mae Pool #CA5968 2.50% 6/1/2050<sup>8</sup> | 5666 | 4869 |
| Fannie Mae Pool #CA6593 2.50% 8/1/2050<sup>8</sup> | 12778 | 11002 |
| Fannie Mae Pool #CA7599 2.50% 11/1/2050<sup>8</sup> | 1607 | 1386 |
| Fannie Mae Pool #FM4897 3.00% 11/1/2050<sup>8</sup> | 14598 | 13142 |
| Fannie Mae Pool #CA8828 2.50% 2/1/2051<sup>8</sup> | 4022 | 3458 |
| Fannie Mae Pool #CA9291 2.50% 2/1/2051<sup>8</sup> | 52 | 44 |
| Fannie Mae Pool #CA9390 2.50% 3/1/2051<sup>8</sup> | 666 | 565 |
| Fannie Mae Pool #CB0290 2.00% 4/1/2051<sup>8</sup> | 4822 | 3945 |
| Fannie Mae Pool #FM7741 2.50% 5/1/2051<sup>8</sup> | 816 | 693 |
| Fannie Mae Pool #FM8453 3.00% 8/1/2051<sup>8</sup> | 4876 | 4347 |
| Fannie Mae Pool #FM8436 2.50% 9/1/2051<sup>8</sup> | 45 | 39 |
| Fannie Mae Pool #CB1810 3.00% 10/1/2051<sup>8</sup> | 165 | 145 |
| Fannie Mae Pool #BU0616 2.50% 11/1/2051<sup>8</sup> | 49 | 42 |
| Fannie Mae Pool #CB2078 3.00% 11/1/2051<sup>8</sup> | 9882 | 8696 |
| Fannie Mae Pool #CB2286 2.50% 12/1/2051<sup>8</sup> | 17352 | 14835 |
| Fannie Mae Pool #CB2402 2.50% 12/1/2051<sup>8</sup> | 10959 | 9290 |

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| | |
|:---|:---|
| American Funds Insurance Series | **131** |

---

------

##### [**Table of Contents**](#toc)
Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
|  **Federal agency**<br> **mortgage-backed**<br> **obligations**<br> **(continued)**<br> Fannie Mae Pool #CB2375 2.50% 12/1/2051<sup>8</sup> | USD7,995 | $6825 |
| Fannie Mae Pool #BU8372 2.50% 12/1/2051<sup>8</sup> | 955 | 812 |
| Fannie Mae Pool #CB2323 2.50% 12/1/2051<sup>8</sup> | 947 | 805 |
| Fannie Mae Pool #CB2312 2.50% 12/1/2051<sup>8</sup> | 366 | 311 |
| Fannie Mae Pool #CB2319 2.50% 12/1/2051<sup>8</sup> | 196 | 168 |
| Fannie Mae Pool #BT9510 2.50% 12/1/2051<sup>8</sup> | 94 | 81 |
| Fannie Mae Pool #BT9483 2.50% 12/1/2051<sup>8</sup> | 95 | 81 |
| Fannie Mae Pool #CB2372 2.50% 12/1/2051<sup>8</sup> | 93 | 80 |
| Fannie Mae Pool #FS0235 2.50% 1/1/2052<sup>8</sup> | 12638 | 10713 |
| Fannie Mae Pool #FS0182 3.00% 1/1/2052<sup>8</sup> | 13050 | 11488 |
| Fannie Mae Pool #FS0303 3.00% 1/1/2052<sup>8</sup> | 978 | 859 |
| Fannie Mae Pool #CB3666 2.50% 2/1/2052<sup>8</sup> | 24794 | 21026 |
| Fannie Mae Pool #FS0546 2.50% 2/1/2052<sup>8</sup> | 11820 | 10020 |
| Fannie Mae Pool #BV4367 2.50% 2/1/2052<sup>8</sup> | 818 | 695 |
| Fannie Mae Pool #FS0613 2.50% 2/1/2052<sup>8</sup> | 736 | 625 |
| Fannie Mae Pool #BV9531 2.50% 2/1/2052<sup>8</sup> | 721 | 612 |
| Fannie Mae Pool #BU8226 2.50% 2/1/2052<sup>8</sup> | 612 | 520 |
| Fannie Mae Pool #BV4259 2.50% 2/1/2052<sup>8</sup> | 596 | 507 |
| Fannie Mae Pool #BV3216 2.50% 2/1/2052<sup>8</sup> | 487 | 413 |
| Fannie Mae Pool #BU7298 2.50% 2/1/2052<sup>8</sup> | 361 | 306 |
| Fannie Mae Pool #BV0307 2.50% 2/1/2052<sup>8</sup> | 75 | 63 |
| Fannie Mae Pool #BV3495 2.50% 2/1/2052<sup>8</sup> | 64 | 55 |
| Fannie Mae Pool #FS0647 3.00% 2/1/2052<sup>8</sup> | 67926 | 60633 |
| Fannie Mae Pool #CB2896 3.00% 2/1/2052<sup>8</sup> | 7625 | 6703 |
| Fannie Mae Pool #CB5013 2.50% 3/1/2052<sup>8</sup> | 3992 | 3392 |
| Fannie Mae Pool #BV6631 2.50% 3/1/2052<sup>8</sup> | 921 | 782 |
| Fannie Mae Pool #BV8086 2.50% 3/1/2052<sup>8</sup> | 596 | 508 |
| Fannie Mae Pool #BT8111 2.50% 3/1/2052<sup>8</sup> | 593 | 503 |
| Fannie Mae Pool #BV4173 2.50% 3/1/2052<sup>8</sup> | 525 | 446 |
| Fannie Mae Pool #BU8885 2.50% 3/1/2052<sup>8</sup> | 507 | 431 |
| Fannie Mae Pool #FS0831 3.00% 3/1/2052<sup>8</sup> | 16034 | 14095 |
| Fannie Mae Pool #CB3170 3.00% 3/1/2052<sup>8</sup> | 7000 | 6156 |
| Fannie Mae Pool #CB3410 3.00% 3/1/2052<sup>8</sup> | 158 | 139 |
| Fannie Mae Pool #MA4578 2.50% 4/1/2052<sup>8</sup> | 31872 | 27036 |
| Fannie Mae Pool #BV5332 2.50% 4/1/2052<sup>8</sup> | 966 | 820 |
| Fannie Mae Pool #BV4656 2.50% 4/1/2052<sup>8</sup> | 873 | 741 |
| Fannie Mae Pool #BV2996 2.50% 4/1/2052<sup>8</sup> | 814 | 691 |
| Fannie Mae Pool #CB3351 2.50% 4/1/2052<sup>8</sup> | 739 | 628 |
| Fannie Mae Pool #BV4182 2.50% 4/1/2052<sup>8</sup> | 730 | 620 |
| Fannie Mae Pool #FS1922 2.50% 4/1/2052<sup>8</sup> | 716 | 608 |
| Fannie Mae Pool #BV8569 2.50% 4/1/2052<sup>8</sup> | 683 | 580 |
| Fannie Mae Pool #BV7698 2.50% 4/1/2052<sup>8</sup> | 620 | 526 |
| Fannie Mae Pool #BV7717 2.50% 4/1/2052<sup>8</sup> | 593 | 504 |
| Fannie Mae Pool #BU8933 3.00% 4/1/2052<sup>8</sup> | 1825 | 1604 |
| Fannie Mae Pool #CB3364 3.00% 4/1/2052<sup>8</sup> | 457 | 402 |
| Fannie Mae Pool #BU8825 2.50% 5/1/2052<sup>8</sup> | 1018 | 864 |
| Fannie Mae Pool #BW2204 2.50% 5/1/2052<sup>8</sup> | 885 | 752 |
| Fannie Mae Pool #BV9818 2.50% 5/1/2052<sup>8</sup> | 790 | 672 |
| Fannie Mae Pool #BW0160 2.50% 5/1/2052<sup>8</sup> | 665 | 565 |
| Fannie Mae Pool #MA4598 2.50% 5/1/2052<sup>8</sup> | 162 | 137 |
| Fannie Mae Pool #BV9644 2.50% 5/1/2052<sup>8</sup> | 89 | 76 |
| Fannie Mae Pool #FS1877 3.00% 5/1/2052<sup>8</sup> | 5704 | 5012 |
| Fannie Mae Pool #BV7238 3.00% 5/1/2052<sup>8</sup> | 1886 | 1658 |
| Fannie Mae Pool #CB3495 3.00% 5/1/2052<sup>8</sup> | 1867 | 1640 |
| Fannie Mae Pool #BT7819 3.00% 5/1/2052<sup>8</sup> | 138 | 121 |
| Fannie Mae Pool #BW1436 4.50% 5/1/2052<sup>8</sup> | 3137 | 3023 |
| Fannie Mae Pool #MA4624 3.00% 6/1/2052<sup>8</sup> | 1431 | 1257 |
| Fannie Mae Pool #BW2935 3.00% 6/1/2052<sup>8</sup> | 747 | 657 |
| Fannie Mae Pool #BW1449 3.00% 6/1/2052<sup>8</sup> | 400 | 352 |
| Fannie Mae Pool #BV9701 3.00% 6/1/2052<sup>8</sup> | 114 | 100 |
| Fannie Mae Pool #BW5663 4.50% 6/1/2052<sup>8</sup> | 2906 | 2800 |

---

---

| | |
|:---|:---|
| **132** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
|  **Federal agency**<br> **mortgage-backed**<br> **obligations**<br> **(continued)**<br> Fannie Mae Pool #CB4534 4.50% 6/1/2052<sup>8</sup> | USD2,080 | $2004 |
| Fannie Mae Pool #FS2239 2.50% 7/1/2052<sup>8</sup> | 10586 | 8987 |
| Fannie Mae Pool #MA4652 2.50% 7/1/2052<sup>8</sup> | 7000 | 5940 |
| Fannie Mae Pool #BV7868 2.50% 7/1/2052<sup>8</sup> | 996 | 845 |
| Fannie Mae Pool #BV2584 2.50% 7/1/2052<sup>8</sup> | 602 | 510 |
| Fannie Mae Pool #BW5528 2.50% 7/1/2052<sup>8</sup> | 525 | 445 |
| Fannie Mae Pool #BW6043 2.50% 7/1/2052<sup>8</sup> | 62 | 53 |
| Fannie Mae Pool #BW5579 3.50% 7/1/2052<sup>8</sup> | 2000 | 1819 |
| Fannie Mae Pool #CB4159 4.00% 7/1/2052<sup>8</sup> | 1519 | 1427 |
| Fannie Mae Pool #FS2555 4.50% 7/1/2052<sup>8</sup> | 125 | 120 |
| Fannie Mae Pool #MA4743 2.50% 8/1/2052<sup>8</sup> | 6986 | 5925 |
| Fannie Mae Pool #BW7293 3.50% 8/1/2052<sup>8</sup> | 3000 | 2729 |
| Fannie Mae Pool #CB4363 3.50% 8/1/2052<sup>8</sup> | 960 | 874 |
| Fannie Mae Pool #BV7903 3.50% 8/1/2052<sup>8</sup> | 200 | 182 |
| Fannie Mae Pool #BV8024 4.00% 8/1/2052<sup>8</sup> | 1924 | 1807 |
| Fannie Mae Pool #BW7302 4.00% 8/1/2052<sup>8</sup> | 289 | 272 |
| Fannie Mae Pool #BW4199 4.50% 8/1/2052<sup>8</sup> | 2996 | 2887 |
| Fannie Mae Pool #BW3035 4.50% 8/1/2052<sup>8</sup> | 2532 | 2440 |
| Fannie Mae Pool #BW5789 4.50% 8/1/2052<sup>8</sup> | 999 | 963 |
| Fannie Mae Pool #BW6395 4.50% 8/1/2052<sup>8</sup> | 999 | 962 |
| Fannie Mae Pool #BW7349 3.00% 9/1/2052<sup>8</sup> | 1886 | 1658 |
| Fannie Mae Pool #BW7780 3.00% 9/1/2052<sup>8</sup> | 219 | 192 |
| Fannie Mae Pool #MA4732 4.00% 9/1/2052<sup>8</sup> | 56336 | 52898 |
| Fannie Mae Pool #BW7326 4.00% 9/1/2052<sup>8</sup> | 1648 | 1547 |
| Fannie Mae Pool #BW9348 4.00% 9/1/2052<sup>8</sup> | 1429 | 1342 |
| Fannie Mae Pool #BW8103 4.00% 9/1/2052<sup>8</sup> | 1353 | 1271 |
| Fannie Mae Pool #MA4733 4.50% 9/1/2052<sup>8</sup> | 12197 | 11752 |
| Fannie Mae Pool #BV0957 4.50% 9/1/2052<sup>8</sup> | 3075 | 2962 |
| Fannie Mae Pool #BW1192 4.50% 9/1/2052<sup>8</sup> | 2185 | 2105 |
| Fannie Mae Pool #BW1201 5.00% 9/1/2052<sup>8</sup> | 2361 | 2331 |
| Fannie Mae Pool #MA4824 2.50% 10/1/2052<sup>8</sup> | 94 | 80 |
| Fannie Mae Pool #MA4782 3.50% 10/1/2052<sup>8</sup> | 3000 | 2729 |
| Fannie Mae Pool #BW8980 4.00% 10/1/2052<sup>8</sup> | 5340 | 5014 |
| Fannie Mae Pool #BW1210 4.00% 10/1/2052<sup>8</sup> | 4034 | 3788 |
| Fannie Mae Pool #BW7356 4.00% 10/1/2052<sup>8</sup> | 3356 | 3151 |
| Fannie Mae Pool #BX0509 4.00% 10/1/2052<sup>8</sup> | 1444 | 1356 |
| Fannie Mae Pool #MA4784 4.50% 10/1/2052<sup>8</sup> | 14120 | 13605 |
| Fannie Mae Pool #CB4959 4.50% 10/1/2052<sup>8</sup> | 9275 | 8936 |
| Fannie Mae Pool #BV0961 4.50% 10/1/2052<sup>8</sup> | 3995 | 3849 |
| Fannie Mae Pool #BW8981 4.50% 10/1/2052<sup>8</sup> | 2309 | 2224 |
| Fannie Mae Pool #BX0097 4.50% 10/1/2052<sup>8</sup> | 998 | 962 |
| Fannie Mae Pool #MA4785 5.00% 10/1/2052<sup>8</sup> | 3500 | 3455 |
| Fannie Mae Pool #MA4887 2.50% 11/1/2052<sup>8</sup> | 1448 | 1228 |
| Fannie Mae Pool #MA4854 2.50% 11/1/2052<sup>8</sup> | 902 | 765 |
| Fannie Mae Pool #BW1309 2.50% 11/1/2052<sup>8</sup> | 813 | 690 |
| Fannie Mae Pool #MA4885 3.00% 11/1/2052<sup>8</sup> | 801 | 704 |
| Fannie Mae Pool #FS3279 3.50% 11/1/2052<sup>8</sup> | 9999 | 9099 |
| Fannie Mae Pool #MA4803 3.50% 11/1/2052<sup>8</sup> | 1000 | 910 |
| Fannie Mae Pool #MA4804 4.00% 11/1/2052<sup>8</sup> | 6621 | 6217 |
| Fannie Mae Pool #BW1310 4.00% 11/1/2052<sup>8</sup> | 1509 | 1417 |
| Fannie Mae Pool #BX3075 4.50% 11/1/2052<sup>8</sup> | 2973 | 2865 |
| Fannie Mae Pool #MA4911 3.00% 12/1/2052<sup>8</sup> | 650 | 571 |
| Fannie Mae Pool #MA4838 3.50% 12/1/2052<sup>8</sup> | 4500 | 4093 |
| Fannie Mae Pool #MA4839 4.00% 12/1/2052<sup>8</sup> | 4000 | 3756 |
| Fannie Mae Pool #MA4841 5.00% 12/1/2052<sup>8</sup> | 6256 | 6175 |
| Fannie Mae Pool #MA4877 6.50% 12/1/2052<sup>8</sup> | 1000 | 1026 |
| Fannie Mae Pool #MA4868 5.00% 1/1/2053<sup>8</sup> | 7999 | 7896 |
| Fannie Mae Pool #BX4609 5.00% 1/1/2053<sup>8</sup> | 1277 | 1261 |
| Fannie Mae Pool #MA4869 5.50% 1/1/2053<sup>8</sup> | 100 | 100 |
| Fannie Mae Pool #MA4895 6.50% 1/1/2053<sup>8</sup> | 7427 | 7618 |
| Fannie Mae Pool #BM6736 4.50% 11/1/2059<sup>8</sup> | 11696 | 11413 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **133** |

---

------

##### [**Table of Contents**](#toc)
Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
|  **Federal agency**<br> **mortgage-backed**<br> **obligations**<br> **(continued)**<br> Fannie Mae Pool #BF0497 3.00% 7/1/2060<sup>8</sup> | USD4,130 | $3619 |
| Fannie Mae, Series 2002-W3, Class A5, 7.50% 11/25/2041<sup>8</sup> | 24 | 26 |
| Fannie Mae, Series 2001-T10, Class A1, 7.00% 12/25/2041<sup>8</sup> | 84 | 86 |
| Fannie Mae, Series 2014-M1, Class A2, Multi Family, 3.298% 7/25/2023<sup>8,9</sup> | 1660 | 1644 |
| Fannie Mae, Series 2014-M2, Class A2, Multi Family, 3.513% 12/25/2023<sup>8,9</sup> | 1909 | 1877 |
| Fannie Mae, Series 2014-M3, Class A2, Multi Family, 3.501% 1/25/2024<sup>8,9</sup> | 1338 | 1314 |
| Fannie Mae, Series 2014-M9, Class A2, Multi Family, 3.103% 7/25/2024<sup>8,9</sup> | 3273 | 3169 |
| Fannie Mae, Series 2017-M3, Class A2, Multi Family, 2.471% 12/25/2026<sup>8,9</sup> | 7323 | 6758 |
| Fannie Mae, Series 2017-M7, Class A2, Multi Family, 2.961% 2/25/2027<sup>8,9</sup> | 2602 | 2446 |
| Fannie Mae, Series 2006-43, Class JO, principal only, 0% 6/25/2036<sup>8</sup> | 39 | 32 |
| Freddie Mac Pool #C91912 3.00% 2/1/2037<sup>8</sup> | 11022 | 10254 |
| Freddie Mac Pool #G03978 5.00% 3/1/2038<sup>8</sup> | 420 | 429 |
| Freddie Mac Pool #G04553 6.50% 9/1/2038<sup>8</sup> | 48 | 51 |
| Freddie Mac Pool #G08347 4.50% 6/1/2039<sup>8</sup> | 67 | 67 |
| Freddie Mac Pool #C03518 5.00% 9/1/2040<sup>8</sup> | 572 | 580 |
| Freddie Mac Pool #Q05807 4.00% 1/1/2042<sup>8</sup> | 1648 | 1586 |
| Freddie Mac Pool #Q23185 4.00% 11/1/2043<sup>8</sup> | 1303 | 1275 |
| Freddie Mac Pool #Q23190 4.00% 11/1/2043<sup>8</sup> | 758 | 732 |
| Freddie Mac Pool #760014 2.74% 8/1/2045<sup>8,9</sup> | 179 | 173 |
| Freddie Mac Pool #Q37988 4.00% 12/1/2045<sup>8</sup> | 5730 | 5510 |
| Freddie Mac Pool #G60344 4.00% 12/1/2045<sup>8</sup> | 4930 | 4740 |
| Freddie Mac Pool #Z40130 3.00% 1/1/2046<sup>8</sup> | 4452 | 4029 |
| Freddie Mac Pool #Q41090 4.50% 6/1/2046<sup>8</sup> | 204 | 200 |
| Freddie Mac Pool #Q41909 4.50% 7/1/2046<sup>8</sup> | 242 | 238 |
| Freddie Mac Pool #760015 2.561% 1/1/2047<sup>8,9</sup> | 444 | 420 |
| Freddie Mac Pool #Q46021 3.50% 2/1/2047<sup>8</sup> | 1150 | 1068 |
| Freddie Mac Pool #SI2002 4.00% 3/1/2048<sup>8</sup> | 2336 | 2234 |
| Freddie Mac Pool #SD8106 2.00% 11/1/2050<sup>8</sup> | 33078 | 27081 |
| Freddie Mac Pool #SD7528 2.00% 11/1/2050<sup>8</sup> | 17984 | 14872 |
| Freddie Mac Pool #QC2344 2.50% 4/1/2051<sup>8</sup> | 966 | 821 |
| Freddie Mac Pool #RA5288 2.00% 5/1/2051<sup>8</sup> | 30665 | 25100 |
| Freddie Mac Pool #SD8151 2.50% 6/1/2051<sup>8</sup> | 330 | 281 |
| Freddie Mac Pool #RA5782 2.50% 9/1/2051<sup>8</sup> | 10333 | 8855 |
| Freddie Mac Pool #SD7545 2.50% 9/1/2051<sup>8</sup> | 7074 | 6091 |
| Freddie Mac Pool #RA5759 2.50% 9/1/2051<sup>8</sup> | 2039 | 1728 |
| Freddie Mac Pool #QC7910 2.50% 9/1/2051<sup>8</sup> | 931 | 795 |
| Freddie Mac Pool #QC6921 2.50% 9/1/2051<sup>8</sup> | 911 | 774 |
| Freddie Mac Pool #RA5971 3.00% 9/1/2051<sup>8</sup> | 6901 | 6123 |
| Freddie Mac Pool #QC6456 3.00% 9/1/2051<sup>8</sup> | 701 | 616 |
| Freddie Mac Pool #RA6107 2.50% 10/1/2051<sup>8</sup> | 5385 | 4568 |
| Freddie Mac Pool #QC8778 2.50% 10/1/2051<sup>8</sup> | 462 | 392 |
| Freddie Mac Pool #QC9156 2.50% 10/1/2051<sup>8</sup> | 327 | 278 |
| Freddie Mac Pool #QC7814 2.50% 10/1/2051<sup>8</sup> | 27 | 23 |
| Freddie Mac Pool #RA6231 2.50% 11/1/2051<sup>8</sup> | 1993 | 1690 |
| Freddie Mac Pool #QC9944 2.50% 11/1/2051<sup>8</sup> | 1474 | 1251 |
| Freddie Mac Pool #QD1746 2.50% 11/1/2051<sup>8</sup> | 933 | 792 |
| Freddie Mac Pool #QC9788 2.50% 11/1/2051<sup>8</sup> | 930 | 790 |
| Freddie Mac Pool #QD1523 2.50% 11/1/2051<sup>8</sup> | 218 | 185 |
| Freddie Mac Pool #RA6483 2.50% 12/1/2051<sup>8</sup> | 6952 | 5934 |
| Freddie Mac Pool #RA7081 2.50% 12/1/2051<sup>8</sup> | 2698 | 2288 |
| Freddie Mac Pool #QD3362 2.50% 12/1/2051<sup>8</sup> | 854 | 725 |
| Freddie Mac Pool #RA6433 2.50% 12/1/2051<sup>8</sup> | 43 | 37 |
| Freddie Mac Pool #RA6485 3.00% 12/1/2051<sup>8</sup> | 1935 | 1701 |
| Freddie Mac Pool #RA6428 3.00% 12/1/2051<sup>8</sup> | 420 | 369 |
| Freddie Mac Pool #SD0853 2.50% 1/1/2052<sup>8</sup> | 5650 | 4790 |
| Freddie Mac Pool #SD7552 2.50% 1/1/2052<sup>8</sup> | 2429 | 2077 |
| Freddie Mac Pool #SD0854 2.50% 1/1/2052<sup>8</sup> | 1987 | 1688 |
| Freddie Mac Pool #RA6615 2.50% 1/1/2052<sup>8</sup> | 600 | 510 |
| Freddie Mac Pool #QD5254 2.50% 1/1/2052<sup>8</sup> | 597 | 507 |
| Freddie Mac Pool #SD8194 2.50% 2/1/2052<sup>8</sup> | 642 | 545 |
| Freddie Mac Pool #QD9066 2.50% 2/1/2052<sup>8</sup> | 501 | 426 |

---

---

| | |
|:---|:---|
| **134** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
|  **Federal agency**<br> **mortgage-backed**<br> **obligations**<br> **(continued)**<br> Freddie Mac Pool #QD6379 2.50% 2/1/2052<sup>8</sup> | USD97 | $83 |
| Freddie Mac Pool #QD6971 2.50% 2/1/2052<sup>8</sup> | 63 | 54 |
| Freddie Mac Pool #QD7312 2.50% 2/1/2052<sup>8</sup> | 32 | 27 |
| Freddie Mac Pool #RA6806 3.00% 2/1/2052<sup>8</sup> | 2000 | 1758 |
| Freddie Mac Pool #QD6948 3.00% 2/1/2052<sup>8</sup> | 1906 | 1676 |
| Freddie Mac Pool #RA6608 3.00% 2/1/2052<sup>8</sup> | 954 | 838 |
| Freddie Mac Pool #QD7089 3.50% 2/1/2052<sup>8</sup> | 1195 | 1089 |
| Freddie Mac Pool #QD8976 2.50% 3/1/2052<sup>8</sup> | 952 | 809 |
| Freddie Mac Pool #QE0957 2.50% 3/1/2052<sup>8</sup> | 875 | 743 |
| Freddie Mac Pool #RA6959 2.50% 3/1/2052<sup>8</sup> | 766 | 651 |
| Freddie Mac Pool #QE0615 2.50% 3/1/2052<sup>8</sup> | 606 | 515 |
| Freddie Mac Pool #SD8200 2.50% 3/1/2052<sup>8</sup> | 437 | 371 |
| Freddie Mac Pool #QD8152 2.50% 3/1/2052<sup>8</sup> | 367 | 312 |
| Freddie Mac Pool #QD8673 3.00% 3/1/2052<sup>8</sup> | 1542 | 1356 |
| Freddie Mac Pool #RA6992 3.00% 3/1/2052<sup>8</sup> | 1097 | 964 |
| Freddie Mac Pool #SD8205 2.50% 4/1/2052<sup>8</sup> | 6581 | 5582 |
| Freddie Mac Pool #QD9911 2.50% 4/1/2052<sup>8</sup> | 2676 | 2269 |
| Freddie Mac Pool #QE0800 2.50% 4/1/2052<sup>8</sup> | 2628 | 2231 |
| Freddie Mac Pool #QE0170 2.50% 4/1/2052<sup>8</sup> | 1711 | 1451 |
| Freddie Mac Pool #QE3079 2.50% 4/1/2052<sup>8</sup> | 932 | 792 |
| Freddie Mac Pool #QD9907 2.50% 4/1/2052<sup>8</sup> | 850 | 722 |
| Freddie Mac Pool #QE0407 2.50% 4/1/2052<sup>8</sup> | 769 | 653 |
| Freddie Mac Pool #QE5290 2.50% 4/1/2052<sup>8</sup> | 740 | 628 |
| Freddie Mac Pool #QE0025 2.50% 4/1/2052<sup>8</sup> | 549 | 466 |
| Freddie Mac Pool #QE0799 2.50% 4/1/2052<sup>8</sup> | 123 | 105 |
| Freddie Mac Pool #SD7554 2.50% 4/1/2052<sup>8</sup> | 94 | 80 |
| Freddie Mac Pool #QE2101 2.50% 4/1/2052<sup>8</sup> | 45 | 38 |
| Freddie Mac Pool #SD8206 3.00% 4/1/2052<sup>8</sup> | 800 | 703 |
| Freddie Mac Pool #RA7063 3.50% 4/1/2052<sup>8</sup> | 22000 | 20028 |
| Freddie Mac Pool #QE2352 2.50% 5/1/2052<sup>8</sup> | 40 | 34 |
| Freddie Mac Pool #QE1793 3.00% 5/1/2052<sup>8</sup> | 1910 | 1679 |
| Freddie Mac Pool #QE3080 3.00% 5/1/2052<sup>8</sup> | 400 | 351 |
| Freddie Mac Pool #RA7386 3.50% 5/1/2052<sup>8</sup> | 7332 | 6669 |
| Freddie Mac Pool #SD8220 3.00% 6/1/2052<sup>8</sup> | 4451 | 3913 |
| Freddie Mac Pool #QE4383 4.00% 6/1/2052<sup>8</sup> | 2336 | 2193 |
| Freddie Mac Pool #QE6097 2.50% 7/1/2052<sup>8</sup> | 83 | 71 |
| Freddie Mac Pool #QE5714 3.50% 7/1/2052<sup>8</sup> | 4000 | 3639 |
| Freddie Mac Pool #QE6274 3.50% 7/1/2052<sup>8</sup> | 4000 | 3638 |
| Freddie Mac Pool #SD8226 3.50% 7/1/2052<sup>8</sup> | 2667 | 2426 |
| Freddie Mac Pool #QE5983 3.50% 7/1/2052<sup>8</sup> | 2000 | 1819 |
| Freddie Mac Pool #QE7680 4.50% 7/1/2052<sup>8</sup> | 2533 | 2441 |
| Freddie Mac Pool #RA7747 2.50% 8/1/2052<sup>8</sup> | 2681 | 2273 |
| Freddie Mac Pool #QE8026 2.50% 8/1/2052<sup>8</sup> | 1675 | 1421 |
| Freddie Mac Pool #SD8234 2.50% 8/1/2052<sup>8</sup> | 32 | 27 |
| Freddie Mac Pool #RA7749 3.50% 8/1/2052<sup>8</sup> | 13390 | 12181 |
| Freddie Mac Pool #QE9057 4.00% 8/1/2052<sup>8</sup> | 1231 | 1156 |
| Freddie Mac Pool #QE7157 4.00% 8/1/2052<sup>8</sup> | 224 | 210 |
| Freddie Mac Pool #SD1576 5.00% 8/1/2052<sup>8</sup> | 3206 | 3165 |
| Freddie Mac Pool #SD8262 2.50% 9/1/2052<sup>8</sup> | 9650 | 8185 |
| Freddie Mac Pool #QF0923 2.50% 9/1/2052<sup>8</sup> | 597 | 506 |
| Freddie Mac Pool #SD8242 3.00% 9/1/2052<sup>8</sup> | 17971 | 15797 |
| Freddie Mac Pool #SD8243 3.50% 9/1/2052<sup>8</sup> | 4039 | 3675 |
| Freddie Mac Pool #SD8244 4.00% 9/1/2052<sup>8</sup> | 4000 | 3756 |
| Freddie Mac Pool #QE9625 4.00% 9/1/2052<sup>8</sup> | 1586 | 1489 |
| Freddie Mac Pool #QF0152 4.50% 9/1/2052<sup>8</sup> | 1531 | 1475 |
| Freddie Mac Pool #SD8246 5.00% 9/1/2052<sup>8</sup> | 79771 | 78743 |
| Freddie Mac Pool #RA7938 5.00% 9/1/2052<sup>8</sup> | 1321 | 1304 |
| Freddie Mac Pool #QF1751 2.50% 10/1/2052<sup>8</sup> | 946 | 803 |
| Freddie Mac Pool #SD8271 2.50% 10/1/2052<sup>8</sup> | 579 | 491 |
| Freddie Mac Pool #QF1464 4.00% 10/1/2052<sup>8</sup> | 1521 | 1429 |
| Freddie Mac Pool #QF1489 4.00% 10/1/2052<sup>8</sup> | 1281 | 1203 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **135** |

---

------

##### [**Table of Contents**](#toc)
Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
|  **Federal agency**<br> **mortgage-backed**<br> **obligations**<br> **(continued)**<br> Freddie Mac Pool #SD8256 4.00% 10/1/2052<sup>8</sup> | USD1,000 | $939 |
| Freddie Mac Pool #QF1925 4.00% 10/1/2052<sup>8</sup> | 1000 | 939 |
| Freddie Mac Pool #SD8257 4.50% 10/1/2052<sup>8</sup> | 53823 | 51858 |
| Freddie Mac Pool #QF3304 5.00% 10/1/2052<sup>8</sup> | 3694 | 3646 |
| Freddie Mac Pool #SD8291 2.50% 11/1/2052<sup>8</sup> | 855 | 725 |
| Freddie Mac Pool #SD8283 2.50% 11/1/2052<sup>8</sup> | 634 | 538 |
| Freddie Mac Pool #SD8273 3.50% 11/1/2052<sup>8</sup> | 4000 | 3639 |
| Freddie Mac Pool #SD8264 3.50% 11/1/2052<sup>8</sup> | 4000 | 3639 |
| Freddie Mac Pool #QF3364 4.00% 11/1/2052<sup>8</sup> | 2477 | 2326 |
| Freddie Mac Pool #SD8265 4.00% 11/1/2052<sup>8</sup> | 251 | 235 |
| Freddie Mac Pool #SD8266 4.50% 11/1/2052<sup>8</sup> | 4 | 3 |
| Freddie Mac Pool #SD8275 4.50% 12/1/2052<sup>8</sup> | 1295 | 1248 |
| Freddie Mac Pool #SD8276 5.00% 12/1/2052<sup>8</sup> | 6999 | 6909 |
| Freddie Mac Pool #SD8281 6.50% 12/1/2052<sup>8</sup> | 14617 | 14994 |
| Freddie Mac Pool #SD8284 3.00% 1/1/2053<sup>8</sup> | 11360 | 9985 |
| Freddie Mac Pool #SD8285 3.50% 1/1/2053<sup>8</sup> | 5499 | 5003 |
| Freddie Mac Pool #SD8286 4.00% 1/1/2053<sup>8</sup> | 336 | 315 |
| Freddie Mac Pool #SD8288 5.00% 1/1/2053<sup>8</sup> | 3778 | 3729 |
| Freddie Mac Pool #SD8282 6.50% 1/1/2053<sup>8</sup> | 706 | 724 |
| Freddie Mac, Series T041, Class 3A, 4.402% 7/25/2032<sup>8,9</sup> | 187 | 179 |
| Freddie Mac, Series K733, Class A2, Multi Family, 3.75% 8/25/2025<sup>8,9</sup> | 9778 | 9538 |
| Freddie Mac, Series K734, Class A2, Multi Family, 3.208% 2/25/2026<sup>8</sup> | 7370 | 7077 |
| Freddie Mac, Series K076, Class A2, Multi Family, 3.90% 4/25/2028<sup>8</sup> | 3237 | 3158 |
| Freddie Mac, Series K143, Class A2, Multi Family, 2.35% 6/25/2032<sup>8</sup> | 19961 | 16758 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA,<br>3.00% 1/25/2056<sup>8,9</sup> | 2646 | 2476 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HA, 3.25% 7/25/2056<sup>8,9</sup> | 1149 | 1082 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA,<br>3.00% 8/25/2056<sup>8</sup> | 5121 | 4758 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA,<br>3.00% 8/25/2056<sup>8,9</sup> | 5074 | 4744 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT,<br>3.25% 6/25/2057<sup>8,9</sup> | 911 | 831 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT,<br>3.50% 6/25/2057<sup>8</sup> | 755 | 684 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA,<br>3.50% 8/25/2057<sup>8</sup> | 1823 | 1730 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MT,<br>3.50% 11/25/2057<sup>8</sup> | 1942 | 1757 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA,<br>3.50% 8/25/2058<sup>8</sup> | 9501 | 8965 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-4, Class MA,<br>3.00% 2/25/2059<sup>8</sup> | 5448 | 5052 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 11/25/2028<sup>8</sup> | 2154 | 2056 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-1, Class A1, 3.50% 5/25/2029<sup>8</sup> | 4272 | 4072 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-1, Class A2, 3.50% 5/25/2029<sup>8</sup> | 2455 | 2255 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-3, Class A1C, 2.75% 11/25/2029<sup>8</sup> | 2682 | 2465 |
| Government National Mortgage Assn. 2.00% 1/1/2053<sup>8,10</sup> | 68784 | 57662 |
| Government National Mortgage Assn. 2.50% 1/1/2053<sup>8,10</sup> | 5866 | 5085 |
| Government National Mortgage Assn. 3.00% 1/1/2053<sup>8,10</sup> | 83663 | 74514 |
| Government National Mortgage Assn. 3.50% 1/1/2053<sup>8,10</sup> | 16502 | 15165 |
| Government National Mortgage Assn. 4.00% 1/1/2053<sup>8,10</sup> | 3200 | 3029 |
| Government National Mortgage Assn. 4.50% 1/1/2053<sup>8,10</sup> | 33456 | 32460 |
| Government National Mortgage Assn. Pool #BD7245 4.00% 1/20/2048<sup>8</sup> | 437 | 417 |
| Government National Mortgage Assn. Pool #MA5652 4.50% 12/20/2048<sup>8</sup> | 342 | 332 |
| Government National Mortgage Assn. Pool #MA6602 4.50% 4/20/2050<sup>8</sup> | 204 | 200 |

---

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| | |
|:---|:---|
| **136** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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------

##### [**Table of Contents**](#toc)
Asset Allocation Fund (continued)

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| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
|  **Federal agency**<br> **mortgage-backed**<br> **obligations**<br> **(continued)**<br> Government National Mortgage Assn. Pool #MA7259 4.50% 3/20/2051<sup>8</sup> | USD1,762 | $1734 |
| Government National Mortgage Assn. Pool #MA7316 4.50% 4/20/2051<sup>8</sup> | 490 | 482 |
| Government National Mortgage Assn. Pool #MA8346 4.00% 10/20/2052<sup>8</sup> | 1260 | 1193 |
| Government National Mortgage Assn. Pool #MA8426 4.00% 11/20/2052<sup>8</sup> | 10566 | 10009 |
| Government National Mortgage Assn. Pool #MA8488 4.00% 12/20/2052<sup>8</sup> | 1000 | 947 |
| Uniform Mortgage-Backed Security 1.50% 1/1/2038<sup>8,10</sup> | 25420 | 22012 |
| Uniform Mortgage-Backed Security 2.50% 1/1/2038<sup>8,10</sup> | 638 | 584 |
| Uniform Mortgage-Backed Security 2.00% 1/1/2053<sup>8,10</sup> | 108193 | 88062 |
| Uniform Mortgage-Backed Security 4.00% 1/1/2053<sup>8,10</sup> | 7100 | 6660 |
| Uniform Mortgage-Backed Security 4.50% 1/1/2053<sup>8,10</sup> | 9560 | 9203 |
| Uniform Mortgage-Backed Security 5.00% 1/1/2053<sup>8,10</sup> | 4884 | 4813 |
| Uniform Mortgage-Backed Security 5.50% 1/1/2053<sup>8,10</sup> | 60890 | 61059 |
| Uniform Mortgage-Backed Security 6.00% 1/1/2053<sup>8,10</sup> | 12770 | 12962 |
| Uniform Mortgage-Backed Security 4.00% 2/1/2053<sup>8,10</sup> | 15948 | 14963 |
| Uniform Mortgage-Backed Security 5.00% 2/1/2053<sup>8,10</sup> | 35408 | 34891 |
| Uniform Mortgage-Backed Security 5.50% 2/1/2053<sup>8,10</sup> | 16800 | 16838 |
| Uniform Mortgage-Backed Security 6.00% 2/1/2053<sup>8,10</sup> | 36230 | 36745 |
|  |  | 1739465 |
|  **Commercial**<br> **mortgage-backed**<br> **securities**<br> **0.44%**<br> Bank Commercial Mortgage Trust, Series 2020-BN26, Class A4, 2.403% 3/15/2063<sup>8</sup> | 2909 | 2435 |
| Bank Commercial Mortgage Trust, Series 2022-BNK40, Class A4, 3.394% 3/15/2064<sup>8,9</sup> | 2550 | 2246 |
| Barclays Commercial Mortgage Securities, LLC, Series 2017-DELC, Class A, 5.293% 8/15/2036<sup>6,8,9</sup> | 2000 | 1966 |
| Benchmark Mortgage Trust, Series 2018-B2, Class A4, 3.615% 2/15/2051<sup>8</sup> | 1000 | 927 |
| Benchmark Mortgage Trust, Series 2020-B17, Class A5, 2.289% 3/15/2053<sup>8</sup> | 2960 | 2466 |
| BX Trust, Series 2021-SDMF, Class A, (1-month USD-LIBOR + 0.589%) 4.907% 9/15/2034<sup>6,8,9</sup> | 5954 | 5711 |
| BX Trust, Series 2021-VOLT, Class A, (1-month USD-LIBOR + 0.70%) 5.018% 9/15/2036<sup>6,8,9</sup> | 4505 | 4346 |
| BX Trust, Series 2021-ARIA, Class A, (1-month USD-LIBOR + 0.899%) 5.217% 10/15/2036<sup>6,8,9</sup> | 7968 | 7593 |
| BX Trust, Series 2021-ARIA, Class B, (1-month USD-LIBOR + 1.297%) 5.615% 10/15/2036<sup>6,8,9</sup> | 5968 | 5613 |
| BX Trust, Series 2021-SOAR, Class A, (1-month USD-LIBOR + 0.67%) 4.988% 6/15/2038<sup>6,8,9</sup> | 7481 | 7216 |
| BX Trust, Series 2021-SOAR, Class B, (1-month USD-LIBOR + 0.87%) 5.188% 6/15/2038<sup>6,8,9</sup> | 1351 | 1290 |
| BX Trust, Series 2021-SOAR, Class C, (1-month USD-LIBOR + 1.10%) 5.418% 6/15/2038<sup>6,8,9</sup> | 1220 | 1156 |
| BX Trust, Series 2021-ACNT, Class A, (1-month USD-LIBOR + 0.85%) 5.168% 11/15/2038<sup>6,8,9</sup> | 5254 | 5063 |
| Citigroup Commercial Mortgage Trust, Series 2015-GC29, Class AAB, 2.984% 4/10/2048<sup>8</sup> | 470 | 459 |
| Commercial Mortgage Trust, Series 2015-PC1, Class A5, 3.902% 7/10/2050<sup>8</sup> | 4735 | 4540 |
| CSAIL Commercial Mortgage Trust, Series 2015-C4, Class ASB, 3.617% 11/15/2048<sup>8</sup> | 780 | 758 |
| Extended Stay America Trust, Series 2021-ESH, Class A, (1-month USD-LIBOR + 1.08%) 5.398% 7/15/2038<sup>6,8,9</sup> | 1537 | 1495 |
| Extended Stay America Trust, Series 2021-ESH, Class B, (1-month USD-LIBOR + 1.38%) 5.698% 7/15/2038<sup>6,8,9</sup> | 1403 | 1351 |
| Extended Stay America Trust, Series 2021-ESH, Class C, (1-month USD-LIBOR + 1.70%) 6.018% 7/15/2038<sup>6,8,9</sup> | 1465 | 1410 |
| Grace Mortgage Trust, Series 2020-GRCE, Class A, 2.347% 12/10/2040<sup>6,8</sup> | 3795 | 2918 |
| GS Mortgage Securities Trust, Series 2020-GC47, Class A5, 2.377% 5/12/2053<sup>8</sup> | 2489 | 2059 |
| JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class A, 3.024% 1/5/2039<sup>6,8</sup> | 1964 | 1682 |
| JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class C, 3.377% 1/5/2039<sup>6,8</sup> | 868 | 708 |
| JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class C, 3.565% 1/5/2039<sup>6,8,9</sup> | 523 | 407 |

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| | |
|:---|:---|
| American Funds Insurance Series | **137** |

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------

##### [**Table of Contents**](#toc)
Asset Allocation Fund (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
|  **Commercial**<br> **mortgage-backed**<br> **securities**<br> **(continued)** | JPMorgan Chase Commercial Mortgage Securities Trust, Series 2021-410T, Class A, 2.287% 3/5/2042<sup>6,8</sup> | USD1,431 | $| 1171 |
|  | LUXE Commercial Mortgage Trust, Series 2021-TRIP, Class A, (1-month USD-LIBOR + 1.05%) 5.368% 10/15/2038<sup>6,8,9</sup> | 1236 |  | 1184 |
|  | LUXE Commercial Mortgage Trust, Series 2021-TRIP, Class B, (1-month USD-LIBOR + 1.40%) 5.718% 10/15/2038<sup>6,8,9</sup> | 1904 |  | 1803 |
|  | Manhattan West Mortgage Trust, Series 2020-1MW, Class A, 2.13% 9/10/2039<sup>6,8</sup> | 13772 |  | 11780 |
|  | MHC Commercial Mortgage Trust, CMO, Series 2021-MHC, Class A, (1-month USD-LIBOR + 0.801%) 5.119% 4/15/2026<sup>6,8,9</sup> | 3950 |  | 3837 |
|  | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C27, Class ASB, 3.557% 12/15/2047<sup>8</sup> | 556 |  | 541 |
|  | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class ASB, 3.04% 4/15/2048<sup>8</sup> | 467 |  | 454 |
|  | SLG Office Trust, Series 2021-OVA, Class A, 2.585% 7/15/2041<sup>6,8</sup> | 2194 |  | 1756 |
|  | SREIT Trust, Series 2021-MFP, Class A, (1-month USD-LIBOR + 0.731%) 5.049% 11/15/2038<sup>6,8,9</sup> | 4808 |  | 4631 |
|  | StorageMart Commercial Mortgage Trust, Series 2022-MINI, Class A, (1-month USD CME Term SOFR + 1.00%) 5.336% 1/15/2039<sup>6,8,9</sup> | 10709 |  | 10352 |
|  | WMRK Commercial Mortgage Trust, Series 2022-WMRK, Class A, (1-month USD CME Term SOFR + 2.789%) 7.125% 11/15/2027<sup>6,8,9</sup> | 6379 |  | 6373 |
|  |  |  |  | 109697 |
|  **Collateralized**<br> **mortgage-backed**<br> **obligations (privately**<br> **originated)**<br> **0.12%** | Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.175% 10/25/2048<sup>6,8,9</sup> | 1101 |  | 870 |
|  | Bellemeade Re, Ltd., Series 2019-3A, Class M1B, (1-month USD-LIBOR + 1.60%) 5.989% 7/25/2029<sup>6,8,9</sup> | 496 |  | 496 |
|  | Cascade Funding Mortgage Trust, Series 2018-RM2, Class A, 4.00% 10/25/2068<sup>6,8,9</sup> | 1181 |  | 1140 |
|  | Connecticut Avenue Securities Trust, Series 2021-R01, Class 1M1, (30-day Average USD-SOFR + 0.75%) 4.678% 10/25/2041<sup>6,8,9</sup> | 192 |  | 190 |
|  | Credit Suisse Mortgage Trust, Series 2020-NET, Class A, 2.257% 8/15/2037<sup>6,8</sup> | 4096 |  | 3664 |
|  | Credit Suisse Mortgage Trust, Series 2017-RPL3, Class A1, 2.00% 1/25/2060<sup>6,8,9</sup> | 2081 |  | 1788 |
|  | CS First Boston Mortgage Securities Corp., Series 2004-5, Class IVA1, 6.00% 9/25/2034<sup>8</sup> | 148 |  | 141 |
|  | Finance of America Structured Securities Trust, Series 2019-JR1, Class A, 2.00% 3/25/2069<sup>6,8</sup> | 2051 |  | 2196 |
|  | Finance of America Structured Securities Trust, Series 2019-JR2, Class A1, 2.00% 6/25/2069<sup>6,8</sup> | 6250 |  | 6425 |
|  | Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2015-DNA1, Class M3, (1-month USD-LIBOR + 3.30%) 7.689% 10/25/2027<sup>8,9</sup> | 235 |  | 237 |
|  | Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1A, (30-day Average USD-SOFR + 2.15%) 6.078% 9/25/2042<sup>6,8,9</sup> | 996 |  | 998 |
|  | Home Partners of America Trust, Series 2021-2, Class A, 1.901% 12/17/2026<sup>6,8</sup> | 4304 |  | 3724 |
|  | Legacy Mortgage Asset Trust, Series 2019-GS7, Class A1, 6.25% 11/25/2059<sup>6,8,9</sup> | 1042 |  | 1042 |
|  | MASTR Alternative Loan Trust, Series 2004-2, Class 2A1, 6.00% 2/25/2034<sup>8</sup> | 314 |  | 300 |
|  | Mello Warehouse Securitization Trust, Series 2021-3, Class A, (1-month USD-LIBOR + 0.85%) 5.239% 11/25/2055<sup>6,8,9</sup> | 4040 |  | 3909 |
|  | Onslow Bay Financial Mortgage Loan Trust, Series 2022-J1, Class A2, 2.50% 2/25/2052<sup>6,8,9</sup> | 2784 |  | 2248 |
|  | RMF Proprietary Issuance Trust, Series 2019-1, Class A, 2.75% 10/25/2063<sup>6,8,9</sup> | 355 |  | 328 |
|  |  |  |  | 29696 |
|  | **Total mortgage-backed obligations** |  |  | 1878858 |
| **U.S. Treasury bonds & notes 6.52%** | **U.S. Treasury bonds & notes 6.52%** | **U.S. Treasury bonds & notes 6.52%** | **U.S. Treasury bonds & notes 6.52%** | **U.S. Treasury bonds & notes 6.52%** |
|  **U.S. Treasury**<br> **4.53%** | U.S. Treasury 0.125% 2/28/2023 | 44825 |  | 44537 |
|  | U.S. Treasury 2.50% 5/15/2024 | 700 |  | 679 |
|  | U.S. Treasury 2.50% 5/31/2024 | 100000 |  | 97016 |
|  | U.S. Treasury 3.25% 8/31/2024 | 22613 |  | 22143 |
|  | U.S. Treasury 1.50% 9/30/2024 | 907 |  | 862 |
|  | U.S. Treasury 4.50% 11/30/2024 | 760 |  | 760 |

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| | |
|:---|:---|
| **138** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
|  **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** |
|  **U.S. Treasury**<br> **(continued)** | U.S. Treasury 1.00% 12/15/2024 | USD10,725 | $10038 |
|  | U.S. Treasury 3.00% 7/15/2025 | 3165 | 3066 |
|  | U.S. Treasury 4.00% 12/15/2025 | 32029 | 31829 |
|  | U.S. Treasury 0.375% 1/31/2026 | 45000 | 40052 |
|  | U.S. Treasury 0.50% 2/28/2026 | 42515 | 37903 |
|  | U.S. Treasury 1.625% 5/15/2026 | 1500 | 1381 |
|  | U.S. Treasury 1.50% 8/15/2026 | 500 | 456 |
|  | U.S. Treasury 0.75% 8/31/2026 | 52 | 46 |
|  | U.S. Treasury 0.875% 9/30/2026 | 565 | 502 |
|  | U.S. Treasury 1.125% 10/31/2026 | 471 | 421 |
|  | U.S. Treasury 1.125% 2/28/2027 | 762 | 678 |
|  | U.S. Treasury 2.375% 5/15/2027 | 880 | 820 |
|  | U.S. Treasury 2.625% 5/31/2027 | 96250 | 90738 |
|  | U.S. Treasury 0.50% 6/30/2027 | 36300 | 31057 |
|  | U.S. Treasury 4.125% 9/30/2027 | 90000 | 90345 |
|  | U.S. Treasury 3.875% 11/30/2027 | 39923 | 39707 |
|  | U.S. Treasury 0.625% 12/31/2027 | 7109 | 6025 |
|  | U.S. Treasury 2.875% 5/15/2028 | 5217 | 4926 |
|  | U.S. Treasury 1.25% 9/30/2028 | 3142 | 2699 |
|  | U.S. Treasury 1.50% 11/30/2028 | 50000 | 43417 |
|  | U.S. Treasury 1.375% 12/31/2028 | 10900 | 9398 |
|  | U.S. Treasury 2.875% 4/30/2029 | 50000 | 46843 |
|  | U.S. Treasury 3.875% 11/30/2029 | 1662 | 1651 |
|  | U.S. Treasury 1.50% 2/15/2030 | 36651 | 31236 |
|  | U.S. Treasury 0.625% 5/15/2030 | 20225 | 16012 |
|  | U.S. Treasury 2.875% 5/15/2032 | 50000 | 46102 |
|  | U.S. Treasury 4.125% 11/15/2032 | 96356 | 98276 |
|  | U.S. Treasury 1.125% 5/15/2040 | 62775 | 39393 |
|  | U.S. Treasury 1.375% 11/15/2040 | 52695 | 34328 |
|  | U.S. Treasury 1.75% 8/15/2041 | 47854 | 32834 |
|  | U.S. Treasury 2.00% 11/15/2041 | 1181 | 846 |
|  | U.S. Treasury 4.00% 11/15/2042 | 21751 | 21312 |
|  | U.S. Treasury 2.50% 2/15/2046 | 3755 | 2822 |
|  | U.S. Treasury 3.00% 5/15/2047 | 9355 | 7690 |
|  | U.S. Treasury 3.00% 2/15/2048 | 336 | 277 |
|  | U.S. Treasury 2.00% 2/15/2050 | 13825 | 9184 |
|  | U.S. Treasury 1.375% 8/15/2050 | 12500 | 6993 |
|  | U.S. Treasury 2.375% 5/15/2051 | 4757 | 3430 |
|  | U.S. Treasury 2.00% 8/15/2051 | 1356 | 893 |
|  | U.S. Treasury 2.25% 2/15/2052<sup>11</sup> | 72025 | 50351 |
|  | U.S. Treasury 3.00% 8/15/2052<sup>11</sup> | 73627 | 61049 |
|  |  |  | 1123023 |
|  **U.S. Treasury inflation-**<br> **protected securities**<br> **1.99%** | U.S. Treasury Inflation-Protected Security 0.50% 4/15/2024<sup>12</sup> | 22067 | 21475 |
|  | U.S. Treasury Inflation-Protected Security 0.125% 7/15/2024<sup>12</sup> | 76769 | 74363 |
|  | U.S. Treasury Inflation-Protected Security 0.125% 10/15/2024<sup>12</sup> | 98718 | 95142 |
|  | U.S. Treasury Inflation-Protected Security 0.25% 1/15/2025<sup>12</sup> | 25161 | 24151 |
|  | U.S. Treasury Inflation-Protected Security 0.375% 7/15/2025<sup>12</sup> | 4649 | 4467 |
|  | U.S. Treasury Inflation-Protected Security 0.125% 10/15/2025<sup>12</sup> | 3905 | 3711 |
|  | U.S. Treasury Inflation-Protected Security 0.125% 4/15/2026<sup>12</sup> | 43574 | 40962 |
|  | U.S. Treasury Inflation-Protected Security 0.125% 10/15/2026<sup>12</sup> | 15266 | 14319 |
|  | U.S. Treasury Inflation-Protected Security 1.625% 10/15/2027<sup>12</sup> | 50295 | 50231 |
|  | U.S. Treasury Inflation-Protected Security 0.75% 7/15/2028<sup>12</sup> | 20774 | 19790 |
|  | U.S. Treasury Inflation-Protected Security 0.875% 1/15/2029<sup>12</sup> | 23419 | 22309 |

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| | |
|:---|:---|
| American Funds Insurance Series | **139** |

---

------

##### [**Table of Contents**](#toc)
Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
|  **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** |
|  **U.S. Treasury inflation**<br> **-protected securities**<br> **(continued)** | U.S. Treasury Inflation-Protected Security 0.125% 1/15/2031<sup>12</sup> | USD27,071 | $24019 |
|  | U.S. Treasury Inflation-Protected Security 0.125% 1/15/2032<sup>12</sup> | 60545 | 52974 |
|  | U.S. Treasury Inflation-Protected Security 1.00% 2/15/2049<sup>12</sup> | 55158 | 46174 |
|  |  |  | 494087 |
|  | Total U.S. Treasury bonds & notes |  | 1617110 |
|  **Corporate bonds, notes & loans 5.63%** | **Corporate bonds, notes & loans 5.63%** | **Corporate bonds, notes & loans 5.63%** | **Corporate bonds, notes & loans 5.63%** |
|  **Financials**<br> **1.27%** | ACE INA Holdings, Inc. 3.35% 5/3/2026 | 880 | 843 |
|  | ACE INA Holdings, Inc. 4.35% 11/3/2045 | 400 | 348 |
|  | Advisor Group Holdings, LLC 6.25% 3/1/2028<sup>6</sup> | 4470 | 4115 |
|  | AerCap Ireland Capital DAC 2.45% 10/29/2026 | 5457 | 4779 |
|  | AerCap Ireland Capital DAC 3.00% 10/29/2028 | 4501 | 3779 |
|  | AerCap Ireland Capital DAC 3.30% 1/30/2032 | 2838 | 2226 |
|  | AerCap Ireland Capital DAC 3.85% 10/29/2041 | 1970 | 1400 |
|  | AG Merger Sub II, Inc. 10.75% 8/1/2027<sup>6</sup> | 2420 | 2453 |
|  | AG TTMT Escrow Issuer, LLC 8.625% 9/30/2027<sup>6</sup> | 1072 | 1083 |
|  | AIB Group PLC 7.583% 10/14/2026 (USD-SOFR + 3.456% on 10/14/2025)<sup>6,13</sup> | 7750 | 7899 |
|  | Alliant Holdings Intermediate, LLC 4.25% 10/15/2027<sup>6</sup> | 2100 | 1884 |
|  | Alliant Holdings Intermediate, LLC 5.875% 11/1/2029<sup>6</sup> | 2295 | 1890 |
|  | Ally Financial, Inc. 8.00% 11/1/2031 | 3000 | 3127 |
|  | American International Group, Inc. 2.50% 6/30/2025 | 10533 | 9926 |
|  | AmWINS Group, Inc. 4.875% 6/30/2029<sup>6</sup> | 1348 | 1145 |
|  | Aretec Escrow Issuer, Inc. 7.50% 4/1/2029<sup>6</sup> | 1250 | 1034 |
|  | Banco Santander, SA 5.147% 8/18/2025 | 2400 | 2376 |
|  | Bangkok Bank PCL 3.733% 9/25/2034<br>(5-year UST Yield Curve Rate T Note Constant Maturity + 1.90% on 9/25/2029)<sup>13</sup> | 2428 | 2034 |
|  | Bank of America Corp. 3.55% 3/5/2024 (3-month USD-LIBOR + 0.78% on 3/5/2023)<sup>13</sup> | 6000 | 5978 |
|  | Bank of America Corp. 1.197% 10/24/2026 (USD-SOFR + 1.01% on 10/24/2025)<sup>13</sup> | 2500 | 2225 |
|  | Bank of America Corp. 1.734% 7/22/2027 (USD-SOFR + 0.96% on 7/22/2026)<sup>13</sup> | 1565 | 1373 |
|  | Bank of America Corp. 3.419% 12/20/2028<br>(3-month USD-LIBOR + 1.04% on 12/20/2027)<sup>13</sup> | 2345 | 2127 |
|  | Bank of America Corp. 1.922% 10/24/2031 (USD-SOFR + 1.37% on 10/24/2030)<sup>13</sup> | 1000 | 766 |
|  | Bank of Nova Scotia 1.625% 5/1/2023 | 5000 | 4948 |
|  | Berkshire Hathaway, Inc. 2.75% 3/15/2023 | 1615 | 1608 |
|  | Berkshire Hathaway, Inc. 3.125% 3/15/2026 | 500 | 480 |
|  | Blackstone Private Credit Fund 7.05% 9/29/2025<sup>6</sup> | 2510 | 2493 |
|  | BNP Paribas SA 2.159% 9/15/2029 (USD-SOFR + 1.218% on 9/15/2028)<sup>6,13</sup> | 2400 | 1961 |
|  | Castlelake Aviation Finance DAC 5.00% 4/15/2027<sup>6</sup> | 3370 | 2937 |
|  | Citigroup, Inc. 5.61% 9/29/2026 (USD-SOFR + 1.546% on 12/29/2025)<sup>13</sup> | 8000 | 8043 |
|  | Citigroup, Inc. 2.976% 11/5/2030 (USD-SOFR + 1.422% on 11/5/2029)<sup>13</sup> | 3254 | 2743 |
|  | CME Group, Inc. 3.75% 6/15/2028 | 3425 | 3297 |
|  | Coinbase Global, Inc. 3.375% 10/1/2028<sup>6</sup> | 2625 | 1391 |
|  | Coinbase Global, Inc. 3.625% 10/1/2031<sup>6</sup> | 2875 | 1388 |
|  | Compass Diversified Holdings 5.25% 4/15/2029<sup>6</sup> | 820 | 703 |
|  | Compass Diversified Holdings 5.00% 1/15/2032<sup>6</sup> | 715 | 569 |
|  | Corebridge Financial, Inc. 3.50% 4/4/2025<sup>6</sup> | 642 | 616 |
|  | Corebridge Financial, Inc. 3.65% 4/5/2027<sup>6</sup> | 914 | 853 |
|  | Corebridge Financial, Inc. 3.85% 4/5/2029<sup>6</sup> | 621 | 567 |
|  | Corebridge Financial, Inc. 3.90% 4/5/2032<sup>6</sup> | 351 | 307 |
|  | Corebridge Financial, Inc. 4.35% 4/5/2042<sup>6</sup> | 203 | 167 |
|  | Corebridge Financial, Inc. 4.40% 4/5/2052<sup>6</sup> | 489 | 390 |
|  | Crédit Agricole SA 4.375% 3/17/2025<sup>6</sup> | 850 | 822 |
|  | Credit Suisse Group AG 3.80% 6/9/2023 | 1875 | 1826 |
|  | Credit Suisse Group AG 4.207% 6/12/2024<br>(3-month USD-LIBOR + 1.24% on 6/12/2023)<sup>6,13</sup> | 4500 | 4388 |
|  | Credit Suisse Group AG 3.625% 9/9/2024 | 1500 | 1400 |
|  | Credit Suisse Group AG 2.593% 9/11/2025 (USD-SOFR + 1.56% on 9/11/2024)<sup>6,13</sup> | 1568 | 1387 |
|  | Credit Suisse Group AG 2.193% 6/5/2026 (USD-SOFR + 2.044% on 6/5/2025)<sup>6,13</sup> | 1250 | 1069 |

---

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| | |
|:---|:---|
| **140** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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##### [**Table of Contents**](#toc)
Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
|  **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |  |  |
|  **Financials**<br> **(continued)** | Credit Suisse Group AG 3.869% 1/12/2029<br>(3-month USD-LIBOR + 1.41% on 1/12/2028)<sup>6,13</sup> | USD800 | $642 |
|  | Danske Bank AS 3.773% 3/28/2025<br>(1-year UST Yield Curve Rate T Note Constant Maturity + 1.45% on 3/28/2024)<sup>6,13</sup> | 6000 | 5817 |
|  | Deutsche Bank AG 2.129% 11/24/2026 (USD-SOFR + 1.87% on 11/24/2025)<sup>13</sup> | 2212 | 1954 |
|  | Deutsche Bank AG 2.311% 11/16/2027 (USD-SOFR + 1.219% on 11/16/2026)<sup>13</sup> | 2788 | 2367 |
|  | Deutsche Bank AG 2.552% 1/7/2028 (USD-SOFR + 1.318% on 1/7/2027)<sup>13</sup> | 5000 | 4257 |
|  | Digital Currency Group, Inc., Term Loan,<br>(3-month USD-LIBOR + 7.00%) 8.00% 11/30/2026<sup>3,9,14</sup> | 709 | 616 |
|  | Digital Currency Group, Inc., Term Loan, 8.75% 11/30/2026<sup>3,14</sup> | 945 | 758 |
|  | DNB Bank ASA 5.896% 10/9/2026 (USD-SOFR + 1.95% on 10/9/2025)<sup>6,13</sup> | 7750 | 7758 |
|  | FS Energy and Power Fund 7.50% 8/15/2023<sup>6</sup> | 1995 | 2001 |
|  | Goldman Sachs Group, Inc. 1.948% 10/21/2027<br>(USD-SOFR + 0.913% on 10/21/2026)<sup>13</sup> | 2198 | 1925 |
|  | Goldman Sachs Group, Inc. 2.64% 2/24/2028 (USD-SOFR + 1.114% on 2/24/2027)<sup>13</sup> | 4000 | 3567 |
|  | Goldman Sachs Group, Inc. 3.814% 4/23/2029<br>(3-month USD-LIBOR + 1.158% on 4/23/2028)<sup>13</sup> | 390 | 357 |
|  | Goldman Sachs Group, Inc. 2.615% 4/22/2032<br>(USD-SOFR + 1.281% on 4/22/2031)<sup>13</sup> | 2323 | 1858 |
|  | Goldman Sachs Group, Inc. 3.21% 4/22/2042<br>(USD-SOFR + 1.513% on 4/22/2041)<sup>13</sup> | 2000 | 1448 |
|  | Groupe BPCE SA 2.75% 1/11/2023<sup>6</sup> | 600 | 600 |
|  | Groupe BPCE SA 5.70% 10/22/2023<sup>6</sup> | 2250 | 2234 |
|  | Groupe BPCE SA 5.15% 7/21/2024<sup>6</sup> | 3710 | 3634 |
|  | Groupe BPCE SA 1.00% 1/20/2026<sup>6</sup> | 3000 | 2633 |
|  | Hightower Holding, LLC 6.75% 4/15/2029<sup>6</sup> | 870 | 731 |
|  | HSBC Holdings PLC 4.25% 3/14/2024 | 3000 | 2948 |
|  | HSBC Holdings PLC 2.633% 11/7/2025<br>(3-month USD-LIBOR + 1.14% on 11/7/2024)<sup>13</sup> | 625 | 587 |
|  | HSBC Holdings PLC 2.099% 6/4/2026 (USD-SOFR + 1.929% on 6/4/2025)<sup>13</sup> | 3000 | 2733 |
|  | HSBC Holdings PLC 3.973% 5/22/2030 (3-month USD-LIBOR + 1.61% on 5/22/2029)<sup>13</sup> | 1500 | 1316 |
|  | Intercontinental Exchange, Inc. 2.65% 9/15/2040 | 7425 | 5166 |
|  | Intesa Sanpaolo SpA 3.375% 1/12/2023<sup>6</sup> | 750 | 750 |
|  | Intesa Sanpaolo SpA 5.017% 6/26/2024<sup>6</sup> | 1730 | 1664 |
|  | Intesa Sanpaolo SpA 3.25% 9/23/2024<sup>6</sup> | 750 | 712 |
|  | Intesa Sanpaolo SpA 3.875% 7/14/2027<sup>6</sup> | 300 | 268 |
|  | Intesa Sanpaolo SpA 8.248% 11/21/2033<br>(1-year UST Yield Curve Rate T Note Constant Maturity + 4.40% on 11/21/2032)<sup>6,13</sup> | 4600 | 4680 |
|  | JPMorgan Chase & Co. 3.559% 4/23/2024<br>(3-month USD-LIBOR + 0.73% on 4/23/2023)<sup>13</sup> | 4725 | 4694 |
|  | JPMorgan Chase & Co. 4.08% 4/26/2026 (USD-SOFR + 1.32% on 4/26/2025)<sup>13</sup> | 6000 | 5831 |
|  | JPMorgan Chase & Co. 4.323% 4/26/2028 (USD-SOFR + 1.56% on 4/26/2027)<sup>13</sup> | 4000 | 3826 |
|  | JPMorgan Chase & Co. 4.851% 7/25/2028 (USD-SOFR + 1.99% on 7/25/2027)<sup>13</sup> | 3740 | 3652 |
|  | JPMorgan Chase & Co. 4.586% 4/26/2033 (USD-SOFR + 1.80% on 4/26/2032)<sup>13</sup> | 299 | 278 |
|  | JPMorgan Chase & Co. 4.912% 7/25/2033 (USD-SOFR + 2.08% on 7/25/2032)<sup>13</sup> | 3982 | 3803 |
|  | Kasikornbank PCL HK 3.343% 10/2/2031<br>(5-year UST Yield Curve Rate T Note Constant Maturity + 1.70% on 10/2/2026)<sup>13</sup> | 1222 | 1077 |
|  | Lloyds Banking Group PLC 4.05% 8/16/2023 | 2000 | 1987 |
|  | Lloyds Banking Group PLC 1.627% 5/11/2027<br>(1-year UST Yield Curve Rate T Note Constant Maturity + 0.85% on 5/11/2026)<sup>13</sup> | 800 | 693 |
|  | LPL Holdings, Inc. 4.625% 11/15/2027<sup>6</sup> | 2700 | 2527 |
|  | LPL Holdings, Inc. 4.375% 5/15/2031<sup>6</sup> | 1805 | 1537 |
|  | Marsh & McLennan Companies, Inc. 3.875% 3/15/2024 | 820 | 809 |
|  | Marsh & McLennan Companies, Inc. 4.375% 3/15/2029 | 1705 | 1651 |
|  | Marsh & McLennan Companies, Inc. 4.90% 3/15/2049 | 719 | 665 |
|  | Marsh & McLennan Companies, Inc. 2.90% 12/15/2051 | 920 | 594 |
|  | MGIC Investment Corp. 5.25% 8/15/2028 | 1175 | 1085 |
|  | Morgan Stanley 3.737% 4/24/2024 (3-month USD-LIBOR + 0.847% on 4/24/2023)<sup>13</sup> | 300 | 298 |
|  | Morgan Stanley 4.679% 7/17/2026 (USD-SOFR + 1.669% on 7/17/2025)<sup>13</sup> | 2450 | 2410 |

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| | |
|:---|:---|
| American Funds Insurance Series | **141** |

---

------

##### [**Table of Contents**](#toc)
Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
|  **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |  |  |
|  **Financials**<br> **(continued)** | Morgan Stanley 3.125% 7/27/2026 | USD325 | $304 |
|  | MSCI, Inc. 3.625% 11/1/2031<sup>6</sup> | 2225 | 1843 |
|  | National Australia Bank, Ltd. 1.887% 1/12/2027<sup>6</sup> | 5000 | 4450 |
|  | Navient Corp. 5.50% 1/25/2023 | 1594 | 1594 |
|  | Navient Corp. 6.125% 3/25/2024 | 8030 | 7879 |
|  | Navient Corp. 5.875% 10/25/2024 | 1005 | 974 |
|  | Navient Corp. 6.75% 6/15/2026 | 300 | 285 |
|  | Navient Corp. 5.50% 3/15/2029 | 5980 | 4888 |
|  | New York Life Global Funding 2.35% 7/14/2026<sup>6</sup> | 590 | 544 |
|  | Northwestern Mutual Global Funding 1.75% 1/11/2027<sup>6</sup> | 2500 | 2211 |
|  | OneMain Finance Corp. 3.875% 9/15/2028 | 756 | 602 |
|  | Owl Rock Capital Corp. 4.00% 3/30/2025 | 102 | 96 |
|  | Owl Rock Capital Corp. 3.75% 7/22/2025 | 2874 | 2658 |
|  | Owl Rock Capital Corp. 3.40% 7/15/2026 | 1290 | 1128 |
|  | Owl Rock Capital Corp. II 4.625% 11/26/2024<sup>6</sup> | 2305 | 2194 |
|  | Owl Rock Capital Corp. III 3.125% 4/13/2027 | 2520 | 2078 |
|  | Owl Rock Core Income Corp. 4.70% 2/8/2027 | 2500 | 2258 |
|  | Oxford Finance, LLC 6.375% 2/1/2027<sup>6</sup> | 1125 | 1049 |
|  | PNC Financial Services Group, Inc. 3.90% 4/29/2024 | 2000 | 1977 |
|  | Power Financial Corp., Ltd. 5.25% 8/10/2028 | 383 | 373 |
|  | Power Financial Corp., Ltd. 6.15% 12/6/2028 | 350 | 356 |
|  | Power Financial Corp., Ltd. 4.50% 6/18/2029 | 554 | 513 |
|  | Power Financial Corp., Ltd. 3.95% 4/23/2030 | 1213 | 1067 |
|  | Prudential Financial, Inc. 4.35% 2/25/2050 | 2205 | 1879 |
|  | Prudential Financial, Inc. 3.70% 3/13/2051 | 755 | 580 |
|  | Quicken Loans, LLC 3.625% 3/1/2029<sup>6</sup> | 1505 | 1195 |
|  | Rabobank Nederland 4.375% 8/4/2025 | 4500 | 4397 |
|  | Rocket Mortgage, LLC 2.875% 10/15/2026<sup>6</sup> | 2110 | 1812 |
|  | Royal Bank of Canada 1.15% 6/10/2025 | 4711 | 4316 |
|  | Ryan Specialty Group, LLC 4.375% 2/1/2030<sup>6</sup> | 270 | 234 |
|  | Springleaf Finance Corp. 6.125% 3/15/2024 | 2550 | 2472 |
|  | Starwood Property Trust, Inc. 5.50% 11/1/2023<sup>6</sup> | 1160 | 1152 |
|  | Starwood Property Trust, Inc. 4.375% 1/15/2027<sup>6</sup> | 1540 | 1350 |
|  | Swiss Re Finance (Luxembourg) SA 5.00% 4/2/2049<br>(5-year UST Yield Curve Rate T Note Constant Maturity + 3.582% on 4/2/2029)<sup>6,13</sup> | 2800 | 2591 |
|  | Toronto-Dominion Bank 2.65% 6/12/2024 | 625 | 605 |
|  | Toronto-Dominion Bank 0.75% 9/11/2025 | 5375 | 4803 |
|  | Toronto-Dominion Bank 1.25% 9/10/2026 | 2425 | 2124 |
|  | Toronto-Dominion Bank 1.95% 1/12/2027 | 2500 | 2231 |
|  | Toronto-Dominion Bank 2.45% 1/12/2032 | 1500 | 1219 |
|  | Travelers Companies, Inc. 4.00% 5/30/2047 | 860 | 699 |
|  | U.S. Bancorp 2.375% 7/22/2026 | 4000 | 3696 |
|  | UBS Group AG 4.125% 9/24/2025<sup>6</sup> | 2750 | 2677 |
|  | UniCredit SpA 4.625% 4/12/2027<sup>6</sup> | 625 | 586 |
|  | Wells Fargo & Company 2.164% 2/11/2026 |  |  |
|  | (3-month USD-LIBOR + 0.75% on 2/11/2025)<sup>13</sup> | 8000 | 7464 |
|  | Wells Fargo & Company 3.526% 3/24/2028 (USD-SOFR + 1.51% on 3/24/2027)<sup>13</sup> | 4337 | 4024 |
|  | Westpac Banking Corp. 2.75% 1/11/2023 | 1750 | 1749 |
|  | Westpac Banking Corp. 2.894% 2/4/2030 |  |  |
|  | (5-year UST Yield Curve Rate T Note Constant Maturity + 1.35% on 2/4/2025)<sup>13</sup> | 3000 | 2753 |
|  | Westpac Banking Corp. 2.668% 11/15/2035<br>(5-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on 11/15/2030)<sup>13</sup> | 3325 | 2478 |
|  | Westpac Banking Corp. 2.963% 11/16/2040 | 1500 | 996 |
|  |  |  | 315964 |
|  **Energy**<br> **0.62%** | Altera Infrastructure, LP 8.50% 7/15/2023<sup>3,6,15</sup> | 3550 | 663 |
|  | Antero Midstream Partners, LP 5.375% 6/15/2029<sup>6</sup> | 2170 | 1987 |
|  | Antero Resources Corp. 7.625% 2/1/2029<sup>6</sup> | 955 | 962 |
|  | Ascent Resources Utica Holdings, LLC 7.00% 11/1/2026<sup>6</sup> | 2000 | 1943 |

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| | |
|:---|:---|
| **142** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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##### [**Table of Contents**](#toc)
Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
|  **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |  |  |
|  **Energy**<br> **(continued)** | Ascent Resources Utica Holdings, LLC 5.875% 6/30/2029<sup>6</sup> | USD1,270 | $1134 |
|  | Bonanza Creek Energy, Inc. 5.00% 10/15/2026<sup>6</sup> | 480 | 439 |
|  | BP Capital Markets America, Inc. 2.772% 11/10/2050 | 681 | 438 |
|  | Canadian Natural Resources, Ltd. 2.05% 7/15/2025 | 961 | 895 |
|  | Canadian Natural Resources, Ltd. 4.95% 6/1/2047 | 1559 | 1360 |
|  | Cheniere Energy, Inc. 4.625% 10/15/2028 | 4645 | 4207 |
|  | Chesapeake Energy Corp. 4.875% 4/15/2022<sup>15</sup> | 7225 | 163 |
|  | Chesapeake Energy Corp. 5.50% 2/1/2026<sup>6</sup> | 685 | 662 |
|  | Chesapeake Energy Corp. 5.875% 2/1/2029<sup>6</sup> | 2240 | 2126 |
|  | CNX Midstream Partners, LP 4.75% 4/15/2030<sup>6</sup> | 1055 | 867 |
|  | CNX Resources Corp. 7.25% 3/14/2027<sup>6</sup> | 1725 | 1715 |
|  | CNX Resources Corp. 6.00% 1/15/2029<sup>6</sup> | 2675 | 2465 |
|  | CNX Resources Corp. 7.375% 1/15/2031<sup>6</sup> | 553 | 531 |
|  | Comstock Resources, Inc. 5.875% 1/15/2030<sup>6</sup> | 450 | 387 |
|  | Constellation Oil Services Holding SA 13.50% 6/30/2025<sup>3,6</sup> | 1120 | 1120 |
|  | Constellation Oil Services Holding SA 4.00% PIK 12/31/2026<sup>16</sup> | 434 | 257 |
|  | Crestwood Midstream Partners, LP 8.00% 4/1/2029<sup>6</sup> | 4265 | 4250 |
|  | Diamond Foreign Asset Co. 9.00% Cash 4/22/2027<sup>6,9,16</sup> | 204 | 194 |
|  | Diamond Foreign Asset Co. 9.00% Cash 4/22/2027<sup>16</sup> | 185 | 176 |
|  | DT Midstream, Inc. 4.375% 6/15/2031<sup>6</sup> | 1680 | 1412 |
|  | Enbridge Energy Partners, LP, Series B, 7.50% 4/15/2038 | 300 | 331 |
|  | Enbridge, Inc. 4.00% 10/1/2023 | 278 | 276 |
|  | Enbridge, Inc. 2.50% 1/15/2025 | 300 | 284 |
|  | Enbridge, Inc. 3.70% 7/15/2027 | 62 | 58 |
|  | Energy Transfer Operating, LP 5.00% 5/15/2050 | 1869 | 1502 |
|  | Energy Transfer Partners, LP 4.50% 4/15/2024 | 1210 | 1193 |
|  | Energy Transfer Partners, LP 4.75% 1/15/2026 | 2494 | 2432 |
|  | Enterprise Products Operating, LLC 4.90% 5/15/2046 | 500 | 437 |
|  | EQM Midstream Partners, LP 4.125% 12/1/2026 | 686 | 612 |
|  | EQM Midstream Partners, LP 6.50% 7/1/2027<sup>6</sup> | 1690 | 1618 |
|  | EQM Midstream Partners, LP 5.50% 7/15/2028 | 3088 | 2767 |
|  | EQM Midstream Partners, LP 7.50% 6/1/2030<sup>6</sup> | 642 | 619 |
|  | EQM Midstream Partners, LP 4.75% 1/15/2031<sup>6</sup> | 1635 | 1340 |
|  | EQT Corp. 5.00% 1/15/2029 | 340 | 320 |
|  | EQT Corp. 7.25% 2/1/2030<sup>13</sup> | 1110 | 1153 |
|  | EQT Corp. 3.625% 5/15/2031<sup>6</sup> | 400 | 340 |
|  | Equinor ASA 3.00% 4/6/2027 | 4000 | 3739 |
|  | Equinor ASA 3.625% 9/10/2028 | 3685 | 3494 |
|  | Exxon Mobil Corp. 2.019% 8/16/2024 | 643 | 615 |
|  | Exxon Mobil Corp. 2.44% 8/16/2029 | 1963 | 1719 |
|  | Exxon Mobil Corp. 3.452% 4/15/2051 | 1000 | 758 |
|  | Genesis Energy, LP 6.50% 10/1/2025 | 4280 | 4097 |
|  | Genesis Energy, LP 6.25% 5/15/2026 | 1805 | 1654 |
|  | Genesis Energy, LP 8.00% 1/15/2027 | 4612 | 4362 |
|  | Genesis Energy, LP 7.75% 2/1/2028 | 470 | 433 |
|  | Halliburton Company 3.80% 11/15/2025 | 6 | 6 |
|  | Harvest Midstream I, LP 7.50% 9/1/2028<sup>6</sup> | 850 | 813 |
|  | Hess Midstream Operations, LP 4.25% 2/15/2030<sup>6</sup> | 960 | 822 |
|  | Hess Midstream Operations, LP 5.50% 10/15/2030<sup>6</sup> | 400 | 366 |
|  | Hess Midstream Partners, LP 5.125% 6/15/2028<sup>6</sup> | 2155 | 1997 |
|  | Hilcorp Energy I, LP 6.00% 4/15/2030<sup>6</sup> | 350 | 312 |
|  | Hilcorp Energy I, LP 6.00% 2/1/2031<sup>6</sup> | 460 | 398 |
|  | Holly Energy Partners, LP / Holly Energy Finance Corp. 6.375% 4/15/2027<sup>6</sup> | 545 | 536 |
|  | Kinder Morgan, Inc. 5.45% 8/1/2052 | 1238 | 1118 |
|  | Marathon Oil Corp. 4.40% 7/15/2027 | 1005 | 961 |
|  | MPLX, LP 4.125% 3/1/2027 | 500 | 473 |
|  | MPLX, LP 2.65% 8/15/2030 | 4273 | 3472 |
|  | MPLX, LP 4.50% 4/15/2038 | 750 | 635 |
|  | MPLX, LP 4.70% 4/15/2048 | 1101 | 874 |
|  | New Fortress Energy, Inc. 6.75% 9/15/2025<sup>6</sup> | 1065 | 1010 |
|  | New Fortress Energy, Inc. 6.50% 9/30/2026<sup>6</sup> | 2435 | 2266 |

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| | |
|:---|:---|
| American Funds Insurance Series | **143** |

---

------

##### [**Table of Contents**](#toc)
Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
|  **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |  |  |
|  **Energy**<br> **(continued)** | NGL Energy Operating, LLC 7.50% 2/1/2026<sup>6</sup> | USD14,165 | $12637 |
|  | NGL Energy Partners, LP 6.125% 3/1/2025 | 3422 | 2794 |
|  | Oasis Petroleum, Inc. 6.375% 6/1/2026<sup>6</sup> | 1945 | 1897 |
|  | ONEOK, Inc. 5.85% 1/15/2026 | 347 | 352 |
|  | Parkland Corp. 4.625% 5/1/2030<sup>6</sup> | 1035 | 858 |
|  | Petróleos Mexicanos 6.875% 10/16/2025 | 3755 | 3682 |
|  | Petróleos Mexicanos 5.35% 2/12/2028 | 1870 | 1578 |
|  | Petróleos Mexicanos 6.75% 9/21/2047 | 1996 | 1278 |
|  | Pioneer Natural Resources Company 2.15% 1/15/2031 | 1669 | 1323 |
|  | Plains All American Pipeline, LP 3.80% 9/15/2030 | 113 | 98 |
|  | Range Resources Corp. 8.25% 1/15/2029 | 1040 | 1073 |
|  | Range Resources Corp. 4.75% 2/15/2030<sup>6</sup> | 1670 | 1474 |
|  | Rockies Express Pipeline, LLC 4.95% 7/15/2029<sup>6</sup> | 2689 | 2421 |
|  | Southwestern Energy Co. 7.75% 10/1/2027 | 2450 | 2501 |
|  | Southwestern Energy Co. 8.375% 9/15/2028 | 395 | 408 |
|  | Southwestern Energy Co. 5.375% 2/1/2029 | 1355 | 1258 |
|  | Southwestern Energy Co. 5.375% 3/15/2030 | 1945 | 1778 |
|  | Southwestern Energy Co. 4.75% 2/1/2032 | 960 | 822 |
|  | Statoil ASA 3.25% 11/10/2024 | 2850 | 2780 |
|  | Statoil ASA 4.25% 11/23/2041 | 2000 | 1769 |
|  | Sunoco, LP 4.50% 5/15/2029 | 1050 | 920 |
|  | Sunoco, LP 4.50% 4/30/2030 | 1255 | 1091 |
|  | Targa Resources Partners, LP 5.50% 3/1/2030 | 2260 | 2130 |
|  | Total SE 2.986% 6/29/2041 | 88 | 66 |
|  | TransCanada PipeLines, Ltd. 4.25% 5/15/2028 | 1090 | 1034 |
|  | TransCanada PipeLines, Ltd. 4.10% 4/15/2030 | 598 | 549 |
|  | TransCanada PipeLines, Ltd. 4.75% 5/15/2038 | 2000 | 1790 |
|  | TransCanada PipeLines, Ltd. 4.875% 5/15/2048 | 700 | 615 |
|  | Valero Energy Corp. 4.00% 4/1/2029 | 4000 | 3773 |
|  | Venture Global Calcasieu Pass, LLC 4.125% 8/15/2031<sup>6</sup> | 840 | 717 |
|  | Weatherford International, Ltd. 11.00% 12/1/2024<sup>6</sup> | 497 | 509 |
|  | Weatherford International, Ltd. 6.50% 9/15/2028<sup>6</sup> | 2380 | 2337 |
|  | Weatherford International, Ltd. 8.625% 4/30/2030<sup>6</sup> | 7690 | 7398 |
|  | Western Gas Partners, LP 4.50% 3/1/2028 | 3018 | 2785 |
|  | Western Midstream Operating, LP 4.30% 2/1/2030<sup>13</sup> | 1125 | 985 |
|  | Williams Companies, Inc. 3.50% 11/15/2030 | 1094 | 959 |
|  |  |  | 153004 |
|  **Health care**<br> **0.60%** | AbbVie, Inc. 3.80% 3/15/2025 | 206 | 201 |
|  | AbbVie, Inc. 2.95% 11/21/2026 | 1445 | 1346 |
|  | AdaptHealth, LLC 5.125% 3/1/2030<sup>6</sup> | 830 | 708 |
|  | AmerisourceBergen Corp. 0.737% 3/15/2023 | 1291 | 1280 |
|  | Amgen, Inc. 4.40% 2/22/2062 | 1697 | 1352 |
|  | Anthem, Inc. 2.375% 1/15/2025 | 818 | 777 |
|  | AstraZeneca Finance, LLC 1.20% 5/28/2026 | 3786 | 3375 |
|  | AstraZeneca Finance, LLC 1.75% 5/28/2028 | 1871 | 1609 |
|  | AstraZeneca Finance, LLC 2.25% 5/28/2031 | 742 | 619 |
|  | AstraZeneca PLC 3.375% 11/16/2025 | 1140 | 1101 |
|  | Bausch Health Companies, Inc. 5.00% 1/30/2028<sup>6</sup> | 1735 | 836 |
|  | Bausch Health Companies, Inc. 4.875% 6/1/2028<sup>6</sup> | 7450 | 4753 |
|  | Bausch Health Companies, Inc. 5.00% 2/15/2029<sup>6</sup> | 1000 | 481 |
|  | Baxter International, Inc. 1.322% 11/29/2024 | 7109 | 6623 |
|  | Baxter International, Inc. 1.915% 2/1/2027 | 4739 | 4208 |
|  | Baxter International, Inc. 2.272% 12/1/2028 | 3180 | 2718 |
|  | Bayer US Finance II, LLC 3.875% 12/15/2023<sup>6</sup> | 1685 | 1661 |
|  | Becton, Dickinson and Company 3.363% 6/6/2024 | 198 | 194 |
|  | Boston Scientific Corp. 3.45% 3/1/2024 | 313 | 307 |
|  | Centene Corp. 4.25% 12/15/2027 | 565 | 531 |
|  | Centene Corp. 2.45% 7/15/2028 | 1325 | 1121 |

---

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| | |
|:---|:---|
| **144** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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##### [**Table of Contents**](#toc)
Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
|  **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |  |  |
|  **Health care**<br> **(continued)** | Centene Corp. 4.625% 12/15/2029 | USD1,265 | $1159 |
|  | Cigna Corp. 3.75% 7/15/2023 | 245 | 243 |
|  | Community Health Systems, Inc. 5.625% 3/15/2027<sup>6</sup> | 1960 | 1684 |
|  | Community Health Systems, Inc. 5.25% 5/15/2030<sup>6</sup> | 3675 | 2778 |
|  | Eli Lilly and Company 3.375% 3/15/2029 | 1353 | 1269 |
|  | GlaxoSmithKline PLC 3.625% 5/15/2025 | 2825 | 2761 |
|  | HCA, Inc. 3.375% 3/15/2029<sup>6</sup> | 804 | 708 |
|  | HCA, Inc. 3.50% 9/1/2030 | 4050 | 3503 |
|  | HCA, Inc. 3.625% 3/15/2032<sup>6</sup> | 1000 | 849 |
|  | HCA, Inc. 4.375% 3/15/2042<sup>6</sup> | 1500 | 1201 |
|  | HCA, Inc. 4.625% 3/15/2052<sup>6</sup> | 1450 | 1135 |
|  | Jazz Securities DAC 4.375% 1/15/2029<sup>6</sup> | 1975 | 1764 |
|  | Merck & Co., Inc. 1.90% 12/10/2028 | 600 | 516 |
|  | Merck & Co., Inc. 2.75% 12/10/2051 | 1103 | 742 |
|  | Molina Healthcare, Inc. 4.375% 6/15/2028<sup>6</sup> | 440 | 402 |
|  | Molina Healthcare, Inc. 3.875% 11/15/2030<sup>6</sup> | 2899 | 2461 |
|  | Molina Healthcare, Inc. 3.875% 5/15/2032<sup>6</sup> | 3855 | 3207 |
|  | Novant Health, Inc. 3.168% 11/1/2051 | 3750 | 2608 |
|  | Novartis Capital Corp. 1.75% 2/14/2025 | 1250 | 1179 |
|  | Novartis Capital Corp. 2.00% 2/14/2027 | 2386 | 2174 |
|  | Owens & Minor, Inc. 4.375% 12/15/2024 | 5615 | 5436 |
|  | Owens & Minor, Inc. 4.50% 3/31/2029<sup>6</sup> | 4175 | 3334 |
|  | Par Pharmaceutical, Inc. 7.50% 4/1/2027<sup>6</sup> | 7303 | 5566 |
|  | Pfizer, Inc. 2.95% 3/15/2024 | 219 | 214 |
|  | Shire PLC 2.875% 9/23/2023 | 1365 | 1342 |
|  | Summa Health 3.511% 11/15/2051 | 1655 | 1123 |
|  | Tenet Healthcare Corp. 4.875% 1/1/2026<sup>6</sup> | 11225 | 10638 |
|  | Tenet Healthcare Corp. 4.25% 6/1/2029<sup>6</sup> | 2060 | 1788 |
|  | Tenet Healthcare Corp. 4.375% 1/15/2030<sup>6</sup> | 1925 | 1670 |
|  | Teva Pharmaceutical Finance Co. BV 6.00% 4/15/2024 | 7016 | 6891 |
|  | Teva Pharmaceutical Finance Co. BV 7.125% 1/31/2025 | 935 | 931 |
|  | Teva Pharmaceutical Finance Co. BV 3.15% 10/1/2026 | 17790 | 15594 |
|  | Teva Pharmaceutical Finance Co. BV 5.125% 5/9/2029 | 7495 | 6684 |
|  | Teva Pharmaceutical Finance Co. BV 4.10% 10/1/2046 | 3550 | 2178 |
|  | UnitedHealth Group, Inc. 1.15% 5/15/2026 | 2610 | 2334 |
|  | UnitedHealth Group, Inc. 5.30% 2/15/2030 | 2500 | 2582 |
|  | UnitedHealth Group, Inc. 2.00% 5/15/2030 | 974 | 806 |
|  | UnitedHealth Group, Inc. 4.20% 5/15/2032 | 767 | 730 |
|  | UnitedHealth Group, Inc. 3.05% 5/15/2041 | 3875 | 2928 |
|  | UnitedHealth Group, Inc. 3.25% 5/15/2051 | 2504 | 1804 |
|  | UnitedHealth Group, Inc. 4.75% 5/15/2052 | 1250 | 1161 |
|  | Valeant Pharmaceuticals International, Inc. 5.50% 11/1/2025<sup>6</sup> | 6275 | 5344 |
|  |  |  | 149222 |
|  **Consumer**<br> **discretionary**<br> **0.59%** | Allied Universal Holdco, LLC 4.625% 6/1/2028<sup>6</sup> | 1660 | 1374 |
|  | Amazon.com, Inc. 2.70% 6/3/2060 | 2765 | 1679 |
|  | American Honda Finance Corp. 3.50% 2/15/2028 | 750 | 702 |
|  | Asbury Automotive Group, Inc. 4.625% 11/15/2029<sup>6</sup> | 2115 | 1785 |
|  | Atlas LuxCo 4 SARL 4.625% 6/1/2028<sup>6</sup> | 1065 | 865 |
|  | Bayerische Motoren Werke AG 2.25% 9/15/2023<sup>6</sup> | 300 | 294 |
|  | Caesars Entertainment, Inc. 6.25% 7/1/2025<sup>6</sup> | 2815 | 2741 |
|  | Carnival Corp. 4.00% 8/1/2028<sup>6</sup> | 3875 | 3167 |
|  | Daimler Trucks Finance North America, LLC 3.50% 4/7/2025<sup>6</sup> | 2000 | 1920 |
|  | Daimler Trucks Finance North America, LLC 2.00% 12/14/2026<sup>6</sup> | 2400 | 2118 |
|  | Daimler Trucks Finance North America, LLC 3.65% 4/7/2027<sup>6</sup> | 450 | 421 |
|  | Daimler Trucks Finance North America, LLC 2.375% 12/14/2028<sup>6</sup> | 1350 | 1137 |
|  | Fertitta Entertainment, Inc. 4.625% 1/15/2029<sup>6</sup> | 3580 | 3034 |
|  | Fertitta Entertainment, Inc. 6.75% 1/15/2030<sup>6</sup> | 1790 | 1447 |
|  | First Student Bidco, Inc. 4.00% 7/31/2029<sup>6</sup> | 1300 | 1077 |

---

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| | |
|:---|:---|
| American Funds Insurance Series | **145** |

---

------

##### [**Table of Contents**](#toc)
Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
|  **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
|  **Consumer**<br> **discretionary**<br> **(continued)** | Ford Motor Credit Company, LLC 5.125% 6/16/2025 | USD3,855 | $3714 |
|  | Ford Motor Credit Company, LLC 4.542% 8/1/2026 | 2455 | 2266 |
|  | Ford Motor Credit Company, LLC 2.70% 8/10/2026 | 2110 | 1835 |
|  | General Motors Financial Co. 2.35% 2/26/2027 | 783 | 685 |
|  | Hanesbrands, Inc. 4.875% 5/15/2026<sup>6</sup> | 2700 | 2417 |
|  | Hilton Grand Vacations Borrower 5.00% 6/1/2029<sup>6</sup> | 3580 | 3083 |
|  | Hilton Worldwide Holdings, Inc. 4.00% 5/1/2031<sup>6</sup> | 1885 | 1581 |
|  | Home Depot, Inc. 1.50% 9/15/2028 | 3000 | 2556 |
|  | Home Depot, Inc. 3.90% 12/6/2028 | 825 | 796 |
|  | Home Depot, Inc. 2.95% 6/15/2029 | 4000 | 3627 |
|  | Home Depot, Inc. 1.875% 9/15/2031 | 3000 | 2405 |
|  | Home Depot, Inc. 4.25% 4/1/2046 | 2000 | 1742 |
|  | Home Depot, Inc. 4.50% 12/6/2048 | 428 | 391 |
|  | Hyundai Capital America 1.00% 9/17/2024<sup>6</sup> | 3025 | 2797 |
|  | Hyundai Capital America 1.50% 6/15/2026<sup>6</sup> | 850 | 737 |
|  | Hyundai Capital America 1.65% 9/17/2026<sup>6</sup> | 3075 | 2707 |
|  | Hyundai Capital America 2.375% 10/15/2027<sup>6</sup> | 2579 | 2210 |
|  | Hyundai Capital America 2.10% 9/15/2028<sup>6</sup> | 3075 | 2529 |
|  | International Game Technology PLC 6.50% 2/15/2025<sup>6</sup> | 1880 | 1895 |
|  | International Game Technology PLC 5.25% 1/15/2029<sup>6</sup> | 6490 | 6059 |
|  | KB Home 7.25% 7/15/2030 | 1295 | 1260 |
|  | Kontoor Brands, Inc. 4.125% 11/15/2029<sup>6</sup> | 910 | 745 |
|  | Lindblad Expeditions, LLC 6.75% 2/15/2027<sup>6</sup> | 775 | 704 |
|  | Lithia Motors, Inc. 3.875% 6/1/2029<sup>6</sup> | 2900 | 2388 |
|  | Lithia Motors, Inc. 4.375% 1/15/2031<sup>6</sup> | 1025 | 836 |
|  | Marriott International, Inc. 2.75% 10/15/2033 | 2500 | 1914 |
|  | McDonald's Corp. 4.60% 9/9/2032 | 1275 | 1251 |
|  | Melco International Development, Ltd. 5.75% 7/21/2028<sup>6</sup> | 1710 | 1433 |
|  | Mercedes-Benz Finance North America, LLC 5.375% 11/26/2025<sup>6</sup> | 1500 | 1510 |
|  | Mercedes-Benz Finance North America, LLC 5.25% 11/29/2027<sup>6</sup> | 2875 | 2895 |
|  | NCL Corp., Ltd. 5.875% 2/15/2027<sup>6</sup> | 2450 | 2125 |
|  | NCL Corp., Ltd. 7.75% 2/15/2029<sup>6</sup> | 1375 | 1037 |
|  | Neiman Marcus Group, LLC 7.125% 4/1/2026<sup>6</sup> | 1345 | 1263 |
|  | Party City Holdings, Inc. (6-month USD-LIBOR + 5.00%) 8.061% 7/15/2025<sup>6,9</sup> | 780 | 213 |
|  | Party City Holdings, Inc. 8.75% 2/15/2026<sup>6</sup> | 3440 | 998 |
|  | Penske Automotive Group, Inc. 3.75% 6/15/2029 | 1375 | 1118 |
|  | Premier Entertainment Sub, LLC 5.625% 9/1/2029<sup>6</sup> | 1690 | 1248 |
|  | Premier Entertainment Sub, LLC 5.875% 9/1/2031<sup>6</sup> | 1690 | 1198 |
|  | Real Hero Merger Sub 2, Inc. 6.25% 2/1/2029<sup>6</sup> | 715 | 491 |
|  | Royal Caribbean Cruises, Ltd. 11.50% 6/1/2025<sup>6</sup> | 2423 | 2604 |
|  | Royal Caribbean Cruises, Ltd. 4.25% 7/1/2026<sup>6</sup> | 3120 | 2526 |
|  | Royal Caribbean Cruises, Ltd. 5.375% 7/15/2027<sup>6</sup> | 3520 | 2855 |
|  | Royal Caribbean Cruises, Ltd. 8.25% 1/15/2029<sup>6</sup> | 1408 | 1417 |
|  | Sally Holdings, LLC 5.625% 12/1/2025 | 2705 | 2610 |
|  | Sands China, Ltd. 5.625% 8/8/2025 | 1302 | 1247 |
|  | Sands China, Ltd. 2.80% 3/8/2027<sup>13</sup> | 2075 | 1780 |
|  | Scientific Games Corp. 7.00% 5/15/2028<sup>6</sup> | 750 | 717 |
|  | Scientific Games Corp. 7.25% 11/15/2029<sup>6</sup> | 2240 | 2154 |
|  | Sonic Automotive, Inc. 4.625% 11/15/2029<sup>6</sup> | 3035 | 2434 |
|  | Sonic Automotive, Inc. 4.875% 11/15/2031<sup>6</sup> | 1325 | 1043 |
|  | Stellantis Finance US, Inc. 1.711% 1/29/2027<sup>6</sup> | 2200 | 1891 |
|  | Stellantis Finance US, Inc. 5.625% 1/12/2028<sup>6</sup> | 2500 | 2480 |
|  | Stellantis Finance US, Inc. 2.691% 9/15/2031<sup>6</sup> | 2150 | 1646 |
|  | Stellantis Finance US, Inc. 6.375% 9/12/2032<sup>6</sup> | 2000 | 1980 |
|  | Tempur Sealy International, Inc. 4.00% 4/15/2029<sup>6</sup> | 850 | 715 |
|  | The Gap, Inc. 3.625% 10/1/2029<sup>6</sup> | 486 | 343 |
|  | The Gap, Inc. 3.875% 10/1/2031<sup>6</sup> | 323 | 226 |
|  | Toyota Motor Credit Corp. 0.80% 1/9/2026 | 429 | 383 |
|  | Toyota Motor Credit Corp. 1.90% 1/13/2027 | 2500 | 2234 |
|  | Travel + Leisure Co. 4.50% 12/1/2029<sup>6</sup> | 2100 | 1714 |
|  | Volkswagen Group of America Finance, LLC 4.25% 11/13/2023<sup>6</sup> | 3770 | 3734 |

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| | |
|:---|:---|
| **146** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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##### [**Table of Contents**](#toc)
Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
|  **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
|  **Consumer**<br> **discretionary**<br> **(continued)** | Volkswagen Group of America Finance, LLC 4.625% 11/13/2025<sup>6</sup> | USD3,845 | $3786 |
|  | Volkswagen Group of America Finance, LLC 3.20% 9/26/2026<sup>6</sup> | 3201 | 2972 |
|  | Wheel Pros, Inc. 6.50% 5/15/2029<sup>6</sup> | 1750 | 621 |
|  | Wyndham Destinations, Inc. 4.625% 3/1/2030<sup>6</sup> | 1300 | 1080 |
|  | Wyndham Worldwide Corp. 4.375% 8/15/2028<sup>6</sup> | 2255 | 2027 |
|  | Wynn Las Vegas, LLC 4.25% 5/30/2023<sup>6</sup> | 2193 | 2165 |
|  |  |  | 145804 |
|  **Communication**<br> **services**<br> **0.53%** | Alphabet, Inc. 1.998% 8/15/2026 | 3000 | 2762 |
|  | Alphabet, Inc. 1.90% 8/15/2040 | 1375 | 918 |
|  | Alphabet, Inc. 2.25% 8/15/2060 | 1265 | 719 |
|  | AT&T, Inc. 3.50% 9/15/2053 | 5140 | 3492 |
|  | CCO Holdings, LLC 4.75% 3/1/2030<sup>6</sup> | 2500 | 2162 |
|  | CCO Holdings, LLC 4.50% 8/15/2030<sup>6</sup> | 3500 | 2899 |
|  | CCO Holdings, LLC 4.25% 2/1/2031<sup>6</sup> | 3875 | 3117 |
|  | CCO Holdings, LLC 4.75% 2/1/2032<sup>6</sup> | 2150 | 1747 |
|  | CCO Holdings, LLC 4.50% 5/1/2032 | 2710 | 2162 |
|  | Charter Communications Operating, LLC 4.908% 7/23/2025 | 500 | 491 |
|  | Charter Communications Operating, LLC 3.70% 4/1/2051 | 2000 | 1223 |
|  | Charter Communications Operating, LLC 3.90% 6/1/2052 | 3000 | 1895 |
|  | Comcast Corp. 2.35% 1/15/2027 | 4000 | 3640 |
|  | Comcast Corp. 3.20% 7/15/2036 | 375 | 305 |
|  | Comcast Corp. 2.80% 1/15/2051 | 791 | 503 |
|  | Comcast Corp. 2.887% 11/1/2051 | 2571 | 1663 |
|  | CSC Holdings, LLC 3.375% 2/15/2031<sup>6</sup> | 1875 | 1226 |
|  | DIRECTV Financing, LLC 5.875% 8/15/2027<sup>6</sup> | 3655 | 3277 |
|  | DISH Network Corp. 11.75% 11/15/2027<sup>6</sup> | 3700 | 3815 |
|  | Embarq Corp. 7.995% 6/1/2036 | 6465 | 3020 |
|  | Fox Corp. 4.03% 1/25/2024 | 1120 | 1107 |
|  | Frontier Communications Corp. 5.875% 10/15/2027<sup>6</sup> | 2225 | 2071 |
|  | Frontier Communications Corp. 5.00% 5/1/2028<sup>6</sup> | 5550 | 4851 |
|  | Frontier Communications Corp. 6.75% 5/1/2029<sup>6</sup> | 4400 | 3646 |
|  | Frontier Communications Holdings, LLC 5.875% 11/1/2029 | 1850 | 1434 |
|  | Frontier Communications Holdings, LLC 6.00% 1/15/2030<sup>6</sup> | 1900 | 1495 |
|  | Frontier Communications Holdings, LLC 8.75% 5/15/2030<sup>6</sup> | 1100 | 1121 |
|  | Gray Escrow II, Inc. 5.375% 11/15/2031<sup>6</sup> | 900 | 650 |
|  | iHeartCommunications, Inc. 5.25% 8/15/2027<sup>6</sup> | 3093 | 2625 |
|  | Intelsat Jackson Holding Co. 6.50% 3/15/2030<sup>6</sup> | 2891 | 2592 |
|  | Ligado Networks, LLC 15.50% PIK 11/1/2023<sup>6,16</sup> | 4712 | 1537 |
|  | Live Nation Entertainment, Inc. 3.75% 1/15/2028<sup>6</sup> | 1350 | 1154 |
|  | Midas OpCo Holdings, LLC 5.625% 8/15/2029<sup>6</sup> | 3205 | 2649 |
|  | Netflix, Inc. 4.875% 4/15/2028 | 1250 | 1210 |
|  | Netflix, Inc. 5.875% 11/15/2028 | 2175 | 2210 |
|  | Netflix, Inc. 6.375% 5/15/2029 | 50 | 52 |
|  | Netflix, Inc. 5.375% 11/15/2029<sup>6</sup> | 25 | 24 |
|  | News Corp. 3.875% 5/15/2029<sup>6</sup> | 875 | 760 |
|  | News Corp. 5.125% 2/15/2032<sup>6</sup> | 550 | 501 |
|  | Nexstar Broadcasting, Inc. 4.75% 11/1/2028<sup>6</sup> | 3175 | 2751 |
|  | SBA Tower Trust 1.631% 11/15/2026<sup>6</sup> | 8707 | 7408 |
|  | Scripps Escrow II, Inc. 3.875% 1/15/2029<sup>6</sup> | 2325 | 1869 |
|  | Sinclair Television Group, Inc. 4.125% 12/1/2030<sup>6</sup> | 1175 | 882 |
|  | Sirius XM Radio, Inc. 4.00% 7/15/2028<sup>6</sup> | 3575 | 3118 |
|  | Sirius XM Radio, Inc. 4.125% 7/1/2030<sup>6</sup> | 950 | 786 |
|  | Sirius XM Radio, Inc. 3.875% 9/1/2031<sup>6</sup> | 1975 | 1545 |
|  | Sprint Corp. 6.875% 11/15/2028 | 2525 | 2627 |
|  | Take-Two Interactive Software, Inc. 3.30% 3/28/2024 | 3175 | 3102 |
|  | Take-Two Interactive Software, Inc. 4.00% 4/14/2032 | 2438 | 2165 |
|  | T-Mobile US, Inc. 1.50% 2/15/2026 | 500 | 448 |
|  | T-Mobile US, Inc. 2.05% 2/15/2028 | 325 | 280 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **147** |

---

------

##### [**Table of Contents**](#toc)
Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
|  **Communication**<br> **services**<br> **(continued)** | Univision Communications, Inc. 6.625% 6/1/2027<sup>6</sup> | USD5,800 | $5608 |
|  | Univision Communications, Inc. 4.50% 5/1/2029<sup>6</sup> | 3475 | 2913 |
|  | Univision Communications, Inc. 7.375% 6/30/2030<sup>6</sup> | 225 | 215 |
|  | Verizon Communications, Inc. 2.875% 11/20/2050 | 2453 | 1548 |
|  | Virgin Media O2 4.25% 1/31/2031<sup>6</sup> | 4525 | 3673 |
|  | Virgin Media Secured Finance PLC 4.50% 8/15/2030<sup>6</sup> | 2115 | 1771 |
|  | VMED O2 UK Financing I PLC 4.75% 7/15/2031<sup>6</sup> | 225 | 183 |
|  | Vodafone Group PLC 5.25% 5/30/2048 | 500 | 443 |
|  | Vodafone Group PLC 4.25% 9/17/2050 | 4350 | 3337 |
|  | WarnerMedia Holdings, Inc. 3.638% 3/15/2025<sup>6</sup> | 3807 | 3623 |
|  | WarnerMedia Holdings, Inc. 3.755% 3/15/2027<sup>6</sup> | 1018 | 918 |
|  | WarnerMedia Holdings, Inc. 4.054% 3/15/2029<sup>6</sup> | 1435 | 1244 |
|  | WarnerMedia Holdings, Inc. 4.279% 3/15/2032<sup>6</sup> | 2903 | 2399 |
|  | WarnerMedia Holdings, Inc. 5.05% 3/15/2042<sup>6</sup> | 2500 | 1922 |
|  | WarnerMedia Holdings, Inc. 5.141% 3/15/2052<sup>6</sup> | 1500 | 1096 |
|  | Ziggo Bond Co. BV 5.125% 2/28/2030<sup>6</sup> | 1775 | 1436 |
|  | Ziggo Bond Finance BV 4.875% 1/15/2030<sup>6</sup> | 725 | 608 |
|  |  |  | 132643 |
|  **Industrials**<br> **0.53%** | AAdvantage Loyalty IP, Ltd. 5.50% 4/20/2026<sup>6</sup> | 1005 | 968 |
|  | Allison Transmission Holdings, Inc. 3.75% 1/30/2031<sup>6</sup> | 3445 | 2838 |
|  | Avis Budget Car Rental, LLC 5.75% 7/15/2027<sup>6</sup> | 1025 | 929 |
|  | Avis Budget Group, Inc. 5.375% 3/1/2029<sup>6</sup> | 2450 | 2099 |
|  | Avolon Holdings Funding, Ltd. 3.95% 7/1/2024<sup>6</sup> | 1587 | 1520 |
|  | Avolon Holdings Funding, Ltd. 4.25% 4/15/2026<sup>6</sup> | 1126 | 1022 |
|  | Avolon Holdings Funding, Ltd. 4.375% 5/1/2026<sup>6</sup> | 1975 | 1802 |
|  | Boeing Company 4.875% 5/1/2025 | 1555 | 1545 |
|  | Boeing Company 3.10% 5/1/2026 | 251 | 236 |
|  | Boeing Company 3.25% 2/1/2028 | 4000 | 3639 |
|  | Boeing Company 5.15% 5/1/2030 | 1100 | 1076 |
|  | Boeing Company 3.60% 5/1/2034 | 6250 | 5016 |
|  | Boeing Company 5.805% 5/1/2050 | 4000 | 3729 |
|  | Bombardier, Inc. 7.125% 6/15/2026<sup>6</sup> | 4100 | 3985 |
|  | Bombardier, Inc. 7.875% 4/15/2027<sup>6</sup> | 8070 | 7844 |
|  | Bombardier, Inc. 6.00% 2/15/2028<sup>6</sup> | 1010 | 935 |
|  | BWX Technologies, Inc. 4.125% 4/15/2029<sup>6</sup> | 1025 | 899 |
|  | Canadian Pacific Railway, Ltd. 1.75% 12/2/2026 | 1385 | 1236 |
|  | Canadian Pacific Railway, Ltd. 2.45% 12/2/2031 | 1738 | 1444 |
|  | Canadian Pacific Railway, Ltd. 3.10% 12/2/2051 | 829 | 561 |
|  | Chart Industries, Inc. 7.50% 1/1/2030<sup>6</sup> | 1347 | 1356 |
|  | Clarivate Science Holdings Corp. 3.875% 7/1/2028<sup>6</sup> | 590 | 512 |
|  | Clarivate Science Holdings Corp. 4.875% 7/1/2029<sup>6</sup> | 520 | 443 |
|  | CoreLogic, Inc. 4.50% 5/1/2028<sup>6</sup> | 6075 | 4669 |
|  | Covanta Holding Corp. 4.875% 12/1/2029<sup>6</sup> | 1035 | 849 |
|  | CSX Corp. 4.25% 3/15/2029 | 1062 | 1024 |
|  | CSX Corp. 2.50% 5/15/2051 | 1125 | 688 |
|  | Honeywell International, Inc. 2.30% 8/15/2024 | 2640 | 2536 |
|  | Honeywell International, Inc. 1.35% 6/1/2025 | 5947 | 5503 |
|  | Honeywell International, Inc. 2.70% 8/15/2029 | 1470 | 1310 |
|  | Icahn Enterprises Finance Corp. 4.75% 9/15/2024 | 2090 | 2009 |
|  | Icahn Enterprises, LP 5.25% 5/15/2027 | 1185 | 1088 |
|  | Icahn Enterprises, LP 4.375% 2/1/2029 | 1525 | 1292 |
|  | L3Harris Technologies, Inc. 1.80% 1/15/2031 | 2625 | 2021 |
|  | Lockheed Martin Corp. 5.10% 11/15/2027 | 951 | 974 |
|  | Lockheed Martin Corp. 5.25% 1/15/2033 | 1742 | 1802 |
|  | Lockheed Martin Corp. 5.70% 11/15/2054 | 1849 | 1949 |
|  | LSC Communications, Inc. 8.75% 10/15/2023<sup>3,6,15</sup> | 4063 | 12 |
|  | Masco Corp. 1.50% 2/15/2028 | 774 | 642 |
|  | Masco Corp. 2.00% 2/15/2031 | 497 | 384 |

---

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| | |
|:---|:---|
| **148** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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##### [**Table of Contents**](#toc)
Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
|  **Industrials**<br> **(continued)** | Masco Corp. 3.125% 2/15/2051 | USD230 | $144 |
|  | MasTec, Inc. 4.50% 8/15/2028<sup>6</sup> | 1425 | 1279 |
|  | Mileage Plus Holdings, LLC 6.50% 6/20/2027<sup>6</sup> | 1980 | 1973 |
|  | Norfolk Southern Corp. 3.05% 5/15/2050 | 2746 | 1852 |
|  | Northrop Grumman Corp. 2.93% 1/15/2025 | 1820 | 1747 |
|  | Northrop Grumman Corp. 3.25% 1/15/2028 | 3495 | 3229 |
|  | Otis Worldwide Corp. 2.293% 4/5/2027 | 2135 | 1914 |
|  | Roller Bearing Company of America, Inc. 4.375% 10/15/2029<sup>6</sup> | 195 | 169 |
|  | Rolls-Royce PLC 5.75% 10/15/2027<sup>6</sup> | 1940 | 1851 |
|  | Siemens AG 1.20% 3/11/2026<sup>6</sup> | 3887 | 3468 |
|  | Siemens AG 1.70% 3/11/2028<sup>6</sup> | 3700 | 3167 |
|  | SkyMiles IP, Ltd. 4.75% 10/20/2028<sup>6</sup> | 2950 | 2777 |
|  | Spirit AeroSystems, Inc. 9.375% 11/30/2029<sup>6</sup> | 507 | 534 |
|  | The Brink's Co. 4.625% 10/15/2027<sup>6</sup> | 2385 | 2186 |
|  | TransDigm, Inc. 6.25% 3/15/2026<sup>6</sup> | 3476 | 3436 |
|  | TransDigm, Inc. 5.50% 11/15/2027 | 2200 | 2070 |
|  | Triumph Group, Inc. 8.875% 6/1/2024<sup>6</sup> | 2295 | 2339 |
|  | Triumph Group, Inc. 6.25% 9/15/2024<sup>6</sup> | 4775 | 4534 |
|  | Triumph Group, Inc. 7.75% 8/15/2025 | 3950 | 3366 |
|  | Union Pacific Corp. 2.40% 2/5/2030 | 2414 | 2071 |
|  | Union Pacific Corp. 2.95% 3/10/2052 | 1000 | 681 |
|  | Union Pacific Corp. 3.839% 3/20/2060 | 546 | 425 |
|  | Union Pacific Corp. 3.799% 4/6/2071 | 545 | 405 |
|  | United Airlines, Inc. 4.375% 4/15/2026<sup>6</sup> | 975 | 905 |
|  | United Airlines, Inc. 4.625% 4/15/2029<sup>6</sup> | 2225 | 1941 |
|  | United Rentals, Inc. 3.875% 2/15/2031 | 2050 | 1723 |
|  | United Technologies Corp. 3.65% 8/16/2023 | 52 | 52 |
|  | United Technologies Corp. 3.95% 8/16/2025 | 3155 | 3085 |
|  | United Technologies Corp. 4.125% 11/16/2028 | 1075 | 1031 |
|  | Vertical U.S. Newco, Inc. 5.25% 7/15/2027<sup>6</sup> | 2000 | 1779 |
|  |  |  | 130519 |
|  **Materials**<br> **0.40%** | Alcoa Nederland Holding BV 4.125% 3/31/2029<sup>6</sup> | 1175 | 1044 |
|  | Allegheny Technologies, Inc. 4.875% 10/1/2029 | 710 | 628 |
|  | Allegheny Technologies, Inc. 5.125% 10/1/2031 | 1110 | 983 |
|  | Anglo American Capital PLC 2.25% 3/17/2028<sup>6</sup> | 484 | 408 |
|  | Anglo American Capital PLC 2.625% 9/10/2030<sup>6</sup> | 2500 | 2037 |
|  | Anglo American Capital PLC 3.95% 9/10/2050<sup>6</sup> | 1281 | 942 |
|  | Arconic Rolled Products Corp. 6.125% 2/15/2028<sup>6</sup> | 750 | 705 |
|  | Avient Corp. 7.125% 8/1/2030<sup>6</sup> | 855 | 837 |
|  | Ball Corp. 6.875% 3/15/2028 | 1415 | 1455 |
|  | Ball Corp. 3.125% 9/15/2031 | 3520 | 2832 |
|  | CAN-PACK SA 3.875% 11/15/2029<sup>6</sup> | 935 | 738 |
|  | Celanese US Holdings, LLC 6.165% 7/15/2027 | 3500 | 3458 |
|  | Chevron Phillips Chemical Co., LLC 3.30% 5/1/2023<sup>6</sup> | 595 | 591 |
|  | Cleveland-Cliffs, Inc. 5.875% 6/1/2027 | 9000 | 8613 |
|  | Cleveland-Cliffs, Inc. 4.625% 3/1/2029<sup>6</sup> | 1825 | 1622 |
|  | Cleveland-Cliffs, Inc. 4.875% 3/1/2031<sup>6</sup> | 1351 | 1195 |
|  | CVR Partners, LP 6.125% 6/15/2028<sup>6</sup> | 745 | 669 |
|  | Dow Chemical Co. 3.60% 11/15/2050 | 1328 | 955 |
|  | First Quantum Minerals, Ltd. 6.50% 3/1/2024<sup>6</sup> | 2204 | 2159 |
|  | First Quantum Minerals, Ltd. 7.50% 4/1/2025<sup>6</sup> | 11350 | 11071 |
|  | First Quantum Minerals, Ltd. 6.875% 3/1/2026<sup>6</sup> | 3625 | 3438 |
|  | First Quantum Minerals, Ltd. 6.875% 10/15/2027<sup>6</sup> | 4240 | 3987 |
|  | FXI Holdings, Inc. 7.875% 11/1/2024<sup>6</sup> | 2321 | 1933 |
|  | FXI Holdings, Inc. 12.25% 11/15/2026<sup>6</sup> | 4492 | 3726 |
|  | Glencore Funding, LLC 4.125% 3/12/2024<sup>6</sup> | 945 | 930 |
|  | International Flavors & Fragrances, Inc. 1.832% 10/15/2027<sup>6</sup> | 5400 | 4541 |
|  | Kaiser Aluminum Corp. 4.625% 3/1/2028<sup>6</sup> | 2495 | 2181 |

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| | |
|:---|:---|
| American Funds Insurance Series | **149** |

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##### [**Table of Contents**](#toc)
Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
|  **Materials**<br> **(continued)** | LSB Industries, Inc. 6.25% 10/15/2028<sup>6</sup> | USD860 | $788 |
|  | LYB International Finance III, LLC 2.25% 10/1/2030 | 1198 | 953 |
|  | LYB International Finance III, LLC 3.625% 4/1/2051 | 2537 | 1708 |
|  | LYB International Finance III, LLC 3.80% 10/1/2060 | 1186 | 774 |
|  | Methanex Corp. 5.125% 10/15/2027 | 6300 | 5854 |
|  | Mineral Resources, Ltd. 8.50% 5/1/2030<sup>6</sup> | 1525 | 1548 |
|  | Mosaic Co. 4.05% 11/15/2027 | 1050 | 991 |
|  | Nova Chemicals Corp. 4.25% 5/15/2029<sup>6</sup> | 1875 | 1536 |
|  | Novelis Corp. 3.875% 8/15/2031<sup>6</sup> | 1115 | 912 |
|  | Praxair, Inc. 1.10% 8/10/2030 | 2938 | 2258 |
|  | SCIH Salt Holdings, Inc. 4.875% 5/1/2028<sup>6</sup> | 3485 | 2997 |
|  | SCIH Salt Holdings, Inc. 6.625% 5/1/2029<sup>6</sup> | 1230 | 992 |
|  | Sherwin-Williams Company 3.125% 6/1/2024 | 275 | 267 |
|  | Sherwin-Williams Company 3.80% 8/15/2049 | 5208 | 3891 |
|  | South32 Treasury, Ltd. 4.35% 4/14/2032<sup>6</sup> | 1527 | 1311 |
|  | SPCM SA 3.375% 3/15/2030<sup>6</sup> | 600 | 484 |
|  | Venator Finance SARL 9.50% 7/1/2025<sup>6</sup> | 1825 | 1323 |
|  | Venator Finance SARL 5.75% 7/15/2025<sup>6</sup> | 5845 | 2005 |
|  | Warrior Met Coal, Inc. 7.875% 12/1/2028<sup>6</sup> | 3400 | 3356 |
|  | Westlake Chemical Corp. 4.375% 11/15/2047 | 500 | 378 |
|  |  |  | 98004 |
|  **Utilities**<br> **0.31%** | Ameren Corp. 2.50% 9/15/2024 | 969 | 927 |
|  | Calpine Corp. 3.75% 3/1/2031<sup>6</sup> | 1975 | 1593 |
|  | Commonwealth Edison Co. 4.35% 11/15/2045 | 1085 | 931 |
|  | Commonwealth Edison Co. 3.85% 3/15/2052 | 2600 | 2083 |
|  | Dominion Resources, Inc., junior subordinated, 3.071% 8/15/2024<sup>13</sup> | 920 | 887 |
|  | Duke Energy Carolinas, LLC 3.95% 11/15/2028 | 1250 | 1202 |
|  | Duke Energy Corp. 4.50% 8/15/2032 | 2000 | 1879 |
|  | Duke Energy Corp. 3.50% 6/15/2051 | 2000 | 1398 |
|  | Duke Energy Florida, LLC 3.20% 1/15/2027 | 1445 | 1366 |
|  | Duke Energy Indiana, Inc. 3.25% 10/1/2049 | 1225 | 856 |
|  | Duke Energy Progress, LLC 3.70% 10/15/2046 | 457 | 348 |
|  | Duke Energy Progress, LLC 2.50% 8/15/2050 | 202 | 122 |
|  | Duke Energy Progress, LLC 2.90% 8/15/2051 | 91 | 60 |
|  | Edison International 3.55% 11/15/2024 | 2200 | 2125 |
|  | EDP Finance BV 3.625% 7/15/2024<sup>6</sup> | 4100 | 3959 |
|  | Electricité de France SA 4.75% 10/13/2035<sup>6</sup> | 1250 | 1057 |
|  | Electricité de France SA 4.875% 9/21/2038<sup>6</sup> | 2750 | 2246 |
|  | Electricité de France SA 5.60% 1/27/2040 | 525 | 481 |
|  | Emera US Finance, LP 3.55% 6/15/2026 | 320 | 300 |
|  | Enersis Américas SA 4.00% 10/25/2026 | 245 | 233 |
|  | Entergy Corp. 2.80% 6/15/2030 | 3325 | 2816 |
|  | Eversource Energy 3.80% 12/1/2023 | 2730 | 2700 |
|  | FirstEnergy Corp. 3.40% 3/1/2050 | 2250 | 1489 |
|  | FirstEnergy Transmission, LLC 2.866% 9/15/2028<sup>6</sup> | 675 | 590 |
|  | NRG Energy, Inc. 3.625% 2/15/2031<sup>6</sup> | 1875 | 1429 |
|  | Pacific Gas and Electric Co. 2.10% 8/1/2027 | 125 | 107 |
|  | Pacific Gas and Electric Co. 2.50% 2/1/2031 | 2941 | 2289 |
|  | Pacific Gas and Electric Co. 3.30% 8/1/2040 | 100 | 68 |
|  | Pacific Gas and Electric Co. 3.50% 8/1/2050 | 1250 | 781 |
|  | PacifiCorp, First Mortgage Bonds, 4.125% 1/15/2049 | 4000 | 3293 |
|  | PG&E Corp. 5.00% 7/1/2028 | 3750 | 3429 |
|  | PG&E Corp. 5.25% 7/1/2030 | 3400 | 3099 |
|  | Public Service Electric and Gas Co. 3.60% 12/1/2047 | 548 | 419 |
|  | Public Service Electric and Gas Co. 3.15% 1/1/2050 | 2451 | 1727 |
|  | Southern California Edison Co. 2.85% 8/1/2029 | 4450 | 3877 |
|  | Southern California Edison Co. 6.00% 1/15/2034 | 2500 | 2620 |
|  | Southern California Edison Co. 5.75% 4/1/2035 | 675 | 675 |

---

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| | |
|:---|:---|
| **150** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
|  **Utilities**<br> **(continued)** | Southern California Edison Co. 5.35% 7/15/2035 | USD3,000 | $2915 |
|  | Southern California Edison Co. 4.00% 4/1/2047 | 264 | 208 |
|  | Talen Energy Corp. 7.25% 5/15/2027<sup>6</sup> | 8334 | 8664 |
|  | Talen Energy Corp., Term Loan B, (3-month USD-LIBOR + 3.75%) 7.821% 7/8/2026<sup>9,14</sup> | 2815 | 2861 |
|  | Talen Energy Supply, LLC 7.625% 6/1/2028<sup>6</sup> | 1180 | 1232 |
|  | Venture Global Calcasieu Pass, LLC 3.875% 8/15/2029<sup>6</sup> | 1030 | 903 |
|  | Virginia Electric and Power Co. 2.40% 3/30/2032 | 2575 | 2088 |
|  | Xcel Energy, Inc. 2.60% 12/1/2029 | 1950 | 1669 |
|  |  |  | 76001 |
|  **Real estate**<br> **0.28%** | Alexandria Real Estate Equities, Inc. 3.80% 4/15/2026 | 315 | 305 |
|  | Alexandria Real Estate Equities, Inc. 3.95% 1/15/2028 | 1220 | 1148 |
|  | Alexandria Real Estate Equities, Inc. 2.75% 12/15/2029 | 1940 | 1654 |
|  | Alexandria Real Estate Equities, Inc. 3.375% 8/15/2031 | 1320 | 1155 |
|  | Alexandria Real Estate Equities, Inc. 1.875% 2/1/2033 | 4095 | 3056 |
|  | Alexandria Real Estate Equities, Inc. 4.85% 4/15/2049 | 410 | 349 |
|  | American Tower Corp. 1.45% 9/15/2026 | 2369 | 2070 |
|  | American Tower Corp. 3.55% 7/15/2027 | 1425 | 1322 |
|  | American Tower Corp. 3.60% 1/15/2028 | 1000 | 921 |
|  | American Tower Corp. 1.50% 1/31/2028 | 2500 | 2073 |
|  | American Tower Corp. 2.30% 9/15/2031 | 1500 | 1170 |
|  | American Tower Corp. 2.95% 1/15/2051 | 2000 | 1247 |
|  | Anywhere Real Estate Group, LLC 5.75% 1/15/2029<sup>6</sup> | 2260 | 1712 |
|  | Essex Portfolio, LP 3.875% 5/1/2024 | 1000 | 980 |
|  | Essex Portfolio, LP 3.50% 4/1/2025 | 6825 | 6587 |
|  | Extra Space Storage, Inc. 2.35% 3/15/2032 | 1385 | 1051 |
|  | GLP Capital, LP 3.35% 9/1/2024 | 1263 | 1212 |
|  | Hospitality Properties Trust 4.35% 10/1/2024 | 560 | 510 |
|  | Host Hotels & Resorts, LP 4.50% 2/1/2026 | 355 | 341 |
|  | Howard Hughes Corp. 5.375% 8/1/2028<sup>6</sup> | 1450 | 1309 |
|  | Howard Hughes Corp. 4.125% 2/1/2029<sup>6</sup> | 1860 | 1560 |
|  | Howard Hughes Corp. 4.375% 2/1/2031<sup>6</sup> | 2690 | 2180 |
|  | Invitation Homes Operating Partnership, LP 2.00% 8/15/2031 | 2401 | 1780 |
|  | Iron Mountain, Inc. 5.25% 7/15/2030<sup>6</sup> | 3785 | 3298 |
|  | Iron Mountain, Inc. 4.50% 2/15/2031<sup>6</sup> | 2650 | 2184 |
|  | Kennedy-Wilson Holdings, Inc. 4.75% 3/1/2029 | 2645 | 2100 |
|  | Kennedy-Wilson Holdings, Inc. 4.75% 2/1/2030 | 1940 | 1482 |
|  | Kennedy-Wilson Holdings, Inc. 5.00% 3/1/2031 | 2260 | 1704 |
|  | Ladder Capital Finance Holdings LLLP 4.25% 2/1/2027<sup>6</sup> | 3757 | 3163 |
|  | Park Intermediate Holdings, LLC 4.875% 5/15/2029<sup>6</sup> | 2280 | 1933 |
|  | Public Storage 1.85% 5/1/2028 | 2490 | 2140 |
|  | Public Storage 1.95% 11/9/2028 | 2027 | 1733 |
|  | Public Storage 2.30% 5/1/2031 | 719 | 585 |
|  | RHP Hotel Properties, LP 4.50% 2/15/2029<sup>6</sup> | 1300 | 1123 |
|  | RLJ Lodging Trust, LP 4.00% 9/15/2029<sup>6</sup> | 1240 | 1007 |
|  | Scentre Group 3.50% 2/12/2025<sup>6</sup> | 3075 | 2945 |
|  | Scentre Group 3.25% 10/28/2025<sup>6</sup> | 1000 | 939 |
|  | Scentre Group 3.75% 3/23/2027<sup>6</sup> | 2430 | 2241 |
|  | Sun Communities Operating, LP 2.30% 11/1/2028 | 1845 | 1540 |
|  | Sun Communities Operating, LP 2.70% 7/15/2031 | 876 | 694 |
|  | UDR, Inc. 2.95% 9/1/2026 | 760 | 699 |
|  | VICI Properties, LP 3.875% 2/15/2029<sup>6</sup> | 1367 | 1200 |
|  | VICI Properties, LP 4.625% 12/1/2029<sup>6</sup> | 532 | 485 |
|  | VICI Properties, LP 4.125% 8/15/2030<sup>6</sup> | 971 | 851 |
|  |  |  | 69738 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **151** |

---

------

##### [**Table of Contents**](#toc)
Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
|  **Information**<br> **technology**<br> **0.27%** | Adobe, Inc. 1.90% 2/1/2025 | USD366 | $346 |
|  | Almonde, Inc., Term Loan B, (3-month USD-LIBOR + 3.50%) 6.871% 6/13/2024<sup>9,14</sup> | 225 | 200 |
|  | Almonde, Inc., Term Loan, (3-month USD-LIBOR + 7.25%) 10.621% 6/13/2025<sup>9,14</sup> | 4150 | 3121 |
|  | Analog Devices, Inc. 1.70% 10/1/2028 | 1286 | 1092 |
|  | Analog Devices, Inc. 2.10% 10/1/2031 | 1212 | 982 |
|  | Analog Devices, Inc. 2.80% 10/1/2041 | 2961 | 2179 |
|  | Analog Devices, Inc. 2.95% 10/1/2051 | 1955 | 1327 |
|  | Apple, Inc. 3.00% 2/9/2024 | 625 | 613 |
|  | Apple, Inc. 3.35% 2/9/2027 | 40 | 38 |
|  | Apple, Inc. 1.20% 2/8/2028 | 5000 | 4245 |
|  | Apple, Inc. 3.95% 8/8/2052 | 3500 | 2994 |
|  | Block, Inc. 3.50% 6/1/2031 | 2325 | 1858 |
|  | Booz Allen Hamilton, Inc. 4.00% 7/1/2029<sup>6</sup> | 1000 | 882 |
|  | Broadcom, Inc. 1.95% 2/15/2028<sup>6</sup> | 1407 | 1191 |
|  | Broadcom, Inc. 2.60% 2/15/2033<sup>6</sup> | 2524 | 1901 |
|  | Broadcom, Inc. 3.469% 4/15/2034<sup>6</sup> | 1771 | 1418 |
|  | CommScope Finance, LLC 6.00% 3/1/2026<sup>6</sup> | 1600 | 1480 |
|  | Diebold Nixdorf, Inc. 9.375% 7/15/2025<sup>6</sup> | 10434 | 7462 |
|  | Diebold Nixdorf, Inc., units, 8.50% PIK or 8.50% Cash 10/15/2026<sup>3,6,16</sup> | 6909 | 4162 |
|  | Diebold Nixdorf, Inc., Term Loan, (USD-SOFR + 5.25%) 6.75% 7/15/2025<sup>3,9,14</sup> | 4731 | 3186 |
|  | Fidelity National Information Services, Inc. 3.10% 3/1/2041 | 302 | 209 |
|  | Finastra, Ltd., Term Loan B, (3-month EUR-EURIBOR + 3.00%) 4.00% 6/13/2024<sup>9,14</sup> | EUR1,343 | 1243 |
|  | Fiserv, Inc. 3.50% 7/1/2029 | USD471 | 425 |
|  | Fiserv, Inc. 2.65% 6/1/2030 | 3605 | 3039 |
|  | Gartner, Inc. 4.50% 7/1/2028<sup>6</sup> | 650 | 607 |
|  | Intuit, Inc. 0.95% 7/15/2025 | 1530 | 1394 |
|  | Intuit, Inc. 1.35% 7/15/2027 | 1395 | 1209 |
|  | Intuit, Inc. 1.65% 7/15/2030 | 1845 | 1484 |
|  | Mastercard, Inc. 2.00% 11/18/2031 | 3874 | 3120 |
|  | Microsoft Corp. 2.921% 3/17/2052 | 4814 | 3431 |
|  | NCR Corp. 5.125% 4/15/2029<sup>6</sup> | 1650 | 1383 |
|  | PayPal Holdings, Inc. 2.65% 10/1/2026 | 662 | 612 |
|  | PayPal Holdings, Inc. 2.30% 6/1/2030 | 616 | 507 |
|  | Sabre GLBL, Inc. 7.375% 9/1/2025<sup>6</sup> | 946 | 911 |
|  | Sabre GLBL, Inc. 11.25% 12/15/2027<sup>6</sup> | 1157 | 1192 |
|  | Sabre Holdings Corp. 9.25% 4/15/2025<sup>6</sup> | 3122 | 3115 |
|  | Synaptics, Inc. 4.00% 6/15/2029<sup>6</sup> | 875 | 738 |
|  | Unisys Corp. 6.875% 11/1/2027<sup>6</sup> | 725 | 558 |
|  | VeriSign, Inc. 2.70% 6/15/2031 | 625 | 511 |
|  | Veritas US, Inc. 7.50% 9/1/2025<sup>6</sup> | 835 | 577 |
|  | Viavi Solutions, Inc. 3.75% 10/1/2029<sup>6</sup> | 725 | 611 |
|  |  |  | 67553 |
|  **Consumer staples**<br> **0.23%** | 7-Eleven, Inc. 0.80% 2/10/2024<sup>6</sup> | 1700 | 1618 |
|  | 7-Eleven, Inc. 0.95% 2/10/2026<sup>6</sup> | 825 | 723 |
|  | 7-Eleven, Inc. 1.30% 2/10/2028<sup>6</sup> | 2500 | 2076 |
|  | Albertsons Companies, Inc. 3.50% 3/15/2029<sup>6</sup> | 1230 | 1035 |
|  | Altria Group, Inc. 3.40% 2/4/2041 | 1500 | 1000 |
|  | Altria Group, Inc. 3.70% 2/4/2051 | 1395 | 879 |
|  | Anheuser-Busch InBev NV 4.00% 4/13/2028 | 845 | 806 |
|  | Anheuser-Busch InBev NV 4.35% 6/1/2040 | 2500 | 2208 |
|  | Anheuser-Busch InBev NV 4.60% 4/15/2048 | 1500 | 1311 |
|  | British American Tobacco PLC 3.222% 8/15/2024 | 2826 | 2723 |
|  | British American Tobacco PLC 3.215% 9/6/2026 | 3323 | 3070 |
|  | British American Tobacco PLC 4.54% 8/15/2047 | 940 | 668 |
|  | Central Garden & Pet Co. 4.125% 4/30/2031<sup>6</sup> | 1395 | 1157 |
|  | Coca-Cola Company 1.00% 3/15/2028 | 940 | 787 |
|  | Conagra Brands, Inc. 1.375% 11/1/2027 | 4615 | 3852 |
|  | Constellation Brands, Inc. 3.60% 2/15/2028 | 625 | 580 |

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|:---|:---|
| **152** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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##### [**Table of Contents**](#toc)
Asset Allocation Fund (continued)

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| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |
|  **Consumer staples**<br> **(continued)** | Constellation Brands, Inc. 2.25% 8/1/2031 | USD1,487 | $1185 |
|  | Coty, Inc. 4.75% 1/15/2029<sup>6</sup> | 1680 | 1523 |
|  | Imperial Tobacco Finance PLC 6.125% 7/27/2027<sup>6</sup> | 845 | 842 |
|  | Kronos Acquisition Holdings, Inc. 5.00% 12/31/2026<sup>6</sup> | 2990 | 2590 |
|  | Lamb Weston Holdings, Inc. 4.125% 1/31/2030<sup>6</sup> | 2210 | 1955 |
|  | PepsiCo, Inc. 2.625% 10/21/2041 | 5000 | 3721 |
|  | PepsiCo, Inc. 3.625% 3/19/2050 | 777 | 639 |
|  | PepsiCo, Inc. 2.75% 10/21/2051 | 1723 | 1200 |
|  | Philip Morris International, Inc. 2.875% 5/1/2024 | 788 | 765 |
|  | Philip Morris International, Inc. 3.25% 11/10/2024 | 2000 | 1936 |
|  | Philip Morris International, Inc. 0.875% 5/1/2026 | 2990 | 2630 |
|  | Philip Morris International, Inc. 5.125% 11/17/2027 | 3073 | 3101 |
|  | Philip Morris International, Inc. 3.375% 8/15/2029 | 788 | 711 |
|  | Philip Morris International, Inc. 5.625% 11/17/2029 | 1482 | 1507 |
|  | Philip Morris International, Inc. 1.75% 11/1/2030 | 2956 | 2322 |
|  | Philip Morris International, Inc. 5.75% 11/17/2032 | 938 | 959 |
|  | Post Holdings, Inc. 4.625% 4/15/2030<sup>6</sup> | 2886 | 2496 |
|  | Prestige Brands International, Inc. 3.75% 4/1/2031<sup>6</sup> | 1115 | 921 |
|  | Reynolds American, Inc. 5.85% 8/15/2045 | 2030 | 1737 |
|  | Simmons Foods, Inc. 4.625% 3/1/2029<sup>6</sup> | 560 | 457 |
|  |  |  | 57690 |
|  | **Total corporate bonds, notes & loans** |  | 1396142 |
|  **Asset-backed obligations 1.68%** | **Asset-backed obligations 1.68%** | **Asset-backed obligations 1.68%** | **Asset-backed obligations 1.68%** |
|  | Affirm Asset Securitization Trust, Series 2021-Z2, Class A, 1.17% 11/16/2026<sup>6,8</sup> | 1050 | 1005 |
|  | Allegro CLO, Ltd., Series 2016-1A, Class AR2,<br>(3-month USD-LIBOR + 0.95%) 5.029% 1/15/2030<sup>6,8,9</sup> | 2205 | 2182 |
|  | Allegro CLO, Ltd., Series 2017-1A, Class AR,<br>(3-month USD-LIBOR + 0.95%) 5.029% 10/16/2030<sup>6,8,9</sup> | 1639 | 1612 |
|  | American Express Credit Account Master Trust, Series 2018-9, Class A,<br>(1-month USD-LIBOR + 0.38%) 4.698% 4/15/2026<sup>8,9</sup> | 9000 | 8995 |
|  | Ares CLO, Ltd., Series 2017-42A, Class AR,<br>(3-month USD-LIBOR + 0.92%) 5.245% 1/22/2028<sup>6,8,9</sup> | 2566 | 2538 |
|  | Avis Budget Rental Car Funding (AESOP), LLC, Series 2017-2A, Class A, 2.97% 3/20/2024<sup>6,8</sup> | 960 | 957 |
|  | Avis Budget Rental Car Funding (AESOP), LLC, Series 2018-1A, Class A, 3.70% 9/20/2024<sup>6,8</sup> | 1114 | 1103 |
|  | Avis Budget Rental Car Funding (AESOP), LLC, Series 2018-2A, Class A, 4.00% 3/20/2025<sup>6,8</sup> | 3100 | 3049 |
|  | Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2, Class A, 2.02% 2/20/2027<sup>6,8</sup> | 539 | 489 |
|  | Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2A, Class B, 2.96% 2/20/2027<sup>6,8</sup> | 138 | 124 |
|  | Avis Budget Rental Car Funding (AESOP), LLC, Series 2021-1A, Class A, 1.38% 8/20/2027<sup>6,8</sup> | 11617 | 10133 |
|  | BA Credit Card Trust, Series 2022-A2, Class A2, 5.00% 4/17/2028<sup>8</sup> | 6633 | 6706 |
|  | Ballyrock CLO, Ltd., Series 2019-2A, Class A1AR,<br>(3-month USD-LIBOR + 1.00%) 5.675% 11/20/2030<sup>6,8,9</sup> | 3660 | 3614 |
|  | Bankers Healthcare Group Securitization Trust, Series 2021-A, Class A, 1.42% 11/17/2033<sup>6,8</sup> | 531 | 494 |
|  | Castlelake Aircraft Securitization Trust, Series 2021-1, Class A, 2.868% 5/11/2037<sup>6,8</sup> | 4807 | 4092 |
|  | Castlelake Aircraft Securitization Trust, Series 2017-1R, Class A, 2.741% 8/15/2041<sup>6,8</sup> | 665 | 582 |
|  | Cent CLO, Ltd., Series 2014-21A, Class AR,<br>(3-month USD-LIBOR + 0.97%) 5.328% 7/27/2030<sup>6,8,9</sup> | 5164 | 5089 |
|  | CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/2060<sup>6,8</sup> | 5191 | 4639 |
|  | CF Hippolyta, LLC, Series 2020-1, Class A2, 1.99% 7/15/2060<sup>6,8</sup> | 1746 | 1444 |
|  | CF Hippolyta, LLC, Series 2021-1, Class A1, 1.53% 3/15/2061<sup>6,8</sup> | 6093 | 5277 |
|  | Citibank Credit Card Issuance Trust, Series 2017-A5, Class A5,<br>(1-month USD-LIBOR + 0.62%) 4.981% 4/22/2026<sup>8,9</sup> | 4960 | 4963 |

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|:---|:---|
| American Funds Insurance Series | **153** |

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##### [**Table of Contents**](#toc)
Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
| **Asset-backed obligations (continued)** |  |  |
| CLI Funding VI, LLC, Series 2020-2A, Class A, 2.03% 9/15/2045<sup>6,8</sup> | USD1,446 | $1245 |
| CLI Funding VI, LLC, Series 2020-1A, Class A, 2.08% 9/18/2045<sup>6,8</sup> | 5382 | 4669 |
| CLI Funding VI, LLC, Series 2020-3A, Class A, 2.07% 10/18/2045<sup>6,8</sup> | 1170 | 1017 |
| CLI Funding VIII, LLC, Series 2021-1A, Class A, 1.64% 2/18/2046<sup>6,8</sup> | 1607 | 1373 |
| Discover Card Execution Note Trust, Series 2018-A6, Class A6,<br>(1-month USD-LIBOR + 0.39%) 4.708% 3/15/2026<sup>8,9</sup> | 11400 | 11397 |
| Drive Auto Receivables Trust, Series 2020-1, Class C, 2.36% 3/16/2026<sup>8</sup> | 256 | 256 |
| DriveTime Auto Owner Trust, Series 2022-3, Class A, 6.05% 10/15/2026<sup>6,8</sup> | 6318 | 6335 |
| Dryden Senior Loan Fund, CLO, Series 2017-47A, Class A1R,<br>(3-month USD-LIBOR + 0.98%) 5.059% 4/15/2028<sup>6,8,9</sup> | 5181 | 5131 |
| EDvestinU Private Education Loan, LLC, Series 2021-A, Class A, 1.80% 11/25/2045<sup>6,8</sup> | 351 | 297 |
| Enterprise Fleet Financing, LLC, Series 2022-1, Class A2, 3.03% 1/20/2028<sup>6,8</sup> | 6513 | 6341 |
| Enterprise Fleet Financing, LLC, Series 2022-3, Class A2, 4.38% 7/20/2029<sup>6,8</sup> | 3263 | 3192 |
| Enterprise Fleet Financing, LLC, Series 2022-4, Class A2, 5.76% 10/22/2029<sup>6,8</sup> | 5092 | 5109 |
| Exeter Automobile Receivables Trust, Series 2022-6, Class A2, 5.73% 11/17/2025<sup>8</sup> | 1100 | 1101 |
| FirstKey Homes Trust, Series 2020-SFR2, Class A, 1.266% 10/19/2037<sup>6,8</sup> | 5999 | 5320 |
| Flagship Credit Auto Trust, Series 2022-4, Class A2, 6.15% 9/15/2026<sup>6,8</sup> | 3272 | 3292 |
| Ford Credit Auto Owner Trust, Series 2018-2, Class A, 3.47% 1/15/2030<sup>6,8</sup> | 4825 | 4760 |
| Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.52% 7/15/2030<sup>6,8</sup> | 6000 | 5885 |
| Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.19% 7/15/2031<sup>6,8</sup> | 9605 | 9181 |
| Ford Credit Auto Owner Trust, Series 2020-1, Class A, 2.04% 8/15/2031<sup>6,8</sup> | 8861 | 8318 |
| GCI Funding I, LLC, Series 2020-1, Class A, 2.82% 10/18/2045<sup>6,8</sup> | 685 | 604 |
| GCI Funding I, LLC, Series 2020-1, Class B, 3.81% 10/18/2045<sup>6,8</sup> | 275 | 245 |
| Global SC Finance V SRL, Series 2019-1A, Class B, 4.81% 9/17/2039<sup>6,8</sup> | 2443 | 2294 |
| Global SC Finance V SRL, Series 2020-1A, Class A, 2.17% 10/17/2040<sup>6,8</sup> | 10273 | 9116 |
| Global SC Finance VII SRL, Series 2020-2A, Class A, 2.26% 11/19/2040<sup>6,8</sup> | 12830 | 11408 |
| Global SC Finance VII SRL, Series 2021-1A, Class A, 1.86% 4/17/2041<sup>6,8</sup> | 4021 | 3468 |
| Global SC Finance VII SRL, Series 2021-2A, Class A, 1.95% 8/17/2041<sup>6,8</sup> | 5992 | 5201 |
| Global SC Finance VII SRL, Series 2021-2A, Class B, 2.49% 8/17/2041<sup>6,8</sup> | 474 | 402 |
| Hertz Vehicle Financing III, LLC, Series 2021-A, Class B, 3.65% 6/30/2023<sup>3,6,8</sup> | 5930 | 5689 |
| Hertz Vehicle Financing III, LLC, Series 2021-1A, Class A, 1.21% 12/26/2025<sup>6,8</sup> | 8452 | 7816 |
| Hertz Vehicle Financing III, LLC, Series 2021-1A, Class B, 1.56% 12/26/2025<sup>6,8</sup> | 634 | 581 |
| Hertz Vehicle Financing III, LLC, Series 2021-1A, Class C, 2.05% 12/26/2025<sup>6,8</sup> | 405 | 365 |
| Hertz Vehicle Financing III, LLC, Series 2022-4A, Class A, 3.73% 9/25/2026<sup>6,8</sup> | 8390 | 8026 |
| Hertz Vehicle Financing III, LLC, Series 2021-2A, Class A, 1.68% 12/27/2027<sup>6,8</sup> | 5565 | 4853 |
| Hertz Vehicle Financing III, LLC, Series 2021-2A, Class B, 2.12% 12/27/2027<sup>6,8</sup> | 685 | 588 |
| Hertz Vehicle Financing III, LLC, Series 2021-2A, Class C, 2.52% 12/27/2027<sup>6,8</sup> | 429 | 355 |
| Hertz Vehicle Financing III, LLC, Series 2022-2A, Class A, 2.33% 6/26/2028<sup>6,8</sup> | 4900 | 4305 |
| Hertz Vehicle Financing III, LLC, Series 2022-5A, Class A, 3.89% 9/25/2028<sup>6,8</sup> | 8750 | 8096 |
| Longfellow Place CLO, Ltd., Series 2013-1A, Class AR3,<br>(3-month USD-LIBOR + 1.00%) 5.079% 4/15/2029<sup>6,8,9</sup> | 1090 | 1087 |
| Madison Park Funding, Ltd., CLO, Series 2015-17A, Class AR2,<br>(3-month USD-LIBOR + 1.00%) 5.278% 7/21/2030<sup>6,8,9</sup> | 5497 | 5411 |
| Marathon CLO, Ltd., Series 2017-9A, Class A1AR,<br>(3-month USD-LIBOR + 1.15%) 5.229% 4/15/2029<sup>6,8,9</sup> | 2311 | 2288 |
| Mercury Financial Credit Card Master Trust, Series 2021-1A, Class A, |  |  |
| 1.54% 3/20/2026<sup>6,8</sup> | 4700 | 4486 |
| Mission Lane Credit Card Master Trust, Series 2021-A, Class A, 1.59% 9/15/2026<sup>6,8</sup> | 1900 | 1840 |
| Mission Lane Credit Card Master Trust, Series 2022-A, Class A, 6.92% 9/15/2027<sup>6,8</sup> | 2531 | 2473 |
| Navient Student Loan Trust, Series 2021-C, Class A, 1.06% 10/15/2069<sup>6,8</sup> | 5085 | 4327 |
| Navient Student Loan Trust, Series 2021-G, Class A, 1.58% 4/15/2070<sup>6,8</sup> | 5969 | 5062 |
| Navigator Aircraft ABS, Ltd., Series 2021-1, Class A, 2.771% 11/15/2046<sup>6,8</sup> | 6343 | 5341 |
| Nelnet Student Loan Trust, Series 2021-C, Class AFX, 1.32% 4/20/2062<sup>6,8</sup> | 10468 | 9303 |
| Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 4/20/2062<sup>6,8</sup> | 5889 | 5217 |
| Nelnet Student Loan Trust, Series 2021-B, Class AFX, 1.42% 4/20/2062<sup>6,8</sup> | 10010 | 8901 |
| New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, |  |  |
| 1.91% 10/20/2061<sup>6,8</sup> | 23051 | 19520 |
| Newark BSL CLO 2, Ltd., Series 2017-1A, Class A1R,<br>(3-month USD-LIBOR + 0.97%) 5.328% 7/25/2030<sup>6,8,9</sup> | 1752 | 1733 |
| Palmer Square Loan Funding, CLO, Series 2020-4, Class A1,<br>(3-month USD-LIBOR + 1.00%) 5.757% 11/25/2028<sup>6,8,9</sup> | 1415 | 1405 |

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| | |
|:---|:---|
| **154** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
| **Asset-backed obligations (continued)** |  |  |
| Palmer Square Loan Funding, CLO, Series 2021-1, Class A1,<br>(3-month USD-LIBOR + 0.90%) 5.143% 4/20/2029<sup>6,8,9</sup> | USD437 | $433 |
| Palmer Square Loan Funding, CLO, Series 2021-4A, Class A1,<br>(3-month USD-LIBOR + 0.80%) 4.879% 10/15/2029<sup>6,8,9</sup> | 8431 | 8324 |
| Palmer Square Loan Funding, CLO, Series 2021-4A, Class A2,<br>(3-month USD-LIBOR + 1.40%) 5.479% 10/15/2029<sup>6,8,9</sup> | 5378 | 5207 |
| Palmer Square Loan Funding, CLO, Series 2022-5, Class A1,<br>(3-month USD CME Term SOFR + 1.56%) 4.084% 1/15/2031<sup>6,8,9</sup> | 5871 | 5838 |
| PG&E Wildfire Recovery Funding, LLC, Series 2022-A, Class A2, 4.263% 6/1/2036<sup>8</sup> | 2725 | 2534 |
| PPM CLO, Ltd., Series 2022-6, Class A,<br>(3-month USD CME Term SOFR + 2.45%) 2.45% 1/20/2031<sup>6,8,9</sup> | 9947 | 9947 |
| Race Point CLO, Ltd., Series 2015-9A, Class A1A2,<br>(3-month USD-LIBOR + 0.94%) 5.019% 10/15/2030<sup>6,8,9</sup> | 4634 | 4571 |
| Santander Drive Auto Receivables Trust, Series 2022-5, Class A2, 3.98% 1/15/2025<sup>8</sup> | 4359 | 4337 |
| Santander Drive Auto Receivables Trust, Series 2020-1, Class C, 4.11% 12/15/2025<sup>8</sup> | 646 | 643 |
| Santander Drive Auto Receivables Trust, Series 2022-7, Class A2, 5.81% 1/15/2026<sup>8</sup> | 1987 | 1991 |
| Santander Drive Auto Receivables Trust, Series 2022-5, Class A3, 4.11% 8/17/2026<sup>8</sup> | 4101 | 4027 |
| SMB Private Education Loan Trust, Series 2021-A, Class A2A2,<br>(1-month USD-LIBOR + 0.73%) 5.048% 1/15/2053<sup>6,8,9</sup> | 6531 | 6256 |
| SOLRR Aircraft Aviation Holding, Ltd., Series 2021-1, Class A, 2.636% 10/15/2046<sup>6,8</sup> | 3451 | 2775 |
| SPRITE, Ltd., Series 2021-1, Class A, 3.75% 11/15/2046<sup>6,8</sup> | 4820 | 4182 |
| Stellar Jay Ireland DAC, Series 2021-1, Class A, 3.967% 10/15/2041<sup>6,8</sup> | 4782 | 4039 |
| Stonepeak Infrastructure Partners, Series 2021-1A, Class AA, 2.301% 2/28/2033<sup>6,8</sup> | 2480 | 2209 |
| Stonepeak Infrastructure Partners, Series 2021-1A, Class A, 2.675% 2/28/2033<sup>6,8</sup> | 2048 | 1770 |
| Stratus Static CLO, Ltd., Series 2022-3, Class A,<br>(3-month USD CME Term SOFR + 2.15%) 6.678% 10/20/2031<sup>6,8,9</sup> | 7500 | 7500 |
| SuttonPark Structured Settlements, Series 2021-1, Class A, 1.95% 9/15/2075<sup>6,8</sup> | 3286 | 2989 |
| TAL Advantage V, LLC, Series 2020-1A, Class A, 2.05% 9/20/2045<sup>6,8</sup> | 1820 | 1599 |
| Textainer Marine Containers, Ltd., Series 2020-2A, Class A, 2.10% 9/20/2045<sup>6,8</sup> | 801 | 699 |
| Textainer Marine Containers, Ltd., Series 2021-1A, Class A, 1.68% 2/20/2046<sup>6,8</sup> | 924 | 778 |
| Textainer Marine Containers, Ltd., Series 2021-2A, Class A, 2.23% 4/20/2046<sup>6,8</sup> | 2661 | 2267 |
| Toyota Auto Loan Extended Note Trust, Series 2019-1, Class A, 2.56% 11/25/2031<sup>6,8</sup> | 3250 | 3134 |
| Toyota Auto Loan Extended Note Trust, Series 2020-1, Class A, 1.35% 5/25/2033<sup>6,8</sup> | 889 | 814 |
| Toyota Auto Loan Extended Note Trust, Series 2021-1, Class A, 1.07% 2/27/2034<sup>6,8,9</sup> | 7257 | 6439 |
| Triton Container Finance VIII, LLC, Series 2020-1, Class A, 2.11% 9/20/2045<sup>6,8</sup> | 10345 | 8870 |
| Triton Container Finance VIII, LLC, Series 2021-1, Class A, 1.86% 3/20/2046<sup>6,8</sup> | 1823 | 1523 |
| Westlake Automobile Receivables Trust, Series 2022-3, Class A2, 5.24% 7/15/2025<sup>6,8</sup> | 6521 | 6506 |
|  |  | 417313 |
| **Bonds & notes of governments & government agencies outside the U.S. 0.17%** | **Bonds & notes of governments & government agencies outside the U.S. 0.17%** | **Bonds & notes of governments & government agencies outside the U.S. 0.17%** |
| CPPIB Capital, Inc. 2.75% 11/2/2027<sup>6</sup> | 6600 | 6096 |
| European Investment Bank 0.75% 10/26/2026 | 6194 | 5433 |
| OMERS Finance Trust 3.50% 4/19/2032<sup>6</sup> | 4315 | 3905 |
| OMERS Finance Trust 4.00% 4/19/2052<sup>6</sup> | 4315 | 3459 |
| Panama (Republic of) 3.298% 1/19/2033 | 4365 | 3545 |
| Panama (Republic of) 4.50% 1/19/2063 | 1035 | 733 |
| Peru (Republic of) 1.862% 12/1/2032 | 2525 | 1848 |
| Peru (Republic of) 2.78% 12/1/2060 | 3775 | 2214 |
| Qatar (State of) 3.375% 3/14/2024<sup>6</sup> | 2315 | 2271 |
| Qatar (State of) 4.00% 3/14/2029<sup>6</sup> | 745 | 733 |
| Qatar (State of) 4.817% 3/14/2049<sup>6</sup> | 750 | 731 |
| Swedish Export Credit Corp. 3.625% 9/3/2024 | 5089 | 4993 |
| United Mexican States 2.659% 5/24/2031 | 2703 | 2187 |
| United Mexican States 4.875% 5/19/2033 | 1790 | 1647 |
| United Mexican States 3.771% 5/24/2061 | 1528 | 971 |
|  |  | 40766 |

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| | |
|:---|:---|
| American Funds Insurance Series | **155** |

---

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##### [**Table of Contents**](#toc)
Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Municipals 0.14%** |  |  |  |
|  **California**<br> **0.02%** | Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement<br>Asset-Backed Bonds, Series 2021-A-1, 2.158% 6/1/2026 | USD1,200 | $1079 |
|  | Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement<br>Asset-Backed Bonds, Series 2021-A-1, 2.332% 6/1/2027 | 1660 | 1454 |
|  | Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement<br>Asset-Backed Bonds, Series 2021-B, 2.746% 6/1/2034 | 495 | 398 |
|  | Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement<br>Asset-Backed Bonds, Series 2021-B, 3.293% 6/1/2042 | 1170 | 869 |
|  | Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement<br>Asset-Backed Bonds, Series 2021-B, 3.00% 6/1/2046 | 2470 | 2288 |
|  |  |  | 6088 |
|  **Connecticut**<br> **0.00%** | Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2014-A-1, 4.00% 11/15/2044 | 5 | 5 |
|  | Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2014-C-1, 4.00% 11/15/2044 | 10 | 10 |
|  |  |  | 15 |
|  **Florida**<br> **0.04%** | Board of Administration Fin. Corp., Rev. Bonds, Series 2020-A, 1.705% 7/1/2027 | 5335 | 4649 |
|  | Board of Administration Fin. Corp., Rev. Bonds, Series 2020-A, 2.154% 7/1/2030 | 5365 | 4399 |
|  |  |  | 9048 |
|  **Guam**<br> **0.00%** | A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2021-A, 3.839% 10/1/2036 | 240 | 196 |
|  | A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2021-A, 4.46% 10/1/2043 | 315 | 246 |
|  |  |  | 442 |
|  **Illinois**<br> **0.01%** | G.O. Bonds, Pension Funding, Series 2003, Assured Guaranty Municipal insured, 5.10% 6/1/2033 | 4125 | 3952 |
|  **Maryland**<br> **0.00%** | Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Ref. Bonds, Series 2014-E, 2.857% 9/1/2040 | 10 | 10 |
|  **Minnesota**<br> **0.00%** | Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2014-A, 4.00% 7/1/2038 | 30 | 30 |
|  **New York**<br> **0.03%** | Dormitory Auth., Taxable State Personal Income Tax Rev. Bonds (General Purpose), Series 2021-C, 1.187% 3/15/2026 (escrowed to maturity) | 2865 | 2556 |
|  | Dormitory Auth., Taxable State Personal Income Tax Rev. Bonds (General Purpose), Series 2021-C, 1.748% 3/15/2028 | 4745 | 4036 |
|  |  |  | 6592 |
|  **Ohio**<br> **0.02%** | Cleveland-Cuyahoga Port Auth., Federal Lease Rev. Bonds<br>(VA Cleveland Health Care Center Project), Series 2021, 4.425% 5/1/2031 | 5110 | 4314 |
|  **South Carolina**<br> **0.00%** | Housing Fin. Auth., Mortgage Rev. Ref. Bonds, Series 2014, AMT, 4.00% 7/1/2041 | 10 | 10 |

---

---

| | |
|:---|:---|
| **156** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
|  **Municipals (continued)** |  |  |  |
|  **South Dakota**<br> **0.00%** | Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2014-F, 4.00% 5/1/2034 | USD5 | $5 |
|  **Tennessee**<br> **0.00%** | Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2013-2-A, AMT, 4.00% 7/1/2043 | 5 | 5 |
|  **Wisconsin**<br> **0.02%** | Public Fin. Auth., Federal Lease Rev. Bonds (Fort Sam Acquisition Fncg.), Series 2022, 4.95% 3/1/2034 | 5865 | 5213 |
|  | **Total municipals** |  | 35724 |
|  | **Total bonds, notes & other debt instruments** (cost: $5,829,150,000) |  | 5385913 |
| Short-term securities 6.82% | Short-term securities 6.82% | Shares |  |
|  **Money market investments 6.61%** | **Money market investments 6.61%** |  |  |
|  | Capital Group Central Cash Fund 4.31%<sup>7,17</sup> | 16398802 | 1639716 |
|  **Money market investments purchased with collateral from securities on loan 0.21%** | **Money market investments purchased with collateral from securities on loan 0.21%** |  |  |
|  | Goldman Sachs Financial Square Government Fund, Institutional Shares 4.15%<sup>17,18</sup> | 20644758 | 20645 |
|  | Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.22%<sup>17,18</sup> | 17940546 | 17940 |
|  | Capital Group Central Cash Fund 4.31%<sup>7,17,18</sup> | 126229 | 12622 |
|  |  |  | 51207 |
|  | **Total short-term securities** (cost: $1,690,721,000) |  | 1690923 |
|  | **Total investment securities 102.09%** (cost: $21,116,750,000) |  | 25318386 |
|  | Other assets less liabilities (2.09)% |  | (517812) |
|  | **Net assets 100.00%** |  | $24800574 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures contracts** | | | | | |
| Contracts | Type | Number of<br>contracts | Expiration | Notional<br> amount<br> (000) | Value and<br>unrealized<br>appreciation<br>(depreciation)<br>at 12/31/2022<br>(000) |
|  2 Year U.S. Treasury Note Futures | Long | 543 | March 2023 | USD111,357 | $139 |
|  5 Year U.S. Treasury Note Futures | Long | 2120 | March 2023 | 228811 | (257) |
|  10 Year U.S. Treasury Note Futures | Long | 1324 | March 2023 | 148681 | (1571) |
|  10 Year Ultra U.S. Treasury Note Futures | Short | 3101 | March 2023 | (366790) | 2180 |
|  20 Year U.S. Treasury Bond Futures | Long | 960 | March 2023 | 120330 | (1534) |
|  30 Year Ultra U.S. Treasury Bond Futures | Long | 53 | March 2023 | 7119 | (123) |
|  |  |  |  |  | $(1166) |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **157** |

---

------

##### [**Table of Contents**](#toc)
Asset Allocation Fund (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Swap contracts** | **Swap contracts** | **Swap contracts** | **Swap contracts** | **Swap contracts** | **Swap contracts** | **Swap contracts** | |
| **Credit default swaps** | **Credit default swaps** | **Credit default swaps** | **Credit default swaps** | **Credit default swaps** | **Credit default swaps** | **Credit default swaps** |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Centrally cleared credit default swaps on credit indices — buy protection** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Centrally cleared credit default swaps on credit indices — buy protection** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Centrally cleared credit default swaps on credit indices — buy protection** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Centrally cleared credit default swaps on credit indices — buy protection** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Centrally cleared credit default swaps on credit indices — buy protection** |  |  |  |
| Reference<br> index | Financing<br>rate paid | Payment<br>frequency | Expiration<br>date | Notional<br>amount<br>(000) | Value at<br>12/31/2022<br>(000) | Upfront<br>premium<br>received<br> (000) | Unrealized<br>depreciation<br>at 12/31/2022<br>(000) |
|  CDX.NA.IG.39 | 1.00% | Quarterly | 12/20/2027 | USD238,057 | $(1903) | $(280) | $(1623) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Investments in affiliates<sup>7</sup>** | | | | | | | |
|  | Value of<br>affiliates at<br>1/1/2022<br>(000) | Additions<br>(000) | Reductions<br>(000) | Net<br>realized<br>loss<br> (000) | Net<br>unrealized<br>appreciation<br>(depreciation)<br> (000) | Value of<br>affiliates at<br>12/31/2022<br>(000) | Dividend<br>income<br>(000) |
|  **Common stocks 0.00%** |  |  |  |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health care 0.00%** |  |  |  |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NuCana PLC (ADR)<sup>19</sup> | $7086 | $– | $2674 | $(14288) | $9876 | $– | $– |
|  **Investment funds 5.51%** |  |  |  |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Corporate Bond Fund | 1617261 | 83203 | 40000 | (10186) | (283156) | 1367122 | 43890 |
|  **Short-term securities 6.66%** |  |  |  |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Money market investments 6.61%** |  |  |  |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 4.31%<sup>17</sup> | 1417334 | 4300144 | 4077429 | (250) | (83) | 1639716 | 36585 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Money market investments purchased with collateralfrom securities on loan 0.05%** |  |  |  |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 4.31%<sup>17,18</sup> | 8492 | 4130<sup>20</sup> |  |  |  | 12622 | –<sup>21</sup> |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total short-term securities** |  |  |  |  |  | 1652338 |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total 12.17%** |  |  |  | $(24724) | $(273363) | $3019460 | $80475 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Restricted securities<sup>4</sup>** | **Restricted securities<sup>4</sup>** | **Restricted securities<sup>4</sup>** | **Restricted securities<sup>4</sup>** | **Restricted securities<sup>4</sup>** |
|  | Acquisition<br>date | Cost<br>(000) | Value<br>(000) | Percent<br>of net<br>assets |
|  Carbon Health Technologies, Inc., convertible preferred shares, 1.00% 7/9/2024 <sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7/9/2021 | $50000 | $63388 | .26% |
|  Rotech Healthcare, Inc.<sup>1,3</sup> | 8/22/2014 | 6949 | 19703 | .08 |
|  **Total** |  | $56949 | $83091 | .34% |

---

---

| | |
|:---|:---|
| **158** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
Asset Allocation Fund (continued)

<sup>1</sup> Security did not produce income during the last 12 months.

 <sup>2</sup> All or a portion of this security was on loan. The total value of all such securities was $67,688,000, which represented ..27% of the net assets of the fund. Refer to Note 5 for more information on securities lending. 

<sup>3</sup> Value determined using significant unobservable inputs.

 <sup>4</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $83,091,000, which represented .33% of the net assets of the fund. 

 <sup>5</sup> Amount less than one thousand. 

 <sup>6</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $1,155,580,000, which represented 4.66% of the net assets of the fund. 

<sup>7</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>8</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>9</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.

<sup>10</sup> Purchased on a TBA basis.

 <sup>11</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $8,779,000, which represented .04% of the net assets of the fund. 

 <sup>12</sup> Index-linked bond whose principal amount moves with a government price index. 

<sup>13</sup> Step bond; coupon rate may change at a later date.

 <sup>14</sup> Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $8,799,000, which represented .04% of the net assets of the fund. 

<sup>15</sup> Scheduled interest and/or principal payment was not received.

<sup>16</sup> Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available.

<sup>17</sup> Rate represents the seven-day yield at 12/31/2022.

<sup>18</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>19</sup> Affiliated issuer during the reporting period but no longer held at 12/31/2022.

<sup>20</sup> Represents net activity. Refer to Note 5 for more information on securities lending.

<sup>21</sup> Dividend income is included with securities lending income in the fund's statement of operations and is not shown in this table.

**Key to abbreviations** 

---

| | |
|:---|:---|
| ADR = American Depositary Receipts | EURIBOR = Euro Interbank Offered Rate |
| Agcy. = Agency | Fin. = Finance |
| AMT = Alternative Minimum Tax | Fncg. = Financing |
| Assn. = Association | G.O. = General Obligation |
| Auth. = Authority | LIBOR = London Interbank Offered Rate |
| CAD = Canadian dollars | PIK = Payment In Kind |
| CLO = Collateralized Loan Obligations | Ref. = Refunding |
| CME = CME Group | REIT = Real Estate Investment Trust |
| CMO = Collateralized Mortgage Obligations | Rev. = Revenue |
| DAC = Designated Activity Company | SOFR = Secured Overnight Financing Rate |
| Dept. = Department | TBA = To be announced |
| Dev. = Development | USD = U.S. dollars |
| EUR = Euros |  |

---

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American Funds Insurance Series | **159** |

---

------

##### [**Table of Contents**](#toc)
American Funds Global Balanced Fund

(formerly Global Balanced Fund)

**Investment portfolio** December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| Common stocks 58.58% | Common stocks 58.58% | Shares | Value<br>(000) |
|  **Financials**<br> **10.64%** | Zurich Insurance Group AG | 10777 | $5150 |
|  | B3 SA-Brasil, Bolsa, Balcao | 2047634 | 5123 |
|  | HDFC Bank, Ltd. (ADR) | 25988 | 1778 |
|  | HDFC Bank, Ltd. | 79465 | 1564 |
|  | DNB Bank ASA | 156181 | 3092 |
|  | AIA Group, Ltd. | 195894 | 2158 |
|  | Toronto-Dominion Bank (CAD denominated) | 32954 | 2134 |
|  | PNC Financial Services Group, Inc. | 11839 | 1870 |
|  | Kotak Mahindra Bank, Ltd. | 78279 | 1722 |
|  | DBS Group Holdings, Ltd. | 55100 | 1395 |
|  | Citigroup, Inc. | 30627 | 1385 |
|  | BlackRock, Inc. | 1886 | 1337 |
|  | ING Groep NV | 98239 | 1199 |
|  | United Overseas Bank, Ltd. | 47600 | 1092 |
|  | BNP Paribas SA | 12920 | 735 |
|  | Nasdaq, Inc. | 11966 | 734 |
|  | JPMorgan Chase & Co. | 5371 | 720 |
|  | KBC Groep NV | 11130 | 715 |
|  | Münchener Rückversicherungs-Gesellschaft AG | 1931 | 628 |
|  | Aegon NV | 122629 | 622 |
|  | Bank Central Asia Tbk PT | 1108100 | 608 |
|  | Tryg A/S | 24243 | 575 |
|  | Banco Santander, SA | 176586 | 529 |
|  | Ping An Insurance (Group) Company of China, Ltd., Class H | 66500 | 439 |
|  | Ping An Insurance (Group) Company of China, Ltd., Class A | 11400 | 77 |
|  | FinecoBank SpA | 26543 | 442 |
|  | Great-West Lifeco, Inc. | 17334 | 401 |
|  | CME Group, Inc., Class A | 2292 | 385 |
|  | Fairfax Financial Holdings, Ltd., subordinate voting shares | 506 | 300 |
|  | Allfunds Group PLC | 18078 | 126 |
|  | Lufax Holding, Ltd. (ADR) | 47602 | 92 |
|  |  |  | 39127 |
|  **Industrials**<br> **8.37%** | Raytheon Technologies Corp. | 71227 | 7188 |
|  | General Electric Co. | 39535 | 3313 |
|  | BAE Systems PLC | 264063 | 2729 |
|  | Thales SA | 20022 | 2560 |
|  | General Dynamics Corp. | 8468 | 2101 |
|  | Carrier Global Corp. | 49012 | 2022 |
|  | L3Harris Technologies, Inc. | 9073 | 1889 |
|  | Siemens AG | 13373 | 1856 |
|  | Honeywell International, Inc. | 6585 | 1411 |
|  | RELX PLC | 46732 | 1295 |
|  | CSX Corp. | 38467 | 1192 |
|  | LIXIL Corp. | 54500 | 831 |
|  | Deutsche Post AG | 17657 | 665 |
|  | Safran SA | 4525 | 565 |
|  | Trelleborg AB, Class B | 11334 | 262 |
|  | Brenntag SE | 3756 | 240 |
|  | Melrose Industries PLC | 141781 | 230 |
|  | Airbus SE, non-registered shares | 1805 | 215 |
|  | NIBE Industrier AB, Class B | 21550 | 201 |
|  |  |  | 30765 |
|  **Health care**<br> **7.78%** | Abbott Laboratories | 57298 | 6291 |
|  | Gilead Sciences, Inc. | 30992 | 2661 |
|  | Novartis AG | 28897 | 2617 |
|  | Siemens Healthineers AG | 51525 | 2578 |
|  | UnitedHealth Group, Inc. | 4540 | 2407 |

---

---

| | |
|:---|:---|
| **160** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
American Funds Global Balanced Fund (continued)

(formerly Global Balanced Fund)

---

| | | | |
|:---|:---|:---|:---|
| Common stocks (continued) | Common stocks (continued) | Shares | Value<br>(000) |
|  **Health care**<br> **(continued)** | Thermo Fisher Scientific, Inc. | 3354 | $1847 |
|  | AstraZeneca PLC | 12615 | 1712 |
|  | Merck KGaA | 8165 | 1581 |
|  | AbbVie, Inc. | 8136 | 1315 |
|  | Stryker Corp. | 3999 | 978 |
|  | Amgen, Inc. | 3365 | 884 |
|  | Medtronic PLC | 11261 | 875 |
|  | Eurofins Scientific SE, non-registered shares | 11316 | 815 |
|  | BioMarin Pharmaceutical, Inc.<sup>1</sup> | 6615 | 685 |
|  | Humana, Inc. | 1166 | 597 |
|  | Bayer AG | 10117 | 522 |
|  | Takeda Pharmaceutical Company, Ltd. | 8400 | 262 |
|  |  |  | 28627 |
|  **Information**<br> **technology**<br> **6.47%** | Broadcom, Inc. | 16303 | 9115 |
|  | Microsoft Corp. | 31123 | 7464 |
|  | Micron Technology, Inc. | 44625 | 2230 |
|  | Taiwan Semiconductor Manufacturing Company, Ltd. | 97000 | 1414 |
|  | GlobalWafers Co., Ltd. | 86000 | 1195 |
|  | ServiceNow, Inc.<sup>1</sup> | 2184 | 848 |
|  | Accenture PLC, Class A | 3024 | 807 |
|  | Apple, Inc. | 3194 | 415 |
|  | Applied Materials, Inc. | 2383 | 232 |
|  | Texas Instruments, Inc. | 380 | 63 |
|  |  |  | 23783 |
|  **Consumer staples**<br> **5.34%** | Nestlé SA | 35802 | 4135 |
|  | Philip Morris International, Inc. | 36010 | 3645 |
|  | ITC, Ltd. | 833272 | 3340 |
|  | Imperial Brands PLC | 95936 | 2397 |
|  | Seven & i Holdings Co., Ltd. | 39200 | 1677 |
|  | Pernod Ricard SA | 5580 | 1097 |
|  | British American Tobacco PLC | 27475 | 1090 |
|  | Heineken NV | 7506 | 705 |
|  | Altria Group, Inc. | 14317 | 654 |
|  | Inner Mongolia Yili Industrial Group Co., Ltd., Class A | 104700 | 465 |
|  | Treasury Wine Estates, Ltd. | 27708 | 256 |
|  | Kweichow Moutai Co., Ltd., Class A | 721 | 178 |
|  |  |  | 19639 |
|  **Utilities**<br> **4.80%** | DTE Energy Company | 29637 | 3483 |
|  | Power Grid Corporation of India, Ltd. | 1007658 | 2594 |
|  | NextEra Energy, Inc. | 28214 | 2359 |
|  | Duke Energy Corp. | 16849 | 1735 |
|  | E.ON SE | 157688 | 1574 |
|  | Entergy Corp. | 10025 | 1128 |
|  | Iberdrola, SA, non-registered shares | 77458 | 906 |
|  | ENN Energy Holdings, Ltd. | 64000 | 893 |
|  | Dominion Energy, Inc. | 14276 | 875 |
|  | National Grid PLC | 65238 | 784 |
|  | Enel SpA | 122240 | 657 |
|  | SembCorp Industries, Ltd. | 187100 | 471 |
|  | Public Service Enterprise Group, Inc. | 3391 | 208 |
|  |  |  | 17667 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **161** |

---

------

##### [**Table of Contents**](#toc)
American Funds Global Balanced Fund (continued)

(formerly Global Balanced Fund)

---

| | | | |
|:---|:---|:---|:---|
| Common stocks (continued) | Common stocks (continued) | Shares | Value<br>(000) |
|  **Materials**<br> **4.33%** | Freeport-McMoRan, Inc. | 87143 | $3311 |
|  | Linde PLC | 6504 | 2122 |
|  | BHP Group, Ltd. (CDI) | 62248 | 1919 |
|  | Evonik Industries AG | 96394 | 1851 |
|  | Fortescue Metals Group, Ltd. | 126401 | 1762 |
|  | Rio Tinto PLC | 20187 | 1417 |
|  | Shin-Etsu Chemical Co., Ltd. | 11000 | 1340 |
|  | Vale SA (ADR), ordinary nominative shares | 64102 | 1088 |
|  | UPM-Kymmene OYJ | 15079 | 565 |
|  | International Flavors & Fragrances, Inc. | 2739 | 287 |
|  | Air Liquide SA, non-registered shares | 1874 | 267 |
|  |  |  | 15929 |
|  **Energy**<br> **4.02%** | Canadian Natural Resources, Ltd. (CAD denominated) | 125963 | 6995 |
|  | Neste OYJ | 40724 | 1881 |
|  | Shell PLC (GBP denominated) | 54477 | 1548 |
|  | Chevron Corp. | 8045 | 1444 |
|  | BP PLC | 184567 | 1073 |
|  | DT Midstream, Inc. | 10284 | 568 |
|  | Baker Hughes Co., Class A | 17643 | 521 |
|  | TC Energy Corp. (CAD denominated) | 12080 | 482 |
|  | Woodside Energy Group, Ltd. (CDI) | 10942 | 264 |
|  |  |  | 14776 |
|  **Communication**<br> **services**<br> **3.14%** | Alphabet, Inc., Class A<sup>1</sup> | 19243 | 1698 |
|  | Alphabet, Inc., Class C<sup>1</sup> | 7907 | 701 |
|  | Netflix, Inc.<sup>1</sup> | 8029 | 2368 |
|  | Singapore Telecommunications, Ltd. | 782600 | 1502 |
|  | Comcast Corp., Class A | 30643 | 1072 |
|  | BCE, Inc. | 22635 | 995 |
|  | Omnicom Group, Inc. | 10624 | 867 |
|  | Universal Music Group NV | 31035 | 749 |
|  | SoftBank Corp. | 54400 | 615 |
|  | Meta Platforms, Inc., Class A<sup>1</sup> | 4089 | 492 |
|  | Electronic Arts, Inc. | 4021 | 491 |
|  |  |  | 11550 |
|  **Consumer**<br> **discretionary**<br> **2.27%** | LVMH Moët Hennessy-Louis Vuitton SE | 2423 | 1760 |
|  | Cie. Financière Richemont SA, Class A | 8551 | 1107 |
|  | Ferrari NV | 3990 | 855 |
|  | Ferrari NV (EUR denominated) | 1039 | 222 |
|  | General Motors Company | 27725 | 933 |
|  | Tesla, Inc.<sup>1</sup> | 7350 | 905 |
|  | InterContinental Hotels Group PLC | 12297 | 708 |
|  | Starbucks Corp. | 4596 | 456 |
|  | Royal Caribbean Cruises, Ltd.<sup>1</sup> | 8302 | 410 |
|  | Astra International Tbk PT | 1050300 | 383 |
|  | Aptiv PLC<sup>1</sup> | 2518 | 234 |
|  | D.R. Horton, Inc. | 2232 | 199 |
|  | Airbnb, Inc., Class A<sup>1</sup> | 1851 | 158 |
|  | JD.com, Inc., Class A | 1200 | 34 |
|  |  |  | 8364 |

---

---

| | |
|:---|:---|
| **162** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
American Funds Global Balanced Fund (continued)

(formerly Global Balanced Fund)

---

| | | | |
|:---|:---|:---|:---|
| Common stocks (continued) | Common stocks (continued) | Shares | Value<br>(000) |
|  **Real estate**<br> **1.42%** | Embassy Office Parks REIT | 342621 | $1390 |
|  | Equinix, Inc. REIT | 2059 | 1349 |
|  | CTP NV | 104148 | 1226 |
|  | Digital Realty Trust, Inc. REIT | 4683 | 470 |
|  | Crown Castle, Inc. REIT | 3025 | 410 |
|  | Americold Realty Trust, Inc. REIT | 12798 | 362 |
|  |  |  | 5207 |
|  | **Total common stocks** (cost: $194,190,000) |  | 215434 |
| Preferred securities 0.40% | Preferred securities 0.40% |  |  |
|  **Financials**<br> **0.25%** | Fannie Mae, Series S, 8.25% noncumulative preferred shares<sup>1</sup> | 223000 | 522 |
|  | Federal Home Loan Mortgage Corp., Series Z,<br>8.375% noncumulative preferred shares<sup>1</sup> | 192000 | 389 |
|  |  |  | 911 |
|  **Consumer**<br> **discretionary**<br> **0.15%** | Dr. Ing. h.c. F. Porsche AG, nonvoting non-registered preferred shares<sup>1</sup> | 5497 | 558 |
|  | **Total preferred securities** (cost: $1,986,000) |  | 1469 |
| Convertible stocks 0.34% | Convertible stocks 0.34% |  |  |
|  **Utilities**<br> **0.23%** | NextEra Energy, Inc., noncumulative convertible preferred units, 6.926% 9/1/2025 | 16500 | 828 |
|  **Health care**<br> **0.11%** | Danaher Corp., Series B, cumulative convertible preferred shares, 5.00% 4/15/2023 | 300 | 407 |
|  | **Total convertible stocks** (cost: $1,214,000) |  | 1235 |
| Investment funds 1.50% | Investment funds 1.50% |  |  |
|  | Capital Group Central Corporate Bond Fund<sup>2</sup> | 678772 | 5532 |
|  | **Total investment funds** (cost: $5,481,000) |  | 5532 |
| Bonds, notes & other debt instruments 34.19% | Bonds, notes & other debt instruments 34.19% | Principal amount<br>(000) |  |
|  **Bonds & notes of governments & government agencies outside the U.S. 13.26%** | **Bonds & notes of governments & government agencies outside the U.S. 13.26%** |  |  |
|  | Abu Dhabi (Emirate of) 0.75% 9/2/2023<sup>3</sup> | USD275 | 267 |
|  | Agricultural Development Bank of China 3.75% 1/25/2029 | CNY550 | 83 |
|  | Asian Development Bank 1.125% 6/10/2025 | GBP100 | 112 |
|  | Australia (Commonwealth of), Series 152, 2.75% 11/21/2028 | AUD310 | 200 |
|  | Australia (Commonwealth of), Series 157, 1.50% 6/21/2031 | 1055 | 591 |
|  | Australia (Commonwealth of), Series 163, 1.00% 11/21/2031 | 150 | 79 |
|  | Australia (Commonwealth of), Series 166, 3.00% 11/21/2033 | 2250 | 1388 |
|  | Austria (Republic of) 0% 2/20/2031 | EUR660 | 553 |
|  | Brazil (Federative Republic of) 10.00% 1/1/2023 | BRL600 | 108 |
|  | Brazil (Federative Republic of) 0% 1/1/2024 | 1700 | 284 |
|  | Brazil (Federative Republic of) 10.00% 1/1/2025 | 900 | 163 |
|  | Canada 0.75% 10/1/2024 | CAD1,125 | 785 |
|  | Canada 2.25% 6/1/2025 | 1400 | 998 |
|  | Canada 0.25% 3/1/2026 | 570 | 378 |
|  | Canada 3.50% 3/1/2028 | 1009 | 749 |
|  | Chile (Republic of) 4.70% 9/1/2030 | CLP245,000 | 279 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **163** |

---

------

##### [**Table of Contents**](#toc)
American Funds Global Balanced Fund (continued)

(formerly Global Balanced Fund)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br>(000) |
| **Bonds & notes of governments & government agencies outside the U.S. (continued)** |  |  |
| China (People's Republic of), Series 1910, 3.86% 7/22/2049 | CNY2,110 | $336 |
| China (People's Republic of), Series INBK, 3.39% 3/16/2050 | 1600 | 235 |
| China (People's Republic of), Series INBK, 3.81% 9/14/2050 | 10290 | 1626 |
| China Development Bank Corp., Series 2008, 2.89% 6/22/2025 | 3240 | 470 |
| China Development Bank Corp., Series 2004, 3.43% 1/14/2027 | 1060 | 156 |
| China Development Bank Corp., Series 2009, 3.39% 7/10/2027 | 8580 | 1258 |
| China Development Bank Corp., Series 1805, 4.88% 2/9/2028 | 2040 | 322 |
| Colombia (Republic of), Series B, 5.75% 11/3/2027 | COP2,331,300 | 365 |
| Colombia (Republic of), Series B, 7.00% 3/26/2031 | 5308700 | 776 |
| European Investment Bank 0.375% 9/15/2027 | EUR110 | 105 |
| European Investment Bank 0.25% 1/20/2032 | 860 | 717 |
| European Union 0% 7/6/2026 | 100 | 97 |
| European Union 0.25% 10/22/2026 | 50 | 48 |
| French Republic O.A.T. 0.75% 2/25/2028 | 640 | 618 |
| French Republic O.A.T. 0% 11/25/2030 | 1320 | 1128 |
| French Republic O.A.T. 0% 5/25/2032 | 650 | 527 |
| French Republic O.A.T. 2.00% 11/25/2032 | 610 | 596 |
| French Republic O.A.T. 3.25% 5/25/2045 | 160 | 171 |
| Germany (Federal Republic of) 0% 4/16/2027 | 950 | 915 |
| Germany (Federal Republic of) 0% 8/15/2031 | 2600 | 2258 |
| Germany (Federal Republic of) 0% 2/15/2032 | 540 | 463 |
| Germany (Federal Republic of) 1.70% 8/15/2032 | 1129 | 1127 |
| Germany (Federal Republic of) 1.00% 5/15/2038 | 640 | 548 |
| Germany (Federal Republic of) 0% 8/15/2050 | 200 | 112 |
| Germany (Federal Republic of) 0% 8/15/2052 | 260 | 139 |
| Greece (Hellenic Republic of) 3.45% 4/2/2024 | 110 | 118 |
| Greece (Hellenic Republic of) 3.375% 2/15/2025 | 300 | 321 |
| Greece (Hellenic Republic of) 1.75% 6/18/2032 | 790 | 668 |
| India (Republic of) 5.15% 11/9/2025 | INR8,000 | 92 |
| Indonesia (Republic of), Series 78, 8.25% 5/15/2029 | IDR1,833,000 | 127 |
| Indonesia (Republic of), Series 87, 6.50% 2/15/2031 | 1253000 | 78 |
| Israel (State of) 2.875% 1/29/2024 | EUR200 | 213 |
| Israel (State of) 1.50% 1/18/2027 | 100 | 100 |
| Italy (Republic of) 1.35% 4/1/2030 | 660 | 581 |
| Italy (Republic of) 2.50% 12/1/2032 | 650 | 583 |
| Japan, Series 17, 0.10% 9/10/2023<sup>4</sup> | JPY10,900 | 84 |
| Japan, Series 18, 0.10% 3/10/2024<sup>4</sup> | 21660 | 169 |
| Japan, Series 19, 0.10% 9/10/2024<sup>4</sup> | 31620 | 247 |
| Japan, Series 150, 0.005% 12/20/2026 | 84950 | 644 |
| Japan, Series 22, 0.10% 3/10/2027<sup>4</sup> | 26454 | 211 |
| Japan, Series 346, 0.10% 3/20/2027 | 134150 | 1018 |
| Japan, Series 363, 0.10% 6/20/2031 | 56000 | 412 |
| Japan, Series 365, 0.10% 12/20/2031 | 317600 | 2340 |
| Japan, Series 152, 1.20% 3/20/2035 | 264400 | 2109 |
| Japan, Series 179, 0.50% 12/20/2041 | 71600 | 476 |
| Japan, Series 42, 1.70% 3/20/2044 | 50150 | 408 |
| Japan, Series 37, 0.60% 6/20/2050 | 26950 | 162 |
| Japan, Series 74, 1.00% 3/20/2052 | 178400 | 1178 |
| Japan, Series 76, 1.40% 9/20/2052 | 80350 | 586 |
| KfW 1.125% 7/4/2025 | GBP95 | 106 |
| Malaysia (Federation of), Series 0119, 3.906% 7/15/2026 | MYR1,380 | 315 |
| Malaysia (Federation of), Series 0219, 3.885% 8/15/2029 | 620 | 140 |
| Malaysia (Federation of), Series 0519, 3.757% 5/22/2040 | 270 | 57 |
| Morocco (Kingdom of) 3.50% 6/19/2024 | EUR100 | 107 |
| Morocco (Kingdom of) 1.50% 11/27/2031 | 100 | 79 |
| Netherlands (Kingdom of the) 5.50% 1/15/2028 | 100 | 121 |
| Nova Scotia (Province of) 3.15% 12/1/2051 | CAD170 | 101 |
| Peru (Republic of) 2.392% 1/23/2026 | USD90 | 83 |
| Philippines (Republic of) 0.001% 4/12/2024 | JPY100,000 | 753 |

---

---

| | |
|:---|:---|
| **164** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
American Funds Global Balanced Fund (continued)

(formerly Global Balanced Fund)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Bonds & notes of governments & government agencies outside the U.S. (continued)** | **Bonds & notes of governments & government agencies outside the U.S. (continued)** |  |  |
|  | Philippines (Republic of) 0.25% 4/28/2025 | EUR100 | $99 |
|  | Philippines (Republic of) 1.648% 6/10/2031 | USD200 | 160 |
|  | Poland (Republic of), Series 1029, 2.75% 10/25/2029 | PLN410 | 74 |
|  | Portuguese Republic 0.475% 10/18/2030 | EUR230 | 199 |
|  | Romania 2.125% 3/7/2028 | 130 | 117 |
|  | Romania 3.624% 5/26/2030 | 392 | 344 |
|  | Romania 2.00% 1/28/2032 | 100 | 72 |
|  | Romania 2.00% 4/14/2033 | 200 | 138 |
|  | Romania 3.375% 2/8/2038 | 80 | 58 |
|  | Romania 4.625% 4/3/2049 | 39 | 30 |
|  | Romania 3.375% 1/28/2050 | 73 | 45 |
|  | Russian Federation 7.00% 8/16/2023<sup>5,6</sup> | RUB16,600 | 77 |
|  | Russian Federation 2.875% 12/4/2025<sup>5</sup> | EUR200 | 90 |
|  | Russian Federation 4.25% 6/23/2027<sup>5</sup> | USD200 | 86 |
|  | Russian Federation 4.375% 3/21/2029<sup>5</sup> | 200 | 82 |
|  | Russian Federation 6.90% 5/23/2029<sup>5</sup> | RUB28,250 | 123 |
|  | Russian Federation 7.65% 4/10/2030<sup>5</sup> | 38320 | 166 |
|  | Russian Federation 5.90% 3/12/2031<sup>5</sup> | 5620 | 24 |
|  | Russian Federation 6.90% 7/23/2031<sup>5</sup> | 18200 | 79 |
|  | Russian Federation 8.50% 9/17/2031<sup>5</sup> | 5530 | 24 |
|  | Russian Federation 7.70% 3/23/2033<sup>5</sup> | 23030 | 100 |
|  | Russian Federation 7.25% 5/10/2034<sup>5</sup> | 8140 | 35 |
|  | Serbia (Republic of) 3.125% 5/15/2027 | EUR385 | 356 |
|  | Serbia (Republic of) 2.05% 9/23/2036 | 185 | 112 |
|  | South Africa (Republic of), Series R-2030, 8.00% 1/31/2030 | ZAR3,000 | 157 |
|  | Spain (Kingdom of) 0% 1/31/2027 | EUR335 | 317 |
|  | Spain (Kingdom of) 0.80% 7/30/2027 | 490 | 474 |
|  | Spain (Kingdom of) 0.50% 10/31/2031 | 395 | 329 |
|  | Spain (Kingdom of) 0.70% 4/30/2032 | 830 | 693 |
|  | Tunisia (Republic of) 6.75% 10/31/2023 | 260 | 235 |
|  | Tunisia (Republic of) 6.75% 10/31/2023 | 150 | 135 |
|  | Ukraine 6.876% 5/21/2031<sup>3,5</sup> | USD250 | 48 |
|  | Ukraine 6.876% 5/21/2031<sup>5</sup> | 200 | 38 |
|  | United Kingdom 2.75% 9/7/2024 | GBP50 | 60 |
|  | United Kingdom 1.25% 7/22/2027 | 410 | 447 |
|  | United Kingdom 0.375% 10/22/2030 | 490 | 463 |
|  | United Kingdom 0.25% 7/31/2031 | 160 | 145 |
|  | United Kingdom 1.00% 1/31/2032 | 1490 | 1427 |
|  | United Kingdom 4.25% 6/7/2032 | 1165 | 1474 |
|  | United Kingdom 3.25% 1/22/2044 | 174 | 187 |
|  | United Kingdom 1.25% 7/31/2051 | 413 | 270 |
|  | United Mexican States, Series M, 5.75% 3/5/2026 | MXN18,200 | 846 |
|  | United Mexican States, Series M, 7.50% 6/3/2027 | 1950 | 94 |
|  | United Mexican States, Series M, 7.75% 5/29/2031 | 5000 | 238 |
|  | United Mexican States, Series M, 8.00% 11/7/2047 | 5120 | 235 |
|  | United Mexican States, Series M, 8.00% 7/31/2053 | 18880 | 864 |
|  |  |  | 48783 |
|  **U.S. Treasury bonds & notes 12.04%** | **U.S. Treasury bonds & notes 12.04%** |  |  |
|  **U.S. Treasury**<br> **11.52%** | U.S. Treasury 2.50% 3/31/2023 | USD1,182 | 1177 |
|  | U.S. Treasury 2.75% 4/30/2023 | 1485 | 1477 |
|  | U.S. Treasury 1.50% 2/29/2024 | 5058 | 4876 |
|  | U.S. Treasury 2.50% 4/30/2024 | 995 | 967 |
|  | U.S. Treasury 3.25% 8/31/2024 | 706 | 691 |
|  | U.S. Treasury 1.50% 10/31/2024 | 1300 | 1232 |
|  | U.S. Treasury 1.00% 12/15/2024 | 620 | 580 |
|  | U.S. Treasury 1.75% 3/15/2025 | 98 | 93 |
|  | U.S. Treasury 3.00% 7/15/2025 | 1016 | 984 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **165** |

---

------

##### [**Table of Contents**](#toc)
American Funds Global Balanced Fund (continued)

(formerly Global Balanced Fund)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** |  |  |
|  **U.S. Treasury**<br> **(continued)** | U.S. Treasury 3.125% 8/15/2025 | USD18 | $17 |
|  | U.S. Treasury 0.25% 8/31/2025 | 833 | 749 |
|  | U.S. Treasury 4.50% 11/15/2025 | 178 | 179 |
|  | U.S. Treasury 0.375% 11/30/2025 | 50 | 45 |
|  | U.S. Treasury 0.50% 2/28/2026 | 500 | 446 |
|  | U.S. Treasury 0.75% 3/31/2026 | 2075 | 1861 |
|  | U.S. Treasury 0.875% 6/30/2026 | 74 | 66 |
|  | U.S. Treasury 2.25% 2/15/2027 | 298 | 277 |
|  | U.S. Treasury 1.875% 2/28/2027 | 6696 | 6133 |
|  | U.S. Treasury 2.50% 3/31/2027 | 1025 | 962 |
|  | U.S. Treasury 2.75% 4/30/2027 | 6460 | 6125 |
|  | U.S. Treasury 2.75% 7/31/2027 | 46 | 43 |
|  | U.S. Treasury 3.125% 8/31/2027 | 2160 | 2078 |
|  | U.S. Treasury 4.125% 9/30/2027 | 268 | 269 |
|  | U.S. Treasury 4.125% 10/31/2027 | 357 | 358 |
|  | U.S. Treasury 2.875% 5/15/2028 | 1275 | 1204 |
|  | U.S. Treasury 2.875% 8/15/2028 | 557 | 525 |
|  | U.S. Treasury 0.625% 5/15/2030 | 823 | 652 |
|  | U.S. Treasury 0.625% 8/15/2030 | 650 | 512 |
|  | U.S. Treasury 1.625% 5/15/2031 | 375 | 316 |
|  | U.S. Treasury 1.25% 8/15/2031 | 395 | 321 |
|  | U.S. Treasury 1.375% 11/15/2031 | 834 | 680 |
|  | U.S. Treasury 1.875% 2/15/2032 | 779 | 661 |
|  | U.S. Treasury 2.875% 5/15/2032 | 640 | 590 |
|  | U.S. Treasury 2.75% 8/15/2032 | 1279 | 1164 |
|  | U.S. Treasury 4.125% 11/15/2032 | 195 | 199 |
|  | U.S. Treasury 1.875% 2/15/2041<sup>7</sup> | 920 | 652 |
|  | U.S. Treasury 2.25% 5/15/2041<sup>7</sup> | 525 | 395 |
|  | U.S. Treasury 2.875% 11/15/2046 | 400 | 322 |
|  | U.S. Treasury 1.25% 5/15/2050 | 140 | 76 |
|  | U.S. Treasury 2.375% 5/15/2051 | 490 | 353 |
|  | U.S. Treasury 2.00% 8/15/2051 | 560 | 369 |
|  | U.S. Treasury 1.875% 11/15/2051<sup>7</sup> | 686 | 437 |
|  | U.S. Treasury 2.25% 2/15/2052<sup>7</sup> | 765 | 535 |
|  | U.S. Treasury 2.875% 5/15/2052 | 273 | 220 |
|  | U.S. Treasury 3.00% 8/15/2052 | 510 | 423 |
|  | U.S. Treasury 4.00% 11/15/2052 | 70 | 70 |
|  |  |  | 42361 |
|  **U.S. Treasury**<br> **inflation-protected**<br> **securities**<br> **0.52%** | U.S. Treasury Inflation-Protected Security 0.125% 7/15/2024<sup>4</sup> | 829 | 803 |
|  | U.S. Treasury Inflation-Protected Security 0.125% 10/15/2024<sup>4</sup> | 575 | 555 |
|  | U.S. Treasury Inflation-Protected Security 0.375% 7/15/2027<sup>4</sup> | 367 | 346 |
|  | U.S. Treasury Inflation-Protected Security 1.00% 2/15/2049<sup>4</sup> | 249 | 208 |
|  |  |  | 1912 |
|  | **Total U.S. Treasury bonds & notes** |  | 44273 |
|  **Corporate bonds, notes & loans 5.64%** | **Corporate bonds, notes & loans 5.64%** |  |  |
|  **Financials**<br> **1.80%** | ACE INA Holdings, Inc. 3.35% 5/3/2026 | 10 | 10 |
|  | ACE INA Holdings, Inc. 4.35% 11/3/2045 | 20 | 17 |
|  | AIA Group, Ltd. 0.88% 9/9/2033 (5-year EUR Annual Swap + 1.10% on 9/9/2028)<sup>8</sup> | EUR200 | 167 |
|  | AIB Group PLC 7.583% 10/14/2026 (USD-SOFR + 3.456% on 10/14/2025)<sup>3,8</sup> | USD200 | 204 |
|  | Allianz SE 4.75% perpetual bonds (3-month EUR-EURIBOR + 3.60% on 10/24/2023)<sup>8</sup> | EUR100 | 106 |
|  | Banco de Sabadell, SA 2.625% 3/24/2026<br>(5-year EUR Mid-Swap + 2.20% on 3/24/2025)<sup>8</sup> | 100 | 101 |
|  | Bank of America Corp. 0.976% 4/22/2025 (USD-SOFR + 0.69% on 4/22/2024)<sup>8</sup> | USD200 | 188 |
|  | Bank of America Corp. 1.319% 6/19/2026 (USD-SOFR + 1.15% on 6/19/2025)<sup>8</sup> | 500 | 451 |
|  | Bank of America Corp. 1.734% 7/22/2027 (USD-SOFR + 0.96% on 7/22/2026)<sup>8</sup> | 160 | 140 |

---

---

| | |
|:---|:---|
| **166** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
American Funds Global Balanced Fund (continued)

(formerly Global Balanced Fund)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |  |  |
| **Financials**<br> **(continued)** | Bank of America Corp. 3.419% 12/20/2028<br>(3-month USD-LIBOR + 1.04% on 12/20/2027)<sup>8</sup> | USD236 | $214 |
|  | Bank of America Corp. 2.496% 2/13/2031<br>(3-month USD-LIBOR + 0.99% on 2/13/2030)<sup>8</sup> | 20 | 16 |
|  | Barclays Bank PLC 5.304% 8/9/2026<br>(1-year UST Yield Curve Rate T Note Constant Maturity + 2.30% on 8/9/2025)<sup>8</sup> | 475 | 472 |
|  | Citigroup, Inc. 0.981% 5/1/2025 (USD-SOFR + 0.669% on 5/1/2024)<sup>8</sup> | 103 | 96 |
|  | Citigroup, Inc. 3.106% 4/8/2026 (USD-SOFR + 2.842% on 3/8/2026)<sup>8</sup> | 175 | 166 |
|  | Citigroup, Inc. 1.462% 6/9/2027 (USD-SOFR + 0.67% on 6/9/2026)<sup>8</sup> | 310 | 269 |
|  | Citigroup, Inc. 3.07% 2/24/2028 (USD-SOFR + 1.28% on 2/24/2027)<sup>8</sup> | 110 | 99 |
|  | Citigroup, Inc. 4.91% 5/24/2033 (USD-SOFR + 2.086% on 5/24/2032)<sup>8</sup> | 29 | 27 |
|  | Commonwealth Bank of Australia 2.688% 3/11/2031<sup>3</sup> | 225 | 174 |
|  | Corebridge Financial, Inc. 3.90% 4/5/2032<sup>3</sup> | 59 | 52 |
|  | Deutsche Bank AG 2.311% 11/16/2027 (USD-SOFR + 1.219% on 11/16/2026)<sup>8</sup> | 160 | 136 |
|  | Deutsche Bank AG 4.00% 6/24/2032<br>(3-month EUR-EURIBOR + 3.30% on 6/24/2027)<sup>8</sup> | EUR100 | 95 |
|  | Goldman Sachs Group, Inc. 1.00% 3/18/2033<sup>9</sup> | 210 | 162 |
|  | Goldman Sachs Group, Inc. 4.017% 10/31/2038<br>(3-month USD-LIBOR + 1.373% on 10/31/2037)<sup>8</sup> | USD78 | 64 |
|  | Groupe BPCE SA 5.70% 10/22/2023<sup>3</sup> | 200 | 199 |
|  | Groupe BPCE SA 1.00% 4/1/2025 | EUR100 | 101 |
|  | HSBC Holdings PLC 4.292% 9/12/2026<br>(3-month USD-LIBOR + 1.348% on 9/12/2025)<sup>8</sup> | USD200 | 191 |
|  | JPMorgan Chase & Co. 1.578% 4/22/2027 (USD-SOFR + 0.885% on 4/22/2026)<sup>8</sup> | 186 | 164 |
|  | JPMorgan Chase & Co. 4.493% 3/24/2031 (USD-SOFR + 3.79% on 3/24/2030)<sup>8</sup> | 160 | 150 |
|  | Morgan Stanley 3.125% 7/27/2026 | 110 | 103 |
|  | Morgan Stanley 0.985% 12/10/2026 (USD-SOFR + 0.72% on 12/10/2025)<sup>8</sup> | 200 | 175 |
|  | Morgan Stanley 1.593% 5/4/2027 (USD-SOFR + 0.879% on 5/4/2026)<sup>8</sup> | 126 | 111 |
|  | Morgan Stanley 2.699% 1/22/2031 (USD-SOFR + 1.143% on 1/22/2030)<sup>8</sup> | 72 | 60 |
|  | Morgan Stanley 2.95% 5/7/2032 (3-month EUR-EURIBOR + 1.245% on 5/7/2031)<sup>8</sup> | EUR510 | 485 |
|  | New York Life Insurance Company 3.75% 5/15/2050<sup>3</sup> | USD23 | 18 |
|  | Nordea Bank AB 3.60% 6/6/2025<sup>3</sup> | 200 | 193 |
|  | Royal Bank of Canada 1.20% 4/27/2026 | 175 | 156 |
|  | UBS Group AG 4.49% 8/5/2025<br>(1-year UST Yield Curve Rate T Note Constant Maturity + 1.60% on 8/5/2024)<sup>3,8</sup> | 450 | 442 |
|  | Wells Fargo & Company 3.526% 3/24/2028 (USD-SOFR + 1.51% on 3/24/2027)<sup>8</sup> | 210 | 195 |
|  | Wells Fargo & Company 2.393% 6/2/2028 (USD-SOFR + 2.10% on 6/2/2027)<sup>8</sup> | 400 | 354 |
|  | Wells Fargo & Company 4.611% 4/25/2053 (USD-SOFR + 2.13% on 4/25/2052)<sup>8</sup> | 100 | 85 |
|  |  |  | 6608 |
|  **Utilities**<br> **0.89%** | Alabama Power Co. 3.00% 3/15/2052 | 250 | 166 |
|  | CMS Energy Corp. 3.00% 5/15/2026 | 150 | 140 |
|  | Consumers Energy Co. 3.60% 8/15/2032 | 250 | 228 |
|  | Duke Energy Carolinas, LLC 3.05% 3/15/2023 | 280 | 279 |
|  | Duke Energy Progress, LLC 3.70% 9/1/2028 | 75 | 71 |
|  | E.ON SE 1.625% 3/29/2031 | EUR240 | 216 |
|  | Edison International 4.125% 3/15/2028 | USD160 | 149 |
|  | Enel Finance International SA 1.875% 7/12/2028<sup>3</sup> | 200 | 159 |
|  | Enersis Américas SA 4.00% 10/25/2026 | 35 | 33 |
|  | Entergy Louisiana, LLC 4.75% 9/15/2052 | 100 | 90 |
|  | Exelon Corp. 3.40% 4/15/2026 | 150 | 143 |
|  | FirstEnergy Corp. 3.50% 4/1/2028<sup>3</sup> | 35 | 32 |
|  | Florida Power & Light Company 2.875% 12/4/2051 | 120 | 81 |
|  | Interstate Power and Light Co. 2.30% 6/1/2030 | 50 | 41 |
|  | NextEra Energy Capital Holdings, Inc. 2.75% 11/1/2029 | 232 | 201 |
|  | Niagara Mohawk Power Corp. 3.508% 10/1/2024<sup>3</sup> | 85 | 82 |
|  | Pacific Gas and Electric Co. 2.95% 3/1/2026 | 25 | 23 |
|  | Pacific Gas and Electric Co. 2.10% 8/1/2027 | 100 | 86 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **167** |

---

------

##### [**Table of Contents**](#toc)
American Funds Global Balanced Fund (continued)

(formerly Global Balanced Fund)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |  |  |
| **Utilities**<br> **(continued)** | Pacific Gas and Electric Co. 3.00% 6/15/2028 | USD140 | $121 |
|  | Pacific Gas and Electric Co. 4.65% 8/1/2028 | 114 | 105 |
|  | Pacific Gas and Electric Co. 4.55% 7/1/2030 | 31 | 28 |
|  | Pacific Gas and Electric Co. 2.50% 2/1/2031 | 600 | 467 |
|  | Pacific Gas and Electric Co. 3.25% 6/1/2031 | 50 | 41 |
|  | Pacific Gas and Electric Co. 3.50% 8/1/2050 | 137 | 86 |
|  | Xcel Energy, Inc. 3.35% 12/1/2026 | 216 | 203 |
|  |  |  | 3271 |
| **Consumer**<br> **discretionary**<br> **0.62%** | Amazon.com, Inc. 2.80% 8/22/2024 | 45 | 44 |
|  | Bayerische Motoren Werke AG 3.90% 4/9/2025<sup>3</sup> | 70 | 69 |
|  | Bayerische Motoren Werke AG 4.15% 4/9/2030<sup>3</sup> | 70 | 67 |
|  | Daimler Trucks Finance North America, LLC 3.65% 4/7/2027<sup>3</sup> | 150 | 140 |
|  | General Motors Financial Co. 2.40% 4/10/2028 | 150 | 126 |
|  | Hyundai Capital America 1.50% 6/15/2026<sup>3</sup> | 250 | 217 |
|  | Hyundai Capital America 2.375% 10/15/2027<sup>3</sup> | 109 | 93 |
|  | Hyundai Capital Services, Inc. 3.75% 3/5/2023<sup>3</sup> | 250 | 249 |
|  | Royal Caribbean Cruises, Ltd. 11.50% 6/1/2025<sup>3</sup> | 222 | 239 |
|  | Royal Caribbean Cruises, Ltd. 5.50% 4/1/2028<sup>3</sup> | 185 | 148 |
|  | Royal Caribbean Cruises, Ltd. 8.25% 1/15/2029<sup>3</sup> | 70 | 70 |
|  | Royal Caribbean Cruises, Ltd. 9.25% 1/15/2029<sup>3</sup> | 59 | 61 |
|  | Stellantis Finance US, Inc. 5.625% 1/12/2028<sup>3</sup> | 400 | 397 |
|  | Stellantis Finance US, Inc. 2.691% 9/15/2031<sup>3</sup> | 200 | 153 |
|  | Toyota Motor Credit Corp. 3.375% 4/1/2030 | 33 | 30 |
|  | Volkswagen International Finance NV 4.375% junior subordinated perpetual bonds<br>(9-year EUR Mid-Swap + 3.36% on 3/28/2031)<sup>8</sup> | EUR200 | 175 |
|  |  |  | 2278 |
| **Health care**<br> **0.45%** | Aetna, Inc. 2.80% 6/15/2023 | USD10 | 10 |
|  | Amgen, Inc. 1.90% 2/21/2025 | 40 | 37 |
|  | Amgen, Inc. 2.20% 2/21/2027 | 30 | 27 |
|  | Amgen, Inc. 4.20% 3/1/2033 | 280 | 260 |
|  | AstraZeneca Finance, LLC 2.25% 5/28/2031 | 69 | 57 |
|  | AstraZeneca PLC 3.50% 8/17/2023 | 150 | 149 |
|  | Becton, Dickinson and Company 3.734% 12/15/2024 | 10 | 10 |
|  | Becton, Dickinson and Company 3.70% 6/6/2027 | 43 | 41 |
|  | Becton, Dickinson and Company 2.823% 5/20/2030 | 28 | 24 |
|  | Becton, Dickinson and Company 4.298% 8/22/2032 | 320 | 300 |
|  | Cigna Corp. 4.125% 11/15/2025 | 80 | 78 |
|  | EMD Finance, LLC 3.25% 3/19/2025<sup>3</sup> | 250 | 240 |
|  | Stryker Corp. 0.75% 3/1/2029 | EUR210 | 188 |
|  | Takeda Pharmaceutical Company, Ltd. 2.25% 11/21/2026 | 100 | 102 |
|  | UnitedHealth Group, Inc. 4.00% 5/15/2029 | USD135 | 129 |
|  |  |  | 1652 |
| **Communication**<br> **services**<br> **0.42%** | AT&T, Inc. 2.75% 6/1/2031 | 375 | 312 |
|  | AT&T, Inc. 2.55% 12/1/2033 | 64 | 49 |
|  | Comcast Corp. 0% 9/14/2026 | EUR100 | 94 |
|  | Deutsche Telekom International Finance BV 9.25% 6/1/2032 | USD45 | 56 |
|  | Netflix, Inc. 3.875% 11/15/2029<sup>9</sup> | EUR200 | 201 |
|  | Orange SA 9.00% 3/1/2031<sup>8</sup> | USD65 | 80 |
|  | T-Mobile US, Inc. 2.05% 2/15/2028 | 200 | 172 |
|  | Verizon Communications, Inc. 0.375% 3/22/2029 | EUR140 | 121 |

---

---

| | |
|:---|:---|
| **168** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
American Funds Global Balanced Fund (continued)

(formerly Global Balanced Fund)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |  |  |
| **Communication**<br> **services**<br> **(continued)** | Verizon Communications, Inc. 2.55% 3/21/2031 | USD325 | $268 |
|  | Verizon Communications, Inc. 0.75% 3/22/2032 | EUR100 | 80 |
|  | WarnerMedia Holdings, Inc. 5.05% 3/15/2042<sup>3</sup> | USD168 | 129 |
|  |  |  | 1562 |
| **Information**<br> **technology**<br> **0.38%** | Apple, Inc. 3.35% 8/8/2032 | 580 | 528 |
|  | Broadcom, Inc. 4.00% 4/15/2029<sup>3</sup> | 21 | 19 |
|  | Broadcom, Inc. 4.15% 11/15/2030 | 70 | 63 |
|  | Broadcom, Inc. 3.419% 4/15/2033<sup>3</sup> | 53 | 43 |
|  | Broadcom, Inc. 3.137% 11/15/2035<sup>3</sup> | 15 | 11 |
|  | Lenovo Group, Ltd. 5.875% 4/24/2025 | 269 | 262 |
|  | Mastercard, Inc. 2.00% 11/18/2031 | 102 | 82 |
|  | Microsoft Corp. 2.40% 8/8/2026 | 187 | 175 |
|  | Oracle Corp. 2.65% 7/15/2026 | 216 | 199 |
|  |  |  | 1382 |
| **Industrials**<br> **0.32%** | Boeing Company 4.508% 5/1/2023 | 400 | 399 |
|  | Canadian Pacific Railway, Ltd. 3.10% 12/2/2051 | 164 | 111 |
|  | Carrier Global Corp. 2.242% 2/15/2025 | 6 | 6 |
|  | Carrier Global Corp. 2.493% 2/15/2027 | 7 | 6 |
|  | CSX Corp. 3.80% 4/15/2050 | 6 | 5 |
|  | CSX Corp. 2.50% 5/15/2051 | 75 | 46 |
|  | Lima Metro Line 2 Finance, Ltd. 5.875% 7/5/2034<sup>3</sup> | 95 | 92 |
|  | MISC Capital Two (Labuan), Ltd. 3.75% 4/6/2027<sup>3</sup> | 200 | 181 |
|  | Singapore Airlines, Ltd. 3.375% 1/19/2029 | 200 | 181 |
|  | United Technologies Corp. 4.125% 11/16/2028 | 170 | 163 |
|  |  |  | 1190 |
| **Consumer staples**<br> **0.26%** | Altria Group, Inc. 2.20% 6/15/2027 | EUR270 | 260 |
|  | Anheuser-Busch InBev NV 4.00% 4/13/2028 | USD100 | 95 |
|  | Anheuser-Busch InBev NV 4.75% 1/23/2029 | 220 | 218 |
|  | British American Tobacco PLC 3.215% 9/6/2026 | 62 | 57 |
|  | British American Tobacco PLC 4.70% 4/2/2027 | 67 | 64 |
|  | British American Tobacco PLC 3.557% 8/15/2027 | 105 | 96 |
|  | British American Tobacco PLC 3.462% 9/6/2029 | 75 | 65 |
|  | Philip Morris International, Inc. 5.75% 11/17/2032 | 110 | 113 |
|  |  |  | 968 |
| **Energy**<br> **0.24%** | Canadian Natural Resources, Ltd. 2.95% 7/15/2030 | 161 | 136 |
|  | Halliburton Company 3.80% 11/15/2025 | 2 | 2 |
|  | Kinder Morgan, Inc. 4.30% 6/1/2025 | 165 | 162 |
|  | Petróleos Mexicanos 6.75% 9/21/2047 | 107 | 69 |
|  | Qatar Petroleum 3.125% 7/12/2041<sup>3</sup> | 270 | 208 |
|  | Statoil ASA 3.70% 3/1/2024 | 50 | 49 |
|  | TransCanada Corp. 5.875% 8/15/2076<br>(3-month USD-LIBOR + 4.64% on 8/15/2026)<sup>8</sup> | 288 | 275 |
|  |  |  | 901 |
| **Real estate**<br> **0.14%** | American Tower Corp. 0.875% 5/21/2029 | EUR250 | 214 |
|  | Equinix, Inc. 2.15% 7/15/2030 | USD176 | 140 |
|  | Essex Portfolio, LP 3.50% 4/1/2025 | 120 | 116 |
|  | Essex Portfolio, LP 3.375% 4/15/2026 | 40 | 38 |
|  |  |  | 508 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **169** |

---

------

##### [**Table of Contents**](#toc)
American Funds Global Balanced Fund (continued)

(formerly Global Balanced Fund)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |  |  |
| **Materials**<br> **0.12%** | Celanese US Holdings, LLC 5.337% 1/19/2029 | EUR300 | $305 |
|  | Celanese US Holdings, LLC 6.379% 7/15/2032 | USD50 | 48 |
|  | Vale Overseas, Ltd. 3.75% 7/8/2030 | 94 | 82 |
|  |  |  | 435 |
|  | **Total corporate bonds, notes & loans** |  | 20755 |
|  **Mortgage-backed obligations 2.58%** | **Mortgage-backed obligations 2.58%** |  |  |
| **Federal agency**<br> **mortgage-backed**<br> **obligations**<br> **1.56%** | Fannie Mae Pool #FM7100 3.50% 6/1/2050<sup>10</sup> | 350 | 324 |
|  | Fannie Mae Pool #CB2402 2.50% 12/1/2051<sup>10</sup> | 315 | 267 |
|  | Fannie Mae Pool #BV9612 2.50% 4/1/2052<sup>10</sup> | 271 | 230 |
|  | Fannie Mae Pool #FS2555 4.50% 7/1/2052<sup>10</sup> | 148 | 143 |
|  | Fannie Mae Pool #MA4732 4.00% 9/1/2052<sup>10</sup> | 471 | 442 |
|  | Fannie Mae Pool #BW3812 4.50% 9/1/2052<sup>10</sup> | 120 | 116 |
|  | Fannie Mae Pool #MA4784 4.50% 10/1/2052<sup>10</sup> | 135 | 130 |
|  | Fannie Mae Pool #BW7796 5.00% 10/1/2052<sup>10</sup> | 840 | 829 |
|  | Fannie Mae Pool #BW1299 4.00% 11/1/2052<sup>10</sup> | 57 | 53 |
|  | Fannie Mae Pool #BW1385 4.00% 12/1/2052<sup>10</sup> | 290 | 272 |
|  | Freddie Mac Pool #ZJ9038 5.00% 6/1/2023<sup>10</sup> | –<sup>11</sup> | –<sup>11</sup> |
|  | Freddie Mac Pool #QE8253 4.50% 8/1/2052<sup>10</sup> | 200 | 193 |
|  | Freddie Mac Pool #SD8256 4.00% 10/1/2052<sup>10</sup> | 100 | 94 |
|  | Freddie Mac Pool #SD8257 4.50% 10/1/2052<sup>10</sup> | 513 | 494 |
|  | Freddie Mac Pool #QF2182 4.50% 10/1/2052<sup>10</sup> | 84 | 81 |
|  | Freddie Mac Pool #QF3955 4.00% 12/1/2052<sup>10</sup> | 238 | 224 |
|  | Freddie Mac Pool #SD8275 4.50% 12/1/2052<sup>10</sup> | 75 | 72 |
|  | Freddie Mac, Series K153, Class A2, Multi Family, 3.82% 1/25/2033<sup>10</sup> | 580 | 546 |
|  | Government National Mortgage Assn. 3.50% 1/1/2053<sup>10,12</sup> | 1350 | 1241 |
|  |  |  | 5751 |
| **Other**<br> **mortgage-backed**<br> **securities**<br> **1.02%** | Nordea Kredit 0.50% 10/1/2040<sup>10</sup> | DKK1,615 | 181 |
|  | Nykredit Realkredit AS, Series 01E, 1.50% 10/1/2037<sup>10</sup> | 502 | 62 |
|  | Nykredit Realkredit AS, Series 01E, 0.50% 10/1/2040<sup>10</sup> | 7234 | 809 |
|  | Nykredit Realkredit AS, Series 01E, 1.50% 10/1/2040<sup>10</sup> | 1281 | 158 |
|  | Nykredit Realkredit AS, Series 01E, 0.50% 10/1/2043<sup>10</sup> | 20442 | 2228 |
|  | Nykredit Realkredit AS, Series 01E, 0.50% 10/1/2050<sup>10</sup> | 1365 | 136 |
|  | Nykredit Realkredit AS, Series CCE, 1.00% 10/1/2050<sup>10</sup> | 590 | 63 |
|  | Nykredit Realkredit AS, Series 01E, 1.00% 10/1/2053<sup>10</sup> | 862 | 90 |
|  | Realkredit Danmark AS 1.00% 10/1/2053<sup>10</sup> | 194 | 20 |
|  |  |  | 3747 |
|  | **Total mortgage-backed obligations** |  | 9498 |
|  **Asset-backed obligations 0.63%** | **Asset-backed obligations 0.63%** |  |  |
|  | AmeriCredit Automobile Receivables Trust, Series 2022-2, Class A2B,<br>(30-day Average USD-SOFR + 1.15%) 4.958% 12/18/2025<sup>10,13</sup> | USD203 | 203 |
|  | CarMax Auto Owner Trust, Series 2022-3, Class A2B,<br>(30-day Average USD-SOFR + 0.77%) 4.577% 9/15/2025<sup>10,13</sup> | 128 | 128 |
|  | Exeter Automobile Receivables Trust, Series 2022-3A, Class A2, 3.45% 8/15/2024<sup>10</sup> | 56 | 56 |
|  | Exeter Automobile Receivables Trust, Series 2022-4A, Class A2, 3.99% 8/15/2024<sup>10</sup> | 66 | 66 |
|  | Ford Credit Auto Owner Trust, Series 2022-B, Class A2B,<br>(30-day Average USD-SOFR + 0.60%) 4.407% 2/15/2025<sup>10,13</sup> | 111 | 111 |
|  | GM Financial Automobile Leasing Trust, Series 2022-3, Class A2B,<br>(30-day Average USD-SOFR + 0.71%) 4.536% 10/21/2024<sup>10,13</sup> | 110 | 110 |
|  | GM Financial Consumer Automobile Receivables Trust, Series 2022-3, Class A2B,<br>(30-day Average USD-SOFR + 0.60%) 4.408% 9/16/2025<sup>10,13</sup> | 121 | 121 |
|  | Hyundai Auto Receivables Trust, Series 2022-B, Class A2B,<br>(30-day Average USD-SOFR + 0.58%) 4.387% 5/15/2025<sup>10,13</sup> | 120 | 120 |

---

---

| | |
|:---|:---|
| **170** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
American Funds Global Balanced Fund (continued)

(formerly Global Balanced Fund)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value (000) |
|  **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** |  |  |
|  | Nissan Auto Lease Trust, Series 2021-A, Class A3, 0.52% 8/15/2024<sup>10</sup> | USD302 | $295 |
|  | Nissan Auto Lease Trust, Series 2022-A, Class A2B,<br>(30-day Average USD-SOFR + 0.68%) 4.487% 8/15/2024<sup>10,13</sup> | 283 | 283 |
|  | Santander Drive Auto Receivables Trust, Series 2022-4, Class A2, 4.05% 7/15/2025<sup>10</sup> | 193 | 193 |
|  | Toyota Auto Receivables Owner Trust, Series 2022-C, Class A2B,<br>(1-month USD-SOFR + 0.57%) 4.377% 8/15/2025<sup>10,13</sup> | 40 | 40 |
|  | Verizon Master Trust, Series 2022-3, Class A,<br>3.01% 5/20/2027 (3.76% on 11/20/2023)<sup>8,10</sup> | 250 | 245 |
|  | Volkswagen Auto Lease Trust, Series 2022-A, Class A2, 3.02% 10/21/2024<sup>10</sup> | 155 | 153 |
|  | Westlake Automobile Receivables Trust, Series 2022-2A, Class A2A,<br>3.36% 8/15/2025<sup>3,10</sup> | 181 | 180 |
|  |  |  | 2304 |
|  **Municipals 0.04%** | **Municipals 0.04%** |  |  |
| **Ohio**<br> **0.02%** | Turnpike and Infrastructure Commission, Turnpike Rev. Ref. Bonds<br>(Infrastructure Projects), Series 2020-A, 3.216% 2/15/2048 | 100 | 72 |
| **Texas**<br> **0.02%** | Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Ref. Bonds,<br>Series 2020-B, 3.236% 10/1/2052 | 80 | 57 |
|  | **Total municipals** |  | 129 |
|  | **Total bonds, notes & other debt instruments** (cost: $141,023,000) |  | 125742 |

---

---

| | | | |
|:---|:---|:---|:---|
| Short-term securities 4.34% | Weighted<br>average yield<br>at acquisition |  |  |
| **Commercial paper 3.27%** |  |  |  |
| British Columbia (Province of) 1/23/2023 | 3.996% | 2560 | 2553 |
| KfW 1/27/2023<sup>3</sup> | 3.890 | 4500 | 4485 |
| Toronto-Dominion Bank 1/27/2023<sup>3</sup> | 4.132 | 5000 | 4983 |
|  |  |  | 12021 |
|  |  | Shares |  |
| **Money market investments 1.07%** |  |  |  |
| Capital Group Central Cash Fund 4.31%<sup>2,14</sup> |  | 39285 | 3928 |
| **Total short-term securities** (cost: $15,953,000) |  |  | 15949 |
| **Total investment securities 99.35%** (cost: $359,847,000) |  |  | 365361 |
| Other assets less liabilities 0.65% |  |  | 2399 |
| **Net assets 100.00%** |  |  | $367760 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **171** |

---

------

##### [**Table of Contents**](#toc)
American Funds Global Balanced Fund (continued)

(formerly Global Balanced Fund)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures contracts** | | | | | |
| Contracts | Type | Number of<br>contracts | Expiration | Notional<br>amount<br>(000) | <br> Value and<br>unrealized<br>appreciation<br>(depreciation)<br>at 12/31/2022<br>(000) |
|  2 Year U.S. Treasury Note Futures | Long | 5 | March 2023 | USD1,025 | $1 |
|  5 Year Euro-Bobl Futures | Long | 49 | March 2023 | 6071 | (205) |
|  5 Year U.S. Treasury Note Futures | Long | 95 | March 2023 | 10253 | (8) |
|  10 Year Euro-Bund Futures | Long | 14 | March 2023 | 1992 | (128) |
|  10 Year Italy Government Bond Futures | Short | 1 | March 2023 | (116) | 9 |
|  10 Year Japanese Government Bond Futures | Short | 1 | March 2023 | (1108) | 23 |
|  10 Year Australian Treasury Bond Futures | Long | 4 | March 2023 | 315 | (19) |
|  10 Year Ultra U.S. Treasury Note Futures | Long | 6 | March 2023 | 710 | (6) |
|  10 Year U.S. Treasury Note Futures | Short | 6 | March 2023 | (674) | 4 |
|  10 Year UK Gilt Futures | Short | 2 | March 2023 | (241) | 15 |
|  20 Year U.S. Treasury Bond Futures | Long | 4 | March 2023 | 501 | (11) |
|  30 Year Euro-Buxl Futures | Long | 2 | March 2023 | 290 | (54) |
|  30 Year Ultra U.S. Treasury Bond Futures | Short | 6 | March 2023 | (806) | 6 |
|  |  |  |  |  | $(373) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward currency contracts** | **Forward currency contracts** | **Forward currency contracts** | **Forward currency contracts** | **Forward currency contracts** | | |
| Contract amount | Contract amount | Contract amount | Contract amount |  |  | Unrealized<br>appreciation<br>(depreciation) |
| Currency purchased(000) | Currency purchased(000) | Currency sold<br> (000) | Currency sold<br> (000) | Counterparty | Settlement<br>date | at 12/31/2022<br>(000) |
|  KRW | 1761900 | USD | 1337 | Citibank | 1/9/2023 | $63 |
|  USD | 687 | KRW | 894770 | Bank of America | 1/9/2023 | (23) |
|  EUR | 2560 | DKK | 19040 | Standard Chartered Bank | 1/10/2023 | (1) |
|  USD | 203 | NZD | 320 | HSBC Bank | 1/10/2023 | (1) |
|  SEK | 1270 | USD | 122 | UBS AG | 1/10/2023 | (1) |
|  USD | 511 | MYR | 2250 | JPMorgan Chase | 1/10/2023 | (3) |
|  USD | 640 | AUD | 950 | HSBC Bank | 1/10/2023 | (7) |
|  USD | 445 | MXN | 8853 | Goldman Sachs | 1/10/2023 | (8) |
|  EUR | 4105 | USD | 4324 | Goldman Sachs | 1/12/2023 | 74 |
|  CAD | 1450 | USD | 1063 | HSBC Bank | 1/12/2023 | 8 |
|  USD | 74 | CAD | 100 | HSBC Bank | 1/12/2023 | –<sup>11</sup> |
|  NZD | 470 | USD | 299 | Morgan Stanley | 1/12/2023 | (1) |
|  USD | 1585 | EUR | 1500 | BNP Paribas | 1/12/2023 | (21) |
|  JPY | 169239 | USD | 1256 | Bank of America | 1/13/2023 | 35 |
|  JPY | 89090 | USD | 656 | Bank of America | 1/13/2023 | 24 |
|  USD | 278 | COP | 1337640 | Citibank | 1/13/2023 | 3 |
|  USD | 563 | CAD | 760 | Standard Chartered Bank | 1/13/2023 | 2 |
|  USD | 98 | GBP | 80 | Morgan Stanley | 1/13/2023 | 1 |
|  GBP | 240 | USD | 292 | Bank of New York Mellon | 1/13/2023 | (2) |
|  USD | 303 | MXN | 6020 | UBS AG | 1/13/2023 | (5) |
|  JPY | 466020 | USD | 3428 | Standard Chartered Bank | 1/20/2023 | 133 |
|  JPY | 81321 | AUD | 890 | HSBC Bank | 1/20/2023 | 15 |
|  JPY | 51480 | USD | 380 | Standard Chartered Bank | 1/20/2023 | 14 |
|  USD | 112 | CLP | 100000 | Bank of America | 1/23/2023 | (6) |
|  USD | 564 | BRL | 3025 | Citibank | 1/23/2023 | (7) |
|  JPY | 118440 | USD | 821 | Standard Chartered Bank | 1/27/2023 | 85 |
|  JPY | 172080 | USD | 1271 | BNP Paribas | 1/27/2023 | 46 |
|  JPY | 45290 | USD | 313 | UBS AG | 1/27/2023 | 33 |
|  JPY | 78800 | USD | 585 | Goldman Sachs | 1/27/2023 | 18 |
|  PLN | 4260 | USD | 922 | Citibank | 2/2/2023 | 47 |

---

---

| | |
|:---|:---|
| **172** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
American Funds Global Balanced Fund (continued)

(formerly Global Balanced Fund)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward currency contracts (continued)** | **Forward currency contracts (continued)** | **Forward currency contracts (continued)** | **Forward currency contracts (continued)** | **Forward currency contracts (continued)** | | |
|  |  |  |  |  |  | Unrealized<br> appreciation<br> (depreciation)<br> at 12/31/2022<br> (000) |
| Contract amount | Contract amount | Contract amount | Contract amount |  |  | Unrealized<br> appreciation<br> (depreciation)<br> at 12/31/2022<br> (000) |
| Currency purchased (000) | Currency purchased (000) | Currency sold<br> (000) | Currency sold<br> (000) | Counterparty | Settlement<br>date | Unrealized<br> appreciation<br> (depreciation)<br> at 12/31/2022<br> (000) |
|  USD | 245 | PLN | 1150 | UBS AG | 2/2/2023 | $(17) |
|  USD | 420 | PLN | 1940 | Citibank | 2/2/2023 | (21) |
|  PLN | 1940 | USD | 468 | BNP Paribas | 2/2/2023 | (26) |
|  KRW | 405540 | USD | 307 | Standard Chartered Bank | 2/28/2023 | 16 |
|  CNH | 8530 | USD | 1218 | Standard Chartered Bank | 3/6/2023 | 22 |
|  JPY | 76110 | USD | 565 | BNP Paribas | 3/6/2023 | 20 |
|  EUR | 720 | USD | 757 | Bank of America | 3/6/2023 | 17 |
|  KRW | 347180 | USD | 267 | HSBC Bank | 3/6/2023 | 10 |
|  |  |  |  |  |  | $536 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap contracts** | | | | | | | | |
| **Interest rate swaps** | **Interest rate swaps** |  |  | | | | | |
| **Centrally cleared interest rate swaps** | **Centrally cleared interest rate swaps** | **Centrally cleared interest rate swaps** | **Centrally cleared interest rate swaps** | | | | | |
| Receive | Receive | <u>Pay</u> | <u>Pay</u> |  | Notional | Value at | Upfront<br>premium | Unrealized<br>(depreciation)<br>appreciation |
| Rate | Payment<br>frequency | Rate | Payment<br>frequency | Expiration<br>date | amount<br>(000) | 12/31/2022<br>(000) | paid<br>(000) | at 12/31/2022<br>(000) |
|  1.2475% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 8/20/2023 | NZD375 | $(6) | $– | $(6) |
|  1.234974% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 8/20/2023 | 3197 | (51) |  | (51) |
|  1.2375% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 8/26/2023 | 1178 | (20) |  | (20) |
|  1.264% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 8/27/2023 | 2945 | (48) |  | (48) |
|  1.26% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 8/30/2023 | 486 | (8) |  | (8) |
|  1.28% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 8/31/2023 | 486 | (8) |  | (8) |
|  1.30% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 9/3/2023 | 533 | (9) |  | (9) |
|  1.4975% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 9/21/2023 | 1001 | (17) |  | (17) |
|  1.445% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 9/28/2023 | 1000 | (18) |  | (18) |
|  1.4475% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 9/29/2023 | 1019 | (19) |  | (19) |
|  1.4475% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 9/30/2023 | 1023 | (19) |  | (19) |
|  1.5125% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 10/14/2023 | 904 | (17) |  | (17) |
|  1.53% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 10/14/2023 | 1031 | (20) |  | (20) |
|  1.5625% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 10/15/2023 | 1029 | (19) |  | (19) |
|  1.59% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 10/18/2023 | 1029 | (19) |  | (19) |
|  1.62% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 10/19/2023 | 1144 | (21) |  | (21) |
|  3.7697% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 11/6/2023 | 5500 | (47) |  | (47) |
|  2.24% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 11/8/2023 | 1463 | (24) |  | (24) |
|  2.2525% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 11/8/2023 | 1463 | (24) |  | (24) |
|  2.20% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 11/9/2023 | 123 | (2) |  | (2) |
|  2.495% | Annual | SONIA | Annual | 5/5/2024 | GBP3,050 | (77) |  | (77) |
|  2.42% | Annual | SONIA | Annual | 5/5/2024 | 6100 | (160) |  | (160) |
|  2.9588% | Annual | SONIA | Annual | 6/9/2024 | 4180 | (84) |  | (84) |
|  SONIA | Annual | 5.6325% | Annual | 9/25/2024 | 7720 | (88) |  | (88) |
|  6.59% | 28-day | 28-day MXN-TIIE | 28-day | 6/25/2026 | MXN2,000 | (7) |  | (7) |
|  6.585% | 28-day | 28-day MXN-TIIE | 28-day | 6/25/2026 | 2600 | (10) |  | (10) |
|  6.64% | 28-day | 28-day MXN-TIIE | 28-day | 6/25/2026 | 3200 | (12) |  | (12) |
|  6.6175% | 28-day | 28-day MXN-TIIE | 28-day | 6/25/2026 | 8600 | (31) |  | (31) |
|  6.633% | 28-day | 28-day MXN-TIIE | 28-day | 6/25/2026 | 8900 | (32) |  | (32) |
|  6.58% | 28-day | 28-day MXN-TIIE | 28-day | 6/25/2026 | 11300 | (42) |  | (42) |
|  7.59% | 28-day | 28-day MXN-TIIE | 28-day | 10/29/2026 | 2500 | (6) |  | (6) |
|  7.62% | 28-day | 28-day MXN-TIIE | 28-day | 10/29/2026 | 3701 | (8) |  | (8) |
|  7.66% | 28-day | 28-day MXN-TIIE | 28-day | 10/29/2026 | 6100 | (13) |  | (13) |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **173** |

---

------

##### [**Table of Contents**](#toc)
American Funds Global Balanced Fund (continued)

(formerly Global Balanced Fund)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap contracts** (continued) | | | | | | | | |
| **Interest rate swaps** (continued) | **Interest rate swaps** (continued) | | | | | | | |
| **Centrally cleared interest rate swaps** (continued) | **Centrally cleared interest rate swaps** (continued) | **Centrally cleared interest rate swaps** (continued) | **Centrally cleared interest rate swaps** (continued) | | | | | |
| Receive | Receive | <u>Pay</u> | <u>Pay</u> |  | Notional | Value at | Upfront<br>premium | Unrealized<br>(depreciation)<br>appreciation |
| Rate | Payment<br>frequency | Rate | Payment<br>frequency | Expiration<br>date | amount<br>(000) | 12/31/2022<br>(000) | paid<br> (000) | at 12/31/2022<br>(000) |
|  7.64% | 28-day | 28-day MXN-TIIE | 28-day | 10/29/2026 | MXN6,000 | $(13) | $– | $(13) |
|  7.52% | 28-day | 28-day MXN-TIIE | 28-day | 10/30/2026 | 7639 | (18) |  | (18) |
|  9.07% | 28-day | 28-day MXN-TIIE | 28-day | 4/28/2027 | 20400 | 8 |  | 8 |
|  |  |  |  |  |  | $(1009) | $– | $(1009) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit default swaps** | **Credit default swaps** | **Credit default swaps** | **Credit default swaps** | **Credit default swaps** | | | |
| **Centrally cleared credit default swaps on credit indices – sell protection** | **Centrally cleared credit default swaps on credit indices – sell protection** | **Centrally cleared credit default swaps on credit indices – sell protection** | **Centrally cleared credit default swaps on credit indices – sell protection** | **Centrally cleared credit default swaps on credit indices – sell protection** | | | |
| Financing<br>rate received | Payment<br>frequency | Reference<br>index | Expiration<br>date | Notional<br> amount<sup>15</sup>(000) | Value at<br>12/31/2022<sup>16</sup>(000) | Upfront<br>premium<br>paid<br>(000) | Unrealized<br>appreciation<br>at 12/31/2022<br>(000) |
|  1.00% | Quarterly | CDX.NA.IG.39 | 12/20/2027 | USD2,580 | $20 | $13 | $7 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments in affiliates<sup>2</sup>** | | | | | | | |
|  | Value of |  |  | Net | Net | Value of |  |
|  | affiliates at |  |  | realized | unrealized | affiliates at | Dividend |
|  | 1/1/2022 | Additions | Reductions | gain | appreciation | 12/31/2022 | income |
|  | (000) | (000) | (000) | (000) | (000) | (000) | (000) |
|  **Investment funds 1.50%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Corporate Bond Fund | $– | $5481 | $– | $– | $51 | $5532 | $50 |
|  **Short-term securities 1.07%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Money market investments 1.07%** | &nbsp;&nbsp;&nbsp;&nbsp; **Money market investments 1.07%** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 4.31%<sup>14</sup> | 1127 | 144034 | 141236 | 3 |  | 3928 | 343 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total 2.57%** | &nbsp;&nbsp;&nbsp;&nbsp; **Total 2.57%** |  |  | $3 | $51 | $9460 | $393 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Restricted securities<sup>9</sup>** | | | | |
|  |  |  |  | Percent |
|  | Acquisition | Cost | Value | of net |
|  | date(s) | (000) | (000) | assets |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netflix, Inc. 3.875% 11/15/2029 | 7/11/20222-7/12/2022 | $191 | $201 | .06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. 1.00% 3/18/2033 | 5/19/2021 | 251 | 162 | .04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** |  | $442 | $363 | .10% |

---

---

| | |
|:---|:---|
| **174** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
American Funds Global Balanced Fund (continued)

(formerly Global Balanced Fund)

<sup>1</sup> Security did not produce income during the last 12 months.

<sup>2</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>3</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $14,344,000, which represented 3.90% of the net assets of the fund. 

<sup>4</sup> Index-linked bond whose principal amount moves with a government price index. 

<sup>5</sup> Scheduled interest and/or principal payment was not received.

<sup>6</sup> Value determined using significant unobservable inputs.

<sup>7</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $758,000, which represented .21% of the net assets of the fund. 

<sup>8</sup> Step bond; coupon rate may change at a later date.

<sup>9</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $363,000, which represented .10% of the net assets of the fund. 

<sup>10</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>11</sup> Amount less than one thousand. 

<sup>12</sup> Purchased on a TBA basis.

<sup>13</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.

<sup>14</sup> Rate represents the seven-day yield at 12/31/2022.

<sup>15</sup> The maximum potential amount the fund may pay as a protection seller should a credit event occur. 

<sup>16</sup> The prices and resulting values for credit default swap indices serve as an indicator of the current status of the payment/performance risk. As the value of a sell protection credit default swap increases or decreases, when compared to the notional amount of the swap, the payment/performance risk may decrease or increase, respectively. 

---

| | |
|:---|:---|
| **Key** | **to abbreviations**  |

---

ADR = American Depositary Receipts

Assn. = Association

AUD = Australian dollars

BBR = Bank Base Rate

BRL = Brazilian reais

CAD = Canadian dollars

CDI = CREST Depository Interest

CLP = Chilean pesos

CNH = Chinese yuan renminbi

CNY = Chinese yuan

COP = Colombian pesos

DKK = Danish kroner

EUR = Euros

EURIBOR = Euro Interbank Offered Rate

FRA = Forward Rate Agreement

GBP = British pounds

IDR = Indonesian rupiah

INR = Indian rupees

Refer to the notes to financial statements.

JPY = Japanese yen

KRW = South Korean won

LIBOR = London Interbank Offered Rate

MXN = Mexican pesos

MYR = Malaysian ringgits

NZD = New Zealand dollars

PLN = Polish zloty

Ref. = Refunding

REIT = Real Estate Investment Trust

Rev. = Revenue

RUB = Russian rubles

SEK = Swedish kronor

SOFR = Secured Overnight Financing Rate

SONIA = Sterling Overnight Interbank Average Rate

TBA = To be announced

TIIE = Equilibrium Interbank Interest Rate

USD = U.S. dollars

ZAR = South African rand

---

| | |
|:---|:---|
| American Funds Insurance Series | **175** |

---

------

##### [**Table of Contents**](#toc)
The Bond Fund of America

**Investment portfolio** December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments 95.37% | Bonds, notes & other debt instruments 95.37% | Principal amount<br>(000) | Value<br>(000) |
|  **Corporate bonds, notes & loans 34.59%** | **Corporate bonds, notes & loans 34.59%** |  |  |
|  **Financials**<br> **9.65%** | ACE INA Holdings, Inc. 3.35% 5/3/2026 | USD2,025 | $1941 |
|  | ACE INA Holdings, Inc. 4.35% 11/3/2045 | 2220 | 1933 |
|  | AerCap Ireland Capital DAC 1.65% 10/29/2024 | 5996 | 5535 |
|  | AerCap Ireland Capital DAC 6.50% 7/15/2025 | 1798 | 1824 |
|  | AerCap Ireland Capital DAC 1.75% 1/30/2026 | 2841 | 2503 |
|  | AerCap Ireland Capital DAC 2.45% 10/29/2026 | 10289 | 9010 |
|  | AerCap Ireland Capital DAC 3.00% 10/29/2028 | 10345 | 8686 |
|  | AerCap Ireland Capital DAC 3.30% 1/30/2032 | 11338 | 8891 |
|  | AerCap Ireland Capital DAC 3.40% 10/29/2033 | 5120 | 3896 |
|  | AerCap Ireland Capital DAC 3.85% 10/29/2041 | 1254 | 891 |
|  | AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 1.15% 10/29/2023 | 3130 | 3013 |
|  | Ally Financial, Inc. 5.125% 9/30/2024 | 1500 | 1486 |
|  | Ally Financial, Inc. 8.00% 11/1/2031 | 8075 | 8418 |
|  | American Express Co. 4.42% 8/3/2033 (USD-SOFR + 1.76% on 8/3/2032)<sup>1</sup> | 4501 | 4265 |
|  | Arthur J. Gallagher & Co. 3.50% 5/20/2051 | 1073 | 754 |
|  | Banco Santander, SA 5.147% 8/18/2025 | 4000 | 3960 |
|  | Banco Santander, SA 1.722% 9/14/2027<br>(1-year UST Yield Curve Rate T Note Constant Maturity + 0.90% on 9/14/2026)<sup>1</sup> | 1400 | 1198 |
|  | Bank of America Corp. 1.53% 12/6/2025 (USD-SOFR + 0.65% on 12/6/2024)<sup>1</sup> | 1970 | 1818 |
|  | Bank of America Corp. 1.658% 3/11/2027 (USD-SOFR + 0.91% on 3/11/2026)<sup>1</sup> | 981 | 869 |
|  | Bank of America Corp. 1.734% 7/22/2027 (USD-SOFR + 0.96% on 7/22/2026)<sup>1</sup> | 7989 | 7009 |
|  | Bank of America Corp. 4.376% 4/27/2028 (USD-SOFR + 1.58% on 4/27/2027)<sup>1</sup> | 2635 | 2524 |
|  | Bank of America Corp. 4.948% 7/22/2028 (USD-SOFR + 2.04% on 7/22/2027)<sup>1</sup> | 11107 | 10866 |
|  | Bank of America Corp. 6.204% 11/10/2028 (USD-SOFR + 1.99% on 11/10/2027)<sup>1</sup> | 1502 | 1553 |
|  | Bank of America Corp. 3.419% 12/20/2028<br>(3-month USD-LIBOR + 1.04% on 12/20/2027)<sup>1</sup> | 10129 | 9189 |
|  | Bank of America Corp. 2.087% 6/14/2029 (USD-SOFR + 1.06% on 6/14/2028)<sup>1</sup> | 2773 | 2338 |
|  | Bank of America Corp. 1.922% 10/24/2031 (USD-SOFR + 1.37% on 10/24/2030)<sup>1</sup> | 21177 | 16224 |
|  | Bank of America Corp. 2.687% 4/22/2032 (USD-SOFR + 1.32% on 4/22/2031)<sup>1</sup> | 8343 | 6698 |
|  | Bank of America Corp. 2.299% 7/21/2032 (USD-SOFR + 1.22% on 7/21/2031)<sup>1</sup> | 36155 | 27930 |
|  | Bank of America Corp. 2.572% 10/20/2032 (USD-SOFR + 1.21% on 10/20/2031)<sup>1</sup> | 2613 | 2053 |
|  | Bank of America Corp. 2.972% 2/4/2033 (USD-SOFR + 1.33% on 2/4/2032)<sup>1</sup> | 4089 | 3305 |
|  | Bank of America Corp. 4.571% 4/27/2033 (USD-SOFR + 1.83% on 4/27/2032)<sup>1</sup> | 10180 | 9340 |
|  | Bank of America Corp. 5.015% 7/22/2033 (USD-SOFR + 2.16% on 7/22/2032)<sup>1</sup> | 7947 | 7568 |
|  | Bank of Ireland Group PLC 6.253% 9/16/2026<br>(1-year UST Yield Curve Rate T Note Constant Maturity + 2.65% on 9/16/2025)<sup>1,2</sup> | 4850 | 4814 |
|  | Barclays Bank PLC 5.304% 8/9/2026<br>(1-year UST Yield Curve Rate T Note Constant Maturity + 2.30% on 8/9/2025)<sup>1</sup> | 4525 | 4496 |
|  | BNP Paribas SA 1.323% 1/13/2027 (USD-SOFR + 1.004% on 1/13/2026)<sup>1,2</sup> | 7581 | 6634 |
|  | BNP Paribas SA 2.591% 1/20/2028 (USD-SOFR + 1.228% on 1/20/2027)<sup>1,2</sup> | 13134 | 11569 |
|  | BNP Paribas SA 2.159% 9/15/2029 (USD-SOFR + 1.218% on 9/15/2028)<sup>1,2</sup> | 3594 | 2936 |
|  | BNP Paribas SA 2.871% 4/19/2032 (USD-SOFR + 1.387% on 4/19/2031)<sup>1,2</sup> | 4177 | 3276 |
|  | Canadian Imperial Bank of Commerce (CIBC) 3.60% 4/7/2032 | 1303 | 1152 |
|  | Capital One Financial Corp. 1.343% 12/6/2024 (USD-SOFR + 0.69% on 12/6/2023)<sup>1</sup> | 4525 | 4334 |
|  | Capital One Financial Corp. 4.985% 7/24/2026 (USD-SOFR + 2.16% on 7/24/2025)<sup>1</sup> | 2430 | 2382 |
|  | Capital One Financial Corp. 4.927% 5/10/2028 (USD-SOFR + 2.057% on 5/10/2027)<sup>1</sup> | 4650 | 4509 |
|  | China Ping An Insurance Overseas (Holdings), Ltd. 2.85% 8/12/2031 | 1126 | 880 |
|  | CIT Group, Inc. 3.929% 6/19/2024 (USD-SOFR + 3.827% on 6/19/2023)<sup>1</sup> | 5410 | 5364 |
|  | Citigroup, Inc. 4.60% 3/9/2026 | 1800 | 1770 |
|  | Citigroup, Inc. 1.462% 6/9/2027 (USD-SOFR + 0.67% on 6/9/2026)<sup>1</sup> | 8740 | 7591 |
|  | Citigroup, Inc. 3.07% 2/24/2028 (USD-SOFR + 1.28% on 2/24/2027)<sup>1</sup> | 5520 | 4984 |
|  | Citigroup, Inc. 4.658% 5/24/2028 (USD-SOFR + 1.887% on 5/24/2027)<sup>1</sup> | 3386 | 3282 |
|  | Citigroup, Inc. 3.057% 1/25/2033 (USD-SOFR + 1.351% on 1/25/2032)<sup>1</sup> | 1030 | 834 |
|  | Citigroup, Inc. 3.785% 3/17/2033 (USD-SOFR + 1.939% on 3/17/2032)<sup>1</sup> | 5350 | 4590 |
|  | Citigroup, Inc. 4.91% 5/24/2033 (USD-SOFR + 2.086% on 5/24/2032)<sup>1</sup> | 1718 | 1614 |
|  | Citigroup, Inc. 6.27% 11/17/2033 (USD-SOFR + 2.338% on 11/17/2032)<sup>1</sup> | 2781 | 2878 |
|  | Corebridge Financial, Inc. 3.50% 4/4/2025<sup>2</sup> | 1439 | 1381 |
|  | Corebridge Financial, Inc. 3.65% 4/5/2027<sup>2</sup> | 4493 | 4195 |
|  | Corebridge Financial, Inc. 3.85% 4/5/2029<sup>2</sup> | 5794 | 5289 |
|  | Corebridge Financial, Inc. 3.90% 4/5/2032<sup>2</sup> | 5959 | 5221 |
|  | Corebridge Financial, Inc. 4.35% 4/5/2042<sup>2</sup> | 361 | 298 |

---

---

| | |
|:---|:---|
| **176** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |  |  |
|  **Financials**<br> **(continued)** | Corebridge Financial, Inc. 4.40% 4/5/2052<sup>2</sup> | USD1,352 | $1078 |
|  | Crédit Agricole SA 1.907% 6/16/2026 (USD-SOFR + 1.676% on 6/16/2025)<sup>1,2</sup> | 4450 | 4060 |
|  | Crédit Agricole SA 1.247% 1/26/2027 (USD-SOFR + 0.892% on 1/26/2026)<sup>1,2</sup> | 2450 | 2145 |
|  | Credit Suisse Group AG 3.80% 6/9/2023 | 15327 | 14927 |
|  | Credit Suisse Group AG 2.593% 9/11/2025 (USD-SOFR + 1.56% on 9/11/2024)<sup>1,2</sup> | 850 | 752 |
|  | Credit Suisse Group AG 2.193% 6/5/2026 (USD-SOFR + 2.044% on 6/5/2025)<sup>1,2</sup> | 7609 | 6505 |
|  | Credit Suisse Group AG 1.305% 2/2/2027 (USD-SOFR + 0.98% on 2/2/2026)<sup>1,2</sup> | 11200 | 8973 |
|  | Credit Suisse Group AG 6.442% 8/11/2028 (USD-SOFR + 3.70% on 8/11/2027)<sup>1,2</sup> | 1265 | 1154 |
|  | Credit Suisse Group AG 4.194% 4/1/2031 (USD-SOFR + 3.73% on 4/1/2030)<sup>1,2</sup> | 5476 | 4262 |
|  | Credit Suisse Group AG 3.091% 5/14/2032 (USD-SOFR + 1.73% on 5/14/2031)<sup>1,2</sup> | 7369 | 5106 |
|  | Credit Suisse Group AG 6.537% 8/12/2033 (USD-SOFR + 3.92% on 8/12/2032)<sup>1,2</sup> | 576 | 507 |
|  | Credit Suisse Group AG 9.016% 11/15/2033 (USD-SOFR + 5.02% on 11/15/2032)<sup>1,2</sup> | 6658 | 6835 |
|  | Danske Bank AS 1.549% 9/10/2027<br>(1-year UST Yield Curve Rate T Note Constant Maturity + 0.73% on 9/10/2026)<sup>1,2</sup> | 2990 | 2565 |
|  | Danske Bank AS 4.298% 4/1/2028<br>(1-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on 4/1/2027)<sup>1,2</sup> | 2975 | 2740 |
|  | Deutsche Bank AG 3.95% 2/27/2023 | 6350 | 6328 |
|  | Deutsche Bank AG 0.898% 5/28/2024 | 2500 | 2339 |
|  | Deutsche Bank AG 3.70% 5/30/2024 | 5150 | 5007 |
|  | Deutsche Bank AG 2.222% 9/18/2024 (USD-SOFR + 2.159% on 9/18/2023)<sup>1</sup> | 10475 | 10120 |
|  | Deutsche Bank AG 3.961% 11/26/2025 (USD-SOFR + 2.581% on 11/26/2024)<sup>1</sup> | 3673 | 3512 |
|  | Deutsche Bank AG 4.10% 1/13/2026 | 7305 | 7029 |
|  | Deutsche Bank AG 4.10% 1/13/2026 | 857 | 824 |
|  | Deutsche Bank AG 2.129% 11/24/2026 (USD-SOFR + 1.87% on 11/24/2025)<sup>1</sup> | 41608 | 36749 |
|  | Deutsche Bank AG 2.311% 11/16/2027 (USD-SOFR + 1.219% on 11/16/2026)<sup>1</sup> | 4315 | 3664 |
|  | Deutsche Bank AG 2.552% 1/7/2028 (USD-SOFR + 1.318% on 1/7/2027)<sup>1</sup> | 7258 | 6179 |
|  | Deutsche Bank AG 3.547% 9/18/2031 (USD-SOFR + 3.043% on 9/18/2030)<sup>1</sup> | 2900 | 2331 |
|  | Discover Financial Services 6.70% 11/29/2032 | 1475 | 1504 |
|  | DNB Bank ASA 1.535% 5/25/2027<br>(5-year UST Yield Curve Rate T Note Constant Maturity + 0.72% on 5/25/2026)<sup>1,2</sup> | 1200 | 1045 |
|  | GE Capital Funding, LLC 4.55% 5/15/2032 | 973 | 927 |
|  | Goldman Sachs Group, Inc. 1.431% 3/9/2027 (USD-SOFR + 0.795% on 3/9/2026)<sup>1</sup> | 3030 | 2660 |
|  | Goldman Sachs Group, Inc. 1.542% 9/10/2027 (USD-SOFR + 0.818% on 9/10/2026)<sup>1</sup> | 13275 | 11468 |
|  | Goldman Sachs Group, Inc. 1.948% 10/21/2027<br>(USD-SOFR + 0.913% on 10/21/2026)<sup>1</sup> | 13961 | 12226 |
|  | Goldman Sachs Group, Inc. 2.64% 2/24/2028 (USD-SOFR + 1.114% on 2/24/2027)<sup>1</sup> | 1758 | 1568 |
|  | Goldman Sachs Group, Inc. 3.615% 3/15/2028 (USD-SOFR + 1.846% on 3/15/2027)<sup>1</sup> | 7403 | 6907 |
|  | Goldman Sachs Group, Inc. 4.482% 8/23/2028 (USD-SOFR + 1.725% on 8/23/2027)<sup>1</sup> | 1534 | 1473 |
|  | Goldman Sachs Group, Inc. 3.814% 4/23/2029<br>(3-month USD-LIBOR + 1.158% on 4/23/2028)<sup>1</sup> | 9600 | 8786 |
|  | Goldman Sachs Group, Inc. 3.102% 2/24/2033 (USD-SOFR + 1.41% on 2/24/2032)<sup>1</sup> | 10422 | 8490 |
|  | Goldman Sachs Group, Inc. 2.908% 7/21/2042 (USD-SOFR + 1.40% on 7/21/2041)<sup>1</sup> | 3160 | 2161 |
|  | Goldman Sachs Group, Inc. 5.30% junior subordinated perpetual bonds<br>(3-month USD-LIBOR + 3.834% on 11/10/2026)<sup>1</sup> | 1750 | 1665 |
|  | Groupe BPCE SA 2.75% 1/11/2023<sup>2</sup> | 6875 | 6871 |
|  | Groupe BPCE SA 5.70% 10/22/2023<sup>2</sup> | 28166 | 27963 |
|  | Groupe BPCE SA 5.15% 7/21/2024<sup>2</sup> | 5481 | 5369 |
|  | Groupe BPCE SA 1.625% 1/14/2025<sup>2</sup> | 2980 | 2776 |
|  | Groupe BPCE SA 1.652% 10/6/2026 (USD-SOFR + 1.52% on 10/6/2025)<sup>1,2</sup> | 6350 | 5649 |
|  | Groupe BPCE SA 5.748% 7/19/2033 (USD-SOFR + 2.865% on 7/19/2032)<sup>1,2</sup> | 6195 | 5908 |
|  | HSBC Holdings PLC 2.251% 11/22/2027 (USD-SOFR + 1.10% on 11/22/2026)<sup>1</sup> | 5270 | 4571 |
|  | HSBC Holdings PLC 4.583% 6/19/2029<br>(3-month USD-LIBOR + 1.535% on 6/19/2028)<sup>1</sup> | 6410 | 5913 |
|  | HSBC Holdings PLC 2.206% 8/17/2029 (USD-SOFR + 1.285% on 8/17/2028)<sup>1</sup> | 5917 | 4786 |
|  | HSBC Holdings PLC 2.804% 5/24/2032 (USD-SOFR + 1.187% on 5/24/2031)<sup>1</sup> | 5250 | 4074 |
|  | HSBC Holdings PLC 5.402% 8/11/2033 (USD-SOFR + 2.87% on 8/11/2032)<sup>1</sup> | 3595 | 3339 |
|  | Huarong Finance 2017 Co., Ltd. 4.75% 4/27/2027 | 669 | 585 |
|  | Huarong Finance 2017 Co., Ltd. 4.25% 11/7/2027 | 6335 | 5422 |
|  | Huarong Finance 2019 Co., Ltd. (3-month USD-LIBOR + 1.125%) 5.824% 2/24/2023<sup>3</sup> | 2750 | 2741 |
|  | Huarong Finance 2019 Co., Ltd. (3-month USD-LIBOR + 1.25%) 6.007% 2/24/2025<sup>3</sup> | 397 | 374 |
|  | Huarong Finance II Co., Ltd. 5.50% 1/16/2025 | 6669 | 6328 |

---

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| | |
|:---|:---|
| American Funds Insurance Series | **177** |

---

------

##### [**Table of Contents**](#toc)
The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |  |  |
|  **Financials**<br> **(continued)** | Huarong Finance II Co., Ltd. 5.00% 11/19/2025 | USD480 | $444 |
|  | Huarong Finance II Co., Ltd. 4.625% 6/3/2026 | 200 | 177 |
|  | Huarong Finance II Co., Ltd. 4.875% 11/22/2026 | 2106 | 1886 |
|  | Intercontinental Exchange, Inc. 4.35% 6/15/2029 | 8710 | 8433 |
|  | Intercontinental Exchange, Inc. 4.60% 3/15/2033 | 4601 | 4408 |
|  | Intercontinental Exchange, Inc. 4.95% 6/15/2052 | 5327 | 4963 |
|  | Intesa Sanpaolo SpA 3.375% 1/12/2023<sup>2</sup> | 10035 | 10030 |
|  | Intesa Sanpaolo SpA 5.017% 6/26/2024<sup>2</sup> | 68143 | 65545 |
|  | Intesa Sanpaolo SpA 3.25% 9/23/2024<sup>2</sup> | 770 | 731 |
|  | Intesa Sanpaolo SpA 5.71% 1/15/2026<sup>2</sup> | 15400 | 14816 |
|  | Intesa Sanpaolo SpA 3.875% 7/14/2027<sup>2</sup> | 6250 | 5581 |
|  | Intesa Sanpaolo SpA 3.875% 1/12/2028<sup>2</sup> | 1986 | 1753 |
|  | Iron Mountain Information Management Services, Inc. 5.00% 7/15/2032<sup>2</sup> | 2060 | 1714 |
|  | JPMorgan Chase & Co. 0.969% 6/23/2025 (USD-SOFR + 0.58% on 6/23/2024)<sup>1</sup> | 5870 | 5475 |
|  | JPMorgan Chase & Co. 1.561% 12/10/2025 (USD-SOFR + 0.605% on 12/10/2024)<sup>1</sup> | 11105 | 10289 |
|  | JPMorgan Chase & Co. 4.08% 4/26/2026 (USD-SOFR + 1.32% on 4/26/2025)<sup>1</sup> | 3620 | 3518 |
|  | JPMorgan Chase & Co. 1.578% 4/22/2027 (USD-SOFR + 0.885% on 4/22/2026)<sup>1</sup> | 1832 | 1612 |
|  | JPMorgan Chase & Co. 1.47% 9/22/2027 (USD-SOFR + 0.765% on 9/22/2026)<sup>1</sup> | 5965 | 5172 |
|  | JPMorgan Chase & Co. 2.947% 2/24/2028 (USD-SOFR + 1.17% on 2/24/2027)<sup>1</sup> | 4350 | 3941 |
|  | JPMorgan Chase & Co. 4.323% 4/26/2028 (USD-SOFR + 1.56% on 4/26/2027)<sup>1</sup> | 12080 | 11555 |
|  | JPMorgan Chase & Co. 4.851% 7/25/2028 (USD-SOFR + 1.99% on 7/25/2027)<sup>1</sup> | 8465 | 8265 |
|  | JPMorgan Chase & Co. 3.509% 1/23/2029<br>(3-month USD-LIBOR + 0.945% on 1/23/2028)<sup>1</sup> | 9600 | 8729 |
|  | JPMorgan Chase & Co. 2.069% 6/1/2029 (USD-SOFR + 1.015% on 6/1/2028)<sup>1</sup> | 2453 | 2053 |
|  | JPMorgan Chase & Co. 4.203% 7/23/2029<br>(3-month USD-LIBOR + 1.26% on 7/23/2028)<sup>1</sup> | 11980 | 11186 |
|  | JPMorgan Chase & Co. 2.522% 4/22/2031 (USD-SOFR + 2.04% on 4/22/2030)<sup>1</sup> | 1766 | 1449 |
|  | JPMorgan Chase & Co. 2.58% 4/22/2032 (USD-SOFR + 1.25% on 4/22/2031)<sup>1</sup> | 4802 | 3858 |
|  | JPMorgan Chase & Co. 2.545% 11/8/2032 (USD-SOFR + 1.18% on 11/8/2031)<sup>1</sup> | 5313 | 4213 |
|  | JPMorgan Chase & Co. 2.963% 1/25/2033 (USD-SOFR + 1.26% on 1/25/2032)<sup>1</sup> | 553 | 452 |
|  | JPMorgan Chase & Co. 4.586% 4/26/2033 (USD-SOFR + 1.80% on 4/26/2032)<sup>1</sup> | 1907 | 1771 |
|  | JPMorgan Chase & Co. 4.912% 7/25/2033 (USD-SOFR + 2.08% on 7/25/2032)<sup>1</sup> | 5475 | 5229 |
|  | Kasikornbank PCL HK 3.343% 10/2/2031<br>(5-year UST Yield Curve Rate T Note Constant Maturity + 1.70% on 10/2/2026)<sup>1</sup> | 2415 | 2128 |
|  | Keb Hana Bank 3.25% 3/30/2027<sup>2</sup> | 1315 | 1227 |
|  | Lloyds Banking Group PLC 2.438% 2/5/2026<br>(1-year UST Yield Curve Rate T Note Constant Maturity + 1.00% on 2/5/2025)<sup>1</sup> | 2675 | 2493 |
|  | Marsh & McLennan Companies, Inc. 2.375% 12/15/2031 | 367 | 297 |
|  | Marsh & McLennan Companies, Inc. 2.90% 12/15/2051 | 505 | 326 |
|  | MetLife Capital Trust IV, junior subordinated, 7.875% 12/15/2067<br>(3-month USD-LIBOR + 3.96% on 12/1/2037)<sup>1,2</sup> | 1405 | 1521 |
|  | MetLife, Inc. 3.60% 11/13/2025 | 3490 | 3395 |
|  | MetLife, Inc. 5.00% 7/15/2052 | 165 | 158 |
|  | Mitsubishi UFJ Financial Group, Inc. 0.962% 10/11/2025<br>(1-year UST Yield Curve Rate T Note Constant Maturity + 0.45% on 10/11/2024)<sup>1</sup> | 2960 | 2724 |
|  | Mitsubishi UFJ Financial Group, Inc. 1.538% 7/20/2027<br>(1-year UST Yield Curve Rate T Note Constant Maturity + 0.75% on 7/20/2026)<sup>1</sup> | 6200 | 5383 |
|  | Mitsubishi UFJ Financial Group, Inc. 1.64% 10/13/2027<br>(1-year UST Yield Curve Rate T Note Constant Maturity + 0.67% on 10/13/2026)<sup>1</sup> | 2225 | 1930 |
|  | Mitsubishi UFJ Financial Group, Inc. 2.341% 1/19/2028<br>(1-year UST Yield Curve Rate T Note Constant Maturity + 0.83% on 1/19/2027)<sup>1</sup> | 2970 | 2618 |
|  | Mitsubishi UFJ Financial Group, Inc. 4.08% 4/19/2028<br>(1-year UST Yield Curve Rate T Note Constant Maturity + 1.30% on 4/19/2027)<sup>1</sup> | 2945 | 2781 |
|  | Mitsubishi UFJ Financial Group, Inc. 5.133% 7/20/2033<br>(1-year UST Yield Curve Rate T Note Constant Maturity + 2.125% on 7/20/2032)<sup>1</sup> | 1197 | 1146 |
|  | Mizuho Financial Group, Inc. 1.554% 7/9/2027<br>(1-year UST Yield Curve Rate T Note Constant Maturity + 0.75% on 7/9/2026)<sup>1</sup> | 4615 | 4026 |
|  | Mizuho Financial Group, Inc. 5.669% 9/13/2033<br>(1-year UST Yield Curve Rate T Note Constant Maturity + 2.40% on 9/13/2032)<sup>1</sup> | 2390 | 2379 |
|  | Morgan Stanley 0.791% 1/22/2025 (USD-SOFR + 0.509% on 1/22/2024)<sup>1</sup> | 3065 | 2901 |
|  | Morgan Stanley 2.72% 7/22/2025 (USD-SOFR + 1.152% on 7/22/2024)<sup>1</sup> | 2300 | 2200 |

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| | |
|:---|:---|
| **178** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| <br> Bonds, notes & other debt instruments (continued) | <br> Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |  |  |
|  **Financials**<br> **(continued)** | Morgan Stanley 1.512% 7/20/2027 (USD-SOFR + 0.858% on 7/20/2026)<sup>1</sup> | USD10,488 | $9114 |
|  | Morgan Stanley 4.21% 4/20/2028 (USD-SOFR + 1.61% on 4/20/2027)<sup>1</sup> | 3671 | 3497 |
|  | Morgan Stanley 6.296% 10/18/2028 (USD-SOFR + 2.44% on 10/18/2027)<sup>1</sup> | 2007 | 2075 |
|  | Morgan Stanley 2.239% 7/21/2032 (USD-SOFR + 1.178% on 7/21/2031)<sup>1</sup> | 26412 | 20326 |
|  | Morgan Stanley 2.511% 10/20/2032 (USD-SOFR + 1.20% on 10/20/2031)<sup>1</sup> | 2813 | 2209 |
|  | Morgan Stanley 2.943% 1/21/2033 (USD-SOFR + 1.29% on 1/21/2032)<sup>1</sup> | 6616 | 5369 |
|  | Morgan Stanley 4.889% 7/20/2033 (USD-SOFR + 2.077% on 7/20/2032)<sup>1</sup> | 3375 | 3181 |
|  | Morgan Stanley 6.342% 10/18/2033 (USD-SOFR + 2.565% on 10/18/2032)<sup>1</sup> | 3810 | 4004 |
|  | Morgan Stanley 5.297% 4/20/2037 (USD-SOFR + 2.62% on 4/20/2032)<sup>1</sup> | 2286 | 2096 |
|  | MSCI, Inc. 3.25% 8/15/2033<sup>2</sup> | 2750 | 2128 |
|  | Navient Corp. 6.75% 6/25/2025 | 425 | 409 |
|  | OneMain Holdings, Inc. 7.125% 3/15/2026 | 250 | 238 |
|  | Rede D'Or Finance SARL 4.50% 1/22/2030<sup>2</sup> | 1572 | 1355 |
|  | Santander Holdings USA, Inc. 3.50% 6/7/2024 | 8325 | 8092 |
|  | Santander Holdings USA, Inc. 2.49% 1/6/2028<sup>1</sup> | 3625 | 3115 |
|  | State Street Corp. 4.164% 8/4/2033 (USD-SOFR + 1.726% on 8/4/2032)<sup>1</sup> | 1640 | 1520 |
|  | Sumitomo Mitsui Banking Corp. 2.174% 1/14/2027 | 1100 | 977 |
|  | SVB Financial Group 4.70% junior subordinated perpetual bonds<br>(5-year UST Yield Curve Rate T Note Constant Maturity + 3.064% on 11/15/2031)<sup>1</sup> | 1530 | 971 |
|  | Synchrony Financial 4.375% 3/19/2024 | 3640 | 3576 |
|  | Toronto-Dominion Bank 1.95% 1/12/2027 | 1060 | 946 |
|  | Travelers Companies, Inc. 2.55% 4/27/2050 | 768 | 478 |
|  | U.S. Bancorp 4.548% 7/22/2028 (USD-SOFR + 1.66% on 7/27/2027)<sup>1</sup> | 2440 | 2387 |
|  | UBS Group AG 1.494% 8/10/2027<br>(1-year UST Yield Curve Rate T Note Constant Maturity + 0.85% on 8/10/2026)<sup>1,2</sup> | 4000 | 3446 |
|  | UniCredit SpA 4.625% 4/12/2027<sup>2</sup> | 1395 | 1307 |
|  | UniCredit SpA 5.861% 6/19/2032 (5-year USD-ICE Swap + 3.703% on 6/19/2027)<sup>1,2</sup> | 16130 | 14182 |
|  | Vigorous Champion International, Ltd. 4.25% 5/28/2029 | 462 | 415 |
|  | Wells Fargo & Company 2.406% 10/30/2025<br>(3-month USD-LIBOR + 0.825% on 10/30/2024)<sup>1</sup> | 20480 | 19382 |
|  | Wells Fargo & Company 3.908% 4/25/2026 (USD-SOFR + 1.32% on 4/25/2025)<sup>1</sup> | 3524 | 3428 |
|  | Wells Fargo & Company 3.526% 3/24/2028 (USD-SOFR + 1.51% on 3/24/2027)<sup>1</sup> | 9236 | 8569 |
|  | Wells Fargo & Company 4.808% 7/25/2028 (USD-SOFR + 1.98% on 7/25/2027)<sup>1</sup> | 7450 | 7289 |
|  | Wells Fargo & Company 3.35% 3/2/2033 (USD-SOFR + 1.50% on 3/2/2032)<sup>1</sup> | 7665 | 6478 |
|  | Wells Fargo & Company 4.897% 7/25/2033 (USD-SOFR + 4.897% on 7/25/2032)<sup>1</sup> | 3675 | 3500 |
|  | Wells Fargo & Company 4.611% 4/25/2053 (USD-SOFR + 2.13% on 4/25/2052)<sup>1</sup> | 20666 | 17607 |
|  | Willis North America, Inc. 4.65% 6/15/2027 | 1290 | 1248 |
|  |  |  | 986796 |
| **Utilities**<br> **4.42%** | AEP Texas, Inc. 3.45% 5/15/2051 | 1475 | 1048 |
|  | Alabama Power Co. 3.00% 3/15/2052 | 3697 | 2458 |
|  | Alfa Desarrollo SpA 4.55% 9/27/2051<sup>2</sup> | 1001 | 763 |
|  | Ameren Corp. 4.50% 3/15/2049 | 2875 | 2634 |
|  | Baltimore Gas & Electric 4.55% 6/1/2052 | 525 | 467 |
|  | Berkshire Hathaway Energy Company 4.50% 2/1/2045 | 5895 | 5161 |
|  | Comisión Federal de Electricidad 4.688% 5/15/2029<sup>2</sup> | 3655 | 3249 |
|  | Comisión Federal de Electricidad 3.875% 7/26/2033<sup>2</sup> | 1340 | 1019 |
|  | Connecticut Light and Power Co. 2.05% 7/1/2031 | 1775 | 1430 |
|  | Consumers Energy Co. 4.05% 5/15/2048 | 1413 | 1173 |
|  | Consumers Energy Co. 3.75% 2/15/2050 | 5625 | 4416 |
|  | Consumers Energy Co. 3.10% 8/15/2050 | 4123 | 2883 |
|  | Consumers Energy Co. 3.50% 8/1/2051 | 235 | 178 |
|  | Duke Energy Corp. 3.75% 4/15/2024 | 3826 | 3760 |
|  | Duke Energy Corp. 4.50% 8/15/2032 | 7811 | 7340 |
|  | Duke Energy Corp. 3.50% 6/15/2051 | 1139 | 796 |
|  | Duke Energy Florida, LLC 3.40% 10/1/2046 | 5669 | 4098 |
|  | Duke Energy Florida, LLC 3.00% 12/15/2051 | 711 | 480 |
|  | Duke Energy Florida, LLC 5.95% 11/15/2052 | 575 | 616 |

---

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| | |
|:---|:---|
| American Funds Insurance Series | **179** |

---

------

##### [**Table of Contents**](#toc)
The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| <br> Bonds, notes & other debt instruments (continued) | <br> Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |  |  |
|  **Utilities**<br> **(continued)** | Duke Energy Progress, LLC 3.70% 9/1/2028 | USD3,750 | $3530 |
|  | Duke Energy Progress, LLC 2.00% 8/15/2031 | 1775 | 1407 |
|  | Duke Energy Progress, LLC 2.50% 8/15/2050 | 644 | 389 |
|  | Edison International 3.55% 11/15/2024 | 6850 | 6618 |
|  | Edison International 4.95% 4/15/2025 | 175 | 172 |
|  | Edison International 5.75% 6/15/2027 | 3181 | 3196 |
|  | Edison International 4.125% 3/15/2028 | 3644 | 3387 |
|  | Edison International 6.95% 11/15/2029 | 2525 | 2643 |
|  | Electricité de France SA 2.625% junior subordinated perpetual bonds<br>(5-year EUR Mid-Swap + 2.86% on 6/1/2028)<sup>1</sup> | EUR2,800 | 2346 |
|  | Emera US Finance, LP 0.833% 6/15/2024 | USD600 | 560 |
|  | Emera US Finance, LP 2.639% 6/15/2031 | 4400 | 3456 |
|  | Enel Società per Azioni 8.75% 9/24/2073<br>(USD Semi Annual 30/360 (vs. 3-month USD-LIBOR) + 5.88% on 9/24/2023)<sup>1,2</sup> | 1000 | 1003 |
|  | ENN Clean Energy International Investment, Ltd. 3.375% 5/12/2026<sup>2</sup> | 1310 | 1143 |
|  | Entergy Louisiana, LLC 4.20% 9/1/2048 | 6325 | 5207 |
|  | Entergy Louisiana, LLC 4.75% 9/15/2052 | 1525 | 1377 |
|  | Eversource Energy 3.80% 12/1/2023 | 5000 | 4945 |
|  | FirstEnergy Corp. 1.60% 1/15/2026 | 20066 | 17774 |
|  | FirstEnergy Corp. 3.50% 4/1/2028<sup>2</sup> | 2400 | 2191 |
|  | FirstEnergy Corp. 4.10% 5/15/2028<sup>2</sup> | 425 | 401 |
|  | FirstEnergy Corp. 2.65% 3/1/2030 | 12524 | 10234 |
|  | FirstEnergy Corp. 2.25% 9/1/2030 | 13707 | 10904 |
|  | FirstEnergy Corp., Series B, 4.40% 7/15/2027 (4.15% on 1/15/2023)<sup>1</sup> | 12178 | 11355 |
|  | FirstEnergy Transmission, LLC 2.866% 9/15/2028<sup>2</sup> | 4000 | 3498 |
|  | Florida Power & Light Company 2.45% 2/3/2032 | 4890 | 4087 |
|  | Florida Power & Light Company 2.875% 12/4/2051 | 9334 | 6305 |
|  | Georgia Power Co. 3.70% 1/30/2050 | 275 | 206 |
|  | Interchile SA 4.50% 6/30/2056<sup>2</sup> | 465 | 385 |
|  | Israel Electric Corp., Ltd. 4.25% 8/14/2028<sup>2</sup> | 10190 | 9649 |
|  | Israel Electric Corp., Ltd. 3.75% 2/22/2032<sup>2</sup> | 340 | 299 |
|  | ITC Holdings Corp. 3.35% 11/15/2027 | 1118 | 1031 |
|  | Jersey Central Power & Light Co. 2.75% 3/1/2032<sup>2</sup> | 525 | 425 |
|  | Mississippi Power Co. 4.25% 3/15/2042 | 5020 | 4093 |
|  | Monongahela Power Co. 3.55% 5/15/2027<sup>2</sup> | 1700 | 1600 |
|  | NextEra Energy Capital Holdings, Inc. 1.875% 1/15/2027 | 2772 | 2457 |
|  | Northern States Power Co. 4.50% 6/1/2052 | 3328 | 3035 |
|  | Oncor Electric Delivery Company, LLC 4.15% 6/1/2032<sup>2</sup> | 1035 | 980 |
|  | Oncor Electric Delivery Company, LLC 4.55% 9/15/2032<sup>2</sup> | 975 | 958 |
|  | Pacific Gas and Electric Co. 3.25% 6/15/2023 | 5615 | 5554 |
|  | Pacific Gas and Electric Co. 3.40% 8/15/2024 | 2000 | 1920 |
|  | Pacific Gas and Electric Co. 3.15% 1/1/2026 | 27543 | 25623 |
|  | Pacific Gas and Electric Co. 2.95% 3/1/2026 | 10850 | 9956 |
|  | Pacific Gas and Electric Co. 3.30% 3/15/2027 | 5850 | 5212 |
|  | Pacific Gas and Electric Co. 3.30% 12/1/2027 | 12289 | 10865 |
|  | Pacific Gas and Electric Co. 3.75% 7/1/2028 | 13075 | 11621 |
|  | Pacific Gas and Electric Co. 4.65% 8/1/2028 | 7900 | 7278 |
|  | Pacific Gas and Electric Co. 4.55% 7/1/2030 | 35299 | 32078 |
|  | Pacific Gas and Electric Co. 2.50% 2/1/2031 | 19695 | 15326 |
|  | Pacific Gas and Electric Co. 3.25% 6/1/2031 | 1300 | 1060 |
|  | Pacific Gas and Electric Co. 3.30% 8/1/2040 | 8898 | 6055 |
|  | Pacific Gas and Electric Co. 3.75% 8/15/2042 | 9466 | 6383 |
|  | Pacific Gas and Electric Co. 4.75% 2/15/2044 | 336 | 258 |
|  | Pacific Gas and Electric Co. 3.50% 8/1/2050 | 6836 | 4272 |
|  | Public Service Electric and Gas Co. 3.20% 5/15/2029 | 6000 | 5456 |
|  | Public Service Electric and Gas Co. 1.90% 8/15/2031 | 775 | 618 |
|  | Public Service Electric and Gas Co. 3.10% 3/15/2032 | 7500 | 6577 |
|  | Puget Energy, Inc. 3.65% 5/15/2025 | 300 | 286 |
|  | Southern California Edison Co. 4.20% 3/1/2029 | 11000 | 10485 |
|  | Southern California Edison Co. 2.85% 8/1/2029 | 8200 | 7144 |
|  | Southern California Edison Co. 2.50% 6/1/2031 | 5149 | 4256 |

---

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| | |
|:---|:---|
| **180** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| <br> Bonds, notes & other debt instruments (continued) | <br> Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |  |  |
|  **Utilities**<br> **(continued)** | Southern California Edison Co. 5.95% 11/1/2032 | USD1,100 | $1166 |
|  | Southern California Edison Co. 5.75% 4/1/2035 | 4549 | 4546 |
|  | Southern California Edison Co. 5.35% 7/15/2035 | 6450 | 6267 |
|  | Southern California Edison Co. 5.625% 2/1/2036 | 7051 | 6888 |
|  | Southern California Edison Co. 5.55% 1/15/2037 | 3844 | 3774 |
|  | Southern California Edison Co. 5.95% 2/1/2038 | 5121 | 5188 |
|  | Southern California Edison Co. 4.00% 4/1/2047 | 9402 | 7391 |
|  | Southern California Edison Co. 4.125% 3/1/2048 | 5765 | 4628 |
|  | Southern California Edison Co. 4.875% 3/1/2049 | 555 | 491 |
|  | Southern California Edison Co. 3.65% 2/1/2050 | 8086 | 5943 |
|  | Southern California Edison Co., Series C, 3.60% 2/1/2045 | 2717 | 1960 |
|  | Southwestern Electric Power Co. 1.65% 3/15/2026 | 3550 | 3179 |
|  | Southwestern Electric Power Co. 3.25% 11/1/2051 | 2270 | 1502 |
|  | Union Electric Co. 2.15% 3/15/2032 | 3175 | 2518 |
|  | Virginia Electric and Power Co. 2.30% 11/15/2031 | 2425 | 1958 |
|  | Virginia Electric and Power Co. 2.40% 3/30/2032 | 5345 | 4333 |
|  | WEC Energy Group, Inc. 2.20% 12/15/2028 | 1575 | 1336 |
|  | Wisconsin Electric Power Co. 2.85% 12/1/2051 | 375 | 241 |
|  | Wisconsin Power and Light Co. 1.95% 9/16/2031 | 525 | 413 |
|  | Wisconsin Power and Light Co. 3.65% 4/1/2050 | 1075 | 793 |
|  | Xcel Energy, Inc. 3.30% 6/1/2025 | 5650 | 5428 |
|  | Xcel Energy, Inc. 1.75% 3/15/2027 | 5660 | 4966 |
|  | Xcel Energy, Inc. 2.60% 12/1/2029 | 2925 | 2504 |
|  | Xcel Energy, Inc. 2.35% 11/15/2031 | 9059 | 7263 |
|  | Xcel Energy, Inc. 4.60% 6/1/2032 | 11675 | 11185 |
|  |  |  | 451359 |
|  **Consumer**<br> **discretionary**<br> **4.21%** | Allied Universal Holdco, LLC 4.625% 6/1/2028<sup>2</sup> | 335 | 277 |
|  | Amazon.com, Inc. 3.30% 4/13/2027 | 1760 | 1673 |
|  | Amazon.com, Inc. 1.65% 5/12/2028 | 3860 | 3321 |
|  | Amazon.com, Inc. 3.45% 4/13/2029 | 1305 | 1222 |
|  | Amazon.com, Inc. 3.60% 4/13/2032 | 6830 | 6271 |
|  | Amazon.com, Inc. 2.875% 5/12/2041 | 650 | 488 |
|  | Amazon.com, Inc. 3.10% 5/12/2051 | 9380 | 6727 |
|  | Amazon.com, Inc. 3.95% 4/13/2052 | 1635 | 1362 |
|  | Amazon.com, Inc. 3.25% 5/12/2061 | 4100 | 2828 |
|  | Amazon.com, Inc. 4.10% 4/13/2062 | 470 | 391 |
|  | Atlas LuxCo 4 SARL 4.625% 6/1/2028<sup>2</sup> | 255 | 207 |
|  | Bath & Body Works, Inc. 6.875% 11/1/2035 | 740 | 659 |
|  | Bayerische Motoren Werke AG 1.25% 8/12/2026<sup>2</sup> | 100 | 88 |
|  | Bayerische Motoren Werke AG 3.45% 4/1/2027<sup>2</sup> | 1075 | 1016 |
|  | Bayerische Motoren Werke AG 1.95% 8/12/2031<sup>2</sup> | 620 | 486 |
|  | Bayerische Motoren Werke AG 3.70% 4/1/2032<sup>2</sup> | 1350 | 1210 |
|  | Daimler Trucks Finance North America, LLC 1.125% 12/14/2023<sup>2</sup> | 3015 | 2898 |
|  | Daimler Trucks Finance North America, LLC 1.625% 12/13/2024<sup>2</sup> | 4950 | 4597 |
|  | Daimler Trucks Finance North America, LLC 3.50% 4/7/2025<sup>2</sup> | 1750 | 1680 |
|  | Daimler Trucks Finance North America, LLC 3.65% 4/7/2027<sup>2</sup> | 4140 | 3875 |
|  | Daimler Trucks Finance North America, LLC 2.375% 12/14/2028<sup>2</sup> | 3975 | 3348 |
|  | Daimler Trucks Finance North America, LLC 2.50% 12/14/2031<sup>2</sup> | 9625 | 7486 |
|  | DaimlerChrysler North America Holding Corp. 3.35% 2/22/2023<sup>2</sup> | 2000 | 1993 |
|  | DaimlerChrysler North America Holding Corp. 1.75% 3/10/2023<sup>2</sup> | 8000 | 7953 |
|  | Ford Motor Co. 2.90% 2/10/2029 | 1065 | 852 |
|  | Ford Motor Credit Company, LLC 5.125% 6/16/2025 | 3870 | 3729 |
|  | Ford Motor Credit Company, LLC 4.271% 1/9/2027 | 18542 | 16803 |
|  | Ford Motor Credit Company, LLC 4.125% 8/17/2027 | 39080 | 35066 |
|  | Ford Motor Credit Company, LLC 3.815% 11/2/2027 | 3790 | 3337 |
|  | Ford Motor Credit Company, LLC 7.35% 11/4/2027 | 6289 | 6460 |
|  | Ford Motor Credit Company, LLC 5.113% 5/3/2029 | 4205 | 3817 |
|  | General Motors Company 4.35% 4/9/2025 | 11358 | 11059 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **181** |

---

------

##### [**Table of Contents**](#toc)
The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| <br> Bonds, notes & other debt instruments (continued) | <br> Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |  |  |
|  **Consumer**<br> **discretionary**<br> **(continued)** | General Motors Company 6.125% 10/1/2025 | USD23,743 | $24188 |
|  | General Motors Company 5.40% 10/15/2029 | 781 | 747 |
|  | General Motors Company 5.40% 4/1/2048 | 7200 | 5915 |
|  | General Motors Financial Co. 3.25% 1/5/2023 | 964 | 964 |
|  | General Motors Financial Co. 1.05% 3/8/2024 | 4200 | 3990 |
|  | General Motors Financial Co. 1.50% 6/10/2026 | 6712 | 5837 |
|  | General Motors Financial Co. 2.35% 2/26/2027 | 9771 | 8547 |
|  | General Motors Financial Co. 2.40% 4/10/2028 | 13909 | 11722 |
|  | General Motors Financial Co. 2.40% 10/15/2028 | 464 | 386 |
|  | General Motors Financial Co. 3.60% 6/21/2030 | 465 | 392 |
|  | General Motors Financial Co. 2.35% 1/8/2031 | 6075 | 4594 |
|  | General Motors Financial Co. 2.70% 6/10/2031 | 5495 | 4223 |
|  | Grand Canyon University 4.125% 10/1/2024 | 4190 | 3941 |
|  | Home Depot, Inc. 2.95% 6/15/2029 | 6081 | 5515 |
|  | Home Depot, Inc. 4.50% 12/6/2048 | 1915 | 1747 |
|  | Hyundai Capital America 2.375% 2/10/2023<sup>2</sup> | 9977 | 9955 |
|  | Hyundai Capital America 1.25% 9/18/2023<sup>2</sup> | 3150 | 3054 |
|  | Hyundai Capital America 0.875% 6/14/2024<sup>2</sup> | 380 | 355 |
|  | Hyundai Capital America 3.40% 6/20/2024<sup>2</sup> | 8180 | 7899 |
|  | Hyundai Capital America 1.00% 9/17/2024<sup>2</sup> | 2750 | 2543 |
|  | Hyundai Capital America 2.65% 2/10/2025<sup>2</sup> | 12372 | 11645 |
|  | Hyundai Capital America 1.80% 10/15/2025<sup>2</sup> | 13274 | 11952 |
|  | Hyundai Capital America 1.30% 1/8/2026<sup>2</sup> | 6000 | 5254 |
|  | Hyundai Capital America 1.50% 6/15/2026<sup>2</sup> | 7475 | 6485 |
|  | Hyundai Capital America 1.65% 9/17/2026<sup>2</sup> | 7275 | 6403 |
|  | Hyundai Capital America 3.00% 2/10/2027<sup>2</sup> | 9000 | 8090 |
|  | Hyundai Capital America 2.375% 10/15/2027<sup>2</sup> | 7543 | 6465 |
|  | Hyundai Capital America 1.80% 1/10/2028<sup>2</sup> | 5965 | 4901 |
|  | Hyundai Capital America 2.00% 6/15/2028<sup>2</sup> | 5775 | 4714 |
|  | Hyundai Capital America 2.10% 9/15/2028<sup>2</sup> | 3010 | 2476 |
|  | Hyundai Capital Services, Inc. 1.25% 2/8/2026<sup>2</sup> | 3695 | 3213 |
|  | KIA Corp. 2.375% 2/14/2025<sup>2</sup> | 1580 | 1467 |
|  | Marriott International, Inc. 5.75% 5/1/2025 | 330 | 333 |
|  | Marriott International, Inc. 3.125% 6/15/2026 | 410 | 384 |
|  | Marriott International, Inc. 5.00% 10/15/2027 | 4470 | 4418 |
|  | Marriott International, Inc. 2.75% 10/15/2033 | 2226 | 1705 |
|  | McDonald's Corp. 2.125% 3/1/2030 | 2482 | 2082 |
|  | McDonald's Corp. 4.60% 9/9/2032 | 1765 | 1731 |
|  | McDonald's Corp. 4.45% 3/1/2047 | 3535 | 3082 |
|  | McDonald's Corp. 3.625% 9/1/2049 | 2938 | 2224 |
|  | McDonald's Corp. 5.15% 9/9/2052 | 730 | 704 |
|  | Meituan Dianping 3.05% 10/28/2030<sup>2</sup> | 3200 | 2471 |
|  | Nissan Motor Co., Ltd. 3.043% 9/15/2023<sup>2</sup> | 240 | 235 |
|  | Nissan Motor Co., Ltd. 3.522% 9/17/2025<sup>2</sup> | 800 | 744 |
|  | Nissan Motor Co., Ltd. 2.00% 3/9/2026<sup>2</sup> | 12000 | 10333 |
|  | Nissan Motor Co., Ltd. 2.75% 3/9/2028<sup>2</sup> | 11200 | 9089 |
|  | Nissan Motor Co., Ltd. 4.81% 9/17/2030<sup>2</sup> | 16083 | 13685 |
|  | Sands China, Ltd. 2.80% 3/8/2027<sup>1</sup> | 2368 | 2031 |
|  | Starbucks Corp. 3.75% 12/1/2047 | 3785 | 2891 |
|  | Stellantis Finance US, Inc. 1.711% 1/29/2027<sup>2</sup> | 6921 | 5948 |
|  | Stellantis Finance US, Inc. 5.625% 1/12/2028<sup>2</sup> | 825 | 818 |
|  | Stellantis Finance US, Inc. 2.691% 9/15/2031<sup>2</sup> | 6554 | 5016 |
|  | Stellantis Finance US, Inc. 6.375% 9/12/2032<sup>2</sup> | 12065 | 11946 |
|  | Toyota Motor Credit Corp. 3.375% 4/1/2030 | 4954 | 4505 |
|  | Volkswagen Group of America Finance, LLC 4.25% 11/13/2023<sup>2</sup> | 15000 | 14858 |
|  | Volkswagen Group of America Finance, LLC 2.85% 9/26/2024<sup>2</sup> | 546 | 523 |
|  | Volkswagen Group of America Finance, LLC 3.35% 5/13/2025<sup>2</sup> | 2636 | 2520 |

---

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| | |
|:---|:---|
| **182** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| <br> Bonds, notes & other debt instruments (continued) | <br> Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |  |  |
|  **Consumer**<br> **discretionary**<br> **(continued)** | Volkswagen Group of America Finance, LLC 1.625% 11/24/2027<sup>2</sup> | USD2,550 | $2139 |
|  | Wyndham Destinations, Inc. 6.625% 7/31/2026<sup>2</sup> | 675 | 662 |
|  | Wynn Resorts Finance, LLC 5.125% 10/1/2029<sup>2</sup> | 410 | 352 |
|  |  |  | 430187 |
|  **Health care**<br> **3.84%** | AbbVie, Inc. 3.20% 11/21/2029 | 8482 | 7666 |
|  | AbbVie, Inc. 4.25% 11/21/2049 | 8 | 7 |
|  | Amgen, Inc. 3.00% 2/22/2029 | 325 | 288 |
|  | Amgen, Inc. 4.05% 8/18/2029 | 8400 | 7869 |
|  | Amgen, Inc. 2.45% 2/21/2030 | 5131 | 4329 |
|  | Amgen, Inc. 4.20% 3/1/2033 | 9522 | 8839 |
|  | Amgen, Inc. 4.875% 3/1/2053 | 4975 | 4440 |
|  | Amgen, Inc. 4.40% 2/22/2062 | 196 | 156 |
|  | Anthem, Inc. 2.375% 1/15/2025 | 1534 | 1457 |
|  | Anthem, Inc. 4.10% 5/15/2032 | 8711 | 8128 |
|  | Anthem, Inc. 4.55% 5/15/2052 | 1721 | 1504 |
|  | AstraZeneca Finance, LLC 1.75% 5/28/2028 | 1429 | 1229 |
|  | AstraZeneca Finance, LLC 2.25% 5/28/2031 | 2087 | 1741 |
|  | AstraZeneca PLC 4.00% 1/17/2029 | 5920 | 5694 |
|  | Bausch Health Companies, Inc. 4.875% 6/1/2028<sup>2</sup> | 830 | 529 |
|  | Baxter International, Inc. 2.539% 2/1/2032 | 3906 | 3113 |
|  | Bayer US Finance II, LLC 4.25% 12/15/2025<sup>2</sup> | 17570 | 17043 |
|  | Becton, Dickinson and Company 4.298% 8/22/2032 | 545 | 512 |
|  | Centene Corp. 4.25% 12/15/2027 | 14860 | 13969 |
|  | Centene Corp. 2.45% 7/15/2028 | 12410 | 10499 |
|  | Centene Corp. 4.625% 12/15/2029 | 14945 | 13691 |
|  | Centene Corp. 3.375% 2/15/2030 | 15718 | 13323 |
|  | Centene Corp. 2.50% 3/1/2031 | 8550 | 6707 |
|  | Centene Corp. 2.625% 8/1/2031 | 2510 | 1977 |
|  | Danaher Corp. 2.80% 12/10/2051 | 1090 | 725 |
|  | Eli Lilly and Company 3.375% 3/15/2029 | 1255 | 1177 |
|  | GE Healthcare Holding, LLC 5.65% 11/15/2027<sup>2</sup> | 4895 | 4961 |
|  | GE Healthcare Holding, LLC 5.857% 3/15/2030<sup>2</sup> | 1145 | 1175 |
|  | GE Healthcare Holding, LLC 5.905% 11/22/2032<sup>2</sup> | 8640 | 8980 |
|  | GE Healthcare Holding, LLC 6.377% 11/22/2052<sup>2</sup> | 375 | 401 |
|  | Gilead Sciences, Inc. 1.65% 10/1/2030 | 1570 | 1249 |
|  | HCA, Inc. 3.125% 3/15/2027<sup>2</sup> | 755 | 688 |
|  | HCA, Inc. 2.375% 7/15/2031 | 2318 | 1810 |
|  | HCA, Inc. 3.625% 3/15/2032<sup>2</sup> | 5000 | 4244 |
|  | HCA, Inc. 4.625% 3/15/2052<sup>2</sup> | 390 | 305 |
|  | Johnson & Johnson 0.95% 9/1/2027 | 12753 | 11001 |
|  | Johnson & Johnson 2.10% 9/1/2040 | 825 | 571 |
|  | Johnson & Johnson 2.25% 9/1/2050 | 1933 | 1205 |
|  | Laboratory Corporation of America Holdings 1.55% 6/1/2026 | 1058 | 938 |
|  | Laboratory Corporation of America Holdings 4.70% 2/1/2045 | 4160 | 3584 |
|  | Merck & Co., Inc. 1.70% 6/10/2027 | 3093 | 2747 |
|  | Merck & Co., Inc. 2.75% 12/10/2051 | 808 | 544 |
|  | Regeneron Pharmaceuticals, Inc. 1.75% 9/15/2030 | 1918 | 1486 |
|  | Roche Holdings, Inc. 1.93% 12/13/2028<sup>2</sup> | 7845 | 6720 |
|  | Roche Holdings, Inc. 2.076% 12/13/2031<sup>2</sup> | 12562 | 10254 |
|  | Roche Holdings, Inc. 2.607% 12/13/2051<sup>2</sup> | 645 | 421 |
|  | Shire PLC 3.20% 9/23/2026 | 13588 | 12762 |
|  | Teva Pharmaceutical Finance Co. BV 7.125% 1/31/2025 | 45000 | 44821 |
|  | Teva Pharmaceutical Finance Co. BV 3.15% 10/1/2026 | 68853 | 60352 |
|  | Teva Pharmaceutical Finance Co. BV 6.75% 3/1/2028 | 26824 | 26215 |
|  | Teva Pharmaceutical Finance Co. BV 4.10% 10/1/2046 | 46666 | 28634 |
|  | UnitedHealth Group, Inc. 3.75% 7/15/2025 | 5410 | 5294 |
|  | UnitedHealth Group, Inc. 3.70% 5/15/2027 | 1184 | 1147 |
|  | UnitedHealth Group, Inc. 4.00% 5/15/2029 | 2231 | 2136 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **183** |

---

------

##### [**Table of Contents**](#toc)
The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| <br> Bonds, notes & other debt instruments (continued) | <br> Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |  |  |
|  **Health care**<br> **(continued)** | UnitedHealth Group, Inc. 2.00% 5/15/2030 | USD855 | $707 |
|  | UnitedHealth Group, Inc. 4.20% 5/15/2032 | 3169 | 3018 |
|  | UnitedHealth Group, Inc. 3.05% 5/15/2041 | 1300 | 982 |
|  | UnitedHealth Group, Inc. 4.25% 6/15/2048 | 960 | 834 |
|  | UnitedHealth Group, Inc. 3.25% 5/15/2051 | 927 | 668 |
|  | UnitedHealth Group, Inc. 4.75% 5/15/2052 | 1400 | 1300 |
|  | UnitedHealth Group, Inc. 4.95% 5/15/2062 | 294 | 277 |
|  | UnitedHealth Group, Inc. 6.05% 2/15/2063 | 230 | 251 |
|  | Zoetis, Inc. 5.60% 11/16/2032 | 2850 | 2964 |
|  |  |  | 392258 |
|  **Communication**<br> **services**<br> **3.31%** | AT&T, Inc. 1.70% 3/25/2026 | 19000 | 17145 |
|  | AT&T, Inc. 1.65% 2/1/2028 | 4700 | 3977 |
|  | AT&T, Inc. 4.30% 2/15/2030 | 15940 | 15047 |
|  | AT&T, Inc. 2.55% 12/1/2033 | 15003 | 11574 |
|  | AT&T, Inc. 3.50% 9/15/2053 | 19935 | 13545 |
|  | CCO Holdings, LLC 4.75% 2/1/2032<sup>2</sup> | 1265 | 1028 |
|  | CCO Holdings, LLC 4.25% 1/15/2034<sup>2</sup> | 3875 | 2867 |
|  | CCO Holdings, LLC and CCO Holdings Capital Corp. 5.125% 5/1/2027<sup>2</sup> | 4800 | 4484 |
|  | CCO Holdings, LLC and CCO Holdings Capital Corp. 2.25% 1/15/2029 | 1351 | 1090 |
|  | CCO Holdings, LLC and CCO Holdings Capital Corp. 2.80% 4/1/2031 | 8212 | 6412 |
|  | CCO Holdings, LLC and CCO Holdings Capital Corp. 4.40% 4/1/2033 | 2642 | 2268 |
|  | CCO Holdings, LLC and CCO Holdings Capital Corp. 5.75% 4/1/2048 | 5000 | 4114 |
|  | CCO Holdings, LLC and CCO Holdings Capital Corp. 5.25% 4/1/2053 | 1240 | 962 |
|  | CenturyLink, Inc. 4.00% 2/15/2027<sup>2</sup> | 10381 | 8821 |
|  | Comcast Corp. 3.15% 2/15/2028 | 7200 | 6660 |
|  | Comcast Corp. 4.00% 3/1/2048 | 5000 | 4033 |
|  | Meta Platforms, Inc. 4.45% 8/15/2052 | 3775 | 3019 |
|  | Netflix, Inc. 4.875% 4/15/2028 | 23259 | 22511 |
|  | Netflix, Inc. 5.875% 11/15/2028 | 29196 | 29664 |
|  | Netflix, Inc. 6.375% 5/15/2029 | 5078 | 5235 |
|  | Netflix, Inc. 5.375% 11/15/2029<sup>2</sup> | 15350 | 14917 |
|  | Netflix, Inc. 4.875% 6/15/2030<sup>2</sup> | 18215 | 17018 |
|  | News Corp. 5.125% 2/15/2032<sup>2</sup> | 1300 | 1185 |
|  | SBA Tower Trust 1.631% 11/15/2026<sup>2</sup> | 6741 | 5735 |
|  | Sirius XM Radio, Inc. 4.00% 7/15/2028<sup>2</sup> | 675 | 589 |
|  | Sprint Corp. 7.625% 2/15/2025 | 6665 | 6895 |
|  | Tencent Holdings, Ltd. 2.39% 6/3/2030<sup>2</sup> | 10000 | 8153 |
|  | T-Mobile US, Inc. 3.50% 4/15/2025 | 3275 | 3152 |
|  | T-Mobile US, Inc. 2.25% 2/15/2026 | 2388 | 2177 |
|  | T-Mobile US, Inc. 2.625% 4/15/2026 | 9691 | 8899 |
|  | T-Mobile US, Inc. 3.75% 4/15/2027 | 5000 | 4717 |
|  | T-Mobile US, Inc. 2.625% 2/15/2029 | 3117 | 2643 |
|  | T-Mobile US, Inc. 2.40% 3/15/2029 | 1224 | 1035 |
|  | T-Mobile US, Inc. 3.875% 4/15/2030 | 4500 | 4087 |
|  | T-Mobile US, Inc. 2.875% 2/15/2031 | 17956 | 14862 |
|  | T-Mobile US, Inc. 3.00% 2/15/2041 | 2100 | 1490 |
|  | T-Mobile US, Inc. 3.40% 10/15/2052 | 12280 | 8307 |
|  | Verizon Communications, Inc. 4.329% 9/21/2028 | 1539 | 1483 |
|  | Verizon Communications, Inc. 1.75% 1/20/2031 | 15450 | 12023 |
|  | Verizon Communications, Inc. 2.55% 3/21/2031 | 7535 | 6215 |
|  | Verizon Communications, Inc. 2.355% 3/15/2032 | 2815 | 2239 |
|  | Verizon Communications, Inc. 3.40% 3/22/2041 | 2050 | 1549 |
|  | Verizon Communications, Inc. 2.875% 11/20/2050 | 3000 | 1894 |
|  | Verizon Communications, Inc. 3.55% 3/22/2051 | 1975 | 1416 |
|  | Verizon Communications, Inc. 3.875% 3/1/2052 | 3155 | 2408 |
|  | Vodafone Group PLC 4.25% 9/17/2050 | 3050 | 2340 |
|  | WarnerMedia Holdings, Inc. 3.428% 3/15/2024<sup>2</sup> | 6552 | 6364 |
|  | WarnerMedia Holdings, Inc. 3.638% 3/15/2025<sup>2</sup> | 3056 | 2909 |

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| | |
|:---|:---|
| **184** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| <br> Bonds, notes & other debt instruments (continued) | <br> Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |  |  |
|  **Communication**<br> **services**<br> **(continued)** | WarnerMedia Holdings, Inc. 3.755% 3/15/2027<sup>2</sup> | USD9,501 | $8569 |
|  | WarnerMedia Holdings, Inc. 4.054% 3/15/2029<sup>2</sup> | 1316 | 1141 |
|  | WarnerMedia Holdings, Inc. 4.279% 3/15/2032<sup>2</sup> | 4932 | 4075 |
|  | WarnerMedia Holdings, Inc. 5.05% 3/15/2042<sup>2</sup> | 3147 | 2419 |
|  | WarnerMedia Holdings, Inc. 5.141% 3/15/2052<sup>2</sup> | 10630 | 7769 |
|  | WarnerMedia Holdings, Inc. 5.391% 3/15/2062<sup>2</sup> | 2802 | 2057 |
|  | ZipRecruiter, Inc. 5.00% 1/15/2030<sup>2</sup> | 1500 | 1239 |
|  |  |  | 338426 |
|  **Industrials**<br> **3.13%** | ADT Security Corp. 4.125% 8/1/2029<sup>2</sup> | 510 | 434 |
|  | Air Lease Corp. 0.80% 8/18/2024 | 3175 | 2926 |
|  | Air Lease Corp. 2.875% 1/15/2026 | 10172 | 9423 |
|  | Air Lease Corp. 2.20% 1/15/2027 | 4341 | 3789 |
|  | Air Lease Corp. 2.10% 9/1/2028 | 2450 | 2000 |
|  | Avolon Holdings Funding, Ltd. 3.95% 7/1/2024<sup>2</sup> | 12514 | 11987 |
|  | Avolon Holdings Funding, Ltd. 2.125% 2/21/2026<sup>2</sup> | 8333 | 7181 |
|  | Avolon Holdings Funding, Ltd. 4.25% 4/15/2026<sup>2</sup> | 3302 | 2997 |
|  | Avolon Holdings Funding, Ltd. 3.25% 2/15/2027<sup>2</sup> | 8000 | 6857 |
|  | Avolon Holdings Funding, Ltd. 2.528% 11/18/2027<sup>2</sup> | 2142 | 1715 |
|  | BNSF Funding Trust I, junior subordinated, 6.613% 12/15/2055<br>(3-month USD-LIBOR + 2.35% on 1/15/2026)<sup>1</sup> | 1680 | 1590 |
|  | Boeing Company 4.508% 5/1/2023 | 11358 | 11338 |
|  | Boeing Company 1.95% 2/1/2024 | 5646 | 5441 |
|  | Boeing Company 2.80% 3/1/2024 | 500 | 485 |
|  | Boeing Company 4.875% 5/1/2025 | 32512 | 32292 |
|  | Boeing Company 2.75% 2/1/2026 | 18384 | 17057 |
|  | Boeing Company 2.196% 2/4/2026 | 18411 | 16748 |
|  | Boeing Company 3.10% 5/1/2026 | 649 | 611 |
|  | Boeing Company 2.70% 2/1/2027 | 6473 | 5852 |
|  | Boeing Company 5.04% 5/1/2027 | 14350 | 14215 |
|  | Boeing Company 3.25% 2/1/2028 | 11379 | 10353 |
|  | Boeing Company 3.25% 3/1/2028 | 1925 | 1724 |
|  | Boeing Company 5.15% 5/1/2030 | 42874 | 41935 |
|  | Boeing Company 3.625% 2/1/2031 | 1602 | 1408 |
|  | Boeing Company 3.90% 5/1/2049 | 1411 | 997 |
|  | Boeing Company 5.805% 5/1/2050 | 4122 | 3843 |
|  | Canadian Pacific Railway, Ltd. 1.75% 12/2/2026 | 1982 | 1769 |
|  | Canadian Pacific Railway, Ltd. 2.45% 12/2/2031 | 3131 | 2602 |
|  | Canadian Pacific Railway, Ltd. 3.00% 12/2/2041 | 1677 | 1271 |
|  | Canadian Pacific Railway, Ltd. 3.10% 12/2/2051 | 3111 | 2106 |
|  | Carrier Global Corp. 3.377% 4/5/2040 | 15000 | 11443 |
|  | CSX Corp. 4.10% 11/15/2032 | 8010 | 7534 |
|  | CSX Corp. 4.50% 11/15/2052 | 6670 | 5828 |
|  | Dun & Bradstreet Corp. 5.00% 12/15/2029<sup>2</sup> | 2798 | 2398 |
|  | Eaton Corp. 4.15% 3/15/2033 | 1518 | 1416 |
|  | Eaton Corp. 4.70% 8/23/2052 | 535 | 487 |
|  | General Dynamics Corp. 3.625% 4/1/2030 | 675 | 629 |
|  | Mexico City Airport Trust 5.50% 10/31/2046 | 1959 | 1512 |
|  | Mexico City Airport Trust 5.50% 7/31/2047 | 5909 | 4564 |
|  | Mexico City Airport Trust 5.50% 7/31/2047<sup>2</sup> | 1132 | 874 |
|  | MISC Capital Two (Labuan), Ltd. 3.75% 4/6/2027<sup>2</sup> | 2690 | 2441 |
|  | Norfolk Southern Corp. 4.55% 6/1/2053 | 1188 | 1039 |
|  | Northrop Grumman Corp. 3.25% 1/15/2028 | 10845 | 10021 |
|  | Raytheon Technologies Corp. 1.90% 9/1/2031 | 3087 | 2431 |
|  | Raytheon Technologies Corp. 2.375% 3/15/2032 | 1321 | 1073 |
|  | Raytheon Technologies Corp. 2.82% 9/1/2051 | 665 | 434 |
|  | Raytheon Technologies Corp. 3.03% 3/15/2052 | 1190 | 812 |
|  | Republic Services, Inc. 2.375% 3/15/2033 | 1635 | 1309 |
|  | Spirit AeroSystems, Inc. 9.375% 11/30/2029<sup>2</sup> | 503 | 530 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **185** |

---

------

##### [**Table of Contents**](#toc)
The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| <br> Bonds, notes & other debt instruments (continued) | <br> Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |  |  |
|  **Industrials**<br> **(continued)** | Summit Digitel Infrastructure Private, Ltd. 2.875% 8/12/2031<sup>2</sup> | USD2,550 | $1962 |
|  | Triton Container International, Ltd. 1.15% 6/7/2024<sup>2</sup> | 1609 | 1489 |
|  | Triton Container International, Ltd. 3.15% 6/15/2031<sup>2</sup> | 2482 | 1934 |
|  | Union Pacific Corp. 2.15% 2/5/2027 | 2213 | 2002 |
|  | Union Pacific Corp. 2.40% 2/5/2030 | 4454 | 3820 |
|  | Union Pacific Corp. 2.375% 5/20/2031 | 3938 | 3326 |
|  | Union Pacific Corp. 2.80% 2/14/2032 | 6734 | 5832 |
|  | Union Pacific Corp. 3.375% 2/14/2042 | 530 | 424 |
|  | Union Pacific Corp. 3.25% 2/5/2050 | 7000 | 5078 |
|  | Union Pacific Corp. 2.95% 3/10/2052 | 1405 | 957 |
|  | United Rentals, Inc. 5.50% 5/15/2027 | 2500 | 2472 |
|  | United Technologies Corp. 3.125% 5/4/2027 | 4551 | 4245 |
|  | United Technologies Corp. 4.125% 11/16/2028 | 4974 | 4771 |
|  | Waste Management, Inc. 4.15% 4/15/2032 | 2155 | 2057 |
|  |  |  | 320090 |
|  **Energy**<br> **2.54%** | Antero Resources Corp. 5.375% 3/1/2030<sup>2</sup> | 280 | 260 |
|  | Apache Corp. 4.625% 11/15/2025 | 645 | 624 |
|  | Apache Corp. 4.25% 1/15/2030 | 2465 | 2186 |
|  | Apache Corp. 5.35% 7/1/2049 | 800 | 648 |
|  | Baker Hughes Holdings, LLC 2.061% 12/15/2026 | 1136 | 1020 |
|  | Canadian Natural Resources, Ltd. 2.05% 7/15/2025 | 754 | 702 |
|  | Canadian Natural Resources, Ltd. 3.85% 6/1/2027 | 1151 | 1086 |
|  | Cenovus Energy, Inc. 5.375% 7/15/2025 | 2763 | 2756 |
|  | Cenovus Energy, Inc. 4.25% 4/15/2027 | 13613 | 13032 |
|  | Cenovus Energy, Inc. 2.65% 1/15/2032 | 2969 | 2378 |
|  | Cenovus Energy, Inc. 5.25% 6/15/2037 | 770 | 704 |
|  | Cenovus Energy, Inc. 5.40% 6/15/2047 | 14816 | 13323 |
|  | Cheniere Energy Partners, LP 3.25% 1/31/2032 | 937 | 746 |
|  | Chevron Corp. 2.954% 5/16/2026 | 3365 | 3196 |
|  | Chevron Corp. 3.078% 5/11/2050 | 692 | 500 |
|  | Devon Energy Corp. 4.50% 1/15/2030 | 5197 | 4850 |
|  | DT Midstream, Inc. 4.125% 6/15/2029<sup>2</sup> | 555 | 478 |
|  | Ecopetrol SA 5.875% 5/28/2045 | 452 | 316 |
|  | Enbridge, Inc. 4.00% 10/1/2023 | 1500 | 1488 |
|  | Energy Transfer Partners, LP 6.25% junior subordinated perpetual bonds<br>(3-month USD-LIBOR + 4.028% on 2/15/2023)<sup>1</sup> | 7850 | 6682 |
|  | Energy Transfer Partners, LP 6.625% junior subordinated perpetual bonds<br>(3-month USD-LIBOR + 4.155% on 2/15/2049)<sup>1</sup> | 500 | 373 |
|  | EQT Corp. 5.70% 4/1/2028 | 1223 | 1218 |
|  | EQT Corp. 7.25% 2/1/2030<sup>1</sup> | 7500 | 7791 |
|  | Equinor ASA 3.625% 9/10/2028 | 4928 | 4673 |
|  | Equinor ASA 3.125% 4/6/2030 | 20000 | 18004 |
|  | Equinor ASA 3.25% 11/18/2049 | 5687 | 4159 |
|  | Exxon Mobil Corp. 3.043% 3/1/2026 | 4625 | 4417 |
|  | Exxon Mobil Corp. 2.61% 10/15/2030 | 1040 | 911 |
|  | Occidental Petroleum Corp. 8.875% 7/15/2030 | 630 | 712 |
|  | Odebrecht Drilling Norbe 7.35% PIK 12/1/2026<sup>2,4</sup> | 40 | 22 |
|  | Odebrecht Drilling Norbe 0% perpetual bonds<sup>2</sup> | 1150 | 3 |
|  | Oleoducto Central SA 4.00% 7/14/2027<sup>2</sup> | 1715 | 1516 |
|  | Oleoducto Central SA 4.00% 7/14/2027 | 350 | 309 |
|  | Petróleos Mexicanos 3.50% 1/30/2023 | 1500 | 1496 |
|  | Petróleos Mexicanos 6.875% 10/16/2025 | 5000 | 4903 |
|  | Petróleos Mexicanos 6.875% 8/4/2026 | 24876 | 23550 |
|  | Petróleos Mexicanos 6.49% 1/23/2027 | 20653 | 18867 |
|  | Petróleos Mexicanos 6.50% 3/13/2027 | 31829 | 29102 |
|  | Petróleos Mexicanos 6.50% 1/23/2029 | 3139 | 2694 |
|  | Petróleos Mexicanos 8.75% 6/2/2029 | 5805 | 5451 |
|  | Petróleos Mexicanos 6.70% 2/16/2032 | 14854 | 11693 |

---

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| | |
|:---|:---|
| **186** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| <br> Bonds, notes & other debt instruments (continued) | <br> Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |  |  |
|  **Energy**<br> **(continued)** | Qatar Petroleum 2.25% 7/12/2031<sup>2</sup> | USD22,020 | $18281 |
|  | Qatar Petroleum 3.125% 7/12/2041<sup>2</sup> | 7310 | 5644 |
|  | Qatar Petroleum 3.30% 7/12/2051<sup>2</sup> | 2185 | 1619 |
|  | SA Global Sukuk, Ltd. 1.602% 6/17/2026<sup>2</sup> | 7645 | 6842 |
|  | Sabine Pass Liquefaction, LLC 5.75% 5/15/2024 | 5148 | 5152 |
|  | Shell International Finance BV 3.875% 11/13/2028 | 9410 | 9081 |
|  | Shell International Finance BV 2.75% 4/6/2030 | 1186 | 1043 |
|  | Southwestern Energy Co. 5.95% 1/23/2025<sup>1</sup> | 495 | 487 |
|  | Total Capital Canada, Ltd. 2.75% 7/15/2023 | 2140 | 2113 |
|  | Total Capital International 3.455% 2/19/2029 | 885 | 822 |
|  | TransCanada PipeLines, Ltd. 4.10% 4/15/2030 | 1578 | 1449 |
|  | Western Midstream Operating, LP 3.35% 2/1/2025<sup>1</sup> | 2782 | 2637 |
|  | Western Midstream Operating, LP 4.30% 2/1/2030<sup>1</sup> | 2202 | 1927 |
|  | Western Midstream Operating, LP 5.50% 2/1/2050<sup>1</sup> | 3079 | 2542 |
|  | Williams Partners, LP 4.50% 11/15/2023 | 500 | 497 |
|  | Williams Partners, LP 4.30% 3/4/2024 | 595 | 588 |
|  |  |  | 259563 |
|  **Consumer staples**<br> **1.83%** | 7-Eleven, Inc. 1.80% 2/10/2031<sup>2</sup> | 4676 | 3582 |
|  | 7-Eleven, Inc. 2.80% 2/10/2051<sup>2</sup> | 5000 | 3082 |
|  | Altria Group, Inc. 4.40% 2/14/2026 | 4585 | 4494 |
|  | Altria Group, Inc. 4.50% 5/2/2043 | 1585 | 1196 |
|  | Altria Group, Inc. 5.95% 2/14/2049 | 8434 | 7539 |
|  | Anheuser-Busch InBev NV 4.75% 1/23/2029 | 7500 | 7419 |
|  | Anheuser-Busch InBev NV 5.55% 1/23/2049 | 5000 | 4971 |
|  | Anheuser-Busch InBev NV 4.50% 6/1/2050 | 1355 | 1192 |
|  | British American Tobacco International Finance PLC 3.95% 6/15/2025<sup>2</sup> | 16879 | 16226 |
|  | British American Tobacco International Finance PLC 1.668% 3/25/2026 | 4070 | 3611 |
|  | British American Tobacco PLC 3.557% 8/15/2027 | 9561 | 8750 |
|  | British American Tobacco PLC 4.448% 3/16/2028 | 3065 | 2844 |
|  | British American Tobacco PLC 2.259% 3/25/2028 | 4348 | 3616 |
|  | British American Tobacco PLC 4.742% 3/16/2032 | 2675 | 2381 |
|  | British American Tobacco PLC 4.39% 8/15/2037 | 1500 | 1171 |
|  | British American Tobacco PLC 4.54% 8/15/2047 | 13490 | 9582 |
|  | British American Tobacco PLC 4.758% 9/6/2049 | 21450 | 15620 |
|  | British American Tobacco PLC 5.65% 3/16/2052 | 430 | 356 |
|  | Conagra Brands, Inc. 5.30% 11/1/2038 | 436 | 412 |
|  | Conagra Brands, Inc. 5.40% 11/1/2048 | 57 | 53 |
|  | Constellation Brands, Inc. 3.50% 5/9/2027 | 7500 | 7035 |
|  | Constellation Brands, Inc. 4.35% 5/9/2027 | 890 | 868 |
|  | Constellation Brands, Inc. 2.875% 5/1/2030 | 620 | 529 |
|  | Constellation Brands, Inc. 2.25% 8/1/2031 | 1487 | 1185 |
|  | Constellation Brands, Inc. 4.75% 5/9/2032 | 2284 | 2205 |
|  | Imperial Tobacco Finance PLC 6.125% 7/27/2027<sup>2</sup> | 1810 | 1804 |
|  | JBS USA Lux SA 2.50% 1/15/2027<sup>2</sup> | 3880 | 3399 |
|  | JBS USA Lux SA 3.00% 2/2/2029<sup>2</sup> | 2709 | 2248 |
|  | JBS USA Lux SA 5.50% 1/15/2030<sup>2</sup> | 435 | 415 |
|  | JBS USA Lux SA 3.625% 1/15/2032<sup>2</sup> | 1430 | 1160 |
|  | JBS USA Lux SA 3.00% 5/15/2032<sup>2</sup> | 3430 | 2635 |
|  | JBS USA Lux SA 5.75% 4/1/2033<sup>2</sup> | 7368 | 7046 |
|  | Kraft Heinz Company 5.50% 6/1/2050 | 2725 | 2619 |
|  | PepsiCo, Inc. 1.95% 10/21/2031 | 6979 | 5658 |
|  | Philip Morris International, Inc. 5.00% 11/17/2025 | 6555 | 6592 |
|  | Philip Morris International, Inc. 5.125% 11/17/2027 | 4898 | 4942 |
|  | Philip Morris International, Inc. 5.625% 11/17/2029 | 4309 | 4382 |
|  | Philip Morris International, Inc. 5.75% 11/17/2032 | 6327 | 6470 |
|  | Philip Morris International, Inc. 4.125% 3/4/2043 | 4117 | 3270 |
|  | Philip Morris International, Inc. 4.875% 11/15/2043 | 5433 | 4774 |
|  | PT Indofood CBP Sukses Makmur Tbk 3.398% 6/9/2031 | 3110 | 2590 |

---

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| | |
|:---|:---|
| American Funds Insurance Series | **187** |

---

------

##### [**Table of Contents**](#toc)
The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| <br> Bonds, notes & other debt instruments (continued) | <br> Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |  |  |
|  **Consumer staples**<br> **(continued)** | PT Indofood CBP Sukses Makmur Tbk 4.745% 6/9/2051 | USD685 | $507 |
|  | Reynolds American, Inc. 4.45% 6/12/2025 | 14570 | 14267 |
|  | Reynolds American, Inc. 5.85% 8/15/2045 | 1688 | 1445 |
|  | Wal-Mart Stores, Inc. 4.15% 9/9/2032 | 570 | 557 |
|  | Wal-Mart Stores, Inc. 4.50% 9/9/2052 | 480 | 460 |
|  |  |  | 187159 |
|  **Information**<br> **technology**<br> **0.82%** | Analog Devices, Inc. 2.80% 10/1/2041 | 521 | 383 |
|  | Apple, Inc. 2.70% 8/5/2051 | 7080 | 4701 |
|  | Apple, Inc. 3.95% 8/8/2052 | 1805 | 1544 |
|  | Block, Inc. 2.75% 6/1/2026 | 1975 | 1767 |
|  | Block, Inc. 3.50% 6/1/2031 | 825 | 659 |
|  | Broadcom Corp. 3.875% 1/15/2027 | 7027 | 6657 |
|  | Broadcom, Inc. 4.00% 4/15/2029<sup>2</sup> | 1470 | 1338 |
|  | Broadcom, Inc. 4.15% 4/15/2032<sup>2</sup> | 2270 | 1999 |
|  | Broadcom, Inc. 3.469% 4/15/2034<sup>2</sup> | 33872 | 27121 |
|  | Broadcom, Inc. 3.137% 11/15/2035<sup>2</sup> | 2149 | 1587 |
|  | Broadcom, Inc. 3.187% 11/15/2036<sup>2</sup> | 4803 | 3465 |
|  | Broadcom, Inc. 4.926% 5/15/2037<sup>2</sup> | 4049 | 3547 |
|  | Global Payments, Inc. 2.90% 11/15/2031 | 1005 | 795 |
|  | Oracle Corp. 1.65% 3/25/2026 | 4867 | 4363 |
|  | Oracle Corp. 2.30% 3/25/2028 | 6875 | 5967 |
|  | Oracle Corp. 2.875% 3/25/2031 | 3345 | 2782 |
|  | Oracle Corp. 3.95% 3/25/2051 | 4869 | 3490 |
|  | PayPal Holdings, Inc. 5.05% 6/1/2052 | 3775 | 3439 |
|  | salesforce.com, inc. 1.95% 7/15/2031 | 3775 | 3019 |
|  | salesforce.com, inc. 2.70% 7/15/2041 | 875 | 628 |
|  | salesforce.com, inc. 2.90% 7/15/2051 | 5140 | 3393 |
|  | salesforce.com, inc. 3.05% 7/15/2061 | 265 | 170 |
|  | VeriSign, Inc. 2.70% 6/15/2031 | 1494 | 1220 |
|  |  |  | 84034 |
|  **Real estate**<br> **0.70%** | American Tower Corp. 1.45% 9/15/2026 | 657 | 574 |
|  | American Tower Corp. 3.65% 3/15/2027 | 2291 | 2143 |
|  | Corporacion Inmobiliaria Vesta, SAB de CV, 3.625% 5/13/2031<sup>2</sup> | 395 | 318 |
|  | Corporate Office Properties, LP 2.00% 1/15/2029 | 1139 | 876 |
|  | Corporate Office Properties, LP 2.75% 4/15/2031 | 1547 | 1161 |
|  | Corporate Office Properties, LP 2.90% 12/1/2033 | 564 | 402 |
|  | Equinix, Inc. 2.90% 11/18/2026 | 3287 | 3009 |
|  | Equinix, Inc. 3.20% 11/18/2029 | 3846 | 3356 |
|  | Equinix, Inc. 2.50% 5/15/2031 | 7760 | 6254 |
|  | Equinix, Inc. 3.90% 4/15/2032 | 1155 | 1029 |
|  | Equinix, Inc. 3.40% 2/15/2052 | 1201 | 823 |
|  | Extra Space Storage, Inc. 2.35% 3/15/2032 | 698 | 530 |
|  | FibraSOMA 4.375% 7/22/2031<sup>2</sup> | 1475 | 1105 |
|  | Hospitality Properties Trust 4.50% 3/15/2025 | 855 | 739 |
|  | Hospitality Properties Trust 3.95% 1/15/2028 | 1710 | 1217 |
|  | Howard Hughes Corp. 4.375% 2/1/2031<sup>2</sup> | 675 | 547 |
|  | Invitation Homes Operating Partnership, LP 2.30% 11/15/2028 | 767 | 636 |
|  | Invitation Homes Operating Partnership, LP 2.00% 8/15/2031 | 2048 | 1518 |
|  | Invitation Homes Operating Partnership, LP 2.70% 1/15/2034 | 660 | 483 |
|  | Iron Mountain, Inc. 4.875% 9/15/2027<sup>2</sup> | 1605 | 1479 |
|  | Iron Mountain, Inc. 5.25% 3/15/2028<sup>2</sup> | 3500 | 3226 |
|  | Iron Mountain, Inc. 5.25% 7/15/2030<sup>2</sup> | 675 | 588 |
|  | Omega Healthcare Investors, Inc. 4.375% 8/1/2023 | 186 | 185 |
|  | Piedmont Operating Partnership, LP 4.45% 3/15/2024 | 1000 | 983 |
|  | Public Storage 1.95% 11/9/2028 | 993 | 849 |
|  | Public Storage 2.30% 5/1/2031 | 3195 | 2601 |

---

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| | |
|:---|:---|
| **188** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
|  **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |  |  |
|  **Real estate**<br> **(continued)** | Scentre Group 3.50% 2/12/2025<sup>2</sup> | USD4,565 | $4372 |
|  | Sun Communities Operating, LP 2.30% 11/1/2028 | 1026 | 856 |
|  | Sun Communities Operating, LP 2.70% 7/15/2031 | 3877 | 3070 |
|  | VICI Properties, LP 4.375% 5/15/2025 | 670 | 652 |
|  | VICI Properties, LP 4.75% 2/15/2028 | 6844 | 6505 |
|  | VICI Properties, LP 4.95% 2/15/2030 | 5515 | 5257 |
|  | VICI Properties, LP 4.125% 8/15/2030<sup>2</sup> | 425 | 373 |
|  | VICI Properties, LP 5.125% 5/15/2032 | 11766 | 10917 |
|  | VICI Properties, LP 5.625% 5/15/2052 | 2695 | 2388 |
|  |  |  | 71021 |
|  **Materials**<br> **0.13%** | Air Products and Chemicals, Inc. 2.70% 5/15/2040 | 2911 | 2178 |
|  | Celanese US Holdings, LLC 6.05% 3/15/2025 | 195 | 194 |
|  | Celanese US Holdings, LLC 6.165% 7/15/2027 | 2875 | 2840 |
|  | Celanese US Holdings, LLC 6.33% 7/15/2029 | 775 | 755 |
|  | Celanese US Holdings, LLC 6.379% 7/15/2032 | 2055 | 1960 |
|  | Glencore Funding, LLC 2.625% 9/23/2031<sup>2</sup> | 790 | 631 |
|  | Glencore Funding, LLC 3.375% 9/23/2051<sup>2</sup> | 370 | 242 |
|  | International Flavors & Fragrances, Inc. 2.30% 11/1/2030<sup>2</sup> | 3536 | 2813 |
|  | Methanex Corp. 5.125% 10/15/2027 | 510 | 474 |
|  | Nova Chemicals Corp. 4.25% 5/15/2029<sup>2</sup> | 425 | 348 |
|  | South32 Treasury, Ltd. 4.35% 4/14/2032<sup>2</sup> | 1384 | 1188 |
|  |  |  | 13623 |
|  **Municipals**<br> **0.01%** | Aeropuerto International de Tocume SA 4.00% 8/11/2041<sup>2</sup> | 730 | 603 |
|  | Aeropuerto International de Tocume SA 5.125% 8/11/2061<sup>2</sup> | 565 | 464 |
|  |  |  | 1067 |
|  | **Total corporate bonds, notes & loans** |  | 3535583 |
|  **U.S. Treasury bonds & notes 27.43%** | **U.S. Treasury bonds & notes 27.43%** |  |  |
|  **U.S. Treasury**<br> **14.76%** | U.S. Treasury 0.125% 5/31/2023 | 39035 | 38325 |
|  | U.S. Treasury 2.25% 12/31/2023 | 24768 | 24174 |
|  | U.S. Treasury 1.50% 2/29/2024 | 9807 | 9455 |
|  | U.S. Treasury 2.50% 4/30/2024 | 22390 | 21755 |
|  | U.S. Treasury 0.375% 9/15/2024 | 15740 | 14672 |
|  | U.S. Treasury 4.50% 11/30/2024 | 38095 | 38103 |
|  | U.S. Treasury 3.00% 7/15/2025 | 97643 | 94593 |
|  | U.S. Treasury 4.00% 12/15/2025 | 67475 | 67053 |
|  | U.S. Treasury 0.375% 12/31/2025 | 44080 | 39409 |
|  | U.S. Treasury 0.375% 1/31/2026 | 40000 | 35602 |
|  | U.S. Treasury 0.75% 5/31/2026 | 20625 | 18401 |
|  | U.S. Treasury 0.75% 8/31/2026 | 26766 | 23705 |
|  | U.S. Treasury 1.375% 8/31/2026 | 45000 | 40809 |
|  | U.S. Treasury 0.50% 4/30/2027 | 45625 | 39295 |
|  | U.S. Treasury 2.75% 4/30/2027 | 11500 | 10903 |
|  | U.S. Treasury 2.25% 11/15/2027<sup>5</sup> | 105830 | 97546 |
|  | U.S. Treasury 6.125% 11/15/2027 | 24000 | 26188 |
|  | U.S. Treasury 3.875% 11/30/2027 | 46272 | 46021 |
|  | U.S. Treasury 1.25% 5/31/2028 | 21480 | 18605 |
|  | U.S. Treasury 3.875% 11/30/2029 | 149 | 148 |
|  | U.S. Treasury 3.875% 12/31/2029 | 5750 | 5710 |
|  | U.S. Treasury 1.625% 5/15/2031 | 1630 | 1372 |
|  | U.S. Treasury 4.125% 11/15/2032 | 15000 | 15299 |
|  | U.S. Treasury 4.25% 5/15/2039 | 106700 | 110123 |
|  | U.S. Treasury 1.125% 5/15/2040 | 124213 | 77947 |
|  | U.S. Treasury 1.375% 11/15/2040 | 40000 | 26058 |
|  | U.S. Treasury 1.875% 2/15/2041 | 46900 | 33221 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **189** |

---

------

##### [**Table of Contents**](#toc)
The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** |  |  |
|  **U.S. Treasury**<br> **(continued)** | U.S. Treasury 2.00% 11/15/2041 | USD247 | $177 |
|  | U.S. Treasury 2.375% 2/15/2042 | 3271 | 2500 |
|  | U.S. Treasury 4.00% 11/15/2042 | 766 | 751 |
|  | U.S. Treasury 3.00% 2/15/2049 | 123340 | 102162 |
|  | U.S. Treasury 1.25% 5/15/2050 | 21285 | 11514 |
|  | U.S. Treasury 2.00% 8/15/2051 | 1587 | 1044 |
|  | U.S. Treasury 1.875% 11/15/2051 | 4670 | 2974 |
|  | U.S. Treasury 3.00% 8/15/2052<sup>5</sup> | 493436 | 409137 |
|  | U.S. Treasury 4.00% 11/15/2052 | 3800 | 3820 |
|  |  |  | 1508571 |
|  **U.S. Treasury**<br> **inflation-protected**<br> **securities**<br> **12.67%** | U.S. Treasury Inflation-Protected Security 0.125% 1/15/2023<sup>6</sup> | 206245 | 205862 |
|  | U.S. Treasury Inflation-Protected Security 0.625% 4/15/2023<sup>6</sup> | 85927 | 85102 |
|  | U.S. Treasury Inflation-Protected Security 0.375% 7/15/2023<sup>6</sup> | 6574 | 6498 |
|  | U.S. Treasury Inflation-Protected Security 0.625% 1/15/2024<sup>6</sup> | 255440 | 250190 |
|  | U.S. Treasury Inflation-Protected Security 0.50% 4/15/2024<sup>6</sup> | 29208 | 28425 |
|  | U.S. Treasury Inflation-Protected Security 0.125% 7/15/2024<sup>6</sup> | 250395 | 242546 |
|  | U.S. Treasury Inflation-Protected Security 0.125% 10/15/2024<sup>6</sup> | 57910 | 55812 |
|  | U.S. Treasury Inflation-Protected Security 0.25% 1/15/2025<sup>6</sup> | 26921 | 25840 |
|  | U.S. Treasury Inflation-Protected Security 0.125% 4/15/2025<sup>6</sup> | 28626 | 27283 |
|  | U.S. Treasury Inflation-Protected Security 0.375% 7/15/2025<sup>6</sup> | 71002 | 68225 |
|  | U.S. Treasury Inflation-Protected Security 0.625% 1/15/2026<sup>6</sup> | 3300 | 3168 |
|  | U.S. Treasury Inflation-Protected Security 0.125% 10/15/2026<sup>6</sup> | 13368 | 12538 |
|  | U.S. Treasury Inflation-Protected Security 0.125% 4/15/2027<sup>6</sup> | 66635 | 62091 |
|  | U.S. Treasury Inflation-Protected Security 0.375% 7/15/2027<sup>6</sup> | 85852 | 80941 |
|  | U.S. Treasury Inflation-Protected Security 1.625% 10/15/2027<sup>6</sup> | 21184 | 21157 |
|  | U.S. Treasury Inflation-Protected Security 0.50% 1/15/2028<sup>5,6</sup> | 90600 | 85240 |
|  | U.S. Treasury Inflation-Protected Security 0.125% 1/15/2031<sup>6</sup> | 20209 | 17930 |
|  | U.S. Treasury Inflation-Protected Security 0.125% 7/15/2031<sup>6</sup> | 13385 | 11811 |
|  | U.S. Treasury Inflation-Protected Security 0.125% 2/15/2051<sup>6</sup> | 6118 | 3947 |
|  |  |  | 1294606 |
|  | **Total U.S. Treasury bonds & notes** |  | 2803177 |
|  **Mortgage-backed obligations 25.81%** | **Mortgage-backed obligations 25.81%** |  |  |
|  **Federal agency**<br> **mortgage-backed**<br> **obligations**<br> **23.23%** | Fannie Mae Pool #254764 5.50% 6/1/2023<sup>7</sup> | –<sup>8</sup> | –<sup>8</sup> |
|  | Fannie Mae Pool #AB1068 4.50% 5/1/2025<sup>7</sup> | 37 | 37 |
|  | Fannie Mae Pool #256133 4.50% 1/1/2026<sup>7</sup> | 32 | 31 |
|  | Fannie Mae Pool #AR3058 3.00% 1/1/2028<sup>7</sup> | 75 | 72 |
|  | Fannie Mae Pool #AS8018 3.00% 9/1/2031<sup>7</sup> | 44 | 42 |
|  | Fannie Mae Pool #BM4741 3.00% 4/1/2032<sup>7</sup> | 28 | 27 |
|  | Fannie Mae Pool #913966 6.00% 2/1/2037<sup>7</sup> | 34 | 36 |
|  | Fannie Mae Pool #945680 6.00% 9/1/2037<sup>7</sup> | 426 | 444 |
|  | Fannie Mae Pool #924866 2.765% 10/1/2037<sup>3,7</sup> | 419 | 410 |
|  | Fannie Mae Pool #988588 5.50% 8/1/2038<sup>7</sup> | 185 | 192 |
|  | Fannie Mae Pool #889982 5.50% 11/1/2038<sup>7</sup> | 919 | 953 |
|  | Fannie Mae Pool #AB1297 5.00% 8/1/2040<sup>7</sup> | 191 | 194 |
|  | Fannie Mae Pool #AH8144 5.00% 4/1/2041<sup>7</sup> | 805 | 810 |
|  | Fannie Mae Pool #AH9479 5.00% 4/1/2041<sup>7</sup> | 754 | 764 |
|  | Fannie Mae Pool #AI1862 5.00% 5/1/2041<sup>7</sup> | 952 | 963 |
|  | Fannie Mae Pool #AI3510 5.00% 6/1/2041<sup>7</sup> | 524 | 530 |
|  | Fannie Mae Pool #AJ0704 5.00% 9/1/2041<sup>7</sup> | 444 | 452 |
|  | Fannie Mae Pool #AJ5391 5.00% 11/1/2041<sup>7</sup> | 321 | 325 |
|  | Fannie Mae Pool #MA4501 2.00% 12/1/2041<sup>7</sup> | 9994 | 8437 |
|  | Fannie Mae Pool #MA4540 2.00% 2/1/2042<sup>7</sup> | 2628 | 2218 |
|  | Fannie Mae Pool #AZ3904 4.00% 5/1/2045<sup>7</sup> | 42 | 40 |
|  | Fannie Mae Pool #FM9416 3.50% 7/1/2045<sup>7</sup> | 2819 | 2610 |
|  | Fannie Mae Pool #AL8522 3.50% 5/1/2046<sup>7</sup> | 896 | 833 |
|  | Fannie Mae Pool #BD1968 4.00% 7/1/2046<sup>7</sup> | 792 | 757 |

---

---

| | |
|:---|:---|
| **190** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Mortgage-backed obligations (continued)** |  |  |
|  **Federal agency**<br> **mortgage-backed**<br> **obligations**<br> **(continued)**<br> Fannie Mae Pool #BD5477 4.00% 7/1/2046<sup>7</sup> | USD137 | $132 |
| Fannie Mae Pool #BE0592 4.00% 11/1/2046<sup>7</sup> | 313 | 295 |
| Fannie Mae Pool #MA3058 4.00% 7/1/2047<sup>7</sup> | 42 | 40 |
| Fannie Mae Pool #CA0770 3.50% 11/1/2047<sup>7</sup> | 4696 | 4364 |
| Fannie Mae Pool #CA0706 4.00% 11/1/2047<sup>7</sup> | 91 | 87 |
| Fannie Mae Pool #BM4413 4.50% 12/1/2047<sup>7</sup> | 2854 | 2812 |
| Fannie Mae Pool #CA1189 3.50% 2/1/2048<sup>7</sup> | 1384 | 1285 |
| Fannie Mae Pool #BJ5749 4.00% 5/1/2048<sup>7</sup> | 16 | 16 |
| Fannie Mae Pool #BF0293 3.00% 7/1/2048<sup>7</sup> | 6893 | 6129 |
| Fannie Mae Pool #BF0318 3.50% 8/1/2048<sup>7</sup> | 5642 | 5198 |
| Fannie Mae Pool #FM4891 3.50% 10/1/2048<sup>7</sup> | 20838 | 19368 |
| Fannie Mae Pool #BM4676 4.00% 10/1/2048<sup>7</sup> | 13 | 12 |
| Fannie Mae Pool #FM3280 3.50% 5/1/2049<sup>7</sup> | 738 | 684 |
| Fannie Mae Pool #CA3807 3.00% 7/1/2049<sup>7</sup> | 1416 | 1267 |
| Fannie Mae Pool #CA3806 3.00% 7/1/2049<sup>7</sup> | 913 | 818 |
| Fannie Mae Pool #FM1262 4.00% 7/1/2049<sup>7</sup> | 22731 | 21695 |
| Fannie Mae Pool #FM0007 3.50% 9/1/2049<sup>7</sup> | 15691 | 14461 |
| Fannie Mae Pool #FM1589 3.50% 9/1/2049<sup>7</sup> | 4398 | 4048 |
| Fannie Mae Pool #FM1954 3.50% 11/1/2049<sup>7</sup> | 6796 | 6252 |
| Fannie Mae Pool #CA5968 2.50% 6/1/2050<sup>7</sup> | 6170 | 5302 |
| Fannie Mae Pool #FM5507 3.00% 7/1/2050<sup>7</sup> | 18556 | 16591 |
| Fannie Mae Pool #CA6309 3.00% 7/1/2050<sup>7</sup> | 6665 | 5981 |
| Fannie Mae Pool #BP6715 2.00% 9/1/2050<sup>7</sup> | 1 | 1 |
| Fannie Mae Pool #CA7028 2.50% 9/1/2050<sup>7</sup> | 1108 | 957 |
| Fannie Mae Pool #BQ3005 2.50% 10/1/2050<sup>7</sup> | 1935 | 1646 |
| Fannie Mae Pool #CA7257 2.50% 10/1/2050<sup>7</sup> | 314 | 270 |
| Fannie Mae Pool #CA7599 2.50% 11/1/2050<sup>7</sup> | 7463 | 6437 |
| Fannie Mae Pool #FM4897 3.00% 11/1/2050<sup>7</sup> | 18989 | 17095 |
| Fannie Mae Pool #MA4208 2.00% 12/1/2050<sup>7</sup> | 12762 | 10450 |
| Fannie Mae Pool #CA8828 2.50% 2/1/2051<sup>7</sup> | 6306 | 5420 |
| Fannie Mae Pool #CB0290 2.00% 4/1/2051<sup>7</sup> | 21666 | 17724 |
| Fannie Mae Pool #MA4305 2.00% 4/1/2051<sup>7</sup> | 33 | 27 |
| Fannie Mae Pool #BR1035 2.00% 5/1/2051<sup>7</sup> | 20 | 16 |
| Fannie Mae Pool #FM7510 3.00% 6/1/2051<sup>7</sup> | 242 | 213 |
| Fannie Mae Pool #FM7900 2.50% 7/1/2051<sup>7</sup> | 533 | 457 |
| Fannie Mae Pool #FM8442 2.50% 8/1/2051<sup>7</sup> | 9106 | 7723 |
| Fannie Mae Pool #CB1527 2.50% 9/1/2051<sup>7</sup> | 1264 | 1074 |
| Fannie Mae Pool #FS0965 2.00% 11/1/2051<sup>7</sup> | 156 | 128 |
| Fannie Mae Pool #CB2402 2.50% 12/1/2051<sup>7</sup> | 4932 | 4181 |
| Fannie Mae Pool #FM9846 2.50% 12/1/2051<sup>7</sup> | 569 | 483 |
| Fannie Mae Pool #CB2787 3.50% 12/1/2051<sup>7</sup> | 27 | 25 |
| Fannie Mae Pool #FS2776 2.50% 1/1/2052<sup>7</sup> | 3264 | 2769 |
| Fannie Mae Pool #CB2765 2.00% 2/1/2052<sup>7</sup> | 6870 | 5649 |
| Fannie Mae Pool #FS0647 3.00% 2/1/2052<sup>7</sup> | 41218 | 36792 |
| Fannie Mae Pool #CB3744 2.50% 3/1/2052<sup>7</sup> | 1000 | 848 |
| Fannie Mae Pool #CB3170 3.00% 3/1/2052<sup>7</sup> | 392 | 345 |
| Fannie Mae Pool #BV7773 2.50% 4/1/2052<sup>7</sup> | 9356 | 7942 |
| Fannie Mae Pool #BV5370 2.50% 4/1/2052<sup>7</sup> | 8486 | 7196 |
| Fannie Mae Pool #BV2994 2.50% 4/1/2052<sup>7</sup> | 3401 | 2887 |
| Fannie Mae Pool #MA4578 2.50% 4/1/2052<sup>7</sup> | 780 | 662 |
| Fannie Mae Pool #BV7521 2.50% 5/1/2052<sup>7</sup> | 1000 | 848 |
| Fannie Mae Pool #CB3495 3.00% 5/1/2052<sup>7</sup> | 1174 | 1031 |
| Fannie Mae Pool #MA4599 3.00% 5/1/2052<sup>7</sup> | 500 | 439 |
| Fannie Mae Pool #BV9975 2.50% 6/1/2052<sup>7</sup> | 3301 | 2802 |
| Fannie Mae Pool #BV2452 3.00% 6/1/2052<sup>7</sup> | 739 | 649 |
| Fannie Mae Pool #CB4159 4.00% 7/1/2052<sup>7</sup> | 1689 | 1586 |
| Fannie Mae Pool #BW1001 4.50% 7/1/2052<sup>7</sup> | 675 | 651 |
| Fannie Mae Pool #BV2562 4.50% 7/1/2052<sup>7</sup> | 522 | 503 |
| Fannie Mae Pool #MA4699 3.50% 8/1/2052<sup>7</sup> | 900 | 819 |
| Fannie Mae Pool #MA4700 4.00% 8/1/2052<sup>7</sup> | 2823 | 2651 |
| Fannie Mae Pool #BV8024 4.00% 8/1/2052<sup>7</sup> | 2138 | 2008 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **191** |

---

------

##### [**Table of Contents**](#toc)
The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Mortgage-backed obligations (continued)** |  |  |
|  **Federal agency**<br> **mortgage-backed**<br> **obligations**<br> **(continued)**<br> Fannie Mae Pool #BW9409 4.50% 8/1/2052<sup>7</sup> | USD1,998 | $1925 |
| Fannie Mae Pool #BW5751 4.50% 8/1/2052<sup>7</sup> | 1983 | 1910 |
| Fannie Mae Pool #BW2284 4.50% 8/1/2052<sup>7</sup> | 1944 | 1873 |
| Fannie Mae Pool #BW6191 4.50% 8/1/2052<sup>7</sup> | 999 | 965 |
| Fannie Mae Pool #BW7611 4.50% 8/1/2052<sup>7</sup> | 974 | 938 |
| Fannie Mae Pool #BW8077 4.50% 8/1/2052<sup>7</sup> | 90 | 86 |
| Fannie Mae Pool #MA4732 4.00% 9/1/2052<sup>7</sup> | 9060 | 8508 |
| Fannie Mae Pool #BW7326 4.00% 9/1/2052<sup>7</sup> | 1831 | 1720 |
| Fannie Mae Pool #BW9348 4.00% 9/1/2052<sup>7</sup> | 1588 | 1491 |
| Fannie Mae Pool #BW8103 4.00% 9/1/2052<sup>7</sup> | 1504 | 1412 |
| Fannie Mae Pool #BV0952 4.50% 9/1/2052<sup>7</sup> | 4153 | 4001 |
| Fannie Mae Pool #BW3812 4.50% 9/1/2052<sup>7</sup> | 3994 | 3848 |
| Fannie Mae Pool #BW9386 4.50% 9/1/2052<sup>7</sup> | 2996 | 2888 |
| Fannie Mae Pool #BV0957 4.50% 9/1/2052<sup>7</sup> | 2996 | 2887 |
| Fannie Mae Pool #BW8692 4.50% 9/1/2052<sup>7</sup> | 999 | 963 |
| Fannie Mae Pool #BW9180 4.50% 9/1/2052<sup>7</sup> | 420 | 405 |
| Fannie Mae Pool #BW8497 4.50% 9/1/2052<sup>7</sup> | 65 | 63 |
| Fannie Mae Pool #BW7702 4.50% 9/1/2052<sup>7</sup> | 42 | 40 |
| Fannie Mae Pool #MA4761 5.00% 9/1/2052<sup>7</sup> | 36426 | 35956 |
| Fannie Mae Pool #BW1295 3.50% 10/1/2052<sup>7</sup> | 574 | 522 |
| Fannie Mae Pool #BW8980 4.00% 10/1/2052<sup>7</sup> | 5933 | 5571 |
| Fannie Mae Pool #BW1210 4.00% 10/1/2052<sup>7</sup> | 4482 | 4208 |
| Fannie Mae Pool #BW7356 4.00% 10/1/2052<sup>7</sup> | 3728 | 3500 |
| Fannie Mae Pool #BX0509 4.00% 10/1/2052<sup>7</sup> | 1604 | 1506 |
| Fannie Mae Pool #CB4794 4.50% 10/1/2052<sup>7</sup> | 15949 | 15370 |
| Fannie Mae Pool #MA4784 4.50% 10/1/2052<sup>7</sup> | 10684 | 10294 |
| Fannie Mae Pool #BW8745 4.50% 10/1/2052<sup>7</sup> | 4974 | 4792 |
| Fannie Mae Pool #BX0097 4.50% 10/1/2052<sup>7</sup> | 2995 | 2885 |
| Fannie Mae Pool #BW7795 4.50% 10/1/2052<sup>7</sup> | 496 | 478 |
| Fannie Mae Pool #BW8592 4.50% 10/1/2052<sup>7</sup> | 149 | 143 |
| Fannie Mae Pool #MA4820 6.50% 10/1/2052<sup>7</sup> | 294 | 303 |
| Fannie Mae Pool #MA4854 2.50% 11/1/2052<sup>7</sup> | 902 | 765 |
| Fannie Mae Pool #MA4803 3.50% 11/1/2052<sup>7</sup> | 7069 | 6431 |
| Fannie Mae Pool #MA4804 4.00% 11/1/2052<sup>7</sup> | 9106 | 8550 |
| Fannie Mae Pool #BW1310 4.00% 11/1/2052<sup>7</sup> | 1677 | 1574 |
| Fannie Mae Pool #BX1042 4.50% 11/1/2052<sup>7</sup> | 548 | 528 |
| Fannie Mae Pool #BX1516 4.50% 11/1/2052<sup>7</sup> | 542 | 523 |
| Fannie Mae Pool #BX1035 4.50% 11/1/2052<sup>7</sup> | 308 | 297 |
| Fannie Mae Pool #BX3075 4.50% 11/1/2052<sup>7</sup> | 291 | 280 |
| Fannie Mae Pool #BX2558 4.50% 11/1/2052<sup>7</sup> | 62 | 60 |
| Fannie Mae Pool #MA4805 4.50% 11/1/2052<sup>7</sup> | 36 | 35 |
| Fannie Mae Pool #BW1380 4.50% 12/1/2052<sup>7</sup> | 13486 | 12993 |
| Fannie Mae Pool #MA4840 4.50% 12/1/2052<sup>7</sup> | 4721 | 4549 |
| Fannie Mae Pool #MA4841 5.00% 12/1/2052<sup>7</sup> | 4013 | 3961 |
| Fannie Mae Pool #MA4877 6.50% 12/1/2052<sup>7</sup> | 58203 | 59707 |
| Fannie Mae Pool #BX4022 6.50% 12/1/2052<sup>7</sup> | 200 | 205 |
| Fannie Mae Pool #MA4868 5.00% 1/1/2053<sup>7</sup> | 8583 | 8472 |
| Fannie Mae Pool #MA4895 6.50% 1/1/2053<sup>7</sup> | 4225 | 4335 |
| Fannie Mae Pool #BF0145 3.50% 3/1/2057<sup>7</sup> | 11899 | 10887 |
| Fannie Mae Pool #BF0264 3.50% 5/1/2058<sup>7</sup> | 9059 | 8322 |
| Fannie Mae Pool #BF0332 3.00% 1/1/2059<sup>7</sup> | 19463 | 17158 |
| Fannie Mae Pool #BF0497 3.00% 7/1/2060<sup>7</sup> | 22447 | 19666 |
| Fannie Mae Pool #BF0585 4.50% 12/1/2061<sup>7</sup> | 1326 | 1293 |
| Fannie Mae, Series 2001-4, Class GA, 9.00% 4/17/2025<sup>3,7</sup> | –<sup>8</sup> | –<sup>8</sup> |
| Fannie Mae, Series 2001-50, Class BA, 7.00% 10/25/2041<sup>7</sup> | 7 | 7 |
| Fannie Mae, Series 2002-W3, Class A5, 7.50% 11/25/2041<sup>7</sup> | 17 | 19 |
| Fannie Mae, Series 2002-W1, Class 2A, 4.915% 2/25/2042<sup>3,7</sup> | 21 | 21 |
| Freddie Mac Pool #ZS8507 3.00% 11/1/2028<sup>7</sup> | 113 | 108 |
| Freddie Mac Pool #ZK7590 3.00% 1/1/2029<sup>7</sup> | 2445 | 2346 |
| Freddie Mac Pool #A15120 5.50% 10/1/2033<sup>7</sup> | 51 | 52 |
| Freddie Mac Pool #QN1073 3.00% 12/1/2034<sup>7</sup> | 46 | 44 |

---

---

| | |
|:---|:---|
| **192** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Mortgage-backed obligations (continued)** |  |  |
| **Federal agency**<br> **mortgage-backed**<br> **obligations**<br> **(continued)**<br> Freddie Mac Pool #G05196 5.50% 10/1/2038<sup>7</sup> | USD50 | $52 |
| Freddie Mac Pool #G05267 5.50% 12/1/2038<sup>7</sup> | 37 | 39 |
| Freddie Mac Pool #G06020 5.50% 12/1/2039<sup>7</sup> | 72 | 75 |
| Freddie Mac Pool #G05860 5.50% 2/1/2040<sup>7</sup> | 265 | 275 |
| Freddie Mac Pool #A93948 4.50% 9/1/2040<sup>7</sup> | 157 | 156 |
| Freddie Mac Pool #G06868 4.50% 4/1/2041<sup>7</sup> | 177 | 176 |
| Freddie Mac Pool #G06841 5.50% 6/1/2041<sup>7</sup> | 422 | 439 |
| Freddie Mac Pool #RB5138 2.00% 12/1/2041<sup>7</sup> | 2632 | 2222 |
| Freddie Mac Pool #RB5145 2.00% 2/1/2042<sup>7</sup> | 2569 | 2169 |
| Freddie Mac Pool #RB5148 2.00% 3/1/2042<sup>7</sup> | 5501 | 4643 |
| Freddie Mac Pool #Z40130 3.00% 1/1/2046<sup>7</sup> | 20778 | 18802 |
| Freddie Mac Pool #ZT2100 3.00% 4/1/2047<sup>7</sup> | 109 | 98 |
| Freddie Mac Pool #G08789 4.00% 11/1/2047<sup>7</sup> | 628 | 603 |
| Freddie Mac Pool #G61733 3.00% 12/1/2047<sup>7</sup> | 5178 | 4642 |
| Freddie Mac Pool #G67709 3.50% 3/1/2048<sup>7</sup> | 13489 | 12616 |
| Freddie Mac Pool #G61628 3.50% 9/1/2048<sup>7</sup> | 330 | 307 |
| Freddie Mac Pool #Q58494 4.00% 9/1/2048<sup>7</sup> | 1273 | 1217 |
| Freddie Mac Pool #ZN4842 3.50% 4/1/2049<sup>7</sup> | 751 | 693 |
| Freddie Mac Pool #RA1369 3.50% 9/1/2049<sup>7</sup> | 1997 | 1840 |
| Freddie Mac Pool #SD7508 3.50% 10/1/2049<sup>7</sup> | 10988 | 10187 |
| Freddie Mac Pool #QA4673 3.00% 11/1/2049<sup>7</sup> | 29606 | 26538 |
| Freddie Mac Pool #SD8090 2.00% 9/1/2050<sup>7</sup> | 1362 | 1115 |
| Freddie Mac Pool #SD8106 2.00% 11/1/2050<sup>7</sup> | 2836 | 2321 |
| Freddie Mac Pool #SD8128 2.00% 2/1/2051<sup>7</sup> | 115 | 94 |
| Freddie Mac Pool #SD8134 2.00% 3/1/2051<sup>7</sup> | 191 | 156 |
| Freddie Mac Pool #RA5288 2.00% 5/1/2051<sup>7</sup> | 2916 | 2387 |
| Freddie Mac Pool #SD1852 2.50% 6/1/2051<sup>7</sup> | 13776 | 11687 |
| Freddie Mac Pool #QC2817 2.50% 6/1/2051<sup>7</sup> | 2789 | 2389 |
| Freddie Mac Pool #QC7173 2.50% 9/1/2051<sup>7</sup> | 3203 | 2723 |
| Freddie Mac Pool #QD1746 2.50% 11/1/2051<sup>7</sup> | 3044 | 2585 |
| Freddie Mac Pool #SD1385 2.50% 11/1/2051<sup>7</sup> | 1671 | 1434 |
| Freddie Mac Pool #RA6485 3.00% 12/1/2051<sup>7</sup> | 35637 | 31327 |
| Freddie Mac Pool #SD7552 2.50% 1/1/2052<sup>7</sup> | 11001 | 9407 |
| Freddie Mac Pool #QD5725 2.50% 1/1/2052<sup>7</sup> | 2995 | 2544 |
| Freddie Mac Pool #QD4799 2.50% 1/1/2052<sup>7</sup> | 1000 | 848 |
| Freddie Mac Pool #RA6608 3.00% 2/1/2052<sup>7</sup> | 888 | 780 |
| Freddie Mac Pool #QD7089 3.50% 2/1/2052<sup>7</sup> | 867 | 790 |
| Freddie Mac Pool #QE0327 2.50% 4/1/2052<sup>7</sup> | 1000 | 849 |
| Freddie Mac Pool #QE2020 2.50% 5/1/2052<sup>7</sup> | 7000 | 5941 |
| Freddie Mac Pool #SD8219 2.50% 6/1/2052<sup>7</sup> | 73484 | 62311 |
| Freddie Mac Pool #SD8220 3.00% 6/1/2052<sup>7</sup> | 3363 | 2957 |
| Freddie Mac Pool #QE4855 3.50% 6/1/2052<sup>7</sup> | 68 | 62 |
| Freddie Mac Pool #QE4084 6.50% 6/1/2052<sup>7</sup> | 333 | 345 |
| Freddie Mac Pool #SD8234 2.50% 8/1/2052<sup>7</sup> | 5524 | 4684 |
| Freddie Mac Pool #SD8237 4.00% 8/1/2052<sup>7</sup> | 2186 | 2053 |
| Freddie Mac Pool #QE9057 4.00% 8/1/2052<sup>7</sup> | 1368 | 1285 |
| Freddie Mac Pool #QE8065 4.50% 8/1/2052<sup>7</sup> | 4104 | 3954 |
| Freddie Mac Pool #QE7539 4.50% 8/1/2052<sup>7</sup> | 2160 | 2083 |
| Freddie Mac Pool #QE8253 4.50% 8/1/2052<sup>7</sup> | 1712 | 1649 |
| Freddie Mac Pool #QE6903 4.50% 8/1/2052<sup>7</sup> | 248 | 239 |
| Freddie Mac Pool #QE7702 4.50% 8/1/2052<sup>7</sup> | 35 | 34 |
| Freddie Mac Pool #SD8242 3.00% 9/1/2052<sup>7</sup> | 73 | 64 |
| Freddie Mac Pool #QE9625 4.00% 9/1/2052<sup>7</sup> | 1763 | 1655 |
| Freddie Mac Pool #SD8244 4.00% 9/1/2052<sup>7</sup> | 1457 | 1368 |
| Freddie Mac Pool #QE9919 4.50% 9/1/2052<sup>7</sup> | 23534 | 22676 |
| Freddie Mac Pool #QF0313 4.50% 9/1/2052<sup>7</sup> | 9988 | 9636 |
| Freddie Mac Pool #QF0660 4.50% 9/1/2052<sup>7</sup> | 2996 | 2889 |
| Freddie Mac Pool #QE9813 4.50% 9/1/2052<sup>7</sup> | 406 | 392 |
| Freddie Mac Pool #QF0820 4.50% 9/1/2052<sup>7</sup> | 366 | 353 |
| Freddie Mac Pool #RA7930 4.50% 9/1/2052<sup>7</sup> | 306 | 295 |
| Freddie Mac Pool #QF1205 4.50% 9/1/2052<sup>7</sup> | 298 | 287 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **193** |

---

------

##### [**Table of Contents**](#toc)
The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Mortgage-backed obligations (continued)** |  |  |
| **Federal agency**<br> **mortgage-backed**<br> **obligations**<br> **(continued)**<br> Freddie Mac Pool #QF0311 5.00% 9/1/2052<sup>7</sup> | USD17,998 | $17766 |
| Freddie Mac Pool #QF2029 3.00% 10/1/2052<sup>7</sup> | 696 | 612 |
| Freddie Mac Pool #QF1464 4.00% 10/1/2052<sup>7</sup> | 1691 | 1588 |
| Freddie Mac Pool #QF2379 4.50% 10/1/2052<sup>7</sup> | 4994 | 4816 |
| Freddie Mac Pool #QF1254 4.50% 10/1/2052<sup>7</sup> | 3226 | 3108 |
| Freddie Mac Pool #QF1849 4.50% 10/1/2052<sup>7</sup> | 2140 | 2062 |
| Freddie Mac Pool #QF2136 4.50% 10/1/2052<sup>7</sup> | 1908 | 1838 |
| Freddie Mac Pool #QF0819 4.50% 10/1/2052<sup>7</sup> | 863 | 833 |
| Freddie Mac Pool #QF2380 4.50% 10/1/2052<sup>7</sup> | 632 | 611 |
| Freddie Mac Pool #QF2845 4.50% 10/1/2052<sup>7</sup> | 537 | 518 |
| Freddie Mac Pool #QF2182 4.50% 10/1/2052<sup>7</sup> | 303 | 292 |
| Freddie Mac Pool #QF0866 4.50% 10/1/2052<sup>7</sup> | 126 | 121 |
| Freddie Mac Pool #SD8263 3.00% 11/1/2052<sup>7</sup> | 14713 | 12932 |
| Freddie Mac Pool #SD8264 3.50% 11/1/2052<sup>7</sup> | 4331 | 3940 |
| Freddie Mac Pool #QF3144 3.50% 11/1/2052<sup>7</sup> | 673 | 614 |
| Freddie Mac Pool #SD1896 4.00% 11/1/2052<sup>7</sup> | 20313 | 19355 |
| Freddie Mac Pool #SD1894 4.00% 11/1/2052<sup>7</sup> | 7177 | 6853 |
| Freddie Mac Pool #QF3364 4.00% 11/1/2052<sup>7</sup> | 2753 | 2585 |
| Freddie Mac Pool #QF2936 4.50% 11/1/2052<sup>7</sup> | 2907 | 2801 |
| Freddie Mac Pool #QF2846 4.50% 11/1/2052<sup>7</sup> | 998 | 961 |
| Freddie Mac Pool #QF3276 5.50% 11/1/2052<sup>7</sup> | 703 | 707 |
| Freddie Mac Pool #QF2862 6.50% 11/1/2052<sup>7</sup> | 100 | 103 |
| Freddie Mac Pool #SD8280 6.50% 11/1/2052<sup>7</sup> | 53 | 54 |
| Freddie Mac Pool #QF3956 4.50% 12/1/2052<sup>7</sup> | 18992 | 18299 |
| Freddie Mac Pool #SD8275 4.50% 12/1/2052<sup>7</sup> | 2480 | 2390 |
| Freddie Mac Pool #SD8276 5.00% 12/1/2052<sup>7</sup> | 32354 | 31937 |
| Freddie Mac Pool #QF4754 5.00% 12/1/2052<sup>7</sup> | 3000 | 2961 |
| Freddie Mac Pool #QF4185 6.50% 12/1/2052<sup>7</sup> | 668 | 685 |
| Freddie Mac Pool #SD8284 3.00% 1/1/2053<sup>7</sup> | 4597 | 4040 |
| Freddie Mac Pool #SD8288 5.00% 1/1/2053<sup>7</sup> | 1671 | 1649 |
| Freddie Mac Pool #SD8282 6.50% 1/1/2053<sup>7</sup> | 59134 | 60661 |
| Freddie Mac, Series 3061, Class PN, 5.50% 11/15/2035<sup>7</sup> | 58 | 58 |
| Freddie Mac, Series 3318, Class JT, 5.50% 5/15/2037<sup>7</sup> | 125 | 126 |
| Freddie Mac, Series 3146, Class PO, principal only, 0% 4/15/2036<sup>7</sup> | 121 | 100 |
| Freddie Mac, Series 3156, Class PO, principal only, 0% 5/15/2036<sup>7</sup> | 118 | 99 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 8/25/2057<sup>7</sup> | 8360 | 7937 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 8/25/2058<sup>7</sup> | 1930 | 1821 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2022-1, Class A1,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 5/25/2032<sup>7</sup> | 10720 | 10343 |
| Government National Mortgage Assn. 2.00% 1/1/2053<sup>7,9</sup> | 14785 | 12394 |
| Government National Mortgage Assn. 3.00% 1/1/2053<sup>7,9</sup> | 9533 | 8491 |
| Government National Mortgage Assn. 3.50% 1/1/2053<sup>7,9</sup> | 33185 | 30495 |
| Government National Mortgage Assn. 4.00% 1/1/2053<sup>7,9</sup> | 33300 | 31515 |
| Government National Mortgage Assn. 5.00% 1/1/2053<sup>7,9</sup> | 75701 | 75023 |
| Government National Mortgage Assn. 5.50% 1/1/2053<sup>7,9</sup> | 4775 | 4803 |
| Government National Mortgage Assn. 5.50% 2/1/2053<sup>7,9</sup> | 51027 | 51288 |
| Government National Mortgage Assn. Pool #MA5817 4.00% 3/20/2049<sup>7</sup> | 12379 | 11844 |
| Government National Mortgage Assn. Pool #MA6042 5.00% 7/20/2049<sup>7</sup> | 35 | 35 |
| Government National Mortgage Assn. Pool #MA6221 4.50% 10/20/2049<sup>7</sup> | 5200 | 5081 |
| Government National Mortgage Assn. Pool #MA6600 3.50% 4/20/2050<sup>7</sup> | 11395 | 10581 |
| Government National Mortgage Assn. Pool #MA8346 4.00% 10/20/2052<sup>7</sup> | 10072 | 9541 |
| Government National Mortgage Assn. Pool #MA8426 4.00% 11/20/2052<sup>7</sup> | 18573 | 17594 |
| Government National Mortgage Assn. Pool #MA8427 4.50% 11/20/2052<sup>7</sup> | 62302 | 60506 |
| Government National Mortgage Assn. Pool #MA8489 4.50% 12/20/2052<sup>7</sup> | 485 | 471 |
| Uniform Mortgage-Backed Security 2.50% 1/1/2038<sup>7,9</sup> | 7545 | 6905 |
| Uniform Mortgage-Backed Security 2.00% 1/1/2053<sup>7,9</sup> | 210537 | 171362 |
| Uniform Mortgage-Backed Security 2.50% 1/1/2053<sup>7,9</sup> | 62762 | 53158 |
| Uniform Mortgage-Backed Security 3.00% 1/1/2053<sup>7,9</sup> | 11245 | 9871 |
| Uniform Mortgage-Backed Security 4.00% 1/1/2053<sup>7,9</sup> | 2735 | 2565 |

---

---

| | |
|:---|:---|
| **194** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Mortgage-backed obligations (continued)** |  |  |
| **Federal agency**<br> **mortgage-backed**<br> **obligations**<br> **(continued)**<br> Uniform Mortgage-Backed Security 4.50% 1/1/2053<sup>7,9</sup> | USD5,931 | $5709 |
| Uniform Mortgage-Backed Security 5.00% 1/1/2053<sup>7,9</sup> | 42025 | 41417 |
| Uniform Mortgage-Backed Security 5.50% 1/1/2053<sup>7,9</sup> | 212640 | 213231 |
| Uniform Mortgage-Backed Security 6.00% 1/1/2053<sup>7,9</sup> | 10275 | 10430 |
| Uniform Mortgage-Backed Security 3.50% 2/1/2053<sup>7,9</sup> | 10960 | 9965 |
| Uniform Mortgage-Backed Security 4.00% 2/1/2053<sup>7,9</sup> | 76136 | 71431 |
| Uniform Mortgage-Backed Security 5.00% 2/1/2053<sup>7,9</sup> | 13100 | 12908 |
| Uniform Mortgage-Backed Security 6.00% 2/1/2053<sup>7,9</sup> | 112000 | 113591 |
| Uniform Mortgage-Backed Security 6.50% 2/1/2053<sup>7,9</sup> | 215026 | 219946 |
|  |  | 2374821 |
| **Commercial**<br> **mortgage-backed**<br> **securities**<br> **1.51%**<br> Bank Commercial Mortgage Trust, Series 2019-BN16, Class A4, 4.005% 2/15/2052<sup>7</sup> | 770 | 722 |
| Bank Commercial Mortgage Trust, Series 2019-BN17, Class A4, 3.714% 4/15/2052<sup>7</sup> | 100 | 92 |
| Bank Commercial Mortgage Trust, Series 2018-BN10, Class A5, 3.688% 2/15/2061<sup>7</sup> | 205 | 191 |
| Bank Commercial Mortgage Trust, Series 2018-BN10, Class A4, 3.428% 2/17/2061<sup>7</sup> | 127 | 117 |
| Bank Commercial Mortgage Trust, Series 2018-BN12, Class A4, 4.255% 5/15/2061<sup>3,7</sup> | 2444 | 2335 |
| Bank Commercial Mortgage Trust, Series 2019-BN19, Class A3, 3.183% 8/15/2061<sup>7</sup> | 1018 | 900 |
| Bank Commercial Mortgage Trust, Series 2020-BN26, Class A4, 2.403% 3/15/2063<sup>7</sup> | 295 | 247 |
| Benchmark Mortgage Trust, Series 2018-B8, Class A5, 4.232% 1/15/2052<sup>7</sup> | 2541 | 2427 |
| Benchmark Mortgage Trust, Series 2018-B7, Class A4, 4.51% 5/15/2053<sup>3,7</sup> | 781 | 757 |
| BOCA Commercial Mortgage Trust, Series 2022-BOCA, Class A,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1-month USD CME Term SOFR + 1.77%) 6.105% 5/15/2039<sup>2,3,7</sup> | 8575 | 8420 |
| BPR Trust, Series 2022-OANA, Class A,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1-month USD CME Term SOFR + 1.898%) 6.234% 4/15/2037<sup>2,3,7</sup> | 3822 | 3739 |
| BX Trust, Series 2022-CSMO, Class A,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1-month USD CME Term SOFR + 2.115%) 6.45% 6/15/2027<sup>2,3,7</sup> | 8476 | 8431 |
| BX Trust, Series 2021-VOLT, Class A,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1-month USD-LIBOR + 0.70%) 5.018% 9/15/2036<sup>2,3,7</sup> | 14727 | 14207 |
| BX Trust, Series 2021-VOLT, Class B,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1-month USD-LIBOR + 0.95%) 5.268% 9/15/2036<sup>2,3,7</sup> | 570 | 539 |
| BX Trust, Series 2021-ARIA, Class A,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1-month USD-LIBOR + 0.899%) 5.217% 10/15/2036<sup>2,3,7</sup> | 5292 | 5043 |
| BX Trust, Series 2021-ARIA, Class B,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1-month USD-LIBOR + 1.297%) 5.615% 10/15/2036<sup>2,3,7</sup> | 995 | 936 |
| BX Trust, Series 2021-ARIA Class C,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1-month USD-LIBOR + 1.646%) 5.964% 10/15/2036<sup>2,3,7</sup> | 996 | 931 |
| BX Trust, Series 2021-RISE, Class A,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1-month USD-LIBOR + 0.74%) 5.065% 11/15/2036<sup>2,3,7</sup> | 12622 | 12131 |
| BX Trust, Series 2022-IND, Class A,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1-month USD CME Term SOFR + 1.491%) 5.827% 4/15/2037<sup>2,3,7</sup> | 5441 | 5335 |
| BX Trust, Series 2021-SOAR, Class A,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1-month USD-LIBOR + 0.67%) 4.988% 6/15/2038<sup>2,3,7</sup> | 3741 | 3608 |
| BX Trust, Series 2021-SOAR, Class B,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1-month USD-LIBOR + 0.87%) 5.188% 6/15/2038<sup>2,3,7</sup> | 433 | 413 |
| BX Trust, Series 2021-SOAR, Class C,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1-month USD-LIBOR + 1.10%) 5.418% 6/15/2038<sup>2,3,7</sup> | 293 | 278 |
| BX Trust, Series 2021-SOAR, Class D,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1-month USD-LIBOR + 1.40%) 5.718% 6/15/2038<sup>2,3,7</sup> | 740 | 699 |
| BX Trust, Series 2021-ACNT, Class A,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1-month USD-LIBOR + 0.85%) 5.168% 11/15/2038<sup>2,3,7</sup> | 9979 | 9616 |
| BX Trust, Series 2021-ACNT, Class B,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1-month USD-LIBOR + 1.25%) 5.568% 11/15/2038<sup>2,3,7</sup> | 339 | 325 |
| BX Trust, Series 2021-ACNT, Class C,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1-month USD-LIBOR + 1.50%) 5.818% 11/15/2038<sup>2,3,7</sup> | 100 | 95 |
| BX Trust, Series 2021-ACNT, Class D,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1-month USD-LIBOR + 1.85%) 6.168% 11/15/2038<sup>2,3,7</sup> | 151 | 143 |
| BX Trust, Series 2022-GPA, Class A,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1-month USD CME Term SOFR + 2.165%) 6.501% 10/15/2039<sup>2,3,7</sup> | 3198 | 3185 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **195** |

---

------

##### [**Table of Contents**](#toc)
The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Mortgage-backed obligations (continued)** |  |  |
| **Commercial**<br> **mortgage-backed**<br> **securities**<br> **(continued)**<br> Citigroup Commercial Mortgage Trust, Series 2016-GC36, Class A5,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.616% 2/10/2049<sup>7</sup> | USD610 | $574 |
| Commercial Mortgage Trust, Series 2014-LC15, Class AM, 4.198% 4/10/2047<sup>7</sup> | 350 | 339 |
| CSAIL Commercial Mortgage Trust, Series 2015-C2, Class A3, 3.231% 6/15/2057<sup>7</sup> | 1137 | 1080 |
| Deutsche Bank Commercial Mortgage Trust, Series 2016-C1, Class AM,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.539% 5/10/2049<sup>7</sup> | 200 | 182 |
| Extended Stay America Trust, Series 2021-ESH, Class A,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1-month USD-LIBOR + 1.08%) 5.398% 7/15/2038<sup>2,3,7</sup> | 2811 | 2735 |
| Extended Stay America Trust, Series 2021-ESH, Class B,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1-month USD-LIBOR + 1.38%) 5.698% 7/15/2038<sup>2,3,7</sup> | 641 | 618 |
| Extended Stay America Trust, Series 2021-ESH, Class C,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1-month USD-LIBOR + 1.70%) 6.018% 7/15/2038<sup>2,3,7</sup> | 875 | 841 |
| Extended Stay America Trust, Series 2021-ESH, Class D,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1-month USD-LIBOR + 2.25%) 6.568% 7/15/2038<sup>2,3,7</sup> | 670 | 643 |
| Fontainebleau Miami Beach Trust, CMO, Series 2019-FBLU, Class A,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.144% 12/10/2036<sup>2,7</sup> | 304 | 284 |
| Grace Mortgage Trust, Series 2020-GRCE, Class A, 2.347% 12/10/2040<sup>2,7</sup> | 1897 | 1458 |
| Great Wolf Trust, Series 2019-WOLF, Class A,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1-month USD-LIBOR + 1.034%) 5.352% 12/15/2036<sup>2,3,7</sup> | 3894 | 3786 |
| GS Mortgage Securities Trust, Series 2022-SHIP, Class A,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1-month USD CME Term SOFR + 0.731%) 5.067% 8/15/2024<sup>2,3,7</sup> | 1317 | 1300 |
| GS Mortgage Securities Trust, Series 2017-GS7, Class A4, 3.43% 8/10/2050<sup>7</sup> | 400 | 369 |
| GS Mortgage Securities Trust, Series 2019-GC38, Class A4, 3.968% 2/10/2052<sup>7</sup> | 100 | 93 |
| GS Mortgage Securities Trust, Series 2020-GC47, Class A5, 2.377% 5/12/2053<sup>7</sup> | 1536 | 1271 |
| ILPT Commercial Mortgage Trust, Series 2022-LPF2, Class A,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1-month USD CME Term SOFR + 2.245%) 6.581% 10/15/2039<sup>2,3,7</sup> | 3391 | 3398 |
| JPMBB Commercial Mortgage Securities Trust, Series 2014-C18, Class A5,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.079% 2/15/2047<sup>7</sup> | 3280 | 3206 |
| JPMDB Commercial Mortgage Securities Trust, Series 2017-C5, Class A5,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.694% 3/15/2050<sup>7</sup> | 640 | 599 |
| JPMDB Commercial Mortgage Securities Trust, Series 2017-C7, Class A5,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.409% 10/15/2050<sup>7</sup> | 240 | 221 |
| JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class A,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.024% 1/5/2039<sup>2,7</sup> | 7867 | 6739 |
| JPMorgan Chase Commercial Mortgage Securities Trust, Series 2016-JP4, Class A4,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.648% 12/15/2049<sup>3,7</sup> | 2040 | 1906 |
| La Quinta Mortgage Trust, Series 2022-LAQ, Class A,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1-month USD CME Term SOFR + 1.724%) 6.059% 3/15/2039<sup>2,3,7</sup> | 848 | 831 |
| LUXE Commercial Mortgage Trust, Series 2021-TRIP, Class A,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1-month USD-LIBOR + 1.05%) 5.368% 10/15/2038<sup>2,3,7</sup> | 1576 | 1510 |
| MHC Commercial Mortgage Trust, CMO, Series 2021-MHC, Class A,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1-month USD-LIBOR + 0.801%) 5.119% 4/15/2026<sup>2,3,7</sup> | 154 | 150 |
| Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C17, Class A5,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.741% 8/15/2047<sup>7</sup> | 5446 | 5277 |
| Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class A-4,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.306% 4/15/2048<sup>7</sup> | 410 | 389 |
| Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C32, Class A-4,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.72% 12/15/2049<sup>7</sup> | 245 | 230 |
| Morgan Stanley Capital I Trust, Series 2015-UBS8, Class AS, 4.114% 12/15/2048<sup>7</sup> | 730 | 670 |
| SLG Office Trust, Series 2021-OVA, Class A, 2.585% 7/15/2041<sup>2,7</sup> | 4065 | 3253 |
| SREIT Trust, Series 2021-FLWR, Class A,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1-month USD-LIBOR + 0.577%) 4.894% 7/15/2036<sup>2,3,7</sup> | 9351 | 8989 |
| SREIT Trust, Series 2021-FLWR, Class B,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1-month USD-LIBOR + 0.926%) 5.244% 7/15/2036<sup>2,3,7</sup> | 1000 | 954 |
| SREIT Trust, Series 2021-MFP, Class A,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1-month USD-LIBOR + 0.731%) 5.049% 11/15/2038<sup>2,3,7</sup> | 8739 | 8418 |
| SREIT Trust, Series 2021-MFP, Class B,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1-month USD-LIBOR + 1.079%) 5.398% 11/15/2038<sup>2,3,7</sup> | 263 | 251 |
| SREIT Trust, Series 2021-MFP, Class C,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1-month USD-LIBOR + 1.329%) 5.647% 11/15/2038<sup>2,3,7</sup> | 141 | 134 |

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| | |
|:---|:---|
| **196** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Mortgage-backed obligations (continued)** |  |  |
| **Commercial**<br> **mortgage-backed**<br> **securities**<br> **(continued)**<br> Wells Fargo Commercial Mortgage Trust, Series 2015-SG1, Class A-4,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.789% 9/15/2048<sup>7</sup> | USD2,373 | $2267 |
| Wells Fargo Commercial Mortgage Trust, Series 2016-C37, Class A5,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.794% 12/15/2049<sup>7</sup> | 2550 | 2406 |
| Wells Fargo Commercial Mortgage Trust, Series 2019-C54, Class A4,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.146% 12/15/2052<sup>7</sup> | 1019 | 892 |
| Wells Fargo Commercial Mortgage Trust, Series 2017-RC1, Class A4,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.631% 1/15/2060<sup>7</sup> | 205 | 192 |
|  |  | 154317 |
| **Collateralized**<br> **mortgage-backed**<br> **obligations (privately originated)**<br> **1.07%**<br> Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.175% 10/25/2048<sup>2,3,7</sup> | 2864 | 2263 |
| Arroyo Mortgage Trust, Series 2020-1, Class A1A, 1.662% 3/25/2055<sup>2,7</sup> | 131 | 119 |
| Arroyo Mortgage Trust, Series 2022-1, Class A1A,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.495% 12/25/2056 (3.495% on 2/25/2026)<sup>1,2,7</sup> | 6000 | 5521 |
| Bellemeade Re, Ltd., Series 2019-3A, Class M1B,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1-month USD-LIBOR + 1.60%) 5.989% 7/25/2029<sup>2,3,7</sup> | 414 | 414 |
| BRAVO Residential Funding Trust, Series 2020-RPL2, Class A1, 2.00%<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5/25/2059<sup>2,3,7</sup> | 923 | 830 |
| BRAVO Residential Funding Trust, Series 2020-RPL1, Class A1, 2.50%<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5/26/2059<sup>2,3,7</sup> | 586 | 556 |
| BRAVO Residential Funding Trust, Series 2022-RPL1, Class A1, 2.75%<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/25/2061<sup>2,7</sup> | 4867 | 4221 |
| Cascade Funding Mortgage Trust, Series 2020-HB4, Class A, 0.946%<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/26/2030<sup>2,3,7</sup> | 425 | 413 |
| Cascade Funding Mortgage Trust, Series 2021-HB7, Class A, 1.151%<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/27/2031<sup>2,3,7</sup> | 3032 | 2858 |
| Cascade Funding Mortgage Trust, Series 2021-HB6, Class A, 0.898%<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/25/2036<sup>2,3,7</sup> | 1700 | 1616 |
| CIM Trust, Series 2022-R2, Class A1, 3.75% 12/25/2061<sup>2,3,7</sup> | 6893 | 6513 |
| Citigroup Mortgage Loan Trust, Series 2020-EXP1, Class A1A, 1.804%<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5/25/2060<sup>2,3,7</sup> | 204 | 186 |
| COLT Mortgage Loan Trust, Series 2021-5, Class A1, 1.726% 11/26/2066<sup>2,3,7</sup> | 1660 | 1406 |
| Connecticut Avenue Securities Trust, Series 2022-R06, Class 1M1,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30-day Average USD-SOFR + 2.75%) 6.678% 5/25/2042<sup>2,3,7</sup> | 326 | 330 |
| Credit Suisse Mortgage Trust, Series 2020-NET, Class A, 2.257% 8/15/2037<sup>2,7</sup> | 1575 | 1409 |
| Credit Suisse Mortgage Trust, Series 2017-RPL3, Class A1, 2.00%<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1/25/2060<sup>2,3,7</sup> | 1611 | 1384 |
| Finance of America Structured Securities Trust, Series 2019-JR1, Class A,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% 3/25/2069<sup>2,7</sup> | 2051 | 2196 |
| Finance of America Structured Securities Trust, Series 2019-JR2, Class A1,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% 6/25/2069<sup>2,7</sup> | 2604 | 2677 |
| Flagstar Mortgage Trust, Series 2021-5INV, Class A2, 2.50% 7/25/2051<sup>2,3,7</sup> | 2073 | 1674 |
| Flagstar Mortgage Trust, Series 2021-6INV, Class A4, 2.50% 8/25/2051<sup>2,3,7</sup> | 1937 | 1562 |
| Flagstar Mortgage Trust, Series 2021-8INV, Class A3, 2.50% 9/25/2051<sup>2,3,7</sup> | 2038 | 1646 |
| Flagstar Mortgage Trust, Series 2021-10INV, Class A3, 2.50% 10/25/2051<sup>2,3,7</sup> | 3206 | 2589 |
| Flagstar Mortgage Trust, Series 2021-11INV, Class A4, 2.50% 11/25/2051<sup>2,3,7</sup> | 2222 | 1794 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2015-DNA3, Class<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M3, (1-month USD-LIBOR + 4.70%) 9.089% 4/25/2028<sup>3,7</sup> | 1497 | 1548 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA3,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class M1A, (30-day Average USD-SOFR + 2.00%) 5.928% 4/25/2042<sup>2,3,7</sup> | 1537 | 1531 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA4,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class M1A, (30-day Average USD-SOFR + 2.20%) 6.128% 5/25/2042<sup>2,3,7</sup> | 73 | 73 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA5,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class M1A, (30-day Average USD-SOFR + 2.95%) 6.878% 6/25/2042<sup>2,3,7</sup> | 278 | 281 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class M1A, (30-day Average USD-SOFR + 2.15%) 6.078% 9/25/2042<sup>2,3,7</sup> | 611 | 612 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class M1B, (30-day Average USD-SOFR + 3.70%) 7.628% 9/25/2042<sup>2,3,7</sup> | 1519 | 1552 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA2, Class<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M2, (1-month USD-LIBOR + 1.85%) 6.239% 2/25/2050<sup>2,3,7</sup> | 3005 | 3000 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA4,<br> Class B1, (1-month USD-LIBOR + 6.00%) 10.389% 8/25/2050<sup>2,3,7</sup> | 949 | 1011 |
| GCAT Trust, Series 2021-NQM6, Class A1, 1.855% 8/25/2066<sup>2,3,7</sup> | 3494 | 2935 |
| Home Partners of America Trust, Series 2021-2, Class A, 1.901% 12/17/2026<sup>2,7</sup> | 5380 | 4654 |
| Hundred Acre Wood Trust, Series 2021-INV1, Class A3, 2.50% 7/25/2051<sup>2,3,7</sup> | 882 | 712 |
| Legacy Mortgage Asset Trust, Series 2022-GS1, Class A1,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 2/25/2061 (7.00% on 4/25/2025)<sup>1,2,7</sup> | 3534 | 3273 |

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| | |
|:---|:---|
| American Funds Insurance Series | **197** |

---

------

##### [**Table of Contents**](#toc)
The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value (000) |
|  **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |  |  |
| **Collateralized**<br> **mortgage-backed**<br> **obligations (privately originated)**<br> **(continued)** | Legacy Mortgage Asset Trust, Series 2021-GS2, Class A1, 1.75% 4/25/2061<sup>2,3,7</sup> | USD858 | $780 |
|  | Legacy Mortgage Asset Trust, Series 2021-GS5, Class A1,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25% 7/25/2067 (5.25% on 11/25/2024)<sup>1,2,7</sup> | 2644 | 2380 |
|  | Mello Warehouse Securitization Trust, Series 2021-3, Class A,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1-month USD-LIBOR + 0.85%) 5.239% 11/25/2055<sup>2,3,7</sup> | 16160 | 15635 |
|  | MFRA Trust, Series 2021-RPL1, Class A1, 1.131% 7/25/2060<sup>2,3,7</sup> | 3088 | 2720 |
|  | PRKCM Trust, Series 2021-AFC2, Class A1, 2.071% 11/25/2056<sup>2,3,7</sup> | 3558 | 2965 |
|  | Progress Residential Trust, Series 2022-SFR3, Class A, 3.20% 4/17/2039<sup>2,7</sup> | 1132 | 1028 |
|  | Reverse Mortgage Investment Trust, Series 2021-HB1, Class A,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.259% 11/25/2031<sup>2,3,7</sup> | 3346 | 3155 |
|  | Towd Point Mortgage Trust, Series 2020-4, Class A1, 1.75% 10/25/2060<sup>2,7</sup> | 10737 | 9539 |
|  | Treehouse Park Improvement Association No.1 - Anleihen 9.75% 12/1/2033<sup>2,10</sup> | 1680 | 1486 |
|  | Tricon Residential Trust, Series 2021-SFR1, Class A, 1.943% 7/17/2038<sup>2,7</sup> | 5033 | 4381 |
|  |  |  | 109428 |
|  | **Total mortgage-backed obligations** |  | 2638566 |
|  **Asset-backed obligations 4.52%** | **Asset-backed obligations 4.52%** |  |  |
|  | Affirm Asset Securitization Trust, Series 2021-B, Class A, 1.03% 8/17/2026<sup>2,7</sup> | 701 | 665 |
|  | Affirm Asset Securitization Trust, Series 2021-Z2, Class A, 1.17% 11/16/2026<sup>2,7</sup> | 672 | 643 |
|  | Affirm Asset Securitization Trust, Series 2022-X1, Class A, 1.75% 2/15/2027<sup>2,7</sup> | 765 | 744 |
|  | AGL CLO, Ltd., Series 2022-18A, Class A1,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3-month USD CME Term SOFR + 1.32%) 5.308% 4/21/2031<sup>2,3,7</sup> | –<sup>8</sup> | –<sup>8</sup> |
|  | American Credit Acceptance Receivables Trust, Series 2020-3, Class C,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.85% 6/15/2026<sup>2,7</sup> | 1178 | 1169 |
|  | American Credit Acceptance Receivables Trust, Series 2020-3, Class D,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40% 6/15/2026<sup>2,7</sup> | 2500 | 2429 |
|  | American Credit Acceptance Receivables Trust, Series 2022-3, Class B,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55% 10/13/2026<sup>2,7</sup> | 360 | 353 |
|  | American Credit Acceptance Receivables Trust, Series 2021-1, Class C,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% 3/15/2027<sup>2,7</sup> | 1055 | 1038 |
|  | American Credit Acceptance Receivables Trust, Series 2021-1, Class D,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14% 3/15/2027<sup>2,7</sup> | 806 | 760 |
|  | American Homes 4 Rent, Series 2014-SFR2, Class A, 3.786% 10/17/2036<sup>2,7</sup> | 1136 | 1097 |
|  | American Homes 4 Rent, Series 2015-SFR2, Class A, 3.732% 10/17/2052<sup>2,7</sup> | 2781 | 2631 |
|  | American Homes 4 Rent, Series 2015-SFR2, Class B, 4.295% 10/17/2052<sup>2,7</sup> | 396 | 376 |
|  | AmeriCredit Automobile Receivables Trust, Series 2021-2, Class B,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% 1/19/2027<sup>7</sup> | 997 | 935 |
|  | AmeriCredit Automobile Receivables Trust, Series 2021-2, Class C,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01% 1/19/2027<sup>7</sup> | 1109 | 1009 |
|  | AmeriCredit Automobile Receivables Trust, Series 2021-2, Class D,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29% 6/18/2027<sup>7</sup> | 2613 | 2319 |
|  | Avis Budget Rental Car Funding (AESOP), LLC, Series 2018-2A, Class A,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 3/20/2025<sup>2,7</sup> | 2755 | 2710 |
|  | Avis Budget Rental Car Funding (AESOP), LLC, Series 2019-2A, Class A,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.35% 9/22/2025<sup>2,7</sup> | 2210 | 2137 |
|  | Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-1A, Class A,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.33% 8/20/2026<sup>2,7</sup> | 7689 | 7124 |
|  | Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2, Class A,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02% 2/20/2027<sup>2,7</sup> | 2427 | 2203 |
|  | Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2A, Class B,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.96% 2/20/2027<sup>2,7</sup> | 623 | 560 |
|  | Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2A, Class C,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25% 2/20/2027<sup>2,7</sup> | 1279 | 1144 |
|  | Avis Budget Rental Car Funding (AESOP), LLC, Series 2021-1A, Class A,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38% 8/20/2027<sup>2,7</sup> | 3445 | 3005 |
|  | Avis Budget Rental Car Funding (AESOP), LLC, Series 2021-1A, Class B,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63% 8/20/2027<sup>2,7</sup> | 531 | 449 |
|  | Avis Budget Rental Car Funding (AESOP), LLC, Series 2021-1A, Class C,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13% 8/20/2027<sup>2,7</sup> | 193 | 161 |
|  | Ballyrock CLO, Ltd., Series 2019-2A, Class A1AR,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3-month USD-LIBOR + 1.00%) 5.675% 11/20/2030<sup>2,3,7</sup> | 575 | 568 |

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| | |
|:---|:---|
| **198** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Asset-backed obligations (continued)** |  |  |
|  Bankers Healthcare Group Securitization Trust, Series 2021-B, Class A, 0.90% 10/17/2034<sup>2,7</sup> | USD180 | $170 |
| Bankers Healthcare Group Securitization Trust, Series 2021-B, Class B, 1.67% 10/17/2034<sup>2,7</sup> | 269 | 227 |
| Blackbird Capital II Aircraft Lease, Ltd. / Blackbird Capital II Aircraft Lease US, LLC, Series 2021-1, Class A, 2.443% 7/15/2046<sup>2,7</sup> | 3951 | 3250 |
| Blackbird Capital II Aircraft Lease, Ltd. / Blackbird Capital II Aircraft Lease US, LLC, Series 2021-1, Class B, 3.446% 7/15/2046<sup>2,7</sup> | 497 | 375 |
| CarMax Auto Owner Trust, Series 2019-2, Class C, 3.16% 2/18/2025<sup>7</sup> | 400 | 396 |
| CarMax Auto Owner Trust, Series 2021-1, Class C, 0.94% 12/15/2026<sup>7</sup> | 210 | 190 |
| CarMax Auto Owner Trust, Series 2021-1, Class D, 1.28% 7/15/2027<sup>7</sup> | 206 | 184 |
| Carvana Auto Receivables Trust, Series 2021-N4, Class C, 1.72% 9/11/2028<sup>7</sup> | 538 | 514 |
| Castlelake Aircraft Securitization Trust, Series 2021-1, Class A, 2.868% 5/11/2037<sup>2,7</sup> | 15953 | 13578 |
| Castlelake Aircraft Securitization Trust, Series 2021-1, Class C, 3.464% 5/11/2037<sup>2,7</sup> | 6185 | 5238 |
| Castlelake Aircraft Securitization Trust, Series 2021-1, Class C, 6.171% 5/11/2037<sup>2,7</sup> | 671 | 544 |
| Castlelake Aircraft Securitization Trust, Series 2017-1R, Class A, 2.741% 8/15/2041<sup>2,7</sup> | 802 | 702 |
| CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/2060<sup>2,7</sup> | 18679 | 16693 |
| CF Hippolyta, LLC, Series 2020-1, Class A2, 1.99% 7/15/2060<sup>2,7</sup> | 1950 | 1613 |
| CF Hippolyta, LLC, Series 2020-1, Class B1, 2.28% 7/15/2060<sup>2,7</sup> | 3395 | 2969 |
| CF Hippolyta, LLC, Series 2020-1, Class B2, 2.60% 7/15/2060<sup>2,7</sup> | 368 | 291 |
| CF Hippolyta, LLC, Series 2021-1, Class A1, 1.53% 3/15/2061<sup>2,7</sup> | 6053 | 5242 |
| CF Hippolyta, LLC, Series 2021-1, Class B1, 1.98% 3/15/2061<sup>2,7</sup> | 1917 | 1602 |
| CF Hippolyta, LLC, Series 2022-1, Class A1, 5.97% 8/15/2062<sup>2,7</sup> | 15132 | 14821 |
| CF Hippolyta, LLC, Series 2022-1, Class A2, 6.11% 8/15/2062<sup>2,7</sup> | 6637 | 6257 |
| CLI Funding VI, LLC, Series 2020-2A, Class A, 2.03% 9/15/2045<sup>2,7</sup> | 2298 | 1978 |
| CLI Funding VI, LLC, Series 2020-3A, Class A, 2.07% 10/18/2045<sup>2,7</sup> | 4800 | 4174 |
| CLI Funding VIII, LLC, Series 2021-1A, Class A, 2.38% 2/18/2046<sup>2,7</sup> | 436 | 363 |
| CPS Auto Receivables Trust, Series 2019-B, Class D, 3.69% 3/17/2025<sup>2,7</sup> | 249 | 248 |
| CPS Auto Receivables Trust, Series 2019-C, Class D, 3.17% 6/16/2025<sup>2,7</sup> | 405 | 404 |
| CPS Auto Receivables Trust, Series 2022-B, Class A, 2.88% 6/15/2026<sup>2,7</sup> | 1883 | 1849 |
| CPS Auto Receivables Trust, Series 2021-A, Class C, 0.83% 9/15/2026<sup>2,7</sup> | 514 | 507 |
| CPS Auto Receivables Trust, Series 2021-A, Class D, 1.16% 12/15/2026<sup>2,7</sup> | 590 | 559 |
| CPS Auto Receivables Trust, Series 2022-B, Class B, 3.88% 8/15/2028<sup>2,7</sup> | 2111 | 2033 |
| CPS Auto Receivables Trust, Series 2022-B, Class C, 4.33% 8/15/2028<sup>2,7</sup> | 2797 | 2658 |
| Drive Auto Receivables Trust, Series 2021-1, Class B, 0.65% 7/15/2025<sup>7</sup> | 86 | 86 |
| Drive Auto Receivables Trust, Series 2019-3, Class D, 3.18% 10/15/2026<sup>7</sup> | 3890 | 3844 |
| Drive Auto Receivables Trust, Series 2021-1, Class C, 1.02% 6/15/2027<sup>7</sup> | 5369 | 5249 |
| Drive Auto Receivables Trust, Series 2021-1, Class D, 1.45% 1/16/2029<sup>7</sup> | 4053 | 3800 |
| DriveTime Auto Owner Trust, Series 2019-2A, Class D, 3.48% 2/18/2025<sup>2,7</sup> | 2320 | 2309 |
| DriveTime Auto Owner Trust, Series 2019-3, Class D, 2.96% 4/15/2025<sup>2,7</sup> | 1473 | 1454 |
| DriveTime Auto Owner Trust, Series 2020-3A, Class C, 1.47% 6/15/2026<sup>2,7</sup> | 817 | 791 |
| DriveTime Auto Owner Trust, Series 2021-1A, Class C, 0.84% 10/15/2026<sup>2,7</sup> | 825 | 792 |
| DriveTime Auto Owner Trust, Series 2021-1A, Class D, 1.16% 11/16/2026<sup>2,7</sup> | 449 | 414 |
| DriveTime Auto Owner Trust, Series 2021-2A, Class B, 0.81% 1/15/2027<sup>2,7</sup> | 1179 | 1156 |
| DriveTime Auto Owner Trust, Series 2021-2A, Class C, 1.10% 2/16/2027<sup>2,7</sup> | 1231 | 1170 |
| DriveTime Auto Owner Trust, Series 2021-2A, Class D, 1.50% 2/16/2027<sup>2,7</sup> | 832 | 764 |
| EDvestinU Private Education Loan, LLC, Series 2021-A, Class A, 1.80% 11/25/2045<sup>2,7</sup> | 428 | 362 |
| Enterprise Fleet Financing, LLC, Series 2022-3, Class A3, 4.29% 7/20/2029<sup>2,7</sup> | 897 | 851 |
| Enterprise Fleet Financing, LLC, Series 2022-3, Class A2, 4.38% 7/20/2029<sup>2,7</sup> | 1380 | 1350 |
| Exeter Automobile Receivables Trust, Series 2019-2A, Class D, 3.71% 3/17/2025<sup>2,7</sup> | 3251 | 3218 |
| Exeter Automobile Receivables Trust, Series 2020-3A, Class C, 1.32% 7/15/2025<sup>7</sup> | 401 | 397 |
| Exeter Automobile Receivables Trust, Series 2019-3A, Class D, 3.11% 8/15/2025<sup>2,7</sup> | 3405 | 3352 |
| Exeter Automobile Receivables Trust, Series 2021-2, Class B, 0.57% 9/15/2025<sup>7</sup> | 721 | 716 |
| Exeter Automobile Receivables Trust, Series 2022-2A, Class A3, 2.80% 11/17/2025<sup>7</sup> | 1162 | 1150 |
| Exeter Automobile Receivables Trust, Series 2022-6, Class A2, 5.73% 11/17/2025<sup>7</sup> | 587 | 588 |
| Exeter Automobile Receivables Trust, Series 2020-1A, Class D, 2.73% 12/15/2025<sup>2,7</sup> | 893 | 875 |
| Exeter Automobile Receivables Trust, Series 2021-2, Class C, 0.98% 6/15/2026<sup>7</sup> | 1807 | 1737 |
| Exeter Automobile Receivables Trust, Series 2020-3A, Class D, 1.73% 7/15/2026<sup>7</sup> | 1012 | 975 |
| Exeter Automobile Receivables Trust, Series 2022-2A, Class B, 3.65% 10/15/2026<sup>7</sup> | 3047 | 2976 |
| Exeter Automobile Receivables Trust, Series 2022-4A, Class B, 4.57% 1/15/2027<sup>7</sup> | 568 | 558 |
| Exeter Automobile Receivables Trust, Series 2021-2, Class D, 1.40% 4/15/2027<sup>7</sup> | 2612 | 2388 |

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| | |
|:---|:---|
| American Funds Insurance Series | **199** |

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------

##### [**Table of Contents**](#toc)
The Bond Fund of America (continued)

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| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Asset-backed obligations (continued)**  |  |  |
|  Exeter Automobile Receivables Trust, Series 2022-2A, Class D, 4.56% 7/17/2028<sup>7</sup> | USD1,201 | $1127 |
| FirstKey Homes Trust, Series 2020-SFR2, Class A, 1.266% 10/19/2037<sup>2,7</sup> | 17959 | 15928 |
| FirstKey Homes Trust, Series 2021-SFR3, Class A, 2.135% 12/17/2038<sup>2,7</sup> | 1380 | 1195 |
| FirstKey Homes Trust, Series 2022-SFR2, Class A, 4.145% 5/17/2039<sup>2,7</sup> | 1733 | 1628 |
| Ford Credit Auto Owner Trust, Series 2018-2, Class A, 3.47% 1/15/2030<sup>2,7</sup> | 17675 | 17438 |
| Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.19% 7/15/2031<sup>2,7</sup> | 30070 | 28744 |
| GCI Funding I, LLC, Series 2020-1, Class A, 2.82% 10/18/2045<sup>2,7</sup> | 2069 | 1827 |
| GCI Funding I, LLC, Series 2021-1, Class A, 2.38% 6/18/2046<sup>2,7</sup> | 1421 | 1210 |
| GCI Funding I, LLC, Series 2021-1, Class B, 3.04% 6/18/2046<sup>2,7</sup> | 158 | 134 |
| Global SC Finance VII SRL, Series 2020-2A, Class A, 2.26% 11/19/2040<sup>2,7</sup> | 2868 | 2550 |
| Global SC Finance VII SRL, Series 2021-1A, Class A, 1.86% 4/17/2041<sup>2,7</sup> | 9797 | 8450 |
| Global SC Finance VII SRL, Series 2021-2A, Class A, 1.95% 8/17/2041<sup>2,7</sup> | 2739 | 2378 |
| Global SC Finance VII SRL, Series 2021-2A, Class B, 2.49% 8/17/2041<sup>2,7</sup> | 214 | 181 |
| GM Financial Automobile Leasing Trust, Series 2020-2, Class C, 2.56% 7/22/2024<sup>7</sup> | 301 | 300 |
| GM Financial Automobile Leasing Trust, Series 2020-2, Class D, 3.21% 12/20/2024<sup>7</sup> | 425 | 424 |
| GM Financial Revolving Receivables Trust, Series 2022-1, Class A, 5.91% 10/11/2035<sup>2,7</sup> | 2703 | 2756 |
| Hertz Vehicle Financing III, LLC, Series 2021-A, Class B, 3.65% 6/30/2023<sup>2,7,10</sup> | 8590 | 8241 |
| Hertz Vehicle Financing III, LLC, Series 2021-1A, Class A, 1.21% 12/26/2025<sup>2,7</sup> | 12703 | 11748 |
| Hertz Vehicle Financing III, LLC, Series 2021-1A, Class B, 1.56% 12/26/2025<sup>2,7</sup> | 1171 | 1074 |
| Hertz Vehicle Financing III, LLC, Series 2021-1A, Class C, 2.05% 12/26/2025<sup>2,7</sup> | 810 | 731 |
| Hertz Vehicle Financing III, LLC, Series 2021-2A, Class A, 1.68% 12/27/2027<sup>2,7</sup> | 17770 | 15498 |
| Hertz Vehicle Financing III, LLC, Series 2021-2A, Class B, 2.12% 12/27/2027<sup>2,7</sup> | 1264 | 1085 |
| Hertz Vehicle Financing III, LLC, Series 2021-2A, Class C, 2.52% 12/27/2027<sup>2,7</sup> | 859 | 710 |
| LAD Auto Receivables Trust, Series 2021-1A, Class A, 1.30% 8/17/2026<sup>2,7</sup> | 866 | 842 |
| LAD Auto Receivables Trust, Series 2021-1A, Class B, 1.94% 11/16/2026<sup>2,7</sup> | 304 | 285 |
| LAD Auto Receivables Trust, Series 2022-1, Class A, 5.21% 6/15/2027<sup>2,7</sup> | 1207 | 1188 |
| LAD Auto Receivables Trust, Series 2022-1, Class B, 5.87% 9/15/2027<sup>2,7</sup> | 438 | 426 |
| LAD Auto Receivables Trust, Series 2022-1, Class C, 6.85% 4/15/2030<sup>2,7</sup> | 623 | 596 |
| Madison Park Funding, Ltd., CLO, Series 2015-17A, Class AR2,<br>(3-month USD-LIBOR + 1.00%) 5.278% 7/21/2030<sup>2,3,7</sup> | 892 | 878 |
| Marathon CLO, Ltd., Series 2017-9A, Class A1AR, (3-month USD-LIBOR + 1.15%) 5.229% 4/15/2029<sup>2,3,7</sup> | 574 | 568 |
| Mission Lane Credit Card Master Trust, Series 2021-A, Class A, 1.59% 9/15/2026<sup>2,7</sup> | 1242 | 1203 |
| Mission Lane Credit Card Master Trust, Series 2021-A, Class B, 2.24% 9/15/2026<sup>2,7</sup> | 230 | 223 |
| Mission Lane Credit Card Master Trust, Series 2022-B, Class A1, 8.25% 1/15/2028<sup>7,10,11</sup> | 1006 | 1006 |
| Mission Lane Credit Card Master Trust, Series 2022-B, Class A2, 8.73% 1/15/2028<sup>7,10,11</sup> | 150 | 150 |
| Navient Student Loan Trust, Series 2021-C, Class A, 1.06% 10/15/2069<sup>2,7</sup> | 4052 | 3449 |
| Navient Student Loan Trust, Series 2021-EA, Class A, 0.97% 12/16/2069<sup>2,7</sup> | 2516 | 2110 |
| Navient Student Loan Trust, Series 2021-G, Class A, 1.58% 4/15/2070<sup>2,7</sup> | 895 | 759 |
| Navigator Aircraft ABS, Ltd., Series 2021-1, Class A, 2.771% 11/15/2046<sup>2,7</sup> | 4396 | 3702 |
| Nelnet Student Loan Trust, Series 2021-C, Class AFX, 1.32% 4/20/2062<sup>2,7</sup> | 314 | 279 |
| Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 4/20/2062<sup>2,7</sup> | 5377 | 4762 |
| Nelnet Student Loan Trust, Series 2021-B, Class AFX, 1.42% 4/20/2062<sup>2,7</sup> | 12315 | 10951 |
| Nelnet Student Loan Trust, Series 2021-C, Class AFL,<br>(1-month USD-LIBOR + 0.74%) 5.093% 4/20/2062<sup>2,3,7</sup> | 4035 | 3918 |
| New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/2061<sup>2,7</sup> | 50765 | 42988 |
| Newark BSL CLO 2, Ltd., Series 2017-1A, Class A1R,<br>(3-month USD-LIBOR + 0.97%) 5.328% 7/25/2030<sup>2,3,7</sup> | 273 | 270 |
| Oportun Funding, LLC, Series 2021-A, Class A, 1.21% 3/8/2028<sup>2,7</sup> | 240 | 224 |
| Palmer Square Loan Funding, CLO, Series 2021-1, Class A1,<br>(3-month USD-LIBOR + 0.90%) 5.143% 4/20/2029<sup>2,3,7</sup> | 256 | 253 |
| PFS Financing Corp., Series 2021-B, Class A, 0.775% 8/17/2026<sup>2,7</sup> | 7884 | 7276 |
| PFS Financing Corp., Series 2022-D, Class A, 4.27% 8/16/2027<sup>2,7</sup> | 1721 | 1681 |
| Prestige Auto Receivables Trust, Series 2019-1A, Class C, 2.70% 10/15/2024<sup>2,7</sup> | 804 | 802 |
| Prestige Auto Receivables Trust, Series 2019-1A, Class D, 3.01% 8/15/2025<sup>2,7</sup> | 1355 | 1341 |
| Prodigy Finance DAC, Series 2021-1A, Class A,<br>(1-month USD-LIBOR + 1.25%) 5.639% 7/25/2051<sup>2,3,7</sup> | 577 | 558 |

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| | |
|:---|:---|
| **200** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Asset-backed obligations (continued)**  | **Asset-backed obligations (continued)**  |  |  |
|  | Santander Drive Auto Receivables Trust, Series 2019-2, Class D, 3.22% 7/15/2025<sup>7</sup> | USD1,584 | $1574 |
|  | Santander Drive Auto Receivables Trust, Series 2021-2, Class B, 0.59% 9/15/2025<sup>7</sup> | 523 | 521 |
|  | Santander Drive Auto Receivables Trust, Series 2020-3, Class C, 1.12% 1/15/2026<sup>7</sup> | 1480 | 1467 |
|  | Santander Drive Auto Receivables Trust, Series 2021-2, Class C, 0.90% 6/15/2026<sup>7</sup> | 2812 | 2736 |
|  | Santander Drive Auto Receivables Trust, Series 2020-3, Class D, 1.64% 11/16/2026<sup>7</sup> | 2211 | 2120 |
|  | Santander Drive Auto Receivables Trust, Series 2022-5, Class B, 4.43% 3/15/2027<sup>7</sup> | 917 | 892 |
|  | Santander Drive Auto Receivables Trust, Series 2021-2, Class D, 1.35% 7/15/2027<sup>7</sup> | 1802 | 1686 |
|  | Santander Drive Auto Receivables Trust, Series 2021-3, Class C, 0.95% 9/15/2027<sup>7</sup> | 1677 | 1613 |
|  | Santander Drive Auto Receivables Trust, Series 2021-3, Class D, 1.33% 9/15/2027<sup>7</sup> | 2236 | 2073 |
|  | Santander Drive Auto Receivables Trust, Series 2022-5, Class C, 4.74% 10/15/2028<sup>7</sup> | 856 | 828 |
|  | SLAM, Ltd., Series 2021-1, Class A, 2.434% 6/15/2046<sup>2,7</sup> | 2641 | 2190 |
|  | SLAM, Ltd., Series 2021-1, Class B, 3.422% 6/15/2046<sup>2,7</sup> | 487 | 397 |
|  | SOLRR Aircraft Aviation Holding, Ltd., Series 2021-1, Class A, 2.636% 10/15/2046<sup>2,7</sup> | 2392 | 1923 |
|  | SPRITE, Ltd., Series 2021-1, Class A, 3.75% 11/15/2046<sup>2,7</sup> | 3233 | 2805 |
|  | Stellar Jay Ireland DAC, Series 2021-1, Class A, 3.967% 10/15/2041<sup>2,7</sup> | 451 | 381 |
|  | Stonepeak Infrastructure Partners, Series 2021-1A, Class AA, 2.301% 2/28/2033<sup>2,7</sup> | 1243 | 1108 |
|  | Stonepeak Infrastructure Partners, Series 2021-1A, Class A, 2.675% 2/28/2033<sup>2,7</sup> | 1441 | 1245 |
|  | SuttonPark Structured Settlements, Series 2021-1, Class A, 1.95% 9/15/2075<sup>2,7</sup> | 2300 | 2092 |
|  | TAL Advantage V, LLC, Series 2020-1A, Class A, 2.05% 9/20/2045<sup>2,7</sup> | 2971 | 2610 |
|  | Textainer Marine Containers, Ltd., Series 2020-1A, Class A, 2.73% 8/21/2045<sup>2,7</sup> | 1252 | 1135 |
|  | Textainer Marine Containers, Ltd., Series 2020-2A, Class A, 2.10% 9/20/2045<sup>2,7</sup> | 2223 | 1939 |
|  | Textainer Marine Containers, Ltd., Series 2021-1A, Class A, 1.68% 2/20/2046<sup>2,7</sup> | 6190 | 5211 |
|  | Textainer Marine Containers, Ltd., Series 2021-1A, Class B, 2.52% 2/20/2046<sup>2,7</sup> | 346 | 288 |
|  | Textainer Marine Containers, Ltd., Series 2021-2A, Class A, 2.23% 4/20/2046<sup>2,7</sup> | 5200 | 4431 |
|  | TIF Funding II, LLC, Series 2020-1A, Class A, 2.09% 8/20/2045<sup>2,7</sup> | 4358 | 3747 |
|  | TIF Funding II, LLC, Series 2021-1A, Class B, 2.54% 2/20/2046<sup>2,7</sup> | 130 | 107 |
|  | Toyota Auto Loan Extended Note Trust, Series 2019-1, Class A, 2.56% 11/25/2031<sup>2,7</sup> | 6000 | 5785 |
|  | Triton Container Finance VIII, LLC, Series 2020-1, Class A, 2.11% 9/20/2045<sup>2,7</sup> | 10418 | 8932 |
|  | Triton Container Finance VIII, LLC, Series 2021-1, Class A, 1.86% 3/20/2046<sup>2,7</sup> | 3563 | 2978 |
|  | Triton Container Finance VIII, LLC, Series 2021-1A, Class B, 2.58% 3/20/2046<sup>2,7</sup> | 346 | 285 |
|  | Westlake Automobile Receivables Trust, Series 2020-3A, Class C, 1.24% 11/17/2025<sup>2,7</sup> | 1557 | 1518 |
|  | Westlake Automobile Receivables Trust, Series 2020-3A, Class D, 1.65% 2/17/2026<sup>2,7</sup> | 3023 | 2866 |
|  | Westlake Automobile Receivables Trust, Series 2021-2, Class B, 0.62% 7/15/2026<sup>2,7</sup> | 1690 | 1632 |
|  | Westlake Automobile Receivables Trust, Series 2021-2, Class C, 0.89% 7/15/2026<sup>2,7</sup> | 2181 | 2050 |
|  | Westlake Automobile Receivables Trust, Series 2021-2, Class D, 1.23% 12/15/2026<sup>2,7</sup> | 1446 | 1318 |
|  |  |  | 461708 |
|  <br> **Municipals 1.62%** |  |  |  |
|  **California**<br> **0.03%** | G.O. Bonds, Series 2009, 7.50% 4/1/2034 | 2100 | 2541 |
|  | Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement<br>Asset-Backed Bonds, Series 2021-B, 2.746% 6/1/2034 | 650 | 523 |
|  |  |  | 3064 |
|  **Illinois**<br> **1.47%** | City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.),<br>Series 2010-C, 6.319% 11/1/2029 | 65 | 61 |
|  | City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.),<br>Series 2009-E, 6.138% 12/1/2039 | 30835 | 26399 |
|  | City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.),<br>Series 2010-D, 6.519% 12/1/2040 | 8945 | 7689 |
|  | City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Qualified School Construction Bonds),<br>Series 2009-G, 1.75% 12/15/2025 | 2500 | 2155 |
|  | G.O. Bonds, Series 2013-B, 4.31% 4/1/2023 | 2125 | 2122 |
|  | G.O. Bonds, Pension Funding, Series 2003, 4.95% 6/1/2023 | 6228 | 6231 |
|  | G.O. Bonds, Pension Funding, Series 2003, 5.10% 6/1/2033 | 107000 | 102807 |
|  | G.O. Bonds, Taxable Build America Bonds, Series 2010-2, 5.95% 3/1/2023 | 3210 | 3215 |
|  |  |  | 150679 |

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| | |
|:---|:---|
| American Funds Insurance Series | **201** |

---

------

##### [**Table of Contents**](#toc)
The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
|  <br> **Municipals (continued)** | <br> **Municipals (continued)** |  |  |
|  **New York**<br> **0.05%** | Dormitory Auth., Taxable State Personal Income Tax Rev. Bonds (General Purpose),<br>Series 2021-C, 2.202% 3/15/2034 | USD6,390 | $4881 |
|  **Texas**<br> **0.03%** | Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Ref. Bonds,<br>Series 2020-B, 3.236% 10/1/2052 | 4075 | 2899 |
|  **Wisconsin**<br> **0.04%** | Public Fin. Auth., Federal Lease Rev. Bonds (Fort Sam Acquisition Fncg.),<br>Series 2022, 4.95% 3/1/2034 | 4580 | 4071 |
|  | **Total municipals** |  | 165594 |
|  **Bonds & notes of governments & government agencies outside the U.S. 1.29%** | **Bonds & notes of governments & government agencies outside the U.S. 1.29%** |  |  |
|  | Chile (Republic of) 3.50% 1/31/2034 | 600 | 513 |
|  | Chile (Republic of) 3.10% 5/7/2041 | 2340 | 1689 |
|  | Chile (Republic of) 4.34% 3/7/2042 | 1320 | 1120 |
|  | Chile (Republic of) 4.00% 1/31/2052 | 580 | 450 |
|  | Colombia (Republic of) 4.125% 5/15/2051 | 3120 | 1878 |
|  | Colombia (Republic of), Series B, 5.75% 11/3/2027 | COP24,813,800 | 3883 |
|  | Dominican Republic 5.95% 1/25/2027<sup>2</sup> | USD8,100 | 7954 |
|  | Indonesia (Republic of) 4.65% 9/20/2032 | 2690 | 2638 |
|  | Indonesia (Republic of) 3.35% 3/12/2071 | 1660 | 1109 |
|  | Indonesia (Republic of), Series 91, 6.375% 4/15/2032 | IDR31,265,000 | 1936 |
|  | Israel (State of) 1.00% 3/31/2030 | ILS11,800 | 2799 |
|  | Israel (State of) 3.375% 1/15/2050 | USD4,750 | 3670 |
|  | Israel (State of) 3.875% 7/3/2050 | 4775 | 4036 |
|  | Malaysia (Federation of), Series 0219, 3.885% 8/15/2029 | MYR5,290 | 1193 |
|  | Panama (Republic of) 3.362% 6/30/2031 | USD15,625 | 12695 |
|  | Panama (Republic of) 3.87% 7/23/2060 | 7500 | 4863 |
|  | Panama (Republic of) 4.50% 1/19/2063 | 395 | 280 |
|  | Paraguay (Republic of) 5.00% 4/15/2026 | 1250 | 1248 |
|  | Peru (Republic of) 6.35% 8/12/2028 | PEN5,840 | 1463 |
|  | Peru (Republic of) 5.94% 2/12/2029 | 6005 | 1450 |
|  | Peru (Republic of) 2.783% 1/23/2031 | USD2,155 | 1788 |
|  | Peru (Republic of) 6.15% 8/12/2032 | PEN12,950 | 2998 |
|  | Peru (Republic of) 3.60% 1/15/2072 | USD7,640 | 4999 |
|  | Philippines (Republic of) 3.229% 3/29/2027 | 475 | 457 |
|  | Philippines (Republic of) 3.20% 7/6/2046 | 4900 | 3598 |
|  | Philippines (Republic of) 4.20% 3/29/2047 | 272 | 234 |
|  | Poland (Republic of) 5.75% 11/16/2032 | 555 | 593 |
|  | Portuguese Republic 5.125% 10/15/2024 | 24775 | 24868 |
|  | PT Indonesia Asahan Aluminium Tbk 5.71% 11/15/2023<sup>2</sup> | 1020 | 1023 |
|  | PT Indonesia Asahan Aluminium Tbk 4.75% 5/15/2025<sup>2</sup> | 1270 | 1251 |
|  | PT Indonesia Asahan Aluminium Tbk 5.45% 5/15/2030<sup>2</sup> | 340 | 324 |
|  | PT Indonesia Asahan Aluminium Tbk 5.80% 5/15/2050<sup>2</sup> | 1150 | 966 |
|  | Qatar (State of) 4.50% 4/23/2028<sup>2</sup> | 5100 | 5141 |
|  | Qatar (State of) 5.103% 4/23/2048<sup>2</sup> | 3400 | 3425 |
|  | Romania 3.75% 2/7/2034 | EUR5,625 | 4515 |
|  | Saudi Arabia (Kingdom of) 3.628% 4/20/2027<sup>2</sup> | USD5,000 | 4846 |
|  | Saudi Arabia (Kingdom of) 3.625% 3/4/2028<sup>2</sup> | 11435 | 10939 |
|  | United Mexican States 4.875% 5/19/2033 | 2175 | 2001 |
|  | United Mexican States 3.50% 2/12/2034 | 1030 | 827 |
|  | United Mexican States 4.40% 2/12/2052 | 440 | 325 |
|  |  |  | 131985 |

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| | |
|:---|:---|
| **202** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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------

##### [**Table of Contents**](#toc)
The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
| <br> **Federal agency bonds & notes 0.11%** |  |  |
| Fannie Mae 2.125% 4/24/2026 | USD11,910 | $11160 |
| **Total bonds, notes & other debt instruments** (cost: $10,540,248,000) |  | 9747773 |
| Short-term securities 13.95% | Shares |  |
| **Money market investments 13.95%** |  |  |
| Capital Group Central Cash Fund 4.31%<sup>12,13</sup> | 14258627 | 1425720 |
| **Total short-term securities** (cost: $1,425,522,000) |  | 1425720 |
| <br> **Total investment securities 109.32%** (cost: $11,965,770,000) |  | 11173493 |
| Other assets less liabilities (9.32)% |  | (952411) |
| **Net assets 100.00%** |  | $10221082 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Futures contracts** | | | | | |
| Contracts | Type | Number of<br>contracts | Expiration | Notional<br>amount<br> (000) | Value and<br>unrealized<br>appreciation<br>(depreciation)<br>at 12/31/2022<br>(000) |
|  3 Month SOFR Futures | Short | 658 | June 2023 | USD(156415) | $2698 |
|  2 Year U.S. Treasury Note Futures | Short | 2055 | March 2023 | (421436) | 1029 |
|  5 Year Euro-Bobl Futures | Long | 1 | March 2023 | 124 | (4) |
|  5 Year U.S. Treasury Note Futures | Long | 16226 | March 2023 | 1751267 | (2467) |
|  10 Year U.S. Treasury Note Futures | Long | 2294 | March 2023 | 257609 | (1391) |
|  10 Year Ultra U.S. Treasury Note Futures | Short | 1388 | March 2023 | (164174) | 2514 |
|  20 Year U.S. Treasury Bond Futures | Long | 999 | March 2023 | 125218 | (2035) |
|  30 Year Ultra U.S. Treasury Bond Futures | Long | 1708 | March 2023 | 229406 | (7297) |
|  |  |  |  |  | $(6953) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **Forward currency contracts** | **Forward currency contracts** | **Forward currency contracts** | **Forward currency contracts** | **Forward currency contracts** | **Forward currency contracts** | **Forward currency contracts** |
|  |  |  |  |  |  | Unrealized appreciation |
| Contract amount | Contract amount | Contract amount | Contract amount |  |  | (depreciation) |
| Currency purchased | Currency purchased | Currency sold | Currency sold |  | Settlement | at 12/31/2022 |
| (000) | (000) | (000) | (000) | Counterparty | date | (000) |
|  USD | 1965 | IDR | 30407000 | Citibank | 1/9/2023 | $11 |
|  USD | 3158 | ILS | 10725 | HSBC Bank | 1/11/2023 | 106 |
|  USD | 1173 | MYR | 5150 | HSBC Bank | 1/11/2023 | (4) |
|  USD | 1248 | EUR | 1180 | Morgan Stanley | 1/11/2023 | (16) |
|  USD | 4761 | COP | 22893650 | Citibank | 1/13/2023 | 52 |
|  USD | 5947 | EUR | 5628 | JPMorgan Chase | 1/13/2023 | (84) |
|  USD | 613 | EUR | 582 | JPMorgan Chase | 1/20/2023 | (11) |
|  USD | 5952 | PEN | 22885 | Citibank | 1/23/2023 | (59) |
|  JPY | 3460300 | USD | 24759 | Morgan Stanley | 2/17/2023 | 1783 |
|  JPY | 3432900 | USD | 25173 | Morgan Stanley | 2/17/2023 | 1158 |
|  JPY | 3448400 | USD | 25841 | Morgan Stanley | 3/17/2023 | 711 |
|  |  |  |  |  |  | $3647 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **203** |

---

------

##### [**Table of Contents**](#toc)
The Bond Fund of America (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Swap contracts** | **Swap contracts** | | | | | | | |
| **Interest rate swaps** | **Interest rate swaps** | **Interest rate swaps** | **Interest rate swaps** |  | | | | |
| **Centrally cleared interest rate swaps** | **Centrally cleared interest rate swaps** | **Centrally cleared interest rate swaps** | **Centrally cleared interest rate swaps** |  | | | | |
|  |  |  |  |  |  |  |  | Unrealized |
| Receive | Receive | Pay | Pay |  |  |  | Upfront | appreciation |
|  |  |  |  |  | Notional | Value at | &nbsp;&nbsp;&nbsp;&nbsp;premium | (depreciation) |
|  | Payment |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;amount | &nbsp;&nbsp;&nbsp;&nbsp;12/31/2022 | paid | at 12/31/2022 |
| Rate | frequency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;frequency | date | (000) | (000) | (000) | (000) |
|  SOFR | Annual | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.471% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/26/2023 | USD87,775 | $3103 | $– | $3103 |
|  0.45801% | Annual | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 10/26/2023 | 85775 | (3041) |  | (3041) |
|  3.497% | Annual | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. EFFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 6/16/2024 | 27000 | (479) |  | (479) |
|  3.52647% | Annual | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. EFFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 6/16/2024 | 72532 | (1257) |  | (1257) |
|  3.5291% | Annual | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. EFFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 6/16/2024 | 78378 | (1355) |  | (1355) |
|  3.4585% | Annual | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. EFFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 6/17/2024 | 4154 | (76) |  | (76) |
|  3.4325% | Annual | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. EFFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 6/17/2024 | 19800 | (369) |  | (369) |
|  4.5645% | Annual | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. EFFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 10/19/2024 | 19200 | (5) |  | (5) |
|  4.533% | Annual | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. EFFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 10/20/2024 | 23900 | (20) |  | (20) |
|  4.56% | Annual | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. EFFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 10/27/2024 | 24000 | (4) |  | (4) |
|  4.5245% | Annual | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. EFFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 10/27/2024 | 28800 | (23) |  | (23) |
|  3-month USD-LIBOR | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.972% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Semi-annual | 4/26/2051 | 23200 | 6475 |  | 6475 |
|  3-month USD-LIBOR | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9855% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Semi-annual | 4/26/2051 | 8580 | 2374 |  | 2374 |
|  3-month USD-LIBOR | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9778% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Semi-annual | 4/28/2051 | 13500 | 3753 |  | 3753 |
|  |  |  |  |  |  | $9076 | $– | $9076 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Credit default swaps** | **Credit default swaps** | **Credit default swaps** | **Credit default swaps** |  |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Centrally cleared credit default swaps on credit indices – buy protection** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Centrally cleared credit default swaps on credit indices – buy protection** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Centrally cleared credit default swaps on credit indices – buy protection** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Centrally cleared credit default swaps on credit indices – buy protection** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Centrally cleared credit default swaps on credit indices – buy protection** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Centrally cleared credit default swaps on credit indices – buy protection** |  |  |  |
| Reference<br> index | Financing<br>rate paid | Payment<br> frequency | Expiration<br>date | Notional<br> amount<br> (000) | Value at<br>12/31/2022<br>(000) | Value at<br>12/31/2022<br>(000) | Upfront<br>premium<br>(received)<br> paid<br> (000) | Unrealized<br> depreciation<br> at 12/31/2022<br> (000) |
|  CDX.NA.IG.39 | 1.00% | Quarterly | 12/20/2027 | USD74,676 |  | $(597) | $(310) | $(287) |
|  CDX.NA.HY.39 | 5.00% | Quarterly | 12/20/2027 | 153455 |  | (945) | 5777 | (6722) |
|  |  |  |  |  |  | $(1542) | $5467 | $(7009) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Investments in affiliates<sup>13</sup>**  | | | | | | | |
|  | Value of<br>affiliate at<br>1/1/2022<br> (000) | Additions<br> (000) | Reductions<br> (000) | Net<br>realized<br>loss<br> (000) | Net<br>unrealized<br>appreciation<br> (000) | Value of<br>affiliate at<br>12/31/2022<br> (000) | Dividend<br>income<br> (000) |
|  **Short-term securities 13.95%** |  |  |  |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Money market investments 13.95%** |  |  |  |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 4.31%<sup>12</sup> | $1311257 | $4011285 | $3896680 | $(218) | $76 | $1425720 | $34880 |

---

---

| | |
|:---|:---|
| **204** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
The Bond Fund of America (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Restricted securities<sup>11</sup>** | | | | |
|  | Acquisition<br>date | Cost<br> (000) | Value (000) | Percent<br>of net<br>assets |
|  Mission Lane Credit Card Master Trust, Series 2022-B, Class A1, 8.25% 1/15/2028<sup>7,10</sup> | 12/6/2022 | $1006 | $1006 | .01% |
|  Mission Lane Credit Card Master Trust, Series 2022-B, Class A2, 8.73% 1/15/2028<sup>7,10</sup> | 12/6/2022 | 150 | 150 | .00 |
|  Total |  | $1156 | $1156 | .01% |

---

<sup>1</sup> Step bond; coupon rate may change at a later date.

<sup>2</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $1,530,868,000, which represented 14.98% of the net assets of the fund. 

<sup>3</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.

<sup>4</sup> Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available.

<sup>5</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $58,239,000, which represented .57% of the net assets of the fund. 

<sup>6</sup> Index-linked bond whose principal amount moves with a government price index. 

<sup>7</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

 <sup>8</sup> Amount less than one thousand. 

<sup>9</sup> Purchased on a TBA basis.

<sup>10</sup> Value determined using significant unobservable inputs.

<sup>11</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $1,156,000, which represented .01% of the net assets of the fund. 

<sup>12</sup> Rate represents the seven-day yield at 12/31/2022.

<sup>13</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

**Key to abbreviations** 

Assn. = Association

Auth. = Authority

CLO = Collateralized Loan Obligations

CME = CME Group

CMO = Collateralized Mortgage Obligations

COP = Colombian pesos

DAC = Designated Activity Company

EFFR = Effective Federal Funds Rate

EUR = Euros

Fin. = Finance

Fncg. = Financing

G.O. = General Obligation

ICE = Intercontinental Exchange, Inc.

IDR = Indonesian rupiah

ILS = Israeli shekels

JPY = Japanese yen

LIBOR = London Interbank Offered Rate

MYR = Malaysian ringgits

PEN = Peruvian nuevos soles

PIK = Payment In Kind

Ref. = Refunding

Rev. = Revenue

SOFR = Secured Overnight Financing Rate

TBA = To be announced

USD = U.S. dollars

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American Funds Insurance Series | **205** |

---

------

##### [**Table of Contents**](#toc)
Capital World Bond Fund

**Investment portfolio** December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments 90.28% | Bonds, notes & other debt instruments 90.28% | Principal amount<br>(000) | Value<br> (000) |
|  **Euros**<br> **19.79%** | AIA Group, Ltd. 0.88% 9/9/2033 (5-year EUR Annual Swap + 1.10% on 9/9/2028)<sup>1</sup> | EUR2,800 | $2333 |
|  | Allianz SE 4.75% perpetual bonds (3-month EUR-EURIBOR + 3.60% on 10/24/2023)<sup>1</sup> | 4200 | 4471 |
|  | Altria Group, Inc. 1.00% 2/15/2023 | 1020 | 1089 |
|  | Altria Group, Inc. 2.20% 6/15/2027 | 2900 | 2795 |
|  | Altria Group, Inc. 3.125% 6/15/2031 | 800 | 711 |
|  | American Honda Finance Corp. 1.95% 10/18/2024 | 560 | 584 |
|  | American Tower Corp. 0.45% 1/15/2027 | 2525 | 2321 |
|  | American Tower Corp. 0.875% 5/21/2029 | 1470 | 1257 |
|  | AT&T, Inc. 1.60% 5/19/2028 | 2350 | 2237 |
|  | Austria (Republic of) 0% 2/20/2031 | 6900 | 5785 |
|  | Banco de Sabadell, SA 2.625% 3/24/2026<br>(5-year EUR Mid-Swap + 2.20% on 3/24/2025)<sup>1</sup> | 500 | 504 |
|  | Bank of America Corp. 3.648% 3/31/2029<br>(3-month EUR-EURIBOR + 3.67% on 3/31/2028)<sup>1,2</sup> | 5000 | 5177 |
|  | CaixaBank, SA 2.25% 4/17/2030<br>(5-year EUR Annual (vs. 6-month EUR-EURIBOR) + 1.68% on 4/17/2025)<sup>1</sup> | 2400 | 2345 |
|  | Celanese US Holdings, LLC 4.777% 7/19/2026 | 235 | 240 |
|  | Deutsche Bank AG 4.00% 6/24/2032<br>(3-month EUR-EURIBOR + 3.30% on 6/24/2027)<sup>1</sup> | 700 | 665 |
|  | Deutsche Telekom International Finance BV 7.50% 1/24/2033 | 200 | 273 |
|  | Dow Chemical Co. 0.50% 3/15/2027 | 1110 | 1035 |
|  | E.ON SE 1.625% 3/29/2031 | 810 | 731 |
|  | Egypt (Arab Republic of) 5.625% 4/16/2030 | 300 | 224 |
|  | Equinor ASA 1.375% 5/22/2032 | 2550 | 2267 |
|  | European Investment Bank 0.25% 1/20/2032 | 4900 | 4085 |
|  | European Investment Bank 1.50% 6/15/2032 | 1000 | 932 |
|  | European Union 0% 7/6/2026 | 1600 | 1545 |
|  | European Union 0.25% 10/22/2026 | 610 | 591 |
|  | European Union 0% 7/4/2031 | 705 | 584 |
|  | European Union 0% 7/4/2035 | 220 | 159 |
|  | European Union 0.20% 6/4/2036 | 1500 | 1080 |
|  | Finland (Republic of) 1.50% 9/15/2032 | 3380 | 3154 |
|  | French Republic O.A.T. 0.75% 2/25/2028 | 4500 | 4347 |
|  | French Republic O.A.T. 0% 11/25/2030 | 19550 | 16712 |
|  | French Republic O.A.T. 0% 5/25/2032 | 2120 | 1718 |
|  | French Republic O.A.T. 2.00% 11/25/2032 | 4260 | 4162 |
|  | French Republic O.A.T. 0.50% 5/25/2040 | 2080 | 1414 |
|  | French Republic O.A.T. 0.75% 5/25/2052 | 5930 | 3416 |
|  | Germany (Federal Republic of) 0% 4/11/2025 | 2100 | 2124 |
|  | Germany (Federal Republic of) 0% 10/9/2026 | 6060 | 5908 |
|  | Germany (Federal Republic of) 0% 4/16/2027 | 32700 | 31482 |
|  | Germany (Federal Republic of) 1.30% 10/15/2027 | 3580 | 3626 |
|  | Germany (Federal Republic of) 0% 2/15/2030 | 13340 | 12029 |
|  | Germany (Federal Republic of) 0% 8/15/2030 | 15050 | 13413 |
|  | Germany (Federal Republic of) 0% 8/15/2031 | 12600 | 10944 |
|  | Germany (Federal Republic of) 1.70% 8/15/2032 | 10906 | 10887 |
|  | Germany (Federal Republic of) 1.00% 5/15/2038 | 6040 | 5175 |
|  | Germany (Federal Republic of) 0% 8/15/2050 | 1200 | 673 |
|  | Germany (Federal Republic of) 0% 8/15/2052 | 2650 | 1421 |
|  | Goldman Sachs Group, Inc. 3.375% 3/27/2025<sup>2</sup> | 5000 | 5327 |
|  | Goldman Sachs Group, Inc. 1.00% 3/18/2033<sup>2</sup> | 2705 | 2091 |
|  | Greece (Hellenic Republic of) 3.375% 2/15/2025 | 5825 | 6236 |
|  | Greece (Hellenic Republic of) 1.75% 6/18/2032 | 5970 | 5047 |
|  | Groupe BPCE SA 4.625% 7/18/2023 | 1200 | 1296 |
|  | Groupe BPCE SA 1.00% 4/1/2025 | 2900 | 2925 |
|  | Intesa Sanpaolo SpA 6.625% 9/13/2023 | 510 | 557 |
|  | Israel (State of) 2.875% 1/29/2024 | 1180 | 1258 |
|  | Italy (Republic of) 1.85% 7/1/2025 | 17700 | 18218 |
|  | Italy (Republic of) 1.35% 4/1/2030 | 7 | 6 |
|  | Italy (Republic of) 2.50% 12/1/2032 | 9610 | 8613 |
|  | JPMorgan Chase & Co. 0.389% 2/24/2028<br>(3-month EUR-EURIBOR + 0.65% on 2/24/2027)<sup>1,2</sup> | 3208 | 2944 |

---

---

| | |
|:---|:---|
| **206** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
Capital World Bond Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
|  **Euros**<br> **(continued)** | KfW 0.125% 6/30/2025 | EUR590 | $590 |
|  | Lloyds Banking Group PLC 1.75% 9/7/2028<br>(5-year EUR-EURIBOR + 1.30% on 9/7/2023)<sup>1</sup> | 2400 | 2472 |
|  | Morgan Stanley 2.103% 5/8/2026 (3-month EUR-EURIBOR + 0.904% on 5/8/2025)<sup>1</sup> | 580 | 592 |
|  | Morgan Stanley 2.95% 5/7/2032 (3-month EUR-EURIBOR + 1.245% on 5/7/2031)<sup>1</sup> | 1535 | 1460 |
|  | Morocco (Kingdom of) 3.50% 6/19/2024 | 1400 | 1492 |
|  | Morocco (Kingdom of) 1.50% 11/27/2031 | 3300 | 2617 |
|  | Philippines (Republic of) 0.25% 4/28/2025 | 875 | 870 |
|  | Portuguese Republic 0.475% 10/18/2030 | 1610 | 1395 |
|  | Quebec (Province of) 0.25% 5/5/2031 | 920 | 764 |
|  | Quebec (Province of) 0.50% 1/25/2032 | 1155 | 957 |
|  | Romania 2.125% 3/7/2028 | 1440 | 1291 |
|  | Romania 1.75% 7/13/2030 | 2560 | 1913 |
|  | Romania 2.00% 1/28/2032 | 1605 | 1153 |
|  | Romania 3.75% 2/7/2034 | 530 | 425 |
|  | Russian Federation 2.875% 12/4/2025<sup>3</sup> | 3000 | 1349 |
|  | Russian Federation 2.875% 12/4/2025<sup>3</sup> | 1500 | 674 |
|  | Serbia (Republic of) 3.125% 5/15/2027 | 847 | 783 |
|  | Serbia (Republic of) 1.50% 6/26/2029 | 3353 | 2584 |
|  | Spain (Kingdom of) 0% 1/31/2027 | 2325 | 2198 |
|  | Spain (Kingdom of) 0.80% 7/30/2027 | 8970 | 8674 |
|  | Spain (Kingdom of) 1.45% 4/30/2029 | 1890 | 1824 |
|  | Spain (Kingdom of) 1.25% 10/31/2030 | 1295 | 1191 |
|  | Spain (Kingdom of) 0.50% 10/31/2031 | 4645 | 3873 |
|  | Spain (Kingdom of) 0.70% 4/30/2032 | 4785 | 3993 |
|  | Spain (Kingdom of) 1.90% 10/31/2052 | 1010 | 695 |
|  | State Grid Overseas Investment, Ltd. 1.375% 5/2/2025 | 441 | 442 |
|  | State Grid Overseas Investment, Ltd. 2.125% 5/2/2030 | 200 | 177 |
|  | Stryker Corp. 0.25% 12/3/2024 | 480 | 483 |
|  | Stryker Corp. 0.75% 3/1/2029 | 980 | 877 |
|  | Stryker Corp. 1.00% 12/3/2031 | 450 | 376 |
|  | TOTAL SA 1.75% junior subordinated perpetual bonds<br>(5-year EUR-EURIBOR + 1.765% on 4/4/2024)<sup>1</sup> | 2000 | 2025 |
|  | Toyota Motor Credit Corp. 0.125% 11/5/2027 | 1850 | 1684 |
|  | Tunisia (Republic of) 6.75% 10/31/2023 | 5109 | 4612 |
|  | Tunisia (Republic of) 6.75% 10/31/2023 | 1295 | 1169 |
|  | Ukraine 6.75% 6/20/2028 | 3119 | 619 |
|  | Ukraine 6.75% 6/20/2028 | 1225 | 243 |
|  | Ukraine 4.375% 1/27/2032 | 2705 | 476 |
|  | Volkswagen International Finance NV 4.375% junior subordinated perpetual bonds<br>(9-year EUR Mid-Swap + 3.36% on 3/28/2031)<sup>1</sup> | 1300 | 1140 |
|  |  |  | 293295 |
|  **Japanese yen**<br> **7.50%** | Japan, Series 18, 0.10% 3/10/2024<sup>4</sup> | JPY1,064,481 | 8293 |
|  | Japan, Series 19, 0.10% 9/10/2024<sup>4</sup> | 463865 | 3628 |
|  | Japan, Series 346, 0.10% 3/20/2027 | 777900 | 5905 |
|  | Japan, Series 356, 0.10% 9/20/2029 | 1720800 | 12847 |
|  | Japan, Series 116, 2.20% 3/20/2030 | 576100 | 4933 |
|  | Japan, Series 26, 0.005% 3/10/2031<sup>4</sup> | 527493 | 4178 |
|  | Japan, Series 362, 0.10% 3/20/2031 | 737200 | 5435 |
|  | Japan, Series 365, 0.10% 12/20/2031 | 520150 | 3832 |
|  | Japan, Series 145, 1.70% 6/20/2033 | 742700 | 6290 |
|  | Japan, Series 152, 1.20% 3/20/2035 | 987100 | 7875 |
|  | Japan, Series 21, 2.30% 12/20/2035 | 720000 | 6451 |
|  | Japan, Series 162, 0.60% 9/20/2037 | 1617000 | 11642 |
|  | Japan, Series 179, 0.50% 12/20/2041 | 196950 | 1309 |
|  | Japan, Series 37, 0.60% 6/20/2050 | 694500 | 4183 |
|  | Japan, Series 70, 0.70% 3/20/2051 | 276100 | 1694 |
|  | Japan, Series 73, 0.70% 12/20/2051 | 1568700 | 9576 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **207** |

---

------

##### [**Table of Contents**](#toc)
Capital World Bond Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
|  **Japanese yen**<br> **(continued)** | Japan, Series 74, 1.00% 3/20/2052 | JPY626,900 | $4140 |
|  | Japan, Series 76, 1.40% 9/20/2052 | 296450 | 2162 |
|  | Philippines (Republic of) 0.001% 4/12/2024 | 900000 | 6778 |
|  |  |  | 111151 |
|  **British pounds**<br> **4.17%** | American Honda Finance Corp. 0.75% 11/25/2026 | GBP1,420 | 1470 |
|  | Asian Development Bank 1.125% 6/10/2025 | 1240 | 1393 |
|  | KfW 1.125% 7/4/2025 | 1165 | 1305 |
|  | Lloyds Banking Group PLC 7.625% 4/22/2025 | 655 | 835 |
|  | Quebec (Province of) 2.25% 9/15/2026 | 1870 | 2083 |
|  | United Kingdom 0.125% 1/30/2026 | 425 | 463 |
|  | United Kingdom 1.25% 7/22/2027 | 3060 | 3335 |
|  | United Kingdom 4.25% 12/7/2027 | 5910 | 7336 |
|  | United Kingdom 4.75% 12/7/2030 | 8230 | 10732 |
|  | United Kingdom 0.25% 7/31/2031 | 11850 | 10738 |
|  | United Kingdom 1.00% 1/31/2032 | 10970 | 10504 |
|  | United Kingdom 4.25% 6/7/2032 | 3010 | 3809 |
|  | United Kingdom 0.625% 7/31/2035 | 210 | 171 |
|  | United Kingdom 0.875% 1/31/2046 | 4916 | 3151 |
|  | United Kingdom 1.25% 7/31/2051 | 6635 | 4338 |
|  | United Kingdom 1.125% 10/22/2073 | 225 | 119 |
|  |  |  | 61782 |
|  **Chinese yuan**<br> **renminbi**<br> **2.84%** | China (People's Republic of), Series INBK, 2.75% 2/17/2032 | CNY25,660 | 3646 |
|  | China (People's Republic of), Series 1910, 3.86% 7/22/2049 | 103240 | 16440 |
|  | China (People's Republic of), Series INBK, 3.39% 3/16/2050 | 26230 | 3854 |
|  | China (People's Republic of), Series INBK, 3.81% 9/14/2050 | 51550 | 8146 |
|  | China (People's Republic of), Series INBK, 3.53% 10/18/2051 | 45510 | 6877 |
|  | China Development Bank Corp., Series 1814, 4.15% 10/26/2025 | 20900 | 3133 |
|  |  |  | 42096 |
|  **Canadian dollars**<br> **2.31%** | Canada 0.75% 10/1/2024 | CAD14,570 | 10169 |
|  | Canada 0.25% 3/1/2026 | 5800 | 3847 |
|  | Canada 3.50% 3/1/2028 | 24018 | 17831 |
|  | Canada 2.75% 12/1/2048 | 3500 | 2337 |
|  |  |  | 34184 |
|  **Mexican pesos**<br> **2.13%** | Petróleos Mexicanos 7.19% 9/12/2024 | MXN42,534 | 2024 |
|  | United Mexican States 4.50% 12/4/2025<sup>4</sup> | 16544 | 845 |
|  | United Mexican States, Series M, 5.75% 3/5/2026 | 44700 | 2078 |
|  | United Mexican States, Series M, 7.50% 6/3/2027 | 251720 | 12188 |
|  | United Mexican States, Series M20, 8.50% 5/31/2029 | 140400 | 7013 |
|  | United Mexican States, Series M30, 8.50% 11/18/2038 | 21100 | 1025 |
|  | United Mexican States, Series M, 8.00% 11/7/2047 | 7830 | 359 |
|  | United Mexican States, Series M, 8.00% 7/31/2053 | 133170 | 6095 |
|  |  |  | 31627 |
|  **Australian dollars**<br> **1.63%** | Australia (Commonwealth of), Series 163, 1.00% 11/21/2031 | AUD5,789 | 3061 |
|  | Australia (Commonwealth of), Series 166, 3.00% 11/21/2033 | 12355 | 7622 |
|  | Australia (Commonwealth of), Series 167, 3.75% 5/21/2034 | 20520 | 13529 |
|  |  |  | 24212 |

---

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| | |
|:---|:---|
| **208** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
Capital World Bond Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br>(000) |
|  **Danish kroner**<br> **1.62%** | Nordea Kredit 0.50% 10/1/2040<sup>5</sup> | DKK17,477 | $1955 |
|  | Nykredit Realkredit AS, Series 01E, 0.50% 10/1/2040<sup>5</sup> | 90967 | 10167 |
|  | Nykredit Realkredit AS, Series 01E, 0.50% 10/1/2043<sup>5</sup> | 106007 | 11555 |
|  | Realkredit Danmark AS 1.00% 10/1/2053<sup>5</sup> | 2712 | 285 |
|  |  |  | 23962 |
|  **South Korean won**<br> **0.52%** | South Korea (Republic of), Series 2503, 1.50% 3/10/2025 | KRW5,183,670 | 3908 |
|  | South Korea (Republic of), Series 2712, 2.375% 12/10/2027 | 5158930 | 3821 |
|  |  |  | 7729 |
|  **Colombian pesos**<br> **0.48%** | Colombia (Republic of), Series B, 7.00% 3/26/2031 | COP31,310,800 | 4575 |
|  | Colombia (Republic of), Series B, 7.25% 10/26/2050 | 21884200 | 2569 |
|  |  |  | 7144 |
|  **Chilean pesos**<br> **0.41%** | Chile (Republic of) 4.00% 3/1/2023 | CLP2,300,000 | 2681 |
|  | Chile (Republic of) 1.50% 3/1/2026<sup>4</sup> | 808331 | 933 |
|  | Chile (Republic of) 5.00% 10/1/2028 | 955000 | 1089 |
|  | Chile (Republic of) 4.70% 9/1/2030 | 1205000 | 1371 |
|  |  |  | 6074 |
|  **Indonesian rupiah**<br> **0.37%** | Indonesia (Republic of), Series 84, 7.25% 2/15/2026 | IDR22,733,000 | 1495 |
|  | Indonesia (Republic of), Series 95, 6.375% 8/15/2028 | 3136000 | 200 |
|  | Indonesia (Republic of), Series 78, 8.25% 5/15/2029 | 23729000 | 1643 |
|  | Indonesia (Republic of), Series 82, 7.00% 9/15/2030 | 2930000 | 190 |
|  | Indonesia (Republic of), Series 68, 8.375% 3/15/2034 | 27353000 | 1926 |
|  |  |  | 5454 |
|  **Russian rubles**<br> **0.23%** | Russian Federation 7.00% 8/16/2023<sup>3,6</sup> | RUB430,300 | 1984 |
|  | Russian Federation 7.65% 4/10/2030<sup>3</sup> | 316110 | 1371 |
|  |  |  | 3355 |
|  **Brazilian reais**<br> **0.21%** | Brazil (Federative Republic of) 6.00% 8/15/2024<sup>4</sup> | BRL13,461 | 2531 |
|  | Brazil (Federative Republic of) 10.00% 1/1/2025 | 3300 | 598 |
|  |  |  | 3129 |
|  **South African rand**<br> **0.20%** | South Africa (Republic of), Series R-2030, 8.00% 1/31/2030 | ZAR30,120 | 1581 |
|  | South Africa (Republic of), Series R-2048, 8.75% 2/28/2048 | 30850 | 1420 |
|  |  |  | 3001 |
|  **Dominican pesos**<br> **0.15%** | Dominican Republic 8.90% 2/15/2023 | DOP128,000 | 2271 |
|  **Malaysian ringgits**<br> **0.15%** | Malaysia (Federation of), Series 0519, 3.757% 5/22/2040 | MYR10,588 | 2222 |
|  **Ukrainian hryvnia**<br> **0.11%** | Ukraine 15.97% 4/19/2023<sup>6</sup> | UAH78,370 | 1592 |
|  **Indian rupees**<br> **0.08%** | India (Republic of) 5.15% 11/9/2025 | INR96,010 | 1102 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **209** |

---

------

##### [**Table of Contents**](#toc)
Capital World Bond Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Romanian leu**<br> **0.07%** | Romania 4.75% 2/24/2025 | RON5,000 | $1038 |
|  **Polish zloty**<br> **0.06%** | Poland (Republic of), Series 1029, 2.75% 10/25/2029 | PLN4,900 | 879 |
|  **Norwegian kroner**<br> **0.04%** | Norway (Kingdom of) 2.125% 5/18/2032 | NOK6,615 | 619 |
|  **U.S. dollars**<br> **45.21%** | 1375209 BC, Ltd. 9.00% 1/30/2028<sup>7</sup> | USD60 | 59 |
|  | 7-Eleven, Inc. 0.95% 2/10/2026<sup>7</sup> | 520 | 456 |
|  | 7-Eleven, Inc. 1.30% 2/10/2028<sup>7</sup> | 2180 | 1810 |
|  | 7-Eleven, Inc. 1.80% 2/10/2031<sup>7</sup> | 2015 | 1544 |
|  | ACE INA Holdings, Inc. 3.35% 5/3/2026 | 195 | 187 |
|  | ACE INA Holdings, Inc. 4.35% 11/3/2045 | 425 | 370 |
|  | Advisor Group Holdings, LLC 6.25% 3/1/2028<sup>7</sup> | 295 | 272 |
|  | AerCap Ireland Capital DAC 2.45% 10/29/2026 | 2102 | 1841 |
|  | Aeropuerto International de Tocume SA 5.125% 8/11/2061<sup>7</sup> | 660 | 542 |
|  | Aetna, Inc. 2.80% 6/15/2023 | 340 | 336 |
|  | AG Merger Sub II, Inc. 10.75% 8/1/2027<sup>7</sup> | 256 | 260 |
|  | AG TTMT Escrow Issuer, LLC 8.625% 9/30/2027<sup>7</sup> | 103 | 104 |
|  | AIB Group PLC 7.583% 10/14/2026 (USD-SOFR + 3.456% on 10/14/2025)<sup>1,7</sup> | 1225 | 1249 |
|  | Alabama Power Co. 3.00% 3/15/2052 | 980 | 651 |
|  | Albertsons Companies, Inc. 4.625% 1/15/2027<sup>7</sup> | 125 | 116 |
|  | Albertsons Companies, Inc. 3.50% 3/15/2029<sup>7</sup> | 340 | 286 |
|  | Alcoa Nederland Holding BV 4.125% 3/31/2029<sup>7</sup> | 75 | 67 |
|  | Allegheny Technologies, Inc. 4.875% 10/1/2029 | 25 | 22 |
|  | Allegheny Technologies, Inc. 5.125% 10/1/2031 | 45 | 40 |
|  | Alliant Holdings Intermediate, LLC 6.75% 10/15/2027<sup>7</sup> | 280 | 252 |
|  | Alliant Holdings Intermediate, LLC 5.875% 11/1/2029<sup>7</sup> | 90 | 74 |
|  | Allied Universal Holdco, LLC 9.75% 7/15/2027<sup>7</sup> | 175 | 153 |
|  | Allied Universal Holdco, LLC 6.00% 6/1/2029<sup>7</sup> | 300 | 218 |
|  | Almonde, Inc., Term Loan, (3-month USD-LIBOR + 7.25%) 10.621% 6/13/2025<sup>8,9</sup> | 570 | 429 |
|  | Altera Infrastructure, LP 8.50% 7/15/2023<sup>3,6,7</sup> | 555 | 104 |
|  | Amazon.com, Inc. 1.50% 6/3/2030 | 2040 | 1644 |
|  | American Electric Power Company, Inc. 1.00% 11/1/2025 | 250 | 224 |
|  | American Express Co. 3.375% 5/3/2024 | 4202 | 4119 |
|  | Amgen, Inc. 2.20% 2/21/2027 | 445 | 400 |
|  | AmWINS Group, Inc. 4.875% 6/30/2029<sup>7</sup> | 220 | 187 |
|  | Anglo American Capital PLC 3.95% 9/10/2050<sup>7</sup> | 521 | 383 |
|  | Angola (Republic of) 9.50% 11/12/2025 | 3580 | 3693 |
|  | Anywhere Real Estate Group, LLC 5.75% 1/15/2029<sup>7</sup> | 200 | 152 |
|  | Anywhere Real Estate Group, LLC 5.25% 4/15/2030<sup>7</sup> | 130 | 95 |
|  | Apple, Inc. 3.35% 8/8/2032 | 1600 | 1457 |
|  | Ardagh Group SA 6.50% Cash 6/30/2027<sup>7,10</sup> | 210 | 146 |
|  | Aretec Escrow Issuer, Inc. 7.50% 4/1/2029<sup>7</sup> | 180 | 149 |
|  | Argentine Republic 0.50% 7/9/2030 (0.75% on 7/9/2023)<sup>1</sup> | 1921 | 523 |
|  | Argentine Republic 1.50% 7/9/2035 (3.625% on 7/9/2023)<sup>1</sup> | 3025 | 775 |
|  | Asbury Automotive Group, Inc. 5.00% 2/15/2032<sup>7</sup> | 55 | 45 |
|  | Ascensus, Inc., Term Loan, (3-month USD-LIBOR + 6.50%) 10.25% 8/2/2029<sup>8,9</sup> | 120 | 106 |
|  | Ascent Resources Utica Holdings, LLC 8.25% 12/31/2028<sup>7</sup> | 160 | 157 |
|  | Ascent Resources Utica Holdings, LLC 5.875% 6/30/2029<sup>7</sup> | 55 | 49 |
|  | AssuredPartners, Inc. 7.00% 8/15/2025<sup>7</sup> | 120 | 116 |
|  | AssuredPartners, Inc. 5.625% 1/15/2029<sup>7</sup> | 365 | 301 |
|  | AstraZeneca PLC 3.50% 8/17/2023 | 2700 | 2678 |
|  | AT&T, Inc. 3.50% 9/15/2053 | 2070 | 1406 |
|  | Atkore, Inc. 4.25% 6/1/2031<sup>7</sup> | 25 | 21 |
|  | Atlantic Aviation FBO, Inc., Term Loan,<br> (3-month USD-LIBOR + 2.75%) 7.134% 9/22/2028<sup>8,9</sup> | 149 | 147 |

---

---

| | |
|:---|:---|
| **210** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
Capital World Bond Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **U.S. dollars**<br> **(continued)** | Atlantic Aviation FBO, Inc., Term Loan,<br>(3-month USD-LIBOR + 5.75%) 10.134% 9/21/2029<sup>8,9</sup> | USD213 | $207 |
|  | Avantor Funding, Inc. 4.625% 7/15/2028<sup>7</sup> | 160 | 146 |
|  | Avantor Funding, Inc. 3.875% 11/1/2029<sup>7</sup> | 90 | 76 |
|  | B&G Foods, Inc. 5.25% 4/1/2025 | 65 | 57 |
|  | B&G Foods, Inc. 5.25% 9/15/2027 | 220 | 169 |
|  | Ball Corp. 6.875% 3/15/2028 | 108 | 111 |
|  | Bank of America Corp. 2.456% 10/22/2025<br>(3-month USD-LIBOR + 0.87% on 10/22/2024)<sup>1</sup> | 847 | 801 |
|  | Bank of America Corp. 1.53% 12/6/2025 (USD-SOFR + 0.65% on 12/6/2024)<sup>1</sup> | 6260 | 5778 |
|  | Bank of America Corp. 1.734% 7/22/2027 (USD-SOFR + 0.96% on 7/22/2026)<sup>1</sup> | 3745 | 3286 |
|  | Bank of America Corp. 2.299% 7/21/2032 (USD-SOFR + 1.22% on 7/21/2031)<sup>1</sup> | 4780 | 3693 |
|  | Bank of Nova Scotia 2.45% 2/2/2032 | 2100 | 1695 |
|  | Barclays Bank PLC 5.304% 8/9/2026<br>(1-year UST Yield Curve Rate T Note Constant Maturity + 2.30% on 8/9/2025)<sup>1</sup> | 2350 | 2335 |
|  | Barclays Bank PLC 5.501% 8/9/2028<br>(1-year UST Yield Curve Rate T Note Constant Maturity + 2.65% on 8/5/2027)<sup>1</sup> | 1290 | 1252 |
|  | Bath & Body Works, Inc. 6.625% 10/1/2030<sup>7</sup> | 120 | 113 |
|  | Bath & Body Works, Inc. 6.875% 11/1/2035 | 75 | 67 |
|  | Bausch Health Americas, Inc. 9.25% 4/1/2026<sup>7</sup> | 80 | 56 |
|  | Bausch Health Companies, Inc. 5.75% 8/15/2027<sup>7</sup> | 140 | 96 |
|  | Bausch Health Companies, Inc. 14.00% 10/15/2030<sup>7</sup> | 160 | 96 |
|  | Bausch Health Companies, Inc. 5.25% 2/15/2031<sup>7</sup> | 160 | 78 |
|  | Bayer AG 3.375% 10/8/2024<sup>7</sup> | 840 | 812 |
|  | Bayer US Finance II, LLC 4.25% 12/15/2025<sup>7</sup> | 203 | 197 |
|  | Bayerische Motoren Werke AG 3.90% 4/9/2025<sup>7</sup> | 900 | 881 |
|  | Bayerische Motoren Werke AG 4.15% 4/9/2030<sup>7</sup> | 900 | 857 |
|  | Beasley Mezzanine Holdings, LLC 8.625% 2/1/2026<sup>7</sup> | 30 | 18 |
|  | Becton, Dickinson and Company 4.298% 8/22/2032 | 320 | 300 |
|  | Berkshire Hathaway Energy Company 2.85% 5/15/2051 | 300 | 198 |
|  | BIP-V Chinook Holdco, LLC 5.50% 6/15/2031<sup>7</sup> | 400 | 350 |
|  | Blue Racer Midstream, LLC 7.625% 12/15/2025<sup>7</sup> | 65 | 65 |
|  | BMC Software, Inc. 9.125% 3/1/2026<sup>7</sup> | 160 | 151 |
|  | BMC Software, Inc., Term Loan, (3-month USD-LIBOR + 5.50%) 6.128% 3/31/2026<sup>8,9</sup> | 25 | 23 |
|  | BNP Paribas SA 2.159% 9/15/2029 (USD-SOFR + 1.218% on 9/15/2028)<sup>1,7</sup> | 700 | 572 |
|  | BNP Paribas SA 2.871% 4/19/2032 (USD-SOFR + 1.387% on 4/19/2031)<sup>1,7</sup> | 1275 | 1000 |
|  | Boeing Company 5.15% 5/1/2030 | 2855 | 2792 |
|  | Boeing Company 3.625% 2/1/2031 | 1127 | 990 |
|  | Bombardier, Inc. 7.125% 6/15/2026<sup>7</sup> | 60 | 58 |
|  | Bombardier, Inc. 6.00% 2/15/2028<sup>7</sup> | 65 | 60 |
|  | Bombardier, Inc. 7.45% 5/1/2034<sup>7</sup> | 125 | 126 |
|  | Booz Allen Hamilton, Inc. 3.875% 9/1/2028<sup>7</sup> | 43 | 38 |
|  | Booz Allen Hamilton, Inc. 4.00% 7/1/2029<sup>7</sup> | 132 | 116 |
|  | Boyd Gaming Corp. 4.75% 12/1/2027 | 120 | 112 |
|  | Boyd Gaming Corp. 4.75% 6/15/2031<sup>7</sup> | 45 | 39 |
|  | Boyne USA, Inc. 4.75% 5/15/2029<sup>7</sup> | 107 | 95 |
|  | Braskem Netherlands Finance BV 4.50% 1/31/2030<sup>7</sup> | 745 | 635 |
|  | British American Tobacco PLC 2.789% 9/6/2024 | 1150 | 1101 |
|  | British American Tobacco PLC 3.215% 9/6/2026 | 955 | 882 |
|  | British American Tobacco PLC 3.557% 8/15/2027 | 1545 | 1414 |
|  | British American Tobacco PLC 3.462% 9/6/2029 | 1150 | 991 |
|  | Broadcom, Inc. 4.00% 4/15/2029<sup>7</sup> | 250 | 228 |
|  | Broadcom, Inc. 3.419% 4/15/2033<sup>7</sup> | 698 | 562 |
|  | Broadcom, Inc. 3.469% 4/15/2034<sup>7</sup> | 48 | 38 |
|  | Broadcom, Inc. 3.137% 11/15/2035<sup>7</sup> | 185 | 137 |
|  | Broadcom, Inc. 3.75% 2/15/2051<sup>7</sup> | 926 | 643 |
|  | BroadStreet Partners, Inc. 5.875% 4/15/2029<sup>7</sup> | 160 | 136 |
|  | BWX Technologies, Inc. 4.125% 4/15/2029<sup>7</sup> | 195 | 171 |
|  | Caesars Entertainment, Inc. 6.25% 7/1/2025<sup>7</sup> | 35 | 34 |
|  | Caesars Entertainment, Inc. 4.625% 10/15/2029<sup>7</sup> | 15 | 12 |
|  | Caesars Resort Collection, LLC 5.75% 7/1/2025<sup>7</sup> | 165 | 162 |
|  | California Resources Corp. 7.125% 2/1/2026<sup>7</sup> | 100 | 96 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **211** |

---

------

##### [**Table of Contents**](#toc)
Capital World Bond Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **U.S. dollars**<br> **(continued)** | Callon Petroleum Co. 7.50% 6/15/2030<sup>7</sup> | USD30 | $27 |
|  | Canadian Pacific Railway, Ltd. 2.45% 12/2/2031 | 798 | 663 |
|  | Canadian Pacific Railway, Ltd. 3.10% 12/2/2051 | 1378 | 933 |
|  | CAN-PACK SA 3.875% 11/15/2029<sup>7</sup> | 90 | 71 |
|  | Carnival Corp. 6.00% 5/1/2029<sup>7</sup> | 100 | 67 |
|  | CCO Holdings, LLC 4.75% 3/1/2030<sup>7</sup> | 135 | 117 |
|  | CCO Holdings, LLC 4.50% 8/15/2030<sup>7</sup> | 255 | 211 |
|  | CCO Holdings, LLC 4.25% 2/1/2031<sup>7</sup> | 155 | 125 |
|  | CCO Holdings, LLC 4.50% 6/1/2033<sup>7</sup> | 162 | 125 |
|  | CCO Holdings, LLC 4.25% 1/15/2034<sup>7</sup> | 70 | 52 |
|  | CCO Holdings, LLC and CCO Holdings Capital Corp. 5.125% 5/1/2027<sup>7</sup> | 125 | 117 |
|  | CCO Holdings, LLC and CCO Holdings Capital Corp. 3.75% 2/15/2028 | 2650 | 2394 |
|  | CDI Escrow Issuer, Inc. 5.75% 4/1/2030<sup>7</sup> | 70 | 63 |
|  | CDK Global, Inc. 7.25% 6/15/2029<sup>7</sup> | 55 | 54 |
|  | Cedar Fair, LP 5.50% 5/1/2025<sup>7</sup> | 120 | 119 |
|  | Centene Corp. 2.45% 7/15/2028 | 40 | 34 |
|  | Centene Corp. 4.625% 12/15/2029 | 325 | 298 |
|  | Centene Corp. 2.50% 3/1/2031 | 155 | 122 |
|  | Central Garden & Pet Co. 4.125% 10/15/2030 | 74 | 61 |
|  | Central Garden & Pet Co. 4.125% 4/30/2031<sup>7</sup> | 110 | 91 |
|  | Charles River Laboratories International, Inc. 4.25% 5/1/2028<sup>7</sup> | 35 | 32 |
|  | Charles River Laboratories International, Inc. 4.00% 3/15/2031<sup>7</sup> | 70 | 61 |
|  | Cheniere Energy Partners, LP 4.50% 10/1/2029 | 160 | 144 |
|  | Cheniere Energy Partners, LP 4.00% 3/1/2031 | 75 | 64 |
|  | Cheniere Energy Partners, LP 3.25% 1/31/2032 | 56 | 45 |
|  | Chesapeake Energy Corp. 4.875% 4/15/2022<sup>3</sup> | 915 | 21 |
|  | Chesapeake Energy Corp. 5.875% 2/1/2029<sup>7</sup> | 130 | 123 |
|  | Chesapeake Energy Corp. 6.75% 4/15/2029<sup>7</sup> | 30 | 29 |
|  | Ciena Corp. 4.00% 1/31/2030<sup>7</sup> | 80 | 71 |
|  | Cigna Corp. 2.375% 3/15/2031 | 375 | 308 |
|  | Clarivate Science Holdings Corp. 3.875% 7/1/2028<sup>7</sup> | 45 | 39 |
|  | Clarivate Science Holdings Corp. 4.875% 7/1/2029<sup>7</sup> | 55 | 47 |
|  | Cleveland-Cliffs, Inc. 4.875% 3/1/2031<sup>7</sup> | 130 | 115 |
|  | CMS Energy Corp. 3.875% 3/1/2024 | 100 | 98 |
|  | CMS Energy Corp. 3.00% 5/15/2026 | 1200 | 1118 |
|  | CNX Resources Corp. 7.25% 3/14/2027<sup>7</sup> | 240 | 239 |
|  | Coinbase Global, Inc. 3.375% 10/1/2028<sup>7</sup> | 55 | 29 |
|  | Coinbase Global, Inc. 3.625% 10/1/2031<sup>7</sup> | 85 | 41 |
|  | Colombia (Republic of) 3.875% 4/25/2027 | 350 | 311 |
|  | Commonwealth Bank of Australia 2.688% 3/11/2031<sup>7</sup> | 4650 | 3593 |
|  | Compass Diversified Holdings 5.25% 4/15/2029<sup>7</sup> | 307 | 263 |
|  | Compass Diversified Holdings 5.00% 1/15/2032<sup>7</sup> | 65 | 52 |
|  | Comstock Resources, Inc. 6.75% 3/1/2029<sup>7</sup> | 110 | 99 |
|  | Comstock Resources, Inc. 5.875% 1/15/2030<sup>7</sup> | 65 | 56 |
|  | Constellation Oil Services Holding SA 4.00% PIK 12/31/2026<sup>10</sup> | 1097 | 649 |
|  | Constellium SE 3.75% 4/15/2029<sup>7</sup> | 125 | 102 |
|  | Consumers Energy Co. 3.375% 8/15/2023 | 345 | 342 |
|  | Consumers Energy Co. 3.60% 8/15/2032 | 1600 | 1462 |
|  | Corebridge Financial, Inc. 3.90% 4/5/2032<sup>7</sup> | 748 | 655 |
|  | CoreLogic, Inc. 4.50% 5/1/2028<sup>7</sup> | 364 | 280 |
|  | CoreLogic, Inc., Term Loan, (3-month USD-LIBOR + 6.50%) 10.938% 6/4/2029<sup>8,9</sup> | 65 | 47 |
|  | Corporate Office Properties, LP 2.75% 4/15/2031 | 1212 | 910 |
|  | Covanta Holding Corp. 4.875% 12/1/2029<sup>7</sup> | 25 | 21 |
|  | Crédit Agricole SA 4.375% 3/17/2025<sup>7</sup> | 1100 | 1064 |
|  | Crédit Agricole SA 1.907% 6/16/2026 (USD-SOFR + 1.676% on 6/16/2025)<sup>1,7</sup> | 2675 | 2441 |
|  | Credit Suisse Group AG 3.091% 5/14/2032 (USD-SOFR + 1.73% on 5/14/2031)<sup>1,7</sup> | 1000 | 693 |
|  | Crestwood Midstream Partners, LP 6.00% 2/1/2029<sup>7</sup> | 85 | 78 |
|  | Crestwood Midstream Partners, LP 8.00% 4/1/2029<sup>7</sup> | 100 | 100 |
|  | Crown Castle International Corp. 2.50% 7/15/2031 | 767 | 620 |
|  | CSX Corp. 3.80% 4/15/2050 | 75 | 59 |
|  | CVR Partners, LP 6.125% 6/15/2028<sup>7</sup> | 100 | 90 |
|  | Daimler Trucks Finance North America, LLC 3.65% 4/7/2027<sup>7</sup> | 725 | 679 |

---

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| | |
|:---|:---|
| **212** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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------

##### [**Table of Contents**](#toc)
Capital World Bond Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **U.S. dollars**<br> **(continued)** | Danske Bank AS 3.875% 9/12/2023<sup>7</sup> | USD1,675 | $1654 |
|  | Darling Ingredients, Inc. 6.00% 6/15/2030<sup>7</sup> | 245 | 240 |
|  | DaVita, Inc. 4.625% 6/1/2030<sup>7</sup> | 65 | 52 |
|  | Deluxe Corp. 8.00% 6/1/2029<sup>7</sup> | 20 | 16 |
|  | Deutsche Bank AG 2.129% 11/24/2026 (USD-SOFR + 1.87% on 11/24/2025)<sup>1</sup> | 850 | 751 |
|  | Deutsche Bank AG 2.311% 11/16/2027 (USD-SOFR + 1.219% on 11/16/2026)<sup>1</sup> | 1160 | 985 |
|  | Deutsche Telekom International Finance BV 9.25% 6/1/2032 | 930 | 1166 |
|  | Development Bank of Mongolia, LLC 7.25% 10/23/2023 | 1980 | 1777 |
|  | Diamond Foreign Asset Co. 9.00% Cash 4/22/2027<sup>7,9,10</sup> | 25 | 24 |
|  | Diamond Foreign Asset Co. 9.00% Cash 4/22/2027<sup>10</sup> | 22 | 21 |
|  | Diamond Sports Group, LLC 6.625% 8/15/2027<sup>7</sup> | 310 | 3 |
|  | Diebold Nixdorf, Inc. 9.375% 7/15/2025<sup>7</sup> | 309 | 221 |
|  | Diebold Nixdorf, Inc., Term Loan, (USD-SOFR + 5.25%) 6.75% 7/15/2025<sup>6,8,9</sup> | 93 | 63 |
|  | Digital Currency Group, Inc., Term Loan,<br>(3-month USD-LIBOR + 7.00%) 8.00% 11/30/2026<sup>6,8,9</sup> | 17 | 15 |
|  | Digital Currency Group, Inc., Term Loan, 8.75% 11/30/2026<sup>6,8</sup> | 22 | 18 |
|  | DIRECTV Financing, LLC 5.875% 8/15/2027<sup>7</sup> | 110 | 99 |
|  | DIRECTV Financing, LLC, Term Loan,<br>(3-month USD-LIBOR + 5.00%) 9.384% 8/2/2027<sup>8,9</sup> | 102 | 99 |
|  | Discovery Communications, Inc. 3.625% 5/15/2030 | 468 | 387 |
|  | DISH DBS Corp. 5.25% 12/1/2026<sup>7</sup> | 15 | 13 |
|  | DISH Network Corp. 11.75% 11/15/2027<sup>7</sup> | 260 | 268 |
|  | Dominican Republic 5.50% 1/27/2025<sup>7</sup> | 1375 | 1366 |
|  | Dominican Republic 8.625% 4/20/2027<sup>7</sup> | 225 | 235 |
|  | Dominican Republic 5.50% 2/22/2029<sup>7</sup> | 350 | 323 |
|  | Dominican Republic 6.40% 6/5/2049<sup>7</sup> | 813 | 660 |
|  | Duke Energy Progress, LLC 2.00% 8/15/2031 | 2360 | 1871 |
|  | Dun & Bradstreet Corp. 5.00% 12/15/2029<sup>7</sup> | 197 | 169 |
|  | Edison International 4.125% 3/15/2028 | 2390 | 2222 |
|  | Edison International 5.00% junior subordinated perpetual bonds<br>(5-year UST Yield Curve Rate T Note Constant Maturity + 3.901% on 3/15/2049)<sup>1</sup> | 100 | 84 |
|  | Electricité de France SA 4.875% 9/21/2038<sup>7</sup> | 795 | 649 |
|  | Empresas Publicas de Medellin ESP 4.25% 7/18/2029<sup>7</sup> | 1030 | 819 |
|  | Enbridge, Inc. 4.00% 10/1/2023 | 600 | 595 |
|  | Endo Luxembourg Finance Co. I SARL / Endo U.S., Inc. 6.125% 4/1/2029<sup>7</sup> | 205 | 156 |
|  | Enel Finance International SA 1.375% 7/12/2026<sup>7</sup> | 1248 | 1077 |
|  | Enel Finance International SA 1.875% 7/12/2028<sup>7</sup> | 1227 | 977 |
|  | Entegris Escrow Corp. 4.75% 4/15/2029<sup>7</sup> | 45 | 41 |
|  | Entergy Corp. 0.90% 9/15/2025 | 750 | 669 |
|  | Entergy Louisiana, LLC 4.75% 9/15/2052 | 1275 | 1151 |
|  | EQM Midstream Partners, LP 6.50% 7/1/2027<sup>7</sup> | 225 | 215 |
|  | EQM Midstream Partners, LP 7.50% 6/1/2030<sup>7</sup> | 45 | 43 |
|  | EQM Midstream Partners, LP 6.50% 7/15/2048 | 40 | 30 |
|  | EQT Corp. 7.25% 2/1/2030<sup>1</sup> | 40 | 42 |
|  | Equinix, Inc. 1.80% 7/15/2027 | 1145 | 982 |
|  | Equinix, Inc. 2.15% 7/15/2030 | 3216 | 2566 |
|  | Ethiopia (Federal Democratic Republic of) 6.625% 12/11/2024 | 3910 | 2457 |
|  | Fair Isaac Corp. 4.00% 6/15/2028<sup>7</sup> | 120 | 109 |
|  | Fannie Mae Pool #MA2754 3.00% 9/1/2026<sup>5</sup> | 59 | 57 |
|  | Fannie Mae Pool #AO4151 3.50% 6/1/2042<sup>5</sup> | 108 | 101 |
|  | Fannie Mae Pool #AP7888 3.50% 10/1/2042<sup>5</sup> | 338 | 316 |
|  | Fannie Mae Pool #AQ0770 3.50% 11/1/2042<sup>5</sup> | 131 | 123 |
|  | Fannie Mae Pool #FM8399 2.50% 8/1/2051<sup>5</sup> | 889 | 759 |
|  | Fannie Mae Pool #BT9589 2.50% 8/1/2051<sup>5</sup> | 34 | 29 |
|  | Fannie Mae Pool #CB1552 2.50% 9/1/2051<sup>5</sup> | 998 | 848 |
|  | Fannie Mae Pool #BQ7435 2.50% 9/1/2051<sup>5</sup> | 97 | 83 |
|  | Fannie Mae Pool #MA4414 2.50% 9/1/2051<sup>5</sup> | 33 | 28 |
|  | Fannie Mae Pool #FS0031 2.50% 10/1/2051<sup>5</sup> | 336 | 284 |
|  | Fannie Mae Pool #BT3056 2.50% 11/1/2051<sup>5</sup> | 721 | 613 |
|  | Fannie Mae Pool #CB2402 2.50% 12/1/2051<sup>5</sup> | 3207 | 2718 |
|  | Fannie Mae Pool #BU3413 2.50% 12/1/2051<sup>5</sup> | 807 | 685 |
|  | Fannie Mae Pool #BU3058 2.50% 12/1/2051<sup>5</sup> | 268 | 227 |

---

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| | |
|:---|:---|
| American Funds Insurance Series | **213** |

---

------

##### [**Table of Contents**](#toc)
Capital World Bond Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **U.S. dollars**<br> **(continued)** | Fannie Mae Pool #BV2930 2.50% 1/1/2052<sup>5</sup> | USD998 | $846 |
|  | Fannie Mae Pool #BU8226 2.50% 2/1/2052<sup>5</sup> | 1260 | 1070 |
|  | Fannie Mae Pool #BU1339 2.50% 2/1/2052<sup>5</sup> | 275 | 234 |
|  | Fannie Mae Pool #BV0307 2.50% 2/1/2052<sup>5</sup> | 273 | 232 |
|  | Fannie Mae Pool #BQ7473 2.50% 2/1/2052<sup>5</sup> | 158 | 134 |
|  | Fannie Mae Pool #CB2866 2.50% 2/1/2052<sup>5</sup> | 95 | 81 |
|  | Fannie Mae Pool #BV2189 2.50% 2/1/2052<sup>5</sup> | 62 | 53 |
|  | Fannie Mae Pool #CB2876 2.50% 2/1/2052<sup>5</sup> | 31 | 27 |
|  | Fannie Mae Pool #CB2809 2.50% 2/1/2052<sup>5</sup> | 32 | 27 |
|  | Fannie Mae Pool #BV3694 2.50% 2/1/2052<sup>5</sup> | 32 | 27 |
|  | Fannie Mae Pool #FS0647 3.00% 2/1/2052<sup>5</sup> | 2865 | 2557 |
|  | Fannie Mae Pool #BV4040 2.50% 3/1/2052<sup>5</sup> | 1645 | 1398 |
|  | Fannie Mae Pool #BV7520 2.50% 3/1/2052<sup>5</sup> | 864 | 734 |
|  | Fannie Mae Pool #BV8086 2.50% 3/1/2052<sup>5</sup> | 809 | 690 |
|  | Fannie Mae Pool #BU6885 2.50% 3/1/2052<sup>5</sup> | 808 | 686 |
|  | Fannie Mae Pool #BV5642 2.50% 3/1/2052<sup>5</sup> | 94 | 80 |
|  | Fannie Mae Pool #MA4578 2.50% 4/1/2052<sup>5</sup> | 4881 | 4140 |
|  | Fannie Mae Pool #BV5332 2.50% 4/1/2052<sup>5</sup> | 1929 | 1638 |
|  | Fannie Mae Pool #BQ7478 2.50% 4/1/2052<sup>5</sup> | 1222 | 1038 |
|  | Fannie Mae Pool #CB3350 2.50% 4/1/2052<sup>5</sup> | 1011 | 859 |
|  | Fannie Mae Pool #BU8802 2.50% 4/1/2052<sup>5</sup> | 998 | 848 |
|  | Fannie Mae Pool #BU8916 2.50% 4/1/2052<sup>5</sup> | 785 | 666 |
|  | Fannie Mae Pool #BU6901 2.50% 4/1/2052<sup>5</sup> | 91 | 77 |
|  | Fannie Mae Pool #MA4600 3.50% 5/1/2052<sup>5</sup> | 2782 | 2531 |
|  | Fannie Mae Pool #BV8959 2.50% 6/1/2052<sup>5</sup> | 127 | 108 |
|  | Fannie Mae Pool #FS2239 2.50% 7/1/2052<sup>5</sup> | 6973 | 5920 |
|  | Fannie Mae Pool #FS2555 4.50% 7/1/2052<sup>5</sup> | 1105 | 1065 |
|  | Fannie Mae Pool #BW6395 4.50% 8/1/2052<sup>5</sup> | 999 | 963 |
|  | Fannie Mae Pool #BW5789 4.50% 8/1/2052<sup>5</sup> | 371 | 357 |
|  | Fannie Mae Pool #BW1201 5.00% 9/1/2052<sup>5</sup> | 2820 | 2783 |
|  | Fannie Mae Pool #MA4761 5.00% 9/1/2052<sup>5</sup> | 524 | 517 |
|  | Fannie Mae Pool #MA4784 4.50% 10/1/2052<sup>5</sup> | 2209 | 2128 |
|  | Fannie Mae Pool #MA4785 5.00% 10/1/2052<sup>5</sup> | 1300 | 1283 |
|  | Fannie Mae Pool #MA4804 4.00% 11/1/2052<sup>5</sup> | 854 | 802 |
|  | Fannie Mae Pool #MA4839 4.00% 12/1/2052<sup>5</sup> | 442 | 415 |
|  | Fannie Mae Pool #MA4841 5.00% 12/1/2052<sup>5</sup> | 3000 | 2961 |
|  | Fannie Mae Pool #MA4866 4.00% 1/1/2053<sup>5</sup> | 238 | 223 |
|  | Fannie Mae Pool #MA4868 5.00% 1/1/2053<sup>5</sup> | 1000 | 987 |
|  | Fertitta Entertainment, Inc. 4.625% 1/15/2029<sup>7</sup> | 25 | 21 |
|  | Fertitta Entertainment, Inc. 6.75% 1/15/2030<sup>7</sup> | 25 | 20 |
|  | First Quantum Minerals, Ltd. 6.875% 3/1/2026<sup>7</sup> | 325 | 308 |
|  | First Quantum Minerals, Ltd. 6.875% 10/15/2027<sup>7</sup> | 240 | 226 |
|  | First Student Bidco, Inc. 4.00% 7/31/2029<sup>7</sup> | 85 | 70 |
|  | FirstEnergy Corp., Series B, 4.40% 7/15/2027 (4.15% on 1/15/2023)<sup>1</sup> | 1800 | 1678 |
|  | FirstEnergy Transmission, LLC 2.866% 9/15/2028<sup>7</sup> | 2325 | 2033 |
|  | Florida Power & Light Company 2.875% 12/4/2051 | 1465 | 990 |
|  | Ford Motor Co. 3.25% 2/12/2032 | 20 | 15 |
|  | Ford Motor Credit Company, LLC 3.81% 1/9/2024 | 290 | 282 |
|  | Ford Motor Credit Company, LLC 2.90% 2/16/2028 | 200 | 165 |
|  | Ford Motor Credit Company, LLC 4.00% 11/13/2030 | 125 | 103 |
|  | Freddie Mac Pool #ZS8588 3.00% 11/1/2030<sup>5</sup> | 47 | 45 |
|  | Freddie Mac, Series K153, Class A2, Multi Family, 3.82% 1/25/2033<sup>5</sup> | 3975 | 3742 |
|  | Freddie Mac Pool #QC7173 2.50% 9/1/2051<sup>5</sup> | 132 | 112 |
|  | Freddie Mac Pool #QC9156 2.50% 10/1/2051<sup>5</sup> | 866 | 736 |
|  | Freddie Mac Pool #QD1523 2.50% 11/1/2051<sup>5</sup> | 757 | 643 |
|  | Freddie Mac Pool #QD2521 2.50% 12/1/2051<sup>5</sup> | 67 | 57 |
|  | Freddie Mac Pool #SD0853 2.50% 1/1/2052<sup>5</sup> | 885 | 750 |
|  | Freddie Mac Pool #QD9066 2.50% 2/1/2052<sup>5</sup> | 210 | 179 |
|  | Freddie Mac Pool #QD7063 2.50% 2/1/2052<sup>5</sup> | 95 | 81 |
|  | Freddie Mac Pool #QD9879 2.50% 3/1/2052<sup>5</sup> | 730 | 619 |
|  | Freddie Mac Pool #QD9460 2.50% 3/1/2052<sup>5</sup> | 663 | 562 |
|  | Freddie Mac Pool #RA6959 2.50% 3/1/2052<sup>5</sup> | 27 | 23 |

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| | |
|:---|:---|
| **214** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
Capital World Bond Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **U.S. dollars**<br> **(continued)** | Freddie Mac Pool #QD9200 2.50% 4/1/2052<sup>5</sup> | USD919 | $780 |
|  | Freddie Mac Pool #QE0323 2.50% 4/1/2052<sup>5</sup> | 900 | 765 |
|  | Freddie Mac Pool #QE2310 2.50% 4/1/2052<sup>5</sup> | 840 | 713 |
|  | Freddie Mac Pool #QE4383 4.00% 6/1/2052<sup>5</sup> | 3563 | 3345 |
|  | Freddie Mac Pool #QE6084 5.00% 7/1/2052<sup>5</sup> | 1276 | 1260 |
|  | Freddie Mac Pool #QE8063 4.00% 8/1/2052<sup>5</sup> | 300 | 282 |
|  | Freddie Mac Pool #QE8065 4.50% 8/1/2052<sup>5</sup> | 3700 | 3565 |
|  | Freddie Mac Pool #QF0152 4.50% 9/1/2052<sup>5</sup> | 500 | 482 |
|  | Freddie Mac Pool #QF1489 4.00% 10/1/2052<sup>5</sup> | 1000 | 939 |
|  | Freddie Mac Pool #SD8256 4.00% 10/1/2052<sup>5</sup> | 400 | 376 |
|  | Freddie Mac Pool #SD8257 4.50% 10/1/2052<sup>5</sup> | 8419 | 8111 |
|  | Freddie Mac Pool #QF0866 4.50% 10/1/2052<sup>5</sup> | 2226 | 2151 |
|  | Freddie Mac Pool #QF1486 4.50% 10/1/2052<sup>5</sup> | 400 | 385 |
|  | Freddie Mac Pool #QF3304 5.00% 10/1/2052<sup>5</sup> | 800 | 790 |
|  | Freddie Mac Pool #SD8264 3.50% 11/1/2052<sup>5</sup> | 4668 | 4246 |
|  | Freddie Mac Pool #QF3985 4.00% 11/1/2052<sup>5</sup> | 308 | 290 |
|  | Freddie Mac Pool #SD8275 4.50% 12/1/2052<sup>5</sup> | 598 | 576 |
|  | Freddie Mac Pool #SD8276 5.00% 12/1/2052<sup>5</sup> | 4753 | 4692 |
|  | Freddie Mac Pool #SD8288 5.00% 1/1/2053<sup>5</sup> | 507 | 501 |
|  | Frontier Communications Corp. 5.875% 10/15/2027<sup>7</sup> | 100 | 93 |
|  | Frontier Communications Corp. 5.00% 5/1/2028<sup>7</sup> | 65 | 57 |
|  | Frontier Communications Holdings, LLC 5.875% 11/1/2029 | 250 | 194 |
|  | FS Energy and Power Fund 7.50% 8/15/2023<sup>7</sup> | 150 | 150 |
|  | FXI Holdings, Inc. 12.25% 11/15/2026<sup>7</sup> | 497 | 412 |
|  | Gartner, Inc. 3.75% 10/1/2030<sup>7</sup> | 70 | 60 |
|  | General Motors Financial Co. 1.05% 3/8/2024 | 725 | 689 |
|  | Genesis Energy, LP 8.00% 1/15/2027 | 125 | 118 |
|  | Georgia (Republic of) 2.75% 4/22/2026<sup>7</sup> | 400 | 363 |
|  | GoDaddy Operating Co. 3.50% 3/1/2029<sup>7</sup> | 80 | 67 |
|  | Goldman Sachs Group, Inc. 1.542% 9/10/2027 (USD-SOFR + 0.818% on 9/10/2026)<sup>1</sup> | 1080 | 933 |
|  | Goldman Sachs Group, Inc. 2.383% 7/21/2032 (USD-SOFR + 1.248% on 7/21/2031)<sup>1</sup> | 726 | 565 |
|  | Government National Mortgage Assn. 3.50% 1/1/2053<sup>5,11</sup> | 7440 | 6837 |
|  | Gray Escrow II, Inc. 5.375% 11/15/2031<sup>7</sup> | 30 | 22 |
|  | Group 1 Automotive, Inc. 4.00% 8/15/2028<sup>7</sup> | 145 | 123 |
|  | Groupe BPCE SA 5.15% 7/21/2024<sup>7</sup> | 1800 | 1763 |
|  | Grupo Energia Bogota SA ESP 4.875% 5/15/2030<sup>7</sup> | 660 | 593 |
|  | Hanesbrands, Inc. 4.625% 5/15/2024<sup>7</sup> | 120 | 116 |
|  | Hanesbrands, Inc. 4.875% 5/15/2026<sup>7</sup> | 100 | 90 |
|  | Harsco Corp. 5.75% 7/31/2027<sup>7</sup> | 200 | 158 |
|  | Harvest Midstream I, LP 7.50% 9/1/2028<sup>7</sup> | 25 | 24 |
|  | HCA, Inc. 5.625% 9/1/2028 | 120 | 120 |
|  | HealthEquity, Inc. 4.50% 10/1/2029<sup>7</sup> | 30 | 26 |
|  | Hess Midstream Operations, LP 5.50% 10/15/2030<sup>7</sup> | 34 | 31 |
|  | Hightower Holding, LLC 6.75% 4/15/2029<sup>7</sup> | 235 | 198 |
|  | Hilcorp Energy I, LP 6.00% 4/15/2030<sup>7</sup> | 105 | 94 |
|  | Hilcorp Energy I, LP 6.00% 2/1/2031<sup>7</sup> | 115 | 100 |
|  | Hilton Worldwide Holdings, Inc. 4.875% 1/15/2030 | 25 | 23 |
|  | Hilton Worldwide Holdings, Inc. 4.00% 5/1/2031<sup>7</sup> | 155 | 130 |
|  | Honduras (Republic of) 6.25% 1/19/2027 | 2083 | 1843 |
|  | Honduras (Republic of) 5.625% 6/24/2030 | 958 | 773 |
|  | Howard Hughes Corp. 5.375% 8/1/2028<sup>7</sup> | 275 | 248 |
|  | Howard Hughes Corp. 4.125% 2/1/2029<sup>7</sup> | 195 | 164 |
|  | Howard Hughes Corp. 4.375% 2/1/2031<sup>7</sup> | 120 | 97 |
|  | Howard Midstream Energy Partners, LLC 6.75% 1/15/2027<sup>7</sup> | 60 | 58 |
|  | HSBC Holdings PLC 2.633% 11/7/2025<br>(3-month USD-LIBOR + 1.14% on 11/7/2024)<sup>1</sup> | 305 | 287 |
|  | HSBC Holdings PLC 4.292% 9/12/2026<br>(3-month USD-LIBOR + 1.348% on 9/12/2025)<sup>1</sup> | 4172 | 3995 |
|  | HSBC Holdings PLC 2.871% 11/22/2032 (USD-SOFR + 1.41% on 11/22/2031)<sup>1</sup> | 921 | 706 |
|  | Huarong Finance 2019 Co., Ltd. (3-month USD-LIBOR + 1.125%) 5.824% 2/24/2023<sup>9</sup> | 3326 | 3316 |
|  | Huarong Finance 2019 Co., Ltd. (3-month USD-LIBOR + 1.25%) 6.007% 2/24/2025<sup>9</sup> | 363 | 342 |
|  | Huarong Finance II Co., Ltd. 5.50% 1/16/2025 | 880 | 835 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **215** |

---

------

##### [**Table of Contents**](#toc)
Capital World Bond Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **U.S. dollars**<br> **(continued)** | Huarong Finance II Co., Ltd. 5.00% 11/19/2025 | USD1,007 | $931 |
|  | HUB International, Ltd. 7.00% 5/1/2026<sup>7</sup> | 315 | 309 |
|  | Hyundai Capital America 0.875% 6/14/2024<sup>7</sup> | 1200 | 1120 |
|  | Hyundai Capital America 1.50% 6/15/2026<sup>7</sup> | 2375 | 2061 |
|  | Hyundai Capital America 1.65% 9/17/2026<sup>7</sup> | 269 | 237 |
|  | Hyundai Capital America 2.00% 6/15/2028<sup>7</sup> | 600 | 490 |
|  | Hyundai Capital Services, Inc. 3.75% 3/5/2023<sup>7</sup> | 2450 | 2442 |
|  | iHeartCommunications, Inc. 5.25% 8/15/2027<sup>7</sup> | 80 | 68 |
|  | Ingles Markets, Inc. 4.00% 6/15/2031<sup>7</sup> | 140 | 118 |
|  | Intesa Sanpaolo SpA 5.017% 6/26/2024<sup>7</sup> | 3270 | 3145 |
|  | Intesa Sanpaolo SpA 7.00% 11/21/2025<sup>7</sup> | 225 | 230 |
|  | Iraq (Republic of) 6.752% 3/9/2023<sup>7</sup> | 545 | 539 |
|  | Iron Mountain Information Management Services, Inc. 5.00% 7/15/2032<sup>7</sup> | 55 | 46 |
|  | Iron Mountain, Inc. 5.25% 7/15/2030<sup>7</sup> | 235 | 205 |
|  | Israel (State of) 3.375% 1/15/2050 | 1470 | 1136 |
|  | Israel (State of) 3.875% 7/3/2050 | 795 | 672 |
|  | Jacobs Entertainment, Inc. 6.75% 2/15/2029<sup>7</sup> | 25 | 23 |
|  | JPMorgan Chase & Co. 4.912% 7/25/2033 (USD-SOFR + 2.08% on 7/25/2032)<sup>1</sup> | 45 | 43 |
|  | Kantar Group, LLC, Term Loan B2,<br>(3-month USD-LIBOR + 4.50%) 9.23% 12/4/2026<sup>8,9</sup> | 64 | 60 |
|  | KB Home 6.875% 6/15/2027 | 50 | 50 |
|  | Keb Hana Bank 3.25% 3/30/2027<sup>7</sup> | 1370 | 1278 |
|  | Kennedy-Wilson Holdings, Inc. 4.75% 3/1/2029 | 110 | 87 |
|  | Kennedy-Wilson Holdings, Inc. 4.75% 2/1/2030 | 245 | 187 |
|  | Kinetik Holdings, LP 5.875% 6/15/2030<sup>7</sup> | 50 | 47 |
|  | Kronos Acquisition Holdings, Inc. 5.00% 12/31/2026<sup>7</sup> | 85 | 74 |
|  | Kronos Acquisition Holdings, Inc. 7.00% 12/31/2027<sup>7</sup> | 140 | 115 |
|  | LABL Escrow Issuer, LLC 10.50% 7/15/2027<sup>7</sup> | 45 | 42 |
|  | Lamar Media Corp. 3.75% 2/15/2028 | 135 | 121 |
|  | Lamar Media Corp. 3.625% 1/15/2031 | 160 | 132 |
|  | Lamb Weston Holdings, Inc. 4.125% 1/31/2030<sup>7</sup> | 200 | 177 |
|  | Lamb Weston Holdings, Inc. 4.375% 1/31/2032<sup>7</sup> | 60 | 53 |
|  | Las Vegas Sands Corp. 3.20% 8/8/2024 | 25 | 24 |
|  | LCM Investments Holdings II, LLC 4.875% 5/1/2029<sup>7</sup> | 110 | 88 |
|  | Level 3 Financing, Inc. 3.75% 7/15/2029<sup>7</sup> | 210 | 151 |
|  | Levi Strauss & Co. 3.50% 3/1/2031<sup>7</sup> | 115 | 91 |
|  | Ligado Networks, LLC 15.50% PIK 11/1/2023<sup>7,10</sup> | 124 | 40 |
|  | Lindblad Expeditions, LLC 6.75% 2/15/2027<sup>7</sup> | 5 | 5 |
|  | Lithia Motors, Inc. 4.625% 12/15/2027<sup>7</sup> | 120 | 108 |
|  | Live Nation Entertainment, Inc. 4.75% 10/15/2027<sup>7</sup> | 130 | 116 |
|  | Lloyds Banking Group PLC 1.627% 5/11/2027<br>(1-year UST Yield Curve Rate T Note Constant Maturity + 0.85% on 5/11/2026)<sup>1</sup> | 7000 | 6067 |
|  | LPL Holdings, Inc. 4.625% 11/15/2027<sup>7</sup> | 485 | 454 |
|  | LPL Holdings, Inc. 4.00% 3/15/2029<sup>7</sup> | 25 | 22 |
|  | LSB Industries, Inc. 6.25% 10/15/2028<sup>7</sup> | 126 | 115 |
|  | LSC Communications, Inc. 8.75% 10/15/2023<sup>3,6,7</sup> | 431 | 1 |
|  | Mallinckrodt PLC 10.00% 4/15/2025<sup>7</sup> | 440 | 379 |
|  | Marriott International, Inc. 2.75% 10/15/2033 | 5 | 4 |
|  | Mastercard, Inc. 2.00% 11/18/2031 | 600 | 483 |
|  | Match Group, Inc. 5.625% 2/15/2029<sup>7</sup> | 130 | 121 |
|  | Meituan Dianping 2.125% 10/28/2025 | 1730 | 1532 |
|  | Meituan Dianping 3.05% 10/28/2030<sup>7</sup> | 3095 | 2390 |
|  | Methanex Corp. 5.125% 10/15/2027 | 55 | 51 |
|  | Methanex Corp. 5.25% 12/15/2029 | 170 | 151 |
|  | Mexico City Airport Trust 5.50% 7/31/2047 | 432 | 334 |
|  | MGM Resorts International 5.50% 4/15/2027 | 90 | 84 |
|  | Midas OpCo Holdings, LLC 5.625% 8/15/2029<sup>7</sup> | 145 | 120 |
|  | Mileage Plus Holdings, LLC 6.50% 6/20/2027<sup>7</sup> | 63 | 63 |
|  | Mineral Resources, Ltd. 8.00% 11/1/2027<sup>7</sup> | 155 | 159 |
|  | Mineral Resources, Ltd. 8.50% 5/1/2030<sup>7</sup> | 25 | 25 |
|  | MISC Capital Two (Labuan), Ltd. 3.75% 4/6/2027<sup>7</sup> | 3236 | 2937 |
|  | Mohegan Gaming & Entertainment 8.00% 2/1/2026<sup>7</sup> | 105 | 98 |

---

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| | |
|:---|:---|
| **216** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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##### [**Table of Contents**](#toc)
Capital World Bond Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **U.S. dollars**<br> **(continued)** | Molina Healthcare, Inc. 4.375% 6/15/2028<sup>7</sup> | USD80 | $73 |
|  | Molina Healthcare, Inc. 3.875% 11/15/2030<sup>7</sup> | 75 | 64 |
|  | MoneyGram International, Inc. 5.375% 8/1/2026<sup>7</sup> | 50 | 51 |
|  | Morgan Stanley 1.593% 5/4/2027 (USD-SOFR + 0.879% on 5/4/2026)<sup>1</sup> | 2164 | 1901 |
|  | Morgan Stanley 1.928% 4/28/2032 (USD-SOFR + 1.02% on 4/28/2031)<sup>1</sup> | 1396 | 1057 |
|  | Mozart Debt Merger Sub, Inc. 5.25% 10/1/2029<sup>7</sup> | 155 | 123 |
|  | MSCI, Inc. 3.875% 2/15/2031<sup>7</sup> | 215 | 179 |
|  | MSCI, Inc. 3.625% 11/1/2031<sup>7</sup> | 350 | 290 |
|  | Murphy Oil Corp. 5.625% 5/1/2027 | 15 | 15 |
|  | Murphy Oil USA, Inc. 4.75% 9/15/2029 | 48 | 44 |
|  | Nabors Industries, Inc. 7.375% 5/15/2027<sup>7</sup> | 55 | 53 |
|  | National Financial Partners Corp. 6.875% 8/15/2028<sup>7</sup> | 105 | 87 |
|  | Nationstar Mortgage Holdings, Inc. 5.125% 12/15/2030<sup>7</sup> | 135 | 104 |
|  | Navient Corp. 5.00% 3/15/2027 | 45 | 39 |
|  | Navient Corp. 4.875% 3/15/2028 | 145 | 119 |
|  | NCL Corp., Ltd. 5.875% 2/15/2027<sup>7</sup> | 80 | 69 |
|  | NCR Corp. 5.25% 10/1/2030<sup>7</sup> | 15 | 12 |
|  | Neiman Marcus Group, LLC 7.125% 4/1/2026<sup>7</sup> | 85 | 80 |
|  | Netflix, Inc. 4.875% 4/15/2028 | 45 | 44 |
|  | Netflix, Inc. 4.875% 6/15/2030<sup>7</sup> | 225 | 210 |
|  | New Fortress Energy, Inc. 6.75% 9/15/2025<sup>7</sup> | 50 | 47 |
|  | New Fortress Energy, Inc. 6.50% 9/30/2026<sup>7</sup> | 255 | 237 |
|  | New York Life Global Funding 1.20% 8/7/2030<sup>7</sup> | 2725 | 2094 |
|  | Newell Rubbermaid, Inc. 4.70% 4/1/2026 | 80 | 75 |
|  | Nexstar Broadcasting, Inc. 4.75% 11/1/2028<sup>7</sup> | 255 | 221 |
|  | Nexstar Escrow Corp. 5.625% 7/15/2027<sup>7</sup> | 115 | 106 |
|  | NGL Energy Operating, LLC 7.50% 2/1/2026<sup>7</sup> | 215 | 192 |
|  | NGL Energy Partners, LP 7.50% 11/1/2023 | 200 | 195 |
|  | Niagara Mohawk Power Corp. 3.508% 10/1/2024<sup>7</sup> | 180 | 173 |
|  | Northern Oil and Gas, Inc. 8.125% 3/1/2028<sup>7</sup> | 335 | 322 |
|  | NorthRiver Midstream Finance, LP 5.625% 2/15/2026<sup>7</sup> | 105 | 100 |
|  | NortonLifeLock, Inc. 7.125% 9/30/2030<sup>7</sup> | 160 | 157 |
|  | Nova Chemicals Corp. 5.25% 6/1/2027<sup>7</sup> | 20 | 18 |
|  | Novelis Corp. 4.75% 1/30/2030<sup>7</sup> | 80 | 71 |
|  | Novelis Corp. 3.875% 8/15/2031<sup>7</sup> | 20 | 16 |
|  | NuStar Logistics, LP 5.625% 4/28/2027 | 80 | 75 |
|  | Oasis Petroleum, Inc. 6.375% 6/1/2026<sup>7</sup> | 35 | 34 |
|  | Occidental Petroleum Corp. 6.375% 9/1/2028 | 194 | 196 |
|  | Occidental Petroleum Corp. 8.875% 7/15/2030 | 25 | 28 |
|  | Occidental Petroleum Corp. 6.625% 9/1/2030 | 125 | 129 |
|  | Occidental Petroleum Corp. 6.125% 1/1/2031 | 65 | 66 |
|  | Occidental Petroleum Corp. 6.45% 9/15/2036 | 18 | 18 |
|  | Occidental Petroleum Corp. 6.60% 3/15/2046 | 15 | 15 |
|  | State of Ohio, Turnpike and Infrastructure Commission, Turnpike Rev. Ref. Bonds<br>(Infrastructure Projects), Series 2020-A, 3.216% 2/15/2048 | 1410 | 1008 |
|  | Oleoducto Central SA 4.00% 7/14/2027<sup>7</sup> | 2535 | 2241 |
|  | Oleoducto Central SA 4.00% 7/14/2027 | 630 | 557 |
|  | Open Text Corp. 3.875% 2/15/2028<sup>7</sup> | 25 | 22 |
|  | Open Text Corp., Term Loan B, (3-month USD-LIBOR + 3.50%) 3.50% 11/16/2029<sup>8,9</sup> | 155 | 151 |
|  | Option Care Health, Inc. 4.375% 10/31/2029<sup>7</sup> | 25 | 22 |
|  | Oracle Corp. 2.65% 7/15/2026 | 2327 | 2142 |
|  | Oracle Corp. 3.25% 11/15/2027 | 1880 | 1730 |
|  | Oracle Corp. 3.60% 4/1/2050 | 980 | 664 |
|  | Oracle Corp. 3.95% 3/25/2051 | 22 | 16 |
|  | Orange SA 9.00% 3/1/2031<sup>1</sup> | 2434 | 2985 |
|  | Oxford Finance, LLC 6.375% 2/1/2027<sup>7</sup> | 30 | 28 |
|  | Pacific Gas and Electric Co. 4.65% 8/1/2028 | 542 | 499 |
|  | Pacific Gas and Electric Co. 3.30% 8/1/2040 | 6850 | 4661 |
|  | Panama (Republic of) 3.75% 4/17/2026<sup>7</sup> | 465 | 439 |
|  | Panther BF Aggregator 2, LP 6.25% 5/15/2026<sup>7</sup> | 44 | 43 |
|  | Panther BF Aggregator 2, LP 8.50% 5/15/2027<sup>7</sup> | 85 | 83 |
|  | Park Intermediate Holdings, LLC 4.875% 5/15/2029<sup>7</sup> | 65 | 55 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **217** |

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##### [**Table of Contents**](#toc)
Capital World Bond Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **U.S. dollars**<br> **(continued)** | Party City Holdings, Inc. 8.75% 2/15/2026<sup>7</sup> | USD5 | $1 |
|  | Performance Food Group, Inc. 5.50% 10/15/2027<sup>7</sup> | 11 | 10 |
|  | Peru (Republic of) 2.392% 1/23/2026 | 500 | 461 |
|  | Petrobras Global Finance Co. 6.75% 6/3/2050 | 29 | 25 |
|  | Petrobras Global Finance Co. 5.50% 6/10/2051 | 21 | 16 |
|  | Petróleos Mexicanos 4.625% 9/21/2023 | 714 | 704 |
|  | Petróleos Mexicanos 6.875% 10/16/2025 | 660 | 647 |
|  | Petróleos Mexicanos 6.875% 8/4/2026 | 865 | 819 |
|  | Petróleos Mexicanos 6.49% 1/23/2027 | 406 | 371 |
|  | Petróleos Mexicanos 6.50% 3/13/2027 | 1493 | 1365 |
|  | Petróleos Mexicanos 6.84% 1/23/2030 | 681 | 564 |
|  | Petróleos Mexicanos 6.70% 2/16/2032 | 779 | 613 |
|  | Petróleos Mexicanos 6.75% 9/21/2047 | 346 | 222 |
|  | Petróleos Mexicanos 7.69% 1/23/2050 | 55 | 38 |
|  | Petróleos Mexicanos 6.95% 1/28/2060 | 201 | 128 |
|  | PG&E Corp. 5.00% 7/1/2028 | 145 | 133 |
|  | PG&E Corp. 5.25% 7/1/2030 | 175 | 160 |
|  | PGT Innovations, Inc. 4.375% 10/1/2029<sup>7</sup> | 5 | 4 |
|  | Philip Morris International, Inc. 5.125% 11/17/2027 | 315 | 318 |
|  | Philip Morris International, Inc. 5.625% 11/17/2029 | 420 | 427 |
|  | Philip Morris International, Inc. 2.10% 5/1/2030 | 634 | 514 |
|  | Philip Morris International, Inc. 5.75% 11/17/2032 | 1554 | 1589 |
|  | Picard Midco, Inc. 6.50% 3/31/2029<sup>7</sup> | 235 | 198 |
|  | Post Holdings, Inc. 5.625% 1/15/2028<sup>7</sup> | 85 | 80 |
|  | Post Holdings, Inc. 5.50% 12/15/2029<sup>7</sup> | 80 | 73 |
|  | Post Holdings, Inc. 4.625% 4/15/2030<sup>7</sup> | 444 | 384 |
|  | Procter & Gamble Company 3.00% 3/25/2030 | 338 | 310 |
|  | PT Indonesia Asahan Aluminium Tbk 5.71% 11/15/2023 | 960 | 963 |
|  | PT Indonesia Asahan Aluminium Tbk 5.45% 5/15/2030<sup>7</sup> | 500 | 477 |
|  | Qatar Petroleum 3.125% 7/12/2041<sup>7</sup> | 2895 | 2235 |
|  | Radiology Partners, Inc. 9.25% 2/1/2028<sup>7</sup> | 245 | 138 |
|  | Radiology Partners, Inc., Term Loan,<br>(3-month USD-LIBOR + 4.25%) 8.639% 7/9/2025<sup>8,9</sup> | 10 | 8 |
|  | Range Resources Corp. 4.75% 2/15/2030<sup>7</sup> | 145 | 128 |
|  | Raptor Acquisition Corp. 4.875% 11/1/2026<sup>7</sup> | 180 | 160 |
|  | Real Hero Merger Sub 2, Inc. 6.25% 2/1/2029<sup>7</sup> | 25 | 17 |
|  | RLJ Lodging Trust, LP 4.00% 9/15/2029<sup>7</sup> | 25 | 20 |
|  | Roller Bearing Company of America, Inc. 4.375% 10/15/2029<sup>7</sup> | 20 | 17 |
|  | Royal Caribbean Cruises, Ltd. 11.50% 6/1/2025<sup>7</sup> | 57 | 61 |
|  | Royal Caribbean Cruises, Ltd. 5.375% 7/15/2027<sup>7</sup> | 40 | 32 |
|  | Royal Caribbean Cruises, Ltd. 9.25% 1/15/2029<sup>7</sup> | 160 | 165 |
|  | RP Escrow Issuer, LLC 5.25% 12/15/2025<sup>7</sup> | 190 | 145 |
|  | Russian Federation 4.25% 6/23/2027<sup>3</sup> | 1400 | 602 |
|  | Ryan Specialty Group, LLC 4.375% 2/1/2030<sup>7</sup> | 45 | 39 |
|  | Sabre GLBL, Inc. 11.25% 12/15/2027<sup>7</sup> | 75 | 77 |
|  | Sally Holdings, LLC 5.625% 12/1/2025 | 48 | 46 |
|  | Santander Holdings USA, Inc. 3.244% 10/5/2026 | 3750 | 3485 |
|  | Scentre Group 3.50% 2/12/2025<sup>7</sup> | 210 | 201 |
|  | Scentre Group 3.75% 3/23/2027<sup>7</sup> | 110 | 101 |
|  | Scientific Games Corp. 7.00% 5/15/2028<sup>7</sup> | 20 | 19 |
|  | Scientific Games Holdings, LP 6.625% 3/1/2030<sup>7</sup> | 46 | 39 |
|  | SCIH Salt Holdings, Inc. 4.875% 5/1/2028<sup>7</sup> | 115 | 99 |
|  | Scotts Miracle-Gro Co. 4.50% 10/15/2029 | 140 | 114 |
|  | Scotts Miracle-Gro Co. 4.375% 2/1/2032 | 55 | 42 |
|  | Sealed Air Corp. 5.00% 4/15/2029<sup>7</sup> | 40 | 38 |
|  | ServiceNow, Inc. 1.40% 9/1/2030 | 1830 | 1404 |
|  | Silgan Holdings, Inc. 4.125% 2/1/2028 | 80 | 74 |
|  | Simmons Foods, Inc. 4.625% 3/1/2029<sup>7</sup> | 160 | 130 |
|  | Singapore Airlines, Ltd. 3.375% 1/19/2029 | 3710 | 3353 |
|  | Sirius XM Radio, Inc. 4.00% 7/15/2028<sup>7</sup> | 195 | 170 |
|  | Sirius XM Radio, Inc. 3.875% 9/1/2031<sup>7</sup> | 170 | 133 |
|  | SkyMiles IP, Ltd. 4.75% 10/20/2028<sup>7</sup> | 25 | 24 |

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| | |
|:---|:---|
| **218** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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##### [**Table of Contents**](#toc)
Capital World Bond Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **U.S. dollars**<br> **(continued)** | SM Energy Co. 5.625% 6/1/2025 | USD55 | $53 |
|  | SM Energy Co. 6.50% 7/15/2028 | 45 | 43 |
|  | Sonic Automotive, Inc. 4.625% 11/15/2029<sup>7</sup> | 45 | 36 |
|  | Sonic Automotive, Inc. 4.875% 11/15/2031<sup>7</sup> | 20 | 16 |
|  | Southern California Edison Co. 2.85% 8/1/2029 | 200 | 174 |
|  | Southwestern Energy Co. 5.95% 1/23/2025<sup>1</sup> | 110 | 108 |
|  | Southwestern Energy Co. 7.75% 10/1/2027 | 20 | 20 |
|  | Southwestern Energy Co. 8.375% 9/15/2028 | 30 | 31 |
|  | Southwestern Energy Co. 5.375% 3/15/2030 | 135 | 123 |
|  | Southwestern Energy Co. 4.75% 2/1/2032 | 105 | 90 |
|  | Spirit AeroSystems, Inc. 9.375% 11/30/2029<sup>7</sup> | 17 | 18 |
|  | Sprint Corp. 7.625% 3/1/2026 | 130 | 137 |
|  | Sri Lanka (Democratic Socialist Republic of) 5.75% 4/18/2023<sup>3</sup> | 2890 | 917 |
|  | Stellantis Finance US, Inc. 1.711% 1/29/2027<sup>7</sup> | 1500 | 1289 |
|  | Stellantis Finance US, Inc. 5.625% 1/12/2028<sup>7</sup> | 2560 | 2539 |
|  | Stellantis Finance US, Inc. 2.691% 9/15/2031<sup>7</sup> | 453 | 347 |
|  | Stericycle, Inc. 3.875% 1/15/2029<sup>7</sup> | 110 | 96 |
|  | Studio City Finance, Ltd. 6.00% 7/15/2025<sup>7</sup> | 200 | 174 |
|  | Sunoco, LP 4.50% 5/15/2029 | 290 | 254 |
|  | Sunoco, LP 4.50% 4/30/2030 | 35 | 30 |
|  | Surgery Center Holdings 10.00% 4/15/2027<sup>7</sup> | 103 | 105 |
|  | SVB Financial Group 4.70% junior subordinated perpetual bonds<br>(5-year UST Yield Curve Rate T Note Constant Maturity +<br>3.064% on 11/15/2031)<sup>1</sup> | 12 | 8 |
|  | Swiss Re Finance (Luxembourg) SA 5.00% 4/2/2049<br>(5-year UST Yield Curve Rate T Note Constant Maturity + 3.582% on 4/2/2029)<sup>1,7</sup> | 800 | 740 |
|  | Talen Energy Corp. 7.25% 5/15/2027<sup>7</sup> | 205 | 213 |
|  | Tencent Holdings, Ltd. 3.24% 6/3/2050<sup>7</sup> | 3450 | 2188 |
|  | Tenet Healthcare Corp. 4.875% 1/1/2026<sup>7</sup> | 245 | 232 |
|  | Tenet Healthcare Corp. 6.125% 10/1/2028<sup>7</sup> | 25 | 22 |
|  | Teva Pharmaceutical Finance Co. BV 6.00% 4/15/2024 | 4600 | 4518 |
|  | Teva Pharmaceutical Finance Co. BV 7.125% 1/31/2025 | 3710 | 3695 |
|  | Teva Pharmaceutical Finance Co. BV 3.15% 10/1/2026 | 110 | 96 |
|  | State of Texas, Grand Parkway Transportation Corp.,<br>Grand Parkway System Toll Rev. Ref. Bonds, Series 2020-B, 3.236% 10/1/2052 | 1780 | 1266 |
|  | Thermo Fisher Scientific, Inc. 4.80% 11/21/2027 | 630 | 633 |
|  | Tibco Software, Inc., Term Loan A,<br>(3-month USD CME Term SOFR + 4.50%) 9.18% 9/29/2028<sup>8,9</sup> | 245 | 218 |
|  | T-Mobile US, Inc. 2.40% 3/15/2029 | 1079 | 913 |
|  | Toyota Motor Credit Corp. 3.375% 4/1/2030 | 453 | 412 |
|  | TransDigm, Inc. 6.25% 3/15/2026<sup>7</sup> | 65 | 64 |
|  | TransDigm, Inc. 5.50% 11/15/2027 | 35 | 33 |
|  | TransDigm, Inc. 4.875% 5/1/2029 | 80 | 70 |
|  | Transocean Guardian, Ltd. 5.875% 1/15/2024<sup>7</sup> | 10 | 10 |
|  | Transocean Poseidon, Ltd. 6.875% 2/1/2027<sup>7</sup> | 66 | 64 |
|  | Treehouse Park Improvement Association No.1 - Anleihen 9.75% 12/1/2033<sup>6,7</sup> | 100 | 88 |
|  | Triumph Group, Inc. 6.25% 9/15/2024<sup>7</sup> | 35 | 33 |
|  | U.S. Treasury 0.125% 1/31/2023 | 12320 | 12282 |
|  | U.S. Treasury 2.625% 2/28/2023 | 6900 | 6882 |
|  | U.S. Treasury 1.875% 8/31/2024 | 4515 | 4320 |
|  | U.S. Treasury 3.25% 8/31/2024 | 1065 | 1043 |
|  | U.S. Treasury 0.25% 8/31/2025 | 20534 | 18475 |
|  | U.S. Treasury 2.875% 11/30/2025 | 5400 | 5198 |
|  | U.S. Treasury 4.00% 12/15/2025 | 1992 | 1980 |
|  | U.S. Treasury 0.375% 1/31/2026 | 14610 | 13004 |
|  | U.S. Treasury 0.75% 8/31/2026 | 4361 | 3862 |
|  | U.S. Treasury 0.875% 9/30/2026 | 11098 | 9858 |
|  | U.S. Treasury 1.125% 10/31/2026 | 1698 | 1519 |
|  | U.S. Treasury 2.50% 3/31/2027 | 9560 | 8975 |
|  | U.S. Treasury 3.875% 11/30/2027 | 105639 | 105067 |
|  | U.S. Treasury 1.625% 8/15/2029 | 10760 | 9336 |
|  | U.S. Treasury 1.375% 11/15/2031<sup>12</sup> | 25783 | 20999 |

---

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| | |
|:---|:---|
| American Funds Insurance Series | **219** |

---

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##### [**Table of Contents**](#toc)
Capital World Bond Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **U.S. dollars**<br> **(continued)** | U.S. Treasury 1.875% 2/15/2032 | USD2,000 | $1696 |
|  | U.S. Treasury 4.125% 11/15/2032 | 1169 | 1192 |
|  | U.S. Treasury 1.125% 5/15/2040 | 9170 | 5754 |
|  | U.S. Treasury 1.875% 2/15/2041<sup>12</sup> | 18740 | 13274 |
|  | U.S. Treasury 1.75% 8/15/2041 | 6050 | 4151 |
|  | U.S. Treasury 2.375% 2/15/2042 | 2872 | 2195 |
|  | U.S. Treasury 3.00% 8/15/2048 | 5045 | 4164 |
|  | U.S. Treasury 2.00% 8/15/2051 | 5755 | 3788 |
|  | U.S. Treasury 3.00% 8/15/2052<sup>12</sup> | 29749 | 24666 |
|  | U.S. Treasury Inflation-Protected Security 0.125% 2/15/2051<sup>4</sup> | 3239 | 2089 |
|  | UBS Group AG 1.008% 7/30/2024<br>(5-year UST Yield Curve Rate T Note Constant Maturity + 0.83% on 7/30/2023)<sup>1,7</sup> | 1950 | 1897 |
|  | UBS Group AG 4.49% 8/5/2025<br>(1-year UST Yield Curve Rate T Note Constant Maturity + 1.60% on 8/5/2024)<sup>1,7</sup> | 2265 | 2228 |
|  | UKG, Inc., Term Loan, (3-month USD-LIBOR + 5.25%) 8.998% 5/3/2027<sup>8,9</sup> | 75 | 69 |
|  | Ukraine 7.75% 9/1/2024<sup>3</sup> | 6210 | 1544 |
|  | Ukraine 7.75% 9/1/2026<sup>3</sup> | 1570 | 338 |
|  | Ukraine 6.876% 5/21/2031<sup>3</sup> | 1269 | 244 |
|  | Uniform Mortgage-Backed Security 5.00% 1/1/2053<sup>5,11</sup> | 2100 | 2070 |
|  | Uniform Mortgage-Backed Security 5.50% 1/1/2053<sup>5,11</sup> | 10300 | 10329 |
|  | Unisys Corp. 6.875% 11/1/2027<sup>7</sup> | 35 | 27 |
|  | United Natural Foods, Inc. 6.75% 10/15/2028<sup>7</sup> | 235 | 226 |
|  | United Rentals, Inc. 4.875% 1/15/2028 | 30 | 29 |
|  | United Rentals, Inc. 6.00% 12/15/2029<sup>7</sup> | 315 | 314 |
|  | Univision Communications, Inc. 4.50% 5/1/2029<sup>7</sup> | 240 | 201 |
|  | Univision Communications, Inc. 7.375% 6/30/2030<sup>7</sup> | 145 | 139 |
|  | US Foods, Inc. 4.625% 6/1/2030<sup>7</sup> | 35 | 31 |
|  | Vail Resorts, Inc. 6.25% 5/15/2025<sup>7</sup> | 120 | 120 |
|  | Valeant Pharmaceuticals International, Inc. 5.50% 11/1/2025<sup>7</sup> | 75 | 64 |
|  | Valvoline, Inc. 3.625% 6/15/2031<sup>7</sup> | 85 | 70 |
|  | Venator Finance SARL 9.50% 7/1/2025<sup>7</sup> | 185 | 134 |
|  | Venator Finance SARL 5.75% 7/15/2025<sup>7</sup> | 140 | 48 |
|  | Venture Global Calcasieu Pass, LLC 3.875% 8/15/2029<sup>7</sup> | 35 | 31 |
|  | Venture Global Calcasieu Pass, LLC 4.125% 8/15/2031<sup>7</sup> | 125 | 107 |
|  | Venture Global Calcasieu Pass, LLC 3.875% 11/1/2033<sup>7</sup> | 65 | 53 |
|  | Verizon Communications, Inc. 3.15% 3/22/2030 | 575 | 508 |
|  | Verizon Communications, Inc. 2.55% 3/21/2031 | 2100 | 1732 |
|  | VICI Properties, LP 4.375% 5/15/2025 | 1563 | 1520 |
|  | VICI Properties, LP 4.625% 12/1/2029<sup>7</sup> | 15 | 14 |
|  | VICI Properties, LP 4.125% 8/15/2030<sup>7</sup> | 420 | 368 |
|  | VZ Secured Financing BV 5.00% 1/15/2032<sup>7</sup> | 200 | 163 |
|  | W. R. Grace Holdings, LLC 5.625% 8/15/2029<sup>7</sup> | 20 | 16 |
|  | Warner Music Group 3.75% 12/1/2029<sup>7</sup> | 125 | 108 |
|  | Warner Music Group 3.875% 7/15/2030<sup>7</sup> | 135 | 117 |
|  | Warner Music Group 3.00% 2/15/2031<sup>7</sup> | 80 | 64 |
|  | WarnerMedia Holdings, Inc. 4.279% 3/15/2032<sup>7</sup> | 917 | 758 |
|  | WarnerMedia Holdings, Inc. 5.05% 3/15/2042<sup>7</sup> | 1928 | 1482 |
|  | Warrior Met Coal, Inc. 7.875% 12/1/2028<sup>7</sup> | 140 | 138 |
|  | WASH Multifamily Acquisition, Inc. 5.75% 4/15/2026<sup>7</sup> | 320 | 302 |
|  | WEA Finance, LLC 3.75% 9/17/2024<sup>7</sup> | 535 | 506 |
|  | Weatherford International, Ltd. 11.00% 12/1/2024<sup>7</sup> | 5 | 5 |
|  | Weatherford International, Ltd. 6.50% 9/15/2028<sup>7</sup> | 65 | 64 |
|  | Weatherford International, Ltd. 8.625% 4/30/2030<sup>7</sup> | 65 | 63 |
|  | Wells Fargo & Company 3.526% 3/24/2028 (USD-SOFR + 1.51% on 3/24/2027)<sup>1</sup> | 5788 | 5370 |
|  | Wells Fargo & Company 4.611% 4/25/2053 (USD-SOFR + 2.13% on 4/25/2052)<sup>1</sup> | 1600 | 1363 |
|  | WESCO Distribution, Inc. 7.125% 6/15/2025<sup>7</sup> | 180 | 183 |
|  | WESCO Distribution, Inc. 7.25% 6/15/2028<sup>7</sup> | 245 | 249 |
|  | Western Global Airlines, LLC 10.375% 8/15/2025<sup>7</sup> | 15 | 11 |
|  | Western Midstream Operating, LP 3.35% 2/1/2025<sup>1</sup> | 85 | 81 |
|  | Western Midstream Operating, LP 4.75% 8/15/2028 | 65 | 59 |
|  | Western Midstream Operating, LP 5.50% 2/1/2050<sup>1</sup> | 25 | 21 |

---

---

| | |
|:---|:---|
| **220** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
Capital World Bond Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
|  **U.S. dollars**<br> **(continued)** | Westpac Banking Corp. 2.894% 2/4/2030<br>(5-year UST Yield Curve Rate T Note Constant Maturity + 1.35% on 2/4/2025)<sup>1</sup> | USD1,250 | $1147 |
|  | WeWork Companies, LLC 5.00% 7/10/2025<sup>7</sup> | 50 | 17 |
|  | Wyndham Destinations, Inc. 6.625% 7/31/2026<sup>7</sup> | 65 | 64 |
|  | Wynn Las Vegas, LLC 4.25% 5/30/2023<sup>7</sup> | 38 | 38 |
|  | Wynn Resorts Finance, LLC 7.75% 4/15/2025<sup>7</sup> | 180 | 179 |
|  | Yahoo Holdings, Inc., Term Loan B,<br>(1-month USD-LIBOR + 5.50%) 9.884% 9/1/2027<sup>8,9</sup> | 110 | 100 |
|  | Ziggo Bond Co. BV 5.125% 2/28/2030<sup>7</sup> | 200 | 162 |
|  | Ziggo Bond Finance BV 4.875% 1/15/2030<sup>7</sup> | 300 | 252 |
|  |  |  | 669959 |
|  | **Total bonds, notes & other debt instruments** (cost: $1,515,444,000) |  | 1337877 |
| Investment funds 3.29% | Investment funds 3.29% | Shares |  |
|  **U.S. dollars**<br> **3.29%** | Capital Group Central Corporate Bond Fund<sup>13</sup> | 5972524 | 48676 |
|  | **Total investment funds** (cost: $47,079,000) |  | 48676 |
| Preferred securities 0.00% | Preferred securities 0.00% |  |  |
|  **U.S. dollars**<br> **0.00%** | ACR III LSC Holdings, LLC, Series B, preferred shares<sup>6,7,14</sup> | 48 | 20 |
|  | **Total preferred securities** (cost: $49,000) |  | 20 |
| Common stocks 0.01% |  |  |  |
|  **U.S. dollars**<br> **0.01%** | Constellation Oil Services Holding SA, Class B-1<sup>6,14</sup> | 1214969 | 134 |
|  | Bighorn Permian Resources, LLC<sup>6</sup> | 531 | —<sup>15</sup> |
|  | **Total common stocks** (cost: $0) |  | 134 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Short-term securities 6.79% | Short-term securities 6.79% | Weighted<br>average yield<br>at acquisition | Principal amount<br>(000) |  |
|  **Commercial paper 6.78%** |  |  |  |  |
|  | DNB Bank ASA 3/2/2023<sup>7</sup> | 4.273% | USD35,000 | 34740 |
|  | NRW.Bank 2/6/2023<sup>7</sup> | 4.192 | 31100 | 30957 |
|  | Oesterreich Kontrollbank 2/21/2023 | 4.245 | 35000 | 34773 |
|  |  |  |  | 100470 |
|  |  |  | Shares |  |
|  **Money market investments 0.01%** | **Money market investments 0.01%** |  |  |  |
|  | Capital Group Central Cash Fund 4.31%<sup>13,16</sup> |  | 1674 | 167 |
|  | **Total short-term securities** (cost: $100,664,000) |  |  | 100637 |
|  | **Total investment securities 100.37%** (cost: $1,663,236,000) |  |  | 1487344 |
|  | Other assets less liabilities (0.37)% |  |  | (5450) |
|  | **Net assets 100.00%** |  |  | $1481894 |

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| | |
|:---|:---|
| American Funds Insurance Series | **221** |

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------

##### [**Table of Contents**](#toc)
Capital World Bond Fund (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Futures contracts** | **Futures contracts** | **Futures contracts** | **Futures contracts** | **Futures contracts** | **Futures contracts** |
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Number of<br>contracts | Expiration | Notional<br>amount<br> (000) | Value and<br>unrealized<br>(depreciation)<br>appreciation<br> at 12/31/2022<br> (000) |
|  2 Year Euro-Schatz Futures | Long | 60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USD6,771 | $(87) |
|  2 Year U.S. Treasury Note Futures | Long | 130 | March 2023 | 26660 | 31 |
|  5 Year Euro-Bobl Futures | Long | 236 | March 2023 | 29242 | (987) |
|  5 Year U.S. Treasury Note Futures | Long | 1196 | March 2023 | 129084 | (139) |
|  10 Year Euro-Bund Futures | Long | 95 | March 2023 | 13518 | (880) |
|  10 Year Italy Government Bond Futures | Long | 71 | March 2023 | 8278 | (663) |
|  10 Year Japanese Government Bond Futures | Long | 9 | March 2023 | 9975 | (41) |
|  10 Year U.S. Treasury Note Futures | Long | 328 | March 2023 | 36833 | (201) |
|  10 Year Ultra U.S. Treasury Note Futures | Short | 175 | March 2023 | (20699) | 123 |
|  10 Year UK Gilt Futures | Short | 44 | March 2023 | (5314) | 335 |
|  20 Year U.S. Treasury Bond Futures | Long | 65 | March 2023 | 8147 | (131) |
|  30 Year Euro-Buxl Futures | Long | 57 | March 2023 | 8252 | (1530) |
|  30 Year Ultra U.S. Treasury Bond Futures | Short | 170 | March 2023 | (22833) | 183 |
|  |  |  |  |  | $(3987) |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward currency contracts** | **Forward currency contracts** | **Forward currency contracts** | **Forward currency contracts** | **Forward currency contracts** | **Forward currency contracts** | **Forward currency contracts** |
|  |  |  |  |  |  | <br> Unrealized<br> appreciation<br> (depreciation) |
| Contract amount | Contract amount | Contract amount | Contract amount |  |  | <br> Unrealized<br> appreciation<br> (depreciation) |
|  Currency purchased<br> (000) | Currency purchased<br> (000) | Currency sold<br> (000) | Currency sold<br> (000) | Counterparty | Settlement<br> date | at 12/31/2022<br> (000)  |
|  KRW | 8431290 | USD | 6478 | Bank of America | 1/9/2023 | $219 |
|  HUF | 1284310 | EUR | 3067 | UBS AG | 1/10/2023 | 145 |
|  PLN | 20540 | EUR | 4330 | HSBC Bank | 1/10/2023 | 45 |
|  DKK | 17400 | USD | 2465 | UBS AG | 1/10/2023 | 42 |
|  PLN | 3330 | USD | 739 | UBS AG | 1/10/2023 | 20 |
|  SEK | 23400 | USD | 2256 | UBS AG | 1/10/2023 | (12) |
|  USD | 6519 | AUD | 9680 | HSBC Bank | 1/10/2023 | (75) |
|  USD | 2058 | HUF | 818090 | UBS AG | 1/10/2023 | (127) |
|  EUR | 6800 | USD | 7143 | Bank of America | 1/11/2023 | 142 |
|  CNH | 154697 | USD | 22271 | Citibank | 1/11/2023 | 105 |
|  USD | 1405 | EUR | 1320 | Bank of America | 1/11/2023 | (9) |
|  USD | 2019 | EUR | 1900 | Bank of America | 1/11/2023 | (17) |
|  SEK | 22100 | USD | 2141 | Bank of America | 1/11/2023 | (22) |
|  NZD | 1070 | USD | 682 | Morgan Stanley | 1/12/2023 | (2) |
|  JPY | 2083770 | USD | 15470 | Bank of America | 1/13/2023 | 438 |
|  CNH | 146490 | USD | 21104 | JPMorgan Chase | 1/13/2023 | 89 |
|  USD | 4476 | GBP | 3660 | Morgan Stanley | 1/13/2023 | 50 |
|  PLN | 18110 | EUR | 3807 | UBS AG | 1/13/2023 | 50 |
|  CHF | 2790 | USD | 2985 | UBS AG | 1/13/2023 | 37 |
|  USD | 3682 | CAD | 4970 | Standard Chartered Bank | 1/13/2023 | 11 |
|  EUR | 9477 | DKK | 70470 | BNP Paribas | 1/13/2023 | (1) |
|  USD | 807 | NOK | 7930 | UBS AG | 1/13/2023 | (3) |
|  USD | 19831 | MXN | 394043 | UBS AG | 1/13/2023 | (336) |
|  EUR | 6752 | PLN | 31970 | HSBC Bank | 1/17/2023 | (48) |
|  JPY | 6231228 | USD | 45941 | Standard Chartered Bank | 1/20/2023 | 1678 |
|  JPY | 3696640 | USD | 27194 | Standard Chartered Bank | 1/20/2023 | 1056 |
|  USD | 5044 | HUF | 1807090 | Bank of America | 1/20/2023 | 232 |
|  JPY | 573812 | AUD | 6280 | HSBC Bank | 1/20/2023 | 105 |
|  CAD | 16753 | USD | 12310 | Bank of America | 1/20/2023 | 64 |
|  CZK | 124020 | USD | 5572 | Goldman Sachs | 1/20/2023 | (92) |
|  USD | 14203 | DKK | 100190 | Bank of America | 1/20/2023 | (244) |

---

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| | |
|:---|:---|
| **222** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
Capital World Bond Fund (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward currency contracts** (continued) | **Forward currency contracts** (continued) | **Forward currency contracts** (continued) | **Forward currency contracts** (continued) | **Forward currency contracts** (continued) | | |
|  |  |  |  |  |  | <br> Unrealized<br> appreciation<br> (depreciation) |
| Contract amount | Contract amount | Contract amount | Contract amount |  |  | <br> Unrealized<br> appreciation<br> (depreciation) |
|  Currency<br> purchased<br> (000) | Currency<br> purchased<br> (000) | Currency sold<br> (000) | Currency sold<br> (000) | Counterparty | Settlement<br> date | at 12/31/2022<br> (000)  |
|  USD | 5215 | CZK | 124020 | Morgan Stanley | 1/20/2023 | $(266) |
|  HUF | 1807090 | USD | 5519 | Bank of America | 1/20/2023 | (706) |
|  EUR | 23500 | USD | 24897 | Bank of America | 1/23/2023 | 303 |
|  USD | 2087 | COP | 10038860 | Morgan Stanley | 1/23/2023 | 26 |
|  CZK | 47290 | EUR | 1935 | UBS AG | 1/23/2023 | 14 |
|  COP | 3594590 | USD | 753 | Bank of America | 1/23/2023 | (15) |
|  USD | 10027 | EUR | 9480 | BNP Paribas | 1/23/2023 | (139) |
|  THB | 84660 | USD | 2468 | Standard Chartered Bank | 1/26/2023 | (8) |
|  JPY | 833790 | USD | 5779 | Standard Chartered Bank | 1/27/2023 | 599 |
|  JPY | 1210240 | USD | 8936 | BNP Paribas | 1/27/2023 | 322 |
|  JPY | 419350 | USD | 2897 | UBS AG | 1/27/2023 | 310 |
|  JPY | 559100 | USD | 4149 | Goldman Sachs | 1/27/2023 | 128 |
|  PLN | 24520 | USD | 5913 | BNP Paribas | 2/2/2023 | (333) |
|  KRW | 2855970 | USD | 2161 | Standard Chartered Bank | 2/28/2023 | 110 |
|  EUR | 14020 | USD | 14746 | Bank of America | 3/6/2023 | 330 |
|  CNH | 64940 | USD | 9270 | Standard Chartered Bank | 3/6/2023 | 162 |
|  JPY | 417300 | USD | 3097 | BNP Paribas | 3/6/2023 | 111 |
|  KRW | 2388130 | USD | 1834 | HSBC Bank | 3/6/2023 | 65 |
|  |  |  |  |  |  | $4553 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap contracts** | | | | | | | | |
|  **Interest rate swaps** | **Interest rate swaps** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Centrally cleared interest rate swaps** | &nbsp;&nbsp;&nbsp;&nbsp; **Centrally cleared interest rate swaps** | &nbsp;&nbsp;&nbsp;&nbsp; **Centrally cleared interest rate swaps** | &nbsp;&nbsp;&nbsp;&nbsp; **Centrally cleared interest rate swaps** |  |  |  |  |  |
|  Receive | Receive | <u>Pay</u> | <u>Pay</u> |  |  | Value at<br> 12/31/2022<br> (000 | Upfront<br> premium<br> paid<br> (000 | Unrealized<br>depreciation<br> at 12/31/2022<br> (000) |
|  Rate | Payment<br> frequency | Rate | Payment<br> frequency | Expiration<br> date | Notional<br> amount<br> (000) | Value at<br> 12/31/2022<br> (000 | Upfront<br> premium<br> paid<br> (000 | Unrealized<br>depreciation<br> at 12/31/2022<br> (000) |
|  1.2475% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 8/20/2023 | NZD4,428 | $(70) | $– | $(70) |
|  1.234974% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 8/20/2023 | 37736 | (600) |  | (600) |
|  1.2375% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 8/26/2023 | 13908 | (231) |  | (231) |
|  1.264% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 8/27/2023 | 34764 | (572) |  | (572) |
|  1.26% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 8/30/2023 | 5734 | (95) |  | (95) |
|  1.28% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 8/31/2023 | 5734 | (95) |  | (95) |
|  1.30% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 9/3/2023 | 6295 | (106) |  | (106) |
|  1.4975% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 9/21/2023 | 11830 | (206) |  | (206) |
|  1.445% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 9/28/2023 | 11817 | (215) |  | (215) |
|  1.4475% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 9/29/2023 | 12043 | (220) |  | (220) |
|  1.4475% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 9/30/2023 | 12093 | (221) |  | (221) |
|  1.5125% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 10/14/2023 | 10675 | (203) |  | (203) |
|  1.53% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 10/14/2023 | 12176 | (230) |  | (230) |
|  1.5625% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 10/15/2023 | 12163 | (228) |  | (228) |
|  1.59% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 10/18/2023 | 12163 | (228) |  | (228) |
|  1.62% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 10/19/2023 | 13521 | (252) |  | (252) |
|  2.2525% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 11/8/2023 | 17111 | (283) |  | (283) |
|  2.24% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 11/8/2023 | 17111 | (284) |  | (284) |
|  2.20% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 11/9/2023 | 1440 | (24) |  | (24) |
|  2.495% | Annual | SONIA | Annual | 5/5/2024 | GBP7,210 | (183) |  | (183) |
|  2.42% | Annual | SONIA | Annual | 5/5/2024 | 42400 | (1114) |  | (1114) |
|  2.363% | Annual | SONIA | Annual | 5/11/2024 | 40870 | (1101) |  | (1101) |
|  2.628% | Annual | SONIA | Annual | 7/28/2024 | 40530 | (1386) |  | (1386) |
|  SONIA | Annual | 5.6325% | Annual | 9/25/2024 | 41140 | (468) |  | (468) |
|  6.255% | 28-day | 28-day MXN-TIIE | 28-day | 5/22/2026 | MXN47,800 | (198) |  | (198) |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **223** |

---

------

##### [**Table of Contents**](#toc)
Capital World Bond Fund (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap contracts** (continued) | **Swap contracts** (continued) | | | | | | | |
|  **Interest rate swaps** (continued) | **Interest rate swaps** (continued) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Centrally cleared interest rate swaps (continued)** | &nbsp;&nbsp;&nbsp;&nbsp; **Centrally cleared interest rate swaps (continued)** | &nbsp;&nbsp;&nbsp;&nbsp; **Centrally cleared interest rate swaps (continued)** | &nbsp;&nbsp;&nbsp;&nbsp; **Centrally cleared interest rate swaps (continued)** |  |  |  |  |  |
|  Receive | Receive | <u>Pay</u> | <u>Pay</u> |  | Notional<br> amount<br> (000 | Value at<br> 12/31/2022<br> (000 | Upfront<br> premium<br> paid<br> (000 | Unrealized<br>depreciation<br> at 12/31/2022<br> (000) |
|  Rate | Payment<br> frequency | Rate | Payment<br> frequency | Expiration<br> date | Notional<br> amount<br> (000 | Value at<br> 12/31/2022<br> (000 | Upfront<br> premium<br> paid<br> (000 | Unrealized<br>depreciation<br> at 12/31/2022<br> (000) |
|  6.19% | 28-day | 28-day MXN-TIIE | 28-day | 5/22/2026 | MXN48,400 | $(205) | $– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(205) |
|  6.16% | 28-day | 28-day MXN-TIIE | 28-day | 6/9/2026 | 58800 | (253) | –<sup>15</sup> | (253) |
|  6.5375% | 28-day | 28-day MXN-TIIE | 28-day | 6/17/2026 | 14000 | (52) |  | (52) |
|  6.50% | 28-day | 28-day MXN-TIIE | 28-day | 6/17/2026 | 13900 | (53) |  | (53) |
|  6.47% | 28-day | 28-day MXN-TIIE | 28-day | 6/17/2026 | 14200 | (55) |  | (55) |
|  6.55% | 28-day | 28-day MXN-TIIE | 28-day | 6/17/2026 | 43000 | (160) | –<sup>15</sup> | (160) |
|  6.55% | 28-day | 28-day MXN-TIIE | 28-day | 6/18/2026 | 14100 | (53) |  | (53) |
|  6.50% | 28-day | 28-day MXN-TIIE | 28-day | 6/18/2026 | 27800 | (106) |  | (106) |
|  6.64% | 28-day | 28-day MXN-TIIE | 28-day | 6/25/2026 | 62600 | (226) |  | (226) |
|  6.633% | 28-day | 28-day MXN-TIIE | 28-day | 6/25/2026 | 172500 | (623) |  | (623) |
|  7.59% | 28-day | 28-day MXN-TIIE | 28-day | 10/29/2026 | 28900 | (64) |  | (64) |
|  7.62% | 28-day | 28-day MXN-TIIE | 28-day | 10/29/2026 | 43375 | (94) |  | (94) |
|  7.52% | 28-day | 28-day MXN-TIIE | 28-day | 10/30/2026 | 89445 | (209) |  | (209) |
|  |  |  |  |  |  | $(10966) | $–<sup>15</sup> | $(10966) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Credit default swaps** | **Credit default swaps** | **Credit default swaps** | **Credit default swaps** | **Credit default swaps** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Centrally cleared credit default swaps on credit indices – buy protection** | &nbsp;&nbsp;&nbsp;&nbsp; **Centrally cleared credit default swaps on credit indices – buy protection** | &nbsp;&nbsp;&nbsp;&nbsp; **Centrally cleared credit default swaps on credit indices – buy protection** | &nbsp;&nbsp;&nbsp;&nbsp; **Centrally cleared credit default swaps on credit indices – buy protection** | &nbsp;&nbsp;&nbsp;&nbsp; **Centrally cleared credit default swaps on credit indices – buy protection** |  |  |  |
|  Reference<br> index | Financing<br> rate paid | Payment<br> frequency | Expiration<br> date | Notional<br> amount<br> (000) | Value at<br>12/31/2022<br> (000) | Upfront<br>premium<br>paid<br> (000) | Unrealized<br>depreciation<br>at 12/31/2022<br> (000) |
|  CDX.EM.38 | 1.00% | Quarterly | 12/20/2027 | USD5,650 | $331 | $350 | $(19) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Centrally cleared credit default swaps on credit indices – sell protection** | &nbsp;&nbsp;&nbsp;&nbsp; **Centrally cleared credit default swaps on credit indices – sell protection** | &nbsp;&nbsp;&nbsp;&nbsp; **Centrally cleared credit default swaps on credit indices – sell protection** | &nbsp;&nbsp;&nbsp;&nbsp; **Centrally cleared credit default swaps on credit indices – sell protection** | &nbsp;&nbsp;&nbsp;&nbsp; **Centrally cleared credit default swaps on credit indices – sell protection** |  |  |  |
|  Financing<br> rate received | Payment<br> frequency | Reference<br> index | Expiration<br> date | Notional<br> amount<br> (000)<br><sup>17</sup> <br>| Value at<br>12/31/2022<sup>18</sup><br> (000) | Upfront<br>premium<br>(received)<br> paid<br> (000) | Unrealized<br>appreciation<br>at 12/31/2022<br> (000) |
|  5.00% | Quarterly | CDX.NA.HY.39 | 12/20/2027 | USD19,138 | $118 | $(134) | $252 |
|  1.00% | Quarterly | CDX.NA.IG.39 | 12/20/2027 | 97747 | 781 | 547 | 234 |
|  |  |  |  |  | $899 | $413 | $486 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments in affiliates<sup>13</sup>** | | | | | | | |
|  | Value of |  |  | Net | Net<br>unrealized | Value of |  |
|  | affiliates at |  |  | realized | appreciation | affiliates at | Dividend |
|  | 1/1/2022 | Additions | Reductions | gain | (depreciation) | 12/31/2022 | income |
|  | (000) | (000) | (000) | (000) | (000) | (000) | (000) |
|  **Investment funds 3.29%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Corporate Bond Fund |  | $47078 | $– | $– | $1598 | $48676 | $306 |
|  **Short-term securities 0.01%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Money market investments 0.01%** | &nbsp;&nbsp;&nbsp;&nbsp; **Money market investments 0.01%** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 4.31%<sup>16</sup> | 144080 | 923691 | 1067610 | 17 | (11) | 167 | 2751 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total 3.30%** | &nbsp;&nbsp;&nbsp;&nbsp; **Total 3.30%** |  |  | $17 | $1587 | $48843 | $3057 |

---

---

| | |
|:---|:---|
| **224** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
Capital World Bond Fund (continued)

 **Restricted securities<sup>2</sup>**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition<br>date | Cost<br>(000) | Value<br>(000) | Percent<br>of net<br>assets |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. 3.375% 3/27/2025 | 5/19/2020 | $5689 | $5327 | .36% |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. 1.00% 3/18/2033 | 5/19/2021 | 3239 | 2091 | .14 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. 3.648% 3/31/2029<br> (3-month EUR-EURIBOR + 3.67% on 3/31/2028)<sup>1</sup> | 5/19/2020 | 6045 | 5177 | .35 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. 0.389% 2/24/2028<br> (3-month EUR-EURIBOR + 0.65% on 2/24/2027)<sup>1</sup> | 5/19/2020 | 3381 | 2944 | .20 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** |  | $18354 | $15539 | 1.05% |

---

<sup>1</sup> Step bond; coupon rate may change at a later date.

<sup>2</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $15,539,000, which represented 1.05% of the net assets of the fund. 

<sup>3</sup> Scheduled interest and/or principal payment was not received.

<sup>4</sup> Index-linked bond whose principal amount moves with a government price index. 

<sup>5</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>6</sup> Value determined using significant unobservable inputs.

<sup>7</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $166,829,000, which represented 11.26% of the net assets of the fund. 

<sup>8</sup> Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $1,760,000, which represented .12% of the net assets of the fund. 

<sup>9</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.

<sup>10</sup> Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available.

<sup>11</sup> Purchased on a TBA basis.

<sup>12</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $12,515,000, which represented .84% of the net assets of the fund. 

<sup>13</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

<sup>14</sup> Security did not produce income during the last 12 months.

<sup>15</sup> Amount less than one thousand. 

<sup>16</sup> Rate represents the seven-day yield at 12/31/2022.

<sup>17</sup> The maximum potential amount the fund may pay as a protection seller should a credit event occur. 

<sup>18</sup> The prices and resulting values for credit default swap indices serve as an indicator of the current status of the payment/performance risk. As the value of a sell protection credit default swap increases or decreases, when compared to the notional amount of the swap, the payment/performance risk may decrease or increase, respectively. 

**Key to abbreviations** 

Assn. = Association

AUD = Australian dollars

BBR = Bank Base Rate

BRL = Brazilian reais

CAD = Canadian dollars

CHF = Swiss francs

CLP = Chilean pesos

CME = CME Group

CNH = Chinese yuan renminbi

CNY = Chinese yuan

COP = Colombian pesos

CZK = Czech korunas

DAC = Designated Activity Company

DKK = Danish kroner

DOP = Dominican pesos

EUR = Euros

EURIBOR = Euro Interbank Offered Rate

FRA = Forward Rate Agreement

GBP = British pounds

HUF = Hungarian forints

IDR = Indonesian rupiah

INR = Indian rupees

JPY = Japanese yen

KRW = South Korean won

LIBOR = London Interbank Offered Rate

MXN = Mexican pesos

MYR = Malaysian ringgits

NOK = Norwegian kroner

NZD = New Zealand dollars

PIK = Payment In Kind

PLN = Polish zloty

Ref. = Refunding

Rev. = Revenue

RON = Romanian leu

RUB = Russian rubles

SEK = Swedish kronor

SOFR = Secured Overnight Financing Rate

SONIA = Sterling Overnight Interbank Average Rate

TBA = To be announced

THB = Thai baht

TIIE = Equilibrium Interbank Interest Rate

UAH = Ukrainian hryvnia

USD = U.S. dollars

ZAR = South African rand

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American Funds Insurance Series | **225** |

---

------

##### [**Table of Contents**](#toc)
American High-Income Trust

**Investment portfolio** December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments 88.59% | Bonds, notes & other debt instruments 88.59% | Principal amount<br>(000) | Value<br>(000) |
|  **Corporate bonds, notes & loans 88.51%** | **Corporate bonds, notes & loans 88.51%** |  |  |
|  **Energy**<br> **14.19%** | Aethon United BR, LP / Aethon United Finance Corp. 8.25% 2/15/2026<sup>1</sup> | USD295 | $293 |
|  | Altera Infrastructure, LP 8.50% 7/15/2023<sup>1,2,3</sup> | 2009 | 375 |
|  | Antero Midstream Partners, LP 5.375% 6/15/2029<sup>1</sup> | 570 | 522 |
|  | Antero Resources Corp. 7.625% 2/1/2029<sup>1</sup> | 244 | 246 |
|  | Antero Resources Corp. 5.375% 3/1/2030<sup>1</sup> | 230 | 214 |
|  | Apache Corp. 6.00% 1/15/2037 | 165 | 153 |
|  | Apache Corp. 5.10% 9/1/2040 | 695 | 578 |
|  | Apache Corp. 4.75% 4/15/2043 | 265 | 200 |
|  | Ascent Resources - Utica, LLC, Term Loan,<br>(3-month USD-LIBOR + 9.00%) 10.00% 11/1/2025<sup>1,4,5</sup> | 228 | 242 |
|  | Ascent Resources Utica Holdings, LLC 7.00% 11/1/2026<sup>1</sup> | 2040 | 1982 |
|  | Ascent Resources Utica Holdings, LLC 9.00% 11/1/2027<sup>1</sup> | 170 | 210 |
|  | Ascent Resources Utica Holdings, LLC 8.25% 12/31/2028<sup>1</sup> | 271 | 266 |
|  | Ascent Resources Utica Holdings, LLC 5.875% 6/30/2029<sup>1</sup> | 1245 | 1112 |
|  | BIP-V Chinook Holdco, LLC 5.50% 6/15/2031<sup>1</sup> | 1610 | 1409 |
|  | Blue Racer Midstream, LLC 7.625% 12/15/2025<sup>1</sup> | 496 | 493 |
|  | Bonanza Creek Energy, Inc. 5.00% 10/15/2026<sup>1</sup> | 905 | 829 |
|  | California Resources Corp. 7.125% 2/1/2026<sup>1</sup> | 390 | 375 |
|  | Callon Petroleum Co. 7.50% 6/15/2030<sup>1</sup> | 515 | 472 |
|  | Centennial Resource Production, LLC 6.875% 4/1/2027<sup>1</sup> | 440 | 416 |
|  | Cheniere Energy Partners, LP 4.50% 10/1/2029 | 938 | 846 |
|  | Cheniere Energy Partners, LP 4.00% 3/1/2031 | 413 | 352 |
|  | Cheniere Energy Partners, LP 3.25% 1/31/2032 | 615 | 490 |
|  | Cheniere Energy, Inc. 4.625% 10/15/2028 | 3831 | 3470 |
|  | Chesapeake Energy Corp. 4.875% 4/15/2022<sup>2</sup> | 4300 | 97 |
|  | Chesapeake Energy Corp. 5.50% 2/1/2026<sup>1</sup> | 1000 | 966 |
|  | Chesapeake Energy Corp. 5.875% 2/1/2029<sup>1</sup> | 1670 | 1585 |
|  | Chesapeake Energy Corp. 6.75% 4/15/2029<sup>1</sup> | 380 | 371 |
|  | CNX Midstream Partners, LP 4.75% 4/15/2030<sup>1</sup> | 280 | 230 |
|  | CNX Resources Corp. 7.25% 3/14/2027<sup>1</sup> | 1168 | 1161 |
|  | CNX Resources Corp. 6.00% 1/15/2029<sup>1</sup> | 1669 | 1538 |
|  | CNX Resources Corp. 7.375% 1/15/2031<sup>1</sup> | 856 | 822 |
|  | Comstock Resources, Inc. 6.75% 3/1/2029<sup>1</sup> | 910 | 823 |
|  | Comstock Resources, Inc. 5.875% 1/15/2030<sup>1</sup> | 770 | 663 |
|  | Constellation Oil Services Holding SA 4.00% PIK 12/31/2026<sup>6</sup> | 3114 | 1843 |
|  | Continental Resources, Inc. 5.75% 1/15/2031<sup>1</sup> | 365 | 341 |
|  | Crestwood Midstream Partners, LP 5.75% 4/1/2025 | 250 | 244 |
|  | Crestwood Midstream Partners, LP 5.625% 5/1/2027<sup>1</sup> | 290 | 270 |
|  | Crestwood Midstream Partners, LP 6.00% 2/1/2029<sup>1</sup> | 575 | 528 |
|  | Crestwood Midstream Partners, LP 8.00% 4/1/2029<sup>1</sup> | 1675 | 1669 |
|  | Devon Energy Corp. 5.875% 6/15/2028 | 202 | 205 |
|  | Devon Energy Corp. 4.50% 1/15/2030 | 493 | 460 |
|  | Diamond Foreign Asset Co. 9.00% Cash 4/22/2027<sup>1,5,6</sup> | 68 | 65 |
|  | Diamond Foreign Asset Co. 9.00% Cash 4/22/2027<sup>6</sup> | 62 | 58 |
|  | DT Midstream, Inc. 4.125% 6/15/2029<sup>1</sup> | 1503 | 1294 |
|  | DT Midstream, Inc. 4.375% 6/15/2031<sup>1</sup> | 832 | 699 |
|  | Energean Israel Finance, Ltd. 4.50% 3/30/2024<sup>1</sup> | 945 | 914 |
|  | Energean Israel Finance, Ltd. 4.875% 3/30/2026<sup>1</sup> | 1080 | 1002 |
|  | Energean Israel Finance, Ltd. 5.875% 3/30/2031<sup>1</sup> | 80 | 70 |
|  | Energean PLC 6.50% 4/30/2027<sup>1</sup> | 380 | 354 |
|  | EnLink Midstream Partners, LLC 5.625% 1/15/2028<sup>1</sup> | 445 | 425 |
|  | EQM Midstream Partners, LP 4.125% 12/1/2026 | 127 | 113 |
|  | EQM Midstream Partners, LP 7.50% 6/1/2027<sup>1</sup> | 405 | 397 |
|  | EQM Midstream Partners, LP 6.50% 7/1/2027<sup>1</sup> | 2345 | 2245 |
|  | EQM Midstream Partners, LP 5.50% 7/15/2028 | 881 | 789 |
|  | EQM Midstream Partners, LP 4.50% 1/15/2029<sup>1</sup> | 835 | 703 |
|  | EQM Midstream Partners, LP 7.50% 6/1/2030<sup>1</sup> | 1078 | 1040 |
|  | EQM Midstream Partners, LP 4.75% 1/15/2031<sup>1</sup> | 1645 | 1348 |
|  | EQM Midstream Partners, LP 6.50% 7/15/2048 | 910 | 684 |
|  | EQT Corp. 6.125% 2/1/2025<sup>7</sup> | 250 | 251 |
|  | EQT Corp. 5.00% 1/15/2029 | 290 | 273 |

---

---

| | |
|:---|:---|
| **226** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
American High-Income Trust (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |  |  |
|  **Energy**<br> **(continued)** | EQT Corp. 7.25% 2/1/2030<sup>7</sup> | USD300 | $312 |
|  | EQT Corp. 3.625% 5/15/2031<sup>1</sup> | 500 | 424 |
|  | Genesis Energy, LP 5.625% 6/15/2024 | 120 | 116 |
|  | Genesis Energy, LP 6.50% 10/1/2025 | 1886 | 1805 |
|  | Genesis Energy, LP 6.25% 5/15/2026 | 320 | 293 |
|  | Genesis Energy, LP 8.00% 1/15/2027 | 2825 | 2672 |
|  | Genesis Energy, LP 7.75% 2/1/2028 | 87 | 80 |
|  | Harbour Energy PLC 5.50% 10/15/2026<sup>1</sup> | 1545 | 1387 |
|  | Harvest Midstream I, LP 7.50% 9/1/2028<sup>1</sup> | 1947 | 1863 |
|  | Hess Midstream Operations, LP 4.25% 2/15/2030<sup>1</sup> | 1300 | 1113 |
|  | Hess Midstream Operations, LP 5.50% 10/15/2030<sup>1</sup> | 630 | 577 |
|  | Hess Midstream Partners, LP 5.125% 6/15/2028<sup>1</sup> | 851 | 788 |
|  | Hilcorp Energy I, LP 6.25% 11/1/2028<sup>1</sup> | 145 | 132 |
|  | Hilcorp Energy I, LP 5.75% 2/1/2029<sup>1</sup> | 985 | 878 |
|  | Hilcorp Energy I, LP 6.00% 4/15/2030<sup>1</sup> | 922 | 821 |
|  | Hilcorp Energy I, LP 6.00% 2/1/2031<sup>1</sup> | 728 | 631 |
|  | Hilcorp Energy I, LP 6.25% 4/15/2032<sup>1</sup> | 835 | 722 |
|  | Holly Energy Partners, LP / Holly Energy Finance Corp. 6.375% 4/15/2027<sup>1</sup> | 220 | 216 |
|  | Holly Energy Partners, LP / Holly Energy Finance Corp. 5.00% 2/1/2028<sup>1</sup> | 260 | 237 |
|  | Howard Midstream Energy Partners, LLC 6.75% 1/15/2027<sup>1</sup> | 460 | 442 |
|  | Independence Energy Finance, LLC 7.25% 5/1/2026<sup>1</sup> | 500 | 472 |
|  | Kinetik Holdings, LP 5.875% 6/15/2030<sup>1</sup> | 500 | 470 |
|  | Murphy Oil Corp. 5.75% 8/15/2025 | 139 | 137 |
|  | Murphy Oil Corp. 5.625% 5/1/2027 | 135 | 131 |
|  | Murphy Oil Corp. 6.375% 7/15/2028 | 415 | 400 |
|  | Murphy Oil USA, Inc. 4.75% 9/15/2029 | 820 | 752 |
|  | Murphy Oil USA, Inc. 3.75% 2/15/2031<sup>1</sup> | 1065 | 878 |
|  | Nabors Industries, Inc. 7.375% 5/15/2027<sup>1</sup> | 1540 | 1494 |
|  | Nabors Industries, Ltd. 7.25% 1/15/2026<sup>1</sup> | 320 | 302 |
|  | Neptune Energy Group Holdings, Ltd. 6.625% 5/15/2025<sup>1</sup> | 1250 | 1216 |
|  | New Fortress Energy, Inc. 6.75% 9/15/2025<sup>1</sup> | 1625 | 1541 |
|  | New Fortress Energy, Inc. 6.50% 9/30/2026<sup>1</sup> | 4175 | 3885 |
|  | NGL Energy Operating, LLC 7.50% 2/1/2026<sup>1</sup> | 8670 | 7735 |
|  | NGL Energy Partners, LP 6.125% 3/1/2025 | 2054 | 1677 |
|  | NGL Energy Partners, LP 7.50% 4/15/2026 | 650 | 498 |
|  | Northern Oil and Gas, Inc. 8.125% 3/1/2028<sup>1</sup> | 1805 | 1735 |
|  | NorthRiver Midstream Finance, LP 5.625% 2/15/2026<sup>1</sup> | 625 | 593 |
|  | NuStar Logistics, LP 6.00% 6/1/2026 | 286 | 276 |
|  | Oasis Petroleum, Inc. 6.375% 6/1/2026<sup>1</sup> | 995 | 970 |
|  | Occidental Petroleum Corp. 5.875% 9/1/2025 | 710 | 709 |
|  | Occidental Petroleum Corp. 6.375% 9/1/2028 | 225 | 227 |
|  | Occidental Petroleum Corp. 8.875% 7/15/2030 | 650 | 735 |
|  | Occidental Petroleum Corp. 6.625% 9/1/2030 | 990 | 1025 |
|  | Occidental Petroleum Corp. 6.125% 1/1/2031 | 640 | 647 |
|  | Occidental Petroleum Corp. 6.45% 9/15/2036 | 125 | 128 |
|  | Occidental Petroleum Corp. 6.60% 3/15/2046 | 605 | 624 |
|  | Occidental Petroleum Corp. 4.20% 3/15/2048 | 165 | 127 |
|  | Parkland Corp. 4.625% 5/1/2030<sup>1</sup> | 835 | 692 |
|  | Patterson-UTI Energy, Inc. 5.15% 11/15/2029 | 80 | 72 |
|  | PDC Energy, Inc. 5.75% 5/15/2026 | 600 | 574 |
|  | Petrobras Global Finance Co. 6.75% 6/3/2050 | 288 | 252 |
|  | Petrobras Global Finance Co. 5.50% 6/10/2051 | 202 | 155 |
|  | Petróleos Mexicanos 6.875% 10/16/2025 | 350 | 343 |
|  | Petróleos Mexicanos 8.75% 6/2/2029 | 732 | 687 |
|  | Petrorio Luxembourg SARL 6.125% 6/9/2026<sup>1</sup> | 320 | 305 |
|  | Range Resources Corp. 4.875% 5/15/2025 | 362 | 344 |
|  | Range Resources Corp. 8.25% 1/15/2029 | 900 | 929 |
|  | Range Resources Corp. 4.75% 2/15/2030<sup>1</sup> | 970 | 856 |
|  | Rockies Express Pipeline, LLC 4.95% 7/15/2029<sup>1</sup> | 550 | 495 |
|  | Sabine Pass Liquefaction, LLC 4.50% 5/15/2030 | 371 | 345 |
|  | Sanchez Energy Corp. 7.25% 2/15/2023<sup>1,2</sup> | 739 | 12 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **227** |

---

------

##### [**Table of Contents**](#toc)
American High-Income Trust (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |  |  |
|  **Energy**<br> **(continued)** | SM Energy Co. 5.625% 6/1/2025 | USD430 | $413 |
|  | Southwestern Energy Co. 5.95% 1/23/2025<sup>7</sup> | 215 | 212 |
|  | Southwestern Energy Co. 7.75% 10/1/2027 | 272 | 278 |
|  | Southwestern Energy Co. 8.375% 9/15/2028 | 565 | 584 |
|  | Southwestern Energy Co. 5.375% 2/1/2029 | 340 | 316 |
|  | Southwestern Energy Co. 5.375% 3/15/2030 | 2470 | 2257 |
|  | Southwestern Energy Co. 4.75% 2/1/2032 | 1225 | 1049 |
|  | Suburban Propane Partners, LP / Suburban Energy Finance Corp. 5.00% 6/1/2031<sup>1</sup> | 335 | 285 |
|  | Sunoco, LP 6.00% 4/15/2027 | 547 | 540 |
|  | Sunoco, LP 5.875% 3/15/2028 | 290 | 275 |
|  | Sunoco, LP 4.50% 5/15/2029 | 1735 | 1520 |
|  | Sunoco, LP 4.50% 4/30/2030 | 1680 | 1461 |
|  | Tallgrass Energy Partners, LP 7.50% 10/1/2025<sup>1</sup> | 85 | 86 |
|  | Targa Resources Partners, LP 6.50% 7/15/2027 | 133 | 134 |
|  | Targa Resources Partners, LP 6.875% 1/15/2029 | 915 | 924 |
|  | Targa Resources Partners, LP 5.50% 3/1/2030 | 802 | 756 |
|  | Targa Resources Partners, LP 4.875% 2/1/2031 | 695 | 629 |
|  | Transocean Guardian, Ltd. 5.875% 1/15/2024<sup>1</sup> | 92 | 90 |
|  | Transocean Poseidon, Ltd. 6.875% 2/1/2027<sup>1</sup> | 337 | 328 |
|  | Transocean, Inc. 6.125% 8/1/2025<sup>1</sup> | 178 | 174 |
|  | Transocean, Inc. 7.25% 11/1/2025<sup>1</sup> | 500 | 443 |
|  | Transocean, Inc. 11.50% 1/30/2027<sup>1</sup> | 95 | 95 |
|  | Transocean, Inc. 6.80% 3/15/2038 | 300 | 190 |
|  | USA Compression Partners, LP 6.875% 4/1/2026 | 669 | 643 |
|  | USA Compression Partners, LP 6.875% 9/1/2027 | 247 | 231 |
|  | Venture Global Calcasieu Pass, LLC 4.125% 8/15/2031<sup>1</sup> | 2795 | 2386 |
|  | Venture Global Calcasieu Pass, LLC 3.875% 11/1/2033<sup>1</sup> | 650 | 532 |
|  | Weatherford International, Ltd. 11.00% 12/1/2024<sup>1</sup> | 185 | 189 |
|  | Weatherford International, Ltd. 6.50% 9/15/2028<sup>1</sup> | 2130 | 2091 |
|  | Weatherford International, Ltd. 8.625% 4/30/2030<sup>1</sup> | 3485 | 3353 |
|  | Western Gas Partners, LP 4.50% 3/1/2028 | 979 | 904 |
|  | Western Midstream Operating, LP 3.35% 2/1/2025<sup>7</sup> | 369 | 350 |
|  | Western Midstream Operating, LP 4.75% 8/15/2028 | 160 | 146 |
|  | Western Midstream Operating, LP 4.30% 2/1/2030<sup>7</sup> | 480 | 420 |
|  | Western Midstream Operating, LP 5.50% 2/1/2050<sup>7</sup> | 770 | 636 |
|  |  |  | 117959 |
|  **Consumer**<br> **discretionary**<br> **12.43%** | Adient Global Holdings, Ltd. 4.875% 8/15/2026<sup>1</sup> | 525 | 490 |
|  | Affinity Gaming 6.875% 12/15/2027<sup>1</sup> | 1040 | 883 |
|  | Allied Universal Holdco, LLC 6.625% 7/15/2026<sup>1</sup> | 508 | 466 |
|  | Allied Universal Holdco, LLC 9.75% 7/15/2027<sup>1</sup> | 716 | 624 |
|  | Allied Universal Holdco, LLC 4.625% 6/1/2028<sup>1</sup> | 490 | 406 |
|  | Allied Universal Holdco, LLC 6.00% 6/1/2029<sup>1</sup> | 2790 | 2029 |
|  | Asbury Automotive Group, Inc. 4.50% 3/1/2028 | 250 | 220 |
|  | Asbury Automotive Group, Inc. 4.625% 11/15/2029<sup>1</sup> | 1545 | 1304 |
|  | Asbury Automotive Group, Inc. 5.00% 2/15/2032<sup>1</sup> | 1070 | 882 |
|  | Atlas LuxCo 4 SARL 4.625% 6/1/2028<sup>1</sup> | 280 | 227 |
|  | AutoNation, Inc. 2.40% 8/1/2031 | 610 | 440 |
|  | Bath & Body Works, Inc. 6.625% 10/1/2030<sup>1</sup> | 540 | 508 |
|  | Bath & Body Works, Inc. 6.875% 11/1/2035 | 1316 | 1172 |
|  | Bath & Body Works, Inc. 6.75% 7/1/2036 | 655 | 577 |
|  | Beazer Homes USA, Inc. 5.875% 10/15/2027 | 540 | 473 |
|  | Boyd Gaming Corp. 4.75% 12/1/2027 | 441 | 411 |
|  | Boyd Gaming Corp. 4.75% 6/15/2031<sup>1</sup> | 345 | 301 |
|  | Boyne USA, Inc. 4.75% 5/15/2029<sup>1</sup> | 570 | 505 |
|  | Caesars Entertainment, Inc. 6.25% 7/1/2025<sup>1</sup> | 1085 | 1056 |
|  | Caesars Entertainment, Inc. 8.125% 7/1/2027<sup>1</sup> | 665 | 655 |
|  | Caesars Entertainment, Inc. 4.625% 10/15/2029<sup>1</sup> | 560 | 457 |
|  | Caesars Resort Collection, LLC 5.75% 7/1/2025<sup>1</sup> | 345 | 338 |

---

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| | |
|:---|:---|
| **228** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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------

##### [**Table of Contents**](#toc)
American High-Income Trust (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |  |  |
|  **Consumer**<br> **discretionary**<br> **(continued)** | Carnival Corp. 10.50% 2/1/2026<sup>1</sup> | USD1,405 | $1414 |
|  | Carnival Corp. 4.00% 8/1/2028<sup>1</sup> | 3000 | 2452 |
|  | Carnival Corp. 6.00% 5/1/2029<sup>1</sup> | 655 | 438 |
|  | Carnival Corp. 10.50% 6/1/2030<sup>1</sup> | 100 | 81 |
|  | CDI Escrow Issuer, Inc. 5.75% 4/1/2030<sup>1</sup> | 615 | 552 |
|  | CEC Entertainment, Inc. 6.75% 5/1/2026<sup>1</sup> | 320 | 298 |
|  | Dana, Inc. 4.25% 9/1/2030 | 200 | 161 |
|  | Dana, Inc. 4.50% 2/15/2032 | 375 | 300 |
|  | Empire Communities Corp. 7.00% 12/15/2025<sup>1</sup> | 475 | 430 |
|  | Empire Resorts, Inc. 7.75% 11/1/2026<sup>1</sup> | 470 | 378 |
|  | Everi Holdings, Inc. 5.00% 7/15/2029<sup>1</sup> | 95 | 82 |
|  | Fertitta Entertainment, Inc. 4.625% 1/15/2029<sup>1</sup> | 1260 | 1068 |
|  | Fertitta Entertainment, Inc. 6.75% 1/15/2030<sup>1</sup> | 4090 | 3307 |
|  | First Student Bidco, Inc. 4.00% 7/31/2029<sup>1</sup> | 2135 | 1769 |
|  | Ford Motor Co. 5.291% 12/8/2046 | 70 | 54 |
|  | Ford Motor Credit Company, LLC 5.125% 6/16/2025 | 2215 | 2134 |
|  | Ford Motor Credit Company, LLC 3.375% 11/13/2025 | 465 | 421 |
|  | Ford Motor Credit Company, LLC 4.542% 8/1/2026 | 1460 | 1348 |
|  | Ford Motor Credit Company, LLC 2.70% 8/10/2026 | 350 | 304 |
|  | Ford Motor Credit Company, LLC 4.271% 1/9/2027 | 525 | 476 |
|  | Ford Motor Credit Company, LLC 4.95% 5/28/2027 | 370 | 346 |
|  | Ford Motor Credit Company, LLC 4.125% 8/17/2027 | 835 | 749 |
|  | Ford Motor Credit Company, LLC 3.815% 11/2/2027 | 880 | 775 |
|  | Ford Motor Credit Company, LLC 2.90% 2/16/2028 | 300 | 248 |
|  | Ford Motor Credit Company, LLC 5.113% 5/3/2029 | 200 | 182 |
|  | Ford Motor Credit Company, LLC 4.00% 11/13/2030 | 570 | 469 |
|  | Group 1 Automotive, Inc. 4.00% 8/15/2028<sup>1</sup> | 615 | 522 |
|  | Hanesbrands, Inc. 4.625% 5/15/2024<sup>1</sup> | 1945 | 1887 |
|  | Hanesbrands, Inc. 4.875% 5/15/2026<sup>1</sup> | 1624 | 1454 |
|  | Hilton Grand Vacations Borrower 5.00% 6/1/2029<sup>1</sup> | 591 | 509 |
|  | Hilton Worldwide Holdings, Inc. 3.75% 5/1/2029<sup>1</sup> | 200 | 173 |
|  | Hilton Worldwide Holdings, Inc. 4.875% 1/15/2030 | 408 | 370 |
|  | Hilton Worldwide Holdings, Inc. 4.00% 5/1/2031<sup>1</sup> | 1520 | 1275 |
|  | International Game Technology PLC 6.50% 2/15/2025<sup>1</sup> | 911 | 918 |
|  | International Game Technology PLC 4.125% 4/15/2026<sup>1</sup> | 915 | 855 |
|  | International Game Technology PLC 5.25% 1/15/2029<sup>1</sup> | 4120 | 3846 |
|  | Jacobs Entertainment, Inc. 6.75% 2/15/2029<sup>1</sup> | 505 | 456 |
|  | KB Home 6.875% 6/15/2027 | 330 | 333 |
|  | KB Home 7.25% 7/15/2030 | 330 | 321 |
|  | Kontoor Brands, Inc. 4.125% 11/15/2029<sup>1</sup> | 370 | 303 |
|  | Las Vegas Sands Corp. 3.20% 8/8/2024 | 400 | 378 |
|  | LCM Investments Holdings II, LLC 4.875% 5/1/2029<sup>1</sup> | 2565 | 2057 |
|  | Levi Strauss & Co. 3.50% 3/1/2031<sup>1</sup> | 430 | 342 |
|  | Lindblad Expeditions, LLC 6.75% 2/15/2027<sup>1</sup> | 205 | 186 |
|  | Lithia Motors, Inc. 4.625% 12/15/2027<sup>1</sup> | 270 | 244 |
|  | Lithia Motors, Inc. 3.875% 6/1/2029<sup>1</sup> | 1165 | 959 |
|  | Lithia Motors, Inc. 4.375% 1/15/2031<sup>1</sup> | 830 | 677 |
|  | LSF9 Atlantis Holdings, LLC / Victra Finance Corp. 7.75% 2/15/2026<sup>1</sup> | 335 | 297 |
|  | M.D.C. Holdings, Inc. 6.00% 1/15/2043 | 573 | 468 |
|  | Marriott International, Inc. 3.50% 10/15/2032 | 470 | 392 |
|  | Marriott International, Inc. 2.75% 10/15/2033 | 430 | 329 |
|  | Marriott Ownership Resorts, Inc. 4.50% 6/15/2029<sup>1</sup> | 370 | 307 |
|  | Mattel, Inc. 3.75% 4/1/2029<sup>1</sup> | 490 | 431 |
|  | Melco International Development, Ltd. 4.875% 6/6/2025<sup>1</sup> | 440 | 405 |
|  | Melco International Development, Ltd. 5.75% 7/21/2028<sup>1</sup> | 595 | 498 |
|  | Melco International Development, Ltd. 5.375% 12/4/2029<sup>1</sup> | 1221 | 982 |
|  | Melco Resorts Finance, Ltd. 5.25% 4/26/2026<sup>1</sup> | 300 | 264 |
|  | Merlin Entertainment 5.75% 6/15/2026<sup>1</sup> | 492 | 461 |
|  | MGM Resorts International 6.00% 3/15/2023 | 281 | 281 |
|  | MGM Resorts International 5.50% 4/15/2027 | 401 | 374 |
|  | Mohegan Gaming & Entertainment 8.00% 2/1/2026<sup>1</sup> | 370 | 347 |

---

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| | |
|:---|:---|
| American Funds Insurance Series | **229** |

---

------

##### [**Table of Contents**](#toc)
American High-Income Trust (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |  |  |
|  **Consumer**<br> **discretionary**<br> **(continued)** | Motel 6 Operating, LP, Term Loan B,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1-month USD-LIBOR + 5.00%) 9.318% 9/9/2026<sup>4,5</sup> | USD512 | $506 |
|  | NCL Corp., Ltd. 3.625% 12/15/2024<sup>1</sup> | 300 | 257 |
|  | NCL Corp., Ltd. 5.875% 3/15/2026<sup>1</sup> | 405 | 319 |
|  | NCL Corp., Ltd. 5.875% 2/15/2027<sup>1</sup> | 1510 | 1310 |
|  | NCL Corp., Ltd. 7.75% 2/15/2029<sup>1</sup> | 360 | 271 |
|  | Neiman Marcus Group, LLC 7.125% 4/1/2026<sup>1</sup> | 1650 | 1549 |
|  | Panther BF Aggregator 2, LP 6.25% 5/15/2026<sup>1</sup> | 140 | 137 |
|  | Panther BF Aggregator 2, LP 8.50% 5/15/2027<sup>1</sup> | 455 | 445 |
|  | Party City Holdings, Inc. (6-month USD-LIBOR + 5.00%) 8.061% 7/15/2025<sup>1,5</sup> | 240 | 65 |
|  | Party City Holdings, Inc. 8.75% 2/15/2026<sup>1</sup> | 7577 | 2197 |
|  | Party City Holdings, Inc. 6.625% 8/1/2026<sup>1</sup> | 500 | 13 |
|  | Penske Automotive Group, Inc. 3.75% 6/15/2029 | 670 | 545 |
|  | PetSmart, Inc. 4.75% 2/15/2028<sup>1</sup> | 710 | 644 |
|  | PetSmart, Inc. 7.75% 2/15/2029<sup>1</sup> | 1190 | 1120 |
|  | Premier Entertainment Sub, LLC 5.625% 9/1/2029<sup>1</sup> | 1065 | 787 |
|  | Premier Entertainment Sub, LLC 5.875% 9/1/2031<sup>1</sup> | 375 | 266 |
|  | QVC, Inc. 4.85% 4/1/2024 | 75 | 70 |
|  | QVC, Inc. 4.375% 9/1/2028 | 121 | 73 |
|  | Raptor Acquisition Corp. 4.875% 11/1/2026<sup>1</sup> | 550 | 489 |
|  | Real Hero Merger Sub 2, Inc. 6.25% 2/1/2029<sup>1</sup> | 480 | 330 |
|  | Royal Caribbean Cruises, Ltd. 11.50% 6/1/2025<sup>1</sup> | 2371 | 2548 |
|  | Royal Caribbean Cruises, Ltd. 4.25% 7/1/2026<sup>1</sup> | 1820 | 1473 |
|  | Royal Caribbean Cruises, Ltd. 5.50% 8/31/2026<sup>1</sup> | 715 | 602 |
|  | Royal Caribbean Cruises, Ltd. 5.375% 7/15/2027<sup>1</sup> | 1365 | 1107 |
|  | Royal Caribbean Cruises, Ltd. 3.70% 3/15/2028 | 1370 | 1009 |
|  | Royal Caribbean Cruises, Ltd. 5.50% 4/1/2028<sup>1</sup> | 710 | 568 |
|  | Royal Caribbean Cruises, Ltd. 8.25% 1/15/2029<sup>1</sup> | 1775 | 1786 |
|  | Royal Caribbean Cruises, Ltd. 9.25% 1/15/2029<sup>1</sup> | 1010 | 1039 |
|  | Sally Holdings, LLC 5.625% 12/1/2025 | 1030 | 994 |
|  | Sands China, Ltd. 5.625% 8/8/2025 | 275 | 263 |
|  | Sands China, Ltd. 5.90% 8/8/2028 | 200 | 188 |
|  | Sands China, Ltd. 4.875% 6/18/2030 | 550 | 484 |
|  | Sands China, Ltd. 3.75% 8/8/2031<sup>7</sup> | 560 | 441 |
|  | Scientific Games Corp. 8.625% 7/1/2025<sup>1</sup> | 1215 | 1242 |
|  | Scientific Games Corp. 7.00% 5/15/2028<sup>1</sup> | 985 | 941 |
|  | Scientific Games Corp. 7.25% 11/15/2029<sup>1</sup> | 960 | 923 |
|  | Scientific Games Holdings, LP 6.625% 3/1/2030<sup>1</sup> | 845 | 715 |
|  | Sonic Automotive, Inc. 4.625% 11/15/2029<sup>1</sup> | 1565 | 1255 |
|  | Sonic Automotive, Inc. 4.875% 11/15/2031<sup>1</sup> | 2180 | 1717 |
|  | Studio City Finance, Ltd. 6.00% 7/15/2025<sup>1</sup> | 690 | 599 |
|  | Studio City Finance, Ltd. 5.00% 1/15/2029<sup>1</sup> | 550 | 407 |
|  | Tempur Sealy International, Inc. 4.00% 4/15/2029<sup>1</sup> | 435 | 366 |
|  | The Gap, Inc. 3.625% 10/1/2029<sup>1</sup> | 170 | 120 |
|  | The Gap, Inc. 3.875% 10/1/2031<sup>1</sup> | 108 | 76 |
|  | The Home Co., Inc. 7.25% 10/15/2025<sup>1</sup> | 660 | 568 |
|  | Travel + Leisure Co. 6.00% 4/1/2027 | 205 | 195 |
|  | Travel + Leisure Co. 4.50% 12/1/2029<sup>1</sup> | 1155 | 943 |
|  | Universal Entertainment Corp. 8.50% 12/11/2024<sup>1</sup> | 2945 | 2751 |
|  | Vail Resorts, Inc. 6.25% 5/15/2025<sup>1</sup> | 315 | 316 |
|  | VICI Properties, LP 4.25% 12/1/2026<sup>1</sup> | 462 | 432 |
|  | VICI Properties, LP / VICI Note Co., Inc. 5.625% 5/1/2024<sup>1</sup> | 447 | 443 |
|  | WASH Multifamily Acquisition, Inc. 5.75% 4/15/2026<sup>1</sup> | 1245 | 1175 |
|  | Wheel Pros, Inc. 6.50% 5/15/2029<sup>1</sup> | 1280 | 454 |
|  | Wheel Pros, Inc., Term Loan, (3-month USD-LIBOR + 4.50%) 8.825% 5/11/2028<sup>4,5</sup> | 948 | 647 |
|  | Wyndham Destinations, Inc. 6.625% 7/31/2026<sup>1</sup> | 695 | 681 |
|  | Wyndham Destinations, Inc. 4.625% 3/1/2030<sup>1</sup> | 400 | 332 |
|  | Wyndham Worldwide Corp. 4.375% 8/15/2028<sup>1</sup> | 765 | 688 |
|  | Wynn Las Vegas, LLC 4.25% 5/30/2023<sup>1</sup> | 861 | 850 |
|  | Wynn Macau, Ltd. 5.625% 8/26/2028<sup>1</sup> | 900 | 771 |

---

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| | |
|:---|:---|
| **230** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
American High-Income Trust (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value (000) |
|  **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |  |  |
|  **Consumer**<br> **discretionary**<br> **(continued)** | Wynn Resorts Finance, LLC 7.75% 4/15/2025<sup>1</sup> | USD494 | $492 |
|  | Wynn Resorts Finance, LLC 5.125% 10/1/2029<sup>1</sup> | 482 | 414 |
|  | Yahoo Holdings, Inc., Term Loan B,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1-month USD-LIBOR + 5.50%) 9.884% 9/1/2027<sup>4,5</sup> | 465 | 421 |
|  |  |  | 103390 |
|  **Communication**<br> **services**<br> **10.50%** | Altice France Holding SA 10.50% 5/15/2027<sup>1</sup> | 1650 | 1262 |
|  | Altice France SA 5.125% 7/15/2029<sup>1</sup> | 1677 | 1260 |
|  | Brightstar Escrow Corp. 9.75% 10/15/2025<sup>1</sup> | 140 | 129 |
|  | Cablevision Systems Corp. 5.375% 2/1/2028<sup>1</sup> | 457 | 369 |
|  | CCO Holdings, LLC 5.00% 2/1/2028<sup>1</sup> | 586 | 533 |
|  | CCO Holdings, LLC 6.375% 9/1/2029<sup>1</sup> | 300 | 283 |
|  | CCO Holdings, LLC 4.75% 3/1/2030<sup>1</sup> | 3437 | 2972 |
|  | CCO Holdings, LLC 4.50% 8/15/2030<sup>1</sup> | 3029 | 2509 |
|  | CCO Holdings, LLC 4.25% 2/1/2031<sup>1</sup> | 3065 | 2465 |
|  | CCO Holdings, LLC 4.75% 2/1/2032<sup>1</sup> | 1225 | 996 |
|  | CCO Holdings, LLC 4.50% 5/1/2032 | 1024 | 817 |
|  | CCO Holdings, LLC 4.50% 6/1/2033<sup>1</sup> | 1330 | 1023 |
|  | CCO Holdings, LLC 4.25% 1/15/2034<sup>1</sup> | 2040 | 1510 |
|  | CCO Holdings, LLC and CCO Holdings Capital Corp. 5.50% 5/1/2026<sup>1</sup> | 102 | 99 |
|  | CCO Holdings, LLC and CCO Holdings Capital Corp. 5.375% 6/1/2029<sup>1</sup> | 360 | 326 |
|  | CCO Holdings, LLC and CCO Holdings Capital Corp. 2.80% 4/1/2031 | 140 | 109 |
|  | Centerfield Media Parent, Inc. 6.625% 8/1/2026<sup>1</sup> | 960 | 616 |
|  | Cinemark USA, Inc. 5.875% 3/15/2026<sup>1</sup> | 278 | 232 |
|  | Clear Channel Worldwide Holdings, Inc. 7.75% 4/15/2028<sup>1</sup> | 570 | 417 |
|  | Clear Channel Worldwide Holdings, Inc. 7.50% 6/1/2029<sup>1</sup> | 315 | 232 |
|  | Cogent Communications Group, Inc. 3.50% 5/1/2026<sup>1</sup> | 450 | 409 |
|  | Connect Finco SARL 6.75% 10/1/2026<sup>1</sup> | 725 | 673 |
|  | Consolidated Communications, Inc. 5.00% 10/1/2028<sup>1</sup> | 225 | 166 |
|  | CSC Holdings, LLC 6.50% 2/1/2029<sup>1</sup> | 600 | 492 |
|  | CSC Holdings, LLC 3.375% 2/15/2031<sup>1</sup> | 700 | 458 |
|  | Diamond Sports Group, LLC 5.375% 8/15/2026<sup>1</sup> | 503 | 60 |
|  | Diamond Sports Group, LLC 6.625% 8/15/2027<sup>1</sup> | 1056 | 12 |
|  | DIRECTV Financing, LLC 5.875% 8/15/2027<sup>1</sup> | 3010 | 2699 |
|  | DIRECTV Financing, LLC, Term Loan,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3-month USD-LIBOR + 5.00%) 9.384% 8/2/2027<sup>4,5</sup> | 1655 | 1613 |
|  | DISH Network Corp. 11.75% 11/15/2027<sup>1</sup> | 3950 | 4073 |
|  | Embarq Corp. 7.995% 6/1/2036 | 2867 | 1339 |
|  | Epicor Software Corp., Term Loan,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3-month USD-LIBOR + 7.75%) 12.134% 7/31/2028<sup>4,5</sup> | 365 | 361 |
|  | Frontier Communications Corp. 5.875% 10/15/2027<sup>1</sup> | 1455 | 1354 |
|  | Frontier Communications Corp. 5.00% 5/1/2028<sup>1</sup> | 3780 | 3304 |
|  | Frontier Communications Corp. 6.75% 5/1/2029<sup>1</sup> | 1990 | 1649 |
|  | Frontier Communications Holdings, LLC 5.875% 11/1/2029 | 1390 | 1077 |
|  | Frontier Communications Holdings, LLC 6.00% 1/15/2030<sup>1</sup> | 750 | 590 |
|  | Frontier Communications Holdings, LLC 8.75% 5/15/2030<sup>1</sup> | 970 | 988 |
|  | Gray Escrow II, Inc. 5.375% 11/15/2031<sup>1</sup> | 925 | 668 |
|  | Gray Television, Inc. 5.875% 7/15/2026<sup>1</sup> | 203 | 181 |
|  | Gray Television, Inc. 7.00% 5/15/2027<sup>1</sup> | 1018 | 904 |
|  | Gray Television, Inc. 4.75% 10/15/2030<sup>1</sup> | 397 | 288 |
|  | iHeartCommunications, Inc. 5.25% 8/15/2027<sup>1</sup> | 1995 | 1693 |
|  | iHeartCommunications, Inc. 4.75% 1/15/2028<sup>1</sup> | 250 | 204 |
|  | Iliad Holding SAS 6.50% 10/15/2026<sup>1</sup> | 630 | 585 |
|  | Kantar Group, LLC, Term Loan B2,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3-month USD-LIBOR + 4.50%) 9.23% 12/4/2026<sup>4,5</sup> | 385 | 357 |
|  | Lamar Media Corp. 3.75% 2/15/2028 | 61 | 55 |
|  | Lamar Media Corp. 4.875% 1/15/2029 | 300 | 277 |
|  | Lamar Media Corp. 4.00% 2/15/2030 | 260 | 228 |
|  | Level 3 Financing, Inc. 3.75% 7/15/2029<sup>1</sup> | 855 | 616 |

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| | |
|:---|:---|
| American Funds Insurance Series | **231** |

---

------

##### [**Table of Contents**](#toc)
American High-Income Trust (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |  |  |
|  **Communication**<br> **services**<br> **(continued)** | Ligado Networks, LLC 15.50% PIK 11/1/2023<sup>1,6</sup> | USD2,149 | $701 |
|  | Live Nation Entertainment, Inc. 4.75% 10/15/2027<sup>1</sup> | 250 | 223 |
|  | Live Nation Entertainment, Inc. 3.75% 1/15/2028<sup>1</sup> | 425 | 363 |
|  | Match Group, Inc. 4.625% 6/1/2028<sup>1</sup> | 308 | 275 |
|  | Match Group, Inc. 5.625% 2/15/2029<sup>1</sup> | 300 | 280 |
|  | McGraw-Hill Education, Inc. 5.75% 8/1/2028<sup>1</sup> | 520 | 438 |
|  | Midas OpCo Holdings, LLC 5.625% 8/15/2029<sup>1</sup> | 3110 | 2570 |
|  | Netflix, Inc. 4.875% 4/15/2028 | 310 | 300 |
|  | News Corp. 3.875% 5/15/2029<sup>1</sup> | 1620 | 1408 |
|  | News Corp. 5.125% 2/15/2032<sup>1</sup> | 1760 | 1604 |
|  | Nexstar Broadcasting, Inc. 4.75% 11/1/2028<sup>1</sup> | 2910 | 2522 |
|  | Nexstar Escrow Corp. 5.625% 7/15/2027<sup>1</sup> | 324 | 298 |
|  | Scripps Escrow II, Inc. 3.875% 1/15/2029<sup>1</sup> | 750 | 603 |
|  | Sinclair Television Group, Inc. 4.125% 12/1/2030<sup>1</sup> | 710 | 533 |
|  | Sirius XM Radio, Inc. 3.125% 9/1/2026<sup>1</sup> | 1600 | 1423 |
|  | Sirius XM Radio, Inc. 4.00% 7/15/2028<sup>1</sup> | 2385 | 2080 |
|  | Sirius XM Radio, Inc. 4.125% 7/1/2030<sup>1</sup> | 445 | 368 |
|  | Sirius XM Radio, Inc. 3.875% 9/1/2031<sup>1</sup> | 2590 | 2026 |
|  | Sprint Corp. 7.625% 3/1/2026 | 480 | 506 |
|  | Sprint Corp. 6.875% 11/15/2028 | 1656 | 1723 |
|  | Sprint Corp. 8.75% 3/15/2032 | 1751 | 2088 |
|  | TEGNA, Inc. 5.00% 9/15/2029 | 366 | 348 |
|  | T-Mobile US, Inc. 3.375% 4/15/2029 | 860 | 759 |
|  | Univision Communications, Inc. 5.125% 2/15/2025<sup>1</sup> | 3195 | 3049 |
|  | Univision Communications, Inc. 6.625% 6/1/2027<sup>1</sup> | 3050 | 2949 |
|  | Univision Communications, Inc. 4.50% 5/1/2029<sup>1</sup> | 4500 | 3772 |
|  | Univision Communications, Inc. 7.375% 6/30/2030<sup>1</sup> | 935 | 895 |
|  | Univision Communications, Inc., Term Loan,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3-month USD CME Term SOFR + 4.25%) 8.83% 6/24/2029<sup>4,5</sup> | 69 | 69 |
|  | UPC Broadband Finco BV 4.875% 7/15/2031<sup>1</sup> | 430 | 359 |
|  | Virgin Media O2 4.25% 1/31/2031<sup>1</sup> | 1975 | 1603 |
|  | Virgin Media Secured Finance PLC 4.50% 8/15/2030<sup>1</sup> | 990 | 829 |
|  | VZ Secured Financing BV 5.00% 1/15/2032<sup>1</sup> | 1060 | 863 |
|  | Warner Music Group 3.75% 12/1/2029<sup>1</sup> | 1645 | 1417 |
|  | Warner Music Group 3.875% 7/15/2030<sup>1</sup> | 780 | 673 |
|  | Warner Music Group 3.00% 2/15/2031<sup>1</sup> | 225 | 180 |
|  | WarnerMedia Holdings, Inc. 4.279% 3/15/2032<sup>1</sup> | 298 | 246 |
|  | Ziggo Bond Co. BV 5.125% 2/28/2030<sup>1</sup> | 419 | 339 |
|  | Ziggo Bond Finance BV 4.875% 1/15/2030<sup>1</sup> | 1350 | 1132 |
|  |  |  | 87346 |
|  **Materials**<br> **9.94%** | Alcoa Nederland Holding BV 5.50% 12/15/2027<sup>1</sup> | 510 | 492 |
|  | Alcoa Nederland Holding BV 4.125% 3/31/2029<sup>1</sup> | 430 | 382 |
|  | Allegheny Technologies, Inc. 5.875% 12/1/2027 | 180 | 172 |
|  | Allegheny Technologies, Inc. 4.875% 10/1/2029 | 1575 | 1394 |
|  | Allegheny Technologies, Inc. 5.125% 10/1/2031 | 1170 | 1036 |
|  | ArcelorMittal 7.00% 10/15/2039 | 488 | 497 |
|  | ArcelorMittal 6.75% 3/1/2041 | 755 | 731 |
|  | Arconic Corp. 6.00% 5/15/2025<sup>1</sup> | 360 | 355 |
|  | Arconic Rolled Products Corp. 6.125% 2/15/2028<sup>1</sup> | 200 | 188 |
|  | Ardagh Group SA 6.50% Cash 6/30/2027<sup>1,6</sup> | 422 | 294 |
|  | Ardagh Metal Packaging Finance USA, LLC 6.00% 6/15/2027<sup>1</sup> | 750 | 735 |
|  | Ardagh Metal Packaging Finance USA, LLC 3.25% 9/1/2028<sup>1</sup> | 500 | 425 |
|  | Ardagh Metal Packaging Finance USA, LLC 4.00% 9/1/2029<sup>1</sup> | 550 | 437 |
|  | Ardagh Packaging Finance 4.125% 8/15/2026<sup>1</sup> | 900 | 782 |
|  | Avient Corp. 7.125% 8/1/2030<sup>1</sup> | 335 | 328 |
|  | Axalta Coating Systems, LLC 4.75% 6/15/2027<sup>1</sup> | 460 | 426 |
|  | Ball Corp. 6.875% 3/15/2028 | 1065 | 1095 |
|  | Ball Corp. 2.875% 8/15/2030 | 160 | 128 |

---

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| | |
|:---|:---|
| **232** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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------

##### [**Table of Contents**](#toc)
American High-Income Trust (continued)

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| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |  |  |
|  **Materials**<br> **(continued)** | Ball Corp. 3.125% 9/15/2031 | USD1,660 | $1335 |
|  | BWAY Parent Co., Inc. 5.50% 4/15/2024<sup>1</sup> | 1464 | 1427 |
|  | BWAY Parent Co., Inc. 7.25% 4/15/2025<sup>1</sup> | 625 | 579 |
|  | BWAY Parent Co., Inc., Term Loan,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3-month USD-LIBOR + 3.25%) 7.37% 4/3/2024<sup>4,5</sup> | 255 | 250 |
|  | CAN-PACK SA 3.875% 11/15/2029<sup>1</sup> | 1300 | 1026 |
|  | Cleveland-Cliffs, Inc. 6.75% 3/15/2026<sup>1</sup> | 262 | 263 |
|  | Cleveland-Cliffs, Inc. 7.00% 3/15/2027 | 297 | 281 |
|  | Cleveland-Cliffs, Inc. 5.875% 6/1/2027 | 3243 | 3104 |
|  | Cleveland-Cliffs, Inc. 4.625% 3/1/2029<sup>1</sup> | 1981 | 1761 |
|  | Cleveland-Cliffs, Inc. 4.875% 3/1/2031<sup>1</sup> | 2875 | 2543 |
|  | Crown Holdings, Inc. 5.25% 4/1/2030<sup>1</sup> | 240 | 227 |
|  | CVR Partners, LP 6.125% 6/15/2028<sup>1</sup> | 1125 | 1011 |
|  | Element Solutions, Inc. 3.875% 9/1/2028<sup>1</sup> | 410 | 349 |
|  | First Quantum Minerals, Ltd. 7.50% 4/1/2025<sup>1</sup> | 3893 | 3797 |
|  | First Quantum Minerals, Ltd. 6.875% 3/1/2026<sup>1</sup> | 2926 | 2775 |
|  | First Quantum Minerals, Ltd. 6.875% 10/15/2027<sup>1</sup> | 7610 | 7156 |
|  | Freeport-McMoRan, Inc. 4.25% 3/1/2030 | 437 | 398 |
|  | Freeport-McMoRan, Inc. 5.45% 3/15/2043 | 411 | 372 |
|  | FXI Holdings, Inc. 7.875% 11/1/2024<sup>1</sup> | 6248 | 5204 |
|  | FXI Holdings, Inc. 12.25% 11/15/2026<sup>1</sup> | 7432 | 6165 |
|  | GPC Merger Sub, Inc. 7.125% 8/15/2028<sup>1</sup> | 334 | 279 |
|  | Graphic Packaging International, LLC 3.75% 2/1/2030<sup>1</sup> | 790 | 673 |
|  | Hexion, Inc., Term Loan,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3-month USD CME Term SOFR + 4.50%) 8.934% 3/15/2029<sup>4,5</sup> | 454 | 391 |
|  | Kaiser Aluminum Corp. 4.625% 3/1/2028<sup>1</sup> | 638 | 558 |
|  | LABL, Inc. 5.875% 11/1/2028<sup>1</sup> | 730 | 637 |
|  | LABL, Inc. 8.25% 11/1/2029<sup>1</sup> | 490 | 391 |
|  | LSB Industries, Inc. 6.25% 10/15/2028<sup>1</sup> | 1620 | 1484 |
|  | Methanex Corp. 5.125% 10/15/2027 | 3870 | 3596 |
|  | Methanex Corp. 5.25% 12/15/2029 | 1217 | 1082 |
|  | Methanex Corp. 5.65% 12/1/2044 | 465 | 355 |
|  | Mineral Resources, Ltd. 8.00% 11/1/2027<sup>1</sup> | 1292 | 1323 |
|  | Mineral Resources, Ltd. 8.50% 5/1/2030<sup>1</sup> | 1270 | 1289 |
|  | Neon Holdings, Inc. 10.125% 4/1/2026<sup>1</sup> | 595 | 508 |
|  | Nova Chemicals Corp. 4.875% 6/1/2024<sup>1</sup> | 760 | 737 |
|  | Nova Chemicals Corp. 5.25% 6/1/2027<sup>1</sup> | 2036 | 1834 |
|  | Nova Chemicals Corp. 4.25% 5/15/2029<sup>1</sup> | 2330 | 1908 |
|  | Novelis Corp. 3.25% 11/15/2026<sup>1</sup> | 825 | 741 |
|  | Novelis Corp. 4.75% 1/30/2030<sup>1</sup> | 563 | 500 |
|  | Novelis Corp. 3.875% 8/15/2031<sup>1</sup> | 1122 | 918 |
|  | Olin Corp. 5.625% 8/1/2029 | 200 | 190 |
|  | Olin Corp. 5.00% 2/1/2030 | 180 | 165 |
|  | Owens-Illinois, Inc. 5.875% 8/15/2023<sup>1</sup> | 191 | 190 |
|  | Owens-Illinois, Inc. 6.375% 8/15/2025<sup>1</sup> | 265 | 260 |
|  | SCIH Salt Holdings, Inc. 4.875% 5/1/2028<sup>1</sup> | 2185 | 1879 |
|  | SCIH Salt Holdings, Inc. 6.625% 5/1/2029<sup>1</sup> | 1225 | 988 |
|  | Scotts Miracle-Gro Co. 4.50% 10/15/2029 | 379 | 308 |
|  | Scotts Miracle-Gro Co. 4.375% 2/1/2032 | 455 | 344 |
|  | Sealed Air Corp. 4.00% 12/1/2027<sup>1</sup> | 316 | 287 |
|  | Sealed Air Corp. 5.00% 4/15/2029<sup>1</sup> | 690 | 650 |
|  | Silgan Holdings, Inc. 4.125% 2/1/2028 | 377 | 350 |
|  | SPCM SA 3.375% 3/15/2030<sup>1</sup> | 400 | 323 |
|  | Summit Materials, LLC 6.50% 3/15/2027<sup>1</sup> | 360 | 353 |
|  | Summit Materials, LLC 5.25% 1/15/2029<sup>1</sup> | 755 | 704 |
|  | Trivium Packaging BV 5.50% 8/15/2026<sup>1</sup> | 330 | 303 |
|  | Trivium Packaging BV 8.50% 8/15/2027<sup>1</sup> | 703 | 646 |
|  | Tronox, Ltd. 4.625% 3/15/2029<sup>1</sup> | 730 | 608 |
|  | Valvoline, Inc. 4.25% 2/15/2030<sup>1</sup> | 353 | 343 |
|  | Valvoline, Inc. 3.625% 6/15/2031<sup>1</sup> | 410 | 337 |
|  | Venator Finance SARL 9.50% 7/1/2025<sup>1</sup> | 1538 | 1115 |

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| | |
|:---|:---|
| American Funds Insurance Series | **233** |

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##### [**Table of Contents**](#toc)
American High-Income Trust (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |  |  |
|  **Materials**<br> **(continued)** | Venator Finance SARL 5.75% 7/15/2025<sup>1</sup> | USD3,501 | $1201 |
|  | W. R. Grace Holdings, LLC 5.625% 8/15/2029<sup>1</sup> | 440 | 356 |
|  | Warrior Met Coal, Inc. 7.875% 12/1/2028<sup>1</sup> | 1680 | 1658 |
|  |  |  | 82682 |
|  **Health care**<br> **9.93%** | 1375209 BC, Ltd. 9.00% 1/30/2028<sup>1</sup> | 720 | 705 |
|  | AdaptHealth, LLC 5.125% 3/1/2030<sup>1</sup> | 625 | 533 |
|  | Avantor Funding, Inc. 4.625% 7/15/2028<sup>1</sup> | 2380 | 2167 |
|  | Avantor Funding, Inc. 3.875% 11/1/2029<sup>1</sup> | 500 | 420 |
|  | Bausch Health Americas, Inc. 9.25% 4/1/2026<sup>1</sup> | 1789 | 1255 |
|  | Bausch Health Americas, Inc. 8.50% 1/31/2027<sup>1</sup> | 252 | 132 |
|  | Bausch Health Companies, Inc. 9.00% 12/15/2025<sup>1</sup> | 1591 | 1258 |
|  | Bausch Health Companies, Inc. 6.125% 2/1/2027<sup>1</sup> | 245 | 169 |
|  | Bausch Health Companies, Inc. 5.75% 8/15/2027<sup>1</sup> | 865 | 590 |
|  | Bausch Health Companies, Inc. 7.00% 1/15/2028<sup>1</sup> | 413 | 200 |
|  | Bausch Health Companies, Inc. 5.00% 1/30/2028<sup>1</sup> | 1357 | 653 |
|  | Bausch Health Companies, Inc. 4.875% 6/1/2028<sup>1</sup> | 3390 | 2163 |
|  | Bausch Health Companies, Inc. 5.00% 2/15/2029<sup>1</sup> | 310 | 149 |
|  | Bausch Health Companies, Inc. 7.25% 5/30/2029<sup>1</sup> | 340 | 165 |
|  | Bausch Health Companies, Inc. 5.25% 1/30/2030<sup>1</sup> | 1712 | 824 |
|  | Bausch Health Companies, Inc. 14.00% 10/15/2030<sup>1</sup> | 550 | 329 |
|  | Bausch Health Companies, Inc. 5.25% 2/15/2031<sup>1</sup> | 3762 | 1828 |
|  | Catalent Pharma Solutions, Inc. 5.00% 7/15/2027<sup>1</sup> | 290 | 270 |
|  | Catalent Pharma Solutions, Inc. 3.125% 2/15/2029<sup>1</sup> | 285 | 227 |
|  | Catalent Pharma Solutions, Inc. 3.50% 4/1/2030<sup>1</sup> | 1310 | 1036 |
|  | Centene Corp. 4.25% 12/15/2027 | 344 | 323 |
|  | Centene Corp. 2.45% 7/15/2028 | 2255 | 1908 |
|  | Centene Corp. 4.625% 12/15/2029 | 2035 | 1864 |
|  | Centene Corp. 3.375% 2/15/2030 | 422 | 358 |
|  | Centene Corp. 3.00% 10/15/2030 | 720 | 592 |
|  | Centene Corp. 2.50% 3/1/2031 | 1245 | 977 |
|  | Centene Corp. 2.625% 8/1/2031 | 400 | 315 |
|  | Charles River Laboratories International, Inc. 4.25% 5/1/2028<sup>1</sup> | 561 | 518 |
|  | Charles River Laboratories International, Inc. 3.75% 3/15/2029<sup>1</sup> | 680 | 602 |
|  | Charles River Laboratories International, Inc. 4.00% 3/15/2031<sup>1</sup> | 400 | 347 |
|  | Community Health Systems, Inc. 8.00% 3/15/2026<sup>1</sup> | 580 | 529 |
|  | Community Health Systems, Inc. 5.625% 3/15/2027<sup>1</sup> | 1645 | 1414 |
|  | Community Health Systems, Inc. 6.00% 1/15/2029<sup>1</sup> | 348 | 292 |
|  | Community Health Systems, Inc. 6.875% 4/15/2029<sup>1</sup> | 240 | 124 |
|  | Community Health Systems, Inc. 5.25% 5/15/2030<sup>1</sup> | 1370 | 1035 |
|  | Community Health Systems, Inc. 4.75% 2/15/2031<sup>1</sup> | 100 | 73 |
|  | DaVita, Inc. 4.625% 6/1/2030<sup>1</sup> | 850 | 686 |
|  | Encompass Health Corp. 4.50% 2/1/2028 | 496 | 451 |
|  | Encompass Health Corp. 4.75% 2/1/2030 | 285 | 251 |
|  | Endo DAC 6.00% 6/30/2028<sup>1,2</sup> | 2313 | 127 |
|  | Endo DAC / Endo Finance, LLC / Endo Finco 9.50% 7/31/2027<sup>1,2</sup> | 311 | 44 |
|  | Endo International PLC 5.875% 10/15/2024<sup>1</sup> | 520 | 413 |
|  | Endo Luxembourg Finance Co. I SARL / Endo U.S., Inc. 6.125% 4/1/2029<sup>1</sup> | 660 | 502 |
|  | Grifols Escrow Issuer SA 4.75% 10/15/2028<sup>1</sup> | 630 | 545 |
|  | HCA, Inc. 5.625% 9/1/2028 | 1300 | 1295 |
|  | HCA, Inc. 5.875% 2/1/2029 | 255 | 255 |
|  | HCA, Inc. 3.50% 9/1/2030 | 1215 | 1051 |
|  | HCA, Inc. 4.625% 3/15/2052<sup>1</sup> | 233 | 182 |
|  | HCA, Inc. 7.50% 11/15/2095 | 250 | 269 |
|  | HealthEquity, Inc. 4.50% 10/1/2029<sup>1</sup> | 600 | 525 |
|  | IMS Health Holdings, Inc. 5.00% 10/15/2026<sup>1</sup> | 823 | 788 |
|  | Jazz Securities DAC 4.375% 1/15/2029<sup>1</sup> | 461 | 412 |
|  | Mallinckrodt PLC 10.00% 4/15/2025<sup>1</sup> | 939 | 808 |
|  | Minerva Merger Sub, Inc. 6.50% 2/15/2030<sup>1</sup> | 640 | 473 |

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| | |
|:---|:---|
| **234** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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------

##### [**Table of Contents**](#toc)
American High-Income Trust (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |  |  |
|  **Health care**<br> **(continued)** | Molina Healthcare, Inc. 4.375% 6/15/2028<sup>1</sup> | USD1,055 | $965 |
|  | Molina Healthcare, Inc. 3.875% 11/15/2030<sup>1</sup> | 2309 | 1960 |
|  | Molina Healthcare, Inc. 3.875% 5/15/2032<sup>1</sup> | 2275 | 1893 |
|  | Mozart Debt Merger Sub, Inc. 3.875% 4/1/2029<sup>1</sup> | 220 | 178 |
|  | Mozart Debt Merger Sub, Inc. 5.25% 10/1/2029<sup>1</sup> | 1425 | 1134 |
|  | Option Care Health, Inc. 4.375% 10/31/2029<sup>1</sup> | 290 | 254 |
|  | Organon Finance 1, LLC 4.125% 4/30/2028<sup>1</sup> | 535 | 475 |
|  | Owens & Minor, Inc. 4.375% 12/15/2024 | 1185 | 1147 |
|  | Owens & Minor, Inc. 4.50% 3/31/2029<sup>1</sup> | 1145 | 914 |
|  | Owens & Minor, Inc. 6.625% 4/1/2030<sup>1</sup> | 675 | 581 |
|  | Par Pharmaceutical, Inc. 7.50% 4/1/2027<sup>1</sup> | 4665 | 3555 |
|  | Radiology Partners, Inc. 9.25% 2/1/2028<sup>1</sup> | 1873 | 1054 |
|  | Radiology Partners, Inc., Term Loan,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3-month USD-LIBOR + 4.25%) 8.639% 7/9/2025<sup>4,5</sup> | 95 | 80 |
|  | RP Escrow Issuer, LLC 5.25% 12/15/2025<sup>1</sup> | 1175 | 899 |
|  | Select Medical Holdings Corp. 6.25% 8/15/2026<sup>1</sup> | 554 | 528 |
|  | Surgery Center Holdings 10.00% 4/15/2027<sup>1</sup> | 244 | 249 |
|  | Syneos Health, Inc. 3.625% 1/15/2029<sup>1</sup> | 530 | 423 |
|  | Team Health Holdings, Inc. 6.375% 2/1/2025<sup>1</sup> | 704 | 407 |
|  | Team Health Holdings, Inc., Term Loan B,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3-month USD CME Term SOFR + 5.25%) 9.573% 3/2/2027<sup>4,5</sup> | 276 | 209 |
|  | Tenet Healthcare Corp. 4.625% 7/15/2024 | 130 | 127 |
|  | Tenet Healthcare Corp. 4.875% 1/1/2026<sup>1</sup> | 5600 | 5307 |
|  | Tenet Healthcare Corp. 6.25% 2/1/2027<sup>1</sup> | 500 | 481 |
|  | Tenet Healthcare Corp. 5.125% 11/1/2027<sup>1</sup> | 265 | 247 |
|  | Tenet Healthcare Corp. 4.625% 6/15/2028<sup>1</sup> | 890 | 798 |
|  | Tenet Healthcare Corp. 6.125% 10/1/2028<sup>1</sup> | 740 | 664 |
|  | Tenet Healthcare Corp. 4.25% 6/1/2029<sup>1</sup> | 990 | 859 |
|  | Tenet Healthcare Corp. 4.375% 1/15/2030<sup>1</sup> | 1340 | 1162 |
|  | Tenet Healthcare Corp. 6.875% 11/15/2031 | 100 | 90 |
|  | Teva Pharmaceutical Finance Co. BV 6.00% 4/15/2024 | 3379 | 3319 |
|  | Teva Pharmaceutical Finance Co. BV 7.125% 1/31/2025 | 1984 | 1976 |
|  | Teva Pharmaceutical Finance Co. BV 3.15% 10/1/2026 | 3314 | 2905 |
|  | Teva Pharmaceutical Finance Co. BV 4.75% 5/9/2027 | 570 | 516 |
|  | Teva Pharmaceutical Finance Co. BV 6.75% 3/1/2028 | 1888 | 1845 |
|  | Teva Pharmaceutical Finance Co. BV 5.125% 5/9/2029 | 6865 | 6123 |
|  | Teva Pharmaceutical Finance Co. BV 4.10% 10/1/2046 | 412 | 253 |
|  | Valeant Pharmaceuticals International, Inc. 5.50% 11/1/2025<sup>1</sup> | 4190 | 3568 |
|  |  |  | 82566 |
|  **Industrials**<br> **8.97%** | AAdvantage Loyalty IP, Ltd. 5.50% 4/20/2026<sup>1</sup> | 990 | 954 |
|  | ADT Security Corp. 4.125% 8/1/2029<sup>1</sup> | 200 | 170 |
|  | Allison Transmission Holdings, Inc. 3.75% 1/30/2031<sup>1</sup> | 1235 | 1017 |
|  | Ashtead Capital, Inc. 5.50% 8/11/2032<sup>1</sup> | 600 | 576 |
|  | Atkore, Inc. 4.25% 6/1/2031<sup>1</sup> | 385 | 331 |
|  | Atlantic Aviation FBO, Inc., Term Loan,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3-month USD-LIBOR + 5.75%) 10.134% 9/21/2029<sup>4,5</sup> | 2899 | 2813 |
|  | ATS Automation Tooling Systems, Inc. 4.125% 12/15/2028<sup>1</sup> | 275 | 238 |
|  | Avis Budget Car Rental, LLC 5.75% 7/15/2027<sup>1</sup> | 885 | 802 |
|  | Avis Budget Group, Inc. 5.375% 3/1/2029<sup>1</sup> | 1215 | 1041 |
|  | Avolon Holdings Funding, Ltd. 5.25% 5/15/2024<sup>1</sup> | 660 | 647 |
|  | Avolon Holdings Funding, Ltd. 2.528% 11/18/2027<sup>1</sup> | 2098 | 1680 |
|  | BlueLinx Holdings, Inc. 6.00% 11/15/2029<sup>1</sup> | 500 | 416 |
|  | Bohai Financial Investment Holding Co., Ltd. 4.50% 3/15/2023<sup>1</sup> | 132 | 132 |
|  | Bombardier, Inc. 7.50% 3/15/2025<sup>1</sup> | 593 | 588 |
|  | Bombardier, Inc. 7.125% 6/15/2026<sup>1</sup> | 3395 | 3300 |
|  | Bombardier, Inc. 7.875% 4/15/2027<sup>1</sup> | 3978 | 3867 |
|  | Bombardier, Inc. 6.00% 2/15/2028<sup>1</sup> | 1335 | 1236 |
|  | Bombardier, Inc. 7.45% 5/1/2034<sup>1</sup> | 450 | 452 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **235** |

---

------

##### [**Table of Contents**](#toc)
American High-Income Trust (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |  |  |
|  **Industrials**<br> **(continued)** | Builders FirstSource, Inc. 4.25% 2/1/2032<sup>1</sup> | USD735 | $597 |
|  | BWX Technologies, Inc. 4.125% 6/30/2028<sup>1</sup> | 515 | 464 |
|  | BWX Technologies, Inc. 4.125% 4/15/2029<sup>1</sup> | 1005 | 881 |
|  | Chart Industries, Inc. 7.50% 1/1/2030<sup>1</sup> | 523 | 526 |
|  | Clarivate Science Holdings Corp. 3.875% 7/1/2028<sup>1</sup> | 1595 | 1384 |
|  | Clarivate Science Holdings Corp. 4.875% 7/1/2029<sup>1</sup> | 1265 | 1077 |
|  | Clean Harbors, Inc. 4.875% 7/15/2027<sup>1</sup> | 766 | 727 |
|  | CoreLogic, Inc. 4.50% 5/1/2028<sup>1</sup> | 4279 | 3288 |
|  | CoreLogic, Inc., Term Loan, (3-month USD-LIBOR + 6.50%) 10.938% 6/4/2029<sup>4,5</sup> | 660 | 480 |
|  | Covanta Holding Corp. 4.875% 12/1/2029<sup>1</sup> | 1295 | 1063 |
|  | Covanta Holding Corp. 5.00% 9/1/2030 | 1590 | 1287 |
|  | Dun & Bradstreet Corp. 5.00% 12/15/2029<sup>1</sup> | 1585 | 1358 |
|  | Garda World Security Corp. 6.00% 6/1/2029<sup>1</sup> | 150 | 122 |
|  | GFL Environmental, Inc. 3.50% 9/1/2028<sup>1</sup> | 765 | 673 |
|  | Harsco Corp. 5.75% 7/31/2027<sup>1</sup> | 700 | 554 |
|  | Herc Holdings, Inc. 5.50% 7/15/2027<sup>1</sup> | 200 | 187 |
|  | Howmet Aerospace, Inc. 5.95% 2/1/2037 | 150 | 146 |
|  | Icahn Enterprises Finance Corp. 4.75% 9/15/2024 | 1080 | 1038 |
|  | Icahn Enterprises, LP 5.25% 5/15/2027 | 277 | 254 |
|  | Icahn Enterprises, LP 4.375% 2/1/2029 | 675 | 572 |
|  | JELD-WEN Holding, Inc. 4.875% 12/15/2027<sup>1</sup> | 543 | 410 |
|  | LABL Escrow Issuer, LLC 6.75% 7/15/2026<sup>1</sup> | 450 | 425 |
|  | LABL Escrow Issuer, LLC 10.50% 7/15/2027<sup>1</sup> | 1310 | 1221 |
|  | LSC Communications, Inc. 8.75% 10/15/2023<sup>1,2,3</sup> | 8933 | 27 |
|  | LSC Communications, Inc., Term Loan B,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3-month USD-LIBOR + 4.50%) 7.75% 9/30/2022<sup>2,3,4,5</sup> | 301 | 1 |
|  | Masonite International Corp. 3.50% 2/15/2030<sup>1</sup> | 530 | 429 |
|  | MasTec, Inc. 4.50% 8/15/2028<sup>1</sup> | 460 | 413 |
|  | Mileage Plus Holdings, LLC 6.50% 6/20/2027<sup>1</sup> | 3543 | 3530 |
|  | Mueller Water Products, Inc. 4.00% 6/15/2029<sup>1</sup> | 275 | 242 |
|  | Park River Holdings, Inc. 5.625% 2/1/2029<sup>1</sup> | 775 | 517 |
|  | PGT Innovations, Inc. 4.375% 10/1/2029<sup>1</sup> | 1125 | 943 |
|  | Pitney Bowes, Inc. 6.875% 3/15/2027<sup>1</sup> | 600 | 514 |
|  | PM General Purchaser, LLC 9.50% 10/1/2028<sup>1</sup> | 2428 | 1855 |
|  | Prime Security Services Borrower, LLC 3.375% 8/31/2027<sup>1</sup> | 475 | 411 |
|  | Prime Security Services Borrower, LLC 6.25% 1/15/2028<sup>1</sup> | 627 | 572 |
|  | R.R. Donnelley & Sons Co. 6.125% 11/1/2026<sup>1</sup> | 375 | 351 |
|  | Roller Bearing Company of America, Inc. 4.375% 10/15/2029<sup>1</sup> | 170 | 147 |
|  | Rolls-Royce PLC 5.75% 10/15/2027<sup>1</sup> | 720 | 687 |
|  | Sensata Technologies, Inc. 3.75% 2/15/2031<sup>1</sup> | 500 | 412 |
|  | SkyMiles IP, Ltd. 4.75% 10/20/2028<sup>1</sup> | 1975 | 1859 |
|  | Spirit AeroSystems, Inc. 4.60% 6/15/2028 | 1410 | 1141 |
|  | Spirit AeroSystems, Inc. 9.375% 11/30/2029<sup>1</sup> | 980 | 1033 |
|  | SRS Distribution, Inc. 4.625% 7/1/2028<sup>1</sup> | 480 | 426 |
|  | Stericycle, Inc. 5.375% 7/15/2024<sup>1</sup> | 1135 | 1120 |
|  | Stericycle, Inc. 3.875% 1/15/2029<sup>1</sup> | 940 | 821 |
|  | The Brink's Co. 4.625% 10/15/2027<sup>1</sup> | 719 | 659 |
|  | The Hertz Corp. 5.00% 12/1/2029<sup>1</sup> | 380 | 289 |
|  | Titan International, Inc. 7.00% 4/30/2028 | 750 | 709 |
|  | TransDigm, Inc. 6.25% 3/15/2026<sup>1</sup> | 1638 | 1619 |
|  | TransDigm, Inc. 6.875% 5/15/2026 | 460 | 450 |
|  | TransDigm, Inc. 6.375% 6/15/2026 | 240 | 234 |
|  | TransDigm, Inc. 5.50% 11/15/2027 | 855 | 805 |
|  | TransDigm, Inc. 4.625% 1/15/2029 | 155 | 137 |
|  | TransDigm, Inc. 4.875% 5/1/2029 | 220 | 192 |
|  | Triumph Group, Inc. 8.875% 6/1/2024<sup>1</sup> | 633 | 645 |
|  | Triumph Group, Inc. 6.25% 9/15/2024<sup>1</sup> | 4812 | 4569 |
|  | Triumph Group, Inc. 7.75% 8/15/2025 | 1260 | 1074 |
|  | Uber Technologies, Inc. 8.00% 11/1/2026<sup>1</sup> | 498 | 501 |
|  | United Airlines, Inc. 4.375% 4/15/2026<sup>1</sup> | 285 | 265 |
|  | United Airlines, Inc. 4.625% 4/15/2029<sup>1</sup> | 505 | 441 |

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|:---|:---|
| **236** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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------

##### [**Table of Contents**](#toc)
American High-Income Trust (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |  |  |
|  **Industrials**<br> **(continued)** | United Rentals, Inc. 4.875% 1/15/2028 | USD680 | $646 |
|  | United Rentals, Inc. 6.00% 12/15/2029<sup>1</sup> | 910 | 906 |
|  | United Rentals, Inc. 3.875% 2/15/2031 | 525 | 441 |
|  | United Rentals, Inc. 3.75% 1/15/2032 | 450 | 368 |
|  | Vertical U.S. Newco, Inc. 5.25% 7/15/2027<sup>1</sup> | 1495 | 1330 |
|  | WESCO Distribution, Inc. 7.125% 6/15/2025<sup>1</sup> | 675 | 685 |
|  | WESCO Distribution, Inc. 7.25% 6/15/2028<sup>1</sup> | 825 | 837 |
|  | Western Global Airlines, LLC 10.375% 8/15/2025<sup>1</sup> | 475 | 357 |
|  |  |  | 74604 |
|  **Financials**<br> **7.26%** | Advisor Group Holdings, LLC 6.25% 3/1/2028<sup>1</sup> | 2191 | 2017 |
|  | AG Merger Sub II, Inc. 10.75% 8/1/2027<sup>1</sup> | 3800 | 3852 |
|  | AG TTMT Escrow Issuer, LLC 8.625% 9/30/2027<sup>1</sup> | 1058 | 1069 |
|  | Alliant Holdings Intermediate, LLC 4.25% 10/15/2027<sup>1</sup> | 890 | 798 |
|  | Alliant Holdings Intermediate, LLC 6.75% 10/15/2027<sup>1</sup> | 1741 | 1569 |
|  | Alliant Holdings Intermediate, LLC 5.875% 11/1/2029<sup>1</sup> | 1560 | 1285 |
|  | AmWINS Group, Inc. 4.875% 6/30/2029<sup>1</sup> | 1260 | 1070 |
|  | Aretec Escrow Issuer, Inc. 7.50% 4/1/2029<sup>1</sup> | 2875 | 2379 |
|  | Ascensus, Inc., Term Loan, (3-month USD-LIBOR + 6.50%) 10.25% 8/2/2029<sup>4,5</sup> | 1245 | 1096 |
|  | AssuredPartners, Inc. 8.00% 5/15/2027<sup>1</sup> | 437 | 419 |
|  | AssuredPartners, Inc. 5.625% 1/15/2029<sup>1</sup> | 365 | 301 |
|  | Blackstone Private Credit Fund 7.05% 9/29/2025<sup>1</sup> | 640 | 636 |
|  | BroadStreet Partners, Inc. 5.875% 4/15/2029<sup>1</sup> | 575 | 490 |
|  | Castlelake Aviation Finance DAC 5.00% 4/15/2027<sup>1</sup> | 1115 | 972 |
|  | Coinbase Global, Inc. 3.375% 10/1/2028<sup>1</sup> | 1320 | 699 |
|  | Coinbase Global, Inc. 3.625% 10/1/2031<sup>1</sup> | 1090 | 526 |
|  | Compass Diversified Holdings 5.25% 4/15/2029<sup>1</sup> | 4150 | 3557 |
|  | Compass Diversified Holdings 5.00% 1/15/2032<sup>1</sup> | 1230 | 979 |
|  | Credit Acceptance Corp. 5.125% 12/31/2024<sup>1</sup> | 275 | 259 |
|  | Digital Currency Group, Inc., Term Loan,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3-month USD-LIBOR + 7.00%) 8.00% 11/30/2026<sup>3,4,5</sup> | 823 | 715 |
|  | Digital Currency Group, Inc., Term Loan, 8.75% 11/30/2026<sup>3,4</sup> | 1097 | 879 |
|  | FS Energy and Power Fund 7.50% 8/15/2023<sup>1</sup> | 2784 | 2793 |
|  | Hightower Holding, LLC 6.75% 4/15/2029<sup>1</sup> | 905 | 761 |
|  | HUB International, Ltd. 7.00% 5/1/2026<sup>1</sup> | 2080 | 2040 |
|  | HUB International, Ltd. 5.625% 12/1/2029<sup>1</sup> | 240 | 210 |
|  | Iron Mountain Information Management Services, Inc. 5.00% 7/15/2032<sup>1</sup> | 725 | 603 |
|  | JPMorgan Chase & Co. 2.956% 5/13/2031 (USD-SOFR + 2.515% on 5/13/2030)<sup>7</sup> | 160 | 132 |
|  | JPMorgan Chase & Co. 4.912% 7/25/2033 (USD-SOFR + 2.08% on 7/25/2032)<sup>7</sup> | 490 | 468 |
|  | LPL Holdings, Inc. 4.625% 11/15/2027<sup>1</sup> | 1592 | 1490 |
|  | LPL Holdings, Inc. 4.00% 3/15/2029<sup>1</sup> | 1900 | 1656 |
|  | LPL Holdings, Inc. 4.375% 5/15/2031<sup>1</sup> | 1135 | 967 |
|  | MGIC Investment Corp. 5.25% 8/15/2028 | 525 | 485 |
|  | MSCI, Inc. 4.00% 11/15/2029<sup>1</sup> | 900 | 785 |
|  | MSCI, Inc. 3.625% 9/1/2030<sup>1</sup> | 66 | 55 |
|  | MSCI, Inc. 3.875% 2/15/2031<sup>1</sup> | 1450 | 1208 |
|  | MSCI, Inc. 3.625% 11/1/2031<sup>1</sup> | 2055 | 1702 |
|  | MSCI, Inc. 3.25% 8/15/2033<sup>1</sup> | 945 | 731 |
|  | National Financial Partners Corp. 6.875% 8/15/2028<sup>1</sup> | 739 | 611 |
|  | Navient Corp. 5.50% 1/25/2023 | 684 | 684 |
|  | Navient Corp. 6.125% 3/25/2024 | 1047 | 1027 |
|  | Navient Corp. 5.875% 10/25/2024 | 1405 | 1362 |
|  | Navient Corp. 6.75% 6/25/2025 | 550 | 529 |
|  | Navient Corp. 6.75% 6/15/2026 | 640 | 608 |
|  | Navient Corp. 5.00% 3/15/2027 | 2883 | 2529 |
|  | Navient Corp. 4.875% 3/15/2028 | 320 | 264 |
|  | Navient Corp. 5.50% 3/15/2029 | 2280 | 1864 |
|  | Navient Corp. 5.625% 8/1/2033 | 1478 | 1056 |
|  | OneMain Finance Corp. 3.875% 9/15/2028 | 206 | 164 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **237** |

---

------

##### [**Table of Contents**](#toc)
American High-Income Trust (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |  |  |
|  **Financials**<br> **(continued)** | OneMain Holdings, Inc. 7.125% 3/15/2026 | USD1,335 | $1272 |
|  | Owl Rock Capital Corp. 3.75% 7/22/2025 | 600 | 555 |
|  | Owl Rock Capital Corp. 3.40% 7/15/2026 | 290 | 254 |
|  | Owl Rock Capital Corp. II 4.625% 11/26/2024<sup>1</sup> | 450 | 428 |
|  | Owl Rock Capital Corp. III 3.125% 4/13/2027 | 600 | 495 |
|  | Owl Rock Core Income Corp. 4.70% 2/8/2027 | 800 | 722 |
|  | Oxford Finance, LLC 6.375% 2/1/2027<sup>1</sup> | 1893 | 1764 |
|  | Quicken Loans, LLC 3.625% 3/1/2029<sup>1</sup> | 455 | 361 |
|  | Rocket Mortgage, LLC 2.875% 10/15/2026<sup>1</sup> | 520 | 447 |
|  | Ryan Specialty Group, LLC 4.375% 2/1/2030<sup>1</sup> | 615 | 533 |
|  | Springleaf Finance Corp. 6.125% 3/15/2024 | 367 | 356 |
|  | Springleaf Finance Corp. 6.625% 1/15/2028 | 340 | 314 |
|  | Starwood Property Trust, Inc. 4.375% 1/15/2027<sup>1</sup> | 570 | 500 |
|  |  |  | 60352 |
|  **Information**<br> **technology**<br> **4.50%** | Almonde, Inc., Term Loan B, (3-month USD-LIBOR + 3.50%) 6.871% 6/13/2024<sup>4,5</sup> | 270 | 239 |
|  | Almonde, Inc., Term Loan, (3-month USD-LIBOR + 7.25%) 10.621% 6/13/2025<sup>4,5</sup> | 3899 | 2932 |
|  | Black Knight, Inc. 3.625% 9/1/2028<sup>1</sup> | 410 | 357 |
|  | Block, Inc. 2.75% 6/1/2026 | 1455 | 1302 |
|  | Block, Inc. 3.50% 6/1/2031 | 1570 | 1255 |
|  | BMC Software, Inc. 7.125% 10/2/2025<sup>1</sup> | 180 | 175 |
|  | BMC Software, Inc. 9.125% 3/1/2026<sup>1</sup> | 240 | 227 |
|  | BMC Software, Inc., Term Loan, (3-month USD-LIBOR + 5.50%) 6.128% 3/31/2026<sup>4,5</sup> | 1170 | 1080 |
|  | Booz Allen Hamilton, Inc. 3.875% 9/1/2028<sup>1</sup> | 450 | 399 |
|  | Booz Allen Hamilton, Inc. 4.00% 7/1/2029<sup>1</sup> | 580 | 511 |
|  | CDK Global, Inc. 7.25% 6/15/2029<sup>1</sup> | 1460 | 1430 |
|  | Ciena Corp. 4.00% 1/31/2030<sup>1</sup> | 440 | 388 |
|  | CommScope Finance, LLC 6.00% 3/1/2026<sup>1</sup> | 430 | 398 |
|  | CommScope Finance, LLC 8.25% 3/1/2027<sup>1</sup> | 360 | 280 |
|  | CommScope Technologies, LLC 6.00% 6/15/2025<sup>1</sup> | 380 | 347 |
|  | CommScope Technologies, LLC 5.00% 3/15/2027<sup>1</sup> | 220 | 150 |
|  | Condor Merger Sub, Inc. 7.375% 2/15/2030<sup>1</sup> | 400 | 322 |
|  | Diebold Nixdorf, Inc. 9.375% 7/15/2025<sup>1</sup> | 7523 | 5380 |
|  | Diebold Nixdorf, Inc., units, 8.50% PIK or 8.50% Cash 10/15/2026<sup>1,3,6</sup> | 1324 | 797 |
|  | Diebold Nixdorf, Inc., Term Loan, (USD-SOFR + 5.25%) 6.75% 7/15/2025<sup>3,4,5</sup> | 2084 | 1404 |
|  | Elastic NV 4.125% 7/15/2029<sup>1</sup> | 350 | 283 |
|  | Entegris Escrow Corp. 4.75% 4/15/2029<sup>1</sup> | 790 | 722 |
|  | Fair Isaac Corp. 4.00% 6/15/2028<sup>1</sup> | 1195 | 1087 |
|  | Finastra, Ltd., Term Loan B, (3-month EUR-EURIBOR + 3.00%) 4.00% 6/13/2024<sup>4,5</sup> | EUR846 | 783 |
|  | Gartner, Inc. 4.50% 7/1/2028<sup>1</sup> | USD2,098 | 1960 |
|  | Gartner, Inc. 3.625% 6/15/2029<sup>1</sup> | 154 | 135 |
|  | Gartner, Inc. 3.75% 10/1/2030<sup>1</sup> | 1001 | 864 |
|  | GoDaddy Operating Co. 5.25% 12/1/2027<sup>1</sup> | 390 | 370 |
|  | GoDaddy Operating Co. 3.50% 3/1/2029<sup>1</sup> | 210 | 176 |
|  | Imola Merger Corp. 4.75% 5/15/2029<sup>1</sup> | 300 | 261 |
|  | MicroStrategy, Inc. 6.125% 6/15/2028<sup>1</sup> | 325 | 233 |
|  | MoneyGram International, Inc. 5.375% 8/1/2026<sup>1</sup> | 875 | 888 |
|  | NCR Corp. 5.125% 4/15/2029<sup>1</sup> | 1759 | 1474 |
|  | NortonLifeLock, Inc. 7.125% 9/30/2030<sup>1</sup> | 255 | 251 |
|  | Open Text Corp., Term Loan B, (3-month USD-LIBOR + 3.50%) 3.50% 11/16/2029<sup>4,5</sup> | 355 | 347 |
|  | Rocket Software, Inc. 6.50% 2/15/2029<sup>1</sup> | 455 | 359 |
|  | Sabre GLBL, Inc. 7.375% 9/1/2025<sup>1</sup> | 133 | 128 |
|  | Sabre GLBL, Inc. 11.25% 12/15/2027<sup>1</sup> | 877 | 904 |
|  | Sabre Holdings Corp. 9.25% 4/15/2025<sup>1</sup> | 1152 | 1149 |
|  | Synaptics, Inc. 4.00% 6/15/2029<sup>1</sup> | 375 | 316 |
|  | Tibco Software, Inc., Term Loan A,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3-month USD CME Term SOFR + 4.50%) 9.18% 9/29/2028<sup>4,5</sup> | 1255 | 1117 |
|  | UKG, Inc., Term Loan B, (3-month USD-LIBOR + 3.25%) 6.998% 5/4/2026<sup>4,5</sup> | 465 | 443 |
|  | UKG, Inc., Term Loan, (3-month USD-LIBOR + 5.25%) 8.998% 5/3/2027<sup>4,5</sup> | 1970 | 1820 |

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| | |
|:---|:---|
| **238** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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------

##### [**Table of Contents**](#toc)
American High-Income Trust (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |  |  |
|  **Information technology**<br> **(continued)** | Unisys Corp. 6.875% 11/1/2027<sup>1</sup> | USD1,385 | $1065 |
|  | VeriSign, Inc. 5.25% 4/1/2025 | 132 | 132 |
|  | Veritas US, Inc. 7.50% 9/1/2025<sup>1</sup> | 285 | 197 |
|  | Viavi Solutions, Inc. 3.75% 10/1/2029<sup>1</sup> | 230 | 194 |
|  | Xerox Corp. 5.50% 8/15/2028<sup>1</sup> | 435 | 349 |
|  |  |  | 37380 |
|  **Consumer staples**<br> **4.14%** | Albertsons Companies, Inc. 4.625% 1/15/2027<sup>1</sup> | 1060 | 987 |
|  | Albertsons Companies, Inc. 5.875% 2/15/2028<sup>1</sup> | 190 | 181 |
|  | Albertsons Companies, Inc. 3.50% 3/15/2029<sup>1</sup> | 3468 | 2917 |
|  | Albertsons Companies, Inc. 4.875% 2/15/2030<sup>1</sup> | 615 | 550 |
|  | B&G Foods, Inc. 5.25% 4/1/2025 | 1377 | 1210 |
|  | B&G Foods, Inc. 5.25% 9/15/2027 | 2093 | 1608 |
|  | Central Garden & Pet Co. 4.125% 10/15/2030 | 600 | 494 |
|  | Central Garden & Pet Co. 4.125% 4/30/2031<sup>1</sup> | 1005 | 833 |
|  | Coty, Inc. 5.00% 4/15/2026<sup>1</sup> | 700 | 665 |
|  | Coty, Inc. 6.50% 4/15/2026<sup>1</sup> | 460 | 442 |
|  | Coty, Inc. 4.75% 1/15/2029<sup>1</sup> | 1260 | 1142 |
|  | Darling Ingredients, Inc. 5.25% 4/15/2027<sup>1</sup> | 329 | 317 |
|  | Darling Ingredients, Inc. 6.00% 6/15/2030<sup>1</sup> | 1205 | 1180 |
|  | Edgewell Personal Care Co. 5.50% 6/1/2028<sup>1</sup> | 275 | 258 |
|  | Energizer Holdings, Inc. 4.375% 3/31/2029<sup>1</sup> | 545 | 463 |
|  | Ingles Markets, Inc. 4.00% 6/15/2031<sup>1</sup> | 345 | 291 |
|  | Kraft Heinz Company 3.875% 5/15/2027 | 275 | 263 |
|  | Kraft Heinz Company 4.375% 6/1/2046 | 306 | 250 |
|  | Kronos Acquisition Holdings, Inc. 5.00% 12/31/2026<sup>1</sup> | 1953 | 1692 |
|  | Kronos Acquisition Holdings, Inc. 7.00% 12/31/2027<sup>1</sup> | 3040 | 2504 |
|  | Lamb Weston Holdings, Inc. 4.125% 1/31/2030<sup>1</sup> | 2615 | 2313 |
|  | Lamb Weston Holdings, Inc. 4.375% 1/31/2032<sup>1</sup> | 715 | 626 |
|  | Nestle Skin Health SA, Term Loan B3,<br>(3-month USD-LIBOR + 3.75%) 8.48% 10/1/2026<sup>4,5</sup> | 784 | 753 |
|  | Performance Food Group, Inc. 5.50% 10/15/2027<sup>1</sup> | 705 | 666 |
|  | Performance Food Group, Inc. 4.25% 8/1/2029<sup>1</sup> | 483 | 419 |
|  | Post Holdings, Inc. 5.625% 1/15/2028<sup>1</sup> | 1199 | 1130 |
|  | Post Holdings, Inc. 5.50% 12/15/2029<sup>1</sup> | 811 | 736 |
|  | Post Holdings, Inc. 4.625% 4/15/2030<sup>1</sup> | 3355 | 2901 |
|  | Post Holdings, Inc. 4.50% 9/15/2031<sup>1</sup> | 1350 | 1137 |
|  | Prestige Brands International, Inc. 5.125% 1/15/2028<sup>1</sup> | 103 | 97 |
|  | Prestige Brands International, Inc. 3.75% 4/1/2031<sup>1</sup> | 1275 | 1053 |
|  | Simmons Foods, Inc. 4.625% 3/1/2029<sup>1</sup> | 993 | 810 |
|  | TreeHouse Foods, Inc. 4.00% 9/1/2028 | 1415 | 1205 |
|  | United Natural Foods, Inc. 6.75% 10/15/2028<sup>1</sup> | 2030 | 1954 |
|  | US Foods, Inc. 4.625% 6/1/2030<sup>1</sup> | 460 | 406 |
|  |  |  | 34453 |
|  **Real estate**<br> **3.45%** | Anywhere Real Estate Group, LLC 5.75% 1/15/2029<sup>1</sup> | 2213 | 1677 |
|  | Anywhere Real Estate Group, LLC 5.25% 4/15/2030<sup>1</sup> | 957 | 699 |
|  | Brookfield Property REIT, Inc. 5.75% 5/15/2026<sup>1</sup> | 1304 | 1193 |
|  | Brookfield Property REIT, Inc. 4.50% 4/1/2027<sup>1</sup> | 194 | 162 |
|  | Forestar Group, Inc. 3.85% 5/15/2026<sup>1</sup> | 465 | 408 |
|  | Forestar Group, Inc. 5.00% 3/1/2028<sup>1</sup> | 92 | 79 |
|  | Hospitality Properties Trust 4.35% 10/1/2024 | 145 | 132 |
|  | Howard Hughes Corp. 5.375% 8/1/2028<sup>1</sup> | 1447 | 1306 |
|  | Howard Hughes Corp. 4.125% 2/1/2029<sup>1</sup> | 2043 | 1714 |
|  | Howard Hughes Corp. 4.375% 2/1/2031<sup>1</sup> | 2258 | 1830 |
|  | Iron Mountain, Inc. 4.875% 9/15/2027<sup>1</sup> | 1616 | 1489 |
|  | Iron Mountain, Inc. 5.25% 3/15/2028<sup>1</sup> | 1214 | 1119 |
|  | Iron Mountain, Inc. 5.00% 7/15/2028<sup>1</sup> | 367 | 330 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **239** |

---

------

##### [**Table of Contents**](#toc)
American High-Income Trust (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br>(000) |
|  **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |  |  |
|  **Real estate**<br> **(continued)** | Iron Mountain, Inc. 5.25% 7/15/2030<sup>1</sup> | USD2,880 | $2509 |
|  | Iron Mountain, Inc. 4.50% 2/15/2031<sup>1</sup> | 950 | 783 |
|  | Kennedy-Wilson Holdings, Inc. 4.75% 3/1/2029 | 2505 | 1989 |
|  | Kennedy-Wilson Holdings, Inc. 4.75% 2/1/2030 | 2545 | 1944 |
|  | Kennedy-Wilson Holdings, Inc. 5.00% 3/1/2031 | 2050 | 1546 |
|  | Ladder Capital Finance Holdings LLLP 5.25% 10/1/2025<sup>1</sup> | 740 | 697 |
|  | Ladder Capital Finance Holdings LLLP 4.25% 2/1/2027<sup>1</sup> | 1429 | 1203 |
|  | Ladder Capital Finance Holdings LLLP 4.75% 6/15/2029<sup>1</sup> | 100 | 81 |
|  | Medical Properties Trust, Inc. 5.00% 10/15/2027 | 638 | 538 |
|  | Medical Properties Trust, Inc. 3.50% 3/15/2031 | 239 | 164 |
|  | Park Intermediate Holdings, LLC 4.875% 5/15/2029<sup>1</sup> | 820 | 695 |
|  | RHP Hotel Properties, LP 4.50% 2/15/2029<sup>1</sup> | 535 | 462 |
|  | RLJ Lodging Trust, LP 4.00% 9/15/2029<sup>1</sup> | 800 | 650 |
|  | VICI Properties, LP 3.50% 2/15/2025<sup>1</sup> | 261 | 247 |
|  | VICI Properties, LP 4.625% 6/15/2025<sup>1</sup> | 620 | 595 |
|  | VICI Properties, LP 3.875% 2/15/2029<sup>1</sup> | 1111 | 975 |
|  | VICI Properties, LP 4.625% 12/1/2029<sup>1</sup> | 184 | 168 |
|  | VICI Properties, LP 4.125% 8/15/2030<sup>1</sup> | 330 | 289 |
|  | WeWork Companies, LLC 5.00% 7/10/2025<sup>1</sup> | 2985 | 992 |
|  |  |  | 28665 |
|  **Utilities**<br> **3.20%** | AmeriGas Partners, LP 5.875% 8/20/2026 | 80 | 76 |
|  | AmeriGas Partners, LP 5.75% 5/20/2027 | 324 | 302 |
|  | Calpine Corp. 4.50% 2/15/2028<sup>1</sup> | 150 | 134 |
|  | Calpine Corp. 5.125% 3/15/2028<sup>1</sup> | 518 | 463 |
|  | Calpine Corp. 3.75% 3/1/2031<sup>1</sup> | 500 | 403 |
|  | DPL, Inc. 4.125% 7/1/2025 | 555 | 522 |
|  | Emera, Inc. 6.75% 6/15/2076 (3-month USD-LIBOR + 5.44% on 6/15/2026)<sup>7</sup> | 1155 | 1113 |
|  | FirstEnergy Corp. 2.65% 3/1/2030 | 624 | 510 |
|  | FirstEnergy Corp. 2.25% 9/1/2030 | 980 | 780 |
|  | FirstEnergy Corp. 7.375% 11/15/2031 | 337 | 380 |
|  | FirstEnergy Corp. 3.40% 3/1/2050 | 510 | 337 |
|  | FirstEnergy Corp., Series C, 5.35% 7/15/2047<sup>7</sup> | 475 | 425 |
|  | FirstEnergy Transmission, LLC 2.866% 9/15/2028<sup>1</sup> | 265 | 232 |
|  | FirstEnergy Transmission, LLC 4.55% 4/1/2049<sup>1</sup> | 100 | 81 |
|  | NextEra Energy Partners, LP 4.25% 7/15/2024<sup>1</sup> | 122 | 118 |
|  | NRG Energy, Inc. 3.625% 2/15/2031<sup>1</sup> | 845 | 644 |
|  | Pacific Gas and Electric Co. 5.45% 6/15/2027 | 335 | 331 |
|  | Pacific Gas and Electric Co. 2.10% 8/1/2027 | 116 | 99 |
|  | Pacific Gas and Electric Co. 3.30% 12/1/2027 | 124 | 110 |
|  | Pacific Gas and Electric Co. 3.75% 7/1/2028 | 10 | 9 |
|  | Pacific Gas and Electric Co. 4.55% 7/1/2030 | 213 | 194 |
|  | Pacific Gas and Electric Co. 2.50% 2/1/2031 | 393 | 306 |
|  | Pacific Gas and Electric Co. 3.25% 6/1/2031 | 107 | 87 |
|  | Pacific Gas and Electric Co. 3.30% 8/1/2040 | 280 | 190 |
|  | Pacific Gas and Electric Co. 3.50% 8/1/2050 | 1000 | 625 |
|  | PG&E Corp. 5.00% 7/1/2028 | 3150 | 2881 |
|  | PG&E Corp. 5.25% 7/1/2030 | 3040 | 2771 |
|  | Talen Energy Corp. 10.50% 1/15/2026<sup>1,2</sup> | 2987 | 1434 |
|  | Talen Energy Corp. 7.25% 5/15/2027<sup>1</sup> | 5189 | 5395 |
|  | Talen Energy Corp. 6.625% 1/15/2028<sup>1</sup> | 130 | 133 |
|  | Talen Energy Corp., Term Loan,<br>(3-month USD CME Term SOFR + 4.75%) 9.008% 11/13/2023<sup>4,5</sup> | 3085 | 3116 |
|  | Talen Energy Corp., Term Loan B, (3-month USD-LIBOR + 3.75%) 7.821% 7/8/2026<sup>4,5</sup> | 500 | 508 |
|  | Talen Energy Supply, LLC 7.625% 6/1/2028<sup>1</sup> | 489 | 511 |

---

---

| | |
|:---|:---|
| **240** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
American High-Income Trust (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Corporate bonds, notes & loans (continued)** | **Corporate bonds, notes & loans (continued)** |  |  |
|  **Utilities**<br> **(continued)** | Targa Resources Partners, LP 4.00% 1/15/2032 | USD190 | $160 |
|  | Venture Global Calcasieu Pass, LLC 3.875% 8/15/2029<sup>1</sup> | 1190 | 1043 |
|  | Vistra Operations Co., LLC 3.55% 7/15/2024<sup>1</sup> | 231 | 222 |
|  |  |  | 26645 |
|  | **Total corporate bonds, notes & loans** |  | 736042 |
|  **Mortgage-backed obligations 0.08%** | **Mortgage-backed obligations 0.08%** |  |  |
|  **Collateralized**<br> **mortgage-backed**<br> **obligations**<br> **0.08%** | Treehouse Park Improvement Association No.1 - Anleihen 9.75% 12/1/2033<sup>1,3</sup> | 712 | 630 |
|  | **Total bonds, notes & other debt instruments** (cost: $842,910,000) |  | 736672 |
| Convertible bonds & notes 0.06% | Convertible bonds & notes 0.06% |  |  |
|  **Communication**<br> **services**<br> **0.05%** | DISH DBS Corp., convertible notes, 3.375% 8/15/2026 | 635 | 399 |
|  **Energy**<br> **0.01%** | Mesquite Energy, Inc., convertible notes, 13.14% Cash 7/15/2023<sup>1,3,6</sup> | 79 | 79 |
|  | **Total convertible bonds & notes** (cost: $720,000) |  | 478 |
| Convertible stocks 0.11% | Convertible stocks 0.11% | Shares |  |
|  **Utilities**<br> **0.06%** | PG&E Corp., convertible preferred units, 5.50% 8/16/2023 | 3350 | 483 |
|  **Financials 0.05%** | 2020 Cash Mandatory Exchangeable Trust, convertible preferred shares,<br>5.25% 6/1/2023<sup>1</sup> | 411 | 472 |
|  | **Total convertible stocks** (cost: $657,000) |  | 955 |
| Common stocks 4.45% | Common stocks 4.45% |  |  |
|  **Health care**<br> **2.60%** | Rotech Healthcare, Inc.<sup>3,8,9</sup> | 201793 | 21591 |
|  **Energy**<br> **1.15%** | Chesapeake Energy Corp. | 29829 | 2815 |
|  | Weatherford International<sup>8</sup> | 33659 | 1714 |
|  | Ascent Resources - Utica, LLC, Class A<sup>3,8,9</sup> | 6297894 | 1260 |
|  | Denbury, Inc.<sup>8</sup> | 13380 | 1164 |
|  | Diamond Offshore Drilling, Inc.<sup>8</sup> | 110972 | 1154 |
|  | California Resources Corp. | 17202 | 748 |
|  | Constellation Oil Services Holding SA, Class B-1<sup>3,8</sup> | 3449949 | 380 |
|  | Altera Infrastructure, LP<sup>3,8</sup> | 3550 | 282 |
|  | McDermott International, Ltd.<sup>8</sup> | 82509 | 26 |
|  | Mesquite Energy, Inc.<sup>3,8</sup> | 3558 | 21 |
|  | Bighorn Permian Resources, LLC<sup>3</sup> | 2894 | –<sup>10</sup> |
|  |  |  | 9564 |
|  **Financials**<br> **0.32%** | Jonah Energy Parent, LLC<sup>3</sup> | 38716 | 2289 |
|  | Navient Corp. | 20000 | 329 |
|  |  |  | 2618 |

---

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| | |
|:---|:---|
| American Funds Insurance Series | **241** |

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------

##### [**Table of Contents**](#toc)
American High-Income Trust (continued)

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| | | | |
|:---|:---|:---|:---|
| Common stocks (continued) | Common stocks (continued) | Shares | Value<br>(000) |
|  **Consumer**<br> **discretionary**<br> **0.29%** | NMG Parent, LLC<sup>8</sup> | 9965 | $1520 |
|  | MYT Holding Co., Class B<sup>3,8</sup> | 608846 | 913 |
|  |  |  | 2433 |
|  **Information**<br> **technology**<br> **0.05%** | MoneyGram International, Inc.<sup>8</sup> | 41400 | 451 |
|  **Communication**<br> **services**<br> **0.04%** | Intelsat SA<sup>3,8</sup> | 8164 | 196 |
|  | iHeartMedia, Inc., Class A<sup>8</sup> | 22639 | 139 |
|  |  |  | 335 |
|  | **Total common stocks** (cost: $13,251,000) |  | 36992 |
| Preferred securities 0.32% | Preferred securities 0.32% |  |  |
|  **Consumer**<br> **discretionary**<br> **0.27%** | MYT Holdings, LLC, Series A, 10.00% preferred shares<sup>3,8</sup> | 2095904 | 2201 |
|  **Industrials**<br> **0.05%** | ACR III LSC Holdings, LLC, Series B, preferred shares<sup>1,3,8</sup> | 1022 | 428 |
|  | **Total preferred securities** (cost: $2,933,000) |  | 2629 |
| Rights & warrants 0.10% | Rights & warrants 0.10% |  |  |
|  **Consumer**<br> **discretionary**<br> **0.10%** | NMG Parent, LLC, warrants, expire 9/24/2027<sup>8</sup> | 27111 | 826 |
|  **Communication**<br> **services**<br> **0.00%** | Intelsat Jackson Holdings SA (CVR), Series A<sup>3,8</sup> | 855 | 6 |
|  | Intelsat Jackson Holdings SA (CVR), Series B<sup>3,8</sup> | 855 | 6 |
|  |  |  | 12 |
|  | **Total rights & warrants** (cost: $173,000) |  | 838 |
| Short-term securities 4.64% | Short-term securities 4.64% |  |  |
|  **Money market investments 4.64%** | **Money market investments 4.64%** |  |  |
|  | Capital Group Central Cash Fund 4.31%<sup>11,12</sup> | 385690 | 38565 |
|  | **Total short-term securities** (cost: $38,557,000) |  | 38565 |
|  | **Total investment securities** 98.27% (cost: $899,201,000) |  | 817129 |
|  | Other assets less liabilities 1.73% |  | 14425 |
|  | **Net assets 100.00%** |  | $831554 |

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|:---|:---|
| **242** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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##### [**Table of Contents**](#toc)
American High-Income Trust (continued)

 **Futures contracts**<br>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Number of<br>contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notional<br>amount<br> (000) | Value and <br>unrealized <br> (depreciation)<br>appreciation <br>at 12/31/2022 <br>(000)  |
|  5 Year U.S. Treasury Note Futures | Long | 63 | March 2023 | USD6,799 | $(98) |
|  10 Year U.S. Treasury Note Futures | Short | 14 | March 2023 | (1572) | 10 |
|  30 Year Ultra U.S. Treasury Bond Futures | Short | 1 | March 2023 | (134) | –<sup>10</sup> |
|  |  |  |  |  | $(88) |

---

 **Swap contracts**<br>

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| |
|:---|
|  **Credit default swaps** |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Centrally cleared credit default swaps on credit indices — buy protection** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference<br> index | Financing<br> rate paid | Payment <br>frequency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration<br>date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notional<br> amount<br> (000) | Value at<br> 12/31/2022<br>(000) |  | Upfront<br> premium<br> paid<br> (000) | Unrealized<br>depreciation<br> at 12/31/2022<br>(000) |
|  CDX.NA.HY.39 | 5.00% | Quarterly | 12/20/2027 | USD8,050 |  | $(50) | $104 | $(154) |

---

 **Investments in affiliates<sup>12</sup>** <br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value of<br>affiliate at<br>1/1/2022<br>(000) | Additions<br>(000) | Reductions<br>(000) | Net<br>realized<br> loss<br>(000) | Net<br>unrealized<br> appreciation<br>(000) | Value of<br>affiliate at<br>12/31/2022<br>(000) | Dividend <br>income <br>(000) |
|  **Short-term securities 4.64%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Money market investments 4.64%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 4.31%<sup>11</sup>  | $17238 | $219950 | $198620 | $(7) | $4 | $38565 | $610 |

---

 **Restricted securities<sup>9</sup>**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition<br>date | Cost<br>(000) | Value<br>(000) | Percent<br>of net<br>assets |
| &nbsp;&nbsp;&nbsp;&nbsp; Rotech Healthcare, Inc.<sup>3,8</sup> | 9/26/2013 | $4331 | $21591 | 2.60% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ascent Resources - Utica, LLC, Class A<sup>3,8</sup> | 11/15/2016 | 302 | 1260 | .15 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** |  | $4633 | $22851 | 2.75% |

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| | |
|:---|:---|
| American Funds Insurance Series | **243** |

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##### [**Table of Contents**](#toc)
American High-Income Trust (continued)

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| | |
|:---|:---|
| <sup>1</sup> | Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $544,764,000, which represented 65.51% of the net assets of the fund.  |

---

<sup></sup><sup>2</sup> Scheduled interest and/or principal payment was not received.

<sup></sup><sup>3</sup> Value determined using significant unobservable inputs.

---

| | |
|:---|:---|
| <sup>4</sup> | Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $25,672,000, which represented 3.09% of the net assets of the fund.  |

---

<sup>5</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.

<sup>6</sup> Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available.

<sup>7</sup> Step bond; coupon rate may change at a later date.

<sup>8</sup> Security did not produce income during the last 12 months.

 <sup>9</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $22,851,000, which represented 2.75% of the net assets of the fund. 

 <sup>10</sup> Amount less than one thousand. 

<sup>11</sup> Rate represents the seven-day yield at 12/31/2022.

<sup>12</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

---

| |
|:---|
| **Key to abbreviations** |
| CME = CME Group |
| CVR = Contingent Value Rights |
| DAC = Designated Activity Company |
| EUR = Euros |
| EURIBOR = Euro Interbank Offered Rate |
| LIBOR = London Interbank Offered Rate |
| PIK = Payment In Kind |
| REIT = Real Estate Investment Trust |
| SOFR = Secured Overnight Financing |
| Rate USD = U.S. dollars |
| Refer to the notes to financial statements. |

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| | |
|:---|:---|
| **244** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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##### [**Table of Contents**](#toc)
American Funds Mortgage Fund

**Investment portfolio** December 31, 2022

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments 94.91% | Principal amount<br>(000) | Value<br>(000) |
|  **Mortgage-backed obligations 80.19%** |  |  |
|  **Federal agency**<br> **mortgage-backed**<br> **obligations**<br> **77.35%**<br> Fannie Mae Pool #695412 5.00% 6/1/2033<sup>1</sup> | USD<sup>–2</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–<sup>2</sup> |
| Fannie Mae Pool #AD3566 5.00% 10/1/2035<sup>1</sup> | 2 | 2 |
| Fannie Mae Pool #256583 5.00% 12/1/2036<sup>1</sup> | 32 | 32 |
| Fannie Mae Pool #931768 5.00% 8/1/2039<sup>1</sup> | 1 | 1 |
| Fannie Mae Pool #AC0794 5.00% 10/1/2039<sup>1</sup> | 5 | 5 |
| Fannie Mae Pool #932606 5.00% 2/1/2040<sup>1</sup> | 2 | 2 |
| Fannie Mae Pool #AE1248 5.00% 6/1/2041<sup>1</sup> | 8 | 8 |
| Fannie Mae Pool #MA4387 2.00% 7/1/2041<sup>1</sup> | 19 | 16 |
| Fannie Mae Pool #AJ1873 4.00% 10/1/2041<sup>1</sup> | 7 | 6 |
| Fannie Mae Pool #AE1274 5.00% 10/1/2041<sup>1</sup> | 7 | 7 |
| Fannie Mae Pool #AE1277 5.00% 11/1/2041<sup>1</sup> | 5 | 5 |
| Fannie Mae Pool #MA4501 2.00% 12/1/2041<sup>1</sup> | 370 | 312 |
| Fannie Mae Pool #AE1283 5.00% 12/1/2041<sup>1</sup> | 2 | 2 |
| Fannie Mae Pool #MA4540 2.00% 2/1/2042<sup>1</sup> | 530 | 447 |
| Fannie Mae Pool #AE1290 5.00% 2/1/2042<sup>1</sup> | 4 | 4 |
| Fannie Mae Pool #MA4570 2.00% 3/1/2042<sup>1</sup> | 120 | 102 |
| Fannie Mae Pool #AT0300 3.50% 3/1/2043<sup>1</sup> | 1 | 1 |
| Fannie Mae Pool #AT3954 3.50% 4/1/2043<sup>1</sup> | 2 | 2 |
| Fannie Mae Pool #AY1829 3.50% 12/1/2044<sup>1</sup> | 2 | 2 |
| Fannie Mae Pool #FM9416 3.50% 7/1/2045<sup>1</sup> | 374 | 346 |
| Fannie Mae Pool #BH3122 4.00% 6/1/2047<sup>1</sup> | 11 |  |
| Fannie Mae Pool #BJ5015 4.00% 12/1/2047<sup>1</sup> | 39 | 37 |
| Fannie Mae Pool #BK5232 4.00% 5/1/2048<sup>1</sup> | 20 | 19 |
| Fannie Mae Pool #BK6840 4.00% 6/1/2048<sup>1</sup> | 27 | 25 |
| Fannie Mae Pool #BK9743 4.00% 8/1/2048<sup>1</sup> | 8 | 8 |
| Fannie Mae Pool #BK9761 4.50% 8/1/2048<sup>1</sup> | 5 | 5 |
| Fannie Mae Pool #FM3280 3.50% 5/1/2049<sup>1</sup> | 98 | 91 |
| Fannie Mae Pool #CA5496 3.00% 4/1/2050<sup>1,3</sup> | 1215 | 1089 |
| Fannie Mae Pool #CA5968 2.50% 6/1/2050<sup>1</sup> | 54 | 46 |
| Fannie Mae Pool #CA6593 2.50% 8/1/2050<sup>1</sup> | 560 | 482 |
| Fannie Mae Pool #CA7257 2.50% 10/1/2050<sup>1</sup> | 126 | 109 |
| Fannie Mae Pool #BQ3005 2.50% 10/1/2050<sup>1</sup> | 82 | 70 |
| Fannie Mae Pool #MA4208 2.00% 12/1/2050<sup>1</sup> | 13 | 10 |
| Fannie Mae Pool #CA8955 2.50% 2/1/2051<sup>1</sup> | 66 | 57 |
| Fannie Mae Pool #CB0290 2.00% 4/1/2051<sup>1</sup> | 116 | 95 |
| Fannie Mae Pool #MA4305 2.00% 4/1/2051<sup>1</sup> | 1 | 1 |
| Fannie Mae Pool #CB0041 3.00% 4/1/2051<sup>1</sup> | 211 | 188 |
| Fannie Mae Pool #FM7687 3.00% 6/1/2051<sup>1</sup> | 278 | 247 |
| Fannie Mae Pool #FM7900 2.50% 7/1/2051<sup>1</sup> | 28 | 24 |
| Fannie Mae Pool #CB1527 2.50% 9/1/2051<sup>1</sup> | 450 | 382 |
| Fannie Mae Pool #FS0965 2.00% 11/1/2051<sup>1</sup> | 3 | 2 |
| Fannie Mae Pool #FM9492 2.50% 11/1/2051<sup>1</sup> | 464 | 397 |
| Fannie Mae Pool #FM9694 2.50% 11/1/2051<sup>1</sup> | 230 | 197 |
| Fannie Mae Pool #CB2286 2.50% 12/1/2051<sup>1</sup> | 764 | 653 |
| Fannie Mae Pool #BU3058 2.50% 12/1/2051<sup>1</sup> | 295 | 251 |
| Fannie Mae Pool #FM9804 2.50% 12/1/2051<sup>1</sup> | 247 | 212 |
| Fannie Mae Pool #FM9976 3.00% 12/1/2051<sup>1</sup> | 100 | 89 |
| Fannie Mae Pool #CB2544 3.00% 1/1/2052<sup>1</sup> | 280 | 248 |
| Fannie Mae Pool #BV3870 2.50% 2/1/2052<sup>1</sup> | 405 | 344 |
| Fannie Mae Pool #FS0523 2.50% 2/1/2052<sup>1</sup> | 380 | 325 |
| Fannie Mae Pool #BV8569 2.50% 4/1/2052<sup>1</sup> | 1274 | 1081 |
| Fannie Mae Pool #MA4578 2.50% 4/1/2052<sup>1</sup> | 204 | 173 |
| Fannie Mae Pool #CB4274 2.50% 7/1/2052<sup>1</sup> | 179 | 152 |
| Fannie Mae Pool #BW0004 3.50% 7/1/2052<sup>1</sup> | 300 | 273 |
| Fannie Mae Pool #CB4159 4.00% 7/1/2052<sup>1</sup> | 22 | 20 |
| Fannie Mae Pool #MA4700 4.00% 8/1/2052<sup>1</sup> | 1967 | 1847 |
| Fannie Mae Pool #BV8024 4.00% 8/1/2052<sup>1</sup> | 28 | 26 |
| Fannie Mae Pool #BW7326 4.00% 9/1/2052<sup>1</sup> | 24 | 22 |
| Fannie Mae Pool #BW9348 4.00% 9/1/2052<sup>1</sup> | 21 | 20 |
| Fannie Mae Pool #BW8103 4.00% 9/1/2052<sup>1</sup> | 20 | 18 |
| Fannie Mae Pool #BW9823 4.50% 9/1/2052<sup>1</sup> | 45 | 44 |

---

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| | |
|:---|:---|
| American Funds Insurance Series | **245** |

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------

##### [**Table of Contents**](#toc)
American Funds Mortgage Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Mortgage-backed obligations (continued)** |  |  |
| **Federal agency**<br> **mortgage-backed obligations**<br> **(continued)**<br> Fannie Mae Pool #CB5208 5.00% 9/1/2052<sup>1</sup> | USD599 | $591 |
| Fannie Mae Pool #BW8980 4.00% 10/1/2052<sup>1</sup> | 77 | 72 |
| Fannie Mae Pool #BW1210 4.00% 10/1/2052<sup>1</sup> | 58 | 54 |
| Fannie Mae Pool #BW7356 4.00% 10/1/2052<sup>1</sup> | 48 | 45 |
| Fannie Mae Pool #BX0509 4.00% 10/1/2052<sup>1</sup> | 21 | 20 |
| Fannie Mae Pool #BW7795 4.50% 10/1/2052<sup>1</sup> | 477 | 460 |
| Fannie Mae Pool #MA4784 4.50% 10/1/2052<sup>1</sup> | 4 | 4 |
| Fannie Mae Pool #BW7121 5.00% 10/1/2052<sup>1</sup> | 577 | 570 |
| Fannie Mae Pool #CB5380 5.00% 10/1/2052<sup>1</sup> | 203 | 200 |
| Fannie Mae Pool #MA4803 3.50% 11/1/2052<sup>1</sup> | 38 | 34 |
| Fannie Mae Pool #MA4804 4.00% 11/1/2052<sup>1</sup> | 575 | 540 |
| Fannie Mae Pool #BW1310 4.00% 11/1/2052<sup>1</sup> | 22 | 21 |
| Fannie Mae Pool #BX1516 4.50% 11/1/2052<sup>1</sup> | 469 | 452 |
| Fannie Mae Pool #MA4841 5.00% 12/1/2052<sup>1</sup> | 1000 | 987 |
| Fannie Mae Pool #MA4866 4.00% 1/1/2053<sup>1</sup> | 68 | 64 |
| Fannie Mae Pool #MA4868 5.00% 1/1/2053<sup>1</sup> | 495 | 489 |
| Fannie Mae Pool #BF0379 3.50% 4/1/2059<sup>1</sup> | 146 | 134 |
| Fannie Mae Pool #BF0481 3.50% 6/1/2060<sup>1</sup> | 173 | 159 |
| Fannie Mae Pool #BF0497 3.00% 7/1/2060<sup>1</sup> | 53 | 46 |
| Fannie Mae Pool #BF0585 4.50% 12/1/2061<sup>1</sup> | 56 | 54 |
| Freddie Mac Pool #ZA1922 5.00% 2/1/2026<sup>1</sup> | 1 | 1 |
| Freddie Mac Pool #ZS8950 5.00% 10/1/2029<sup>1</sup> | 2 | 2 |
| Freddie Mac Pool #A18781 5.00% 3/1/2034<sup>1</sup> | 623 | 637 |
| Freddie Mac Pool #RB5138 2.00% 12/1/2041<sup>1</sup> | 102 | 86 |
| Freddie Mac Pool #RB5145 2.00% 2/1/2042<sup>1</sup> | 94 | 79 |
| Freddie Mac Pool #RB5148 2.00% 3/1/2042<sup>1</sup> | 597 | 504 |
| Freddie Mac Pool #Q15874 4.00% 2/1/2043<sup>1</sup> | 1 | 1 |
| Freddie Mac Pool #760012 3.113% 4/1/2045<sup>1,4</sup> | 39 | 38 |
| Freddie Mac Pool #760013 3.208% 4/1/2045<sup>1,4</sup> | 23 | 22 |
| Freddie Mac Pool #760014 2.74% 8/1/2045<sup>1,4</sup> | 335 | 324 |
| Freddie Mac Pool #760015 2.561% 1/1/2047<sup>1,4</sup> | 63 | 60 |
| Freddie Mac Pool #Q47615 3.50% 4/1/2047<sup>1</sup> | 18 | 17 |
| Freddie Mac Pool #Q52069 3.50% 11/1/2047<sup>1</sup> | 28 | 26 |
| Freddie Mac Pool #Q55971 4.00% 5/1/2048<sup>1</sup> | 20 | 19 |
| Freddie Mac Pool #Q56175 4.00% 5/1/2048<sup>1</sup> | 19 | 18 |
| Freddie Mac Pool #Q55970 4.00% 5/1/2048<sup>1</sup> | 10 | 9 |
| Freddie Mac Pool #Q56599 4.00% 6/1/2048<sup>1</sup> | 28 | 27 |
| Freddie Mac Pool #Q58411 4.50% 9/1/2048<sup>1</sup> | 51 | 51 |
| Freddie Mac Pool #Q58436 4.50% 9/1/2048<sup>1</sup> | 28 | 27 |
| Freddie Mac Pool #Q58378 4.50% 9/1/2048<sup>1</sup> | 20 | 20 |
| Freddie Mac Pool #RA1339 3.00% 9/1/2049<sup>1,3</sup> | 1531 | 1360 |
| Freddie Mac Pool #QA2748 3.50% 9/1/2049<sup>1</sup> | 19 | 18 |
| Freddie Mac Pool #SD7512 3.00% 2/1/2050<sup>1</sup> | 160 | 143 |
| Freddie Mac Pool #SD8106 2.00% 11/1/2050<sup>1</sup> | 597 | 488 |
| Freddie Mac Pool #SD8128 2.00% 2/1/2051<sup>1</sup> | 2 | 2 |
| Freddie Mac Pool #SD8134 2.00% 3/1/2051<sup>1</sup> | 3 | 3 |
| Freddie Mac Pool #RA5288 2.00% 5/1/2051<sup>1</sup> | 327 | 268 |
| Freddie Mac Pool #RA6406 2.00% 11/1/2051<sup>1</sup> | 80 | 65 |
| Freddie Mac Pool #SD7548 2.50% 11/1/2051<sup>1</sup> | 1100 | 947 |
| Freddie Mac Pool #SD1385 2.50% 11/1/2051<sup>1</sup> | 68 | 58 |
| Freddie Mac Pool #SD7552 2.50% 1/1/2052<sup>1</sup> | 396 | 338 |
| Freddie Mac Pool #RA6598 3.50% 1/1/2052<sup>1</sup> | 196 | 179 |
| Freddie Mac Pool #SD7550 3.00% 2/1/2052<sup>1</sup> | 404 | 361 |
| Freddie Mac Pool #SD0873 3.50% 2/1/2052<sup>1,3</sup> | 1203 | 1113 |
| Freddie Mac Pool #QD7089 3.50% 2/1/2052<sup>1</sup> | 9 | 9 |
| Freddie Mac Pool #SD1450 2.50% 3/1/2052<sup>1</sup> | 3355 | 2879 |
| Freddie Mac Pool #SD7553 3.00% 3/1/2052<sup>1</sup> | 325 | 289 |
| Freddie Mac Pool #QE6097 2.50% 7/1/2052<sup>1</sup> | 197 | 168 |
| Freddie Mac Pool #SD8237 4.00% 8/1/2052<sup>1</sup> | 1523 | 1430 |
| Freddie Mac Pool #QE9057 4.00% 8/1/2052<sup>1</sup> | 18 | 17 |
| Freddie Mac Pool #SD8238 4.50% 8/1/2052<sup>1</sup> | 10 | 10 |

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|:---|:---|
| **246** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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------

##### [**Table of Contents**](#toc)
American Funds Mortgage Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Mortgage-backed obligations (continued)** |  |  |
| **Federal agency**<br> **mortgage-backed**<br> **obligations**<br> **(continued)**<br> Freddie Mac Pool #SD8244 4.00% 9/1/2052<sup>1</sup> | USD651 | $612 |
| Freddie Mac Pool #QE9625 4.00% 9/1/2052<sup>1</sup> | 23 | 21 |
| Freddie Mac Pool #RA7938 5.00% 9/1/2052<sup>1</sup> | 715 | 706 |
| Freddie Mac Pool #QF1464 4.00% 10/1/2052<sup>1</sup> | 22 | 21 |
| Freddie Mac Pool #SD8257 4.50% 10/1/2052<sup>1</sup> | 14 | 13 |
| Freddie Mac Pool #SD8264 3.50% 11/1/2052<sup>1</sup> | 1232 | 1121 |
| Freddie Mac Pool #SD8273 3.50% 11/1/2052<sup>1</sup> | 124 | 112 |
| Freddie Mac Pool #QF3364 4.00% 11/1/2052<sup>1</sup> | 35 | 33 |
| Freddie Mac Pool #SD1895 4.50% 11/1/2052<sup>1</sup> | 407 | 400 |
| Freddie Mac Pool #SD8280 6.50% 11/1/2052<sup>1</sup> | 920 | 944 |
| Freddie Mac Pool #SD8275 4.50% 12/1/2052<sup>1</sup> | 1793 | 1728 |
| Freddie Mac Pool #SD8276 5.00% 12/1/2052<sup>1</sup> | 55 | 54 |
| Freddie Mac Pool #SD8286 4.00% 1/1/2053<sup>1</sup> | 210 | 197 |
| Freddie Mac Pool #SD8288 5.00% 1/1/2053<sup>1</sup> | 132 | 130 |
| Freddie Mac Pool #SD8282 6.50% 1/1/2053<sup>1</sup> | 200 | 205 |
| Freddie Mac, Series K152, Class A2, Multi Family, 3.80% 10/25/2032<sup>1,4</sup> | 207 | 196 |
| Freddie Mac, Series K152, Class A2, Multi Family, 3.78% 11/25/2032<sup>1</sup> | 1767 | 1671 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 1/25/2056<sup>1,4</sup> | 134 | 126 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HT, 3.25% 7/25/2056<sup>1</sup> | 101 | 91 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 8/25/2056<sup>1</sup> | 209 | 194 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 8/25/2056<sup>1,4</sup> | 155 | 145 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-1, Class HT, 3.00% 5/25/2057<sup>1</sup> | 112 | 98 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/2057<sup>1</sup> | 147 | 140 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MT, 3.50% 8/26/2058<sup>1</sup> | 31 | 28 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MT, 3.50% 10/25/2058<sup>1</sup> | 18 | 17 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-1, Class A1, 3.50% 6/25/2028<sup>1</sup> | 306 | 293 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 11/25/2028<sup>1</sup> | 14 | 13 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2022-1, Class A1, 3.50% 5/25/2032<sup>1</sup> | 469 | 453 |
| Government National Mortgage Assn. 2.00% 1/1/2053<sup>1,5</sup> | 174 | 146 |
| Government National Mortgage Assn. 2.50% 1/1/2053<sup>1,5</sup> | 207 | 180 |
| Government National Mortgage Assn. 3.00% 1/1/2053<sup>1,5</sup> | 388 | 346 |
| Government National Mortgage Assn. 3.50% 1/1/2053<sup>1,5</sup> | 178 | 163 |
| Government National Mortgage Assn. 5.00% 1/1/2053<sup>1,5</sup> | 7330 | 7264 |
| Government National Mortgage Assn. 5.50% 1/1/2053<sup>1,5</sup> | 1198 | 1205 |
| Government National Mortgage Assn. Pool #AH5894 3.75% 5/20/2034<sup>1</sup> | 693 | 678 |
| Government National Mortgage Assn. Pool #AD0028 3.75% 7/20/2038<sup>1</sup> | 510 | 488 |
| Government National Mortgage Assn. Pool #004410 4.00% 4/20/2039<sup>1</sup> | 54 | 52 |
| Government National Mortgage Assn. Pool #AH5897 3.75% 7/20/2039<sup>1</sup> | 526 | 502 |
| Government National Mortgage Assn. Pool #783690 6.00% 9/20/2039<sup>1</sup> | 81 | 86 |
| Government National Mortgage Assn. Pool #004823 4.00% 10/20/2040<sup>1</sup> | 83 | 79 |
| Government National Mortgage Assn. Pool #005104 5.00% 6/20/2041<sup>1</sup> | 169 | 170 |
| Government National Mortgage Assn. Pool #005142 4.50% 8/20/2041<sup>1</sup> | 12 | 12 |
| Government National Mortgage Assn. Pool #005165 6.50% 8/20/2041<sup>1</sup> | 83 | 84 |
| Government National Mortgage Assn. Pool #AA5326 3.50% 5/20/2042<sup>1</sup> | 131 | 119 |
| Government National Mortgage Assn. Pool #MA0366 3.50% 6/20/2042<sup>1</sup> | 198 | 182 |
| Government National Mortgage Assn. Pool #AD4360 3.50% 7/20/2043<sup>1</sup> | 90 | 84 |
| Government National Mortgage Assn. Pool #AH5884 4.25% 7/20/2044<sup>1</sup> | 1034 | 997 |
| Government National Mortgage Assn. Pool #MA8347 4.50% 10/20/2052<sup>1</sup> | 800 | 777 |
| Government National Mortgage Assn. Pool #MA8426 4.00% 11/20/2052<sup>1</sup> | 140 | 133 |
| Government National Mortgage Assn. Pool #MA8427 4.50% 11/20/2052<sup>1</sup> | 1852 | 1798 |

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| | |
|:---|:---|
| American Funds Insurance Series | **247** |

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------

##### [**Table of Contents**](#toc)
American Funds Mortgage Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |  |  |
| **Federal agency**<br> **mortgage-backed**<br> **obligations**<br> **(continued)** | Government National Mortgage Assn. Pool #MA8489 4.50% 12/20/2052<sup>1</sup> | USD100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97 |
|  | Government National Mortgage Assn. Pool #AN1825 4.619% 6/20/2065<sup>1</sup> | 195 | 192 |
|  | Government National Mortgage Assn. Pool #AO0461 4.628% 8/20/2065<sup>1</sup> | 65 | 64 |
|  | Government National Mortgage Assn. Pool #AO0409 4.617% 12/20/2065<sup>1</sup> | 128 | 126 |
|  | Government National Mortgage Assn. Pool #AO0385 4.498% 1/20/2066<sup>1</sup> | 519 | 510 |
|  | Government National Mortgage Assn. Pool #725897 5.20% 1/20/2066<sup>1</sup> | 1 | 1 |
|  | Uniform Mortgage-Backed Security 4.00% 1/1/2038<sup>1,5</sup> | 125 | 122 |
|  | Uniform Mortgage-Backed Security 2.00% 1/1/2053<sup>1,5</sup> | 1191 | 969 |
|  | Uniform Mortgage-Backed Security 4.50% 1/1/2053<sup>1,5</sup> | 1882 | 1812 |
|  | Uniform Mortgage-Backed Security 5.50% 1/1/2053<sup>1,5</sup> | 4837 | 4851 |
|  | Uniform Mortgage-Backed Security 6.00% 1/1/2053<sup>1,5</sup> | 1958 | 1988 |
|  | Uniform Mortgage-Backed Security 6.50% 1/1/2053<sup>1,5</sup> | 3690 | 3780 |
|  | Uniform Mortgage-Backed Security 4.00% 2/1/2053<sup>1,5</sup> | 130 | 122 |
|  | Uniform Mortgage-Backed Security 6.00% 2/1/2053<sup>1,5</sup> | 1132 | 1148 |
|  |  |  | 68880 |
| **Collateralized**<br> **mortgage-backed**<br> **obligations (privately**<br> **originated)**<br> **1.79%** | Cascade Funding Mortgage Trust, Series 2020-HB4, Class A, 0.946% 12/26/2030<sup>1,4,6</sup> | 74 | 72 |
|  | Cascade Funding Mortgage Trust, Series 2021-HB7, Class A, 1.151% 10/27/2031<sup>1,4,6</sup> | 95 | 89 |
|  | Cascade Funding Mortgage Trust, Series 2021-HB6, Class A, 0.898% 6/25/2036<sup>1,4,6</sup> | 306 | 291 |
|  | CIM Trust, Series 2022-R2, Class A1, 3.75% 12/25/2061<sup>1,4,6</sup> | 181 | 171 |
|  | COLT Mortgage Loan Trust, Series 2021-5, Class A1, 1.726% 11/26/2066<sup>1,4,6</sup> | 87 | 74 |
|  | Credit Suisse Mortgage Trust, Series 2017-RPL3, Class A1, 2.00% 1/25/2060<sup>1,4,6</sup> | 159 | 137 |
|  | GCAT Trust, Series 2021-NQM6, Class A1, 1.855% 8/25/2066<sup>1,4,6</sup> | 28 | 24 |
|  | GS Mortgage-Backed Securities Trust, Series 2022-PJ5, Class A4, 2.50% 10/25/2052<sup>1,4,6</sup> | 212 | 171 |
|  | Mello Warehouse Securitization Trust, Series 2021-3, Class A, (1-month USD-LIBOR + 0.85%) 5.239% 11/25/2055<sup>1,4,6</sup> | 175 | 169 |
|  | Mill City Mortgage Trust, Series 15-1, Class M2, 3.616% 6/25/2056<sup>1,4,6</sup> | 38 | 37 |
|  | Onslow Bay Financial Mortgage Loan Trust, Series 2022-J1, Class A2, 2.50% 2/25/2052<sup>1,4,6</sup> | 138 | 111 |
|  | Reverse Mortgage Investment Trust, Series 2021-HB1, Class A, 1.259% 11/25/2031<sup>1,4,6</sup> | 95 | 89 |
|  | Towd Point Mortgage Trust, Series 2015-4, Class M2, 3.75% 4/25/2055<sup>1,4,6</sup> | 100 | 97 |
|  | Towd Point Mortgage Trust, Series 2015-4, Class M1, 3.75% 4/25/2055<sup>1,4,6</sup> | 10 | 10 |
|  | Towd Point Mortgage Trust, Series 2016-5, Class A1, 2.50% 10/25/2056<sup>1,4,6</sup> | 41 | 41 |
|  | Towd Point Mortgage Trust, Series 2017-5, Class A1, 4.989% 2/25/2057<sup>1,4,6</sup> | 10 | 10 |
|  |  |  | 1593 |
| **Commercial**<br> **mortgage-backed**<br> **securities**<br> **1.05%** | BOCA Commercial Mortgage Trust, Series 2022-BOCA, Class A,<br>(1-month USD CME Term SOFR + 1.77%) 6.105% 5/15/2039<sup>1,4,6</sup> | 100 | 98 |
|  | BX Trust, Series 2022-CSMO, Class A,<br>(1-month USD CME Term SOFR + 2.115%) 6.45% 6/15/2027<sup>1,4,6</sup> | 100 | 99 |
|  | BX Trust, Series 2021-ARIA, Class A,<br>(1-month USD-LIBOR + 0.899%) 5.217% 10/15/2036<sup>1,4,6</sup> | 606 | 578 |
|  | LUXE Commercial Mortgage Trust, Series 2021-TRIP, Class A,<br>(1-month USD-LIBOR + 1.05%) 5.368% 10/15/2038<sup>1,4,6</sup> | 164 | 158 |
|  |  |  | 933 |
|  | **Total mortgage-backed obligations** |  | 71406 |
|  **U.S. Treasury bonds & notes 12.04%** | **U.S. Treasury bonds & notes 12.04%** |  |  |
| **U.S. Treasury**<br> **inflation-protected**<br> **securities**<br> **10.83%** | U.S. Treasury Inflation-Protected Security 0.125% 1/15/2023<sup>7</sup> | 714 | 713 |
|  | U.S. Treasury Inflation-Protected Security 0.625% 4/15/2023<sup>7</sup> | 355 | 352 |
|  | U.S. Treasury Inflation-Protected Security 0.375% 7/15/2023<sup>7</sup> | 522 | 516 |
|  | U.S. Treasury Inflation-Protected Security 0.625% 1/15/2024<sup>3,7</sup> | 3621 | 3546 |
|  | U.S. Treasury Inflation-Protected Security 0.50% 4/15/2024<sup>7</sup> | 2024 | 1970 |
|  | U.S. Treasury Inflation-Protected Security 0.125% 7/15/2024<sup>7</sup> | 658 | 637 |
|  | U.S. Treasury Inflation-Protected Security 0.125% 10/15/2024<sup>7</sup> | 107 | 104 |

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| | |
|:---|:---|
| **248** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
American Funds Mortgage Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** |  |  |
| **U.S. Treasury**<br> **inflation-protected**<br> **securities**<br> **(continued)** | U.S. Treasury Inflation-Protected Security 0.125% 10/15/2026<sup>7</sup> | USD65 | $61 |
|  | U.S. Treasury Inflation-Protected Security 0.125% 1/15/2031<sup>7</sup> | 1202 | 1067 |
|  | U.S. Treasury Inflation-Protected Security 0.75% 2/15/2042<sup>7</sup> | 426 | 357 |
|  | U.S. Treasury Inflation-Protected Security 1.00% 2/15/2049<sup>7</sup> | 385 | 322 |
|  |  |  | 9645 |
| **U.S. Treasury**<br> **1.21%** | U.S. Treasury 0.875% 1/31/2024 | 10 | 9 |
|  | U.S. Treasury 1.25% 8/15/2031 | 443 | 360 |
|  | U.S. Treasury 1.875% 2/15/2032 | 10 | 8 |
|  | U.S. Treasury 1.875% 2/15/2041<sup>3</sup> | 690 | 489 |
|  | U.S. Treasury 2.375% 2/15/2042 | 150 | 115 |
|  | U.S. Treasury 3.25% 5/15/2042 | 60 | 53 |
|  | U.S. Treasury 1.875% 11/15/2051 | 65 | 41 |
|  |  |  | 1075 |
|  | **Total U.S. Treasury bonds & notes** |  | 10720 |
|  **Asset-backed obligations 2.68%** | **Asset-backed obligations 2.68%** |  |  |
|  | Ballyrock CLO, Ltd., Series 2019-2A, Class A1AR,<br>(3-month USD-LIBOR + 1.00%) 5.675% 11/20/2030<sup>1,4,6</sup> | 250 | 247 |
|  | Bankers Healthcare Group Securitization Trust, Series 2021-A, Class A,<br>1.42% 11/17/2033<sup>1,6</sup> | 54 | 50 |
|  | Bankers Healthcare Group Securitization Trust, Series 2021-B, Class A,<br>0.90% 10/17/2034<sup>1,6</sup> | 54 | 51 |
|  | Capital One Multi-Asset Execution Trust, Series 2022-A3, Class A, 4.95% 10/15/2027<sup>1</sup> | 540 | 545 |
|  | CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/2060<sup>1,6</sup> | 286 | 256 |
|  | CPS Auto Receivables Trust, Series 2022-B, Class A, 2.88% 6/15/2026<sup>1,6</sup> | 67 | 66 |
|  | Hertz Vehicle Financing III, LLC, Series 2021-1A, Class A, 1.21% 12/26/2025<sup>1,6</sup> | 86 | 79 |
|  | Navient Student Loan Trust, Series 2021-A, Class A, 0.84% 5/15/2069<sup>1,6</sup> | 116 | 101 |
|  | Navient Student Loan Trust, Series 2021-C, Class A, 1.06% 10/15/2069<sup>1,6</sup> | 215 | 183 |
|  | Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 4/20/2062<sup>1,6</sup> | 193 | 171 |
|  | Nelnet Student Loan Trust, Series 2021-C, Class AFL,<br>(1-month USD-LIBOR + 0.74%) 5.093% 4/20/2062<sup>1,4,6</sup> | 160 | 155 |
|  | New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1,<br>1.91% 10/20/2061<sup>1,6</sup> | 530 | 449 |
|  | Santander Drive Auto Receivables Trust, Series 2022-6, Class A2, 4.37% 5/15/2025<sup>1</sup> | 35 | 35 |
|  |  |  | 2388 |
|  | **Total bonds, notes & other debt instruments** (cost: $87,116,000) |  | 84514 |

---

---

| | | | |
|:---|:---|:---|:---|
| Short-term securities 25.67% | Weighted<br>average yield<br>at acquisition |  |  |
|  **Commercial paper 14.04%** |  |  |  |
|  Chariot Funding, LLC 1/27/2023<sup>6</sup> | 4.150% | 2000 | 1993 |
| Citigroup Global Markets, Inc. 2/21/2023<sup>6</sup> | 4.580 | 2000 | 1987 |
| Henkel of America, Inc. 2/1/2023<sup>6</sup> | 4.300 | 2000 | 1992 |
| Honeywell International, Inc. 2/1/2023<sup>6</sup> | 4.100 | 2000 | 1992 |
| Johnson & Johnson 1/30/2023<sup>6</sup> | 4.190 | 1000 | 996 |
| Procter & Gamble Co. 2/9/2023<sup>6</sup> | 4.300 | 500 | 498 |
| Procter & Gamble Co. 2/10/2023<sup>6</sup> | 4.250 | 1500 | 1492 |
| Roche Holdings, Inc. 1/3/2023<sup>6</sup> | 4.230 | 1050 | 1050 |
| Starbird Funding Corp. 1/3/2023<sup>6</sup> | 4.300 | 500 | 500 |
|  |  |  | 12500 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **249** |

---

------

##### [**Table of Contents**](#toc)
American Funds Mortgage Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Short-term securities (continued) | Weighted<br>average yield<br>at acquisition | Principal amount<br>(000) | Value<br> (000) |
| **Federal agency bills & notes 11.63%** |  |  |  |
| Federal Farm Credit Banks 1/12/2023 | 3.880% | USD4,500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4495 |
| Federal Home Loan Bank 1/11/2023 | 4.120 | 1500 | 1498 |
| Federal Home Loan Bank 2/28/2023 | 4.350 | 1500 | 1490 |
| Federal Home Loan Bank 3/3/2023 | 4.370 | 1000 | 993 |
| Federal Home Loan Bank 3/22/2023 | 4.440 | 1000 | 990 |
| Federal Home Loan Bank 3/24/2023 | 4.462 | 900 | 891 |
|  |  |  | 10357 |
| **Total short-term securities** (cost: $22,859,000) |  |  | 22857 |
| **Total investment securities 120.58**% (cost: $109,975,000) |  |  | 107371 |
| Other assets less liabilities (20.58)% |  |  | (18328) |
| **Net assets 100.00%** |  |  | $89043 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Futures contracts** | | | | | |
| Contracts | Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Number of<br>contracts | Expiration | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notional<br>amount<br>(000) | Value and<br>unrealized<br>appreciation<br>(depreciation)<br>at 12/31/2022<br>(000) |
|  3 Month SOFR Futures | Short | 12 | June 2023 | USD(2853) | $49 |
|  2 Year U.S. Treasury Note Futures | Short | 5 | March 2023 | (1025) | (1) |
|  5 Year U.S. Treasury Note Futures | Long | 144 | March 2023 | 15542 | (19) |
|  10 Year Ultra U.S. Treasury Note Futures | Long | 47 | March 2023 | 5559 | (60) |
|  10 Year U.S. Treasury Note Futures | Long | 5 | March 2023 | 562 | (3) |
|  20 Year U.S. Treasury Bond Futures | Long | 18 | March 2023 | 2256 | (28) |
|  30 Year Ultra U.S. Treasury Bond Futures | Long | 12 | March 2023 | 1612 | (13) |
|  |  |  |  |  | $(75) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap contracts** | | | | | | | | |
| **Interest rate swaps** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Centrally cleared interest rate swaps** | &nbsp;&nbsp;&nbsp;&nbsp; **Centrally cleared interest rate swaps** |  |  |  |  |  |  |  |
| Receive | Receive | Pay | Pay | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration<br>date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notional<br> amount<br>(000) | Value at<br> 12/31/2022<br>(000) | Upfront<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;premium | Unrealized<br> appreciation |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration<br>date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notional<br> amount<br>(000) | Value at<br> 12/31/2022<br>(000) | Upfront<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;premium | Unrealized<br> appreciation |
| Rate | Payment<br>frequency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rate | Payment<br> frequency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration<br>date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notional<br> amount<br>(000) | Value at<br> 12/31/2022<br>(000) | paid<br> (000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;at 12/31/2022<br>(000) |
|  3-month USD-LIBOR | Quarterly | 0.81% | Semi-annual | 7/28/2045 | USD1,800 | $795 | $5 | $790 |

---

<sup>1</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

 <sup>2</sup> Amount less than one thousand. 

 <sup>3</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $692,000, which represented .78% of the net assets of the fund. 

<sup>4</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.

<sup>5</sup> Purchased on a TBA basis.

 <sup>6</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $16,834,000, which represented 18.91% of the net assets of the fund. 

 <sup>7</sup> Index-linked bond whose principal amount moves with a government price index. 

---

| | |
|:---|:---|
| **250** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
American Funds Mortgage Fund (continued)

**Key to abbreviations** 

Assn. = Association

CLO = Collateralized Loan Obligations

CME = CME Group

LIBOR = London Interbank Offered Rate

SOFR = Secured Overnight Financing Rate

TBA = To be announced

USD = U.S. dollars

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American Funds Insurance Series | **251** |

---

------

##### [**Table of Contents**](#toc)
Ultra-Short Bond Fund

**Investment portfolio** December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| Short-term securities 97.99% | Weighted<br>average yield<br>at acquisition | Principal amount<br>(000) | Value<br>(000) |
| **Commercial paper 76.48%** |  |  |  |
| British Columbia (Province of) 3/6/2023 | 4.470% | USD7,400 | $7339 |
| CAFCO, LLC 2/3/2023<sup>1</sup>  | 4.300 | 1250 | 1245 |
| Caisse des Dépôts et Consignations 3/9/2023 | 4.490 | 12000 | 11899 |
| Canadian Imperial Holdings, Inc. 1/9/2023 | 4.080 | 10000 | 9988 |
| Chariot Funding, LLC 1/23/2023<sup>1</sup>  | 4.400 | 5000 | 4985 |
| CHARTA, LLC 1/17/2023<sup>1</sup>  | 4.330 | 10000 | 9978 |
| DBS Bank, Ltd. 3/14/2023<sup>1</sup>  | 4.548 | 10000 | 9906 |
| DNB Bank ASA 3/13/2023<sup>1</sup>  | 4.535 | 13000 | 12885 |
| Export Development Canada 2/6/2023 | 4.300 | 11810 | 11756 |
| Fairway Finance Company, LLC 1/18/2023<sup>1</sup>  | 4.250 | 4000 | 3991 |
| Gotham Funding Corp. 1/10/2023<sup>1</sup>  | 4.200 | 3000 | 2996 |
| Gotham Funding Corp. 3/28/2023<sup>1</sup>  | 4.600 | 10000 | 9883 |
| Johnson & Johnson 2/27/2023<sup>1</sup>  | 4.330 | 8700 | 8637 |
| Johnson & Johnson 3/6/2023<sup>1</sup>  | 4.430 | 5000 | 4959 |
| KfW 2/15/2023<sup>1</sup>  | 4.380 | 12000 | 11932 |
| Komatsu Finance America, Inc. 1/13/2023<sup>1</sup>  | 4.330 | 5000 | 4992 |
| Komatsu Finance America, Inc. 1/18/2023<sup>1</sup>  | 4.200 | 4000 | 3991 |
| Liberty Street Funding, LLC 1/18/2023<sup>1</sup>  | 4.400 | 10850 | 10825 |
| Linde, Inc. 1/5/2023 | 4.010 | 13000 | 12991 |
| LMA-Americas, LLC 1/27/2023<sup>1</sup>  | 4.300 | 10000 | 9966 |
| L'Oréal USA, Inc. 1/26/2023<sup>1</sup>  | 4.240 | 10000 | 9967 |
| LVMH Moët Hennessy Louis Vuitton, Inc. 2/6/2023<sup>1</sup>  | 4.400 | 10000 | 9953 |
| Manhattan Asset Funding Company, LLC 3/24/2023<sup>1</sup>  | 4.650 | 9700 | 9596 |
| Mizuho Bank, Ltd. 1/31/2023<sup>1</sup>  | 4.405 | 12000 | 11954 |
| Nestlé Finance International, Ltd. 1/19/2023<sup>1</sup>  | 4.280 | 6000 | 5986 |
| NRW.Bank 3/8/2023<sup>1</sup>  | 4.450 | 8250 | 8181 |
| Oesterreichische Kontrollbank 2/15/2023 | 4.390 | 13000 | 12926 |
| Procter & Gamble Co. 2/10/2023<sup>1</sup>  | 4.250 | 13050 | 12984 |
| Québec (Province of) 2/1/2023<sup>1</sup>  | 4.230 | 10000 | 9960 |
| Siemens Capital Co., LLC 1/18/2023<sup>1</sup>  | 4.080 | 8000 | 7982 |
| Stadshypotek AB Handelsbanken, Inc. 1/18/2023<sup>1</sup>  | 4.150 | 6500 | 6485 |
| Starbird Funding Corp. 1/3/2023<sup>1</sup>  | 4.300 | 11000 | 10995 |
| Sumitomo Mitsui Trust Bank, Ltd. 2/3/2023<sup>1</sup>  | 4.300 | 9000 | 8962 |
| Sumitomo Mitsui Trust Bank, Ltd. 2/7/2023<sup>1</sup>  | 4.600 | 6000 | 5972 |
| Toronto-Dominion Bank 1/20/2023<sup>1</sup>  | 4.300 | 10000 | 9975 |
| TotalEnergies Capital Canada, Ltd. 1/3/2023<sup>1</sup>  | 4.280 | 13000 | 12994 |
| Toyota Credit de Puerto Rico Corp. 1/17/2023 | 4.340 | 3550 | 3542 |
| Toyota Industries Commercial Finance, Inc. 1/23/2023<sup>1</sup>  | 4.120 | 1100 | 1097 |
| Toyota Industries Commercial Finance, Inc. 3/6/2023<sup>1</sup>  | 4.450 | 6000 | 5951 |
|  |  |  | 330606 |
| **Federal agency bills & notes 21.51%** |  |  |  |
| Federal Home Loan Bank 2/1/2023 | 4.130 | 15000 | 14951 |
| Federal Home Loan Bank 2/15/2023 | 4.300 | 4800 | 4775 |
| Federal Home Loan Bank 2/17/2023 | 4.314 | 36317 | 36123 |
| Federal Home Loan Bank 2/22/2023 | 4.357 | 23290 | 23149 |
| Federal Home Loan Bank 3/3/2023 | 4.370 | 5300 | 5262 |
| Federal Home Loan Bank 3/22/2023 | 4.440 | 6000 | 5942 |
| Federal Home Loan Bank 3/24/2023 | 4.462 | 2800 | 2771 |
|  |  |  | 92973 |
| **Total short-term securities** (cost: $423,636,000) |  |  | 423579 |
| **Total investment securities 97.99**% (cost: $423,636,000) |  |  | 423579 |
| Other assets less liabilities 2.01% |  |  | 8682 |
| **Net assets 100.00%** |  |  | $432261 |

---

---

| | |
|:---|:---|
| **252** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
Ultra-Short Bond Fund (continued)

 <sup>1</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $260,165,000, which represented 60.19% of the net assets of the fund. 

**Key to abbreviations** 

USD = U.S. dollars

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American Funds Insurance Series | **253** |

---

------

##### [**Table of Contents**](#toc)
U.S. Government Securities Fund

**Investment portfolio** December 31, 2022

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments 93.28% | Principal amount<br>(000) | Value<br>(000) |
|  **Mortgage-backed obligations 48.21%** |  |  |
|  **Federal agency**<br> **mortgage-backed**<br> **obligations**<br> **48.21%**<br> Fannie Mae Pool #406607 6.50% 8/1/2024<sup>1</sup>  | USD10 | $11 |
| Fannie Mae Pool #735070 6.50% 10/1/2024<sup>1</sup>  | 1 | 1 |
| Fannie Mae Pool #745316 6.50% 2/1/2026<sup>1</sup>  | 56 | 58 |
| Fannie Mae Pool #AL9870 6.50% 2/1/2028<sup>1</sup>  | 45 | 46 |
| Fannie Mae Pool #695412 5.00% 6/1/2033<sup>1</sup>  | 1 | 1 |
| Fannie Mae Pool #AD3566 5.00% 10/1/2035<sup>1</sup>  | 6 | 6 |
| Fannie Mae Pool #MA2588 4.00% 4/1/2036<sup>1</sup>  | 666 | 642 |
| Fannie Mae Pool #MA2746 4.00% 9/1/2036<sup>1</sup>  | 1376 | 1326 |
| Fannie Mae Pool #940890 6.50% 6/1/2037<sup>1</sup>  | –<sup>2</sup> | –<sup>2</sup> |
| Fannie Mae Pool #256828 7.00% 7/1/2037<sup>1</sup>  | 3 | 3 |
| Fannie Mae Pool #256860 6.50% 8/1/2037<sup>1</sup>  | 11 | 11 |
| Fannie Mae Pool #888698 7.00% 10/1/2037<sup>1</sup>  | 13 | 14 |
| Fannie Mae Pool #970343 6.00% 2/1/2038<sup>1</sup>  | 14 | 14 |
| Fannie Mae Pool #931768 5.00% 8/1/2039<sup>1</sup>  | 5 | 6 |
| Fannie Mae Pool #AC0794 5.00% 10/1/2039<sup>1</sup>  | 20 | 20 |
| Fannie Mae Pool #932606 5.00% 2/1/2040<sup>1</sup>  | 9 | 9 |
| Fannie Mae Pool #AI1862 5.00% 5/1/2041<sup>1</sup>  | 372 | 376 |
| Fannie Mae Pool #AI3510 5.00% 6/1/2041<sup>1</sup>  | 205 | 207 |
| Fannie Mae Pool #AE1248 5.00% 6/1/2041<sup>1</sup>  | 33 | 33 |
| Fannie Mae Pool #AJ0704 5.00% 9/1/2041<sup>1</sup>  | 174 | 176 |
| Fannie Mae Pool #AJ1873 4.00% 10/1/2041<sup>1</sup>  | 26 | 25 |
| Fannie Mae Pool #AJ5391 5.00% 11/1/2041<sup>1</sup>  | 125 | 127 |
| Fannie Mae Pool #AE1277 5.00% 11/1/2041<sup>1</sup>  | 18 | 18 |
| Fannie Mae Pool #MA4501 2.00% 12/1/2041<sup>1</sup>  | 2961 | 2500 |
| Fannie Mae Pool #AE1283 5.00% 12/1/2041<sup>1</sup>  | 10 | 10 |
| Fannie Mae Pool #MA4540 2.00% 2/1/2042<sup>1</sup>  | 1366 | 1153 |
| Fannie Mae Pool #AE1290 5.00% 2/1/2042<sup>1</sup>  | 18 | 18 |
| Fannie Mae Pool #MA4570 2.00% 3/1/2042<sup>1</sup>  | 884 | 746 |
| Fannie Mae Pool #AT0300 3.50% 3/1/2043<sup>1</sup>  | 5 | 5 |
| Fannie Mae Pool #AT3954 3.50% 4/1/2043<sup>1</sup>  | 8 | 7 |
| Fannie Mae Pool #AT7161 3.50% 6/1/2043<sup>1</sup>  | 41 | 39 |
| Fannie Mae Pool #AY1829 3.50% 12/1/2044<sup>1</sup>  | 8 | 7 |
| Fannie Mae Pool #BE5017 3.50% 2/1/2045<sup>1</sup>  | 63 | 59 |
| Fannie Mae Pool #FM9416 3.50% 7/1/2045<sup>1</sup>  | 4487 | 4155 |
| Fannie Mae Pool #BE8740 3.50% 5/1/2047<sup>1</sup>  | 57 | 53 |
| Fannie Mae Pool #BE8742 3.50% 5/1/2047<sup>1</sup>  | 17 | 15 |
| Fannie Mae Pool #BH2846 3.50% 5/1/2047<sup>1</sup>  | 8 | 7 |
| Fannie Mae Pool #BH2848 3.50% 5/1/2047<sup>1</sup>  | 7 | 6 |
| Fannie Mae Pool #BH2847 3.50% 5/1/2047<sup>1</sup>  | 5 | 5 |
| Fannie Mae Pool #BH3122 4.00% 6/1/2047<sup>1</sup>  | 5 | 5 |
| Fannie Mae Pool #BJ5015 4.00% 12/1/2047<sup>1</sup>  | 154 | 148 |
| Fannie Mae Pool #BM3788 3.50% 3/1/2048<sup>1</sup>  | 3243 | 3018 |
| Fannie Mae Pool #BJ4901 3.50% 3/1/2048<sup>1</sup>  | 43 | 40 |
| Fannie Mae Pool #BK5232 4.00% 5/1/2048<sup>1</sup>  | 79 | 75 |
| Fannie Mae Pool #BK6840 4.00% 6/1/2048<sup>1</sup>  | 106 | 102 |
| Fannie Mae Pool #BK9743 4.00% 8/1/2048<sup>1</sup>  | 31 | 30 |
| Fannie Mae Pool #BK9761 4.50% 8/1/2048<sup>1</sup>  | 20 | 20 |
| Fannie Mae Pool #FM3280 3.50% 5/1/2049<sup>1</sup>  | 1170 | 1084 |
| Fannie Mae Pool #FM1062 3.50% 6/1/2049<sup>1</sup>  | 436 | 408 |
| Fannie Mae Pool #BJ8411 3.50% 8/1/2049<sup>1</sup>  | 113 | 105 |
| Fannie Mae Pool #CA4151 3.50% 9/1/2049<sup>1</sup>  | 582 | 545 |
| Fannie Mae Pool #FM1443 3.50% 9/1/2049<sup>1</sup>  | 326 | 304 |
| Fannie Mae Pool #FM2179 3.00% 1/1/2050<sup>1</sup>  | 3675 | 3277 |
| Fannie Mae Pool #CA6593 2.50% 8/1/2050<sup>1</sup>  | 926 | 798 |
| Fannie Mae Pool #BQ3005 2.50% 10/1/2050<sup>1</sup>  | 604 | 514 |
| Fannie Mae Pool #CA7257 2.50% 10/1/2050<sup>1</sup>  | 195 | 168 |
| Fannie Mae Pool #MA4208 2.00% 12/1/2050<sup>1</sup>  | 228 | 187 |
| Fannie Mae Pool #CB0290 2.00% 4/1/2051<sup>1</sup>  | 926 | 757 |
| Fannie Mae Pool #MA4305 2.00% 4/1/2051<sup>1</sup>  | 11 | 9 |
| Fannie Mae Pool #BR1035 2.00% 5/1/2051<sup>1</sup>  | 6 | 5 |
| Fannie Mae Pool #FM7687 3.00% 6/1/2051<sup>1</sup>  | 5752 | 5108 |

---

---

| | |
|:---|:---|
| **254** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Mortgage-backed obligations (continued)** |  |  |
|  **Federal agency**<br> **mortgage-backed**<br> **obligations**<br> **(continued)**<br> Fannie Mae Pool #FM7900 2.50% 7/1/2051<sup>1</sup>  | USD195 | $167 |
| Fannie Mae Pool #CB1527 2.50% 9/1/2051<sup>1</sup>  | 702 | 596 |
| Fannie Mae Pool #FS0965 2.00% 11/1/2051<sup>1</sup>  | 51 | 41 |
| Fannie Mae Pool #BU3058 2.50% 12/1/2051<sup>1</sup>  | 1512 | 1284 |
| Fannie Mae Pool #CB2286 2.50% 12/1/2051<sup>1</sup>  | 1266 | 1082 |
| Fannie Mae Pool #FM9976 3.00% 12/1/2051<sup>1</sup>  | 845 | 755 |
| Fannie Mae Pool #CB2544 3.00% 1/1/2052<sup>1</sup>  | 2361 | 2088 |
| Fannie Mae Pool #FS0523 2.50% 2/1/2052<sup>1</sup>  | 199 | 171 |
| Fannie Mae Pool #FS0647 3.00% 2/1/2052<sup>1</sup>  | 3881 | 3465 |
| Fannie Mae Pool #CB3495 3.00% 5/1/2052<sup>1</sup>  | 5807 | 5103 |
| Fannie Mae Pool #MA4600 3.50% 5/1/2052<sup>1</sup>  | 17861 | 16244 |
| Fannie Mae Pool #CB3897 3.50% 6/1/2052<sup>1</sup>  | 17000 | 15465 |
| Fannie Mae Pool #CB3774 4.00% 6/1/2052<sup>1</sup>  | 3250 | 3052 |
| Fannie Mae Pool #FS2159 5.00% 6/1/2052<sup>1</sup>  | 64 | 63 |
| Fannie Mae Pool #BV2558 5.00% 6/1/2052<sup>1</sup>  | 62 | 61 |
| Fannie Mae Pool #CB4159 4.00% 7/1/2052<sup>1</sup>  | 234 | 220 |
| Fannie Mae Pool #MA4700 4.00% 8/1/2052<sup>1</sup>  | 6346 | 5959 |
| Fannie Mae Pool #BV8024 4.00% 8/1/2052<sup>1</sup>  | 296 | 278 |
| Fannie Mae Pool #BW9411 5.00% 8/1/2052<sup>1</sup>  | 926 | 914 |
| Fannie Mae Pool #FS2489 5.00% 8/1/2052<sup>1</sup>  | 60 | 59 |
| Fannie Mae Pool #MA4732 4.00% 9/1/2052<sup>1</sup>  | 2012 | 1890 |
| Fannie Mae Pool #BW7326 4.00% 9/1/2052<sup>1</sup>  | 254 | 238 |
| Fannie Mae Pool #BW9348 4.00% 9/1/2052<sup>1</sup>  | 219 | 206 |
| Fannie Mae Pool #BW8103 4.00% 9/1/2052<sup>1</sup>  | 208 | 195 |
| Fannie Mae Pool #BW1192 4.50% 9/1/2052<sup>1</sup>  | 1848 | 1780 |
| Fannie Mae Pool #BW6231 4.50% 9/1/2052<sup>1</sup>  | 223 | 215 |
| Fannie Mae Pool #BW1201 5.00% 9/1/2052<sup>1</sup>  | 4200 | 4146 |
| Fannie Mae Pool #BV0954 5.00% 9/1/2052<sup>1</sup>  | 1797 | 1774 |
| Fannie Mae Pool #BW8088 5.00% 9/1/2052<sup>1</sup>  | 327 | 323 |
| Fannie Mae Pool #BW8980 4.00% 10/1/2052<sup>1</sup>  | 821 | 771 |
| Fannie Mae Pool #BW1210 4.00% 10/1/2052<sup>1</sup>  | 620 | 582 |
| Fannie Mae Pool #BW7356 4.00% 10/1/2052<sup>1</sup>  | 516 | 484 |
| Fannie Mae Pool #BX0509 4.00% 10/1/2052<sup>1</sup>  | 222 | 209 |
| Fannie Mae Pool #MA4784 4.50% 10/1/2052<sup>1</sup>  | 5035 | 4851 |
| Fannie Mae Pool #BW9458 4.50% 10/1/2052<sup>1</sup>  | 999 | 965 |
| Fannie Mae Pool #BX0097 4.50% 10/1/2052<sup>1</sup>  | 998 | 962 |
| Fannie Mae Pool #BW8981 4.50% 10/1/2052<sup>1</sup>  | 995 | 958 |
| Fannie Mae Pool #BW8996 4.50% 10/1/2052<sup>1</sup>  | 994 | 958 |
| Fannie Mae Pool #CB4959 4.50% 10/1/2052<sup>1</sup>  | 993 | 956 |
| Fannie Mae Pool #BX0902 5.00% 10/1/2052<sup>1</sup>  | 916 | 904 |
| Fannie Mae Pool #CB5380 5.00% 10/1/2052<sup>1</sup>  | 478 | 472 |
| Fannie Mae Pool #BX0892 5.00% 10/1/2052<sup>1</sup>  | 102 | 101 |
| Fannie Mae Pool #MA4820 6.50% 10/1/2052<sup>1</sup>  | 300 | 308 |
| Fannie Mae Pool #MA4803 3.50% 11/1/2052<sup>1</sup>  | 612 | 557 |
| Fannie Mae Pool #MA4804 4.00% 11/1/2052<sup>1</sup>  | 2492 | 2340 |
| Fannie Mae Pool #BW1310 4.00% 11/1/2052<sup>1</sup>  | 232 | 218 |
| Fannie Mae Pool #BX1766 5.00% 11/1/2052<sup>1</sup>  | 1900 | 1875 |
| Fannie Mae Pool #MA4806 5.00% 11/1/2052<sup>1</sup>  | 1313 | 1296 |
| Fannie Mae Pool #BX1761 5.00% 11/1/2052<sup>1</sup>  | 921 | 909 |
| Fannie Mae Pool #BX1274 5.50% 11/1/2052<sup>1</sup>  | 165 | 166 |
| Fannie Mae Pool #MA4852 6.50% 11/1/2052<sup>1</sup>  | 244 | 251 |
| Fannie Mae Pool #MA4840 4.50% 12/1/2052<sup>1</sup>  | 995 | 959 |
| Fannie Mae Pool #BX1072 5.00% 12/1/2052<sup>1</sup>  | 1943 | 1918 |
| Fannie Mae Pool #BX4020 5.00% 12/1/2052<sup>1</sup>  | 29 | 29 |
| Fannie Mae Pool #MA4877 6.50% 12/1/2052<sup>1</sup>  | 39345 | 40362 |
| Fannie Mae Pool #BX1071 6.50% 12/1/2052<sup>1</sup>  | 82 | 85 |
| Fannie Mae Pool #MA4868 5.00% 1/1/2053<sup>1</sup>  | 1457 | 1438 |
| Fannie Mae Pool #MA4894 6.00% 1/1/2053<sup>1</sup>  | 2000 | 2032 |
| Fannie Mae Pool #MA4895 6.50% 1/1/2053<sup>1</sup>  | 8828 | 9056 |
| Fannie Mae Pool #BF0497 3.00% 7/1/2060<sup>1</sup>  | 1429 | 1252 |
| Fannie Mae Pool #BF0585 4.50% 12/1/2061<sup>1</sup>  | 459 | 448 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **255** |

---

------

##### [**Table of Contents**](#toc)
U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Mortgage-backed obligations (continued)** |  |  |
|  **Federal agency**<br> **mortgage-backed**<br> **obligations**<br> **(continued)**<br> Fannie Mae, Series 2001-4, Class GA, 9.00% 4/17/2025<sup>1,3</sup>  | USD<sup>–2</sup> | $–<sup>2</sup> |
| Fannie Mae, Series 2001-4, Class NA, 9.00% 10/25/2025<sup>1,3</sup>  | –<sup>2</sup> | –<sup>2</sup> |
| Fannie Mae, Series 2014-M1, Class A2, Multi Family, 3.298% 7/25/2023<sup>1,3</sup>  | 186 | 185 |
| Fannie Mae, Series 2014-M3, Class A2, Multi Family, 3.501% 1/25/2024<sup>1,3</sup>  | 368 | 361 |
| Freddie Mac Pool #ZA2024 6.50% 9/1/2027<sup>1</sup>  | 2 | 2 |
| Freddie Mac Pool #1H1354 4.336% 11/1/2036<sup>1,3</sup>  | 53 | 54 |
| Freddie Mac Pool #C03518 5.00% 9/1/2040<sup>1</sup>  | 279 | 283 |
| Freddie Mac Pool #G06459 5.00% 5/1/2041<sup>1</sup>  | 660 | 669 |
| Freddie Mac Pool #RB5138 2.00% 12/1/2041<sup>1</sup>  | 794 | 670 |
| Freddie Mac Pool #RB5145 2.00% 2/1/2042<sup>1</sup>  | 772 | 651 |
| Freddie Mac Pool #RB5148 2.00% 3/1/2042<sup>1</sup>  | 1823 | 1538 |
| Freddie Mac Pool #Q15874 4.00% 2/1/2043<sup>1</sup>  | 3 | 3 |
| Freddie Mac Pool #Q17696 3.50% 4/1/2043<sup>1</sup>  | 30 | 28 |
| Freddie Mac Pool #Q19133 3.50% 6/1/2043<sup>1</sup>  | 31 | 29 |
| Freddie Mac Pool #Q23190 4.00% 11/1/2043<sup>1</sup>  | 145 | 140 |
| Freddie Mac Pool #Q28558 3.50% 9/1/2044<sup>1</sup>  | 208 | 194 |
| Freddie Mac Pool #760014 2.74% 8/1/2045<sup>1,3</sup>  | 268 | 259 |
| Freddie Mac Pool #Q47615 3.50% 4/1/2047<sup>1</sup>  | 50 | 46 |
| Freddie Mac Pool #Q52069 3.50% 11/1/2047<sup>1</sup>  | 78 | 72 |
| Freddie Mac Pool #Q54701 3.50% 3/1/2048<sup>1</sup>  | 57 | 53 |
| Freddie Mac Pool #Q54709 3.50% 3/1/2048<sup>1</sup>  | 56 | 52 |
| Freddie Mac Pool #Q54700 3.50% 3/1/2048<sup>1</sup>  | 40 | 38 |
| Freddie Mac Pool #Q54781 3.50% 3/1/2048<sup>1</sup>  | 35 | 33 |
| Freddie Mac Pool #Q54782 3.50% 3/1/2048<sup>1</sup>  | 34 | 32 |
| Freddie Mac Pool #Q54699 3.50% 3/1/2048<sup>1</sup>  | 22 | 20 |
| Freddie Mac Pool #Q54831 3.50% 3/1/2048<sup>1</sup>  | 17 | 16 |
| Freddie Mac Pool #Q54698 3.50% 3/1/2048<sup>1</sup>  | 14 | 14 |
| Freddie Mac Pool #G67711 4.00% 3/1/2048<sup>1</sup>  | 1407 | 1351 |
| Freddie Mac Pool #Q55971 4.00% 5/1/2048<sup>1</sup>  | 78 | 75 |
| Freddie Mac Pool #Q56175 4.00% 5/1/2048<sup>1</sup>  | 74 | 71 |
| Freddie Mac Pool #Q56590 3.50% 6/1/2048<sup>1</sup>  | 27 | 25 |
| Freddie Mac Pool #Q56589 3.50% 6/1/2048<sup>1</sup>  | 17 | 16 |
| Freddie Mac Pool #Q56599 4.00% 6/1/2048<sup>1</sup>  | 114 | 109 |
| Freddie Mac Pool #Q58411 4.50% 9/1/2048<sup>1</sup>  | 204 | 202 |
| Freddie Mac Pool #Q58436 4.50% 9/1/2048<sup>1</sup>  | 110 | 109 |
| Freddie Mac Pool #Q58378 4.50% 9/1/2048<sup>1</sup>  | 80 | 79 |
| Freddie Mac Pool #ZT0522 4.50% 9/1/2048<sup>1</sup>  | 21 | 21 |
| Freddie Mac Pool #QA0284 3.50% 6/1/2049<sup>1</sup>  | 194 | 180 |
| Freddie Mac Pool #QA2748 3.50% 9/1/2049<sup>1</sup>  | 51 | 48 |
| Freddie Mac Pool #RA1463 3.50% 10/1/2049<sup>1</sup>  | 393 | 368 |
| Freddie Mac Pool #RA1580 3.50% 10/1/2049<sup>1</sup>  | 204 | 191 |
| Freddie Mac Pool #SD8106 2.00% 11/1/2050<sup>1</sup>  | 2906 | 2379 |
| Freddie Mac Pool #SD8128 2.00% 2/1/2051<sup>1</sup>  | 37 | 30 |
| Freddie Mac Pool #SD8134 2.00% 3/1/2051<sup>1</sup>  | 62 | 51 |
| Freddie Mac Pool #RA5288 2.00% 5/1/2051<sup>1</sup>  | 2959 | 2422 |
| Freddie Mac Pool #SD0726 2.50% 10/1/2051<sup>1</sup>  | 14344 | 12316 |
| Freddie Mac Pool #RA6406 2.00% 11/1/2051<sup>1</sup>  | 488 | 400 |
| Freddie Mac Pool #SD1385 2.50% 11/1/2051<sup>1</sup>  | 531 | 456 |
| Freddie Mac Pool #SD7552 2.50% 1/1/2052<sup>1</sup>  | 333 | 285 |
| Freddie Mac Pool #SD7550 3.00% 2/1/2052<sup>1</sup>  | 3397 | 3035 |
| Freddie Mac Pool #SD0873 3.50% 2/1/2052<sup>1</sup>  | 14059 | 13011 |
| Freddie Mac Pool #QD7089 3.50% 2/1/2052<sup>1</sup>  | 216 | 197 |
| Freddie Mac Pool #SD7553 3.00% 3/1/2052<sup>1</sup>  | 308 | 274 |
| Freddie Mac Pool #8D0226 2.521% 5/1/2052<sup>1,3</sup>  | 513 | 462 |
| Freddie Mac Pool #QE6097 2.50% 7/1/2052<sup>1</sup>  | 635 | 539 |
| Freddie Mac Pool #SD8237 4.00% 8/1/2052<sup>1</sup>  | 4913 | 4613 |
| Freddie Mac Pool #QE9057 4.00% 8/1/2052<sup>1</sup>  | 189 | 178 |
| Freddie Mac Pool #QE6926 5.00% 8/1/2052<sup>1</sup>  | 862 | 851 |
| Freddie Mac Pool #QE8282 5.00% 8/1/2052<sup>1</sup>  | 817 | 806 |
| Freddie Mac Pool #QE8695 5.00% 8/1/2052<sup>1</sup>  | 59 | 58 |
| Freddie Mac Pool #QE7647 5.00% 8/1/2052<sup>1</sup>  | 58 | 57 |

---

---

| | |
|:---|:---|
| **256** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Mortgage-backed obligations (continued)** |  |  |
|  **Federal agency**<br> **mortgage-backed**<br> **obligations**<br> **(continued)**<br> Freddie Mac Pool #SD1496 5.00% 8/1/2052<sup>1</sup>  | USD54 | $54 |
| Freddie Mac Pool #SD8244 4.00% 9/1/2052<sup>1</sup>  | 3275 | 3076 |
| Freddie Mac Pool #QE9625 4.00% 9/1/2052<sup>1</sup>  | 244 | 229 |
| Freddie Mac Pool #QF0671 4.50% 9/1/2052<sup>1</sup>  | 503 | 485 |
| Freddie Mac Pool #RA7938 5.00% 9/1/2052<sup>1</sup>  | 11870 | 11717 |
| Freddie Mac Pool #QF0311 5.00% 9/1/2052<sup>1</sup>  | 1324 | 1307 |
| Freddie Mac Pool #QF0151 5.00% 9/1/2052<sup>1</sup>  | 799 | 789 |
| Freddie Mac Pool #SD8246 5.00% 9/1/2052<sup>1</sup>  | 225 | 222 |
| Freddie Mac Pool #QF0706 5.00% 9/1/2052<sup>1</sup>  | 64 | 64 |
| Freddie Mac Pool #QF1464 4.00% 10/1/2052<sup>1</sup>  | 234 | 220 |
| Freddie Mac Pool #QF2136 4.50% 10/1/2052<sup>1</sup>  | 999 | 962 |
| Freddie Mac Pool #QF1431 4.50% 10/1/2052<sup>1</sup>  | 999 | 962 |
| Freddie Mac Pool #QF1765 4.50% 10/1/2052<sup>1</sup>  | 995 | 958 |
| Freddie Mac Pool #SD8257 4.50% 10/1/2052<sup>1</sup>  | 743 | 716 |
| Freddie Mac Pool #QF1305 5.00% 10/1/2052<sup>1</sup>  | 74 | 73 |
| Freddie Mac Pool #SD1710 5.00% 10/1/2052<sup>1</sup>  | 26 | 26 |
| Freddie Mac Pool #QF3364 4.00% 11/1/2052<sup>1</sup>  | 381 | 358 |
| Freddie Mac Pool #QF2445 4.50% 11/1/2052<sup>1</sup>  | 4769 | 4595 |
| Freddie Mac Pool #SD1895 4.50% 11/1/2052<sup>1</sup>  | 1272 | 1249 |
| Freddie Mac Pool #QF2560 4.50% 11/1/2052<sup>1</sup>  | 999 | 965 |
| Freddie Mac Pool #QF2846 4.50% 11/1/2052<sup>1</sup>  | 998 | 961 |
| Freddie Mac Pool #QF2936 4.50% 11/1/2052<sup>1</sup>  | 969 | 934 |
| Freddie Mac Pool #QF2976 5.00% 11/1/2052<sup>1</sup>  | 81 | 80 |
| Freddie Mac Pool #SD8275 4.50% 12/1/2052<sup>1</sup>  | 36151 | 34831 |
| Freddie Mac Pool #SD8276 5.00% 12/1/2052<sup>1</sup>  | 1866 | 1842 |
| Freddie Mac Pool #SD8281 6.50% 12/1/2052<sup>1</sup>  | 2000 | 2052 |
| Freddie Mac Pool #SD8285 3.50% 1/1/2053<sup>1</sup>  | 346 | 314 |
| Freddie Mac Pool #SD8286 4.00% 1/1/2053<sup>1</sup>  | 199 | 187 |
| Freddie Mac Pool #SD8288 5.00% 1/1/2053<sup>1</sup>  | 7348 | 7253 |
| Freddie Mac Pool #SD8282 6.50% 1/1/2053<sup>1</sup>  | 10431 | 10701 |
| Freddie Mac, Series 1567, Class A,<br>(1-month USD-LIBOR + 0.40%) 2.547% 8/15/2023<sup>1,3</sup>  | 1 | 1 |
| Freddie Mac, Series K029, Class A2, Multi Family, 3.32% 2/25/2023<sup>1</sup>  | 134 | 133 |
| Freddie Mac, Series K035, Class A2, Multi Family, 3.458% 8/25/2023<sup>1,3</sup>  | 2526 | 2502 |
| Freddie Mac, Series K040, Class A2, Multi Family, 3.241% 9/25/2024<sup>1</sup>  | 1363 | 1328 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA,<br>3.00% 1/25/2056<sup>1,3</sup>  | 4525 | 4234 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class MT,<br>3.00% 7/25/2056<sup>1</sup>  | 822 | 724 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HT,<br>3.25% 7/25/2056<sup>1</sup>  | 333 | 300 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA,<br>3.00% 8/25/2056<sup>1</sup>  | 4525 | 4204 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA,<br>3.00% 8/25/2056<sup>1,3</sup>  | 4135 | 3866 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-1, Class HT,<br>3.00% 5/25/2057<sup>1</sup>  | 910 | 800 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT,<br>3.25% 6/25/2057<sup>1,3</sup>  | 1311 | 1197 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA,<br>3.50% 8/25/2057<sup>1</sup>  | 509 | 484 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MT,<br>3.50% 11/25/2057<sup>1</sup>  | 4148 | 3753 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MA,<br>3.50% 11/26/2057<sup>1</sup>  | 252 | 239 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MT,<br>3.50% 7/25/2058<sup>1</sup>  | 763 | 689 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MA,<br>3.50% 7/25/2058<sup>1</sup>  | 587 | 556 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA,<br>3.50% 8/25/2058<sup>1</sup>  | 2148 | 2027 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **257** |

---

------

##### [**Table of Contents**](#toc)
U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Mortgage-backed obligations (continued)** |  |  |
|  **Federal agency**<br> **mortgage-backed**<br> **obligations**<br> **(continued)**<br> Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MT,<br>3.50% 8/26/2058<sup>1</sup>  | USD731 | $661 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MT,<br>3.50% 10/25/2058<sup>1</sup>  | 396 | 358 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-4, Class MA,<br>3.00% 2/25/2059<sup>1</sup>  | 1819 | 1687 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-1, Class A1, 3.50% 6/25/2028<sup>1</sup>  | 4262 | 4070 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 11/25/2028<sup>1</sup>  | 18482 | 17646 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-3, Class A1C, 2.75% 11/25/2029<sup>1</sup>  | 4786 | 4398 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2020-1, Class A1D, 2.00% 7/25/2030<sup>1</sup>  | 1377 | 1231 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2020-1, Class A2D, 2.00% 7/25/2030<sup>1</sup>  | 435 | 356 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2022-1, Class A1, 3.50% 5/25/2032<sup>1</sup>  | 4668 | 4503 |
| Government National Mortgage Assn. 2.00% 1/1/2053<sup>1,4</sup>  | 1395 | 1169 |
| Government National Mortgage Assn. 2.50% 1/1/2053<sup>1,4</sup>  | 2486 | 2155 |
| Government National Mortgage Assn. 3.00% 1/1/2053<sup>1,4</sup>  | 1755 | 1563 |
| Government National Mortgage Assn. 3.50% 1/1/2053<sup>1,4</sup>  | 2260 | 2077 |
| Government National Mortgage Assn. 5.00% 1/1/2053<sup>1,4</sup>  | 6848 | 6787 |
| Government National Mortgage Assn. 5.50% 1/1/2053<sup>1,4</sup>  | 14351 | 14436 |
| Government National Mortgage Assn. Pool #782365 6.00% 7/15/2038<sup>1</sup>  | 84 | 89 |
| Government National Mortgage Assn. Pool #700778 5.50% 10/15/2038<sup>1</sup>  | 21 | 21 |
| Government National Mortgage Assn. Pool #004269 6.50% 10/20/2038<sup>1</sup>  | 164 | 176 |
| Government National Mortgage Assn. Pool #698668 5.50% 11/15/2038<sup>1</sup>  | 28 | 29 |
| Government National Mortgage Assn. Pool #698406 5.00% 7/15/2039<sup>1</sup>  | 186 | 190 |
| Government National Mortgage Assn. Pool #783690 6.00% 9/20/2039<sup>1</sup>  | 81 | 86 |
| Government National Mortgage Assn. Pool #783689 5.50% 2/20/2040<sup>1</sup>  | 2598 | 2758 |
| Government National Mortgage Assn. Pool #783688 5.00% 6/20/2041<sup>1</sup>  | 870 | 894 |
| Government National Mortgage Assn. Pool #783687 4.50% 12/20/2041<sup>1</sup>  | 570 | 562 |
| Government National Mortgage Assn. Pool #MA0533 3.00% 11/20/2042<sup>1</sup>  | 19 | 17 |
| Government National Mortgage Assn. Pool #MA8347 4.50% 10/20/2052<sup>1</sup>  | 675 | 656 |
| Government National Mortgage Assn. Pool #MA8426 4.00% 11/20/2052<sup>1</sup>  | 28092 | 26611 |
| Government National Mortgage Assn. Pool #MA8427 4.50% 11/20/2052<sup>1</sup>  | 32820 | 31874 |
| Government National Mortgage Assn. Pool #MA8488 4.00% 12/20/2052<sup>1</sup>  | 3100 | 2936 |
| Government National Mortgage Assn. Pool #MA8489 4.50% 12/20/2052<sup>1</sup>  | 13100 | 12722 |
| Uniform Mortgage-Backed Security 2.00% 1/1/2038<sup>1,4</sup>  | 1115 | 992 |
| Uniform Mortgage-Backed Security 2.50% 1/1/2038<sup>1,4</sup>  | 2275 | 2082 |
| Uniform Mortgage-Backed Security 4.00% 1/1/2038<sup>1,4</sup>  | 920 | 897 |
| Uniform Mortgage-Backed Security 2.00% 1/1/2053<sup>1,4</sup>  | 14849 | 12086 |
| Uniform Mortgage-Backed Security 4.50% 1/1/2053<sup>1,4</sup>  | 4574 | 4402 |
| Uniform Mortgage-Backed Security 5.50% 1/1/2053<sup>1,4</sup>  | 53779 | 53928 |
| Uniform Mortgage-Backed Security 6.00% 1/1/2053<sup>1,4</sup>  | 29742 | 30190 |
| Uniform Mortgage-Backed Security 6.50% 1/1/2053<sup>1,4</sup>  | 81263 | 83237 |
| Uniform Mortgage-Backed Security 4.00% 2/1/2053<sup>1,4</sup>  | 1392 | 1306 |
| Uniform Mortgage-Backed Security 5.50% 2/1/2053<sup>1,4</sup>  | 31200 | 31271 |
| Uniform Mortgage-Backed Security 6.00% 2/1/2053<sup>1,4</sup>  | 19158 | 19430 |
|  |  | 723593 |
|  **U.S. Treasury bonds & notes 39.79%** |  |  |
|  **U.S. Treasury**<br> **inflation-protected**<br> **securities**<br> **26.16%**<br> U.S. Treasury Inflation-Protected Security 0.125% 1/15/2023<sup>5</sup>  | 21974 | 21933 |
| U.S. Treasury Inflation-Protected Security 0.625% 4/15/2023<sup>5</sup>  | 31116 | 30816 |
| U.S. Treasury Inflation-Protected Security 0.375% 7/15/2023<sup>5</sup>  | 21857 | 21606 |
| U.S. Treasury Inflation-Protected Security 0.625% 1/15/2024<sup>5</sup>  | 55898 | 54749 |
| U.S. Treasury Inflation-Protected Security 0.50% 4/15/2024<sup>5</sup>  | 14570 | 14179 |
| U.S. Treasury Inflation-Protected Security 0.125% 7/15/2024<sup>5</sup>  | 56967 | 55181 |
| U.S. Treasury Inflation-Protected Security 0.125% 10/15/2024<sup>5</sup>  | 26585 | 25622 |

---

---

| | |
|:---|:---|
| **258** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
U.S. Government Securities Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** |  |  |
|  **U.S. Treasury**<br> **inflation-protected**<br> **securities**<br> **(continued)** | U.S. Treasury Inflation-Protected Security 0.125% 4/15/2025<sup>5</sup>  | USD8,421 | $8026 |
|  | U.S. Treasury Inflation-Protected Security 0.375% 7/15/2025<sup>5</sup>  | 57803 | 55543 |
|  | U.S. Treasury Inflation-Protected Security 0.125% 10/15/2025<sup>5</sup>  | 7805 | 7419 |
|  | U.S. Treasury Inflation-Protected Security 0.625% 1/15/2026<sup>5</sup>  | 3380 | 3245 |
|  | U.S. Treasury Inflation-Protected Security 0.125% 4/15/2026<sup>5</sup>  | 5750 | 5406 |
|  | U.S. Treasury Inflation-Protected Security 0.125% 10/15/2026<sup>5</sup>  | 34217 | 32092 |
|  | U.S. Treasury Inflation-Protected Security 0.125% 4/15/2027<sup>5</sup>  | 7315 | 6817 |
|  | U.S. Treasury Inflation-Protected Security 1.625% 10/15/2027<sup>5</sup>  | 12137 | 12122 |
|  | U.S. Treasury Inflation-Protected Security 0.125% 7/15/2030<sup>5</sup>  | 7293 | 6528 |
|  | U.S. Treasury Inflation-Protected Security 0.125% 1/15/2031<sup>5</sup>  | 6877 | 6102 |
|  | U.S. Treasury Inflation-Protected Security 0.125% 7/15/2031<sup>5</sup>  | 1001 | 883 |
|  | U.S. Treasury Inflation-Protected Security 0.125% 1/15/2032<sup>5</sup>  | 4412 | 3860 |
|  | U.S. Treasury Inflation-Protected Security 2.125% 2/15/2041<sup>5</sup>  | 422 | 446 |
|  | U.S. Treasury Inflation-Protected Security 0.75% 2/15/2042<sup>5</sup>  | 8558 | 7171 |
|  | U.S. Treasury Inflation-Protected Security 0.625% 2/15/2043<sup>5</sup>  | 4523 | 3648 |
|  | U.S. Treasury Inflation-Protected Security 1.00% 2/15/2049<sup>5</sup>  | 4914 | 4114 |
|  | U.S. Treasury Inflation-Protected Security 0.25% 2/15/2050<sup>5</sup>  | 337 | 227 |
|  | U.S. Treasury Inflation-Protected Security 0.125% 2/15/2051<sup>5</sup>  | 6032 | 3891 |
|  | U.S. Treasury Inflation-Protected Security 0.125% 2/15/2052<sup>5</sup>  | 1459 | 943 |
|  |  |  | 392569 |
|  **U.S. Treasury**<br> **13.63%** | U.S. Treasury 0.50% 11/30/2023 | 12069 | 11611 |
|  | U.S. Treasury 2.125% 11/30/2023 | –<sup>2</sup> | –<sup>2</sup> |
|  | U.S. Treasury 0.125% 12/15/2023 | 1934 | 1853 |
|  | U.S. Treasury 2.25% 12/31/2023 | 1332 | 1300 |
|  | U.S. Treasury 2.50% 1/31/2024 | 26000 | 25395 |
|  | U.S. Treasury 1.50% 2/29/2024 | 369 | 356 |
|  | U.S. Treasury 3.00% 7/31/2024 | 3685 | 3594 |
|  | U.S. Treasury 2.75% 5/15/2025 | 7459 | 7193 |
|  | U.S. Treasury 3.125% 8/15/2025 | 390 | 379 |
|  | U.S. Treasury 3.50% 9/15/2025 | 28000 | 27447 |
|  | U.S. Treasury 4.00% 12/15/2025 | 5694 | 5659 |
|  | U.S. Treasury 2.625% 7/31/2029 | 19809 | 18245 |
|  | U.S. Treasury 3.125% 8/31/2029 | 22521 | 21382 |
|  | U.S. Treasury 3.875% 12/31/2029 | 2905 | 2885 |
|  | U.S. Treasury 2.75% 8/15/2032 | 7500 | 6828 |
|  | U.S. Treasury 1.125% 5/15/2040 | 7000 | 4393 |
|  | U.S. Treasury 2.50% 2/15/2045 | 4850 | 3668 |
|  | U.S. Treasury 2.50% 2/15/2046 | 3900 | 2931 |
|  | U.S. Treasury 2.50% 5/15/2046 | 5400 | 4049 |
|  | U.S. Treasury 2.875% 11/15/2046 | 2700 | 2174 |
|  | U.S. Treasury 2.875% 5/15/2049 | 6300 | 5095 |
|  | U.S. Treasury 2.25% 8/15/2049 | 1635 | 1157 |
|  | U.S. Treasury 1.25% 5/15/2050<sup>6</sup>  | 19460 | 10527 |
|  | U.S. Treasury 1.375% 8/15/2050 | 4330 | 2423 |
|  | U.S. Treasury 1.625% 11/15/2050<sup>6</sup>  | 26165 | 15671 |
|  | U.S. Treasury 1.875% 2/15/2051<sup>6</sup>  | 6672 | 4264 |
|  | U.S. Treasury 2.00% 8/15/2051 | 5546 | 3650 |
|  | U.S. Treasury 1.875% 11/15/2051 | 3164 | 2015 |
|  | U.S. Treasury 2.875% 5/15/2052 | 350 | 282 |
|  | U.S. Treasury 3.00% 8/15/2052 | 7025 | 5825 |
|  | U.S. Treasury 4.00% 11/15/2052 | 2290 | 2302 |
|  |  |  | 204553 |
|  | **Total U.S. Treasury bonds & notes** |  | 597122 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **259** |

---

------

##### [**Table of Contents**](#toc)
U.S. Government Securities Fund (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value (000) |
| **Federal agency bonds & notes 5.28%** |  |  |
| Export-Import Bank of the United States-Guaranteed, Ethiopian Leasing 2012, LLC<br>2.646% 5/12/2026 | USD308 | $296 |
| Fannie Mae 7.125% 1/15/2030 | 2000 | 2353 |
| Federal Home Loan Bank 3.25% 11/16/2028 | 6500 | 6250 |
| Federal Home Loan Bank 5.50% 7/15/2036 | 300 | 328 |
| Private Export Funding Corp. 3.55% 1/15/2024 | 3190 | 3143 |
| Private Export Funding Corp. 1.40% 7/15/2028 | 3000 | 2536 |
| Tennessee Valley Authority 0.75% 5/15/2025 | 3700 | 3390 |
| Tennessee Valley Authority 2.875% 2/1/2027 | 5000 | 4742 |
| Tennessee Valley Authority 4.65% 6/15/2035 | 1780 | 1764 |
| Tennessee Valley Authority 5.88% 4/1/2036 | 875 | 971 |
| Tennessee Valley Authority, Series A, 4.625% 9/15/2060 | 250 | 232 |
| TVA Southaven 3.846% 8/15/2033 | 887 | 820 |
| U.S. Agency for International Development, Israel (State of), Class 1A, 5.50% 9/18/2023 | 1250 | 1255 |
| U.S. Agency for International Development, Jordan (Kingdom of) 3.00% 6/30/2025 | 14779 | 14231 |
| U.S. Agency for International Development, Morocco (Kingdom of) 7.55% 7/15/2026 | 1909 | 2000 |
| U.S. Department of Housing and Urban Development, Series 2015-A-9, 2.80% 8/1/2023 | 1500 | 1481 |
| U.S. Department of Housing and Urban Development, Series 2015-A-10, 2.85% 8/1/2024 | 2250 | 2190 |
| U.S. Department of Housing and Urban Development, Series 2015-A-11, 2.95% 8/1/2025 | 2640 | 2532 |
| U.S. Department of Housing and Urban Development, Series 2015-A-12, 3.10% 8/1/2026 | 2625 | 2497 |
| U.S. Department of Housing and Urban Development, Series 2015-A-13, 3.15% 8/1/2027 | 11482 | 10812 |
| U.S. Department of Housing and Urban Development, Series 2015-A-14, 3.25% 8/1/2028 | 3856 | 3598 |
| U.S. Department of Housing and Urban Development, Series 2015-A-15, 3.35% 8/1/2029 | 2650 | 2450 |
| U.S. Department of Housing and Urban Development, Series 2015-A-16, 3.50% 8/1/2030 | 2482 | 2361 |
| U.S. Department of Housing and Urban Development, Series 2015-A-17, 3.55% 8/1/2031 | 2475 | 2350 |
| U.S. Department of Housing and Urban Development, Series 2015-A-18, 3.60% 8/1/2032 | 2377 | 2159 |
| U.S. Department of Housing and Urban Development, Series 2015-A-19, 3.65% 8/1/2033 | 2059 | 1866 |
| U.S. Department of Housing and Urban Development, Series 2015-A-20, 3.70% 8/1/2034 | 651 | 589 |
|  |  | 79196 |
| **Total bonds, notes & other debt instruments** (cost: $1,480,306,000) |  | 1399911 |

---

---

| | | | |
|:---|:---|:---|:---|
| Short-term securities 21.20% | Weighted<br> average yield<br>at acquisition |  |  |
|  **Commercial paper 13.42%** |  |  |  |
|  CAFCO, LLC 2/3/2023<sup>7</sup>  | 4.300% | 8750 | 8713 |
| Chariot Funding, LLC 1/3/2023<sup>7</sup>  | 3.880 | 10000 | 9995 |
| Chariot Funding, LLC 1/27/2023<sup>7</sup>  | 4.150 | 8000 | 7973 |
| Chariot Funding, LLC 2/10/2023<sup>7</sup>  | 4.657 | 15000 | 14923 |
| CHARTA, LLC 1/11/2023<sup>7</sup>  | 3.900 | 5680 | 5672 |
| Citigroup Global Markets, Inc. 2/21/2023<sup>7</sup>  | 4.580 | 6000 | 5959 |
| Coca-Cola Co. 2/21/2023<sup>7</sup>  | 4.200 | 15000 | 14903 |
| Honeywell International, Inc. 2/1/2023<sup>7</sup>  | 4.100 | 3000 | 2988 |
| Honeywell International, Inc. 2/21/2023<sup>7</sup>  | 4.310 | 15300 | 15201 |
| Honeywell International, Inc. 2/27/2023<sup>7</sup>  | 4.300 | 6050 | 6006 |

---

---

| | |
|:---|:---|
| **260** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
U.S. Government Securities Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Short-term securities (continued) | Weighted<br> average yield<br>at acquisition | Principal amount<br>(000) | Value (000) |
| **Commercial paper (continued)** |  |  |  |
| Johnson & Johnson 1/30/2023<sup>7</sup>  | 4.190% | USD9,000 | $8967 |
| Johnson & Johnson 2/13/2023<sup>7</sup>  | 4.220 | 10000 | 9946 |
| Linde, Inc. 2/6/2023 | 4.340 | 15000 | 14932 |
| Paccar Financial Corp. 1/6/2023 | 4.110 | 20000 | 19983 |
| Procter & Gamble Co. 2/9/2023<sup>7</sup>  | 4.300 | 14500 | 14428 |
| Procter & Gamble Co. 2/10/2023<sup>7</sup>  | 4.250 | 18500 | 18406 |
| Roche Holdings, Inc. 1/3/2023<sup>7</sup>  | 4.230 | 13950 | 13944 |
| Starbird Funding Corp. 1/3/2023<sup>7</sup>  | 4.300 | 8500 | 8496 |
|  |  |  | 201435 |
| **Federal agency bills & notes 6.19%** |  |  |  |
| Federal Farm Credit Banks 1/12/2023 | 3.880 | 5500 | 5494 |
| Federal Home Loan Bank 1/3/2023 | 3.900 | 850 | 850 |
| Federal Home Loan Bank 1/11/2023 | 4.005 | 20700 | 20680 |
| Federal Home Loan Bank 2/8/2023 | 4.161 | 25000 | 24896 |
| Federal Home Loan Bank 2/10/2023 | 4.215 | 6750 | 6720 |
| Federal Home Loan Bank 2/22/2023 | 4.320 | 4400 | 4373 |
| Federal Home Loan Bank 2/24/2023 | 4.297 | 10000 | 9936 |
| Federal Home Loan Bank 3/3/2023 | 4.370 | 20000 | 19856 |
|  |  |  | 92805 |
| **U.S. Treasury bills 1.59%** |  |  |  |
| U.S. Treasury 11/2/2023 | 4.527 | 24780 | 23854 |
| **Total short-term securities** (cost: $318,108,000) |  |  | 318094 |
| **Total investment securities 114.48%** (cost: $1,798,414,000) |  |  | 1718005 |
| Other assets less liabilities (14.48)% |  |  | (217283) |
| **Net assets 100.00%** |  |  | $1500722 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Futures contracts** | | | | | |
| Contracts | Type | Number of<br>contracts | Expiration | Notional<br>amount<br>(000) | Value and<br>unrealized<br>appreciation<br>(depreciation) at<br>12/31/2022 (000) |
| 3 Month SOFR Futures | Short | 270 | June 2023 | USD(64183) | $920 |
| 90 Day Eurodollar Futures | Long | 1495 | September 2023 | 354782 | (15731) |
| 90 Day Eurodollar Futures | Short | 923 | December 2023 | (219697) | 8805 |
| 90 Day Eurodollar Futures | Short | 885 | December 2024 | (213285) | 4539 |
| 2 Year U.S. Treasury Note Futures | Short | 298 | March 2023 | (61113) | 148 |
| 5 Year U.S. Treasury Note Futures | Long | 3872 | March 2023 | 417904 | (536) |
| 10 Year U.S. Treasury Note Futures | Long | 603 | March 2023 | 67715 | (373) |
| 10 Year Ultra U.S. Treasury Note Futures | Long | 164 | March 2023 | 19398 | (294) |
| 20 Year U.S. Treasury Bond Futures | Long | 447 | March 2023 | 56029 | (765) |
| 30 Year Ultra U.S. Treasury Bond Futures | Short | 35 | March 2023 | (4701) | 111 |
|  |  |  |  |  | $(3176) |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **261** |

---

------

##### [**Table of Contents**](#toc)
U.S. Government Securities Fund (continued)

**Swap contracts** 

------

**Interest rate swaps** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Centrally cleared interest rate swaps** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay |  |  | Value at<br> 12/31/2022<br> (000) | Upfront<br> premium<br> paid<br> (000) | Unrealized<br> appreciation<br> (depreciation)<br> at 12/31/2022<br>(000) |
| Rate | Payment<br> frequency | Rate | Payment<br> frequency | Expiration<br>date | Notional<br> amount<br>(000) | Value at<br> 12/31/2022<br> (000) | Upfront<br> premium<br> paid<br> (000) | Unrealized<br> appreciation<br> (depreciation)<br> at 12/31/2022<br>(000) |
|  SOFR | Annual | 0.471% | Annual | 10/26/2023 | USD30,500 | $1078 | $– | $1078 |
|  0.45801% | Annual | SOFR | Annual | 10/26/2023 | 30500 | (1081) |  | (1081) |
|  0.241% | Annual | U.S. EFFR | Annual | 3/1/2024 | 119400 | (6219) |  | (6219) |
|  U.S. EFFR | Annual | 0.11% | Annual | 5/18/2024 | 97600 | 4372 |  | 4372 |
|  3.497% | Annual | U.S. EFFR | Annual | 6/16/2024 | 24000 | (426) |  | (426) |
|  3.4585% | Annual | U.S. EFFR | Annual | 6/17/2024 | 3697 | (68) |  | (68) |
|  3.4325% | Annual | U.S. EFFR | Annual | 6/17/2024 | 17700 | (330) |  | (330) |
|  4.345% | Annual | U.S. EFFR | Annual | 9/29/2024 | 19000 | (85) |  | (85) |
|  4.197% | Annual | U.S. EFFR | Annual | 9/30/2024 | 19000 | (131) |  | (131) |
|  4.1735% | Annual | U.S. EFFR | Annual | 9/30/2024 | 19400 | (142) |  | (142) |
|  4.15% | Annual | U.S. EFFR | Annual | 10/6/2024 | 19300 | (146) |  | (146) |
|  4.5645% | Annual | U.S. EFFR | Annual | 10/19/2024 | 7100 | (2) |  | (2) |
|  4.533% | Annual | U.S. EFFR | Annual | 10/20/2024 | 8800 | (7) |  | (7) |
|  4.56% | Annual | U.S. EFFR | Annual | 10/27/2024 | 8900 | (2) |  | (2) |
|  4.5245% | Annual | U.S. EFFR | Annual | 10/27/2024 | 10600 | (8) |  | (8) |
|  U.S. EFFR | Annual | 0.1275% | Annual | 6/25/2025 | 20100 | 1938 |  | 1938 |
|  U.S. EFFR | Annual | 0.126% | Annual | 6/25/2025 | 20100 | 1938 |  | 1938 |
|  U.S. EFFR | Annual | 0.106% | Annual | 6/30/2025 | 22492 | 2187 |  | 2187 |
|  3-month USD-LIBOR | Quarterly | 1.867% | Semi-annual | 7/11/2025 | 49400 | 3060 |  | 3060 |
|  2.925% | Semi-annual | 3-month USD-LIBOR | Quarterly | 2/1/2028 | 12800 | (616) |  | (616) |
|  2.92% | Semi-annual | 3-month USD-LIBOR | Quarterly | 2/2/2028 | 12200 | (590) |  | (590) |
|  U.S. EFFR | Annual | 0.5385% | Annual | 3/26/2030 | 49000 | 9477 |  | 9477 |
|  0.913% | Semi-annual | 3-month USD-LIBOR | Quarterly | 6/9/2030 | 31000 | (5918) |  | (5918) |
|  U.S. EFFR | Annual | 0.666% | Annual | 11/19/2030 | 15500 | 3075 |  | 3075 |
|  3-month USD-LIBOR | Quarterly | 2.963% | Semi-annual | 2/1/2038 | 9800 | 486 |  | 486 |
|  3-month USD-LIBOR | Quarterly | 2.986% | Semi-annual | 2/1/2038 | 7800 | 375 |  | 375 |
|  0.833% | Semi-annual | 3-month USD-LIBOR | Quarterly | 4/3/2040 | 15800 | (5952) |  | (5952) |
|  3-month USD-LIBOR | Quarterly | 0.811% | Semi-annual | 7/27/2050 | 5110 | 2464 |  | 2464 |
|  SOFR | Annual | 2.85282% | Annual | 12/6/2052 | 540 | 38 |  | 38 |
|  SOFR | Annual | 2.93542% | Annual | 12/6/2052 | 550 | 31 |  | 31 |
|  |  |  |  |  |  | $8796 | $– | $8796 |

---

<sup>1</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>2</sup> Amount less than one thousand. 

<sup>3</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date. 

<sup>4</sup> Purchased on a TBA basis.

<sup>5</sup> Index-linked bond whose principal amount moves with a government price index. 

<sup>6</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $10,807,000, which represented .72% of the net assets of the fund. 

<sup>7</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $166,520,000, which represented 11.10% of the net assets of the fund. 

---

| | |
|:---|:---|
| **Key to abbreviations** |  |
| Assn. = Association | SOFR = Secured Overnight Financing Rate |
| EFFR = Effective Federal Funds Rate | TBA = To be announced |
| LIBOR = London Interbank Offered Rate | USD = U.S. dollars |

---

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **262** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
Managed Risk Growth Fund

**Investment portfolio** December 31, 2022

---

| | | |
|:---|:---|:---|
| Growth funds 85.30% | Shares | Value<br> (000) |
| American Funds Insurance Series – Growth Fund, Class 1 | 5078871 | $387467 |
| **Total growth funds** (cost: $439,303,000) |  | 387467 |
| Fixed income funds 7.53% |  |  |
| American Funds Insurance Series – The Bond Fund of America, Class 1 | 3634107 | 34197 |
| **Total fixed income funds** (cost: $35,683,000) |  | 34197 |
| Short-term securities 2.48% |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class 4.12%<sup>1</sup>  | 11266894 | 11267 |
| **Total short-term securities** (cost: $11,267,000) |  | 11267 |
| Options purchased 0.04% |  |  |
| Options purchased\* |  | 205 |
| **Total options purchased** (cost: $1,216,000) |  | 205 |
| **Total investment securities 95.35%** (cost: $487,469,000) |  | 433136 |
| Other assets less liabilities 4.65% |  | 21106 |
| **Net assets 100.00%** |  | $454242 |

---

**\*Options purchased** 

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Put** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Description | Number of<br>contracts | Notional<br>amount<br>(000) | Exercise<br> price | Expiration<br>date | Value at<br>12/31/2022<br>(000) |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500 Index | 35 | USD13,438 | USD2,600.00 | 3/17/2023 | $13 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500 Index | 70 | 26877 | 2700.00 | 3/17/2023 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500 Index | 175 | 67191 | 2800.00 | 3/17/2023 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500 Index | 5 | 1920 | 2850.00 | 3/17/2023 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500 Index | 110 | 42234 | 2900.00 | 3/17/2023 | 74 |
|  |  |  |  |  | $205 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **263** |

---

------

##### [**Table of Contents**](#toc)
Managed Risk Growth Fund (continued)

**Futures contracts** 

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | Number of<br>contracts | Expiration | Notional<br>amount<br> (000) | Value and<br> unrealized<br>(depreciation)<br>appreciation<br> at 12/31/2022<br> (000) |
|  5 Year U.S. Treasury Note Futures | Long | 283 | March 2023 | USD30,544 | $(47) |
|  Nikkei 225 Index Contracts | Short | 3 | March 2023 | (590) | 45 |
|  Japanese Yen Currency Contracts | Short | 7 | March 2023 | (674) | (31) |
|  FTSE 100 Index Contracts | Short | 19 | March 2023 | (1716) | (1) |
|  British Pound Currency Contracts | Short | 24 | March 2023 | (1812) | 47 |
|  Mini MSCI Emerging Market Index Contracts | Short | 57 | March 2023 | (2734) | 42 |
|  Russell 2000 Mini Index Contracts | Short | 66 | March 2023 | (5844) | 156 |
|  Euro Stoxx 50 Index Contracts | Short | 314 | March 2023 | (12714) | 544 |
|  Euro Currency Contracts | Short | 101 | March 2023 | (13577) | (30) |
|  S&P Mid 400 E-mini Index Contracts | Short | 92 | March 2023 | (22472) | 455 |
|  S&P 500 E-mini Index Contracts | Short | 1194 | March 2023 | (230502) | 6305 |
|  |  |  |  |  | $7485 |

---

**Investments in affiliates<sup>2</sup>** 

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Value of<br> affiliates at<br> 1/1/2022<br> (000) | Additions<br> (000) | Reductions<br> (000) | Net<br>realized<br>loss<br> (000) | Net<br>unrealized<br>(depreciation)<br>appreciation<br>(000) | Value of<br>affiliates at<br>12/31/2022<br>(000) | Dividend<br>income<br>(000) | Capital gain<br>distributions<br>received<br>(000) |
|  Growth funds 85.30% |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Funds Insurance Series – Growth Fund, Class 1 | $504914 | $458729 | $366785 | $(17443) | $(191948) | $387467 | $2476 | $60090 |
|  Fixed income funds 7.53% |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Funds Insurance Series – The Bond Fund of America, Class 1 | 59236 | 70113 | 86469 | (9458) | 775 | 34197 | 1344 | 443 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total 92.83%** |  |  |  | $(26901) | $(191173) | $421664 | $3820 | $60533 |

---

<sup>1</sup> Rate represents the seven-day yield at 12/31/2022.

<sup>2</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

**Key to abbreviation** 

USD = U.S. dollars

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **264** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
Managed Risk International Fund

**Investment portfolio** December 31, 2022

---

| | | |
|:---|:---|:---|
| Growth funds 84.51% | Shares | Value<br>(000) |
| American Funds Insurance Series – International Fund, Class 1 | 6952007 | $106435 |
| **Total growth funds** (cost: $119,403,000) |  | 106435 |
| Fixed income funds 9.95% |  |  |
| American Funds Insurance Series – The Bond Fund of America, Class 1 | 1331210 | 12527 |
| **Total fixed income funds** (cost: $13,253,000) |  | 12527 |
| Short-term securities 2.09% |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class 4.12%<sup>1</sup>  | 2635506 | 2636 |
| **Total short-term securities** (cost: $2,636,000) |  | 2636 |
| Options purchased 0.14% |  |  |
| Options purchased\* |  | 169 |
| **Total options purchased** (cost: $399,000) |  | 169 |
| **Total investment securities 96.69%** (cost: $135,691,000) |  | 121767 |
| **Other assets less liabilities 3.31%** |  | 4167 |
| **Net assets 100.00%** |  | $125934 |

---

**\*Options purchased** 

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Put** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Description | Number of<br>contracts | Notional<br>amount<br>(000) | Exercise<br>price | Expiration<br>date | Value at<br>12/31/2022<br> (000) |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF | 50 | USD328 | USD47.00 | 3/17/2023 | $<sup>–</sup><sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF | 1700 | 11159 | 48.00 | 3/17/2023 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF | 450 | 2954 | 55.00 | 3/17/2023 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF | 1375 | 9025 | 43.00 | 6/16/2023 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF | 350 | 2297 | 45.00 | 6/16/2023 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF | 200 | 1313 | 46.00 | 6/16/2023 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF | 1700 | 11159 | 50.00 | 6/16/2023 | 87 |
|  |  |  |  |  | $169 |

---

**Futures contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | Number of<br>contracts | Expiration | Notional<br>amount<br>(000) | Value and<br>unrealized<br>(depreciation)<br>appreciation<br>at 12/31/2022<br>(000) |
|  5 Year U.S. Treasury Note Futures | Long | 75 | March 2023 | USD8,095 | $(13) |
|  S&P 500 E-mini Index Contracts | Short | 66 | March 2023 | (12742) | 351 |
|  Mini MSCI Emerging Market Index Contracts | Short | 394 | March 2023 | (18900) | 245 |
|  MSCI EAFE Index Contracts | Short | 279 | March 2023 | (27194) | 428 |
|  |  |  |  |  | $1011 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **265** |

---

------

##### [**Table of Contents**](#toc)
Managed Risk International Fund (continued)

**Investments in affiliates<sup>3</sup>** 

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Value of<br>affiliates<br>at 1/1/2022<br>(000) | Additions<br>(000) | Reductions<br>(000) | Net<br>realized<br>loss<br>(000) | Net<br>unrealized<br>depreciation<br>(000) | Value of<br>affiliates at<br>12/31/2022<br>(000) | Dividend<br>income<br>(000) | Capital gain<br>distributions<br>received<br>(000) |
|  **Growth funds 84.51%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Funds Insurance Series – International Fund, Class 1 | $136987 | $107662 | $92768 | $(7315) | $(38131) | $106435 | $2273 | $16110 |
|  **Fixed income funds 9.95%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Funds Insurance Series – The Bond Fund of America, Class 1 | 16071 | 14150 | 15224 | (2409) | (61) | 12527 | 427 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total 94.46%** |  |  |  | $(9724) | $(38192) | $118962 | $2700 | $16270 |

---

<sup>1</sup> Rate represents the seven-day yield at 12/31/2022.

<sup>2</sup> Amount less than one thousand. 

<sup>3</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

**Key to abbreviation** 

USD = U.S. dollars

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **266** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
Managed Risk Washington Mutual Investors Fund

**Investment portfolio** December 31, 2022

---

| | | |
|:---|:---|:---|
| Growth-and-income funds 84.89% | Shares | Value<br> (000) |
| American Funds Insurance Series – Washington Mutual Investors Fund, Class 1 | 21639334 | $274603 |
| **Total growth-and-income funds** (cost: $299,529,000) |  | 274603 |
| Fixed income funds 9.99% |  |  |
| American Funds Insurance Series – U.S. Government Securities Fund, Class 1 | 3235124 | 32319 |
| **Total fixed income funds** (cost: $34,728,000) |  | 32319 |
| Short-term securities 2.32% |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class 4.12%<sup>1</sup>  | 7500680 | 7501 |
| **Total short-term securities** (cost: $7,501,000) |  | 7501 |
| Options purchased 0.09% |  |  |
| Options purchased\* |  | 274 |
| **Total options purchased** (cost: $1,254,000) |  | 274 |
| **Total investment securities 97.29%** (cost: $343,012,000) |  | 314697 |
| Other assets less liabilities 2.71% |  | 8775 |
| **Net assets** 100.00% |  | $323472 |

---

**\*Options purchased** 

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Put** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Description | Number of<br>contracts | Notional<br>amount<br>(000) | Exercise<br> price | Expiration<br> date | Value at<br>12/31/2022<br>(000) |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500 Index | 15 | USD5,759 | USD2,500.00 | 3/17/2023 | $4 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500 Index | 15 | 5759 | 2600.00 | 3/17/2023 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500 Index | 80 | 30716 | 2700.00 | 3/17/2023 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500 Index | 130 | 49913 | 2800.00 | 3/17/2023 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500 Index | 45 | 17278 | 2850.00 | 3/17/2023 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500 Index | 105 | 40315 | 2900.00 | 3/17/2023 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500 Index | 30 | 11519 | 2825.00 | 6/16/2023 | 72 |
|  |  |  |  |  | $274 |

---

**Futures contracts** 

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | Number of<br>contracts | Expiration | Notional<br>amount<br> (000) | Value and<br>unrealized<br>(depreciation)<br>appreciation<br> at 12/31/2022<br>(000) |
|  5 Year U.S. Treasury Note Futures | Long | 146 | March 2023 | USD15,758 | $(81) |
|  Russell 2000 Mini Index Contracts | Short | 1 | March 2023 | (89) | 3 |
|  S&P Mid 400 E-mini Index Contracts | Short | 7 | March 2023 | (1710) | 31 |
|  Euro Stoxx 50 Index Contracts | Short | 47 | March 2023 | (1903) | 70 |
|  Euro Currency Contracts | Short | 15 | March 2023 | (2016) | (5) |
|  FTSE 100 Index Contracts | Short | 31 | March 2023 | (2799) | (5) |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **267** |

---

------

##### [**Table of Contents**](#toc)
Managed Risk Washington Mutual Investors Fund (continued)

**Futures contracts** (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | Number of<br>contracts | Expiration | Notional<br>amount<br>(000) | Value and<br>unrealized<br>(depreciation)<br>appreciation<br> at 12/31/2022<br>(000) |
|  British Pound Currency Contracts | Short | 38 | March 2023 | USD(2870) | $68 |
|  S&P 500 E-mini Index Contracts | Short | 563 | March 2023 | (108687) | 2521 |
|  |  |  |  |  | $2602 |

---

**Investments in affiliates<sup>2</sup>** 

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Value of<br>affiliates<br>at 1/1/2022<br>(000) | Additions<br>(000) | Reductions<br>(000) | Net<br>realized<br>gain (loss)<br>(000) | Net<br>unrealized<br>(depreciation)<br>appreciation<br>(000) | Value of<br>affiliates at<br>12/31/2022<br>(000) | Dividend<br>income<br>(000) | Capital gain<br>distributions<br>received<br>(000) |
|  **Growth-and-income funds 84.89%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Funds Insurance Series – Washington Mutual Investors Fund, Class 1 | $315947 | $235449 | $186345 | $38519 | $(128967) | $274603 | $5946 | $61850 |
|  **Fixed income funds 9.99%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Funds Insurance Series – U.S. Government Securities Fund, Class 1 | 37066 | 33763 | 33365 | (5847) | 702 | 32319 | 1347 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total 94.88%** |  |  |  | $32672 | $(128265) | $306922 | $7293 | $61850 |

---

<sup>1</sup> Rate represents the seven-day yield at 12/31/2022.

<sup>2</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

**Key to abbreviation** 

USD = U.S. dollars

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **268** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
Managed Risk Growth-Income Fund

**Investment portfolio** December 31, 2022

---

| | | |
|:---|:---|:---|
| Growth-and-income funds 79.84% | Shares | Value<br> (000) |
| American Funds Insurance Series – Growth-Income Fund, Class 1 | 33417153 | $1677875 |
| **Total growth-and-income funds** (cost: $1,757,211,000) |  | 1677875 |
| Fixed income funds 14.97% |  |  |
| American Funds Insurance Series – The Bond Fund of America, Class 1 | 33434013 | 314614 |
| **Total fixed income funds** (cost: $348,317,000) |  | 314614 |
| Short-term securities 2.25% |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class 4.12%<sup>1</sup>  | 47304896 | 47305 |
| **Total short-term securities** (cost: $47,305,000) |  | 47305 |
| Options purchased 0.12% |  |  |
| Options purchased\* |  | 2485 |
| **Total options purchased** (cost: $13,461,000) |  | 2485 |
| **Total investment securities 97.18**% (cost: $2,166,294,000) |  | 2042279 |
| Other assets less liabilities 2.82% |  | 59165 |
| **Net assets 100.00**% |  | $2101444 |

---

**\*Options purchased** 

------

**Put** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Description | Number<br>of<br> contracts | Notional<br> amount<br> (000) | Exercise<br> price | Expiration<br>date | Value at<br> 12/31/2022<br> (000) |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500 Index | 420 | USD161,259 | USD2,700.00 | 3/17/2023 | $172 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500 Index | 1500 | 575925 | 2800.00 | 3/17/2023 | 750 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500 Index | 1575 | 604721 | 2850.00 | 3/17/2023 | 838 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500 Index | 1080 | 414666 | 2900.00 | 3/17/2023 | 725 |
|  |  |  |  |  | $2485 |

---

**Futures contracts** 

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | Number of<br>contracts | Expiration | Notional<br>amount<br>(000) | Value and<br>unrealized<br>(depreciation)<br>appreciation<br> at 12/31/2022<br>(000) |
|  5 Year U.S. Treasury Note Futures | Long | 1001 | March 2023 | USD108,038 | $(177) |
|  Nikkei 225 Index Contracts | Short | 1 | March 2023 | (197) | 3 |
|  Japanese Yen Currency Contracts | Short | 3 | March 2023 | (289) | (4) |
|  Russell 2000 Mini Index Contracts | Short | 52 | March 2023 | (4604) | 100 |
|  Mini MSCI Emerging Market Index Contracts | Short | 230 | March 2023 | (11033) | 137 |
|  FTSE 100 Index Contracts | Short | 189 | March 2023 | (17066) | (33) |
|  British Pound Currency Contracts | Short | 235 | March 2023 | (17748) | 433 |
|  Euro Stoxx 50 Index Contracts | Short | 579 | March 2023 | (23445) | 892 |
|  Euro Currency Contracts | Short | 187 | March 2023 | (25138) | (70) |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **269** |

---

------

##### [**Table of Contents**](#toc)
Managed Risk Growth-Income Fund (continued)

**Futures contracts** (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | Number of<br> contracts | Expiration | Notional<br> amount<br> (000) | Value and<br> unrealized<br> (depreciation)<br> appreciation<br> at 12/31/2022<br> (000) |
|  S&P Mid 400 E-mini Index Contracts | Short | 210 | March 2023 | USD(51295) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773 |
|  S&P 500 E-mini Index Contracts | Short | 3266 | March 2023 | (630501) | 14597 |
|  |  |  |  |  | $16651 |

---

**Investments in affiliates<sup>2</sup>** 

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Value of<br> affiliates at<br> 1/1/2022<br> (000) | Additions<br> (000) | Reductions<br> (000) | Net<br> realized<br> gain (loss)<br> (000) | Net<br> unrealized<br> depreciation<br> (000) | Value of<br>affiliates at<br>12/31/2022<br>(000) | Dividend<br>income<br>(000) | Capital gain<br>distributions<br>received<br>(000) |
|  Growth-and-income funds 79.84% |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Funds Insurance Series – Growth-Income Fund, Class 1 | $2125192 | $1251540 | $1173057 | $198223 | $(724023) | $1677875 | $26763 | $175737 |
|  Fixed income funds 14.97% |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Funds Insurance Series – The Bond Fund of America, Class 1 | 398789 | 234510 | 257964 | (41426) | (19295) | 314614 | 10505 | 3897 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total 94.81%** |  |  |  | $156797 | $(743318) | $1992489 | $37268 | $179634 |

---

<sup>1</sup> Rate represents the seven-day yield at 12/31/2022.

<sup>2</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

**Key to abbreviation**

USD = U.S. dollars

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **270** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
Managed Risk Asset Allocation Fund

**Investment portfolio** December 31, 2022

---

| | | |
|:---|:---|:---|
| Asset allocation funds 95.19% | Shares | Value<br> (000) |
| American Funds Insurance Series – Asset Allocation Fund, Class 1 | 93886027 | $2084270 |
| **Total asset allocation funds** (cost: $2,174,894,000) |  | 2084270 |
| Short-term securities 3.19% |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class 4.12%<sup>1</sup>  | 69776962 | 69777 |
| **Total short-term securities** (cost: $69,777,000) |  | 69777 |
| Options purchased 0.02% |  |  |
| Options purchased\* |  | 383 |
| **Total options purchased** (cost: $1,887,000) |  | 383 |
| **Total investment securities 98.40**% (cost: $2,246,558,000) |  | 2154430 |
| Other assets less liabilities 1.60% |  | 35042 |
| **Net assets 100.00**% |  | $2189472 |

---

**\*Options purchased** 

------

**Put** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Description | Number of<br>contracts | Notional<br>amount<br>(000) | Exercise<br> price | Expiration<br> date | Value at<br> 12/31/2022<br> (000) |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500 Index | 410 | USD157,419 | USD2,850.00 | 3/17/2023 | $218 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500 Index | 245 | 94068 | 2900.00 | 3/17/2023 | <u>165</u> |
|  |  |  |  |  | $<u>383</u> |

---

**Futures contracts** 

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | Number of<br> contracts | Expiration | Notional<br> amount<br> (000) | Value and<br> unrealized<br> (depreciation)<br> appreciation<br> at 12/31/2022<br> (000) |
|  5 Year U.S. Treasury Note Futures | Long | 1028 | March 2023 | USD110,952 | $(162) |
|  Mini MSCI Emerging Market Index Contracts | Short | 166 | March 2023 | (7963) | 100 |
|  FTSE 100 Index Contracts | Short | 89 | March 2023 | (8036) | (18) |
|  Russell 2000 Mini Index Contracts | Short | 93 | March 2023 | (8235) | 157 |
|  British Pound Currency Contracts | Short | 110 | March 2023 | (8308) | 196 |
|  Euro Stoxx 50 Index Contracts | Short | 399 | March 2023 | (16156) | 623 |
|  Euro Currency Contracts | Short | 124 | March 2023 | (16669) | (47) |
|  S&P Mid 400 E-mini Index Contracts | Short | 183 | March 2023 | (44700) | 548 |
|  S&P 500 E-mini Index Contracts | Short | 2599 | March 2023 | (501737) | <u>12185</u> |
|  |  |  |  |  | <u>$13582</u> |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **271** |

---

------

##### [**Table of Contents**](#toc)
Managed Risk Asset Allocation Fund (continued)

**Investments in affiliates<sup>2</sup>** 

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Value of<br> affiliate at<br> 1/1/2022<br> (000) | Additions<br> (000) | Reductions<br> (000) | Net<br> realized<br> gain<br> (000) | Net<br> unrealized<br> depreciation<br> (000) | Value of<br> affiliate at<br> 12/31/2022<br> (000) | Dividend<br> income<br> (000) | Capital gain<br> distributions<br> received<br> (000) |
|  Asset allocation funds 95.19% |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Funds Insurance Series –<br>Asset Allocation Fund, Class 1 | $2678055 | $1104342 | $1086607 | $55156 | $(666676) | $2084270 | $46591 | $231217 |

---

<sup>1</sup> Rate represents the seven-day yield at 12/31/2022.

<sup>2</sup> Part of the same "group of investment companies" as the fund as defined under the Investment Company Act of 1940, as amended.

**Key to abbreviation**

USD = U.S. dollars

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **272** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
Financial statements

---

| | |
|:---|:---|
| **Statements of assets and liabilities** at December 31, 2022 | (dollars in thousands) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Global<br>Growth**<br> **Fund** | **Global**<br> **Small<br>Capitalization**<br> **Fund** | **Growth**<br> **Fund** | **International**<br> **Fund** | **New**<br> **World**<br> **Fund** |
|  **Assets:** |  |  |  |  |  |
|  Investment securities, at value: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | $6783505 | $2874530 | $29811816 | $6445629 | $2920136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 164535 | 134983 | 1166965 | 306445 | 167414 |
|  Cash | 695 | 32 | 1221 | 1055 | 671 |
|  Cash collateral received for securities on loan |  | 5872 | 5587 | 161 | 32 |
|  Cash collateral pledged for futures contracts |  |  |  |  | 161 |
|  Cash collateral pledged for swap contracts |  |  |  |  |  |
|  Cash denominated in currencies other than U.S. dollars | 6010 | 86 | 1197 | 1640 | 929 |
|  Unrealized appreciation on open forward currency contracts |  |  |  |  | – \* |
|  Unrealized appreciation on unfunded commitments |  |  |  |  |  |
|  Receivables for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales of investments | 9427 | 47 | 4581 | 1634 | 4534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales of fund's shares | 1203 | 347 | 53171 | 1486 | 1478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 5076 | 2430 | 18226 | 14915 | 5113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts |  |  |  |  | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swap contracts |  |  |  |  | – \* |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 7 | 270 | 48 | 17 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp; Currency translations | 961 |  |  | 47 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | – | – \* | – \* | – | – |
|  | 6971419 | 3018597 | 31062812 | 6773029 | 3100627 |
|  **Liabilities:** |  |  |  |  |  |
|  Collateral for securities on loan |  | 58725 | 55867 | 1607 | 327 |
|  Unrealized depreciation on open forward currency contracts |  |  |  |  | 50 |
|  Unrealized depreciation on unfunded commitments |  |  |  |  |  |
|  Payables for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases of investments | 3893 | 1234 | 69568 | 2056 | 2377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchases of fund's shares | 23378 | 5067 | 24857 | 18617 | 2624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory services | 2202 | 1519 | 8498 | 2792 | 1351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance administrative fees | 361 | 162 | 1629 | 235 | 448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Services provided by related parties | 1005 | 515 | 4478 | 946 | 393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' deferred compensation | 85 | 56 | 478 | 174 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts |  |  |  |  | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swap contracts |  |  |  |  | – \* |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. taxes | 4611 | 8270 | 886 | 26641 | 8988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 230 | 146 | 203 | 380 | 203 |
|  | 35765 | 75694 | 166464 | 53448 | 16843 |
|  **Net assets at December 31, 2022** | $6935654 | $2942903 | $30896348 | $6719581 | $3083784 |
|  **Net assets consist of:** |  |  |  |  |  |
|  Capital paid in on shares of beneficial interest | $4528931 | $2581405 | $20120055 | $6463732 | $2578375 |
|  Total distributable earnings (accumulated loss) | 2406723 | 361498 | 10776293 | 255849 | 505409 |
|  **Net assets at December 31, 2022** | $6935654 | $2942903 | $30896348 | $6719581 | $3083784 |
|  Investment securities on loan, at value | $– | $59781 | $54504 | $1530 | $311 |
|  Investment securities, at cost |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | 4940295 | 2530368 | 20939019 | 5790481 | 2388619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 164509 | 133831 | 1166747 | 306396 | 167393 |
|  Cash denominated in currencies other than U.S. dollars, at cost | 6096 | 85 | 1195 | 1614 | 939 |

---

Refer to the end of the statements of assets and liabilities for footnotes.

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American Funds Insurance Series | **273** |

---

------

##### [**Table of Contents**](#toc)
Financial statements (continued)

---

| | |
|:---|:---|
| **Statements of assets and liabilities** at December 31, 2022 (continued) | (dollars in thousands) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Washington**<br> **Mutual**<br> **Investors**<br> **Fund** | **Capital**<br> **World Growth**<br> **and Income**<br> **Fund** | **Growth-**<br> **Income<br>Fund** | **International**<br> **Growth**<br> **and Income**<br> **Fund** | **Capital**<br> **Income**<br> **Builder** |
|  **Assets:** |  |  |  |  |  |
|  Investment securities, at value: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | $9042759 | $1728292 | $30635898 | $293962 | $1065349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 391007 | 804 | 2605421 | 5492 | 107723 |
|  Cash | 2877 | 739 | 2141 | 75 | 826 |
|  Cash collateral received for securities on loan | 1290 | 648 | 24869 | 96 | 655 |
|  Cash collateral pledged for futures contracts |  |  |  |  |  |
|  Cash collateral pledged for swap contracts |  |  |  |  |  |
|  Cash denominated in currencies other than U.S. dollars |  | 1728 | 844 | 556 | 753 |
|  Unrealized appreciation on open forward currency contracts |  |  |  | 5 |  |
|  Unrealized appreciation on unfunded commitments |  |  |  |  |  |
|  Receivables for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales of investments | 19678 | 4368 | 3486 | 1304 | 17973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales of fund's shares | 1698 | 332 | 11206 | 54 | 475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 11258 | 1617 | 53240 | 1606 | 3711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts |  |  |  |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swap contracts |  |  |  |  | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 7 | 5 | 71 | 3 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Currency translations | 3 | 252 |  | 75 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | – | – | – | – | – |
|  | 9470577 | 1738785 | 33337176 | 303228 | 1197594 |
|  **Liabilities:** |  |  |  |  |  |
|  Collateral for securities on loan | 12908 | 6480 | 248693 | 962 | 6553 |
|  Unrealized depreciation on open forward currency contracts |  |  |  |  |  |
|  Unrealized depreciation on unfunded commitments |  |  |  |  |  |
|  Payables for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases of investments | 2823 | 1089 | 28952 | 197 | 49380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchases of fund's shares | 7197 | 4367 | 62689 | 744 | 1446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory services | 1903 | 544 | 7284 | 121 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance administrative fees | 706 | 118 | 1021 | 74 | 328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Services provided by related parties | 1072 | 299 | 3696 | 69 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' deferred compensation | 99 | 25 | 530 | 14 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts |  |  |  |  | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swap contracts |  |  |  |  | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. taxes | 159 | 410 | 1143 | 35 | 320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 10 | 55 | 201 | 15 | 20 |
|  | 26877 | 13387 | 354209 | 2231 | 58528 |
|  **Net assets at December 31, 2022** | $9443700 | $1725398 | $32982967 | $300997 | $1139066 |
|  **Net assets consist of:** |  |  |  |  |  |
|  Capital paid in on shares of beneficial interest | $7625116 | $1532409 | $20816349 | $322284 | $1032534 |
|  Total distributable earnings (accumulated loss) | 1818584 | 192989 | 12166618 | (21287) | 106532 |
|  **Net assets at December 31, 2022** | $9443700 | $1725398 | $32982967 | $300997 | $1139066 |
|  Investment securities on loan, at value | $12432 | $6155 | $240456 | $1435 | $6251 |
|  Investment securities, at cost |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | 7334340 | 1456490 | 20399086 | 290864 | 933032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 390957 | 804 | 2605095 | 5489 | 113396 |
|  Cash denominated in currencies other than U.S. dollars, at cost |  | 1754 | 847 | 564 | 763 |

---

Refer to the end of the statements of assets and liabilities for footnotes.

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **274** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
Financial statements (continued)

---

| | |
|:---|:---|
|  **Statements of assets and liabilities** at December 31, 2022 (continued) | (dollars in thousands) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Asset**<br> **Allocation**<br> **Fund** | **American**<br> **Funds**<br> **Global**<br> **Balanced**<br> **Fund<sup>†</sup>**  | **The Bond**<br> **Fund of**<br> **America** | **Capital**<br> **World Bond**<br> **Fund** | **American**<br> **High-Income**<br> **Trust** |
|  **Assets:** |  |  |  |  |  |
|  Investment securities, at value: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | $22298926 | $355901 | $9747773 | $1438501 | $778564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 3019460 | 9460 | 1425720 | 48843 | 38565 |
|  Cash | 4463 | 142 | 3761 | 431 | 1024 |
|  Cash collateral received for securities on loan | 5690 |  |  |  |  |
|  Cash collateral pledged for futures contracts |  |  |  |  | 99 |
|  Cash collateral pledged for swap contracts |  |  |  |  | 517 |
|  Cash denominated in currencies other than U.S. dollars | 592 | 86 | — \* | 732 | 5 |
|  Unrealized appreciation on open forward currency contracts |  | 686 | 3821 | 7008 |  |
|  Unrealized appreciation on unfunded commitments |  |  |  | 12 | 572 |
|  Receivables for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales of investments | 139321 | 2041 | 780689 | 21 | 1605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales of fund's shares | 1899 | 327 | 10460 | 165 | 585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 74681 | 1624 | 71420 | 10334 | 13187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 194 | 29 | 494 | 326 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swap contracts | 11 | 16 | 345 | 149 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 88 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Currency translations | 79 | 18 | 70 | 429 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | – | – | – | – | 3 |
|  | 25545404 | 370330 | 12044553 | 1506951 | 834731 |
|  **Liabilities:** |  |  |  |  |  |
|  Collateral for securities on loan | 56897 |  |  |  |  |
|  Unrealized depreciation on open forward currency contracts |  | 150 | 174 | 2455 |  |
|  Unrealized depreciation on unfunded commitments | 9 |  |  | 1 | 3 |
|  Payables for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases of investments | 647278 | 1470 | 1812910 | 19999 | 2546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchases of fund's shares | 24374 | 477 | 4453 | 677 | 164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory services | 5696 | 137 | 1428 | 550 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance administrative fees | 3321 | 69 | 614 | 33 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp; Services provided by related parties | 2697 | 66 | 1048 | 217 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' deferred compensation | 304 | 4 | 124 | 26 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 630 | 55 | 2321 | 722 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swap contracts | 13 | 23 | 394 | 222 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. taxes | 3511 | 100 | 5 | 51 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 100 | 19 | — \* | 104 | 32 |
|  | 744830 | 2570 | 1823471 | 25057 | 3177 |
|  **Net assets at December 31, 2022** | $24800574 | $367760 | $10221082 | $1481894 | $831554 |
|  **Net assets consist of:** |  |  |  |  |  |
|  Capital paid in on shares of beneficial interest | $19598942 | $316997 | $11855514 | $1808688 | $1203258 |
|  Total distributable earnings (accumulated loss) | 5201632 | 50763 | (1634432) | (326794) | (371704) |
|  **Net assets at December 31, 2022** | $24800574 | $367760 | $10221082 | $1481894 | $831554 |
|  Investment securities on loan, at value | $67688 | $– | $– | $– | $– |
|  Investment securities, at cost |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | 17788591 | 350438 | 10540249 | 1615990 | 860644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 3328159 | 9409 | 1425521 | 47246 | 38557 |
|  Cash denominated in currencies other than U.S. dollars, at cost | 594 | 86 | – \* | 728 | 5 |

---

Refer to the end of the statements of assets and liabilities for footnotes.

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American Funds Insurance Series | **275** |

---

------

##### [**Table of Contents**](#toc)
Financial statements (continued)

---

| | |
|:---|:---|
| **Statements of assets and liabilities** at December 31, 2022 (continued) | (dollars in thousands) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **American**<br> **Funds**<br> **Mortgage**<br> **Fund** | **Ultra-Short**<br> **Bond Fund** | **U.S.**<br> **Government**<br> **Securities**<br> **Fund** | **Managed**<br> **Risk**<br> **Growth**<br> **Fund** | **Managed**<br> **Risk**<br> **International**<br> **Fund** |
|  **Assets:** |  |  |  |  |  |
|  Investment securities, at value: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | $107371 | $423579 | $1718005 | $11472 | $2805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers |  |  |  | 421664 | 118962 |
|  Cash | 2692 | 9083 | 40936 |  |  |
|  Cash collateral received for securities on loan |  |  |  |  |  |
|  Cash collateral pledged for futures contracts |  |  |  | 15705 | 2698 |
|  Cash collateral pledged for swap contracts |  |  |  |  |  |
|  Cash denominated in currencies other than U.S. dollars |  |  |  |  |  |
|  Unrealized appreciation on open forward currency contracts |  |  |  |  |  |
|  Unrealized appreciation on unfunded commitments |  |  |  |  |  |
|  Receivables for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales of investments | 9780 |  | 134003 | 6691 | 1022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales of fund's shares | 42 | 322 | 2930 | 237 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 261 | 29 | 5528 | 57 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 2 |  | 185 | 1011 | 602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swap contracts | 5 |  | 385 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Currency translations |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 1 | – | – | – | – |
|  | 120154 | 433013 | 1901972 | 456837 | 126120 |
|  **Liabilities:** |  |  |  |  |  |
|  Collateral for securities on loan |  |  |  |  |  |
|  Unrealized depreciation on open forward currency contracts |  |  |  |  |  |
|  Unrealized depreciation on unfunded commitments |  |  |  |  |  |
|  Payables for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases of investments | 31002 |  | 398190 | 2108 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchases of fund's shares | 22 | 504 | 1200 | 4 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory services | 13 | 95 | 226 | 39 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance administrative fees | 25 | 50 | 119 | 287 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp; Services provided by related parties | 21 | 92 | 310 | 93 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' deferred compensation | 3 | 11 | 44 | 3 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 25 |  | 744 | 61 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swap contracts | — \* |  | 415 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. taxes |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | — \* | – | 2 | – | – |
|  | 31111 | 752 | 401250 | 2595 | 186 |
|  **Net assets at December 31, 2022** | $89043 | $432261 | $1500722 | $454242 | $125934 |
|  **Net assets consist of:** |  |  |  |  |  |
|  Capital paid in on shares of beneficial interest | $99881 | $429623 | $1743160 | $471757 | $148875 |
|  Total distributable earnings (accumulated loss) | (10838) | 2638 | (242438) | (17515) | (22941) |
|  **Net assets at December 31, 2022** | $89043 | $432261 | $1500722 | $454242 | $125934 |
|  Investment securities on loan, at value | $– | $– | $– | $– | $– |
|  Investment securities, at cost |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | 109975 | 423636 | 1798414 | 12483 | 3035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers |  |  |  | 474986 | 132656 |
|  Cash denominated in currencies other than U.S. dollars, at cost |  |  |  |  |  |

---

Refer to the end of the statements of assets and liabilities for footnotes.

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **276** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
Financial statements (continued)

---

| | |
|:---|:---|
| **Statements of assets and liabilities** at December 31, 2022 (continued) | (dollars in thousands) |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Managed Risk**<br> **Washington**<br> **Mutual**<br> **Investors**<br> **Fund** | **Managed**<br> **Risk**<br> **Growth-**<br> **Income**<br> **Fund** | **Managed**<br> **Risk**<br> **Asset**<br> **Allocation**<br> **Fund** |
|  **Assets:** |  |  |  |
|  Investment securities, at value: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | $7775 | $49790 | $70160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 306922 | 1992489 | 2084270 |
|  Cash |  |  |  |
|  Cash collateral received for securities on loan |  |  |  |
|  Cash collateral pledged for futures contracts | 6746 | 43741 | 34859 |
|  Cash collateral pledged for swap contracts |  |  |  |
|  Cash denominated in currencies other than U.S. dollars |  |  |  |
|  Unrealized appreciation on open forward currency contracts |  |  |  |
|  Unrealized appreciation on unfunded commitments |  |  |  |
|  Receivables for: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales of investments | 2029 | 13902 | 1056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales of fund's shares | 72 | 11603 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 36 | 229 | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 363 | 2759 | 2144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swap contracts |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Currency translations |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | – | – | – |
|  | 323943 | 2114513 | 2192873 |
|  **Liabilities:** |  |  |  |
|  Collateral for securities on loan |  |  |  |
|  Unrealized depreciation on open forward currency contracts |  |  |  |
|  Unrealized depreciation on unfunded commitments |  |  |  |
|  Payables for: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases of investments | 63 | 10953 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchases of fund's shares | 92 | 420 | 1215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory services | 28 | 179 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance administrative fees | 201 | 1304 | 1381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Services provided by related parties | 67 | 56 | 465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' deferred compensation | 3 | 14 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 17 | 143 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swap contracts |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. taxes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | – | – | – |
|  | 471 | 13069 | 3401 |
|  **Net assets at December 31, 2022** | $323472 | $2101444 | $2189472 |
|  **Net assets consist of:** |  |  |  |
|  Capital paid in on shares of beneficial interest | $321451 | $1965919 | $2033928 |
|  Total distributable earnings (accumulated loss) | 2021 | 135525 | 155544 |
|  **Net assets at December 31, 2022** | $323472 | $2101444 | $2189472 |
|  Investment securities on loan, at value | $– | $– | $– |
|  Investment securities, at cost |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | 8755 | 60766 | 71664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 334257 | 2105528 | 2174894 |
|  Cash denominated in currencies other than U.S. dollars, at cost |  |  |  |

---

Refer to the end of the statements of assets and liabilities for footnotes.

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American Funds Insurance Series | **277** |

---

------

##### [**Table of Contents**](#toc)
Financial statements (continued)

---

| | |
|:---|:---|
| **Statements of assets and liabilities** at December 31, 2022 (continued) | (dollars and shares in thousands, except per-share amounts) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Global**<br> **Growth**<br> **Fund** | **Global**<br> **Small**<br> **Capitalization**<br> **Fund** | **Growth**<br> **Fund** | **International**<br> **Fund** | **New**<br> **World**<br> **Fund** |
|  Shares of beneficial interest issued and outstanding | Shares of beneficial interest issued and outstanding |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (no stated par value) – unlimited shares authorized | &nbsp;&nbsp;&nbsp;&nbsp; (no stated par value) – unlimited shares authorized |  |  |  |  |  |
|  **Class 1:** | Net assets | $3104085 | $915430 | $13660417 | $3157234 | $1610310 |
|  | Shares outstanding | 102854 | 56436 | 179057 | 206282 | 72225 |
|  | Net asset value per share | $30.18 | $16.22 | $76.29 | $15.31 | $22.30 |
|  **Class 1A:** | Net assets | $14317 | $4256 | $187432 | $10423 | $8868 |
|  | Shares outstanding | 477 | 266 | 2479 | 685 | 399 |
|  | Net asset value per share | $30.04 | $16.00 | $75.61 | $15.23 | $22.19 |
|  **Class 2:** | Net assets | $3233725 | $1762209 | $14451475 | $3163979 | $763546 |
|  | Shares outstanding | 108539 | 115167 | 191651 | 207745 | 34672 |
|  | Net asset value per share | $29.79 | $15.30 | $75.41 | $15.23 | $22.02 |
|  **Class 3:** | Net assets |  |  | $187905 | $15480 |  |
|  | Shares outstanding | Not applicable | Not applicable | 2438 | 1008 | Not applicable |
|  | Net asset value per share |  |  | $77.09 | $15.35 |  |
|  **Class 4:** | Net assets | $583527 | $261008 | $2409119 | $372465 | $701060 |
|  | Shares outstanding | 19774 | 17087 | 32713 | 24843 | 32104 |
|  | Net asset value per share | $29.51 | $15.28 | $73.64 | $14.99 | $21.84 |
|  |  | **Washington**<br> **Mutual**<br> **Investors**<br> **Fund** | **Capital**<br> **World Growth**<br> **and Income**<br> **Fund** | **Growth-**<br> **Income**<br> **Fund** | **International**<br> **Growth**<br> **and Income**<br> **Fund** | **Capital**<br> **Income**<br> **Builder** |
|  Shares of beneficial interest issued and outstanding | Shares of beneficial interest issued and outstanding |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (no stated par value) – unlimited shares authorized | &nbsp;&nbsp;&nbsp;&nbsp; (no stated par value) – unlimited shares authorized |  |  |  |  |  |
|  **Class 1:** | Net assets | $5506834 | $548491 | $19692010 | $13396 | $586560 |
|  | Shares outstanding | 433800 | 46994 | 392155 | 1499 | 53377 |
|  | Net asset value per share | $12.69 | $11.67 | $50.21 | $8.94 | $10.99 |
|  **Class 1A:** | Net assets | $64036 | $5749 | $28316 | $4894 | $9764 |
|  | Shares outstanding | 5079 | 496 | 567 | 562 | 890 |
|  | Net asset value per share | $12.61 | $11.61 | $49.93 | $8.70 | $10.98 |
|  **Class 2:** | Net assets | $2775107 | $982987 | $11507731 | $162036 | $13016 |
|  | Shares outstanding | 222723 | 84464 | 232660 | 18628 | 1185 |
|  | Net asset value per share | $12.46 | $11.64 | $49.46 | $8.70 | $10.98 |
|  **Class 3:** | Net assets |  |  | $124729 |  |  |
|  | Shares outstanding | Not applicable | Not applicable | 2478 | Not applicable | Not applicable |
|  | Net asset value per share |  |  | $50.33 |  |  |
|  **Class 4:** | Net assets | $1097723 | $188171 | $1630181 | $120671 | $529726 |
|  | Shares outstanding | 88991 | 16576 | 33460 | 14090 | 48314 |
|  | Net asset value per share | $12.34 | $11.35 | $48.72 | $8.56 | $10.96 |

---

Refer to the end of the statements of assets and liabilities for footnotes.

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **278** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
Financial statements (continued)

---

| | |
|:---|:---|
| **Statements of assets and liabilities** at December 31, 2022 (continued) | (dollars and shares in thousands, except per-share amounts) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Asset**<br> **Allocation**<br> **Fund** | **American**<br> **Funds**<br> **Global**<br> **Balanced**<br> **Fund<sup>†</sup>**  | **The Bond**<br> **Fund**<br> **of America** | **Capital**<br> **World Bond**<br> **Fund** | **American**<br> **High-Income**<br> **Trust** |
|  Shares of beneficial interest issued and outstanding | Shares of beneficial interest issued and outstanding |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (no stated par value) – unlimited shares authorized | &nbsp;&nbsp;&nbsp;&nbsp; (no stated par value) – unlimited shares authorized |  |  |  |  |  |
|  **Class 1:** | Net assets | $15137832 | $96407 | $6369876 | $663191 | $223824 |
|  | Shares outstanding | 681900 | 7682 | 676909 | 69436 | 26230 |
|  | Net asset value per share | $22.20 | $12.55 | $9.41 | $9.55 | $8.53 |
|  **Class 1A:** | Net assets | $26595 | $2555 | $220548 | $1344 | $1263 |
|  | Shares outstanding | 1203 | 204 | 23592 | 141 | 148 |
|  | Net asset value per share | $22.10 | $12.49 | $9.35 | $9.50 | $8.51 |
|  **Class 2:** | Net assets | $4227802 | $157808 | $2843749 | $764813 | $521241 |
|  | Shares outstanding | 192995 | 12632 | 306636 | 80914 | 62452 |
|  | Net asset value per share | $21.91 | $12.49 | $9.27 | $9.45 | $8.35 |
|  **Class 3:** | Net assets | $28209 |  |  |  | $8471 |
|  | Shares outstanding | 1269 | Not applicable | Not applicable | Not applicable | 987 |
|  | Net asset value per share | $22.23 |  |  |  | $8.58 |
|  **Class 4:** | Net assets | $5380136 | $110990 | $786909 | $52546 | $76755 |
|  | Shares outstanding | 247415 | 9009 | 85213 | 5633 | 8291 |
|  | Net asset value per share | $21.75 | $12.32 | $9.23 | $9.33 | $9.26 |
|  |  | **American**<br> **Funds**<br> **Mortgage**<br> **Fund** | **Ultra-Short**<br> **Bond Fund** | **U.S.**<br> **Government**<br> **Securities**<br> **Fund** | **Managed**<br> **Risk**<br> **Growth**<br> **Fund** | **Managed**<br> **Risk**<br> **International<br>Fund** |
|  Shares of beneficial interest issued and outstanding | Shares of beneficial interest issued and outstanding |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (no stated par value) – unlimited shares authorized | &nbsp;&nbsp;&nbsp;&nbsp; (no stated par value) – unlimited shares authorized |  |  |  |  |  |
|  **Class 1:** | Net assets | $993 | $50347 | $241681 |  |  |
|  | Shares outstanding | 105 | 4436 | 24189 | Not applicable | Not applicable |
|  | Net asset value per share | $9.45 | $11.35 | $9.99 |  |  |
|  **Class 1A:** | Net assets | $1656 | $10 | $3952 |  |  |
|  | Shares outstanding | 177 | 1 | 397 | Not applicable | Not applicable |
|  | Net asset value per share | $9.34 | $11.35 | $9.96 |  |  |
|  **Class 2:** | Net assets | $46324 | $297253 | $1058577 |  |  |
|  | Shares outstanding | 4951 | 27031 | 107285 | Not applicable | Not applicable |
|  | Net asset value per share | $9.36 | $11.00 | $9.87 |  |  |
|  **Class 3:** | Net assets |  | $4328 | $6507 |  |  |
|  | Shares outstanding | Not applicable | 389 | 649 | Not applicable | Not applicable |
|  | Net asset value per share |  | $11.14 | $10.02 |  |  |
|  **Class 4:** | Net assets | $40070 | $80323 | $190005 |  |  |
|  | Shares outstanding | 4334 | 7267 | 19274 | Not applicable | Not applicable |
|  | Net asset value per share | $9.25 | $11.05 | $9.86 |  |  |
|  **Class P1:** | Net assets |  |  |  | $9249 | $1762 |
|  | Shares outstanding | Not applicable | Not applicable | Not applicable | 813 | 205 |
|  | Net asset value per share |  |  |  | $11.37 | $8.61 |
|  **Class P2:** | Net assets |  |  |  | $444993 | $124172 |
|  | Shares outstanding | Not applicable | Not applicable | Not applicable | 39434 | 14470 |
|  | Net asset value per share |  |  |  | $11.28 | $8.58 |

---

Refer to the end of the statements of assets and liabilities for footnotes.

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American Funds Insurance Series | **279** |

---

------

##### [**Table of Contents**](#toc)
Financial statements (continued)

---

| | |
|:---|:---|
| **Statements of assets and liabilities** at December 31, 2022 (continued) | (dollars and shares in thousands, except per-share amounts) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Managed Risk**<br> **Washington**<br> **Mutual**<br> **Investors**<br> **Fund** | **Managed**<br> **Risk**<br> **Growth-**<br> **Income**<br> **Fund** | **Managed**<br> **Risk**<br> **Asset**<br> **Allocation**<br> **Fund** |
|  Shares of beneficial interest issued and outstanding | Shares of beneficial interest issued and outstanding |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (no stated par value) – unlimited shares authorized | &nbsp;&nbsp;&nbsp;&nbsp; (no stated par value) – unlimited shares authorized |  |  |  |
|  **Class P1:** | Net assets | $2748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1833437 | $7152 |
|  | Shares outstanding | 244 | 146536 | 575 |
|  | Net asset value per share | $11.24 | $12.51 | $12.43 |
|  **Class P2:** | Net assets | $320724 | $268007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2182320 |
|  | Shares outstanding | 28686 | 21540 | 180515 |
|  | Net asset value per share | $11.18 | $12.44 | $12.09 |

---

\*Amount less than one thousand.

<sup>†</sup> Formerly Global Balanced Fund.

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **280** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
Financial statements (continued)

---

| | |
|:---|:---|
|  **Statements of operations** for the year ended December 31, 2022 | (dollars in thousands) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Global**<br> **Growth**<br> **Fund** | **Global**<br> **Small**<br> **Capitalization**<br> **Fund** | **Growth**<br> **Fund** | **International**<br> **Fund** | **New**<br> **World**<br> **Fund** |
|  **Investment income:** |  |  |  |  |  |
|  Income (net of non-U.S. taxes<sup>1</sup>): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | $99453 | $23688 | $315299 | $164844 | $57252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 9353 | 3871 | 22361 | 9392 | 4331 |
|  | 108806 | 27559 | 337660 | 174236 | 61583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest from unaffiliated issuers | 53 | 25 | 1956 | 2 | 7384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; European Union withholding tax reclaims | 782 | 264 | 818 | 5544 | 358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest from European Union withholding tax reclaims | 71 | 3 | 22 | 920 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income (net of fees) | 178 | 2281 | 1158 | 1331 | 338 |
|  | 109890 | 30132 | 341614 | 182033 | 69677 |
|  Fees and expenses<sup>1</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory services | 36131 | 21657 | 109146 | 35444 | 21012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution services | 10254 | 5525 | 48823 | 9585 | 3999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance administrative services | 1537 | 699 | 6939 | 1008 | 1923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent services | 1 | –<sup>2</sup> | 6 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative services | 2236 | 973 | 10468 | 2191 | 1018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounting and administrative services |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders | 77 | 41 | 299 | 90 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration statement and prospectus | 27 | 14 | 136 | 54 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' compensation | 10 | 5 | 45 | 10 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Auditing and legal | 79 | 92 | 105 | 90 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian | 868 | 430 | 384 | 1246 | 758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 8 | 51 | 24 | 8 | 51 |
|  Total fees and expenses before waivers/reimbursement | 51228 | 29487 | 176375 | 49727 | 28924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less waivers/reimbursement of fees and expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory services waivers | 5162 | 1011 | 1 |  | 3759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous fee reimbursement | – | – | – | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total waivers/reimbursement of fees and expenses | 5162 | 1011 | 1 | – | 3759 |
|  Total fees and expenses after waivers/reimbursement | 46066 | 28476 | 176374 | 49727 | 25165 |
|  Net investment income | 63824 | 1656 | 165240 | 132306 | 44512 |
|  **Net realized gain (loss) and unrealized depreciation:** |  |  |  |  |  |
|  Net realized gain (loss)<sup>1</sup> on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | 555056 | 25932 | 1853746 | (374601) | (3895) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | (71) | (30) | (325) | (112) | (44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  |  |  |  | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts |  |  |  |  | 379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap contracts |  |  |  |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency transactions | (1864) | 50 | 654 | (3241) | 72 |
|  Capital gain distributions received from affiliated issuers | – | – | – | – | – |
|  | 553121 | 25952 | 1854075 | (377954) | (3390) |
|  Net unrealized (depreciation) appreciation<sup>1</sup> on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | (2977320) | (1267074) | (15238570) | (1582438) | (968542) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | (19) | (25285) | 22 | (57) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  |  |  |  | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts |  |  |  |  | (30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap contracts |  |  |  |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency translations | 395 | (145) | (48) | (351) | (1943) |
|  | (2976944) | (1292504) | (15238596) | (1582846) | (970379) |
|  Net realized gain (loss) and unrealized depreciation | (2423823) | (1266552) | (13384521) | (1960800) | (973769) |
|  **Net (decrease) increase in net assets resulting from operations** | $(2359999) | $(1264896) | $(13219281) | $(1828494) | $(929257) |

---

Refer to the end of the statements of operations for footnotes.

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American Funds Insurance Series | **281** |

---

------

##### [**Table of Contents**](#toc)
Financial statements (continued)

---

| | |
|:---|:---|
|  **Statements of operations** for the year ended December 31, 2022 (continued) | (dollars in thousands) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Washington**<br> **Mutual**<br> **Investors**<br> **Fund** | **Capital**<br> **World Growth**<br> **and Income**<br> **Fund** | **Growth-**<br> **Income**<br> **Fund** | **International**<br> **Growth**<br> **and Income**<br> **Fund** | **Capital**<br> **Income**<br> **Builder** |
|  **Investment income:** |  |  |  |  |  |
|  Income (net of non-U.S. taxes<sup>1</sup>): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | $229615 | $49442 | $601261 | $11087 | $32630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 6762 | 1469 | 40278 | 302 | 2614 |
|  | 236377 | 50911 | 641539 | 11389 | 35244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest from unaffiliated issuers | 1 | 480 | 1322 |  | 4766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; European Union withholding tax reclaims |  |  | 3119 | 995 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest from European Union withholding tax reclaims |  |  | 292 | 35 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income (net of fees) | 293 | 147 | 836 | 29 | 65 |
|  | 236671 | 51538 | 647108 | 12448 | 40178 |
|  Fees and expenses<sup>1</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory services | 37368 | 9637 | 89899 | 1720 | 4443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution services | 10015 | 3172 | 35861 | 726 | 1368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance administrative services | 2882 | 499 | 4286 | 306 | 1362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent services | 2 | —<sup>2</sup> | 6 | —<sup>2</sup> | —<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative services | 2969 | 558 | 10612 | 93 | 337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounting and administrative services |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders | 65 | 23 | 285 | 9 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration statement and prospectus | 29 | 5 | 109 | 5 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' compensation | 11 | 2 | 42 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Auditing and legal | 52 | 69 | 102 | 82 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian | 275 | 259 | 469 | 20 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 5 | 6 | 23 | 22 | 1 |
|  Total fees and expenses before waivers/reimbursement | 53673 | 14230 | 141694 | 2984 | 7696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less waivers/reimbursement of fees and expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory services waivers | 14561 | 2866 |  | 295 | 1989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous fee reimbursement | – | – | – | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total waivers/reimbursement of fees and expenses | 14561 | 2866 | – | 295 | 1989 |
|  Total fees and expenses after waivers/reimbursement | 39112 | 11364 | 141694 | 2689 | 5707 |
|  Net investment income | 197559 | 40174 | 505414 | 9759 | 34471 |
|  **Net realized gain (loss) and unrealized depreciation:** |  |  |  |  |  |
|  Net realized gain (loss)<sup>1</sup> on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | 73904 | (82354) | 1822012 | (25009) | (1384) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | (71) | 8 | (316) | (4) | (691) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  |  |  |  | (7468) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts |  |  |  | (54) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap contracts |  |  |  |  | 1909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency transactions | (22) | (382) | (871) | (231) | (125) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions received from affiliated issuers | – | – | – | – | – |
|  | 73811 | (82728) | 1820825 | (25298) | (7752) |
|  Net unrealized (depreciation) appreciation<sup>1</sup> on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | (1207072) | (336626) | (9143460) | (40723) | (104188) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 10 | (1) | 130 | (2) | (5193) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  |  |  |  | (311) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts |  |  |  | 5 | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap contracts |  |  |  |  | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency translations | (3) | (154) | (173) | 1 | 64 |
|  | (1207065) | (336781) | (9143503) | (40719) | (109594) |
|  Net realized gain (loss) and unrealized depreciation | (1133254) | (419509) | (7322678) | (66017) | (117346) |
|  **Net (decrease) increase in net assets resulting from operations** | $(935695) | $(379335) | $(6817264) | $(56258) | $(82875) |

---

Refer to the end of the statements of operations for footnotes.

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **282** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
Financial statements (continued)

---

| | |
|:---|:---|
|  **Statements of operations** for the year ended December 31, 2022 (continued) | (dollars in thousands) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Asset**<br> **Allocation**<br> **Fund** | **American**<br> **Funds**<br> **Global**<br> **Balanced**<br> **Fund<sup>3</sup>**  | **The Bond**<br> **Fund**<br> **of America** | **Capital**<br> **World Bond**<br> **Fund** | **American**<br> **High-Income**<br> **Trust** |
|  **Investment income:** |  |  |  |  |  |
|  Income (net of non-U.S. taxes<sup>1</sup>): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | $388405 | $6485 | $1 | $65 | $3225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 80475 | 393 | 34880 | 3057 | 610 |
|  | 468880 | 6878 | 34881 | 3122 | 3835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest from unaffiliated issuers | 178663 | 3237 | 331418 | 44637 | 52726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; European Union withholding tax reclaims | 23 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest from European Union withholding tax reclaims | 9 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income (net of fees) | 631 | 7 | – | – | – |
|  | 648206 | 10122 | 366299 | 47759 | 56561 |
|  Fees and expenses<sup>1</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory services | 70034 | 2063 | 39380 | 7727 | 3914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution services | 25560 | 721 | 9930 | 2251 | 1656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance administrative services | 14064 | 300 | 2381 | 146 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent services | 4 | <sup>–2</sup> | 2 | <sup>–2</sup> | –<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative services | 7927 | 118 | 3334 | 492 | 271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounting and administrative services |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders | 164 | 6 | 91 | 22 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration statement and prospectus | 51 | 2 | 216 | 5 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' compensation | 30 | <sup>–2</sup> | 12 | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Auditing and legal | 83 | 54 | 59 | 51 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian | 616 | 69 | 95 | 143 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 17 | 4 | 11 | 6 | 18 |
|  Total fees and expenses before waivers/reimbursement | 118550 | 3337 | 55511 | 10845 | 6152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less waivers/reimbursement of fees and expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory services waivers |  | 25 | 21118 | 611 | 1428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous fee reimbursement | – | – | – | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total waivers/reimbursement of fees and expenses | – | 25 | 21118 | 611 | 1428 |
|  Total fees and expenses after waivers/reimbursement | 118550 | 3312 | 34393 | 10234 | 4724 |
|  Net investment income | 529656 | 6810 | 331906 | 37525 | 51837 |
|  **Net realized gain (loss) and unrealized depreciation:** |  |  |  |  |  |
|  Net realized gain (loss)<sup>1</sup> on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | 867100 | 41092 | (720113) | (161648) | (27908) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | (24724) | 3 | (218) | 17 | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 65437 | 539 | (136499) | (7447) | 1533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts |  | (1292) | 1795 | (18216) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | (73) | 142 | 28243 | (796) | (82) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency transactions | 4210 | (235) | (118) | (3040) | 21 |
| Capital gain distributions received from affiliated issuers | – | – | – | – | – |
|  | 911950 | 40249 | (826910) | (191130) | (26443) |
|  Net unrealized (depreciation) appreciation<sup>1</sup> on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | (5229896) | (113353) | (1058517) | (184433) | (118628) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | (273363) | 51 | 76 | 1587 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 13070 | (454) | (6976) | (3811) | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts |  | 725 | 4002 | 4071 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | (1575) | (763) | 12978 | (6561) | (161) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency translations | 6 | 14 | 48 | 566 | (31) |
|  | (5491758) | (113780) | (1048389) | (188581) | (118693) |
|  Net realized gain (loss) and unrealized depreciation | (4579808) | (73531) | (1875299) | (379711) | (145136) |
|  **Net (decrease) increase in net assets resulting from operations** | $(4050152) | $(66721) | $(1543393) | $(342186) | $(93299) |

---

Refer to the end of the statements of operations for footnotes.

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American Funds Insurance Series | **283** |

---

------

##### [**Table of Contents**](#toc)
Financial statements (continued)

---

| | |
|:---|:---|
|  **Statements of operations** for the year ended December 31, 2022 (continued) | (dollars in thousands) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **American**<br> **Funds**<br> **Mortgage**<br> **Fund** | **Ultra-Short**<br> **Bond Fund** | **U.S.**<br> **Government**<br> **Securities**<br> **Fund** | **Managed**<br> **Risk**<br> **Growth<br>Fund** | **Managed**<br> **Risk**<br> **International**<br> **Fund** |
|  **Investment income:** |  |  |  |  |  |
|  Income (net of non-U.S. taxes<sup>1</sup>): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | $– | $– | $– | $265 | $55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | – | – | – | 3820 | 2700 |
|  |  |  |  | 4085 | 2755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest from unaffiliated issuers | 2336 | 7293 | 52923 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; European Union withholding tax reclaims |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest from European Union withholding tax reclaims |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income (net of fees) | – | – | – | – | – |
|  | 2336 | 7293 | 52923 | 4085 | 2755 |
|  Fees and expenses<sup>1</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory services | 350 | 1110 | 5345 | 746 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution services | 228 | 889 | 3494 | 1219 | 342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance administrative services | 105 | 173 | 522 | 1244 | 346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent services | <sup>–2</sup> | –<sup>2</sup> | –<sup>2</sup> | –<sup>2</sup> | –<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative services | 31 | 121 | 503 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounting and administrative services |  |  |  | 58 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders | 5 | 7 | 21 | 2 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration statement and prospectus | 2 | 3 | 7 | 4 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' compensation | –<sup>2</sup> | –<sup>2</sup> | 2 | 1 | –<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Auditing and legal | 44 | 43 | 46 | 16 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian | 17 | 1 | 29 | 6 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | –<sup>2</sup> | –<sup>2</sup> | 1 | –<sup>2</sup> | –<sup>2</sup> |
|  Total fees and expenses before waivers/reimbursement | 782 | 2347 | 9970 | 3296 | 971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less waivers/reimbursement of fees and expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory services waivers | 158 |  | 2256 | 249 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous fee reimbursement | – | – | – | – | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total waivers/reimbursement of fees and expenses | 158 | – | 2256 | 249 | 101 |
|  Total fees and expenses after waivers/reimbursement | 624 | 2347 | 7714 | 3047 | 870 |
|  Net investment income | 1712 | 4946 | 45209 | 1038 | 1885 |
|  **Net realized gain (loss) and unrealized depreciation:** |  |  |  |  |  |
|  Net realized gain (loss)<sup>1</sup> on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | (9212) | –<sup>2</sup> | (104839) | (3857) | (1108) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers |  |  |  | (26901) | (9724) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (2688) |  | (52928) | 1884 | 4007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | 3147 |  | 20919 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency transactions |  |  |  | 127 | 29 |
| Capital gain distributions received from affiliated issuers | – | – | – | 60533 | 16270 |
|  | (8753) | –<sup>2</sup> | (136848) | 31786 | 9474 |
|  Net unrealized (depreciation) appreciation<sup>1</sup> on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | (3365) | (59) | (99107) | 399 | 327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers |  |  |  | (191173) | (38192) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (79) |  | (3785) | 8824 | 1394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | (1585) |  | (7297) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency translations | – | – | – | – | – |
|  | (5029) | (59) | (110189) | (181950) | (36471) |
|  Net realized gain (loss) and unrealized depreciation | (13782) | (59) | (247037) | (150164) | (26997) |
|  **Net (decrease) increase in net assets resulting from operations** | $(12070) | $4887 | $(201828) | $(149126) | $(25112) |

---

Refer to the end of the statements of operations for footnotes.

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **284** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
Financial statements (continued)

---

| | |
|:---|:---|
|  **Statements of operations** for the year ended December 31, 2022 (continued) | (dollars in thousands) |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Managed Risk<br>Washington<br>Mutual<br>Investors<br>Fund** | **Managed<br>Risk<br>Growth-<br>Income<br>Fund** | **Managed<br>Risk<br>Asset<br>Allocation<br>Fund** |
|  **Investment income:** |  |  |  |
|  Income (net of non-U.S. taxes<sup>1</sup>): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | $158 | $1054 | $1230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 7293 | 37268 | 46591 |
|  | 7451 | 38322 | 47821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest from unaffiliated issuers |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; European Union withholding tax reclaims |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest from European Union withholding tax reclaims |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income (net of fees) | – | – | – |
|  | 7451 | 38322 | 47821 |
|  Fees and expenses<sup>1</sup>: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory services | 499 | 3399 | 3572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution services | 824 | 720 | 5935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance administrative services | 830 | 5665 | 5953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent services | –<sup>2</sup> | –<sup>2</sup> | –<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative services |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounting and administrative services | 53 | 96 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders | 2 | 5 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration statement and prospectus | 3 | 10 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' compensation | –<sup>2</sup> | 2 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Auditing and legal | 16 | 18 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian | 7 | 7 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | – <sup>2</sup> | 1 | 1 |
|  Total fees and expenses before waivers/reimbursement | 2234 | 9923 | 15606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less waivers/reimbursement of fees and expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory services waivers | 166 | 1135 | 1192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous fee reimbursement | – | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total waivers/reimbursement of fees and expenses | 166 | 1135 | 1192 |
|  Total fees and expenses after waivers/reimbursement | 2068 | 8788 | 14414 |
|  Net investment income | 5383 | 29534 | 33407 |
|  **Net realized gain (loss) and unrealized depreciation:** |  |  |  |
|  Net realized gain (loss)<sup>1</sup> on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | (3288) | (38643) | (5894) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 32672 | 156797 | 55156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (4543) | (51822) | (47767) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap contracts |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency transactions | 43 | 322 | 259 |
| Capital gain distributions received from affiliated issuers | 61850 | 179634 | 231217 |
|  | 86734 | 246288 | 232971 |
|  Net unrealized (depreciation) appreciation<sup>1</sup> on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | 51 | 7712 | 396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | (128265) | (743318) | (666676) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 2705 | 17339 | 13823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap contracts |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency translations | – | – | – |
|  | (125509) | (718267) | (652457) |
|  Net realized gain (loss) and unrealized depreciation | (38775) | (471979) | (419486) |
|  **Net (decrease) increase in net assets resulting from operations** | $(33392) | $(442445) | $(386079) |

---

<sup>1</sup> Additional information related to non-U.S. taxes and class-specific fees and expenses is included in the notes to financial statements.

<sup>2</sup> Amount less than one thousand.

<sup>3</sup> Formerly Global Balanced Fund.

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American Funds Insurance Series | **285** |

---

------

##### [**Table of Contents**](#toc)
Financial statements (continued)

---

| | |
|:---|:---|
|  **Statements of changes in net assets** | (dollars in thousands) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Global Growth Fund** | **Global Growth Fund** | **Global Small<br>Capitalization Fund** | **Global Small<br>Capitalization Fund** | **Growth Fund** | **Growth Fund** |
|  | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, |
|  | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 |
|  **Operations:** |  |  |  |  |  |  |
|  Net investment income (loss) | $63824 | $36408 | $1656 | $(11335) | $165240 | $87664 |
|  Net realized gain (loss) | 553121 | 846935 | 25952 | 1098836 | 1854075 | 5061178 |
|  Net unrealized (depreciation) appreciation | (2976944) | 485952 | (1292504) | (710657) | (15238596) | 3147345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net (decrease) increase in net assets resulting from operations | (2359999) | 1369295 | (1264896) | 376844 | (13219281) | 8296187 |
|  **Distributions paid to shareholders** | (892563) | (486343) | (1091116) | (123155) | (5140514) | (5437958) |
|  **Net capital share transactions** | 597636 | 466658 | 721994 | (989509) | 3850397 | 3623473 |
|  **Total (decrease) increase in net assets** | (2654926) | 1349610 | (1634018) | (735820) | (14509398) | 6481702 |
|  **Net assets:** |  |  |  |  |  |  |
|  Beginning of year | 9590580 | 8240970 | 4576921 | 5312741 | 45405746 | 38924044 |
|  End of year | $6935654 | $9590580 | $2942903 | $4576921 | $30896348 | $45405746 |
|  | **International Fund** | **International Fund** | **New World Fund** | **New World Fund** | **Washington Mutual**<br> **Investors Fund** | **Washington Mutual**<br> **Investors Fund** |
|  | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, |
|  | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 |
|  **Operations:** |  |  |  |  |  |  |
|  Net investment income (loss) | $132306 | $147317 | $44512 | $32010 | $197559 | $173016 |
|  Net realized gain (loss) | (377954) | 1273483 | (3390) | 318018 | 73811 | 2286033 |
|  Net unrealized (depreciation) appreciation | (1582846) | (1501184) | (970379) | (136128) | (1207065) | 81431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net (decrease) increase in net assets resulting from operations | (1828494) | (80384) | (929257) | 213900 | (935695) | 2540480 |
|  **Distributions paid to shareholders** | (1146487) | (249096) | (357382) | (185700) | (2416808) | (166149) |
|  **Net capital share transactions** | 265209 | (832025) | (77021) | 176091 | 1331066 | (488260) |
|  **Total (decrease) increase in net assets** | (2709772) | (1161505) | (1363660) | 204291 | (2021437) | 1886071 |
|  **Net assets:** |  |  |  |  |  |  |
|  Beginning of year | 9429353 | 10590858 | 4447444 | 4243153 | 11465137 | 9579066 |
|  End of year | $6719581 | $9429353 | $3083784 | $4447444 | $9443700 | $11465137 |

---

Refer to the end of the statements of changes in net assets for footnotes.

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **286** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
Financial statements (continued)

---

| | |
|:---|:---|
|  **Statements of changes in net assets** (continued) | (dollars in thousands) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Capital**<br> **World Growth**<br> **and Income Fund** | **Capital**<br> **World Growth**<br> **and Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **International Growth<br>and Income Fund** | **International Growth<br>and Income Fund** |
|  | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, |
|  | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 |
|  **Operations:** |  |  |  |  |  |  |
|  Net investment income (loss) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40174 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44268 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505414 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480125 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9759 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34510 |
|  Net realized gain (loss) | (82728) | 410057 | 1820825 | 3512628 | (25298) | 357845 |
|  Net unrealized (depreciation) appreciation | (336781) | (139980) | (9143503) | 4888658 | (40719) | (342815) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net (decrease) increase in net assets resulting from operations | (379335) | 314345 | (6817264) | 8881411 | (56258) | 49540 |
|  **Distributions paid to shareholders** | (454298) | (90172) | (3956410) | (915114) | (154047) | (14532) |
|  **Net capital share transactions** | 175376 | (14968) | 804156 | (3505347) | 132760 | (1112349) |
|  **Total (decrease) increase in net assets** | (658257) | 209205 | (9969518) | 4460950 | (77545) | (1077341) |
|  **Net assets:** |  |  |  |  |  |  |
|  Beginning of year | 2383655 | 2174450 | 42952485 | 38491535 | 378542 | 1455883 |
|  End of year | $1725398 | $2383655 | $32982967 | $42952485 | $300997 | $378542 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Capital Income Builder** | **Capital Income Builder** | **Asset Allocation Fund** | **Asset Allocation Fund** | **American Funds**<br> **Global Balanced Fund\*** | **American Funds**<br> **Global Balanced Fund\*** |
|  | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, |
|  | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 |
|  **Operations:** |  |  |  |  |  |  |
|  Net investment income (loss) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34471 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32730 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529656 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496078 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6810 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4583 |
|  Net realized gain (loss) | (7752) | 44998 | 911950 | 2982523 | 40249 | 24122 |
|  Net unrealized (depreciation) appreciation | (109594) | 81302 | (5491758) | 990457 | (113780) | 17602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net (decrease) increase in net assets resulting from operations | (82875) | 159030 | (4050152) | 4469058 | (66721) | 46307 |
|  **Distributions paid to shareholders** | (31988) | (29764) | (3253724) | (1541316) | (2232) | (29247) |
|  **Net capital share transactions** | 109402 | (81691) | 1398530 | (1879473) | (30663) | (4816) |
|  **Total (decrease) increase in net assets** | (5461) | 47575 | (5905346) | 1048269 | (99616) | 12244 |
|  **Net assets:** |  |  |  |  |  |  |
|  Beginning of year | 1144527 | 1096952 | 30705920 | 29657651 | 467376 | 455132 |
|  End of year | $1139066 | $1144527 | $24800574 | $30705920 | $367760 | $467376 |

---

Refer to the end of the statements of changes in net assets for footnotes.

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American Funds Insurance Series | **287** |

---

------

##### [**Table of Contents**](#toc)
Financial statements (continued)

---

| | |
|:---|:---|
|  **Statements of changes in net assets** (continued) | (dollars in thousands) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **The Bond Fund**<br> **of America** | **The Bond Fund**<br> **of America** | **Capital World Bond Fund** | **Capital World Bond Fund** | **American**<br> **High-Income Trust** | **American**<br> **High-Income Trust** |
|  | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, |
|  | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 |
|  **Operations:** |  |  |  |  |  |  |
|  Net investment income (loss) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331906 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215953 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37525 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42586 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51837 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47176 |
|  Net realized gain (loss) | (826910) | 129232 | (191130) | 16012 | (26443) | 7485 |
|  Net unrealized (depreciation) appreciation | (1048389) | (353151) | (188581) | (168792) | (118693) | 21386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net (decrease) increase in net assets resulting from operations | (1543393) | (7966) | (342186) | (110194) | (93299) | 76047 |
|  **Distributions paid to shareholders** | (462954) | (687442) | (30830) | (91748) | (67772) | (43416) |
|  **Net capital share transactions** | (959150) | 2474568 | (230098) | (51795) | (59810) | 152225 |
|  **Total (decrease) increase in net assets** | (2965497) | 1779160 | (603114) | (253737) | (220881) | 184856 |
|  **Net assets:** |  |  |  |  |  |  |
|  Beginning of year | 13186579 | 11407419 | 2085008 | 2338745 | 1052435 | 867579 |
|  End of year | $10221082 | $13186579 | $1481894 | $2085008 | $831554 | $1052435 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **American Funds<br>Mortgage Fund** | **American Funds<br>Mortgage Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **U.S. Government**<br> **Securities Fund** | **U.S. Government**<br> **Securities Fund** |
|  | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, |
|  | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 |
|  **Operations:** |  |  |  |  |  |  |
|  Net investment income (loss) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1712 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1555 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4946 | $&nbsp;&nbsp;&nbsp;&nbsp;(1883) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45209 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26482 |
|  Net realized gain (loss) | (8753) | (90) |  |  | (136848) | (5219) |
|  Net unrealized (depreciation) appreciation | (5029) | (2808) | (59 | (4 | (110189) | (36820) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net (decrease) increase in net assets resulting from operations | (12070) | (1343) | 4887 | (1887 | (201828) | (15557) |
|  **Distributions paid to shareholders** | (1793) | (13157) | (2237) |  | (60476) | (209728) |
|  **Net capital share transactions** | (231492) | 29279 | 96950 | (41201 | (402273) | 236927 |
|  **Total (decrease) increase in net assets** | (245355) | 14779 | 99600 | (43088) | (664577) | 11642 |
|  **Net assets:** |  |  |  |  |  |  |
|  Beginning of year | 334398 | 319619 | 332661 | 375749 | 2165299 | 2153657 |
|  End of year | $89043 | $334398 | $432261 | $332661 | $1500722 | $2165299 |

---

Refer to the end of the statements of changes in net assets for footnotes.

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **288** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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##### [**Table of Contents**](#toc)
Financial statements (continued)

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| | |
|:---|:---|
| **Statements of changes in net assets** (continued) | (dollars in thousands) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Managed Risk**<br> **Growth Fund** | **Managed Risk**<br> **Growth Fund** | **Managed Risk<br>International Fund** | **Managed Risk<br>International Fund** | **Managed Risk<br>Washington Mutual<br>Investors Fund** | **Managed Risk<br>Washington Mutual<br>Investors Fund** |
|  | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, |
|  | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 |
|  **Operations:** |  |  |  |  |  |  |
|  Net investment income (loss) | $1038 | $(392) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1885 | $2984 | $5383 | $3320 |
|  Net realized gain (loss) | 31786 | 93312 | 9474 | 654 | 86734 | 15848 |
|  Net unrealized (depreciation) appreciation | (181950) | (21491) | (36471) | (10287) | (125509) | 38411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net (decrease) increase in net assets resulting from operations | (149126) | 71429 | (25112) | (6649) | (33392) | 57579 |
|  **Distributions paid to shareholders** | (90246) | (27384) | (4275) | (931) | (14671) | (6019) |
|  **Net capital share transactions** | 97021 | (11898) | (6014) | (654) | (1502) | (34883) |
|  **Total (decrease) increase in net assets** | (142351) | 32147 | (35401) | (8234) | (49565) | 16677 |
|  **Net assets:** |  |  |  |  |  |  |
|  Beginning of year | 596593 | 564446 | 161335 | 169569 | 373037 | 356360 |
|  End of year | $454242 | $596593 | $125934 | $161335 | $323472 | $373037 |
|  | **Managed Risk**<br> **Growth-Income Fund** | **Managed Risk**<br> **Growth-Income Fund** | **Managed Risk**<br> **Asset Allocation Fund** | **Managed Risk**<br> **Asset Allocation Fund** |  |  |
|  | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, |  |  |
|  | 2022 | 2021 | 2022 | 2021 |  |  |
|  **Operations:** |  |  |  |  |  |  |
|  Net investment income (loss) | $29534 | $23938 | $33407 | $29121 |  |  |
|  Net realized gain (loss) | 246288 | 49377 | 232971 | 133738 |  |  |
|  Net unrealized (depreciation) appreciation | (718267) | 292194 | (652457) | 169648 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net (decrease) increase in net assets resulting from operations | (442445) | 365509 | (386079) | 332507 |  |  |
|  **Distributions paid to shareholders** | (99803) | (68168) | (138964) | (38227) |  |  |
|  **Net capital share transactions** | (23880) | (64385) | (104505) | (254031) |  |  |
|  **Total (decrease) increase in net assets** | (566128) | 232956 | (629548) | 40249 |  |  |
|  **Net assets:** |  |  |  |  |  |  |
|  Beginning of year | 2667572 | 2434616 | 2819020 | 2778771 |  |  |
|  End of year | $2101444 | $2667572 | $2189472 | $2819020 |  |  |

---

\*Formerly Global Balanced Fund.

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| | |
|:---|:---|
| <sup>†</sup> | Amount less than one thousand.  |

---

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American Funds Insurance Series | **289** |

---

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##### [**Table of Contents**](#toc)
Notes to financial statements

**1. Organization** 

------

American Funds Insurance Series (the "series") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end, diversified management investment company with 34 different funds ("the funds"), including 23 funds in the series covered in this report. The other 11 funds in the series are covered in separate reports. Six funds in the series are covered in the American Funds Insurance Series - Target Date Series report and five funds in the series are covered in the American Funds Insurance Series - Portfolio Series report. The assets of each fund are segregated, with each fund accounted for separately. Capital Research and Management Company ("CRMC") is the series' investment adviser. Milliman Financial Risk Management LLC ("Milliman FRM") is the subadviser for the risk management strategy for eight of the funds (the "managed risk funds"), five of which are covered in this report.

The managed risk funds covered in this report are Managed Risk Growth Fund, Managed Risk International Fund, Managed Risk Washington Mutual Investors Fund, Managed Risk Growth-Income Fund and Managed Risk Asset Allocation Fund. The managed risk funds invest in other funds within the series (the "underlying funds") and employ Milliman FRM to implement the risk management strategy, which consists of using hedging instruments – primarily exchange-traded options and futures contracts – to attempt to stabilize the volatility of the funds around target volatility levels and reduce the downside exposure of the funds during periods of significant market declines.

Shareholders approved a proposal to reorganize the series from a Massachusetts business trust to a Delaware statutory trust. The series reserved the right to delay implementing the reorganization and has elected to do so.

The investment objective(s) for each fund covered in this report are as follows:

**Global Growth Fund** – To provide long-term growth of capital.

**Global Small Capitalization Fund** – To provide long-term growth of capital.

**Growth Fund** – To provide growth of capital.

**International Fund** – To provide long-term growth of capital.

**New World Fund** – To provide long-term capital appreciation.

**Washington Mutual Investors Fund** – To produce income exceeding the average yield on U.S. stocks generally and to provide an opportunity for growth of principal consistent with sound common stock investing.

**Capital World Growth and Income Fund** – To provide long-term growth of capital while providing current income.

**Growth-Income Fund** – To achieve long-term growth of capital and income.

**International Growth and Income Fund** – To provide long-term growth of capital while providing current income.

**Capital Income Builder** – The two primary objectives are (1) to provide a level of current income that exceeds the average yield on U.S. stocks generally and (2) to provide a growing stream of income over the years. The secondary objective is to provide growth of capital.

**Asset Allocation Fund** – To provide high total return (including income and capital gains) consistent with preservation of capital over the long term.

**American Funds Global Balanced Fund (formerly Global Balanced Fund)** – Seeks the balanced accomplishment of three objectives: long-term growth of capital, conservation of principal and current income.

**The Bond Fund of America** – To provide as high a level of current income as is consistent with the preservation of capital.

**Capital World Bond Fund** – To provide, over the long term, a high level of total return consistent with prudent investment management.

**American High-Income Trust** – The primary objective is to provide a high level of current income. The secondary objective is capital appreciation.

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| | |
|:---|:---|
| **290** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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------

##### [**Table of Contents**](#toc)
**American Funds Mortgage Fund** – To provide current income and preservation of capital.

**Ultra-Short Bond Fund** – To provide current income, consistent with the maturity and quality standards applicable to the fund, and preservation of capital and liquidity.

**U.S. Government Securities Fund** – To provide a high level of current income consistent with prudent investment risk and preservation of capital.

**Managed Risk Growth Fund** – To provide growth of capital while seeking to manage volatility and provide downside protection.

**Managed Risk International Fund** – To provide long-term growth of capital while seeking to manage volatility and provide downside protection.

**Managed Risk Washington Mutual Investors Fund** – To produce income exceeding the average yield on U.S. stocks generally and to provide an opportunity for growth of principal consistent with sound common stock investing, in each case while seeking to manage volatility and provide downside protection.

**Managed Risk Growth-Income Fund** – To achieve long-term growth of capital and income while seeking to manage volatility and provide downside protection.

**Managed Risk Asset Allocation Fund** – To provide high total return (including income and capital gains) consistent with preservation of capital over the long term while seeking to manage volatility and provide downside protection.

Each fund in the series, except the managed risk funds, offers either four or five share classes (Classes 1, 1A, 2, 3 or 4); the managed risk funds offer two share classes (Classes P1 and P2). Holders of all share classes of each fund have equal pro rata rights to assets, dividends and liquidation proceeds of each fund held. Each share class of each fund has identical voting rights, except for the exclusive right to vote on matters affecting only its class. Share classes have different fees and expenses ("class-specific fees and expenses"), primarily due to different arrangements for certain distribution expenses. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different per-share dividends by each class of each fund.

**2. Significant accounting policies** 

------

Each fund is an investment company that applies the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board. Each fund's financial statements have been prepared to comply with U.S. generally accepted accounting principles ("U.S. GAAP"). These principles require the series' investment adviser to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. Subsequent events, if any, have been evaluated through the date of issuance in the preparation of the financial statements. The funds follow the significant accounting policies described in this section, as well as the valuation policies described in the next section on valuation.

**Cash** – Cash may include amounts held in an interest bearing deposit facility.

**Security transactions and related investment income** – Security transactions are recorded by each fund as of the date the trades are executed with brokers. Realized gains and losses from security transactions are determined based on the specific identified cost of the securities. In the event a security is purchased with a delayed payment date, each fund will segregate liquid assets sufficient to meet their payment obligations. Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis. Market discounts, premiums and original issue discounts on fixed-income securities are amortized daily over the expected life of the security.

**Fees and expenses** – The fees and expenses of the underlying funds held by the managed risk funds are not included in the fees and expenses reported for each of the managed risk funds; however, they are indirectly reflected in the valuation of each of the underlying funds. These fees are included in the unaudited net effective expense ratios that are provided as additional information in the financial highlights tables.

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| | |
|:---|:---|
| American Funds Insurance Series | **291** |

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##### [**Table of Contents**](#toc)
**Class allocations** – Income, fees and expenses (other than class-specific fees and expenses), realized gains and losses and unrealized appreciation and depreciation are allocated daily among the various share classes of each fund based on their relative net assets. Class-specific fees and expenses, such as distribution expenses, are accrued daily and charged directly to the respective share class of each fund.

**Distributions paid to shareholders** – Income dividends and capital gain distributions are recorded on each fund's ex-dividend date.

**Currency translation** – Assets and liabilities, including investment securities, denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates supplied by one or more pricing vendors on the valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions. The effects of changes in exchange rates on investment securities are included with the net realized gain or loss and net unrealized appreciation or depreciation on investments in the funds' statements of operations. The realized gain or loss and unrealized appreciation or depreciation resulting from all other transactions denominated in currencies other than U.S. dollars are disclosed separately.

**3. Valuation** 

------

CRMC, the series' investment adviser, values the funds' investments at fair value as defined by U.S. GAAP. The net asset value per share is calculated once daily as of the close of regular trading on the New York Stock Exchange, normally 4 p.m. New York time, each day the New York Stock Exchange is open.

**Methods and inputs** – The series' investment adviser uses the following methods and inputs to establish the fair value of each fund's assets and liabilities. Use of particular methods and inputs may vary over time based on availability and relevance as market and economic conditions evolve.

Equity securities, including depositary receipts, are generally valued at the official closing price of, or the last reported sale price on, the exchange or market on which such securities are traded, as of the close of business on the day the securities are being valued or, lacking any sales, at the last available bid price. Prices for each security are taken from the principal exchange or market on which the security trades. The value of an underlying fund is based on its reported net asset value.

Fixed-income securities, including short-term securities, are generally valued at evaluated prices obtained from third-party pricing vendors. Vendors value such securities based on one or more of the inputs described in the following table. The table provides examples of inputs that are commonly relevant for valuing particular classes of fixed-income securities in which the funds are authorized to invest. However, these classifications are not exclusive and any of the inputs may be used to value any other class of fixed-income security.

---

| | |
|:---|:---|
| **Fixed-income class** | **Examples of standard inputs** |
| &nbsp;&nbsp;&nbsp;&nbsp; All | Benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads and other relationships observed in the markets among comparable securities; and proprietary pricing models such as yield measures calculated using factors such as cash flows, financial or collateral performance and other reference data (collectively referred to as "standard inputs") |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate bonds, notes & loans; convertible securities | Standard inputs and underlying equity of the issuer |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds & notes of governments & government agencies | Standard inputs and interest rate volatilities |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-backed; asset-backed obligations | Standard inputs and cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements and specific deal information |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal securities | Standard inputs and, for certain distressed securities, cash flows or liquidation values using a net present value calculation based on inputs that include, but are not limited to, financial statements and debt contracts |

---

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| | |
|:---|:---|
| **292** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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------

##### [**Table of Contents**](#toc)
Securities with both fixed-income and equity characteristics, or equity securities traded principally among fixed-income dealers, are generally valued in the manner described for either equity or fixed-income securities, depending on which method is deemed most appropriate by the series' investment adviser. The Capital Group Central Corporate Bond Fund ("CCBF"), a fund within the Capital Group Central Fund Series II, and Capital Group Central Cash Fund ("CCF"), a fund within the Capital Group Central Fund Series (collectively the "Central Funds"), are each valued based upon a floating net asset value, which fluctuates with changes in the value of each fund's portfolio securities. The underlying securities are valued based on the policies and procedures in the Central Funds' statements of additional information. The State Street Institutional U.S. Government Money Market Fund held by the managed risk funds is managed to maintain a $1.00 net asset value per share. The net asset value of each share class of each managed risk fund is calculated based on the reported net asset values of the underlying funds in which each fund invests.

Exchange-traded options and futures are generally valued at the official closing price for options and official settlement price for futures of the exchange or market on which such instruments are traded, as of the close of business on the day such instruments are being valued. Forward currency contracts are valued based on the spot and forward exchange rates obtained from a third-party pricing vendor. Swaps are generally valued using evaluated prices obtained from third-party pricing vendors who calculate these values based on market inputs that may include the yields of the indices referenced in the instrument and the relevant curve, dealer quotes, default probabilities and recovery rates, other reference data, and terms of the contract.

Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the series' investment adviser are fair valued as determined in good faith under fair value guidelines adopted by the series' investment adviser and approved by the board of trustees as further described. The investment adviser follows fair valuation guidelines, consistent with U.S. Securities and Exchange Commission rules and guidance, to consider relevant principles and factors when making fair value determinations. The investment adviser considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as the type and cost of the security, contractual or legal restrictions on resale of the security, relevant financial or business developments of the issuer, actively traded similar or related securities, dealer or broker quotes, conversion or exchange rights on the security, related corporate actions, significant events occurring after the close of trading in the security, and changes in overall market conditions. In addition, the closing prices of equity securities and futures that trade in markets outside U.S. time zones may be adjusted to reflect significant events that occur after the close of local trading but before the net asset value of each share class of each fund is determined. Fair valuations of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.

**Processes and structure** – The series' board of trustees has designated the series' investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the "Fair Valuation Committee") to administer, implement and oversee the fair valuation process, and to make fair value decisions. The Fair Valuation Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser's valuation team. The Fair Valuation Committee reviews changes in fair value measurements from period to period and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. The Fair Valuation Committee reports any changes to the fair valuation guidelines to the board of trustees. The series' board and audit committee also regularly review reports that describe fair value determinations and methods.

The series' investment adviser has also established a Fixed-Income Pricing Review Group to administer and oversee the fixed-income valuation process, including the use of fixed-income pricing vendors. This group regularly reviews pricing vendor information and market data. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews facilitated by the investment adviser's global risk management group.

**Classifications** – The series' investment adviser classifies the funds' assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect the investment adviser's determination of assumptions that market participants might reasonably use in valuing the securities.

The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The tables on the following pages present the funds' valuation levels as of December 31, 2022 (dollars in thousands):

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| | |
|:---|:---|
| American Funds Insurance Series | **293** |

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##### [**Table of Contents**](#toc)
**Global Growth Fund** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
| | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information technology | $&nbsp;&nbsp;&nbsp;&nbsp;923708 | $&nbsp;&nbsp;&nbsp;&nbsp;643291 | $– | $1566999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health care | 1027635 | 489438 |  | 1517073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer discretionary | 493333 | 473688 |  | 967021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 213109 | 405801 | – \* | 618910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer staples | 308045 | 286104 |  | 594149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 203723 | 319481 |  | 523204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 163263 | 172648 | – \* | 335911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 200063 | 25242 |  | 225305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication services | 146303 | 39149 |  | 185452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real estate |  | 12072 |  | 12072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 7666 |  |  | 7666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred securities |  | 115128 |  | 115128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term securities | 164535 | 114615 | – | 279150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $3851383  | $3096657  | $– <br> \*  | $6948040  |

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| | |
|:---|:---|
| \*Amount | less than one thousand.  |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
| **Global Small Capitalization Fund**<br>| **Level 1** | **Level 2** | **Level 3** | **Total**  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | $&nbsp;&nbsp;&nbsp;&nbsp;145496 | $&nbsp;&nbsp;&nbsp;&nbsp;462740 | $– | $&nbsp;&nbsp;&nbsp;&nbsp;608236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information technology | 278192 | 271360 | 842 | 550394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer discretionary | 319599 | 207610 |  | 527209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health care | 368441 | 133632 |  | 502073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 82339 | 175020 |  | 257359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 8263 | 96602 |  | 104865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real estate | 35375 | 39017 |  | 74392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 13782 | 16503 | 25418 | 55703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication services | 25084 | 27091 |  | 52175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 10353 | 37278 |  | 47631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer staples | 18150 | 27079 |  | 45229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred securities | 7126 |  | 18452 | 25578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rights & warrants |  | 10007 |  | 10007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term securities | 148662 | – | – | 148662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $1460862  | $1503939  | $44712  | $3009513  |

---

The following table reconciles the valuation of the fund's Level 3 investment securities and related transactions for the year ended December 31, 2022 (dollars in thousands):

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Beginning<br>value at<br>1/1/2022** | **Transfers<br>into<br>Level 3** | **<br>\*** | **Purchases** | **Sales** | **Net<br>realized<br>gain** | **<br><sup>†</sup> <sup></sup>** | **Transfers<br>out of<br>Level 3** | **Ending<br>value at<br>12/31/2022** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities | $44963 | $— |  | $— | $— | $— | $(251) | $— | $44712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized depreciation during the period on Level 3 investment securities held at December 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized depreciation during the period on Level 3 investment securities held at December 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized depreciation during the period on Level 3 investment securities held at December 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized depreciation during the period on Level 3 investment securities held at December 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized depreciation during the period on Level 3 investment securities held at December 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized depreciation during the period on Level 3 investment securities held at December 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized depreciation during the period on Level 3 investment securities held at December 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized depreciation during the period on Level 3 investment securities held at December 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized depreciation during the period on Level 3 investment securities held at December 31, 2022 | $(251) |

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\* Transfers into or out of Level 3 are based on the beginning market value of the quarter in which they occurred. These transfers are the result of changes in the availability of pricing sources and/or in the observability of significant inputs used in valuing the securities.

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| | |
|:---|:---|
| <sup>†</sup> | Net unrealized depreciation is included in the related amounts on investments in the fund's statement of operations.  |

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| | |
|:---|:---|
| **294** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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##### [**Table of Contents**](#toc)
**Unobservable inputs** – Valuation of the fund's Level 3 securities is based on significant unobservable inputs that reflect the investment adviser's determination of assumptions that market participants might reasonably use in valuing the securities. The following table provides additional information used by the fund's investment adviser to fair value the fund's Level 3 securities (dollars in thousands):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Value at<br>12/31/2022** | **Valuation**<br> **techniques** | **Unobservable**<br> **inputs** | **Range**<br> **(if applicable)** | **Weighted<br>average\*** | **Impact to<br>valuation from<br>an increase in<br>input<sup>†</sup>** |
|  |  |  | Price/Cash flow multiple | 5.7x | 5.7x | Increase |
|  |  |  | EV/Sales multiple | 6.2x | 6.2x | Increase |
| &nbsp;&nbsp;&nbsp;&nbsp; Common stocks | $26260 | Market comparable companies | DLOM | 16% | 16% | Decrease |
|  |  |  | Discount for lack of certainty | 10% | 10% | Decrease |
|  |  |  | Risk discount | 25% | 25% | Decrease |
|  |  | Transaction price | N/A | N/A | N/A | N/A |
|  |  |  | EV/Sales multiple | 6.2x -12.9x | 11.0x | Increase |
|  |  |  | Risk discount | 25% | 25% | Decrease |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred securities | 18452 | Market comparable companies | Net adjustment (decrease) based on movement of market comparables | 44% | 44% | Decrease |
|  |  |  | DLOM | 10% | 10% | Decrease |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $44712 |  |  |  |  |  |

---

\* Weighted average is by relative fair value.

---

| | |
|:---|:---|
| <sup>†</sup> | This column represents the directional change in fair value of the Level 3 securities that would result in an increase from the corresponding input. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements.  |

---

**Key to abbreviations** 

DLOM = Discount for lack of marketability

EV = Enterprise value

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
| **Growth Fund**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Level 3**  | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information technology | $5461425 | $723030 | $&nbsp;&nbsp;&nbsp;&nbsp;4704 | $6189159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health care | 5188144 | 115484 | 45222 | 5348850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer discretionary | 4793527 | 439744 |  | 5233271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication services | 3950043 | 25714 |  | 3975757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 3112991 | 255410 |  | 3368401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 1737621 | 91688 |  | 1829309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 1796618 |  |  | 1796618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 973571 |  |  | 973571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer staples | 596091 | 109850 |  | 705941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 243420 |  |  | 243420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real estate | 33920 |  |  | 33920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred securities |  | 21366 | 36770 | 58136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible stocks | 7202 |  |  | 7202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible bonds & notes |  |  | 7146 | 7146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, notes & other debt instruments |  | 15245 |  | 15245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term securities | 1192835 | – | – | 1192835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $29087408  | $1797531  | $93842  | $30978781  |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **295** |

---

------

##### [**Table of Contents**](#toc)
**International Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
| | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | $64860 | $1053264 | $– | $1118124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information technology | 296778 | 622282 | 4282 | 923342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health care | 29009 | 812708 |  | 841717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 397065 | 317708 |  | 714773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 172457 | 531541 |  | 703998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer discretionary | 135708 | 472880 |  | 608588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 78042 | 530056 |  | 608098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication services | 185096 | 231351 | – \* | 416447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer staples |  | 289938 |  | 289938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities |  | 119038 |  | 119038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real estate |  | 39066 |  | 39066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred securities | 24464 | 28174 | 392 | 53030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rights & warrants |  | 8446 |  | 8446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term securities | 307469 | – | – | 307469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $1690948  | $5056452  | $4674  | $6752074  |

---

\*Amount less than one thousand.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
| **New World Fund**<br>| **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information technology | $263065 | $173417 | $342 | $436824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 67929 | 361956 | – \* | 429885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health care | 188331 | 216848 |  | 405179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 108081 | 225883 |  | 333964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer discretionary | 105950 | 224085 | – \* | 330035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 162789 | 82689 | – \* | 245478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer staples | 60987 | 131035 | – \* | 192022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication services | 81746 | 76207 | – \* | 157953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 47738 | 105152 | – \* | 152890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 14233 | 39215 |  | 53448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real estate | 12965 | 36156 |  | 49121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred securities | 14795 | 8412 | 9132 | 32339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rights & warrants | 31 | 172 |  | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, notes & other debt instruments |  | 100586 |  | 100586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term securities | 167623 | – |  | 167623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $1296263  | $1781813  | $9474  | $3087550  |
|  | **Other investments<sup>†</sup>** | **Other investments<sup>†</sup>** | **Other investments<sup>†</sup>** | **Other investments<sup>†</sup>** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts | $159 | $– | $– | $159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on open forward currency contracts |  | – \* |  | – \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on centrally cleared credit default swaps |  | 2 |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts | (66) |  |  | (66) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on open forward currency contracts | – | (50) | – | (50) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $93 | $(48) | $– | $45 |

---

\*Amount less than one thousand.

<sup>†</sup>Futures contracts, forward currency contracts and credit default swaps are not included in the fund's investment portfolio.

**Washington Mutual Investors Fund** 

As of December 31, 2022, all of the fund's investment securities were classified as Level 1.

---

| | |
|:---|:---|
| **296** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
| **Capital World Growth and Income Fund**<br>| **Level 1** | **Level 2** | **Level 3** | **Total**  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information technology | $164931 | $106647 | $– | $271578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health care | 186991 | 74725 |  | 261716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 110259 | 113094 | – \* | 223353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 103918 | 113308 |  | 217226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer discretionary | 81430 | 73857 |  | 155287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer staples | 63755 | 66879 |  | 130634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 69657 | 51505 |  | 121162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 73762 | 34823 | – \* | 108585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication services | 53364 | 32366 | – \* | 85730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 25266 | 24999 |  | 50265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real estate | 12033 | 5443 |  | 17476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred securities | 263 | 2512 |  | 2775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible bonds & notes |  | 940 |  | 940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, notes & other debt instruments |  | 6016 |  | 6016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term securities | 6525 | 69828 | – | 76353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $952154  | $776942  | $– <br> \*  | $1729096 <br>|

---

\*Amount less than one thousand.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
| **Growth-Income Fund**<br>| **Level 1** | **Level 2** | **Level 3** | **Total**  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information technology | $6365641 | $293106 | $– | $6658747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 4414100 | 259779 |  | 4673879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health care | 3850991 | 534723 |  | 4385714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 2896787 |  |  | 2896787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer discretionary | 2446056 | 132438 |  | 2578494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication services | 2480083 |  |  | 2480083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer staples | 1457094 | 454816 |  | 1911910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 1578057 |  |  | 1578057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 1262331 | 69549 |  | 1331880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 1068166 |  |  | 1068166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real estate | 608248 |  |  | 608248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible stocks | 274424 |  |  | 274424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, notes & other debt instruments |  | 5916 |  | 5916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term securities | 2789014 | – | – | 2789014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $31490992  | $1750327  | $–  | $33241319  |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **297** |

---

------

##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
| **International Growth and Income Fund**<br>| **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | $6118 | $43633 | $–<br>\* | $49751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 4511 | 31485 |  | 35996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer discretionary | 2509 | 32958 |  | 35467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer staples | 7470 | 27016 |  | 34486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information technology | 1668 | 30886 |  | 32554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health care | 1316 | 29812 |  | 31128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 8708 | 14672 | – \* | 23380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 9657 | 7677 | – \* | 17334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication services | 1895 | 15137 | – \* | 17032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 1142 | 8106 |  | 9248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real estate |  | 4820 |  | 4820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred securities | 1207 | 693 |  | 1900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term securities | 6358 | – | – | 6358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $52559  | $246895  | $–<br>\*  | $299454  |
|  | **Other investments<sup>†</sup>** | **Other investments<sup>†</sup>** | **Other investments<sup>†</sup>** | **Other investments<sup>†</sup>** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on open forward currency contracts | $– | $5 | $– | $5 |

---

\*Amount less than one thousand.

<sup>†</sup>Forward currency contracts are not included in the fund's investment portfolio.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
| **Capital Income Builder**<br>| **Level 1** | **Level 2** | **Level 3** | **Total**  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | $85911 | $70932 | $– \* | $156843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer staples | 64498 | 50174 |  | 114672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health care | 85845 | 22042 |  | 107887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 47860 | 35750 |  | 83610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information technology | 64487 | 14336 |  | 78823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 39280 | 31786 |  | 71066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 52011 | 16387 | – \* | 68398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real estate | 56684 | 11518 |  | 68202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 20977 | 12204 |  | 33181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer discretionary | 16058 | 16961 |  | 33019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication services | 17155 | 15258 |  | 32413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred securities |  | 545 |  | 545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rights & warrants | 6 |  |  | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible stocks | 5019 |  |  | 5019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment funds | 28059 |  |  | 28059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, notes & other debt instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury bonds & notes |  | 107548 |  | 107548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-backed obligations |  | 69718 | 89 | 69807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate bonds, notes & loans |  | 19621 |  | 19621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-backed obligations |  | 9532 |  | 9532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds & notes of governments & government agencies outside the U.S. |  | 743 |  | 743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipals |  | 228 |  | 228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term securities | 83850 | – | – | 83850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $667700  | $505283  | $89  | $1173072  |

---

Refer to the end of the tables for footnotes.

---

| | |
|:---|:---|
| **298** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments<sup>†</sup>** | **Other investments<sup>†</sup>** | **Other investments<sup>†</sup>** | **Other investments<sup>†</sup>** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts | $60 | $– | $– | $60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on centrally cleared interest rate swaps |  | 1900 |  | 1900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts | (139) |  |  | (139) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on centrally cleared interest rate swaps |  | (380) |  | (380) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on centrally cleared credit default swaps | – | (47) | – | (47) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $(79) | $1473 | $– | $1394 |
| <br> \*Amount less than one thousand. |  |  |  |  |
| <sup>†</sup>Futures contracts, interest rate swaps and credit default swaps are not included in the fund's investment portfolio. | <sup>†</sup>Futures contracts, interest rate swaps and credit default swaps are not included in the fund's investment portfolio. | <sup>†</sup>Futures contracts, interest rate swaps and credit default swaps are not included in the fund's investment portfolio. | <sup>†</sup>Futures contracts, interest rate swaps and credit default swaps are not included in the fund's investment portfolio. |  |
| **Asset Allocation Fund** |  |  |  |  |
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health care | $3207943 | $95928 | $19703 | $3323574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer discretionary | 2162881 | 216574 |  | 2379455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 2206657 | 75213 | 1899 | 2283769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information technology | 2171644 | 29717 |  | 2201361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer staples | 1318784 | 316097 |  | 1634881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 1531415 | 12088 |  | 1543503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication services | 1171249 |  |  | 1171249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 1020328 |  | 550 | 1020878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 856654 |  |  | 856654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real estate | 236814 |  |  | 236814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 158713 |  |  | 158713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred securities |  |  | 189 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rights & warrants |  |  | – \* | – \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible stocks |  |  | 63388 | 63388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment funds | 1367122 |  |  | 1367122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, notes & other debt instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-backed obligations |  | 1878858 |  | 1878858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury bonds & notes |  | 1617110 |  | 1617110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate bonds, notes & loans |  | 1385625 | 10517 | 1396142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-backed obligations |  | 411624 | 5689 | 417313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds & notes of governments & government agencies outside the U.S. |  | 40766 |  | 40766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipals |  | 35724 |  | 35724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term securities | 1690923 | – | – | 1690923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $19101127 | $6115324 | $101935 | $25318386 |
|  | **Other investments<sup>†</sup>** | **Other investments<sup>†</sup>** | **Other investments<sup>†</sup>** | **Other investments<sup>†</sup>** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts | $2319 | $– | $– | $2319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts | (3485) |  |  | (3485) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on centrally cleared credit default swaps | – | (1623) | – | (1623) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $(1166) | $(1623) | $– | $(2789) |
| \*Amount less than one thousand. |  |  |  |  |
| <sup>†</sup>Futures contracts and credit default swaps are not included in the fund's investment portfolio. | <sup>†</sup>Futures contracts and credit default swaps are not included in the fund's investment portfolio. | <sup>†</sup>Futures contracts and credit default swaps are not included in the fund's investment portfolio. |  |  |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **299** |

---

------

##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
| **American Funds Global Balanced Fund**<br>| **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials |  | $22868 | $– | $39127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials |  | 11649 |  | 30765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health care |  | 10087 |  | 28627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information technology |  | 2609 |  | 23783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer staples |  | 15340 |  | 19639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities |  | 7879 |  | 17667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials |  | 9121 |  | 15929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy |  | 4766 |  | 14776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication services |  | 2866 |  | 11550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer discretionary |  | 4214 |  | 8364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real estate |  | 2616 |  | 5207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred securities |  | 558 |  | 1469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible stocks |  |  |  | 1235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment funds |  |  |  | 5532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, notes & other debt instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds & notes of governments & government agencies outside the U.S. |  | 48706 | 77 | 48783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury bonds & notes |  | 44273 |  | 44273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate bonds, notes & loans |  | 20755 |  | 20755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-backed obligations |  | 9498 |  | 9498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-backed obligations |  | 2304 |  | 2304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipals |  | 129 |  | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term securities |  | 12021 | – | 15949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  | $232259 | $77 | $365361 |
|  | **Other investments\*** | **Other investments\*** | **Other investments\*** | **Other investments\*** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts |  | $– | $– | $58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on open forward currency contracts |  | 686 |  | 686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on centrally cleared interest rate swaps |  | 8 |  | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on centrally cleared credit default swaps |  | 7 |  | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts |  |  |  | (431) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on open forward currency contracts |  | (150) |  | (150) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on centrally cleared interest rate swaps |  | (1017) | – | (1017) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  | $(466) | $– | $(839) |
| <br> \*Futures contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the fund's investment portfolio. | <br> \*Futures contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the fund's investment portfolio. | <br> \*Futures contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the fund's investment portfolio. | <br> \*Futures contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the fund's investment portfolio. | <br> \*Futures contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the fund's investment portfolio. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
| **The Bond Fund of America**<br>| **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, notes & other debt instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate bonds, notes & loans | $– | $3535583 | $– | $3535583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury bonds & notes |  | 2803177 |  | 2803177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-backed obligations |  | 2637080 | 1486 | 2638566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-backed obligations |  | 452311 | 9397 | 461708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipals |  | 165594 |  | 165594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds & notes of governments & government agencies outside the U.S. |  | 131985 |  | 131985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal agency bonds & notes |  | 11160 |  | 11160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term securities | 1425720 | – | – | 1425720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $1425720 | $9736890 | $10883 | $11173493 |

---

---

| | |
|:---|:---|
| **300** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments\*** | **Other investments\*** | **Other investments\*** | **Other investments\*** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts | $6241 | $– | $– | $6241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on open forward currency contracts |  | 3821 |  | 3821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on centrally cleared interest rate swaps |  | 15705 |  | 15705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts | (13194) |  |  | (13194) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on open forward currency contracts |  | (174) |  | (174) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on centrally cleared interest rate swaps |  | (6629) |  | (6629) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on centrally cleared credit default swaps | – | (7009) | – | (7009) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $(6953) | $5714 | $– | $(1239) |
| <br> \*Futures contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the fund's investment portfolio. | <br> \*Futures contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the fund's investment portfolio. | <br> \*Futures contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the fund's investment portfolio. | <br> \*Futures contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the fund's investment portfolio. | <br> \*Futures contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the fund's investment portfolio. |
| **Capital World Bond Fund** |  |  |  |  |
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, notes & other debt instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Euros | $– | $293295 | $– | $293295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japanese yen |  | 111151 |  | 111151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; British pounds |  | 61782 |  | 61782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chinese yuan renminbi |  | 42096 |  | 42096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian dollars |  | 34184 |  | 34184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexican pesos |  | 31627 |  | 31627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australian dollars |  | 24212 |  | 24212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Danish kroner |  | 23962 |  | 23962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Korean won |  | 7729 |  | 7729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colombian pesos |  | 7144 |  | 7144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chilean pesos |  | 6074 |  | 6074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indonesian rupiah |  | 5454 |  | 5454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Russian rubles |  | 1371 | 1984 | 3355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazilian reais |  | 3129 |  | 3129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South African rand |  | 3001 |  | 3001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dominican pesos |  | 2271 |  | 2271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Malaysian ringgits |  | 2222 |  | 2222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ukrainian hryvnia |  |  | 1592 | 1592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indian rupees |  | 1102 |  | 1102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Romanian leu |  | 1038 |  | 1038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Polish zloty |  | 879 |  | 879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norwegian kroner |  | 619 |  | 619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. dollars |  | 669670 | 289 | 669959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment funds | 48676 |  |  | 48676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred securities |  |  | 20 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stocks |  |  | 134 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term securities | 167 | 100470 | – | 100637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $48843 | $1434482 | $4019 | $1487344 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **301** |

---

------

##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments\*** | **Other investments\*** | **Other investments\*** | **Other investments\*** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts | $672 | $– | $– | $672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on open forward currency contracts |  | 7008 |  | 7008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on centrally cleared credit default swaps |  | 486 |  | 486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts | (4659) |  |  | (4659) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on open forward currency contracts |  | (2455) |  | (2455) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on centrally cleared interest rate swaps |  | (10966) |  | (10966) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on centrally cleared credit default swaps | – | (19) | – | (19) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $(3987) | $(5946) | $– | $(9933) |
| <br> \*Futures contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the fund's investment portfolio. | <br> \*Futures contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the fund's investment portfolio. | <br> \*Futures contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the fund's investment portfolio. | <br> \*Futures contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the fund's investment portfolio. | <br> \*Futures contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the fund's investment portfolio. |
| **American High-Income Trust** |  |  |  |  |
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, notes & other debt instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate bonds, notes & loans | $– | $731844 | $4198 | $736042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-backed obligations |  |  | 630 | 630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible bonds & notes |  | 399 | 79 | 478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible stocks | 483 | 472 |  | 955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stocks | 8540 | 1520 | 26932 | 36992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred securities |  |  | 2629 | 2629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rights & warrants |  | 826 | 12 | 838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term securities | 38565 | – | – | 38565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $47588 | $735061 | $34480 | $817129 |
|  | **Other investments<sup>1</sup>** | **Other investments<sup>1</sup>** | **Other investments<sup>1</sup>** | **Other investments<sup>1</sup>** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts | $10 | $– | $– | $10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts | (98) |  |  | (98) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on centrally cleared credit default swaps | – | (154) | – | (154) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $(88) | $(154) | $– | $(242) |
| <sup>1</sup>Futures contracts and credit default swaps are not included in the investment portfolio. | <sup>1</sup>Futures contracts and credit default swaps are not included in the investment portfolio. |  |  |  |

---

The following table reconciles the valuation of the fund's Level 3 investment securities and related transactions for the year ended December 31, 2022 (dollars in thousands):

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Beginning<br>value at<br>1/1/2022** | **Transfers<br>into** **Level 3** | **** <br> **<sup>2</sup>**  | **Purchases** | **Sales** | **Net<br>realized<br>gain** | **<br><sup>3</sup>** | **<br><sup>2</sup>** | **Ending <br>value at <br>12/31/2022** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities | $40411 | $3989 |  | $4058 | $(11715) | $883 | $(3084) | $(62) | $34480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized depreciation during the period on Level 3 investment securities held at December 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized depreciation during the period on Level 3 investment securities held at December 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized depreciation during the period on Level 3 investment securities held at December 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized depreciation during the period on Level 3 investment securities held at December 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized depreciation during the period on Level 3 investment securities held at December 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized depreciation during the period on Level 3 investment securities held at December 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized depreciation during the period on Level 3 investment securities held at December 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized depreciation during the period on Level 3 investment securities held at December 31, 2022 |  | $(1467) |

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<sup>2</sup> Transfers into or out of Level 3 are based on the beginning market value of the quarter in which they occurred. These transfers are the result of changes in the availability of pricing sources and/or in the observability of significant inputs used in valuing the securities.

<sup>3</sup> Net realized gain and unrealized depreciation are included in the related amounts on investments in the fund's statement of operations. 

---

| | |
|:---|:---|
| **302** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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##### [**Table of Contents**](#toc)
**Unobservable inputs** – Valuation of the fund's Level 3 securities is based on significant unobservable inputs that reflect the investment adviser's determination of assumptions that market participants might reasonably use in valuing the securities. The following table provides additional information used by the fund's investment adviser to fair value the fund's Level 3 securities (dollars in thousands):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Value at<br>12/31/2022** | **Valuation**<br> **techniques** | **Unobservable**<br> **inputs** | **Range**<br> **(if applicable)** | **Weighted<br>average\*** | **Impact to<br>valuation from<br>an increase in<br>input<sup>†</sup>** |
|  |  | | Expected proceeds | N/A | N/A | N/A |
|  |  | | EV/EBITDA multiple | 7.5x | 7.5x | Increase |
|  |  | | DLOM | 15% | 15% | Decrease |
|  |  | <br>Estimated recovery<br>value | Vendor price | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, notes &<br> other debt instruments | $4828 | Yield analysis | Yield | 15.7%-16.0% | 15.8% | Decrease |
|  |  |  | Transaction price | N/A | N/A | N/A |
|  |  | Transaction | Net adjustment (decrease) based on movement of market comparables | 10% | 10% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Convertible bonds & notes | 79 | Transaction | Transaction price | N/A | N/A | N/A |
|  |  |  | Expected proceeds | N/A | N/A | N/A |
|  |  |  | EV/EBITDA multiple | 7.5x | 7.5x | Increase |
|  |  |  | DLOM | 15% | 15% | Decrease |
|  |  | Estimated recovery | Vendor price | N/A | N/A | N/A |
|  |  | value | Risk discount | 90% | 90% | Decrease |
| &nbsp;&nbsp;&nbsp;&nbsp; Common stocks | 26932 |  | Net adjustment (decrease) based on movement of market comparables | 20% | 20% | Decrease |
|  |  |  | EV/EBITDA multiple | 3.7x | 3.7x | Increase |
|  |  | Market comparable | EV/EBITDA less CapEx multiple | 10.2x | 10.2x | Increase |
|  |  | companies | DLOM | 17% | 17% | Decrease |
|  |  | Transaction | Transaction price | N/A | N/A | N/A |
|  |  | Transaction | Discount for lack of certainty | 5% | 5% | Decrease |
|  |  | Indicative market quotation | Broker quote | N/A | N/A | N/A |
|  |  | Indicative market quotation | Broker quote | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred securities | 2629 | Market comparable | EV/EBITDA multiple | 3.5x | 3.5x | Increase |
|  |  | companies | DLOM | 30% | 30% | Decrease |
| &nbsp;&nbsp;&nbsp;&nbsp; Rights & warrants | 12 | Indicative market quotation | Broker quote | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $34480 |  |  |  |  |  |

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\* Weighted average is by relative fair value.

<sup>†</sup> This column represents the directional change in fair value of the Level 3 securities that would result in an increase from the corresponding input. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements.

**Key to abbreviations and symbols** 

CapEx = Capital expenditures

DLOM = Discount for lack of marketability

EBITDA = Earnings before income taxes, depreciation and amortization

EV = Enterprise value

---

| | |
|:---|:---|
| American Funds Insurance Series | **303** |

---

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##### [**Table of Contents**](#toc)

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
| **American Funds Mortgage Fund**<br>| **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, notes & other debt instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-backed obligations | $– | $71406 | $– | $71406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury bonds & notes |  | 10720 |  | 10720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-backed obligations |  | 2388 |  | 2388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term securities | – | 22857 | – | 22857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $– | $107371 | $– | $107371 |
|  | **Other investments\*** | **Other investments\*** | **Other investments\*** | **Other investments\*** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts | $49 | $– | $– | $49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on centrally cleared interest rate swaps |  | 790 |  | 790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts | (124) | – | – | (124) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $(75) | $790 | $– | $715 |

---

\*Futures contracts and interest rate swaps are not included in the fund's investment portfolio.

**Ultra-Short Bond Fund** 

As of December 31, 2022, all of the fund's investment securities were classified as Level 2.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
| **U.S. Government Securities Fund**<br>| **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, notes & other debt instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-backed obligations | $– | $723593 | $– | $723593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury bonds & notes |  | 597122 |  | 597122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal agency bonds & notes |  | 79196 |  | 79196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term securities | – | 318094 | – | 318094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $– | $1718005 | $– | $1718005 |
|  | **Other investments\*** | **Other investments\*** | **Other investments\*** | **Other investments\*** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts | $14523 | $– | $– | $14523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on centrally cleared interest rate swaps |  | 30519 |  | 30519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts | (17699) |  |  | (17699) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on centrally cleared interest rate swaps | – | (21723) | – | (21723) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $(3176) | $8796 | $– | $5620 |

---

\*Futures contracts and interest rate swaps are not included in the fund's investment portfolio.

**Managed Risk Growth Fund** 

As of December 31, 2022, all of the fund's investments were classified as Level 1.

**Managed Risk International Fund** 

As of December 31, 2022, all of the fund's investments were classified as Level 1.

**Managed Risk Washington Mutual Investors Fund** 

As of December 31, 2022, all of the fund's investments were classified as Level 1.

---

| | |
|:---|:---|
| **304** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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##### [**Table of Contents**](#toc)
**Managed Risk Growth-Income Fund** 

As of December 31, 2022, all of the fund's investments were classified as Level 1.

**Managed Risk Asset Allocation Fund** 

As of December 31, 2022, all of the fund's investments were classified as Level 1.

**4. Risk factors** 

------

Investing in the funds may involve certain risks including, but not limited to, those described below.

**Market conditions** – The prices of, and the income generated by, the common stocks, bonds and other securities held by a fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations. These risks may be heightened in the case of smaller capitalization stocks.

Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not a fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of a fund's investments may be negatively affected by developments in other countries and regions.

**Issuer risks** – The prices of, and the income generated by, securities held by a fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer's goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer's financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.

I**nvesting in income-oriented stocks** – The value of a fund's securities and income provided by a fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which the fund invests.

I**nvesting in growth-oriented stocks** – Growth-oriented common stocks and other equity-type securities (such as preferred stocks, convertible preferred stocks and convertible bonds) may involve larger price swings and greater potential for loss than other types of investments. These risks may be even greater in the case of smaller capitalization stocks.

**Investing in small companies** – Investing in smaller companies may pose additional risks. For example, it is often more difficult to value or dispose of small company stocks and more difficult to obtain information about smaller companies than about larger companies. Furthermore, smaller companies often have limited product lines, operating histories, markets and/or financial resources, may be dependent on one or a few key persons for management, and can be more susceptible to losses. Moreover, the prices of their stocks may be more volatile than stocks of larger, more established companies, particularly during times of market turmoil.

**Investing outside the U.S.** – Securities of issuers domiciled outside the U.S., or with significant operations or revenues outside the U.S., may lose value because of adverse political, social, economic or market developments (including social instability, regional conflicts, terrorism and war) in the countries or regions in which the issuers operate or generate revenue. These securities may also lose value due to changes in foreign currency exchange rates against the U.S. dollar and/or currencies of other countries. Issuers of these securities may be more susceptible to actions of foreign governments, such as nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the U.S. Investments outside the U.S. may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the U.S. In addition, the value of investments outside the U.S. may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by the fund, which could impact the liquidity of the fund's portfolio. The risks of investing outside the U.S. may be heightened in connection with investments in emerging markets.

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| | |
|:---|:---|
| American Funds Insurance Series | **305** |

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##### [**Table of Contents**](#toc)
I**nvesting in developing countries** – Investing in countries with developing economies and/or markets may involve risks in addition to and greater than those generally associated with investing in developed countries. For instance, developing countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in developing countries may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in developed countries are subject. A fund's rights with respect to its investments in developing countries, if any, will generally be governed by local law, which may make it difficult or impossible for the fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, and may be more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating a fund's net asset value. Additionally, developing countries are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.

**Investing in emerging markets** – Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in emerging markets may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in more developed markets are subject. A fund's rights with respect to its investments in emerging markets, if any, will generally be governed by local law, which may make it difficult or impossible for the fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, and may be more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating a fund's net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.

**Investing in debt instruments** – The prices of, and the income generated by, bonds and other debt securities held by a fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.

Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from a fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in a fund failing to recoup the full amount of its initial investment and having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.

Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of a fund's securities could cause the value of a fund's shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which a fund invests. However, ratings are only the opinions of the rating agencies issuing them and are not guarantees as to credit quality or an evaluation of market risk. The fund's investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.

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| | |
|:---|:---|
| **306** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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------

##### [**Table of Contents**](#toc)
I**nvesting in lower rated debt instruments** – Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer's creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in junk bonds.

**Investing in derivatives** – The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may cause a fund to lose significantly more than its initial investment. Derivatives may be difficult to value, difficult for a fund to buy or sell at an opportune time or price and difficult, or even impossible, to terminate or otherwise offset. A fund's use of derivatives may result in losses to the fund, and investing in derivatives may reduce a fund's returns and increase a fund's price volatility. A fund's counterparty to a derivative transaction (including, if applicable, the fund's clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. In certain cases, the fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result in additional losses. Derivatives are also subject to operational risk (such as documentation issues, settlement issues and systems failures) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract).

**Currency** – The prices of, and the income generated by, many debt securities held by a fund may also be affected by changes in relative currency values. If the U.S. dollar appreciates against foreign currencies, the value in U.S. dollars of a fund's securities denominated in such currencies would generally fall and vice versa.

**Investing in mortgage-related and other asset-backed securities** – Mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as residential mortgage loans, home equity loans, mortgages on commercial buildings, consumer loans and equipment leases. While such securities are subject to the risks associated with investments in debt instruments generally (for example, credit, extension and interest rate risks), they are also subject to other and different risks. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt, potentially increasing the volatility of the securities and a fund's net asset value. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in a fund having to reinvest the proceeds in lower yielding securities, effectively reducing a fund's income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing a fund's cash available for reinvestment in higher yielding securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgages may decline in value and be insufficient, upon foreclosure, to repay the associated loans. Investments in asset-backed securities are subject to similar risks.

**Investing in future delivery contracts** – A fund may enter into contracts, such as to-be-announced contracts and mortgage dollar rolls, that involve a fund selling mortgage-related securities and simultaneously contracting to repurchase similar securities for delivery at a future date at a predetermined price. This can increase a fund's market exposure, and the market price of the securities that the fund contracts to repurchase could drop below their purchase price. While a fund can preserve and generate capital through the use of such contracts by, for example, realizing the difference between the sale price and the future purchase price, the income generated by the fund may be reduced by engaging in such transactions. In addition, these transactions increase the turnover rate of a fund.

**Investing in inflation-linked bonds** – The values of inflation-linked bonds generally fluctuate in response to changes in real interest rates –i.e., rates of interest after factoring in inflation. A rise in real interest rates may cause the prices of inflation-linked securities to fall, while a decline in real interest rates may cause the prices to increase. Inflation-linked bonds may experience greater losses than other debt securities with similar durations when real interest rates rise faster than nominal interest rates. There can be no assurance that the value of an inflation-linked security will be directly correlated to changes in interest rates; for example, if interest rates rise for reasons other than inflation, the increase may not be reflected in the security's inflation measure.

Investing in inflation-linked bonds may also reduce a fund's distributable income during periods of deflation. If prices for goods and services decline throughout the economy, the principal and income on inflation-linked securities may decline and result in losses to a fund.

---

| | |
|:---|:---|
| American Funds Insurance Series | **307** |

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##### [**Table of Contents**](#toc)
I**nvesting in securities backed by the U.S. government** – Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government. U.S. government securities are subject to market risk, interest rate risk and credit risk.

**Investing in repurchase agreements** – Upon entering into a repurchase agreement, a fund purchases a security from a bank or broker-dealer, which simultaneously commits to repurchase the security within a specified time at the fund's cost with interest. The security purchased by the fund constitutes collateral for the seller's repurchase obligation. If the party agreeing to repurchase should default, the fund may seek to sell the security it holds as collateral. The fund may incur a loss if the value of the collateral securing the repurchase obligation falls below the repurchase price. The fund may also incur disposition costs and encounter procedural delays in connection with liquidating the collateral.

I**nterest rate risk** – The values and liquidity of the securities held by a fund may be affected by changing interest rates. For example, the values of these securities may decline when interest rates rise and increase when interest rates fall. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities. A fund may invest in variable and floating rate securities. When a fund holds variable or floating rate securities, a decrease in market interest rates will adversely affect the income received from such securities and the net asset value of a fund's shares. Although the values of such securities are generally less sensitive to interest rate changes than those of other debt securities, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as market interest rates. Conversely, floating rate securities will not generally increase in value if interest rates decline. During periods of extremely low short-term interest rates, a fund may not be able to maintain a positive yield and, in relatively low interest rate environments, there are heightened risks associated with rising interest rates.

**Credit and liquidity support** – Changes in the credit quality of banks and financial institutions providing credit and liquidity support features with respect to securities held by a fund could cause the values of these securities to decline.

**Asset allocation** – A fund's percentage allocation to equity securities, debt securities and money market instruments could cause the fund to underperform relative to relevant benchmarks and other funds with similar investment objectives.

**Liquidity risk** – Certain fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the fund may be unable to sell such holdings when necessary to meet its liquidity needs, or to try to limit losses, or may be forced to sell at a loss.

**Management** – The investment adviser to the funds actively manages the funds' investments. Consequently, the funds are subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the funds to lose value or their investment results to lag relevant benchmarks or other funds with similar objectives.

Investing in the managed risk funds may involve additional risks including, but not limited to, those described below.

**Fund structure** – The managed risk funds invest in underlying funds and incur expenses related to those underlying funds. In addition, investors in the managed risk funds will incur fees to pay for certain expenses related to the operations of the managed risk funds. An investor holding the underlying fund directly would incur lower overall expenses but would not receive the benefit of the managed risk strategy. Additionally, in accordance with an exemption under the Investment Company Act of 1940, as amended, the investment adviser considers only proprietary funds when selecting underlying investment options and allocations. This means that the fund's investment adviser did not, nor does it expect to, consider any unaffiliated funds as underlying investment options for the fund. This strategy could raise certain conflicts of interest when choosing underlying investments for the fund, including the selection of funds that result in greater compensation to the adviser or funds with relatively lower historical investment results. The investment adviser has policies and procedures designed to mitigate material conflicts of interest that may arise in connection with its management of the fund.

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| | |
|:---|:---|
| **308** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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##### [**Table of Contents**](#toc)
**Management –** The managed risk funds are subject to the risk that the managed risk strategy or the methods employed by the subadviser in implementing the managed risk strategy may not produce the desired results. This could cause the managed risk funds to lose value or their investment results to lag relevant benchmarks or other funds with similar objectives.

**Underlying fund risks** – Because the managed risk funds' investments consist of investments in underlying funds, the managed risk funds' risks are directly related to the risks of the respective underlying fund in which each managed risk fund invests. For this reason, it is important to understand the risks associated with investing both in the managed risk fund and in each of the underlying funds.

**Investing in options and futures contracts** – In addition to the risks generally associated with investing in derivative instruments, options and futures contracts are subject to the creditworthiness of the clearing organizations, exchanges and, in the case of futures, futures commission merchants with which a fund transacts. While both options and futures contracts are generally liquid instruments, under certain market conditions, options and futures may be deemed to be illiquid. For example, a fund may be temporarily prohibited from closing out its position in an options or futures contract if intraday price change limits or limits on trading volume imposed by the applicable exchange are triggered. If a fund is unable to close out a position on an options or futures contract, the fund would remain subject to the risk of adverse price movements until the fund is able to close out the position in question. The ability of a fund to successfully utilize options and futures contracts may depend in part upon the ability of the fund's investment adviser or subadviser to accurately forecast interest rates and other economic factors and to assess and predict the impact of such economic factors on the options and futures in which the fund invests. If the investment adviser or subadviser incorrectly forecasts economic developments or incorrectly predicts the impact of such developments on the options and futures in which it invests, a fund could suffer losses. Whereas the risk of loss on a put option purchased by the fund is limited to the initial cost of the option, the amount of a potential loss on a futures contract could greatly exceed the relatively small initial amount invested in entering the futures position.

**Hedging** – There may be imperfect or even negative correlation between the prices of the options and futures contracts in which a fund invests and the prices of the underlying securities or indexes which the fund seeks to hedge. For example, options and futures contracts may not provide an effective hedge because changes in options and futures contract prices may not track those of the underlying securities or indexes they are intended to hedge. In addition, there are significant differences between the securities market, on the one hand, and the options and futures markets, on the other, that could result in an imperfect correlation between the markets, causing a given hedge not to achieve its objectives. The degree of imperfection of correlation depends on circumstances such as variations in speculative market demand for options and futures, including technical influences in options and futures trading, and differences between the financial instruments being hedged and the instruments underlying the standard contracts available for trading. A decision as to whether, when and how to hedge involves the exercise of skill and judgment, and even a well-conceived hedge may be unsuccessful to some degree because of market behavior or unexpected interest rate trends. In addition, the fund's investment in exchange-traded options and futures and their resulting costs could limit the fund's gains in rising markets relative to those of the underlying funds, or to those of unhedged funds in general.

**Short positions** – The fund may suffer losses from short positions in futures contracts. Losses from short positions in futures contracts occur when the underlying index increases in value. As the underlying index increases in value, the holder of the short position in the corresponding futures contract is required to pay the difference in value of the futures contract resulting from the increase in the index on a daily basis. Losses from a short position in an index futures contract could potentially be very large if the value of the underlying index rises dramatically in a short period of time.

**Nondiversification risk** – As nondiversified funds, the managed risk funds have the ability to invest a larger percentage of their assets in the securities of a smaller number of issuers than diversified funds. To the extent that a managed risk fund invests a larger percentage of its assets in securities of one or more issuers, poor performance by these securities could have a greater adverse impact on the fund's investment results.

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| | |
|:---|:---|
| American Funds Insurance Series | **309** |

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##### [**Table of Contents**](#toc)
**5. Certain investment techniques** 

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**Securities lending** – Some of the funds have entered into securities lending transactions in which the funds earn income by lending investment securities to brokers, dealers or other institutions. Each transaction involves three parties: the fund, acting as the lender of the securities, a borrower, and a lending agent that acts as an intermediary.

Securities lending transactions are entered into by the fund under the securities lending agreement with the lending agent. The lending agent facilitates the exchange of securities between the lender and the borrower, generally provides protection from borrower default, marks to market the value of collateral daily, secures additional collateral from the borrower if it falls below preset terms, and may reinvest the collateral on behalf of the fund according to agreed parameters. The lending agent has indemnified the fund against losses resulting from borrower default. Although risk is mitigated by the collateral and indemnification, the fund could experience a delay in recovering its securities and a potential loss of income or value if the borrower fails to return the securities, collateral investments decline in value or the lending agent fails to perform.

The borrower is required to post highly liquid assets, such as cash or U.S. government securities, as collateral for the loan in an amount at least equal to the value of the securities loaned. Investments made with cash collateral are recognized as assets in the fund's investment portfolio. The same amount is recorded as a liability in the fund's statement of assets and liabilities. While securities are on loan, the fund will continue to receive the equivalent of the interest, dividends or other distributions paid by the issuer, as well as a portion of the interest on the investment of the collateral. Additionally, although the fund does not have the right to vote on securities while they are on loan, the fund has a right to consent on corporate actions and a right to recall loaned securities to vote on proposals affecting them. The borrower is obligated to return the loaned security at the conclusion of the loan or, during the pendency of the loan, on demand from the fund.

The following table presents the value of the securities on loan, the type and value of collateral received and the value of the investment securities purchased, if any, from the cash collateral received by each fund (dollars in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| | | **Collateral received** | **Collateral received** | |
| <br> **Funds** |<br>**Value of<br>investment<br>securities<br>on loan** | **Cash** | **U.S. government<br>securities** |<br>**Value of <br>investment <br>securities <br>purchased** |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Small Capitalization Fund | $59781 | $58725 | $4519 | $52853 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Growth Fund | 54504 | 55867 |  | 50280 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Fund | 1530 | 1607 |  | 1446 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New World Fund | 311 | 327 |  | 295 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington Mutual Investors Fund | 12432 | 12908 |  | 11618 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital World Growth and Income Fund | 6155 | 6480 |  | 5832 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Growth-Income Fund | 240456 | 248693 |  | 223824 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Growth and Income Fund | 1435 | 962 | 585 | 866 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Income Builder | 6251 | 6553 |  | 5898 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset Allocation Fund | 67688 | 56897 | 17890 | 51207 |

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Investment securities purchased from cash collateral are disclosed in the investment portfolio as short-term securities. Securities received as collateral, if any, are not recognized as fund assets. The contractual maturity of collateral received under the securities lending agreement is classified as overnight and continuous.

**Index-linked bonds** – Some of the funds have invested in index-linked bonds, which are fixed-income securities whose principal value is periodically adjusted to a government price index. Over the life of an index-linked bond, interest is paid on the adjusted principal value. Increases or decreases in the principal value of index-linked bonds are recorded as interest income in the fund's statement of operations.

**Mortgage dollar rolls** – Some of the funds have entered into mortgage dollar roll transactions in which the fund sells a mortgage-backed security to a counterparty and simultaneously enters into an agreement with the same counterparty to buy back a similar security on a specific future date at a predetermined price. Mortgage dollar rolls are accounted for as purchase and sale transactions, which may increase the funds' portfolio turnover rates.

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| | |
|:---|:---|
| **310** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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##### [**Table of Contents**](#toc)
**Loan transactions** – Some of the funds have entered into loan transactions in which the fund acquires a loan either through an agent, by assignment from another holder, or as a participation interest in another holder's portion of a loan. The loan is often administered by a financial institution that acts as agent for the holders of the loan, and the fund may be required to receive approval from the agent and/or borrower prior to the sale of the investment. The loan's interest rate and maturity date may change based on the terms of the loan, including potential early payments of principal.

**Short-term securities** – The managed risk funds hold shares of State Street Institutional U.S. Government Money Market Fund, a cash management vehicle offered and managed by State Street Bank and Trust Company.

**Unfunded commitments** – Asset Allocation Fund, Capital World Bond Fund and American High-Income Trust have participated in transactions that involve unfunded commitments, which may obligate each fund to purchase new or additional bonds and/or purchase additional shares of the applicable issuer if certain contingencies are met. As of December 31, 2022, the maximum exposure from these unfunded commitments for Asset Allocation Fund, Capital World Bond Fund and American High-Income Trust was $5,000,000, $150,000 and $4,155,000, respectively, which would represent 0.02%, 0.01% and 0.50%, respectively, of the net assets of each fund should such commitments become due. Unrealized appreciation on these unfunded commitments for Capital World Bond Fund and American High-Income Trust of $12,000 and $572,000, respectively, is disclosed as unrealized appreciation on unfunded commitments in each fund's statement of assets and liabilities, and unrealized depreciation on these unfunded commitments for Asset Allocation Fund, Capital World Bond Fund and American High-Income Trust of $9,000, $1,000 and $3,000, respectively, is disclosed as unrealized depreciation on unfunded commitments in each fund's statement of assets and liabilities. Both are included in net unrealized (depreciation) appreciation on investments in unaffiliated issuers in each fund's statement of operations.

**Options contracts** – The managed risk funds have entered into options contracts, which give the holder of the option, in return for a premium payment, the right to buy from (in the case of a call) or sell to (in the case of a put) the writer of the option, the security underlying the option (or the cash value of the index underlying the option) at a specified price. As part of their managed risk strategy, the funds will at times purchase put options on equity indexes in standardized contracts traded on foreign or domestic securities exchanges, boards of trade, or similar entities. By purchasing a put option on an equity index, the funds obtain the right (but not the obligation) to sell the cash value of the index underlying the option at a specified exercise price, and in return for this right, the funds pay the current market price, or the option premium, for the option.

The funds may terminate their position in a put option by allowing the option to expire or by exercising the option. If the option is allowed to expire, the funds will lose the entire premium. If the option is exercised, the funds complete the sale of the underlying instrument (or delivers the cash value of the index underlying the option) at the exercise price. The funds may also terminate a put option position by entering into opposing close-out transactions in advance of the option expiration date.

Premiums paid on options purchased, as well as the daily fluctuation in market value, are included in investment securities from unaffiliated issuers in each fund's statement of assets and liabilities. Realized gains or losses are recorded at the time the option contract is closed or expires. Net realized gains or losses and net unrealized appreciation or depreciation from options contracts are recorded in investments in unaffiliated issuers in each fund's statement of operations.

**Futures contracts** – Some of the funds have entered into futures contracts, which provide for the future sale by one party and purchase by another party of a specified amount of a specific financial instrument for a specified price, date, time and place designated at the time the contract is made. Futures contracts are used to strategically manage the fund's interest rate sensitivity by increasing or decreasing the duration of the fund or a portion of the fund's portfolio. For the managed risk funds, futures contracts are used to strategically manage portfolio volatility and downside equity risk.

Upon entering into futures contracts, and to maintain the fund's open positions in futures contracts, the fund is required to deposit with a futures broker, known as a futures commission merchant ("FCM"), in a segregated account in the name of the FCM an amount of cash, U.S. government securities or other liquid securities, known as initial margin. The margin required for a particular futures contract is set by the exchange on which the contract is traded to serve as collateral, and may be significantly modified from time to time by the exchange during the term of the contract.

On a daily basis, each fund pays or receives variation margin based on the increase or decrease in the value of the futures contracts and records variation margin on futures contracts in each fund's statement of assets and liabilities. Futures contracts may involve a risk of loss in excess of the variation margin shown on each fund's statement of assets and liabilities. Each fund records realized gains or losses at the time the futures contract is closed or expires. Net realized gains or losses and net unrealized appreciation or depreciation from futures contracts are recorded in each fund's statement of operations.

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| | |
|:---|:---|
| American Funds Insurance Series | **311** |

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##### [**Table of Contents**](#toc)
**Forward currency contracts** – Some of the funds have entered into forward currency contracts, which represent agreements to exchange currencies on specific future dates at predetermined rates. The series' investment adviser uses forward currency contracts to manage the fund's exposure to changes in exchange rates. Upon entering into these contracts, risks may arise from the potential inability of counterparties to meet the terms of their contracts and from possible movements in exchange rates.

On a daily basis, the series' investment adviser values forward currency contracts based on the applicable exchange rates and records unrealized appreciation or depreciation for open forward currency contracts in each fund's statement of assets and liabilities. Realized gains or losses are recorded at the time the forward contract is closed or offset by another contract with the same broker for the same settlement date and currency. Closed forward currency contracts that have not reached their settlement date are included in the respective receivables or payables for closed forward currency contracts in each fund's statement of assets and liabilities. Net realized gains or losses from closed forward currency contracts and net unrealized appreciation or depreciation from open forward currency contracts are recorded in each fund's statement of operations.

**Swap contracts** – Some of the funds have entered into swap agreements, which are two-party contracts entered into primarily by institutional investors for a specified time period. In a typical swap transaction, two parties agree to exchange the returns earned or realized from one or more underlying assets or rates of return. Swap agreements can be traded on a swap execution facility (SEF) and cleared through a central clearinghouse (cleared), traded over-the-counter (OTC) and cleared, or traded bilaterally and not cleared. Because clearing interposes a central clearinghouse as the ultimate counterparty to each participant's swap, and margin is required to be exchanged under the rules of the clearinghouse, central clearing is intended to decrease (but not eliminate) counterparty risk relative to uncleared bilateral swaps. To the extent the funds enter into bilaterally negotiated swap transactions, the funds will enter into swap agreements only with counterparties that meet certain credit standards and subject to agreed collateralized procedures. The term of a swap can be days, months or years and certain swaps may be less liquid than others.

Upon entering into a centrally cleared swap contract, the funds are required to deposit cash, U.S. government securities or other liquid securities, which is known as initial margin. Generally, the initial margin required for a particular swap is set and held as collateral by the clearinghouse on which the contract is cleared. The amount of initial margin required may be significantly modified from time to time by the clearinghouse during the term of the contract.

On a daily basis, interest accruals related to the exchange of future payments are recorded as a receivable and payable in the funds' statement of assets and liabilities for centrally cleared swaps and as unrealized appreciation or depreciation in the funds' statement of assets and liabilities for bilateral swaps. For centrally cleared swaps, the fund also pays or receives a variation margin based on the increase or decrease in the value of the swaps, including accrued interest as applicable, and records variation margin in the statement of assets and liabilities. The funds record realized gains and losses on both the net accrued interest and any gain or loss recognized at the time the swap is closed or expires. Net realized gains or losses, as well as any net unrealized appreciation or depreciation, from swaps are recorded in the funds' statement of operations.

Swap agreements can take different forms. Some of the funds have entered into the following types of swap agreements:

**Interest rate swaps** – Some of the funds have entered into interest rate swaps, which seek to manage the interest rate sensitivity of the fund by increasing or decreasing the duration of the funds or a portion of the funds' portfolio. An interest rate swap is an agreement between two parties to exchange or swap payments based on changes in an interest rate or rates. Typically, one interest rate is fixed and the other is variable based on a designated short-term interest rate such as the Secured Overnight Financing Rate (SOFR), prime rate or other benchmark. In other types of interest rate swaps, known as basis swaps, the parties agree to swap variable interest rates based on different designated short-term interest rates. Interest rate swaps generally do not involve the delivery of securities or other principal amounts. Rather, cash payments are exchanged by the parties based on the application of the designated interest rates to a notional amount, which is the predetermined dollar principal of the trade upon which payment obligations are computed. Accordingly, the funds' current obligation or right under the swap agreement is generally equal to the net amount to be paid or received under the swap agreement based on the relative value of the position held by each party.

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| | |
|:---|:---|
| **312** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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##### [**Table of Contents**](#toc)
**Credit default swap indices** – Some of the funds have entered into centrally cleared credit default swap indices, including CDX and iTraxx indices (collectively referred to as "CDSIs"), in order to assume exposure to a diversified portfolio of credits or to hedge against existing credit risks. A CDSI is based on a portfolio of credit default swaps with similar characteristics, such as credit default swaps on high-yield bonds. In a typical CDSI transaction, one party (the protection buyer) is obligated to pay the other party (the protection seller) a stream of periodic payments over the term of the contract. If a credit event, such as a default or restructuring, occurs with respect to any of the underlying reference obligations, the protection seller must pay the protection buyer the loss on those credits.

The funds may enter into a CDSI transaction as either protection buyer or protection seller. If the funds are protection buyers, they would pay the counterparty a periodic stream of payments over the term of the contract and would not recover any of those payments if no credit events were to occur with respect to any of the underlying reference obligations. However, if a credit event did occur, the funds, as protection buyers, would have the right to deliver the referenced debt obligations or a specified amount of cash, depending on the terms of the applicable agreement, and to receive the par value of such debt obligations from the counterparty protection seller. As protection sellers, the funds would receive fixed payments throughout the term of the contract if no credit events were to occur with respect to any of the underlying reference obligations. If a credit event were to occur, however, the value of any deliverable obligation received by the funds, coupled with the periodic payments previously received by the funds, may be less than the full notional value that the funds, as a protection seller, pays to the counterparty protection buyer, effectively resulting in a loss of value to the funds. Furthermore, as protection sellers, the funds would effectively add leverage to their portfolio because it would have investment exposure to the notional amount of the swap transaction.

The following table presents the average month-end notional amounts of options contracts purchased, futures contracts, forward currency contracts, interest rate swaps and credit default swaps while held for each fund (dollars in thousands):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Options<br>contracts<br>purchased** | **Futures<br>contracts** | **Forward<br>currency<br>contracts** | **Interest**<br> **rate**<br> **swaps** | **Credit**<br> **default**<br> **swaps** |
| &nbsp;&nbsp;&nbsp;&nbsp; New World Fund | Not applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25541 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4534 | Not applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2230 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Growth and Income Fund | Not applicable | Not applicable | 785 | Not applicable | Not applicable |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Income Builder | Not applicable | 77835 | 97 \* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24014 | 5645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset Allocation Fund | Not applicable | 1604889 | Not applicable | Not applicable | 184454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Balanced Fund | Not applicable | 14924 | 29040 | 35865 | 4634 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Bond Fund of America | Not applicable | 3326801 | 90045 | 516484 | 199116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital World Bond Fund | Not applicable | 297755 | 449743 | 384936 | 92966 |
| &nbsp;&nbsp;&nbsp;&nbsp; American High-Income Trust | Not applicable | 9021 | Not applicable | Not applicable | 10272 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Funds Mortgage Fund | Not applicable | 31977 | Not applicable | 4025 | Not applicable |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Securities Fund | Not applicable | 2339082 | Not applicable | 1287321 | Not applicable |
| &nbsp;&nbsp;&nbsp;&nbsp; Managed Risk Growth Fund | $269349 | 170792 | Not applicable | Not applicable | Not applicable |
| &nbsp;&nbsp;&nbsp;&nbsp; Managed Risk International Fund | 63717 | 11008 | Not applicable | Not applicable | Not applicable |
| &nbsp;&nbsp;&nbsp;&nbsp; Managed Risk Washington Mutual Investors Fund | 242721 | 39716 | Not applicable | Not applicable | Not applicable |
| &nbsp;&nbsp;&nbsp;&nbsp; Managed Risk Growth-Income Fund | 2353130 | 267681 | Not applicable | Not applicable | Not applicable |
| &nbsp;&nbsp;&nbsp;&nbsp; Managed Risk Asset Allocation Fund<br>| 418987  | 290562  | Not applicable  | Not applicable  | Not applicable  |

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\*No contracts were held at the end of the reporting period; amount represents the average month-end notional amount of contracts while they were held.

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| | |
|:---|:---|
| American Funds Insurance Series | **313** |

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##### [**Table of Contents**](#toc)
The following tables identify the location and fair value amounts on each fund's statement of assets and liabilities and/or the effect on each fund's statement of operations resulting from each fund's use of options, futures contracts, forward currency contracts, interest rate swaps and/or credit default swaps as of, or for the year ended, December 31, 2022 (dollars in thousands):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **New World Fund** | **New World Fund** | **New World Fund** |  |  |  |
|  |  | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| **Contracts** | **Risk type** | **Location on statement of<br>assets and liabilities** | **Value** | **Location on statement of<br>assets and liabilities** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest | Unrealized appreciation<sup>1</sup> | $159 | Unrealized depreciation<sup>1</sup> | $66 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency | Currency | Unrealized appreciation on open<br> forward currency contracts | –<sup>2</sup> | Unrealized depreciation on open<br> forward currency contracts | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap (centrally<br> cleared) | Credit | Unrealized appreciation<sup>1</sup> | 2<br><u> </u> | Unrealized depreciation<sup>1</sup> | –<br> <u> </u> |
|  |  |  | <u>$161</u> |  | <u>$116</u> |
|  |  | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation<br>(depreciation)** | **Net unrealized appreciation<br>(depreciation)** |
| **Contracts** | **Risk type** | **Location on statement of<br>operations** | **Value** | **Location on statement of<br>operations** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest | Net realized gain on futures<br>contracts | $100 | Net unrealized appreciation on<br>futures contracts | $129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency | Currency | Net realized gain on forward<br>currency contracts | 379 | Net unrealized depreciation on<br>forward currency contracts | (30) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap | Credit | Net realized loss on swap<br>contracts | (2<br> <u> </u>) <br>| Net unrealized appreciation on<br>swap contracts | 2<br> <u> </u> |
|  |  |  | <u>$477</u> |  | <u>$101</u> |
| **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** |  |  |  |
|  |  | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| **Contracts** | **Risk type** | **Location on statement of<br>assets and liabilities** | **Value** | **Location on statement of<br>assets and liabilities** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency | Currency | Unrealized appreciation on open<br>forward currency contracts | $5 | Unrealized depreciation on open<br>forward currency contracts | $– |
|  |  | **Net realized loss** | **Net realized loss** | **Net unrealized appreciation** | **Net unrealized appreciation** |
| **Contracts** | **Risk type** | **Location on statement of<br>operations** | **Value** | **Location on statement of<br>operations** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency | Currency | Net realized loss on forward<br>currency contracts | $(54) | Net unrealized appreciation on<br>forward currency contracts | $5 |

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Refer to the end of the tables for footnotes.

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|:---|:---|
| **314** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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##### [**Table of Contents**](#toc)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** |  |  |  |
|  |  | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| **Contracts** | **Risk type** | **Location on statement of<br>assets and liabilities** | **Value** | **Location on statement of<br>assets and liabilities** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest | Unrealized appreciation<sup>1</sup> | $60 | Unrealized depreciation<sup>1</sup> | $139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap (centrally<br> cleared) | Interest | Unrealized appreciation<sup>1</sup> | 1900 | Unrealized depreciation<sup>1</sup> | 380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap (centrally<br> cleared) | Credit | Unrealized appreciation<sup>1</sup> | —<br>| Unrealized depreciation<sup>1</sup> | 47<br>|
|  |  |  | $1960 |  | $566 |
|  |  | **Net realized (loss) gain** | **Net realized (loss) gain** | **Net unrealized (depreciation) appreciation** | **Net unrealized (depreciation) appreciation** |
| **Contracts** | **Risk type** | **Location on statement of<br>operations** | **Value** | **Location on statement of<br>operations** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest | Net realized loss on futures<br>contracts | $(7468) | Net unrealized depreciation on<br>futures contracts | $(311) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency | Currency | Net realized gain on<br>forward currency contracts | 7 | Net unrealized depreciation on<br>forward currency contracts | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap | Interest | Net realized gain on swap<br>contracts | 1864 | Net unrealized appreciation on<br>swap contracts | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap | Credit | Net realized gain on swap<br>contracts | 45<br>| Net unrealized depreciation on<br>swap contracts | (33) <br>|
|  |  |  | $(5552) |  | $(277) |
| **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** |  |  |  |
|  |  | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| **Contracts** | **Risk type** | **Location on statement of<br>assets and liabilities** | **Value** | **Location on statement of<br>assets and liabilities** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest | Unrealized appreciation<sup>1</sup> | $2319 | Unrealized depreciation<sup>1</sup> | $3485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap (centrally<br> cleared) | Credit | Unrealized appreciation<sup>1</sup> | –<br>| Unrealized depreciation<sup>1</sup> | 1623 |
|  |  |  | $2319 |  | $5108 |
|  |  | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation<br>(depreciation)** | **Net unrealized appreciation<br>(depreciation)** |
| **Contracts** | **Risk type** | **Location on statement of<br>operations** | **Value** | **Location on statement of<br>operations** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest | Net realized gain on<br>futures contracts | $65437 | Net unrealized appreciation on<br>futures contracts | $13070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap | Credit | Net realized loss on swap | (73) | Net unrealized depreciation on | (1575) |
|  |  | contracts |  | swap contracts |  |
|  |  |  | $65364 |  | $11495 |

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Refer to the end of the tables for footnotes.

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| | |
|:---|:---|
| American Funds Insurance Series | **315** |

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##### [**Table of Contents**](#toc)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** |  |  |  |
|  |  | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| **Contracts** | **Risk type** | **Location on statement of<br>assets and liabilities** | **Value** | **Location on statement of<br>assets and liabilities** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest | Unrealized appreciation<sup>1</sup> | $58 | Unrealized depreciation<sup>1</sup> | $431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency | Currency | Unrealized appreciation on open<br>forward currency contracts | 686 | Unrealized depreciation on open<br>forward currency contracts | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap (centrally cleared) | Interest | Unrealized appreciation<sup>1</sup> | 8 | Unrealized depreciation<sup>1</sup> | 1017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap (centrally cleared) | Credit | Unrealized appreciation<sup>1</sup> | 7<br>| Unrealized depreciation<sup>1</sup> | –<br>|
|  |  |  | $759 |  | $1598 |
|  |  | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized (depreciation)<br>appreciation** | **Net unrealized (depreciation)<br>appreciation** |
| **Contracts** | **Risk type** | **Location on statement of<br>operations** | **Value** | **Location on statement of<br>operations** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest | Net realized gain on futures<br>contracts | $539 | Net unrealized depreciation on<br>futures contracts | $(454) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency | Currency | Net realized loss on forward<br>currency contracts | (1292) | Net unrealized appreciation on<br>forward currency contracts | 725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap | Interest | Net realized gain on swap<br>contracts | 94 | Net unrealized depreciation on<br>swap contracts | (772) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap | Credit | Net realized gain on swap<br>contracts | 48<br>| Net unrealized appreciation on<br>swap contracts | 9<br>|
|  |  |  | $(611) |  | $(492) |
| **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** |  |  |  |
|  |  | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| **Contracts** | **Risk type** | **Location on statement of<br>assets and liabilities** | **Value** | **Location on statement of<br>assets and liabilities** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest | Unrealized appreciation<sup>1</sup> | $6241 | Unrealized depreciation<sup>1</sup> | $13194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency | Currency | Unrealized appreciation on open<br>forward currency contracts | 3821 | Unrealized depreciation on open<br>forward currency contracts | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap (centrally cleared) | Interest | Unrealized appreciation<sup>1</sup> | 15705 | Unrealized depreciation<sup>1</sup> | 6629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap (centrally cleared) | Credit | Unrealized appreciation<sup>1</sup> | –<br>| Unrealized depreciation<sup>1</sup> | 7009<br>|
|  |  |  | $25767 |  | $27006 |

---

Refer to the end of the tables for footnotes.

---

| | |
|:---|:---|
| **316** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized (loss) gain** | **Net realized (loss) gain** | **Net unrealized (depreciation)<br>appreciation** | **Net unrealized (depreciation)<br>appreciation** |
| <br> **Contracts** | <br>**Risk type** | **Location on statement of<br>operations** | **Value** | **Location on statement of<br>operations** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest | Net realized loss on futures<br> contracts | $(136499) | Net unrealized depreciation on<br>futures contracts | $(6976) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency | Currency | Net realized gain on forward<br> currency contracts | 1795 | Net unrealized appreciation on<br>forward currency contracts | 4002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap | Interest | Net realized gain on swap<br> contracts | 26807 | Net unrealized appreciation on<br>swap contracts | 20061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | Credit | Net realized gain on swap | 1436<br>| Net unrealized depreciation on<br>swap contracts | (7083) <br>|
|  |  |  | $(106461) |  | $10004 |
| **Capital World Bond Fund** |  |  |  |  |  |
|  |  | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| **Contracts** | **Risk type** | **Location on statement of<br>assets and liabilities** | **Value** | **Location on statement of<br>assets and liabilities** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest | Unrealized appreciation<sup>1</sup> | $672 | Unrealized depreciation<sup>1</sup> | $4659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency | Currency | Unrealized appreciation on open<br>forward currency contracts | 7008 | Unrealized depreciation on open<br>forward currency contracts | 2455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap (centrally<br> cleared) | Interest | Unrealized appreciation<sup>1</sup> |  | Unrealized depreciation<sup>1</sup> | 10966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap (centrally<br> cleared) | Credit | Unrealized appreciation<sup>1</sup> | 486<br>| Unrealized depreciation<sup>1</sup> | 19<br>|
|  |  |  | $8166 |  | $18099 |
|  |  | **Net realized (loss) gain** | **Net realized (loss) gain** | **Net unrealized (depreciation)<br>appreciation** | **Net unrealized (depreciation)<br>appreciation** |
| **Contracts** | **Risk type** | **Location on statement of<br>operations** | **Value** | **Location on statement of<br>operations** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest | Net realized loss on futures<br>contracts | $(7447) | Net unrealized depreciation on<br>futures contracts | $(3811) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency | Currency | Net realized loss on forward<br>currency contracts | (18216) | Net unrealized appreciation on<br>forward currency contracts | 4071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap | Interest | Net realized loss on swap<br>contracts | (2331) | Net unrealized depreciation on<br>swap contracts | (7110) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap | Credit | Net realized gain on swap<br>contracts | 1535<br>| Net unrealized appreciation on<br>swap contracts | 549<br>|
|  |  |  | $(26459) |  | $(6301) |
| **American High-Income Trust** |  |  |  |  |  |
|  |  | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| **Contracts** | **Risk type** | **Location on statement of<br>assets and liabilities** | **Value** | **Location on statement of<br>assets and liabilities** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest | Unrealized appreciation<sup>1</sup> | $10 | Unrealized depreciation<sup>1</sup> | $98 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap (centrally cleared) | Credit | Unrealized appreciation<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | Unrealized depreciation<sup>1</sup> | 154 |
|  |  |  | $10 |  | $252 |

---

Refer to the end of the tables for footnotes.

---

| | |
|:---|:---|
| American Funds Insurance Series | **317** |

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------

##### [**Table of Contents**](#toc)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation<br>(depreciation)** | **Net unrealized appreciation<br>(depreciation)** |
| <br> **Contracts** | <br>**Risk type** | **Location on statement of<br>operations** | **Value** | **Location on statement of<br>operations** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest | Net realized gain on futures<br>contracts | $1533 | Net unrealized appreciation on<br>futures contracts | $123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap | Credit | Net realized loss on swap<br>contracts | (82) | Net unrealized depreciation on<br>swap contracts | (161) |
|  |  |  | $1451 |  | $(38) |
| American Funds Mortgage Fund |  |  |  |  |  |
|  |  | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| **Contracts** | **Risk type** | **Location on statement of<br>assets and liabilities** | **Value** | **Location on statement of<br>assets and liabilities** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest | Unrealized appreciation<sup>1</sup> | $49 | Unrealized depreciation<sup>1</sup> | $124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap (centrally<br> cleared) | Interest | Unrealized appreciation<sup>1</sup> | 790 | Unrealized depreciation<sup>1</sup> |  |
|  |  |  | $839 |  | $124 |
|  |  | **Net realized (loss) gain** | **Net realized (loss) gain** | **Net unrealized depreciation** | **Net unrealized depreciation** |
| **Contracts** | **Risk type** | **Location on statement of<br>operations** | **Value** | **Location on statement of<br>operations** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest | Net realized loss on futures<br>contracts | $(2688) | Net unrealized depreciation on<br>futures contracts | $(79) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap | Interest | Net realized gain on swap<br>contracts | 3147<br>| Net unrealized depreciation on<br>swap contracts | (1585) <br>|
|  |  |  | $459 |  | $(1664) |
| **U.S. Government Securities Fund** |  |  |  |  |  |
|  |  | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| **Contracts** | **Risk type** | **Location on statement of<br>assets and liabilities** | **Value** | **Location on statement of<br>assets and liabilities** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest | Unrealized appreciation<sup>1</sup> | $14523 | Unrealized depreciation<sup>1</sup> | $17699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap (centrally cleared) | Interest | Unrealized appreciation<sup>1</sup> | 30519<br>| Unrealized depreciation<sup>1</sup> | 21723<br>|
|  |  |  | $45042 |  | $39422 |
|  |  | **Net realized (loss) gain** | **Net realized (loss) gain** | **Net unrealized depreciation** | **Net unrealized depreciation** |
| **Contracts** | **Risk type** | **Location on statement of<br>operations** | **Value** | **Location on statement of<br>operations** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest | Net realized loss on futures<br>contracts | $(52928) | Net unrealized depreciation on<br>futures contracts | $(3785) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap | Interest | Net realized gain on swap<br>contracts | 20919<br>| Net unrealized depreciation on<br>swap contracts | (7297) <br>|
|  |  |  | $(32009) |  | $(11082) |

---

Refer to the end of the tables for footnotes.

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| | |
|:---|:---|
| **318** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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------

##### [**Table of Contents**](#toc)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** |  |  |  |
|  |  | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| **Contracts** | **Risk type** | **Location on statement of**<br> **assets and liabilities** | **Value** | **Location on statement of**<br> **assets and liabilities** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased | Equity | Investment securities from unaffiliated issuers<sup>3</sup> | $205 | Investment securities from unaffiliated issuers<sup>3</sup> | $– |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Currency | Unrealized appreciation<sup>1</sup> | 47 | Unrealized depreciation<sup>1</sup> | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Equity | Unrealized appreciation<sup>1</sup> | 7547 | Unrealized depreciation<sup>1</sup> | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest | Unrealized appreciation<sup>1</sup> | –<br> <u> </u> | Unrealized depreciation<sup>1</sup> | 47 |
|  |  |  | <u>$7799</u> |  | <u>$109</u> |
|  |  | **Net realized (loss) gain** | **Net realized (loss) gain** | **Net unrealized appreciation** | **Net unrealized appreciation** |
| **Contracts** | **Risk type** | **Location on statement of**<br> **operations** | **Value** | **Location on statement of<br>operations** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased | Equity | Net realized loss on investments in unaffiliated issuers | $(3857) | Net unrealized appreciation on investments in unaffiliated issuers | $399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Currency | Net realized gain on futures contracts | 463 | Net unrealized appreciation on futures contracts | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Equity | Net realized gain on futures contracts | 12863 | Net unrealized appreciation on futures contracts | 8762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest | Net realized loss on futures contracts | (11,442<br> <u> </u>) <br>| Net unrealized appreciation on futures contracts | 10<br> <u> </u> |
|  |  |  | <u>$(1973</u>) |  | <u>$9223</u> |
| **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** |  |  |  |
|  |  | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| **Contracts** | **Risk type** | **Location on statement of**<br> **assets and liabilities** | **Value** | **Location on statement of**<br> **assets and liabilities** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased | Equity | Investment securities from unaffiliated issuers<sup>3</sup> | $169 | Investment securities from unaffiliated issuers<sup>3</sup> | $– |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Currency | Unrealized appreciation<sup>1</sup> |  | Unrealized depreciation<sup>1</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Equity | Unrealized appreciation<sup>1</sup> | 1024 | Unrealized depreciation<sup>1</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest | Unrealized appreciation<sup>1</sup> |  | Unrealized depreciation<sup>1</sup> | 13 |
|  |  |  | <u> </u> |  | <u> </u> |
|  |  |  | <u>$1193</u> |  | <u>$13</u> |
|  |  | **Net realized (loss) gain** | **Net realized (loss) gain** | **Net unrealized appreciation** | **Net unrealized appreciation** |
| **Contracts** | **Risk type** | **Location on statement of<br>operations** | **Value** | **Location on statement of<br>operations** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased | Equity | Net realized loss on investments in unaffiliated issuers | $(1108) | Net unrealized appreciation on investments in unaffiliated issuers | $327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Currency | Net realized gain on futures contracts |  | Net unrealized appreciation on futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Equity | Net realized gain on futures contracts | 6799 | Net unrealized appreciation on futures contracts | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest | Net realized loss on futures contracts | (2,792<br> <u> </u>) <br>| Net unrealized appreciation on futures contracts | 1,337<br> <u> </u> |
|  |  |  | <u>$2899</u> |  | <u>$1721</u> |

---

Refer to the end of the tables for footnotes.

---

| | |
|:---|:---|
| American Funds Insurance Series | **319** |

---

------

##### [**Table of Contents**](#toc)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** |  |  |  |
|  |  | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| **Contracts** | **Risk type** | **Location on statement of**<br> **assets and liabilities** | **Value** | **Location on statement of**<br> **assets and liabilities** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased | Equity | Investment securities from unaffiliated issuers<sup>3</sup> | $274 | Investment securities from unaffiliated issuers<sup>3</sup> | $– |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Currency | Unrealized appreciation<sup>1</sup> | 68 | Unrealized depreciation<sup>1</sup> | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Equity | Unrealized appreciation<sup>1</sup> | 2625 | Unrealized depreciation<sup>1</sup> | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest | Unrealized appreciation<sup>1</sup> | –<br> <u> </u> | Unrealized depreciation<sup>1</sup> | 81<br> <u> </u> |
|  |  |  | <u>$2967</u> |  | <u>$91</u> |
|  |  | **Net realized (loss) gain** | **Net realized (loss) gain** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| **Contracts** | **Risk type** | **Location on statement of<br>operations** | **Value** | **Location on statement of<br>operations** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased | Equity | Net realized loss on investments in unaffiliated issuers | $(3288) | Net unrealized appreciation on investments in unaffiliated issuers | $51 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Currency | Net realized gain on futures contracts | 270 | Net unrealized appreciation on futures contracts | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Equity | Net realized gain on futures contracts | 1194 | Net unrealized appreciation on futures contracts | 2690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest | Net realized loss on futures contracts | (6,007<br> <u> </u>) <br>| Net unrealized depreciation on futures contracts | (53)<br> <u> </u> |
|  |  |  | <u>$(7831</u>) |  | <u>$2756</u> |
| **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** |  |  |  |
|  |  | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| **Contracts** | **Risk type** | **Location on statement of**<br> **assets and liabilities** | **Value** | **Location on statement of**<br> **assets and liabilities** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased | Equity | Investment securities from unaffiliated issuers<sup>3</sup> | $2485 | Investment securities from unaffiliated issuers<sup>3</sup> | $– |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Currency | Unrealized appreciation<sup>1</sup> | 433 | Unrealized depreciation<sup>1</sup> | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Equity | Unrealized appreciation<sup>1</sup> | 16502 | Unrealized depreciation<sup>1</sup> | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest | Unrealized appreciation<sup>1</sup> | –<br> <u> </u> | Unrealized depreciation<sup>1</sup> | 177<br> <u> </u>  |
|  |  |  | <u>$19420</u> |  | <u>$284</u> |
|  |  | **Net realized (loss) gain** | **Net realized (loss) gain** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| **Contracts** | **Risk type** | **Location on statement of<br>operations** | **Value** | **Location on statement of<br>operations** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased | Equity | Net realized loss on investments in unaffiliated issuers | $(38643) | Net unrealized appreciation on investments in unaffiliated issuers | $7712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Currency | Net realized gain on futures contracts | 1635 | Net unrealized appreciation on futures contracts | 368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Equity | Net realized loss on futures contracts | (12730) | Net unrealized appreciation on futures contracts | 17087 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest | Net realized loss on futures contracts | (40,727<br> <u> </u>) <br>| Net unrealized depreciation on futures contracts | (116)<br> <u> </u>  |
|  |  |  | <u>$(90465</u>) |  | <u>$25051</u> |

---

Refer to the end of the tables for footnotes.

---

| | |
|:---|:---|
| **320** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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------

##### [**Table of Contents**](#toc)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** |  |  |  |
|  |  | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| **Contracts** | **Risk type** | **Location on statement of**<br> **assets and liabilities** | **Value** | **Location on statement of**<br> **assets and liabilities** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased | Equity | Investment securities from unaffiliated issuers<sup>3</sup> | $383 | Investment securities from unaffiliated issuers<sup>3</sup> | $– |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Currency | Unrealized appreciation<sup>1</sup> | 196 | Unrealized depreciation<sup>1</sup> | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Equity | Unrealized appreciation<sup>1</sup> | 13613 | Unrealized depreciation<sup>1</sup> | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest | Unrealized appreciation<sup>1</sup> | –<br> <u> </u> | Unrealized depreciation<sup>1</sup> | 162<br> <u> </u>  |
|  |  |  | <u>$14192</u> |  | <u>$227</u> |
|  |  | **Net realized (loss) gain** | **Net realized (loss) gain** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| **Contracts** | **Risk type** | **Location on statement of<br>operations** | **Value** | **Location on statement of<br>operations** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased | Equity | Net realized loss on investments in unaffiliated issuers | $(5894) | Net unrealized appreciation on investments in unaffiliated issuers | $396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Currency | Net realized gain on futures contracts | 1468 | Net unrealized appreciation on futures contracts | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Equity | Net realized loss on futures contracts | (9987) | Net unrealized appreciation on futures contracts | 13720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest | Net realized loss on futures contracts | (39,248<br> <u> </u>) <br>| Net unrealized depreciation on futures contracts | (55)<br> <u> </u>  |
|  |  |  | <u>$(53661</u>) |  | <u>$14219</u> |

---

<sup>1</sup> Includes cumulative appreciation/depreciation on futures contracts, centrally cleared interest rate swaps and/or centrally cleared credit default swaps as reported in the applicable table following each fund's investment portfolio. Only current day's variation margin is reported within each fund's statement of assets and liabilities. 

<sup>2</sup> Amount less than one thousand. 

<sup>3</sup> Includes options purchased as reported in each fund's investment portfolio.

**Collateral** – Some funds either receive or pledge highly liquid assets, such as cash or U.S. government securities, as collateral due to securities lending and/or their use of futures contracts, forward currency contracts, interest rate swaps, credit default swaps and/or future delivery contracts. For securities lending, each participating fund receives collateral in exchange for lending investment securities. The lending agent may reinvest collateral from securities lending transactions according to agreed parameters. For futures contracts, centrally cleared interest rate swaps and centrally cleared credit default swaps, the program calls for each participating fund to pledge collateral for initial and variation margin by contract. For forward currency contracts, the program calls for each participating fund to either receive or pledge collateral based on the net gain or loss on unsettled contracts by counterparty. For future delivery contracts, the program calls for each participating fund to either receive or pledge collateral based on the net gain or loss on unsettled contracts by certain counterparties. The purpose of the collateral is to cover potential losses that could occur in the event that either party cannot meet its contractual obligation. Non-cash collateral pledged by each participating fund, if any, is disclosed in each fund's investment portfolio, and cash collateral pledged by each participating fund, if any, is held in a segregated account with the fund's custodian, which is reflected as pledged cash collateral in each fund's statement of assets and liabilities.

**Rights of offset** – Funds that hold forward currency contracts have enforceable master netting agreements with certain counterparties, where amounts payable by each party to the other in the same currency (with the same settlement date and with the same counter-party) are settled net of each party's payment obligation. If an early termination date occurs under these agreements following an event of default or termination event, all obligations of each party to its counterparty are settled net through a single payment in a single currency ("close-out netting"). For financial reporting purposes, the funds do not offset financial assets and financial liabilities that are subject to these master netting arrangements in the statements of assets and liabilities.

---

| | |
|:---|:---|
| American Funds Insurance Series | **321** |

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------

##### [**Table of Contents**](#toc)
The following tables present each fund's forward currency contracts by counterparty that are subject to master netting agreements but that are not offset in the funds' statements of assets and liabilities. The net amount column shows the impact of offsetting on the funds' statement of assets and liabilities as of December 31, 2022, if close-out netting was exercised (dollars in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | |  | **Gross amounts not offset in the<br>statement of assets and liabilities<br>and<br> subject to a master netting agreement** | **Gross amounts not offset in the<br>statement of assets and liabilities<br>and<br> subject to a master netting agreement** | **Gross amounts not offset in the<br>statement of assets and liabilities<br>and<br> subject to a master netting agreement** | |
| **New World Fund**<br>**Counterparty** |<br>**Gross amounts<br>recognized in the**<br>**statement of assets<br>and liabilities** |  | **Available to<br>offset** | **Non-cash<br>collateral** **<br>\*** | **Cash<br>collateral** **<br>\*** |<br>**Net <br> amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barclays Bank PLC | $– | <sup>†</sup> | $– | $– | $– | $–<sup>†</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs | $26 |  | $– | $– | $– | $26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase | 24 |  |  |  |  | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $50 |  | $– | $– | $– | $50 |
| **International Growth and Income Fund** |  |  |  |  |  |  |
|  | **Gross amounts<br>recognized in the** |  | **Gross amounts not offset in the<br>statement of assets and liabilities and<br> subject to a master netting agreement** | **Gross amounts not offset in the<br>statement of assets and liabilities and<br> subject to a master netting agreement** | **Gross amounts not offset in the<br>statement of assets and liabilities and<br> subject to a master netting agreement** |  |
| **Counterparty** | **statement of assets<br>and liabilities** |  | **Available to<br>offset** | **Non-cash<br>collateral** **<br>\*** | **Cash<br>collateral** **<br>\*** | **Net <br> amount** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UBS AG | $5 |  | $– | $– | $– | $5 |
| **American Funds Global Balanced Fund** |  |  |  |  |  |  |
|  | **Gross amounts<br>recognized in the** |  | **Gross amounts not offset in the<br>statement of assets and liabilities and<br>subject to a master netting agreement** | **Gross amounts not offset in the<br>statement of assets and liabilities and<br>subject to a master netting agreement** | **Gross amounts not offset in the<br>statement of assets and liabilities and<br>subject to a master netting agreement** |  |
| **Counterparty** | **statement of assets<br>and liabilities** |  | **Available<br> to offset** | **Non-cash<br>collateral** **<br>\*** | **Cash<br>collateral** **<br>\*** | **Net <br> amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of America | $76 |  | $(29) | $– | $(47) | $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas | 66 |  | (47) |  |  | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citibank | 113 |  | (28) |  |  | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs | 92 |  | (8) |  |  | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HSBC Bank | 33 |  | (8) |  |  | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 1 |  | (1) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered Bank | 272 |  | (1) |  |  | 271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UBS AG | 33 |  | (23) |  |  | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $686 |  | $(145) | $– | $(47) | $494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of America | $29 |  | $(29) | $– | $– | $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of New York Mellon | 2 |  |  |  |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas | 47 |  | (47) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citibank | 28 |  | (28) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs | 8 |  | (8) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HSBC Bank | 8 |  | (8) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase | 3 |  |  |  |  | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 1 |  | (1) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered Bank | 1 |  | (1) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UBS AG | 23 |  | (23) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $150 |  | $(145) | $– | $– | $5 |

---

Refer to the end of the tables for footnotes.

---

| | |
|:---|:---|
| **322** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Gross amounts not offset in the<br>statement of assets and liabilities and<br> subject to a master netting agreement** | **Gross amounts not offset in the<br>statement of assets and liabilities and<br> subject to a master netting agreement** | **Gross amounts not offset in the<br>statement of assets and liabilities and<br> subject to a master netting agreement** | |
| **The Bond Fund of America**<br>**Counterparty** |<br>**Gross amounts<br>recognized in the**<br>**statement of assets<br>and liabilities** | **Available<br>to offset** | **Non-cash<br>collateral** **<br>\*** | **Cash<br>collateral** **<br>\*** |<br>**Net <br> amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citibank | $63 | $(59) | $– | $– | $4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HSBC Bank | 106 | (4) |  |  | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 3652 | (16) |  | (2380) | 1256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $3821 | $(79) | $– | $(2380) | $1362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citibank | $59 | $(59) | $– | $– | $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HSBC Bank | 4 | (4) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase | 95 |  |  |  | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 16 | (16) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $174 | $(79) | $– | $– | $95 |
| **Capital World Bond Fund** |  |  |  |  |  |
|  | **Gross amounts<br>recognized in the** | **Gross amounts not offset in the<br>statement of assets and liabilities and<br>subject to a master netting agreement** | **Gross amounts not offset in the<br>statement of assets and liabilities and<br>subject to a master netting agreement** | **Gross amounts not offset in the<br>statement of assets and liabilities and<br>subject to a master netting agreement** |  |
| **Counterparty** | **statement of assets<br>and liabilities** | **Available<br>to offset** | **Non-cash<br>collateral** **<br>\*** | **Cash<br>collateral** **<br>\*** | **Net <br> amount** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of America | $1728 | $(1013) | $(59) | $– | $656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas | 433 | (433) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citibank | 105 |  |  |  | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs | 128 | (92) |  |  | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HSBC Bank | 215 | (123) |  | (92) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase | 89 |  |  |  | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 76 | (76) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered Bank | 3616 | (8) |  | (2190) | 1418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UBS AG | 618 | (478) |  |  | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $7008 | $(2223) | $(59) | $(2282) | $2444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of America | $1013 | $(1013) | $– | $– | $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas | 473 | (433) | (40) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs | 92 | (92) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HSBC Bank | 123 | (123) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 268 | (76) |  |  | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered Bank | 8 | (8) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UBS AG | 478 | (478) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $2455 | $(2223) | $(40) | $– | $192 |

---

\*Collateral is shown on a settlement basis.

<sup>†</sup>Amount less than one thousand.

**6. Taxation and distributions** 

------

**Federal income taxation** – Each fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to regulated investment companies and intends to distribute substantially all of its net taxable income and net capital gains each year. The funds are not subject to income taxes to the extent such distributions are made. Therefore, no federal income tax provision is required.

As of and during the year ended December 31, 2022, none of the funds had a liability for any unrecognized tax benefits. Each fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in their respective statements of operations. During the year, none of the funds incurred any significant interest or penalties.

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| | |
|:---|:---|
| American Funds Insurance Series | **323** |

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------

##### [**Table of Contents**](#toc)
Each fund's tax returns are generally not subject to examination by federal, state and, if applicable, non-U.S. tax authorities after the expiration of each jurisdiction's statute of limitations, which is typically three years after the date of filing but can be extended in certain jurisdictions.

**Non-U.S. taxation** – Dividend and interest income, if any, are recorded net of non-U.S. taxes paid. The funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. As a result of rulings from European courts, the funds filed for additional reclaims related to prior years. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability. During the year ended December 31, 2022, some of the funds recognized reclaims (net of fees and the effect of realized gain or loss from currency translations) and interest related to European court rulings as follows (dollars in thousands):

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Reclaims** | **Fees** | **Interest** |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Growth Fund | $782 | $700 | $71 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Small Capitalization Fund | 264 | 1 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Growth Fund | 818 | 41 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Fund | 5544 | 1191 | 920 |
| &nbsp;&nbsp;&nbsp;&nbsp; New World Fund | 358 | 110 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Growth-Income Fund | 3119 | 674 | 292 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Growth and Income Fund | 995 | 133 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Income Builder | 103 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset Allocation Fund | 23 | 115 | 9 |

---

The reclaims and interest are included in each fund's statements of operations. Gains realized by the funds on the sale of securities in certain countries, if any, may be subject to non-U.S. taxes. If applicable, the funds record an estimated deferred tax liability based on unrealized gains to provide for potential non-U.S. taxes payable upon the sale of these securities.

**Distributions** – Distributions determined on a tax basis may differ from net investment income and net realized gains for financial reporting purposes. These differences are due primarily to different treatment for items such as currency gains and losses; short-term capital gains and losses; capital losses related to sales of certain securities within 30 days of purchase; unrealized appreciation of certain investments in securities outside the U.S.; deferred expenses; cost of investments sold; paydowns on fixed-income securities; net capital losses; net operating losses; non-U.S. taxes on capital gains; amortization of premiums and discounts and income on certain investments. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the funds for financial reporting purposes. The funds may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.

Additional tax basis disclosures for each fund as of December 31, 2022, were as follows (dollars in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Global<br>Growth<br>Fund** | **Global**<br> **Small<br>Capitalization<br>Fund** | **Growth<br>Fund** | **International<br>Fund** | **New<br>World<br>Fund** | **Washington<br>Mutual<br>Investors<br>Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp; Undistributed ordinary income | $18515 | $1947 | $58974 | $15623 | $8333 | $45061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Undistributed long-term capital gains | 549285 | 39017 | 1978732 |  |  | 89689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital loss carryforward\* | – | – | – | (374845) | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross unrealized appreciation on investments | 2375954 | 670857 | 11042046 | 1336912 | 734224 | 2118125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross unrealized depreciation on investments | (532719) | (341080) | (2302474) | (696377) | (227842) | (434198) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation) on investments | 1843235 | 329777 | 8739572 | 640535 | 506382 | 1683927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of investments | 5104805 | 2679736 | 22239209 | 6111539 | 2581084 | 7749839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reclassification from (to) total distributable earnings/accumulated loss to (from) capital paid in on shares of beneficial interest | (2) | 1 | (1) | – | 2307 | – |

---

Refer to the end of the tables for footnote.

---

| | |
|:---|:---|
| **324** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Capital World<br>Growth and<br>Income Fund** | **Growth-<br>Income**<br> **Fund** | **International<br>Growth**<br> **and Income<br>Fund** | **Capital<br>Income<br>Builder** | **Asset<br>Allocation<br>Fund** | **American<br>Funds<br>Global<br>Balanced<br>Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp; Undistributed ordinary income | $6716 | $117578 | $1209 | $10957 | $120979 | $2667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Undistributed long-term capital gains |  | 1825597 |  |  | 958605 | 44806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital loss carryforward\* | (72176) | – | (23828) | (28240) | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross unrealized appreciation on<br>investments | 404604 | 11485057 | 40113 | 172719 | 5621631 | 32081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross unrealized depreciation on<br>investments | (145788) | (1261066) | (38777) | (48638) | (1495405) | (28506) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation) on investments | 258816 | 10223991 | 1336 | 124081 | 4126226 | 3575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of investments | 1470280 | 23017328 | 298123 | 1050210 | 21189651 | 360934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reclassification from (to) total distributable<br>earnings/accumulated loss to (from)<br>capital paid in on shares of beneficial<br>interest | – | 1 | (2) | 1 | – | (5) |
|  | **The Bond<br>Fund of<br>America** | **Capital<br>World**<br> **Bond**<br> **Fund** | **American<br>High-Income<br>Trust** | **American<br>Funds<br>Mortgage<br>Fund** | **Ultra-Short<br>Bond**<br> **Fund** | **U.S.<br>Government<br>Securities<br>Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp; Undistributed ordinary income | $58751 | $– | $9376 | $529 | $2708 | $8185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital loss carryforward\* | (907300) | (133685) | (298537) | (9549) | (1) | (177836) |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross unrealized appreciation on<br>investments | 59386 | 15710 | 31393 | 1496 | 27 | 52241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross unrealized depreciation on<br>investments | (845293) | (205368) | (114413) | (3313) | (84) | (124942) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation)<br>on investments | (785907) | (189658) | (83020) | (1817) | (57) | (72701) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of investments | 11952694 | 1666306 | 899803 | 109898 | 423636 | 1796326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reclassification from (to) total distributable<br>earnings/accumulated loss to (from)<br>capital paid in on shares of beneficial<br>interest | – | (18935) | – | – | – | – |
|  | **Managed<br>Risk**<br> **Growth**<br> **Fund** | **Managed<br>Risk<br>International<br>Fund** | **Managed<br>Risk<br>Washington<br>Mutual<br>Investors<br>Fund** | **Managed<br>Risk**<br> **Growth-<br>Income**<br> **Fund** | **Managed<br>Risk**<br> **Asset<br>Allocation<br>Fund** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Undistributed ordinary income | $5720 | $1966 | $5613 | $29224 | $35270 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Undistributed long-term capital gains | 105958 | 8883 | 41991 | 263419 | 248376 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital loss carryforward utilized | – | 12234 | 23718 | – | – |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross unrealized appreciation on<br>investments | 1057 | 229 | 981 | 10979 | 1506 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross unrealized depreciation on<br>investments | (130250) | (34019) | (46563) | (168097) | (129608) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation)<br>on investments | (129193) | (33790) | (45582) | (157118) | (128102) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of investments | 569814 | 156568 | 362881 | 2216048 | 2296114 |  |

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\* Each fund's capital loss carryforward will be used to offset any capital gains realized by the fund in future years. Funds with a capital loss carryforward will not make distributions from capital gains while a capital loss carryforward remains.

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| | |
|:---|:---|
| American Funds Insurance Series | **325** |

---

------

##### [**Table of Contents**](#toc)
Distributions paid by each fund were characterized for tax purposes as follows (dollars in thousands):

**Global Growth Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| **Share class** | **Ordinary<br>income** | **Long-term<br>capital gains** | **Total<br>distributions<br>paid** | **Ordinary<br>income** | **Long-term<br>capital gains** | **Total<br>distributions<br>paid** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | $39498 | $361119 | $400617 | $23870 | $193074 | $216944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1A | 141 | 1617 | 1758 | 55 | 645 | 700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | 32689 | 386947 | 419636 | 15210 | 221402 | 236612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 4 | 4312 | 66240 | 70552 | 1339 | 30748 | 32087 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $76640 | $815923 | $892563 | $40474 | $445869 | $486343 |

---

**Global Small Capitalization Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| **Share class** | **Ordinary<br>income** | **Long-term<br>capital gains** | **Total<br>distributions<br>paid** | **Ordinary<br>income** | **Long-term<br>capital gains** | **Total<br>distributions<br>paid** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | $47544 | $285173 | $332717 | $– | $55655 | $55655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1A | 209 | 1252 | 1461 |  | 39 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | 94748 | 568298 | 663046 |  | 60246 | 60246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 4 | 13417 | 80475 | 93892 |  | 7215 | 7215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $155918 | $935198 | $1091116 | $– | $123155 | $123155 |
| **Growth Fund** |  |  |  |  |  |  |
|  | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| **Share class** | **Ordinary<br>income** | **Long-term<br>capital gains** | **Total<br>distributions<br>paid** | **Ordinary<br>income** | **Long-term<br>capital gains** | **Total<br>distributions<br>paid** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | $319915 | $1912725 | $2232640 | $181380 | $2073422 | $2254802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1A | 3677 | 23411 | 27088 | 701 | 9031 | 9732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | 311929 | 2152577 | 2464506 | 167439 | 2610409 | 2777848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 3 | 4207 | 28163 | 32370 | 2435 | 35107 | 37542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 4 | 43665 | 340245 | 383910 | 17483 | 340551 | 358034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $683393 | $4457121 | $5140514 | $369438 | $5068520 | $5437958 |
| **International Fund** |  |  |  |  |  |  |
|  | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| **Share class** | **Ordinary<br>income** | **Long-term<br>capital gains** | **Total<br>distributions<br>paid** | **Ordinary<br>income** | **Long-term<br>capital gains** | **Total<br>distributions<br>paid** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | $94903 | $448918 | $543821 | $131730 | $– | $131730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1A | 281 | 1398 | 1679 | 281 |  | 281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | 86539 | 450228 | 536767 | 105815 |  | 105815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 3 | 431 | 2195 | 2626 | 545 |  | 545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 4 | 9244 | 52350 | 61594 | 10725 |  | 10725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $191398 | $955089 | $1146487 | $249096 | $– | $249096 |

---

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| | |
|:---|:---|
| **326** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **New World Fund** | | | | | | |
|  | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| **Share class** | **Ordinary<br>income** | **Long-term<br>capital gains** | **Total<br>distributions<br>paid** | **Ordinary<br>income** | **Long-term<br>capital gains** | **Total<br>distributions<br>paid** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | $60201 | $129123 | $189324 | $26785 | $78257 | $105042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1A | 317 | 724 | 1041 | 77 | 273 | 350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | 26575 | 61661 | 88236 | 9450 | 36498 | 45948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 4 | 22718 | 56063 | 78781 | 5794 | 28566 | 34360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $109811 | $247571 | $357382 | $42106 | $143594 | $185700 |
| **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** |  |  |  |  |  |
|  | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| **Share class** | **Ordinary<br>income** | **Long-term<br>capital gains** | **Total<br>distributions<br>paid** | **Ordinary<br>income** | **Long-term<br>capital gains** | **Total<br>distributions<br>paid** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | $351097 | $1068126 | $1419223 | $104666 | $– | $104666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1A | 3359 | 10665 | 14024 | 2211 |  | 2211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | 173751 | 551636 | 725387 | 46652 |  | 46652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 4 | 61406 | 196768 | 258174 | 12620 |  | 12620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $589613 | $1827195 | $2416808 | $166149 | $– | $166149 |
| **Capital World Growth and Income Fund** |  |  |  |  |  |  |
|  | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| **Share class** | **Ordinary<br>income** | **Long-term<br>capital gains** | **Total<br>distributions<br>paid** | **Ordinary<br>income** | **Long-term<br>capital gains** | **Total<br>distributions<br>paid** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | $32166 | $109599 | $141765 | $14543 | $16997 | $31540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1A | 337 | 1188 | 1525 | 99 | 67 | 166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | 57060 | 205827 | 262887 | 20948 | 29988 | 50936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 4 | 10246 | 37875 | 48121 | 3094 | 4436 | 7530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $99809 | $354489 | $454298 | $38684 | $51488 | $90172 |
| **Growth-Income Fund** |  |  |  |  |  |  |
|  | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| **Share class** | **Ordinary<br>income** | **Long-term<br>capital gains** | **Total<br>distributions<br>paid** | **Ordinary<br>income** | **Long-term<br>capital gains** | **Total<br>distributions<br>paid** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | $597601 | $1754172 | $2351773 | $328564 | $239575 | $568139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1A | 784 | 2464 | 3248 | 308 | 185 | 493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | 328556 | 1071265 | 1399821 | 164258 | 145765 | 310023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 3 | 3597 | 11428 | 15025 | 1864 | 1578 | 3442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 4 | 41526 | 145017 | 186543 | 16599 | 16418 | 33017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $972064 | $2984346 | $3956410 | $511593 | $403521 | $915114 |
| **International Growth and Income Fund** |  |  |  |  |  |  |
|  | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| **Share class** | **Ordinary<br>income** | **Long-term<br>capital gains** | **Total<br>distributions<br>paid** | **Ordinary<br>income** | **Long-term<br>capital gains** | **Total<br>distributions<br>paid** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | $397 | $6104 | $6501 | $4585 | $– | $4585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1A | 147 | 2108 | 2255 | 140 |  | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | 4951 | 81276 | 86227 | 6218 |  | 6218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 4 | 3387 | 55677 | 59064 | 3589 |  | 3589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $8882 | $145165 | $154047 | $14532 | $– | $14532 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **327** |

---

------

##### [**Table of Contents**](#toc)
**Capital Income Builder** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| **Share class** | **Ordinary<br>income** | **Long-term<br>capital gains** | **Total<br>distributions<br>paid** | **Ordinary<br>income** | **Long-term<br>capital gains** | **Total<br>distributions<br>paid** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | $17636 | $– | $17636 | $16222 | $– | $16222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1A | 270 |  | 270 | 218 |  | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | 354 |  | 354 | 315 |  | 315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 4 | 13728 |  | 13728 | 13009 |  | 13009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $31988 | $– | $31988 | $29764 | $– | $29764 |
| **Asset Allocation Fund** |  |  |  |  |  |  |
|  | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| **Share class** | **Ordinary<br>income** | **Long-term<br>capital gains** | **Total<br>distributions<br>paid** | **Ordinary<br>income** | **Long-term<br>capital gains** | **Total<br>distributions<br>paid** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | $476426 | $1525081 | $2001507 | $424814 | $579353 | $1004167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1A | 708 | 2098 | 2806 | 423 | 457 | 880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | 124332 | 440697 | 565029 | 108045 | 154751 | 262796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 3 | 845 | 2914 | 3759 | 717 | 976 | 1693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 4 | 142374 | 538249 | 680623 | 107752 | 164028 | 271780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $744685 | $2509039 | $3253724 | $641751 | $899565 | $1541316 |
| **American Funds Global Balanced Fund** |  |  |  |  |  |  |
|  | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| **Share class** | **Ordinary<br>income** | **Long-term<br>capital gains** | **Total<br>distributions<br>paid** | **Ordinary<br>income** | **Long-term<br>capital gains** | **Total<br>distributions<br>paid** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | $72 | $498 | $570 | $1680 | $6058 | $7738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1A | 2 | 13 | 15 | 45 | 189 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | 123 | 850 | 973 | 2431 | 10638 | 13069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 4 | 85 | 589 | 674 | 1305 | 6901 | 8206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $282 | $1950 | $2232 | $5461 | $23786 | $29247 |
| **The Bond Fund of America** |  |  |  |  |  |  |
|  | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| **Share class** | **Ordinary<br>income** | **Long-term<br>capital gains** | **Total<br>distributions<br>paid** | **Ordinary<br>income** | **Long-term<br>capital gains** | **Total<br>distributions<br>paid** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | $235158 | $60668 | $295826 | $301454 | $133858 | $435312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1A | 7470 | 1700 | 9170 | 408 | 193 | 601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | 98333 | 27763 | 126096 | 138464 | 69578 | 208042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 4 | 24749 | 7113 | 31862 | 28710 | 14777 | 43487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $365710 | $97244 | $462954 | $469036 | $218406 | $687442 |
| **Capital World Bond Fund** |  |  |  |  |  |  |
|  | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| **Share class** | **Ordinary<br>income** | **Long-term<br>capital gains** | **Total<br>distributions<br>paid** | **Ordinary<br>income** | **Long-term<br>capital gains** | **Total<br>distributions<br>paid** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | $2151 | $11752 | $13903 | $34401 | $10279 | $44680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1A | 3 | 20 | 23 | 34 | 7 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | 2087 | 13752 | 15839 | 33715 | 10855 | 44570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 4 | 120 | 945 | 1065 | 1845 | 612 | 2457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $4361 | $26469 | $30830 | $69995 | $21753 | $91748 |

---

---

| | |
|:---|:---|
| **328** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
**American High-Income Trust** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |  | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| **Share class** | **Ordinary<br>income** |  | **Long-term<br>capital gains** | **Total<br>distributions<br>paid** |  | **Ordinary<br>income** | **Long-term<br>capital gains** | **Total<br>distributions<br>paid** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | $18444 |  | $– | $18444 |  | $11054 | $– | $11054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1A | 100 |  |  | 100 |  | 59 |  | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | 42707 |  |  | 42707 |  | 28636 |  | 28636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 3 | 694 |  |  | 694 |  | 429 |  | 429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 4 | 5827 |  |  | 5827 |  | 3238 |  | 3238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $67772 |  | $– | $67772 |  | $43416 | $– | $43416 |
| **American Funds Mortgage Fund** |  |  |  |  |  |  |  |  |
|  | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |  | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| **Share class** | **Ordinary<br>income** |  | **Long-term<br>capital gains** | **Total<br>distributions<br>paid** |  | **Ordinary<br>income** | **Long-term<br>capital gains** | **Total<br>distributions<br>paid** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | $15 |  | $– | $15 |  | $6294 | $3087 | $9381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1A | 37 |  |  | 37 |  | 39 | 18 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | 995 |  |  | 995 |  | 1448 | 784 | 2232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 4 | 746 |  |  | 746 |  | 936 | 551 | 1487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $1793 |  | $– | $1793 |  | $8717 | $4440 | $13157 |
| **Ultra-Short Bond Fund** |  |  |  |  |  |  |  |  |
|  | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |  | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| **Share class** | **Ordinary<br>income** |  | **Long-term<br>capital gains** | **Total<br>distributions<br>paid** |  | **Ordinary<br>income** | **Long-term<br>capital gains** | **Total<br>distributions<br>paid** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | $348 |  | $– | $348 |  | $– | $– | $– |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1A |  | <sup>†</sup> |  |  | <sup>†</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | 1570 |  |  | 1570 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 3 | 26 |  |  | 26 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 4 | 293 |  |  | 293 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $2237 |  | $– | $2237 |  | $– | $– | $– |
| **U.S. Government Securities Fund** |  |  |  |  |  |  |  |  |
|  | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |  | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| **Share class** | **Ordinary<br>income** |  | **Long-term<br>capital gains** | **Total<br>distributions<br>paid** |  | **Ordinary<br>income** | **Long-term<br>capital gains** | **Total<br>distributions<br>paid** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | $10360 |  | $– | $10360 |  | $30987 | $9355 | $40342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1A | 153 |  |  | 153 |  | 389 | 129 | 518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | 42631 |  |  | 42631 |  | 108143 | 36124 | 144267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 3 | 292 |  |  | 292 |  | 714 | 234 | 948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 4 | 7040 |  |  | 7040 |  | 17596 | 6057 | 23653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $60476 |  | $– | $60476 |  | $157829 | $51899 | $209728 |

---

Refer to the end of the tables for footnote.

---

| | |
|:---|:---|
| American Funds Insurance Series | **329** |

---

------

##### [**Table of Contents**](#toc)
**Managed Risk Growth Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| **Share class** | **Ordinary<br>income** | **Long-term<br>capital gains** | **Total<br>distributions<br>paid** | **Ordinary<br>income** | **Long-term<br>capital gains** | **Total<br>distributions<br>paid** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P1 | $162 | $1634 | $1796 | $106 | $409 | $515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P2 | 6629 | 81821 | 88450 | 3159 | 23710 | 26869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $6791 | $83455 | $90246 | $3265 | $24119 | $27384 |
| **Managed Risk International Fund** |  |  |  |  |  |  |
|  | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| **Share class** | **Ordinary<br>income** | **Long-term<br>capital gains** | **Total<br>distributions<br>paid** | **Ordinary<br>income** | **Long-term<br>capital gains** | **Total<br>distributions<br>paid** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P1 | $69 | $– | $69 | $14 | $– | $14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P2 | 4206 |  | 4206 | 917 |  | 917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $4275 | $– | $4275 | $931 | $– | $931 |
| **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** |  |  |  |  |  |
|  | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| **Share class** | **Ordinary<br>income** | **Long-term<br>capital gains** | **Total<br>distributions<br>paid** | **Ordinary<br>income** | **Long-term<br>capital gains** | **Total<br>distributions<br>paid** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P1 | $127 | $– | $127 | $40 | $– | $40 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P2 | 14544 |  | 14544 | 5979 |  | 5979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $14671 | $– | $14671 | $6019 | $– | $6019 |
| **Managed Risk Growth-Income Fund** |  |  |  |  |  |  |
|  | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| **Share class** | **Ordinary<br>income** | **Long-term<br>capital gains** | **Total<br>distributions<br>paid** | **Ordinary<br>income** | **Long-term<br>capital gains** | **Total<br>distributions<br>paid** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P1 | $43232 | $44484 | $87716 | $30716 | $29380 | $60096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P2 | 5626 | 6461 | 12087 | 3713 | 4359 | 8072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $48858 | $50945 | $99803 | $34429 | $33739 | $68168 |
| **Managed Risk Asset Allocation Fund** |  |  |  |  |  |  |
|  | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
| **Share class** | **Ordinary<br>income** | **Long-term<br>capital gains** | **Total<br>distributions<br>paid** | **Ordinary<br>income** | **Long-term<br>capital gains** | **Total<br>distributions<br>paid** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P1 | $176 | $254 | $430 | $114 | $– | $114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P2 | 51616 | 86918 | 138534 | 38113 |  | 38113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $51792 | $87172 | $138964 | $38227 | $– | $38227 |

---

<sup>†</sup>Amount less than one thousand.

**7. Fees and transactions** 

------

CRMC, the series' investment adviser, is the parent company of American Funds Distributors<sup>®</sup>, Inc. ("AFD"), the distributor of the series' shares, and American Funds Service Company<sup>®</sup> ("AFS"), the series' transfer agent. CRMC, AFD and AFS are considered related parties to the series.

---

| | |
|:---|:---|
| **330** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
**Investment advisory services** – The series has an investment advisory and service agreement with CRMC that provides for monthly fees accrued daily. These fees are based on annual rates that generally decrease as net asset levels increase. CRMC receives investment advisory fees from the underlying funds held by the managed risk funds, which are included in the unaudited net effective expense ratios that are provided as additional information in the financial highlights tables. Subadvisory fees for the managed risk funds are paid by CRMC to Milliman FRM. The managed risk funds are not responsible for paying any subadvisory fees.

The series' board of trustees approved a revised investment advisory and services agreement effective May 1, 2022. The revised agreement provides investment advisory services fees based on revised annual rates and net asset levels for some of the funds. The following table discloses the annual rates and net asset levels before and after the revised contract became effective:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Prior to May 1, 2022** | **Prior to May 1, 2022** | **Prior to May 1, 2022** | **Prior to May 1, 2022** | **Effective May 1, 2022** | **Effective May 1, 2022** | **Effective May 1, 2022** | **Effective May 1, 2022** |
| | **Rates** | **Rates** | **Net asset levels<br>(in billions)** | **Net asset levels<br>(in billions)** | **Rates** | **Rates** | **Net asset levels<br>(in billions)** | **Net asset levels<br>(in billions)** |
| <br>**Fund** | **Beginning<br>with** | **Ending<br>with** | **Up to** | **In excess<br>of** | **Beginning<br>with** | **Ending<br>with** | **Up to** | **In excess<br>of** |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Growth Fund | .690% | .445% | $.6 | $8 | .475% | .435% | $15 | $15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Small Capitalization Fund | .800 | .635 | .6 | 5 | .647 | .615 | 15 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Growth Fund | .500 | .280 | .6 | 34 | .500 | .275 | .6 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Fund | .690 | .430 | .5 | 21 | .478 | .430 | 15 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp; New World Fund | .850 | .580 | .5 | 4 | .577 | .510 | 15 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Mutual Investors Fund | .500 | .350 | .6 | 10.5 | .374 | .350 | 15 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital World Growth and Income Fund | .690 | .480 | .6 | 3 | .475 | .435 | 15 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Growth-Income Fund | .500 | .219 | .6 | 34 | .500 | .217 | .6 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Growth and Income Fund | .690 | .500 | .5 | 1.5 | .478 | .450 | 15 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Income Builder | .500 | .410 | .6 | 1 | .357 | .330 | 15 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset Allocation Fund | .500 | .240 | .6 | 21 | .500 | .236 | .6 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Funds Global Balanced Fund | .660 | .510 | .5 | 1 | .446 | .420 | 15 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Bond Fund of America | .480 | .320 | .6 | 13 | .352 | .320 | 15 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital World Bond Fund | .570 | .450 | 1 | 3 | .431 | .360 | 15 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; American High-Income Trust | .500 | .420 | .6 | 2 | .404 | .386 | 15 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Funds Mortgage Fund | .420 | .290 | .6 | 3 | .295 | .280 | 15 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ultra-Short Bond Fund | .320 | .270 | 1 | 2 | .257 | .242 | 15 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Securities Fund | .420 | .290 | .6 | 3 | .295 | .280 | 15 | 15 |

---

**Investment advisory services waivers** – CRMC is waiving a portion of its investment advisory services fees for some of the funds. During the year ended December 31, 2022, CRMC waived $1,000 in fees for Growth Fund in advance of the revised investment advisory and service agreement effective May 1, 2022. CRMC also waived a portion of its investment advisory services fees for the following funds based on the rates listed:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Fund** | **Waiver rates prior to**<br> **May 1, 2022** | **Waiver rates effective**<br> **May 1, 2022** |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Growth Fund | Not applicable | .11% |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Small Capitalization Fund | Not applicable | .05 |
| &nbsp;&nbsp;&nbsp;&nbsp; New World Fund | .18% | .07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Mutual Investors Fund | .16 | .11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital World Growth and Income Fund | .23 | .14 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Growth and Income Fund | .14 | .01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Income Builder | .25 | .14 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Funds Global Balanced Fund | Not applicable | .01 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Bond Fund of America | .19 | .19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital World Bond Fund | .10 | .10 |
| &nbsp;&nbsp;&nbsp;&nbsp; American High-Income Trust | .19 | .14 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Funds Mortgage Fund | .21 | .12 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Securities Fund | .16 | .12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Managed Risk Growth Fund | .05 | .05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Managed Risk International Fund | .05 | .05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Managed Risk Washington Mutual Investors Fund | .05 | .05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Managed Risk Growth-Income Fund | .05 | .05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Managed Risk Asset Allocation Fund | .05 | .05 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **331** |

---

------

##### [**Table of Contents**](#toc)
The waiver rates for each fund, except Growth Fund, will be in effect through at least May 1, 2023, and may only be modified or terminated with the approval of the series' board. For the year ended December 31, 2022, total investment advisory services fees waived by CRMC were $58,051,000. CRMC does not intend to recoup these waivers. Investment advisory fees in each fund's statement of operations are presented gross of any waivers from CRMC.

The range of rates, net asset levels and the current annualized rates of average daily net assets for each fund before and after any investment advisory services waivers, if applicable, are as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Rates** | **Rates** | **Net asset level**<br>**(in billions)** | **Net asset level**<br>**(in billions)** | **For the<br>year ended<br>December 31,**<br> **2022,<br>before waiver** | **For the**<br> **year ended<br>December 31,**<br> **2022,<br>after waiver** |
| <br> **Fund** | **Beginning<br>with** | **Ending<br>with** | **Up to** | **In excess<br>of** | **For the<br>year ended<br>December 31,**<br> **2022,<br>before waiver** | **For the**<br> **year ended<br>December 31,**<br> **2022,<br>after waiver** |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Growth Fund | .475% | .435% | $15.0 | $15.0 | .485% | .415% |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Small Capitalization Fund | .647 | .615 | 15.0 | 15.0 | .668 | .637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Growth Fund | .500 | .275 | .6 | 44.0 | .313 | .313 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Fund | .478 | .430 | 15.0 | 21.0 | .485 | .485 |
| &nbsp;&nbsp;&nbsp;&nbsp; New World Fund | .577 | .510 | 15.0 | 15.0 | .619 | .509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Mutual Investors Fund | .374 | .350 | 15.0 | 15.0 | .378 | .230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital World Growth and Income Fund | .475 | .435 | 15.0 | 15.0 | .518 | .364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Growth-Income Fund | .500 | .217 | .6 | 44.0 | .254 | .254 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Growth and Income Fund | .478 | .450 | 15.0 | 15.0 | .555 | .460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Income Builder | .357 | .330 | 15.0 | 15.0 | .395 | .218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset Allocation Fund | .500 | .236 | .6 | 34.0 | .265 | .265 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Funds Global Balanced Fund | .446 | .420 | 15.0 | 15.0 | .523 | .517 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Bond Fund of America | .352 | .320 | 15.0 | 15.0 | .354 | .164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital World Bond Fund | .431 | .360 | 15.0 | 15.0 | .471 | .433 |
| &nbsp;&nbsp;&nbsp;&nbsp; American High-Income Trust | .404 | .386 | 15.0 | 15.0 | .433 | .275 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Funds Mortgage Fund | .295 | .280 | 15.0 | 15.0 | .346 | .189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ultra-Short Bond Fund | .257 | .242 | 15.0 | 15.0 | .275 | .275 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Securities Fund | .295 | .280 | 15.0 | 15.0 | .319 | .184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Managed Risk Growth Fund | .150 |  | all |  | .150 | .100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Managed Risk International Fund | .150 |  | all |  | .150 | .100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Managed Risk Washington Mutual Investors Fund | .150 |  | all |  | .150 | .100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Managed Risk Growth-Income Fund | .150 |  | all |  | .150 | .100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Managed Risk Asset Allocation Fund | .150 |  | all |  | .150 | .100 |

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**Class-specific fees and expenses** – Expenses that are specific to individual share classes are accrued directly to the respective share class. The principal class-specific fees and expenses are further described below:

**Distribution services** – The series has plans of distribution for all share classes except Class 1. Under the plans, the board of trustees approves certain categories of expenses that are used to finance activities primarily intended to sell fund shares. The plans provide for payments to pay service fees to firms that have entered into agreements with the series. These payments, based on an annualized percentage of average daily net assets, range from 0.18% to 0.50% as noted in the table below. In some cases, the board of trustees has limited the amounts that may be paid to less than the maximum allowed by the plans.

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| | | |
|:---|:---|:---|
| **Share class** | **Currently approved limits** | **Plan limits** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1A | &nbsp;&nbsp;&nbsp;&nbsp;0.00% | &nbsp;&nbsp;&nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | 0.25 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 3 | 0.18 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 4 | 0.25 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P1 | 0.00 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P2 | 0.25 | 0.50 |

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| | |
|:---|:---|
| **332** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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##### [**Table of Contents**](#toc)
**Insurance administrative services** – The series has an insurance administrative services plan for Class 1A, 4, P1 and P2 shares. Under the plan, these share classes pay 0.25% of each insurance company's respective average daily net assets in each share class to compensate the insurance companies for services provided to their separate accounts and contractholders for which the shares of the fund are beneficially owned as underlying investments of such contractholders' annuities. These services include, but are not limited to, maintenance, shareholder communications and transactional services. The insurance companies are not related parties to the series.

**Transfer agent services** – The series has a shareholder services agreement with AFS under which the funds compensate AFS for providing transfer agent services to all of the funds' share classes. These services include recordkeeping, shareholder communications and transaction processing. In addition, the managed risk funds reimburse AFS for amounts paid to third parties for performing transfer agent services on behalf of fund shareholders.

**Administrative services** – The series has an administrative services agreement with CRMC under which each fund compensates CRMC for providing administrative services to all of the funds' share classes except Class P1 and P2 shares. Administrative services are provided by CRMC and its affiliates to help assist third parties providing non-distribution services to fund shareholders. These services include providing in-depth information on each fund and market developments that impact fund investments. Administrative services also include, but are not limited to, coordinating, monitoring and overseeing third parties that provide services to fund shareholders. The agreement provides each fund, other than the managed risk funds, the ability to charge an administrative services fee at the annual rate of 0.05% of average daily net assets attributable to each share class. Currently each fund, other than the managed-risk funds, pays CRMC an administrative services fee at the annual rate of 0.03% of average daily net assets of each share class for CRMC's provision of administrative services. For the managed risk funds, CRMC receives administrative services fees at an annual rate of 0.03% of average daily net assets from Class 1 shares of the underlying funds for administrative services provided to the series.

**Accounting and administrative services** – The managed risk funds have a subadministration agreement with Bank of New York Mellon ("BNY Mellon") under which the fund compensates BNY Mellon for providing accounting and administrative services to each of the managed risk funds' share classes. These services include, but are not limited to, fund accounting (including calculation of net asset value), financial reporting and tax services. BNY Mellon is not a related party to the managed risk funds.

Class-specific expenses under the agreements described above were as follows (dollars in thousands):

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| | | | |
|:---|:---|:---|:---|
| **Global Growth Fund** | **Global Growth Fund** |  |  |
| **Share class** | **Distribution<br>services** | **Insurance<br>administrative<br>services** | **Administrative<br>services** |
|  Class 1 | Not applicable | Not applicable | $1002 |
|  Class 1A | $– | $37 | 4 |
|  Class 2 | 8754 | Not applicable | 1050 |
|  Class 4 | 1500 | 1500 | 180 |
|  Total class-specific<br>expenses | $10254 | $1537 | $2236 |
| **Growth Fund** | **Growth Fund** |  |  |
| **Share class** | **Distribution**<br> **services** | **Insurance<br>administrative<br>services** | **Administrative<br>services** |
|  Class 1 | Not applicable | Not applicable | $4542 |
|  Class 1A | $– | $407 | 49 |
|  Class 2 | 41888 | Not applicable | 5026 |
|  Class 3 | 403 | Not applicable | 67 |
|  Class 4 | 6532 | 6532 | 784 |
|  Total class-specific<br>expenses | $48823 | $6939 | $10468 |

---

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| | | | |
|:---|:---|:---|:---|
| **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** |  |
| **Share class** | **Distribution<br>services** | **Insurance<br>administrative<br>services** | **Administrative<br>services** |
|  Class 1 | Not applicable | Not applicable | $308 |
|  Class 1A | $– | $11 | 1 |
|  Class 2 | 4837 | Not applicable | 581 |
|  Class 4 | 688 | 688 | 83 |
|  Total class-specific<br>expenses | $5525 | $699 | $973 |
| **International Fund** | **International Fund** | **International Fund** | **International Fund** |
| **Share class** | **Distribution<br>services** | **Insurance<br>administrative<br>services** | **Administrative<br>services** |
|  Class 1 | Not applicable | Not applicable | $1036 |
|  Class 1A | $– | $26 | 3 |
|  Class 2 | 8573 | Not applicable | 1029 |
|  Class 3 | 30 | Not applicable | 5 |
|  Class 4 | 982 | 982 | 118 |
|  Total class-specific<br>expenses | $9585 | $1008 | $2191 |

---

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| | |
|:---|:---|
| American Funds Insurance Series | **333** |

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------

##### [**Table of Contents**](#toc)

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| | | | |
|:---|:---|:---|:---|
| **New World Fund** | **New World Fund** | **New World Fund** |  |
| **Share class** | **Distribution**<br> **services** | **Insurance<br>administrative<br>services** | **Administrative<br>services** |
|  Class 1 | Not applicable | Not applicable | $535 |
|  Class 1A | $– | $25 | 3 |
|  Class 2 | 2101 | Not applicable | 252 |
|  Class 4 | 1898 | 1898 | 228 |
|  Total class-specific expenses | $3999 | $1923 | $1018 |
| **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** |  |
| **Share class** | **Distribution<br>services** | **Insurance<br>administrative<br>services** | **Administrative<br>services** |
|  Class 1 | Not applicable | Not applicable | $175 |
|  Class 1A | $– | $15 | 2 |
|  Class 2 | 2689 | Not applicable | 323 |
|  Class 4 | 483 | 484 | 58 |
|  Total class-specific expenses | $3172 | $499 | $558 |
| **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** |  |
| **Share class** | **Distribution**<br> **services** | **Insurance<br>administrative<br>services** | **Administrative<br>services** |
|  Class 1 | Not applicable | Not applicable | $4 |
|  Class 1A | $– | $12 | 2 |
|  Class 2 | 432 | Not applicable | 52 |
|  Class 4 | 294 | 294 | 35 |
|  Total class-specific expenses | $726 | $306 | $93 |
| **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** |
| **Share class** | **Distribution**<br> **services** | **Insurance<br>administrative<br>services** | **Administrative<br>services** |
|  Class 1 | Not applicable | Not applicable | $4850 |
|  Class 1A | $– | $62 | 8 |
|  Class 2 | 11503 | Not applicable | 1380 |
|  Class 3 | 55 | Not applicable | 9 |
|  Class 4 | 14002 | 14002 | 1680 |
|  Total class-specific expenses | $25560 | $14064 | $7927 |
| **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** |  |
| **Share class** | **Distribution**<br> **services** | **Insurance<br>administrative<br>services** | **Administrative<br>services** |
|  Class 1 | Not applicable | Not applicable | $2100 |
|  Class 1A | $– | $354 | 43 |
|  Class 2 | 7903 | Not applicable | 948 |
|  Class 4 | 2027 | 2027 | 243 |
|  Total class-specific expenses | $9930 | $2381 | $3334 |

---

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| | | | |
|:---|:---|:---|:---|
| **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** |  |
| **Share class** | **Distribution**<br> **services** | **Insurance<br>administrative<br>services** | **Administrative<br>services** |
|  Class 1 | Not applicable | Not applicable | $1738 |
|  Class 1A | $– | $243 | 29 |
|  Class 2 | 7376 | Not applicable | 885 |
|  Class 4 | 2639 | 2639 | 317 |
|  Total class-specific expenses | $10015 | $2882 | $2969 |
| **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** |  |
| **Share class** | **Distribution**<br> **services** | **Insurance<br>administrative<br>services** | **Administrative<br>services** |
|  Class 1 | Not applicable | Not applicable | $6289 |
|  Class 1A | $– | $73 | 9 |
|  Class 2 | 31403 | Not applicable | 3768 |
|  Class 3 | 245 | Not applicable | 41 |
|  Class 4 | 4213 | 4213 | 505 |
|  Total class-specific expenses | $35861 | $4286 | $10612 |
| **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** |  |
| **Share class** | **Distribution**<br> **services** | **Insurance<br>administrative<br>services** | **Administrative<br>services** |
|  Class 1 | Not applicable | Not applicable | $170 |
|  Class 1A | $– | $24 | 3 |
|  Class 2 | 31 | Not applicable | 4 |
|  Class 4 | 1337 | 1338 | 160 |
|  Total class-specific expenses | $1368 | $1362 | $337 |
| **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** |
| **Share class** | **Distribution**<br> **services** | **Insurance<br>administrative<br>services** | **Administrative<br>services** |
|  Class 1 | Not applicable | Not applicable | $31 |
|  Class 1A | $– | $7 | 1 |
|  Class 2 | 428 | Not applicable | 51 |
|  Class 4 | 293 | 293 | 35 |
|  Total class-specific expenses | $721 | $300 | $118 |
| **Capital World Bond Fund** | **Capital World Bond Fund** |  |  |
| **Share class** | **Distribution<br>services** | **Insurance<br>administrative<br>services** | **Administrative<br>services** |
|  Class 1 | Not applicable | Not applicable | $222 |
|  Class 1A | $– | $4 | – \* |
|  Class 2 | 2109 | Not applicable | 253 |
|  Class 4 | 142 | 142 | 17 |
|  Total class-specific expenses | $2251 | $146 | $492 |

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Refer to the end of the tables for footnote.

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| | |
|:---|:---|
| **334** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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------

##### [**Table of Contents**](#toc)

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| | | | |
|:---|:---|:---|:---|
| **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | |
| **Share class** | **Distribution<br>services** | **Insurance<br>administrative<br>services** | <br>**Administrative<br>services** |
|  Class 1 | Not applicable | Not applicable | $71 |
|  Class 1A | $– | $3 | – \* |
|  Class 2 | 1440 | Not applicable | 173 |
|  Class 3 | 16 | Not applicable | 3 |
|  Class 4 | 200 | 200 | 24 |
|  Total class-specific expenses | $1656 | $203 | $271 |
| **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** |
| **Share class** | **Distribution<br>services** | **Insurance<br>administrative<br>services** | **Administrative<br>services** |
|  Class 1 | Not applicable | Not applicable | $14 |
|  Class 1A | $– | $– | – \* |
|  Class 2 | 707 | Not applicable | 85 |
|  Class 3 | 9 | Not applicable | 1 |
|  Class 4 | 173 | 173 | 21 |
|  Total class-specific expenses | $889 | $173 | $121 |

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| | | | |
|:---|:---|:---|:---|
| **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** |
| **Share class** | **Distribution<br>services** | **Insurance<br>administrative<br>services** | **Administrative<br>services** |
|  Class 1 | Not applicable | Not applicable | $3 |
|  Class 1A | $– | $4 | 1 |
|  Class 2 | 127 | Not applicable | 15 |
|  Class 4 | 101 | 101 | 12 |
|  Total class-specific expenses | $228 | $105 | $31 |
| **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** |
| **Share class** | **Distribution<br>services** | **Insurance<br>administrative<br>services** | **Administrative<br>services** |
|  Class 1 | Not applicable | Not applicable | $81 |
|  Class 1A | $– | $10 | 1 |
|  Class 2 | 2967 | Not applicable | 356 |
|  Class 3 | 15 | Not applicable | 3 |
|  Class 4 | 512 | 512 | 62 |
|  Total class-specific expenses | $3494 | $522 | $503 |

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| | | |
|:---|:---|:---|
| **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** |
| **Share class** | **Distribution<br>services** | **Insurance<br>administrative<br>services** |
|  Class P1 | Not applicable | $25 |
|  Class P2 | $1219 | 1219 |
|  Total class-specific expenses | $1219 | $1244 |
| <br> **Managed Risk Washington Mutual Investors Fund** | <br> **Managed Risk Washington Mutual Investors Fund** | <br> **Managed Risk Washington Mutual Investors Fund** |
| **Share class** | **Distribution<br>services** | **Insurance<br>administrative<br>services** |
|  Class P1 | Not applicable | $6 |
|  Class P2 | $824 | 824 |
|  Total class-specific expenses | $824 | $830 |
|  Managed Risk Asset Allocation Fund | Managed Risk Asset Allocation Fund | Managed Risk Asset Allocation Fund |
| **Share class** | **Distribution<br>services** | **Insurance<br>administrative<br>services** |
|  Class P1 | Not applicable | $18 |
|  Class P2 | $5935 | 5935 |
|  Total class-specific expenses | $5935 | $5953 |

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| | | |
|:---|:---|:---|
| **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** |
| **Share class** | **Distribution<br>services** | **Insurance<br>administrative<br>services** |
|  Class P1 | Not applicable | $4 |
|  Class P2 | $342 | 342 |
|  Total class-specific expenses | $342 | $346 |
|  <br> Managed Risk Growth-Income Fund | <br> Managed Risk Growth-Income Fund | <br> Managed Risk Growth-Income Fund |
| **Share class** | **Distribution<br>services** | **Insurance<br>administrative<br>services** |
|  Class P1 | Not applicable | $4945 |
|  Class P2 | $720 | 720 |
|  Total class-specific expenses | $720 | $5665 |

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\*Amount less than one thousand.

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| | |
|:---|:---|
| American Funds Insurance Series | **335** |

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##### [**Table of Contents**](#toc)
**Miscellaneous fee reimbursements** – CRMC reimbursed a portion of miscellaneous fees and expenses for Managed Risk International Fund. These reimbursements may be adjusted or discontinued by CRMC, subject to any restrictions in the series' prospectus. For the year ended December 31, 2022, total fees and expenses reimbursed by CRMC were $32,000. CRMC does not intend to recoup these reimbursements. Fees and expenses in each fund's statement of operations are presented gross of any reimbursements from CRMC.

**Trustees' deferred compensation** – Trustees who are unaffiliated with CRMC may elect to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities of the funds, are treated as if invested in one or more of the American Funds. These amounts represent general, unsecured liabilities of the funds and vary according to the total returns of the selected funds. Trustees' compensation, shown on the accompanying financial statements, reflects current fees (either paid in cash or deferred) and a net decrease in the value of the deferred amounts as follows (dollars in thousands):

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Current fees** | **Decrease in value of<br>deferred amounts** | **Total trustees'<br>compensation** |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Growth Fund | $21 | $(11) | $10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Small Capitalization Fund | 10 | (5) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Growth Fund | 99 | (54) | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Fund | 21 | (11) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; New World Fund | 10 | (5) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Mutual Investors Fund | 27 | (16) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital World Growth and Income Fund | 5 | (3) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Growth-Income Fund | 98 | (56) | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Growth and Income Fund | 1 | – \* | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Income Builder | 3 | (2) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset Allocation Fund | 73 | (43) | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Funds Global Balanced Fund | 1 | (1) | – \* |
| &nbsp;&nbsp;&nbsp;&nbsp; The Bond Fund of America | 31 | (19) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital World Bond Fund | 5 | (3) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; American High-Income Trust | 3 | (1) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Funds Mortgage Fund | – \* | – \* | – \* |
| &nbsp;&nbsp;&nbsp;&nbsp; Ultra-Short Bond Fund | 1 | (1) | – \* |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Securities Fund | 5 | (3) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Managed Risk Growth Fund | 2 | (1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Managed Risk International Fund | – \* | – \* | – \* |
| &nbsp;&nbsp;&nbsp;&nbsp; Managed Risk Washington Mutual Investors Fund | 1 | (1) | – \* |
| &nbsp;&nbsp;&nbsp;&nbsp; Managed Risk Growth-Income Fund | 6 | (4) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Managed Risk Asset Allocation Fund | 7 | (4) | 3 |

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\*Amount less than one thousand.

**Affiliated officers and trustees** – Officers and certain trustees of the series are or may be considered to be affiliated with CRMC, AFD and AFS. No affiliated officers or trustees received any compensation directly from any fund in the series.

**Investments in CCBF and CCF** – Some of the funds hold shares of CCBF, a corporate bond fund, and/or CCF, an institutional prime money market fund ,which are both managed by CRMC. CCBF seeks to provide maximum total return consistent with capital preservation and prudent risk management by investing primarily in corporate debt instruments. CCBF is used as an investment vehicle for some of the funds' corporate bond investments. CCF invests in high-quality, short-term money market instruments. CCF is used as the primary investment vehicle for some of the funds' short-term investments. Both CCBF and CCF shares are only available for purchase by CRMC, its affiliates, and other funds managed by CRMC or its affiliates, and are not available to the public. CRMC does not receive an investment advisory services fee from either CCBF or CCF.

**Security transactions with related funds** – The funds may purchase from, or sell securities to, other CRMC-managed funds (or funds managed by certain affiliates of CRMC) under procedures adopted by the fund's board of trustees. The funds involved in such transactions are considered related by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers. When such transactions occur, each transaction is executed at the current market price of the security and no brokerage commissions or fees are paid in accordance with Rule 17a-7 of the 1940 Act.

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| | |
|:---|:---|
| **336** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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##### [**Table of Contents**](#toc)
The following table presents purchase and sale transactions between each fund and related funds, and net realized loss or gain from such sales, if any, as of December 31, 2022 (dollars in thousands):

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** | **Net<br>realized<br>(loss) gain** |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Growth Fund | $49680 | $71818 | $(20300) |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Small Capitalization Fund | 57920 | 34601 | 1035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Growth Fund | 261401 | 361390 | 36542 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Fund | 104003 | 132023 | (15330) |
| &nbsp;&nbsp;&nbsp;&nbsp; New World Fund | 32986 | 51119 | 1384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Mutual Investors Fund | 78899 | 86050 | (13933) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital World Growth and Income Fund | 29485 | 42194 | (1316) |
| &nbsp;&nbsp;&nbsp;&nbsp; Growth-Income Fund | 260856 | 367634 | 60804 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Growth and Income Fund | 3035 | 3711 | (301) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Income Builder | 11219 | 9127 | 1159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset Allocation Fund | 217739 | 147808 | (22154) |
| &nbsp;&nbsp;&nbsp;&nbsp; American Funds Global Balanced Fund | 2864 | 3686 | (19) |
| &nbsp;&nbsp;&nbsp;&nbsp; The Bond Fund of America | 1289 | 6983 | (541) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital World Bond Fund | 58 | 14120 | (947) |
| &nbsp;&nbsp;&nbsp;&nbsp; American High-Income Trust | 57 | 29194 | (1415) |

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**8. Indemnifications** 

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The series' organizational documents provide board members and officers with indemnification against certain liabilities or expenses in connection with the performance of their duties to the series. In the normal course of business, the series may also enter into contracts that provide general indemnifications. Each fund's maximum exposure under these arrangements is unknown since it is dependent on future claims that may be made against the series. The risk of material loss from such claims is considered remote. Insurance policies are also available to the series' board members and officers.

**9. Committed line of credit** 

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Global Small Capitalization Fund, New World Fund and American High-Income Trust participate with other funds managed by CRMC in a $1.5 billion credit facility (the "line of credit") to be utilized for temporary purposes to fund shareholder redemptions. Each fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which are reflected in other expenses in each fund's statement of operations. None of the funds borrowed on this line of credit at any time during the year ended December 31, 2022.

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| | |
|:---|:---|
| American Funds Insurance Series | **337** |

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##### [**Table of Contents**](#toc)
**10. Capital share transactions** 

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Capital share transactions in each fund were as follows (dollars and shares in thousands):

**Global Growth Fund** 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales\*** | **Sales\*** | **Reinvestments of<br>distributions** | **Reinvestments of<br>distributions** | **Repurchases\*** | **Repurchases\*** | **Net increase**<br>**(decrease)** | **Net increase**<br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
|  **Year ended December 31, 2022** |  |  |  |  |  |  |  |  |
|  Class 1 | $434070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$400617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(553744) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16845) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$280943 | 8930 |
|  Class 1A | 2997 | 91 | 1758 | 56 | (2085) | (65) | 2670 | 82 |
|  Class 2 | 92048 | 2700 | 419636 | 13511 | (295933) | (9100) | 215751 | 7111 |
|  Class 4 | 99092 | 2978 | 70552 | 2294 | (71372) | (2195) | 98272 | 3077 |
|  Total net increase (decrease) | $628207 | 18811 | $892563 | 28594 | $(923134) | (28205) | $597636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19200 |
|  **Year ended December 31, 2021** |  |  |  |  |  |  |  |  |
|  Class 1 | $683154 | 15421 | $216944 | 5062 | $(307264) | (6960) | $592834 | 13523 |
|  Class 1A | 6731 | 151 | 700 | 17 | (2591) | (58) | 4840 | 110 |
|  Class 2 | 69770 | 1607 | 236612 | 5601 | (588817) | (13514) | (282435) | (6306) |
|  Class 4 | 167855 | 3876 | 32087 | 766 | (48523) | (1127) | 151419 | 3515 |
|  Total net increase (decrease) | $927510 | 21055 | $486343 | 11446 | $(947195) | (21659) | $466658 | 10842 |
| **Global Small Capitalization Fund** |  |  |  |  |  |  |  |  |
|  | **Sales\*** | **Sales\*** | **Reinvestments of<br>distributions** | **Reinvestments of<br>distributions** | **Repurchases\*** | **Repurchases\*** | **Net (decrease)**<br>**increase** | **Net (decrease)**<br>**increase** |
| **Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
|  **Year ended December 31, 2022** |  |  |  |  |  |  |  |  |
|  Class 1 | $187481 | 9235 | $331498 | 19030 | $(570697) | (21774) | $(51718) | 6491 |
|  Class 1A | 989 | 43 | 1461 | 85 | (276) | (15) | 2174 | 113 |
|  Class 2 | 111019 | 5043 | 663046 | 40307 | (118512) | (6722) | 655553 | 38628 |
|  Class 4 | 56480 | 2653 | 93892 | 5707 | (34387) | (1715) | 115985 | 6645 |
|  Total net increase (decrease) | $355969 | 16974 | $1089897 | 65129 | $(723872) | (30226) | $721994 | 51877 |
|  **Year ended December 31, 2021** |  |  |  |  |  |  |  |  |
|  Class 1 | $216763 | 6235 | $55510 | 1581 | $(1077292) | (31128) | $(805019) | (23312) |
|  Class 1A | 4095 | 118 | 39 | 1 | (153) | (4) | 3981 | 115 |
|  Class 2 | 59596 | 1785 | 60246 | 1778 | (374611) | (11071) | (254769) | (7508) |
|  Class 4 | 89704 | 2662 | 7215 | 212 | (30621) | (901) | 66298 | 1973 |
|  Total net increase (decrease) | $370158 | 10800 | $123010 | 3572 | $(1482677) | (43104) | $(989509) | (28732) |

---

Refer to the end of the tables for footnotes.

---

| | |
|:---|:---|
| **338** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
**Growth Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales\*** | **Sales\*** | **Reinvestments of**<br>**distributions** | **Reinvestments of**<br>**distributions** | **Repurchases\*** | **Repurchases\*** | **Net increase**<br>**(decrease)** | **Net increase**<br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
|  **Year ended December 31, 2022** |  |  |  |  |  |  |  |  |
|  Class 1 | $2593666 | 29149 | $2228505 | 26120 | $(3051097) | (31275) | $1771074 | 23994 |
|  Class 1A | 133124 | 1387 | 27088 | 320 | (15271) | (181) | 144941 | 1526 |
|  Class 2 | 520092 | 5686 | 2464507 | 29214 | (1621163) | (17346) | 1363436 | 17554 |
|  Class 3 | 1224 | 14 | 32371 | 376 | (28004) | (296) | 5591 | 94 |
|  Class 4 | 409323 | 4647 | 383909 | 4657 | (227877) | (2558) | 565355 | 6746 |
|  Total net increase (decrease) | $3657429 | 40883 | $5136380 | 60687 | $(4943412) | (51656) | $3850397 | 49914 |
|  **Year ended December 31, 2021** |  |  |  |  |  |  |  |  |
|  Class 1 | $2916865 | 22963 | $2251516 | 19653 | $(2207142) | (17684) | $2961239 | 24932 |
|  Class 1A | 68640 | 560 | 9733 | 86 | (25312) | (198) | 53061 | 448 |
|  Class 2 | 432245 | 3495 | 2777848 | 24558 | (3289822) | (26755) | (79729) | 1298 |
|  Class 3 | 1972 | 15 | 37541 | 326 | (37449) | (298) | 2064 | 43 |
|  Class 4 | 553762 | 4582 | 358034 | 3232 | (224958) | (1864) | 686838 | 5950 |
|  Total net increase (decrease) | $3973484 | 31615 | $5434672 | 47855 | $(5784683) | (46799) | $3623473 | 32671 |
|  International Fund |  |  |  |  |  |  |  |  |
|  | **Sales\*** | **Sales\*** | **Reinvestments of<br>distributions** | **Reinvestments of<br>distributions** | **Repurchases\*** | **Repurchases\*** | **Net (decrease)**<br>**increase** | **Net (decrease)**<br>**increase** |
| **Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
|  **Year ended December 31, 2022** |  |  |  |  |  |  |  |  |
|  Class 1 | $280536 | 15960 | $543821 | 32473 | $(1015741) | (51244) | $(191384) | (2811) |
|  Class 1A | 2247 | 127 | 1679 | 101 | (1009) | (63) | 2917 | 165 |
|  Class 2 | 189379 | 10637 | 536766 | 32189 | (347301) | (20471) | 378844 | 22355 |
|  Class 3 | 87 | 5 | 2627 | 156 | (1366) | (79) | 1348 | 82 |
|  Class 4 | 65571 | 3703 | 61594 | 3751 | (53681) | (3200) | 73484 | 4254 |
|  Total net increase (decrease) | $537820 | 30432 | $1146487 | 68670 | $(1419098) | (75057) | $265209 | 24045 |
|  **Year ended December 31, 2021** |  |  |  |  |  |  |  |  |
|  Class 1 | $366681 | 15339 | $131729 | 5782 | $(1253303) | (51135) | $(754893) | (30014) |
|  Class 1A | 4570 | 192 | 281 | 13 | (2479) | (103) | 2372 | 102 |
|  Class 2 | 264867 | 11161 | 105815 | 4673 | (502502) | (20818) | (131820) | (4984) |
|  Class 3 | 125 | 5 | 546 | 24 | (3534) | (146) | (2863) | (117) |
|  Class 4 | 95888 | 4069 | 10725 | 480 | (51434) | (2169) | 55179 | 2380 |
|  Total net increase (decrease) | $732131 | 30766 | $249096 | 10972 | $(1813252) | (74371) | $(832025) | (32633) |

---

Refer to the end of the tables for footnotes.

---

| | |
|:---|:---|
| American Funds Insurance Series | **339** |

---

------

##### [**Table of Contents**](#toc)
**New World Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales\*** | **Sales\*** | **Reinvestments of**<br>**distributions** | **Reinvestments of**<br>**distributions** | **Repurchases\*** | **Repurchases\*** | **Net (decrease)**<br>**increase** | **Net (decrease)**<br>**increase** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
|  **Year ended December 31, 2022** |  |  |  |  |  |  |  |  |
|  Class 1 | $91026 | 3688 | $189325 | 7939 | $(434293) | (16140) | $(153942) | (4513) |
|  Class 1A | 1549 | 60 | 1040 | 44 | (1769) | (76) | 820 | 28 |
|  Class 2 | 72626 | 2937 | 88236 | 3744 | (163288) | (6534) | (2426) | 147 |
|  Class 4 | 133209 | 5310 | 78780 | 3371 | (133462) | (5583) | 78527 | 3098 |
|  Total net increase (decrease) | $298410 | 11995 | $357381 | 15098 | $(732812) | (28333) | $(77021) | (1240) |
|  **Year ended December 31, 2021** |  |  |  |  |  |  |  |  |
|  Class 1 | $180001 | 5517 | $104795 | 3183 | $(165865) | (5053) | $118931 | 3647 |
|  Class 1A | 14137 | 436 | 350 | 11 | (21114) | (642) | (6627) | (195) |
|  Class 2 | 82347 | 2547 | 45947 | 1410 | (159868) | (4915) | (31574) | (958) |
|  Class 4 | 135084 | 4224 | 34360 | 1061 | (74083) | (2295) | 95361 | 2990 |
|  Total net increase (decrease) | $411569 | 12724 | $185452 | 5665 | $(420930) | (12905) | $176091 | 5484 |
| **Washington Mutual Investors Fund** |  |  |  |  |  |  |  |  |
|  | **Sales\*** | **Sales\*** | **Reinvestments of**<br>**distributions** | **Reinvestments of**<br>**distributions** | **Repurchases\*** | **Repurchases\*** | **Net increase**<br>**(decrease)** | **Net increase**<br>**(decrease)** |
| **Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
|  **Year ended December 31, 2022** |  |  |  |  |  |  |  |  |
|  Class 1 | $311628 | 22333 | $1412614 | 106476 | $(1024832) | (69053) | $699410 | 59756 |
|  Class 1A | 33907 | 2321 | 14025 | 1066 | (125110) | (7699) | (77178) | (4312) |
|  Class 2 | 48719 | 3523 | 725386 | 55707 | (414058) | (28659) | 360047 | 30571 |
|  Class 4 | 238615 | 16711 | 258174 | 20025 | (148002) | (10093) | 348787 | 26643 |
|  Total net increase (decrease) | $632869 | 44888 | $2410199 | 183274 | $(1712002) | (115504) | $1331066 | 112658 |
|  **Year ended December 31, 2021** |  |  |  |  |  |  |  |  |
|  Class 1 | $740227 | 42419 | $104068 | 6017 | $(1150862) | (70448) | $(306567) | (22012) |
|  Class 1A | 128020 | 7779 | 2211 | 129 | (4020) | (244) | 126211 | 7664 |
|  Class 2 | 51950 | 3263 | 46652 | 2739 | (508810) | (31581) | (410208) | (25579) |
|  Class 4 | 156222 | 9709 | 12620 | 746 | (66538) | (4145) | 102304 | 6310 |
|  Total net increase (decrease) | $1076419 | 63170 | $165551 | 9631 | $(1730230) | (106418) | $(488260) | (33617) |
| **Capital World Growth and Income Fund** |  |  |  |  |  |  |  |  |
|  | **Sales\*** | **Sales\*** | **Reinvestments of**<br>**distributions** | **Reinvestments of**<br>**distributions** | **Repurchases\*** | **Repurchases\*** | **Net (decrease)**<br>**increase** | **Net (decrease)**<br>**increase** |
| **Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
|  **Year ended December 31, 2022** |  |  |  |  |  |  |  |  |
|  Class 1 | $286528 | 22239 | $137343 | 10946 | $(434782) | (30278) | $(10911) | 2907 |
|  Class 1A | 1618 | 116 | 1525 | 122 | (1079) | (91) | 2064 | 147 |
|  Class 2 | 15274 | 1157 | 262887 | 21001 | (144703) | (10617) | 133458 | 11541 |
|  Class 4 | 25643 | 1909 | 48121 | 3940 | (22999) | (1756) | 50765 | 4093 |
|  Total net increase (decrease) | $329063 | 25421 | $449876 | 36009 | $(603563) | (42742) | $175376 | 18688 |
|  **Year ended December 31, 2021** |  |  |  |  |  |  |  |  |
|  Class 1 | $171552 | 9531 | $30555 | 1698 | $(117328) | (6578) | $84779 | 4651 |
|  Class 1A | 4092 | 231 | 166 | 9 | (605) | (34) | 3653 | 206 |
|  Class 2 | 21440 | 1205 | 50935 | 2838 | (216241) | (12206) | (143866) | (8163) |
|  Class 4 | 49326 | 2833 | 7530 | 427 | (16390) | (939) | 40466 | 2321 |
|  Total net increase (decrease) | $246410 | 13800 | $89186 | 4972 | $(350564) | (19757) | $(14968) | (985) |

---

Refer to the end of the tables for footnotes.

---

| | |
|:---|:---|
| **340** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
**Growth-Income Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales\*** | **Sales\*** | **Reinvestments of<br>distributions** | **Reinvestments of<br>distributions** | **Repurchases\*** | **Repurchases\*** | **Net increase**<br>**(decrease)** | **Net increase**<br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
|  **Year ended December 31, 2022** |  |  |  |  |  |  |  |  |
|  Class 1 | $2026623 | 38323 | $2348918 | 43972 | $(3853406) | (68861) | $522135 | 13434 |
|  Class 1A | 4813 | 89 | 3248 | 61 | (3333) | (64) | 4728 | 86 |
|  Class 2 | 119436 | 2219 | 1399821 | 26589 | (1455432) | (26710) | 63825 | 2098 |
|  Class 3 | 766 | 15 | 15025 | 280 | (15511) | (279) | 280 | 16 |
|  Class 4 | 180173 | 3342 | 186543 | 3596 | (153528) | (2879) | 213188 | 4059 |
|  Total net increase (decrease) | $2331811 | 43988 | $3953555 | 74498 | $(5481210) | (98793) | $804156 | 19693 |
|  **Year ended December 31, 2021** |  |  |  |  |  |  |  |  |
|  Class 1 | $778306 | 12603 | $567351 | 8928 | $(3472494) | (56343) | $(2126837) | (34812) |
|  Class 1A | 14065 | 224 | 493 | 8 | (2433) | (39) | 12125 | 193 |
|  Class 2 | 143239 | 2361 | 310023 | 4964 | (2027406) | (33135) | (1574144) | (25810) |
|  Class 3 | 1007 | 16 | 3442 | 54 | (23575) | (379) | (19126) | (309) |
|  Class 4 | 302016 | 4995 | 33018 | 536 | (132399) | (2191) | 202635 | 3340 |
|  Total net increase (decrease) | $1238633 | 20199 | $914327 | 14490 | $(5658307) | (92087) | $(3505347) | (57398) |
| **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** |  |  |  |  |  |  |
|  | **Sales\*** | **Sales\*** | **Reinvestments of<br>distributions** | **Reinvestments of<br>distributions** | **Repurchases\*** | **Repurchases\*** | **Net (decrease)**<br>**increase** | **Net (decrease)**<br>**increase** |
| **Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
|  **Year ended December 31, 2022** |  |  |  |  |  |  |  |  |
|  Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;$2793 | 220 | $6501 | 686 | $(16761) | (946) | $(7467) | (40) |
|  Class 1A | 1041 | 92 | 2255 | 244 | (921) | (61) | 2375 | 275 |
|  Class 2 | 7743 | 664 | 86227 | 9344 | (24550) | (2262) | 69420 | 7746 |
|  Class 4 | 23335 | 2027 | 59065 | 6499 | (13968) | (1295) | 68432 | 7231 |
|  Total net increase (decrease) | $34912 | 3003 | $154048 | 16773 | $(56200) | (4564) | $132760 | 15212 |
|  **Year ended December 31, 2021** |  |  |  |  |  |  |  |  |
|  Class 1 | $48015 | 2368 | $4294 | 210 | $(1169382) | (59936) | $(1117073) | (57358) |
|  Class 1A | 2986 | 152 | 141 | 7 | (561) | (28) | 2566 | 131 |
|  Class 2 | 8004 | 401 | 6218 | 322 | (29755) | (1507) | (15533) | (784) |
|  Class 4 | 27229 | 1381 | 3589 | 188 | (13127) | (671) | 17691 | 898 |
|  Total net increase (decrease) | $86234 | 4302 | $14242 | 727 | $(1212825) | (62142) | $(1112349) | (57113) |

---

Refer to the end of the tables for footnotes.

---

| | |
|:---|:---|
| American Funds Insurance Series | **341** |

---

------

##### [**Table of Contents**](#toc)
**Capital Income Builder** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales\*** | **Sales\*** | **Reinvestments of<br>distributions** | **Reinvestments of<br>distributions** | **Repurchases\*** | **Repurchases\*** | **Net increase**<br>**(decrease)** | **Net increase**<br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
|  **Year ended December 31, 2022** |  |  |  |  |  |  |  |  |
|  Class 1 | $177351 | 15800 | $17636 | 1573 | $(114944) | (10289) | $80043 | 7084 |
|  Class 1A | 2218 | 196 | 270 | 24 | (1259) | (111) | 1229 | 109 |
|  Class 2 | 2390 | 211 | 355 | 32 | (1006) | (88) | 1739 | 155 |
|  Class 4 | 94517 | 8303 | 13728 | 1228 | (81854) | (7293) | 26391 | 2238 |
|  Total net increase (decrease) | $276476 | 24510 | $31989 | 2857 | $(199063) | (17781) | $109402 | 9586 |
|  **Year ended December 31, 2021** |  |  |  |  |  |  |  |  |
|  Class 1 | $107711 | 9192 | $16222 | 1379 | $(252397) | (21377) | $(128464) | (10806) |
|  Class 1A | 2434 | 206 | 218 | 19 | (451) | (39) | 2201 | 186 |
|  Class 2 | 5007 | 428 | 315 | 27 | (1572) | (134) | 3750 | 321 |
|  Class 4 | 70040 | 6029 | 13009 | 1105 | (42227) | (3629) | 40822 | 3505 |
|  Total net increase (decrease) | $185192 | 15855 | $29764 | 2530 | $(296647) | (25179) | $(81691) | (6794) |
| <br> **Asset Allocation Fund**<br>|  |  |  |  |  |  |  |  |
|  | **Sales\*** | **Sales\*** | **Reinvestments of<br>distributions** | **Reinvestments of<br>distributions** | **Repurchases\*** | **Repurchases\*** | **Net increase**<br>**(decrease)** | **Net increase**<br>**(decrease)** |
| **Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
|  **Year ended December 31, 2022** |  |  |  |  |  |  |  |  |
|  Class 1 | $1365105 | 57634 | $2001507 | 85450 | $(2607782) | (108817) | $758830 | 34267 |
|  Class 1A | 8603 | 375 | 2806 | 121 | (2839) | (126) | 8570 | 370 |
|  Class 2 | 58248 | 2413 | 565030 | 24435 | (581503) | (24252) | 41775 | 2596 |
|  Class 3 | 126 | 5 | 3759 | 160 | (3377) | (141) | 508 | 24 |
|  Class 4 | 332209 | 13862 | 680622 | 29650 | (423984) | (17975) | 588847 | 25537 |
|  Total net increase (decrease) | $1764291 | 74289 | $3253724 | 139816 | $(3619485) | (151311) | $1398530 | 62794 |
|  **Year ended December 31, 2021** |  |  |  |  |  |  |  |  |
|  Class 1 | $1077099 | 38077 | $1004165 | 35557 | $(4395063) | (151941) | $(2313799) | (78307) |
|  Class 1A | 8925 | 315 | 880 | 31 | (1749) | (63) | 8056 | 283 |
|  Class 2 | 117974 | 4243 | 262797 | 9420 | (649009) | (23286) | (268238) | (9623) |
|  Class 3 | 1030 | 36 | 1693 | 60 | (2340) | (83) | 383 | 13 |
|  Class 4 | 687105 | 24820 | 271781 | 9809 | (264761) | (9619) | 694125 | 25010 |
|  Total net increase (decrease) | $1892133 | 67491 | $1541316 | 54877 | $(5312922) | (184992) | $(1879473) | (62624) |

---

Refer to the end of the tables for footnotes.

---

| | |
|:---|:---|
| **342** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
**American Funds Global Balanced Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales\*** | **Sales\*** | **Reinvestments of<br>distributions** | **Reinvestments of<br>distributions** | **Repurchases\*** | **Repurchases\*** | **Net (decrease)<br>increase** | **Net (decrease)<br>increase** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
|  **Year ended December 31, 2022** |  |  |  |  |  |  |  |  |
|  Class 1 | $37857 | 3046 | $570 | 44 | $(45473) | (3593) | $(7046) | (503) |
|  Class 1A | 160 | 12 | 15 | 1 | (857) | (63) | (682) | (50) |
|  Class 2 | 3979 | 308 | 974 | 74 | (24238) | (1876) | (19285) | (1494) |
|  Class 4 | 9992 | 779 | 674 | 52 | (14316) | (1139) | (3650) | (308) |
|  Total net increase (decrease) | $51988 | 4145 | $2233 | 171 | $(84884) | (6671) | $(30663) | (2355) |
|  **Year ended December 31, 2021** |  |  |  |  |  |  |  |  |
|  Class 1 | $9259 | 623 | $7739 | 533 | $(40506) | (2798) | $(23508) | (1642) |
|  Class 1A | 925 | 63 | 233 | 16 | (252) | (17) | 906 | 62 |
|  Class 2 | 5621 | 383 | 13069 | 902 | (27137) | (1828) | (8447) | (543) |
|  Class 4 | 28503 | 1957 | 8206 | 572 | (10476) | (713) | 26233 | 1816 |
|  Total net increase (decrease) | $44308 | 3026 | $29247 | 2023 | $(78371) | (5356) | $(4816) | (307) |
| <br> **The Bond Fund of America**<br>|  |  |  |  |  |  |  |  |
|  | **Sales\*** | **Sales\*** | **Reinvestments of<br>distributions** | **Reinvestments of<br>distributions** | **Repurchases\*** | **Repurchases\*** | **Net (decrease)<br>increase** | **Net (decrease)<br>increase** |
| **Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
|  **Year ended December 31, 2022** |  |  |  |  |  |  |  |  |
|  Class 1 | $1045629 | 102870 | $293730 | 29996 | $(2254686) | (218872) | $(915327) | (86006) |
|  Class 1A | 222556 | 22066 | 9170 | 944 | (5163) | (515) | 226563 | 22495 |
|  Class 2 | 49800 | 5005 | 126095 | 13059 | (487579) | (48690) | (311684) | (30626) |
|  Class 4 | 123107 | 12517 | 31861 | 3314 | (113670) | (11505) | 41298 | 4326 |
|  Total net increase (decrease) | $1441092 | 142458 | $460856 | 47313 | $(2861098) | (279582) | $(959150) | (89811) |
|  **Year ended December 31, 2021** |  |  |  |  |  |  |  |  |
|  Class 1 | $2441954 | 212866 | $432376 | 38456 | $(737146) | (64100) | $2137184 | 187222 |
|  Class 1A | 5329 | 464 | 601 | 54 | (2565) | (223) | 3365 | 295 |
|  Class 2 | 204371 | 17879 | 208042 | 18765 | (302247) | (26735) | 110166 | 9909 |
|  Class 4 | 240539 | 21228 | 43487 | 3939 | (60173) | (5327) | 223853 | 19840 |
|  Total net increase (decrease) | $2892193 | 252437 | $684506 | 61214 | $(1102131) | (96385) | $2474568 | 217266 |
| <br> **Capital World Bond Fund** |  |  |  |  |  |  |  |  |
|  | **Sales\*** | **Sales\*** | **Reinvestments of<br>distributions** | **Reinvestments of<br>distributions** | **Repurchases\*** | **Repurchases\*** | **Net (decrease)<br>increase** | **Net (decrease)<br>increase** |
| **Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
|  **Year ended December 31, 2022** |  |  |  |  |  |  |  |  |
|  Class 1 | $63069 | 6354 | $13903 | 1398 | $(234228) | (22105) | $(157256) | (14353) |
|  Class 1A | 470 | 46 | 24 | 2 | (371) | (38) | 123 | 10 |
|  Class 2 | 32696 | 3225 | 15838 | 1606 | (121387) | (11954) | (72853) | (7123) |
|  Class 4 | 7078 | 688 | 1065 | 109 | (8255) | (838) | (112) | (41) |
|  Total net increase (decrease) | $103313 | 10313 | $30830 | 3115 | $(364241) | (34935) | $(230098) | (21507) |
|  **Year ended December 31, 2021** |  |  |  |  |  |  |  |  |
|  Class 1 | $129119 | 10361 | $44414 | 3661 | $(305638) | (24399) | $(132105) | (10377) |
|  Class 1A | 1155 | 95 | 40 | 3 | (261) | (21) | 934 | 77 |
|  Class 2 | 83201 | 6733 | 44570 | 3700 | (58585) | (4813) | 69186 | 5620 |
|  Class 4 | 19357 | 1604 | 2457 | 206 | (11624) | (951) | 10190 | 859 |
|  Total net increase (decrease) | $232832 | 18793 | $91481 | 7570 | $(376108) | (30184) | $(51795) | (3821) |

---

Refer to the end of the tables for footnotes.

---

| | |
|:---|:---|
| American Funds Insurance Series | **343** |

---

------

##### [**Table of Contents**](#toc)
**American High-Income Trust** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales\*** | **Sales\*** | **Reinvestments of<br>distributions** | **Reinvestments of<br>distributions** | **Repurchases\*** | **Repurchases\*** | **Net (decrease)<br>increase** | **Net (decrease)<br>increase** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
|  **Year ended December 31, 2022** |  |  |  |  |  |  |  |  |
|  Class 1 | $29406 | 3042 | $17917 | 2062 | $(58971) | (6116) | $(11648) | (1012) |
|  Class 1A | 362 | 39 | 100 | 11 | (426) | (45) | 36 | 5 |
|  Class 2 | 7171 | 758 | 42707 | 5019 | (98679) | (10782) | (48801) | (5005) |
|  Class 3 | 432 | 46 | 695 | 79 | (1385) | (149) | (258) | (24) |
|  Class 4 | 65309 | 6490 | 5827 | 619 | (70275) | (6997) | 861 | 112 |
|  Total net increase (decrease) | $102680 | 10375 | $67246 | 7790 | $(229736) | (24089) | $(59810) | (5924) |
|  **Year ended December 31, 2021** |  |  |  |  |  |  |  |  |
|  Class 1 | $160559 | 15547 | $10757 | 1060 | $(19514) | (1906) | $151802 | 14701 |
|  Class 1A | 915 | 89 | 59 | 5 | (548) | (53) | 426 | 41 |
|  Class 2 | 20019 | 2003 | 28636 | 2874 | (66675) | (6630) | (18020) | (1753) |
|  Class 3 | 908 | 88 | 429 | 42 | (1328) | (129) | 9 | 1 |
|  Class 4 | 143656 | 13002 | 3238 | 295 | (128886) | (11648) | 18008 | 1649 |
|  Total net increase (decrease) | $326057 | 30729 | $43119 | 4276 | $(216951) | (20366) | $152225 | 14639 |
|  **American Funds Mortgage Fund**<br>|  |  |  |  |  |  |  |  |
|  | **Sales\*** | **Sales\*** | **Reinvestments of<br>distributions** | **Reinvestments of<br>distributions** | **Repurchases\*** | **Repurchases\*** | **Net (decrease)<br>increase** | **Net (decrease)<br>increase** |
| **Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
|  **Year ended December 31, 2022** |  |  |  |  |  |  |  |  |
|  Class 1 | $784 | 78 | $15 | 2 | $(229165) | (21726) | $(228366) | (21646) |
|  Class 1A | 662 | 67 | 37 | 4 | (1033) | (103) | (334) | (32) |
|  Class 2 | 3214 | 326 | 995 | 103 | (9402) | (951) | (5193) | (522) |
|  Class 4 | 10671 | 1091 | 746 | 78 | (9016) | (920) | 2401 | 249 |
|  Total net increase (decrease) | $15331 | 1562 | $1793 | 187 | $(248616) | (23700) | $(231492) | (21951) |
|  **Year ended December 31, 2021** |  |  |  |  |  |  |  |  |
|  Class 1 | $35679 | 3267 | $9382 | 880 | $(27270) | (2517) | $17791 | 1630 |
|  Class 1A | 1498 | 139 | 57 | 5 | (436) | (40) | 1119 | 104 |
|  Class 2 | 6415 | 588 | 2232 | 210 | (5928) | (547) | 2719 | 251 |
|  Class 4 | 11056 | 1029 | 1486 | 142 | (4892) | (457) | 7650 | 714 |
|  Total net increase (decrease) | $54648 | 5023 | $13157 | 1237 | $(38526) | (3561) | $29279 | 2699 |

---

Refer to the end of the tables for footnotes.

---

| | |
|:---|:---|
| **344** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
**Ultra-Short Bond Fund** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales\*** | **Sales\*** | **Reinvestments of<br>distributions** | **Reinvestments of<br>distributions** | **Reinvestments of<br>distributions** |  | **Repurchases\*** | **Repurchases\*** | **Net increase**<br>**(decrease)** | **Net increase**<br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | | **Shares** | | **Amount** | **Shares** | **Amount** | **Shares** |
|  **Year ended December 31, 2022** |  |  |  |  |  |  |  |  |  |  |
|  Class 1 | $33573 | 2975 | $348 |  | 31 |  | $(20904) | (1853) | $13017 | 1153 |
|  Class 1A |  |  |  | <sup>†</sup> |  | <sup>†</sup> |  |  |  |  |
|  Class 2 | 117586 | 10755 | 1569 |  | 143 |  | (68709) | (6275) | 50446 | 4623 |
|  Class 3 | 735 | 67 | 26 |  | 2 |  | (1082) | (97) | (321) | (28) |
|  Class 4 | 84873 | 7721 | 293 |  | 27 |  | (51358) | (4671) | 33808 | 3077 |
|  Total net increase (decrease) | $236767 | 21518 | $2236 |  | 203 |  | $(142053) | (12896) | $96950 | 8825 |
|  **Year ended December 31, 2021** |  |  |  |  |  |  |  |  |  |  |
|  Class 1 | $16242 | 1439 | $– |  |  |  | $(22707) | (2011) | $(6465) | (572) |
|  Class 1A |  |  |  |  |  |  |  |  |  |  |
|  Class 2 | 86233 | 7864 |  |  |  |  | (127622) | (11640) | (41389) | (3776) |
|  Class 3 | 1253 | 113 |  |  |  |  | (915) | (83) | 338 | 30 |
|  Class 4 | 35704 | 3232 |  |  |  |  | (29389) | (2660) | 6315 | 572 |
|  Total net increase (decrease) | $139432 | 12648 | $– |  |  |  | $(180633) | (16394) | $(41201) | (3746) |
| **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** |  |
|  | **Sales\*** | **Sales\*** | **Reinvestments of<br>distributions** | **Reinvestments of<br>distributions** | **Reinvestments of<br>distributions** |  | **Repurchases\*** | **Repurchases\*** | **Net (decrease)**<br>**increase** | **Net (decrease)**<br>**increase** |
| **Share class** | **Amount** | **Shares** | **Amount** |  | **Shares** |  | **Amount** | **Shares** | **Amount** | **Shares** |
|  **Year ended December 31, 2022** |  |  |  |  |  |  |  |  |  |  |
|  Class 1 | $69422 | 6446 | $10134 |  | 987 |  | $(316401) | (27982) | $(236845) | (20549) |
|  Class 1A | 2902 | 273 | 153 |  | 15 |  | (3237) | (300) | (182) | (12) |
|  Class 2 | 43941 | 4115 | 42631 |  | 4200 |  | (233844) | (21667) | (147272) | (13352) |
|  Class 3 | 308 | 28 | 292 |  | 28 |  | (2508) | (236) | (1908) | (180) |
|  Class 4 | 67334 | 6331 | 7040 |  | 695 |  | (90440) | (8406) | (16066) | (1380) |
|  Total net increase (decrease) | $183907 | 17193 | $60250 |  | 5925 |  | $(646430) | (58591) | $(402273) | (35473) |
|  **Year ended December 31, 2021** |  |  |  |  |  |  |  |  |  |  |
|  Class 1 | $213039 | 17786 | $38963 |  | 3337 |  | $(115497) | (9263) | $136505 | 11860 |
|  Class 1A | 4388 | 354 | 518 |  | 44 |  | (3192) | (265) | 1714 | 133 |
|  Class 2 | 91122 | 7303 | 144267 |  | 12514 |  | (129818) | (10810) | 105571 | 9007 |
|  Class 3 | 1023 | 86 | 948 |  | 81 |  | (1549) | (126) | 422 | 41 |
|  Class 4 | 87885 | 7227 | 23653 |  | 2055 |  | (118823) | (9719) | (7285) | (437) |
|  Total net increase (decrease) | $397457 | 32756 | $208349 |  | 18031 |  | $(368879) | (30183) | $236927 | 20604 |
| **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** |
|  | **Sales\*** | **Sales\*** | **Reinvestments of<br>distributions** | **Reinvestments of<br>distributions** | **Reinvestments of<br>distributions** |  | **Repurchases\*** | **Repurchases\*** | **Net increase<br>(decrease)** | **Net increase<br>(decrease)** |
| **Share class** | **Amount** | **Shares** | **Amount** |  | **Shares** |  | **Amount** | **Shares** | **Amount** | **Shares** |
|  **Year ended December 31, 2022** |  |  |  |  |  |  |  |  |  |  |
|  Class P1 | $1679 | 122 | $1796 |  | 147 |  | $(2034) | (134) | $1441 | 135 |
|  Class P2 | 37760 | 2684 | 88450 |  | 7291 |  | (30630) | (2253) | 95580 | 7722 |
|  Total net increase (decrease) | $39439 | 2806 | $90246 |  | 7438 |  | $(32664) | (2387) | $97021 | 7857 |
|  **Year ended December 31, 2021** |  |  |  |  |  |  |  |  |  |  |
|  Class P1 | $3593 | 199 | $515 |  | 30 |  | $(3079) | (172) | $1029 | 57 |
|  Class P2 | 39055 | 2202 | 26869 |  | 1558 |  | (78851) | (4405) | (12927) | (645) |
|  Total net increase (decrease) | $42648 | 2401 | $27384 |  | 1588 |  | $(81930) | (4577) | $(11898) | (588) |

---

Refer to the end of the tables for footnotes.

---

| | |
|:---|:---|
| American Funds Insurance Series | **345** |

---

------

##### [**Table of Contents**](#toc)
**Managed Risk International Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales\*** | **Sales\*** | **Reinvestments of**<br>**distributions** | **Reinvestments of**<br>**distributions** | **Repurchases\*** | **Repurchases\*** | **Net increase**<br>**(decrease)** | **Net increase**<br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
|  **Year ended December 31, 2022** |  |  |  |  |  |  |  |  |
|  Class P1 | $578 | 62 | $69 | 8 | $(323) | (37) | $324 | 33 |
|  Class P2 | 5403 | 564 | 4206 | 470 | (15947) | (1788) | (6338) | (754) |
|  Total net increase (decrease) | $5981 | 626 | $4275 | 478 | $(16270) | (1825) | $(6014) | (721) |
|  **Year ended December 31, 2021** |  |  |  |  |  |  |  |  |
|  Class P1 | $887 | 80 | $14 | 1 | $(531) | (48) | $370 | 33 |
|  Class P2 | 12803 | 1181 | 917 | 80 | (14744) | (1323) | (1024) | (62) |
|  Total net increase (decrease) | $13690 | 1261 | $931 | 81 | $(15275) | (1371) | $(654) | (29) |
| **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** |  |  |  |  |  |
|  | **Sales\*** | **Sales\*** | **Reinvestments of<br>distributions** | **Reinvestments of<br>distributions** | **Repurchases\*** | **Repurchases\*** | **Net increase<br>(decrease)** | **Net increase<br>(decrease)** |
| **Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
|  **Year ended December 31, 2022** |  |  |  |  |  |  |  |  |
|  Class P1 | $1026 | 86 | $127 | 11 | $(498) | (43) | $655 | 54 |
|  Class P2 | 22662 | 1947 | 14544 | 1281 | (39363) | (3307) | (2157) | (79) |
|  Total net increase (decrease) | $23688 | 2033 | $14671 | 1292 | $(39861) | (3350) | $(1502) | (25) |
|  **Year ended December 31, 2021** |  |  |  |  |  |  |  |  |
|  Class P1 | $971 | 80 | $40 | 3 | $(343) | (29) | $668 | 54 |
|  Class P2 | 9743 | 800 | 5979 | 487 | (51273) | (4254) | (35551) | (2967) |
|  Total net increase (decrease) | $10714 | 880 | $6019 | 490 | $(51616) | (4283) | $(34883) | (2913) |
| **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** |  |  |  |  |  |
|  | **Sales\*** | **Sales\*** | **Reinvestments of<br>distributions** | **Reinvestments of<br>distributions** | **Repurchases\*** | **Repurchases\*** | **Net decrease** | **Net decrease** |
| **Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
|  **Year ended December 31, 2022** |  |  |  |  |  |  |  |  |
|  Class P1 | $49558 | 3678 | $87716 | 6731 | $(157932) | (11880) | $(20658) | (1471) |
|  Class P2 | 13539 | 1010 | 12087 | 932 | (28848) | (2135) | (3222) | (193) |
|  Total net increase (decrease) | $63097 | 4688 | $99803 | 7663 | $(186780) | (14015) | $(23880) | (1664) |
|  **Year ended December 31, 2021** |  |  |  |  |  |  |  |  |
|  Class P1 | $64192 | 4303 | $60096 | 4023 | $(175764) | (11680) | $(51476) | (3354) |
|  Class P2 | 14838 | 1008 | 8072 | 546 | (35819) | (2404) | (12909) | (850) |
|  Total net increase (decrease) | $79030 | 5311 | $68168 | 4569 | $(211583) | (14084) | $(64385) | (4204) |

---

Refer to the end of the tables for footnotes.

---

| | |
|:---|:---|
| **346** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
**Managed Risk Asset Allocation Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales\*** | **Sales\*** | **Reinvestments of<br>distributions** | **Reinvestments of<br>distributions** | **Repurchases\*** | **Repurchases\*** | **Net increase<br>(decrease)** | **Net increase<br>(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
|  **Year ended December 31, 2022** |  |  |  |  |  |  |  |  |
|  Class P1 | $1649 | 120 | $430 | 34 | $(675) | (52) | $1404 | 102 |
|  Class P2 | 38665 | 2998 | 138534 | 11152 | (283108) | (22026) | (105909) | (7876) |
|  Total net increase (decrease) | $40314 | 3118 | $138964 | 11186 | $(283783) | (22078) | $(104505) | (7774) |
|  **Year ended December 31, 2021** |  |  |  |  |  |  |  |  |
|  Class P1 | $2097 | 141 | $114 | 8 | $(899) | (60) | $1312 | 89 |
|  Class P2 | 57616 | 4016 | 38113 | 2632 | (351072) | (24507) | (255343) | (17859) |
|  Total net increase (decrease) | $59713 | 4157 | $38227 | 2640 | $(351971) | (24567) | $(254031) | (17770) |

---

\*Includes exchanges between share classes of the fund.

<sup>†</sup>Amount less than one thousand.

**11. Ownership concentration** 

------

At December 31, 2022, American Funds Insurance Series - Portfolio Series - Managed Risk Growth and Income Portfolio held 18% and 17% of the outstanding shares of American Funds Insurance Series - Capital World Growth and Income Fund and American Funds Insurance Series - Capital Income Builder, respectively. In addition, American Funds Insurance Series - Portfolio Series - Managed Risk Global Allocation Portfolio held 25% of the outstanding shares of American Funds Insurance Series - American Funds Global Balanced Fund.

**12. Investment transactions and other disclosures** 

------

The following tables present additional information for each fund for the year ended December 31, 2022 (dollars in thousands):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Global<br>Growth<br>Fund** | **Global**<br> **Small<br>Capitalization<br>Fund** | | **Growth<br>Fund** | **International<br>Fund** | **New**<br> **World Fund** | **Washington<br>Mutual<br>Investors<br>Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases of investment securities\* | $2020468 | $1224731 |  | $10017065 | $2810699 | $1260720 | $2833147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales of investment securities\* | 2146215 | 1218842 |  | 10662318 | 2867081 | 1624730 | 3802409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. taxes paid on dividend income | 6202 | 2117 |  | 9817 | 9312 | 3655 | 1964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. taxes paid on interest income |  |  |  |  |  | 5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. taxes paid on realized gains | 1408 | 5338 |  |  | 8023 | 4440 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. taxes provided on unrealized appreciation | 5103 | 9184 |  | – | 25364 | 8906 | – |
|  | **Capital<br>World<br>Growth<br>and Income<br>Fund** | **Growth-<br>Income<br>Fund** |  | **International<br>Growth**<br> **and Income<br>Fund** | **Capital<br>Income<br>Builder** | **Asset<br>Allocation<br>Fund** | **American<br>Funds<br>Global<br>Balanced<br>Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases of investment securities\* | $749437 | $8339283 |  | $142556 | $1242326 | $27267262 | $392565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales of investment securities\* | 985479 | 12308349 |  | 139199 | 1167109 | 28617726 | 407112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. taxes paid on dividend income | 2593 | 9673 |  | 744 | 1500 | 9616 | 372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. taxes paid on interest income |  |  |  |  |  |  | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. taxes paid on realized gains | 173 |  | <sup>†</sup> | 51 | 46 |  | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. taxes provided on unrealized appreciation | 568 | – |  | 58 | 349 | 2592 | 83 |

---

Refer to the end of the tables for footnotes.

---

| | |
|:---|:---|
| American Funds Insurance Series | **347** |

---

------

##### [**Table of Contents**](#toc)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **The Bond<br>Fund**<br> **of America** | **Capital<br>World Bond<br>Fund** | **American<br>High-Income<br>Trust** | **American<br>Funds<br>Mortgage<br>Fund** | **Ultra-Short<br>Bond<br>Fund** | **U.S.<br>Government<br>Securities<br>Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases of investment securities\* | $38975446 | $1910865 | $293093 | $1134922 | $– | $9478478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales of investment securities\* | 37928493 | 2233596 | 378913 | 1243904 |  | 9100700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. taxes paid on interest income | 22 | 135 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. taxes paid on realized gains |  | 333 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. taxes provided on unrealized appreciation | – | 117 | – | – | – | – |
|  | **Managed<br>Risk<br>Growth<br>Fund** | **Managed<br>Risk<br>International<br>Fund** | **Managed<br>Risk<br>Washington<br>Mutual<br>Investors<br>Fund** | **Managed<br>Risk<br>Growth-<br>Income<br>Fund** | **Managed<br>Risk Asset<br>Allocation<br>Fund** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases of investment securities\* | $528842 | $121812 | $269212 | $1486050 | $1104342 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales of investment securities\* | 453254 | 107992 | 219710 | 1431021 | 1086607 |  |

---

\*Excludes short-term securities and U.S. government obligations, if any.

<sup>†</sup>Amount less than one thousand.

---

| | |
|:---|:---|
| **348** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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------

##### [**Table of Contents**](#toc)
Financial highlights

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **(Loss) income from**<br>**investment operations<sup>1</sup>** | **(Loss) income from**<br>**investment operations<sup>1</sup>** | **(Loss) income from**<br>**investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | |
| <br>**Year ended** |<br>**Net asset<br>value,<br>beginning<br>of year** | **Net**<br> **investment**<br> **income** | **Net (losses)<br>gains on<br>securities<br>(both<br>realized and<br>unrealized)** | **Total from<br>investment**<br> **operations** | **Dividends<br>(from net**<br> **investment**<br> **income)** | **Distributions<br>(from capital<br>gains)** | **Total<br>dividends<br>and<br>distributions** |<br>**Net asset<br>value,<br>end**<br> **of year** |<br>**Total return<sup>2</sup>** |<br>**Net assets,<br>end of year<br>(in millions)** |<br>**Ratio of<br>expenses to<br>average net<br>assets before<br>waivers<sup>3</sup>** |<br>**Ratio of<br>expenses to<br>average net<br>assets after<br>waivers<sup>2,3</sup>** |<br>**Ratio of<br>net income<br>to average<br>net assets<sup>2</sup>** |
|  **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** | **Global Growth Fund** |  |  |  |  |  |  |  |  |  |
|  **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | $45.46 | $.34 | $(11.34) | $(11.00) | $(.31) | $(3.97) | $(4.28) | $30.18 | (24.54)% | $3104 | .53% | .46% | 1.01% |
|  12/31/2021 | 41.16 | .25 | 6.48 | 6.73 | (.26) | (2.17) | (2.43) | 45.46 | 16.72 | 4270 | .55 | .54 | .56 |
|  12/31/2020 | 32.57 | .20 | 9.56 | 9.76 | (.21) | (.96) | (1.17) | 41.16 | 30.79 | 3309 | .56 | .56 | .59 |
|  12/31/2019 | 25.74 | .32 | 8.60 | 8.92 | (.41) | (1.68) | (2.09) | 32.57 | 35.61 | 2515 | .56 | .56 | 1.07 |
|  12/31/2018 | 30.51 | .29 | (2.65) | (2.36) | (.28) | (2.13) | (2.41) | 25.74 | (8.81) | 1942 | .55 | .55 | .98 |
|  **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | 45.28 | .26 | (11.31) | (11.05) | (.22) | (3.97) | (4.19) | 30.04 | (24.73) | 14 | .78 | .71 | .78 |
|  12/31/2021 | 41.02 | .14 | 6.46 | 6.60 | (.17) | (2.17) | (2.34) | 45.28 | 16.45 | 18 | .80 | .79 | .33 |
|  12/31/2020 | 32.47 | .12 | 9.52 | 9.64 | (.13) | (.96) | (1.09) | 41.02 | 30.49 | 12 | .81 | .81 | .34 |
|  12/31/2019 | 25.69 | .25 | 8.55 | 8.80 | (.34) | (1.68) | (2.02) | 32.47 | 35.22 | 8 | .81 | .81 | .83 |
|  12/31/2018 | 30.46 | .23 | (2.66) | (2.43) | (.21) | (2.13) | (2.34) | 25.69 | (9.02) | 5 | .80 | .80 | .77 |
|  **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | 44.94 | .25 | (11.21) | (10.96) | (.22) | (3.97) | (4.19) | 29.79 | (24.74) | 3234 | .78 | .71 | .76 |
|  12/31/2021 | 40.72 | .13 | 6.41 | 6.54 | (.15) | (2.17) | (2.32) | 44.94 | 16.42 | 4559 | .80 | .80 | .30 |
|  12/31/2020 | 32.24 | .12 | 9.44 | 9.56 | (.12) | (.96) | (1.08) | 40.72 | 30.47 | 4387 | .81 | .81 | .34 |
|  12/31/2019 | 25.50 | .24 | 8.51 | 8.75 | (.33) | (1.68) | (2.01) | 32.24 | 35.28 | 3895 | .81 | .81 | .83 |
|  12/31/2018 | 30.24 | .22 | (2.63) | (2.41) | (.20) | (2.13) | (2.33) | 25.50 | (9.04) | 3306 | .80 | .80 | .73 |
|  **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | 44.57 | .17 | (11.12) | (10.95) | (.14) | (3.97) | (4.11) | 29.51 | (24.92) | 584 | 1.03 | .96 | .52 |
|  12/31/2021 | 40.45 | .03 | 6.35 | 6.38 | (.09) | (2.17) | (2.26) | 44.57 | 16.14 | 744 | 1.05 | 1.04 | .07 |
|  12/31/2020 | 32.05 | .03 | 9.38 | 9.41 | (.05) | (.96) | (1.01) | 40.45 | 30.17 | 533 | 1.06 | 1.06 | .09 |
|  12/31/2019 | 25.39 | .17 | 8.45 | 8.62 | (.28) | (1.68) | (1.96) | 32.05 | 34.87 | 382 | 1.06 | 1.06 | .57 |
|  12/31/2018 | 30.13 | .14 | (2.60) | (2.46) | (.15) | (2.13) | (2.28) | 25.39 | (9.24) | 249 | 1.05 | 1.05 | .47 |

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Refer to the end of the tables for footnotes.

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| | |
|:---|:---|
| American Funds Insurance Series | **349** |

---

------

##### [**Table of Contents**](#toc)
Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **(Loss) income from**<br>**investment operations<sup>1</sup>** | **(Loss) income from**<br>**investment operations<sup>1</sup>** | **(Loss) income from**<br>**investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | |
| <br>**Year ended** |<br>**Net asset<br>value,<br>beginning<br>of year** | **Net**<br> **investment**<br> **income<br>(loss)** | **Net (losses)<br>gains on<br>securities<br>(both<br>realized and<br>unrealized)** | **Total from<br>investment**<br> **operations** | **Dividends<br>(from net**<br> **investment**<br> **income)** | **Distributions<br>(from capital<br>gains)** | **Total<br>dividends<br>and<br>distributions** |<br>**Net asset<br>value,<br>end**<br> **of year** |<br>**Total return<sup>2</sup>** |<br>**Net assets,<br>end of year<br>(in millions)** |<br>**Ratio of<br>expenses to<br>average net<br>assets before<br>waivers<sup>3</sup>** |<br>**Ratio of<br>expenses to<br>average net<br>assets after<br>waivers<sup>2,3</sup>** |<br>**Ratio of<br>net income<br>(loss)**<br> **to average<br>net assets<sup>2</sup>** |
|  **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** |  |  |  |  |  |  |  |  |  |
|  **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | $34.17 | $.05 | $(9.50) | $(9.45) | $– | $(8.50) | $(8.50) | $16.22 | (29.37)% | $916 | .72% | .69% | .24% |
|  12/31/2021 | 32.64 | (.02) | 2.32 | 2.30 |  | (.77) | (.77) | 34.17 | 6.98 | 1707 | .74 | .74 | (.07) |
|  12/31/2020 | 26.80 | (.01) | 7.49 | 7.48 | (.05) | (1.59) | (1.64) | 32.64 | 30.04 | 2391 | .75 | .75 | (.06) |
|  12/31/2019 | 21.75 | .12 | 6.61 | 6.73 | (.10) | (1.58) | (1.68) | 26.80 | 31.84 | 2050 | .75 | .75 | .48 |
|  12/31/2018 | 25.38 | .11 | (2.51) | (2.40) | (.09) | (1.14) | (1.23) | 21.75 | (10.31) | 1453 | .73 | .73 | .42 |
|  **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | 33.93 | –<sup>4</sup> | (9.43) | (9.43) |  | (8.50) | (8.50) | 16.00 | (29.54) | 4 | .97 | .94 | –<sup>5</sup> |
|  12/31/2021 | 32.49 | (.07) | 2.28 | 2.21 |  | (.77) | (.77) | 33.93 | 6.73 | 5 | .99 | .99 | (.21) |
|  12/31/2020 | 26.74 | (.09) | 7.48 | 7.39 | (.05) | (1.59) | (1.64) | 32.49 | 29.72 | 1 | .99 | .99 | (.33) |
|  12/31/2019 | 21.71 | .05 | 6.61 | 6.66 | (.05) | (1.58) | (1.63) | 26.74 | 31.56 | 1 | .99 | .99 | .22 |
|  12/31/2018 | 25.36 | .05 | (2.52) | (2.47) | (.04) | (1.14) | (1.18) | 21.71 | (10.56) | –<sup>6</sup> | .98 | .98 | .21 |
|  **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | 32.94 | –<sup>4</sup> | (9.14) | (9.14) |  | (8.50) | (8.50) | 15.30 | (29.55) | 1762 | .97 | .94 | –<sup>5</sup> |
|  12/31/2021 | 31.56 | (.10) | 2.25 | 2.15 |  | (.77) | (.77) | 32.94 | 6.74 | 2521 | .99 | .99 | (.30) |
|  12/31/2020 | 26.02 | (.08) | 7.25 | 7.17 | (.04) | (1.59) | (1.63) | 31.56 | 29.72 | 2653 | 1.00 | 1.00 | (.31) |
|  12/31/2019 | 21.16 | .05 | 6.43 | 6.48 | (.04) | (1.58) | (1.62) | 26.02 | 31.52 | 2363 | 1.00 | 1.00 | .22 |
|  12/31/2018 | 24.72 | .04 | (2.44) | (2.40) | (.02) | (1.14) | (1.16) | 21.16 | (10.55) | 2056 | .98 | .98 | .17 |
|  **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | 32.96 | (.05) | (9.13) | (9.18) |  | (8.50) | (8.50) | 15.28 | (29.69) | 261 | 1.22 | 1.19 | (.25) |
|  12/31/2021 | 31.67 | (.18) | 2.24 | 2.06 |  | (.77) | (.77) | 32.96 | 6.43 | 344 | 1.24 | 1.24 | (.53) |
|  12/31/2020 | 26.16 | (.14) | 7.27 | 7.13 | (.03) | (1.59) | (1.62) | 31.67 | 29.39 | 268 | 1.25 | 1.25 | (.56) |
|  12/31/2019 | 21.28 | (.01) | 6.47 | 6.46 | –<sup>4</sup> | (1.58) | (1.58) | 26.16 | 31.24 | 206 | 1.25 | 1.25 | (.04) |
|  12/31/2018 | 24.91 | (.02) | (2.46) | (2.48) | (.01) | (1.14) | (1.15) | 21.28 | (10.80) | 146 | 1.24 | 1.24 | (.08) |

---

Refer to the end of the tables for footnotes.

---

| | |
|:---|:---|
| **350** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
Financial highlights (continued)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **(Loss) income from**<br>**investment operations<sup>1</sup>** | **(Loss) income from**<br>**investment operations<sup>1</sup>** | **(Loss) income from**<br>**investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | |
| <br>**Year ended** |<br>**Net asset<br>value,<br>beginning**<br> **of year** | **Net**<br> **investment<br>income**<br> **(loss)** | **Net (losses)<br>gains on<br>securities<br>(both<br>realized and<br>unrealized)** | **Total from<br>investment<br>operations** | **Dividends<br>(from net<br>investment**<br> **income)** | **Distributions**<br> **(from capital<br>gains)** | **Total**<br> **dividends**<br> **and<br>distributions** |<br>**Net asset<br>value,<br>end<br>of year** |<br>**Total return** |<br>**Net assets,**<br> **end of year**<br> **(in millions)** |<br>**Ratio of<br>expenses**<br> **to average**<br> **net assets<sup>3</sup>** |<br>**Ratio of<br>net income<br>(loss)**<br> **to average**<br> **net assets** |
| **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** |  |  |  |  |  |  |  |  |
|  **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | $127.58 | $.58 | $(37.03) | $(36.45) | $(.53) | $(14.31) | $(14.84) | $76.29 | (29.75)% | $13660 | .35% | .64% |
|  12/31/2021 | 120.22 | .46 | 24.29 | 24.75 | (.58) | (16.81) | (17.39) | 127.58 | 22.30 | 19783 | .34 | .37 |
|  12/31/2020 | 81.22 | .43 | 41.28 | 41.71 | (.53) | (2.18) | (2.71) | 120.22 | 52.45 | 15644 | .35 | .46 |
|  12/31/2019 | 69.96 | .83 | 19.63 | 20.46 | (.76) | (8.44) | (9.20) | 81.22 | 31.11 | 10841 | .35 | 1.09 |
|  12/31/2018 | 77.85 | .64 | .25 | .89 | (.54) | (8.24) | (8.78) | 69.96 | (.01) | 8474 | .34 | .81 |
|  **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | 126.70 | .39 | (36.79) | (36.40) | (.38) | (14.31) | (14.69) | 75.61 | (29.93) | 187 | .60 | .45 |
|  12/31/2021 | 119.59 | .16 | 24.11 | 24.27 | (.35) | (16.81) | (17.16) | 126.70 | 21.97 | 121 | .59 | .13 |
|  12/31/2020 | 80.92 | .20 | 41.05 | 41.25 | (.40) | (2.18) | (2.58) | 119.59 | 52.07 | 60 | .60 | .21 |
|  12/31/2019 | 69.77 | .65 | 19.55 | 20.20 | (.61) | (8.44) | (9.05) | 80.92 | 30.79 | 18 | .60 | .85 |
|  12/31/2018 | 77.74 | .47 | .24 | .71 | (.44) | (8.24) | (8.68) | 69.77 | (.26) | 10 | .59 | .60 |
|  **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | 126.28 | .35 | (36.62) | (36.27) | (.29) | (14.31) | (14.60) | 75.41 | (29.94) | 14452 | .60 | .38 |
|  12/31/2021 | 119.18 | .15 | 24.03 | 24.18 | (.27) | (16.81) | (17.08) | 126.28 | 21.97 | 21986 | .59 | .12 |
|  12/31/2020 | 80.57 | .19 | 40.89 | 41.08 | (.29) | (2.18) | (2.47) | 119.18 | 52.10 | 20594 | .60 | .21 |
|  12/31/2019 | 69.48 | .63 | 19.47 | 20.10 | (.57) | (8.44) | (9.01) | 80.57 | 30.77 | 15885 | .60 | .83 |
|  12/31/2018 | 77.35 | .44 | .27 | .71 | (.34) | (8.24) | (8.58) | 69.48 | (.25) | 13701 | .59 | .55 |
|  **Class 3:** |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | 128.68 | .42 | (37.35) | (36.93) | (.35) | (14.31) | (14.66) | 77.09 | (29.89) | 188 | .53 | .45 |
|  12/31/2021 | 121.13 | .24 | 24.47 | 24.71 | (.35) | (16.81) | (17.16) | 128.68 | 22.07 | 302 | .52 | .19 |
|  12/31/2020 | 81.84 | .26 | 41.56 | 41.82 | (.35) | (2.18) | (2.53) | 121.13 | 52.20 | 279 | .53 | .28 |
|  12/31/2019 | 70.44 | .69 | 19.77 | 20.46 | (.62) | (8.44) | (9.06) | 81.84 | 30.86 | 213 | .53 | .90 |
|  12/31/2018 | 78.32 | .50 | .26 | .76 | (.40) | (8.24) | (8.64) | 70.44 | (.18) | 187 | .52 | .62 |
|  **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | 123.79 | .12 | (35.87) | (35.75) | (.09) | (14.31) | (14.40) | 73.64 | (30.11) | 2409 | .85 | .14 |
|  12/31/2021 | 117.24 | (.15) | 23.59 | 23.44 | (.08) | (16.81) | (16.89) | 123.79 | 21.69 | 3214 | .84 | (.13) |
|  12/31/2020 | 79.41 | (.04) | 40.24 | 40.20 | (.19) | (2.18) | (2.37) | 117.24 | 51.71 | 2347 | .85 | (.04) |
|  12/31/2019 | 68.64 | .44 | 19.19 | 19.63 | (.42) | (8.44) | (8.86) | 79.41 | 30.44 | 1513 | .85 | .59 |
|  12/31/2018 | 76.56 | .24 | .28 | .52 | (.20) | (8.24) | (8.44) | 68.64 | (.50) | 1076 | .84 | .31 |

---

Refer to the end of the tables for footnotes.

---

| | |
|:---|:---|
| American Funds Insurance Series | **351** |

---

------

##### [**Table of Contents**](#toc)
Financial highlights (continued)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **(Loss) income from**<br>**investment operations<sup>1</sup>** | **(Loss) income from**<br>**investment operations<sup>1</sup>** | **(Loss) income from**<br>**investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | |
| <br>**Year ended** |<br>**Net asset<br>value,<br>beginning**<br> **of year** | **Net**<br> **investment<br>income** | **Net (losses)<br>gains on<br>securities<br>(both<br>realized and<br>unrealized)** | **Total from<br>investment<br>operations** | **Dividends<br>(from net<br>investment**<br> **income)** | **Distributions**<br> **(from capital<br>gains)** | **Total**<br> **dividends**<br> **and<br>distributions** |<br>**Net asset<br>value,<br>end<br>of year** |<br>**Total return** |<br>**Net assets,**<br> **end of year**<br> **(in millions)** |<br>**Ratio of<br>expenses**<br> **to average**<br> **net assets<sup>3</sup>** |<br>**Ratio of<br>net income**<br> **to average**<br> **net assets** |
| **International Fund** | **International Fund** | **International Fund** | **International Fund** | **International Fund** |  |  |  |  |  |  |  |  |
|  **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | $22.70 | $.34 | $(4.79) | $(4.45) | $(.34) | $(2.60) | $(2.94) | $15.31 | (20.57)% | $3157 | .54% | 1.95% |
|  12/31/2021 | 23.64 | .38 | (.67) | (.29) | (.65) |  | (.65) | 22.70 | (1.23) | 4747 | .55 | 1.57 |
|  12/31/2020 | 20.86 | .14 | 2.82 | 2.96 | (.18) |  | (.18) | 23.64 | 14.28 | 5652 | .55 | .71 |
|  12/31/2019 | 17.66 | .30 | 3.74 | 4.04 | (.34) | (.50) | (.84) | 20.86 | 23.21 | 5353 | .54 | 1.54 |
|  12/31/2018 | 21.71 | .34 | (2.97) | (2.63) | (.40) | (1.02) | (1.42) | 17.66 | (12.94) | 4811 | .53 | 1.62 |
|  **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | 22.61 | .30 | (4.78) | (4.48) | (.30) | (2.60) | (2.90) | 15.23 | (20.80) | 10 | .79 | 1.73 |
|  12/31/2021 | 23.55 | .33 | (.67) | (.34) | (.60) |  | (.60) | 22.61 | (1.47) | 12 | .80 | 1.39 |
|  12/31/2020 | 20.80 | .08 | 2.81 | 2.89 | (.14) |  | (.14) | 23.55 | 13.96 | 10 | .80 | .43 |
|  12/31/2019 | 17.62 | .25 | 3.72 | 3.97 | (.29) | (.50) | (.79) | 20.80 | 22.90 | 7 | .79 | 1.27 |
|  12/31/2018 | 21.67 | .27 | (2.93) | (2.66) | (.37) | (1.02) | (1.39) | 17.62 | (13.11) | 5 | .78 | 1.32 |
|  **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | 22.60 | .29 | (4.76) | (4.47) | (.30) | (2.60) | (2.90) | 15.23 | (20.79) | 3164 | .79 | 1.71 |
|  12/31/2021 | 23.54 | .33 | (.68) | (.35) | (.59) |  | (.59) | 22.60 | (1.49) | 4190 | .80 | 1.35 |
|  12/31/2020 | 20.78 | .09 | 2.80 | 2.89 | (.13) |  | (.13) | 23.54 | 13.97 | 4481 | .80 | .46 |
|  12/31/2019 | 17.60 | .25 | 3.72 | 3.97 | (.29) | (.50) | (.79) | 20.78 | 22.88 | 4311 | .79 | 1.29 |
|  12/31/2018 | 21.63 | .29 | (2.95) | (2.66) | (.35) | (1.02) | (1.37) | 17.60 | (13.13) | 3875 | .78 | 1.40 |
|  **Class 3:** |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | 22.76 | .31 | (4.81) | (4.50) | (.31) | (2.60) | (2.91) | 15.35 | (20.76) | 16 | .72 | 1.78 |
|  12/31/2021 | 23.69 | .34 | (.67) | (.33) | (.60) |  | (.60) | 22.76 | (1.39) | 21 | .73 | 1.41 |
|  12/31/2020 | 20.92 | .10 | 2.81 | 2.91 | (.14) |  | (.14) | 23.69 | 14.00 | 25 | .73 | .53 |
|  12/31/2019 | 17.70 | .27 | 3.75 | 4.02 | (.30) | (.50) | (.80) | 20.92 | 23.05 | 25 | .72 | 1.37 |
|  12/31/2018 | 21.75 | .31 | (2.98) | (2.67) | (.36) | (1.02) | (1.38) | 17.70 | (13.10) | 24 | .71 | 1.48 |
|  **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | 22.31 | .25 | (4.71) | (4.46) | (.26) | (2.60) | (2.86) | 14.99 | (21.02) | 373 | 1.04 | 1.47 |
|  12/31/2021 | 23.25 | .27 | (.67) | (.40) | (.54) |  | (.54) | 22.31 | (1.71) | 459 | 1.05 | 1.13 |
|  12/31/2020 | 20.54 | .04 | 2.76 | 2.80 | (.09) |  | (.09) | 23.25 | 13.66 | 423 | 1.05 | .21 |
|  12/31/2019 | 17.40 | .20 | 3.69 | 3.89 | (.25) | (.50) | (.75) | 20.54 | 22.67 | 379 | 1.04 | 1.03 |
|  12/31/2018 | 21.42 | .23 | (2.93) | (2.70) | (.30) | (1.02) | (1.32) | 17.40 | (13.41) | 295 | 1.03 | 1.13 |

---

Refer to the end of the tables for footnotes.

---

| | |
|:---|:---|
| **352** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **(Loss) income from**<br>**investment operations<sup>1</sup>** | **(Loss) income from**<br>**investment operations<sup>1</sup>** | **(Loss) income from**<br>**investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | |
| <br>**Year ended** |<br>**Net asset<br>value,<br>beginning<br>of year** | **Net<br>investment<br>income** | **Net (losses)<br>gains on<br>securities<br>(both<br>realized and<br>unrealized)** | **Total from<br>investment<br>operations** | **Dividends<br>(from net<br>investment<br>income)** | **Distributions<br>(from capital<br>gains)** | **Total<br>dividends<br>and<br>distributions** |<br>**Net asset<br>value,<br>end<br>of year** |<br>**Total return<sup>2</sup>** |<br>**Net assets,<br>end of year<br>(in millions)** |<br>**Ratio of<br>expenses to<br>average net<br>assets before<br>waivers<sup>3</sup>** |<br>**Ratio of<br>expenses to<br>average net<br>assets after<br>waivers<sup>2,3</sup>** |<br>**Ratio of<br>net income<br>to average<br>net assets<sup>2</sup>** |
|  **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** | **New World Fund** |  |  |  |  |  |  |  |  |  |
|  **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | $31.83 | $.37 | $(7.17) | $(6.80) | $(.39) | $(2.34) | $(2.73) | $22.30 | (21.86)% | $1610 | .68% | .57% | 1.48% |
|  12/31/2021 | 31.59 | .29 | 1.38 | 1.67 | (.36) | (1.07) | (1.43) | 31.83 | 5.16 | 2443 | .74 | .56 | .88 |
|  12/31/2020 | 25.84 | .15 | 5.93 | 6.08 | (.06) | (.27) | (.33) | 31.59 | 23.89 | 2309 | .76 | .64 | .58 |
|  12/31/2019 | 20.98 | .28 | 5.79 | 6.07 | (.29) | (.92) | (1.21) | 25.84 | 29.47 | 2129 | .76 | .76 | 1.18 |
|  12/31/2018 | 25.30 | .27 | (3.65) | (3.38) | (.27) | (.67) | (.94) | 20.98 | (13.83) | 1702 | .77 | .77 | 1.11 |
|  **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | 31.70 | .30 | (7.15) | (6.85) | (.32) | (2.34) | (2.66) | 22.19 | (22.09) | 9 | .93 | .82 | 1.24 |
|  12/31/2021 | 31.43 | .17 | 1.41 | 1.58 | (.24) | (1.07) | (1.31) | 31.70 | 4.90 | 12 | .99 | .81 | .54 |
|  12/31/2020 | 25.74 | .07 | 5.92 | 5.99 | (.03) | (.27) | (.30) | 31.43 | 23.63 | 18 | 1.01 | .87 | .26 |
|  12/31/2019 | 20.92 | .22 | 5.76 | 5.98 | (.24) | (.92) | (1.16) | 25.74 | 29.11 | 4 | 1.01 | 1.01 | .92 |
|  12/31/2018 | 25.25 | .21 | (3.64) | (3.43) | (.23) | (.67) | (.90) | 20.92 | (14.02) | 2 | 1.02 | 1.02 | .91 |
|  **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | 31.48 | .30 | (7.10) | (6.80) | (.32) | (2.34) | (2.66) | 22.02 | (22.10) | 764 | .93 | .82 | 1.24 |
|  12/31/2021 | 31.25 | .20 | 1.38 | 1.58 | (.28) | (1.07) | (1.35) | 31.48 | 4.92 | 1086 | .99 | .81 | .63 |
|  12/31/2020 | 25.59 | .08 | 5.87 | 5.95 | (.02) | (.27) | (.29) | 31.25 | 23.58 | 1109 | 1.01 | .89 | .34 |
|  12/31/2019 | 20.79 | .22 | 5.73 | 5.95 | (.23) | (.92) | (1.15) | 25.59 | 29.15 | 981 | 1.01 | 1.01 | .93 |
|  12/31/2018 | 25.07 | .20 | (3.61) | (3.41) | (.20) | (.67) | (.87) | 20.79 | (14.04) | 843 | 1.02 | 1.02 | .85 |
|  **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | 31.24 | .24 | (7.03) | (6.79) | (.27) | (2.34) | (2.61) | 21.84 | (22.25) | 701 | 1.18 | 1.07 | .99 |
|  12/31/2021 | 31.04 | .12 | 1.36 | 1.48 | (.21) | (1.07) | (1.28) | 31.24 | 4.63 | 906 | 1.24 | 1.06 | .38 |
|  12/31/2020 | 25.47 | .02 | 5.83 | 5.85 | (.01) | (.27) | (.28) | 31.04 | 23.29 | 807 | 1.26 | 1.14 | .08 |
|  12/31/2019 | 20.71 | .16 | 5.70 | 5.86 | (.18) | (.92) | (1.10) | 25.47 | 28.82 | 646 | 1.26 | 1.26 | .67 |
|  12/31/2018 | 24.99 | .14 | (3.59) | (3.45) | (.16) | (.67) | (.83) | 20.71 | (14.25) | 464 | 1.27 | 1.27 | .61 |

---

Refer to the end of the tables for footnotes.

---

| | |
|:---|:---|
| American Funds Insurance Series | **353** |

---

------

##### [**Table of Contents**](#toc)
Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **(Loss) income from**<br>**investment operations<sup>1</sup>** | **(Loss) income from**<br>**investment operations<sup>1</sup>** | **(Loss) income from**<br>**investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | |
| <br>**Year ended** |<br>**Net asset<br>value,<br>beginning<br>of year** | **Net<br>investment<br>income** | **Net (losses)<br>gains on<br>securities<br>(both<br>realized and<br>unrealized)** | **Total from<br>investment<br>operations** | **Dividends<br>(from net<br>investment<br>income)** | **Distributions<br>(from capital<br>gains)** | **Total<br>dividends<br>and<br>distributions** |<br>**Net asset<br>value,<br>end<br>of year** |<br>**Total return<sup>2</sup>** |<br>**Net assets,<br>end of year<br>(in millions)** |<br>**Ratio of<br>expenses to<br>average net<br>assets before<br>waivers<sup>3</sup>** |<br>**Ratio of<br>expenses to<br>average net<br>assets after<br>waivers<sup>2,3</sup>** |<br>**Ratio of<br>net income<br>to average<br>net assets<sup>2</sup>** |
|  **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** |  |  |  |  |  |  |  |  |  |
|  **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | $18.09 | $.31 | $(1.69) | $(1.38) | $(.30) | $(3.72) | $(4.02) | $12.69 | (8.28)% | $5507 | .41% | .26% | 2.13% |
|  12/31/2021 | 14.35 | .29 | 3.73 | 4.02 | (.28) |  | (.28) | 18.09 | 28.12 | 6766 | .42 | .31 | 1.79 |
|  12/31/2020 | 13.56 | .25 | .95 | 1.20 | (.26) | (.15) | (.41) | 14.35 | 9.04 | 5684 | .43 | .43 | 2.00 |
|  12/31/2019 | 12.38 | .30 | 2.25 | 2.55 | (.30) | (1.07) | (1.37) | 13.56 | 21.66 | 5559 | .42 | .42 | 2.28 |
|  12/31/2018 | 14.96 | .31 | (1.44) | (1.13) | (.31) | (1.14) | (1.45) | 12.38 | (8.45) | 4810 | .41 | .41 | 2.13 |
|  **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | 17.96 | .27 | (1.67) | (1.40) | (.23) | (3.72) | (3.95) | 12.61 | (8.45) | 64 | .66 | .51 | 1.76 |
|  12/31/2021 | 14.28 | .27 | 3.67 | 3.94 | (.26) |  | (.26) | 17.96 | 27.70 | 169 | .67 | .53 | 1.62 |
|  12/31/2020 | 13.51 | .23 | .93 | 1.16 | (.24) | (.15) | (.39) | 14.28 | 8.79 | 25 | .67 | .67 | 1.78 |
|  12/31/2019 | 12.35 | .26 | 2.24 | 2.50 | (.27) | (1.07) | (1.34) | 13.51 | 21.35 | 9 | .67 | .67 | 2.03 |
|  12/31/2018 | 14.94 | .26 | (1.42) | (1.16) | (.29) | (1.14) | (1.43) | 12.35 | (8.67) | 3 | .66 | .66 | 1.84 |
|  **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | 17.83 | .26 | (1.65) | (1.39) | (.26) | (3.72) | (3.98) | 12.46 | (8.45) | 2775 | .66 | .51 | 1.88 |
|  12/31/2021 | 14.15 | .25 | 3.67 | 3.92 | (.24) |  | (.24) | 17.83 | 27.78 | 3426 | .67 | .56 | 1.54 |
|  12/31/2020 | 13.39 | .22 | .91 | 1.13 | (.22) | (.15) | (.37) | 14.15 | 8.68 | 3082 | .68 | .68 | 1.75 |
|  12/31/2019 | 12.24 | .26 | 2.22 | 2.48 | (.26) | (1.07) | (1.33) | 13.39 | 21.38 | 3093 | .67 | .67 | 2.03 |
|  12/31/2018 | 14.80 | .27 | (1.42) | (1.15) | (.27) | (1.14) | (1.41) | 12.24 | (8.66) | 2850 | .66 | .66 | 1.88 |
|  **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | 17.71 | .23 | (1.64) | (1.41) | (.24) | (3.72) | (3.96) | 12.34 | (8.69) | 1098 | .91 | .77 | 1.64 |
|  12/31/2021 | 14.06 | .21 | 3.65 | 3.86 | (.21) |  | (.21) | 17.71 | 27.51 | 1104 | .92 | .81 | 1.30 |
|  12/31/2020 | 13.31 | .19 | .91 | 1.10 | (.20) | (.15) | (.35) | 14.06 | 8.47 | 788 | .93 | .93 | 1.51 |
|  12/31/2019 | 12.19 | .23 | 2.20 | 2.43 | (.24) | (1.07) | (1.31) | 13.31 | 21.03 | 621 | .92 | .92 | 1.78 |
|  12/31/2018 | 14.77 | .23 | (1.42) | (1.19) | (.25) | (1.14) | (1.39) | 12.19 | (8.92) | 368 | .91 | .91 | 1.62 |

---

Refer to the end of the tables for footnotes.

---

| | |
|:---|:---|
| **354** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **(Loss) income from**<br>**investment operations<sup>1</sup>** | **(Loss) income from**<br>**investment operations<sup>1</sup>** | **(Loss) income from**<br>**investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | |
| <br>**Year ended** |<br>**Net asset<br>value,<br>beginning<br>of year** | **Net<br>investment<br>income** | **Net (losses)<br>gains on<br>securities<br>(both<br>realized and<br>unrealized)** | **Total from<br>investment<br>operations** | **Dividends<br>(from net<br>investment<br>income)** | **Distributions<br>(from capital<br>gains)** | **Total<br>dividends<br>and<br>distributions** |<br>**Net asset<br>value,<br>end<br>of year** |<br>**Total return<sup>2</sup>** |<br>**Net assets,<br>end of year<br>(in millions)** |<br>**Ratio of<br>expenses to<br>average net<br>assets before<br>waivers<sup>3</sup>** |<br>**Ratio of<br>expenses to<br>average net<br>assets after<br>waivers<sup>2,3</sup>** |<br>**Ratio of<br>net income<br>to average<br>net assets<sup>2</sup>** |
|  **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** |  |  |  |  |  |  |  |  |  |
|  **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | $18.42 | $.32 | $(3.28) | $(2.96) | $(.34) | $(3.45) | $(3.79) | $11.67 | (17.13)% | $548 | .57% | .41% | 2.36% |
|  12/31/2021 | 16.67 | .38 | 2.10 | 2.48 | (.33) | (.40) | (.73) | 18.42 | 15.03 | 812 | .63 | .47 | 2.14 |
|  12/31/2020 | 15.92 | .22 | 1.14 | 1.36 | (.23) | (.38) | (.61) | 16.67 | 9.03 | 657 | .66 | .66 | 1.49 |
|  12/31/2019 | 13.02 | .31 | 3.67 | 3.98 | (.32) | (.76) | (1.08) | 15.92 | 31.39 | 625 | .65 | .65 | 2.08 |
|  12/31/2018 | 15.81 | .29 | (1.62) | (1.33) | (.28) | (1.18) | (1.46) | 13.02 | (9.36) | 492 | .63 | .63 | 1.94 |
|  **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | 18.34 | .28 | (3.25) | (2.97) | (.31) | (3.45) | (3.76) | 11.61 | (17.29) | 6 | .82 | .66 | 2.13 |
|  12/31/2021 | 16.62 | .37 | 2.06 | 2.43 | (.31) | (.40) | (.71) | 18.34 | 14.71 | 7 | .88 | .70 | 2.08 |
|  12/31/2020 | 15.88 | .18 | 1.13 | 1.31 | (.19) | (.38) | (.57) | 16.62 | 8.78 | 2 | .90 | .90 | 1.23 |
|  12/31/2019 | 13.00 | .26 | 3.68 | 3.94 | (.30) | (.76) | (1.06) | 15.88 | 31.04 | 2 | .90 | .90 | 1.77 |
|  12/31/2018 | 15.81 | .26 | (1.63) | (1.37) | (.26) | (1.18) | (1.44) | 13.00 | (9.62) | 1 | .88 | .88 | 1.74 |
|  **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | 18.38 | .28 | (3.26) | (2.98) | (.31) | (3.45) | (3.76) | 11.64 | (17.33) | 983 | .82 | .66 | 2.11 |
|  12/31/2021 | 16.63 | .33 | 2.11 | 2.44 | (.29) | (.40) | (.69) | 18.38 | 14.78 | 1340 | .88 | .73 | 1.85 |
|  12/31/2020 | 15.89 | .18 | 1.13 | 1.31 | (.19) | (.38) | (.57) | 16.63 | 8.73 | 1349 | .91 | .91 | 1.23 |
|  12/31/2019 | 12.99 | .27 | 3.68 | 3.95 | (.29) | (.76) | (1.05) | 15.89 | 31.14 | 1366 | .90 | .90 | 1.84 |
|  12/31/2018 | 15.78 | .26 | (1.63) | (1.37) | (.24) | (1.18) | (1.42) | 12.99 | (9.63) | 1228 | .88 | .88 | 1.70 |
|  **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | 18.04 | .24 | (3.20) | (2.96) | (.28) | (3.45) | (3.73) | 11.35 | (17.57) | 188 | 1.07 | .91 | 1.86 |
|  12/31/2021 | 16.35 | .29 | 2.06 | 2.35 | (.26) | (.40) | (.66) | 18.04 | 14.46 | 225 | 1.13 | .97 | 1.65 |
|  12/31/2020 | 15.63 | .14 | 1.12 | 1.26 | (.16) | (.38) | (.54) | 16.35 | 8.55 | 166 | 1.16 | 1.16 | .97 |
|  12/31/2019 | 12.81 | .23 | 3.61 | 3.84 | (.26) | (.76) | (1.02) | 15.63 | 30.73 | 145 | 1.15 | 1.15 | 1.56 |
|  12/31/2018 | 15.60 | .21 | (1.60) | (1.39) | (.22) | (1.18) | (1.40) | 12.81 | (9.89) | 95 | 1.13 | 1.13 | 1.43 |

---

Refer to the end of the tables for footnotes.

---

| | |
|:---|:---|
| American Funds Insurance Series | **355** |

---

------

##### [**Table of Contents**](#toc)
Financial highlights (continued)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **(Loss) income from**<br>**investment operations<sup>1</sup>** | **(Loss) income from**<br>**investment operations<sup>1</sup>** | **(Loss) income from**<br>**investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | |
| <br>**Year ended** |<br>**Net asset<br>value,<br>beginning<br>of year** | **Net<br>investment<br>income** | **Net (losses)<br>gains on<br>securities<br>(both<br>realized and<br>unrealized)** | **Total from<br>investment<br>operations** | **Dividends<br>(from net<br>investment**<br> **income)** | **Distributions**<br> **(from capital<br>gains)** | **Total<br>dividends<br>and<br>distributions** |<br>**Net asset<br>value,<br>end<br>of year** |<br>**Total return** |<br>**Net assets,**<br> **end of year**<br> **(in millions)** |<br>**Ratio of<br>expenses**<br> **to average**<br> **net assets<sup>3</sup>** |<br>**Ratio of<br>net income**<br> **to average**<br> **net assets** |
| **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** |  |  |  |  |  |  |  |  |
|  **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | $67.35 | $.85 | $(11.50) | $(10.65) | $(.83) | $(5.66) | $(6.49) | $50.21 | (16.28)% | $19692 | .29% | 1.54% |
|  12/31/2021 | 55.38 | .79 | 12.64 | 13.43 | (.86) | (.60) | (1.46) | 67.35 | 24.42 | 25507 | .29 | 1.28 |
|  12/31/2020 | 50.71 | .75 | 6.02 | 6.77 | (.80) | (1.30) | (2.10) | 55.38 | 13.81 | 22903 | .29 | 1.52 |
|  12/31/2019 | 45.39 | 1.00 | 10.40 | 11.40 | (.92) | (5.16) | (6.08) | 50.71 | 26.46 | 21057 | .29 | 2.05 |
|  12/31/2018 | 50.22 | .84 | (1.25) | (.41) | (.84) | (3.58) | (4.42) | 45.39 | (1.55) | 16783 | .28 | 1.65 |
|  **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | 67.02 | .71 | (11.44) | (10.73) | (.70) | (5.66) | (6.36) | 49.93 | (16.48) | 28 | .54 | 1.30 |
|  12/31/2021 | 55.16 | .65 | 12.55 | 13.20 | (.74) | (.60) | (1.34) | 67.02 | 24.08 | 32 | .53 | 1.04 |
|  12/31/2020 | 50.54 | .63 | 5.99 | 6.62 | (.70) | (1.30) | (2.00) | 55.16 | 13.55 | 16 | .54 | 1.28 |
|  12/31/2019 | 45.28 | .89 | 10.36 | 11.25 | (.83) | (5.16) | (5.99) | 50.54 | 26.14 | 11 | .54 | 1.82 |
|  12/31/2018 | 50.15 | .72 | (1.25) | (.53) | (.76) | (3.58) | (4.34) | 45.28 | (1.78) | 7 | .53 | 1.43 |
|  **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | 66.44 | .70 | (11.33) | (10.63) | (.69) | (5.66) | (6.35) | 49.46 | (16.50) | 11508 | .54 | 1.29 |
|  12/31/2021 | 54.66 | .63 | 12.45 | 13.08 | (.70) | (.60) | (1.30) | 66.44 | 24.10 | 15319 | .54 | 1.03 |
|  12/31/2020 | 50.08 | .62 | 5.93 | 6.55 | (.67) | (1.30) | (1.97) | 54.66 | 13.54 | 14012 | .54 | 1.27 |
|  12/31/2019 | 44.90 | .87 | 10.27 | 11.14 | (.80) | (5.16) | (5.96) | 50.08 | 26.14 | 13586 | .53 | 1.80 |
|  12/31/2018 | 49.71 | .71 | (1.23) | (.52) | (.71) | (3.58) | (4.29) | 44.90 | (1.79) | 12035 | .53 | 1.40 |
|  **Class 3:** |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | 67.48 | .75 | (11.51) | (10.76) | (.73) | (5.66) | (6.39) | 50.33 | (16.43) | 125 | .47 | 1.36 |
|  12/31/2021 | 55.49 | .68 | 12.65 | 13.33 | (.74) | (.60) | (1.34) | 67.48 | 24.18 | 166 | .47 | 1.10 |
|  12/31/2020 | 50.81 | .66 | 6.02 | 6.68 | (.70) | (1.30) | (2.00) | 55.49 | 13.60 | 154 | .47 | 1.34 |
|  12/31/2019 | 45.47 | .91 | 10.43 | 11.34 | (.84) | (5.16) | (6.00) | 50.81 | 26.24 | 156 | .46 | 1.87 |
|  12/31/2018 | 50.29 | .75 | (1.25) | (.50) | (.74) | (3.58) | (4.32) | 45.47 | (1.72) | 140 | .46 | 1.47 |
|  **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | 65.57 | .56 | (11.18) | (10.62) | (.57) | (5.66) | (6.23) | 48.72 | (16.70) | 1630 | .79 | 1.05 |
|  12/31/2021 | 53.99 | .48 | 12.28 | 12.76 | (.58) | (.60) | (1.18) | 65.57 | 23.80 | 1928 | .79 | .79 |
|  12/31/2020 | 49.52 | .49 | 5.85 | 6.34 | (.57) | (1.30) | (1.87) | 53.99 | 13.25 | 1407 | .79 | 1.02 |
|  12/31/2019 | 44.47 | .74 | 10.18 | 10.92 | (.71) | (5.16) | (5.87) | 49.52 | 25.86 | 1216 | .79 | 1.56 |
|  12/31/2018 | 49.31 | .58 | (1.23) | (.65) | (.61) | (3.58) | (4.19) | 44.47 | (2.05) | 899 | .78 | 1.15 |

---

Refer to the end of the tables for footnotes.

---

| | |
|:---|:---|
| **356** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **(Loss) income from**<br>**investment operations<sup>1</sup>** | **(Loss) income from**<br>**investment operations<sup>1</sup>** | **(Loss) income from**<br>**investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | |
| <br>**Year ended** |<br>**Net asset<br>value,<br>beginning<br>of year** | **Net<br>investment<br>income** | **Net (losses)<br>gains on<br>securities<br>(both<br>realized and<br>unrealized)** | **Total from<br>investment<br>operations** | **Dividends<br>(from net<br>investment<br>income)** | **Distributions<br>(from capital<br>gains)** | **Total<br>dividends<br>and<br>distributions** |<br>**Net asset<br>value,<br>end<br>of year** |<br>**Total return<sup>2</sup>** |<br>**Net assets,<br>end of year<br>(in millions)** |<br>**Ratio of<br>expenses to<br>average net<br>assets before<br>waivers<sup>3</sup>** |<br>**Ratio of<br>expenses to<br>average net<br>assets after<br>waivers<sup>2,3</sup>** |<br>**Ratio of<br>net income<br>to average<br>net assets<sup>2</sup>** |
|  **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** |  |  |  |  |  |  |  |  |  |
|  **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | $19.62 | $.39 | $(3.09) | $(2.70) | $(.28) | $(7.70) | $(7.98) | $8.94 | (15.00)% | $13 | .64% | .54% | 3.29% |
|  12/31/2021 | 19.01 | .54 | .53 | 1.07 | (.46) |  | (.46) | 19.62 | 5.64 | 30 | .67 | .67 | 2.70 |
|  12/31/2020 | 18.18 | .27 | .85 | 1.12 | (.29) |  | (.29) | 19.01 | 6.24 | 1120 | .68 | .68 | 1.70 |
|  12/31/2019 | 15.35 | .46 | 3.03 | 3.49 | (.47) | (.19) | (.66) | 18.18 | 23.06 | 1140 | .66 | .66 | 2.73 |
|  12/31/2018 | 17.72 | .45 | (2.39) | (1.94) | (.43) | – | (.43) | 15.35 | (11.00) | 1034 | .65 | .65 | 2.62 |
|  **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | 19.39 | .35 | (3.05) | (2.70) | (.29) | (7.70) | (7.99) | 8.70 | (15.31) | 5 | .88 | .79 | 3.15 |
|  12/31/2021 | 18.97 | .50 | .52 | 1.02 | (.60) |  | (.60) | 19.39 | 5.39 | 6 | .94 | .92 | 2.50 |
|  12/31/2020 | 18.15 | .22 | .85 | 1.07 | (.25) |  | (.25) | 18.97 | 5.98 | 3 | .93 | .93 | 1.38 |
|  12/31/2019 | 15.33 | .41 | 3.04 | 3.45 | (.44) | (.19) | (.63) | 18.15 | 22.76 | 2 | .91 | .91 | 2.41 |
|  12/31/2018 | 17.70 | .41 | (2.39) | (1.98) | (.39) | – | (.39) | 15.33 | (11.24) | 2 | .90 | .90 | 2.35 |
|  **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | 19.38 | .36 | (3.05) | (2.69) | (.29) | (7.70) | (7.99) | 8.70 | (15.25) | 162 | .88 | .78 | 3.24 |
|  12/31/2021 | 18.95 | .48 | .53 | 1.01 | (.58) |  | (.58) | 19.38 | 5.37 | 211 | .93 | .92 | 2.44 |
|  12/31/2020 | 18.12 | .23 | .85 | 1.08 | (.25) |  | (.25) | 18.95 | 6.01 | 221 | .93 | .93 | 1.43 |
|  12/31/2019 | 15.30 | .42 | 3.02 | 3.44 | (.43) | (.19) | (.62) | 18.12 | 22.76 | 257 | .91 | .91 | 2.49 |
|  12/31/2018 | 17.66 | .41 | (2.38) | (1.97) | (.39) | – | (.39) | 15.30 | (11.23) | 230 | .90 | .90 | 2.38 |
|  **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | 19.23 | .33 | (3.04) | (2.71) | (.26) | (7.70) | (7.96) | 8.56 | (15.52) | 121 | 1.13 | 1.04 | 3.01 |
|  12/31/2021 | 18.82 | .44 | .51 | .95 | (.54) |  | (.54) | 19.23 | 5.09 | 132 | 1.18 | 1.17 | 2.21 |
|  12/31/2020 | 18.01 | .19 | .83 | 1.02 | (.21) |  | (.21) | 18.82 | 5.73 | 112 | 1.18 | 1.18 | 1.19 |
|  12/31/2019 | 15.22 | .37 | 3.01 | 3.38 | (.40) | (.19) | (.59) | 18.01 | 22.47 | 101 | 1.16 | 1.16 | 2.18 |
|  12/31/2018 | 17.58 | .36 | (2.36) | (2.00) | (.36) | – | (.36) | 15.22 | (11.46) | 71 | 1.15 | 1.15 | 2.10 |

---

Refer to the end of the tables for footnotes.

---

| | |
|:---|:---|
| American Funds Insurance Series | **357** |

---

------

##### [**Table of Contents**](#toc)
Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **(Loss) income from**<br>**investment operations<sup>1</sup>** | **(Loss) income from**<br>**investment operations<sup>1</sup>** | **(Loss) income from**<br>**investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | |
| <br>**Year ended** |<br>**Net asset<br>value,<br>beginning<br>of year** | **Net<br>investment<br>income** | **Net (losses)<br>gains on<br>securities<br>(both<br>realized and<br>unrealized)** | **Total from<br>investment<br>operations** | **Dividends<br>(from net<br>investment<br>income)** | **Distributions<br>(from capital<br>gains)** | **Total<br>dividends<br>and<br>distributions** |<br>**Net asset<br>value,<br>end<br>of year** |<br>**Total return<sup>2</sup>** |<br>**Net assets,<br>end of year<br>(in millions)** |<br>**Ratio of<br>expenses to<br>average net<br>assets before<br>waivers<sup>3</sup>** |<br>**Ratio of<br>expenses to<br>average net<br>assets after<br>waivers<sup>2,3</sup>** |<br>**Ratio of<br>net income<br>to average<br>net assets<sup>2</sup>** |
|  **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** | **Capital Income Builder** |  |  |  |  |  |  |  |  |  |
|  **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | $12.17 | $.37 | $(1.21) | $(.84) | $(.34) | $– | $(.34) | $10.99 | (6.90)% | $586 | .44% | .26% | 3.31% |
|  12/31/2021 | 10.87 | .37 | 1.28 | 1.65 | (.35) |  | (.35) | 12.17 | 15.31 | 563 | .53 | .27 | 3.19 |
|  12/31/2020 | 10.73 | .31 | .15 | .46 | (.32) |  | (.32) | 10.87 | 4.64 | 621 | .53 | .35 | 3.07 |
|  12/31/2019 | 9.37 | .32 | 1.36 | 1.68 | (.32) |  | (.32) | 10.73 | 18.16 | 533 | .53 | .53 | 3.17 |
|  12/31/2018 | 10.40 | .31 | (1.00) | (.69) | (.32) | (.02) | (.34) | 9.37 | (6.77) | 317 | .54 | .54 | 3.08 |
|  **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | 12.15 | .34 | (1.19) | (.85) | (.32) |  | (.32) | 10.98 | (7.06) | 10 | .69 | .52 | 3.06 |
|  12/31/2021 | 10.86 | .34 | 1.27 | 1.61 | (.32) |  | (.32) | 12.15 | 14.95 | 10 | .78 | .52 | 2.94 |
|  12/31/2020 | 10.72 | .28 | .16 | .44 | (.30) |  | (.30) | 10.86 | 4.38 | 6 | .78 | .60 | 2.81 |
|  12/31/2019 | 9.36 | .29 | 1.37 | 1.66 | (.30) |  | (.30) | 10.72 | 17.90 | 6 | .78 | .78 | 2.84 |
|  12/31/2018 | 10.39 | .28 | (.99) | (.71) | (.30) | (.02) | (.32) | 9.36 | (7.01) | 2 | .79 | .79 | 2.82 |
|  **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | 12.16 | .34 | (1.20) | (.86) | (.32) |  | (.32) | 10.98 | (7.13) | 13 | .69 | .51 | 3.06 |
|  12/31/2021 | 10.87 | .34 | 1.27 | 1.61 | (.32) |  | (.32) | 12.16 | 14.94 | 13 | .78 | .52 | 2.93 |
|  12/31/2020 | 10.72 | .29 | .16 | .45 | (.30) |  | (.30) | 10.87 | 4.48 | 8 | .78 | .60 | 2.83 |
|  12/31/2019 | 9.36 | .30 | 1.35 | 1.65 | (.29) |  | (.29) | 10.72 | 17.89 | 6 | .78 | .78 | 2.91 |
|  12/31/2018 | 10.40 | .28 | (1.00) | (.72) | (.30) | (.02) | (.32) | 9.36 | (7.08) | 4 | .79 | .79 | 2.83 |
|  **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | 12.14 | .31 | (1.20) | (.89) | (.29) |  | (.29) | 10.96 | (7.37) | 530 | .94 | .76 | 2.81 |
|  12/31/2021 | 10.85 | .31 | 1.27 | 1.58 | (.29) |  | (.29) | 12.14 | 14.68 | 559 | 1.03 | .77 | 2.69 |
|  12/31/2020 | 10.71 | .26 | .15 | .41 | (.27) |  | (.27) | 10.85 | 4.11 | 462 | 1.03 | .85 | 2.55 |
|  12/31/2019 | 9.35 | .27 | 1.36 | 1.63 | (.27) |  | (.27) | 10.71 | 17.62 | 454 | 1.03 | 1.03 | 2.68 |
|  12/31/2018 | 10.38 | .26 | (1.00) | (.74) | (.27) | (.02) | (.29) | 9.35 | (7.25) | 352 | 1.04 | 1.04 | 2.58 |

---

Refer to the end of the tables for footnotes.

---

| | |
|:---|:---|
| **358** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
Financial highlights (continued)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **(Loss) income from**<br>**investment operations<sup>1</sup>** | **(Loss) income from**<br>**investment operations<sup>1</sup>** | **(Loss) income from**<br>**investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | |
| <br>**Year ended** |<br>**Net asset<br>value,<br>beginning<br>of year** | **Net**<br> **investment**<br> **income** | **Net (losses)<br>gains on<br>securities<br>(both<br>realized and<br>unrealized)** | **Total from<br>investment**<br> **operations** | **Dividends<br>(from net**<br> **investment**<br> **income)** | **Distributions<br>(from capital<br>gains)** | **Total<br>Dividends<br>and<br>distributions** |<br>**Net asset<br>value,<br>end**<br> **of year** |<br>**Total return** |<br>**Net assets,<br>end of year<br>(in millions)** |<br>**Ratio of<br>expenses<br>to average<br>net assets<sup>3</sup>** |<br>**Ratio of<br>net income<br>to average<br>net assets** |
| **Asset Allocation Fund** |  |  |  |  |  |  |  |  |  |  |  |  |
|  **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | $29.08 | $.52 | $(4.24) | $(3.72) | $(.51) | $(2.65) | $(3.16) | $22.20 | (13.19)% | $15138 | .30% | 2.15% |
|  12/31/2021 | 26.50 | .48 | 3.54 | 4.02 | (.50) | (.94) | (1.44) | 29.08 | 15.40 | 18836 | .30 | 1.71 |
|  12/31/2020 | 24.05 | .43 | 2.59 | 3.02 | (.46) | (.11) | (.57) | 26.50 | 12.71 | 19238 | .30 | 1.80 |
|  12/31/2019 | 21.29 | .51 | 3.94 | 4.45 | (.50) | (1.19) | (1.69) | 24.05 | 21.54 | 17730 | .29 | 2.21 |
|  12/31/2018 | 23.71 | .48 | (1.43) | (.95) | (.44) | (1.03) | (1.47) | 21.29 | (4.35) | 14627 | .28 | 2.04 |
|  **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | 28.97 | .46 | (4.22) | (3.76) | (.46) | (2.65) | (3.11) | 22.10 | (13.43) | 27 | .55 | 1.95 |
|  12/31/2021 | 26.42 | .42 | 3.52 | 3.94 | (.45) | (.94) | (1.39) | 28.97 | 15.13 | 24 | .55 | 1.49 |
|  12/31/2020 | 23.99 | .37 | 2.58 | 2.95 | (.41) | (.11) | (.52) | 26.42 | 12.43 | 14 | .55 | 1.56 |
|  12/31/2019 | 21.26 | .45 | 3.92 | 4.37 | (.45) | (1.19) | (1.64) | 23.99 | 21.19 | 11 | .54 | 1.95 |
|  12/31/2018 | 23.69 | .42 | (1.42) | (1.00) | (.40) | (1.03) | (1.43) | 21.26 | (4.58) | 7 | .53 | 1.82 |
|  **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | 28.74 | .46 | (4.19) | (3.73) | (.45) | (2.65) | (3.10) | 21.91 | (13.41) | 4228 | .55 | 1.90 |
|  12/31/2021 | 26.21 | .41 | 3.49 | 3.90 | (.43) | (.94) | (1.37) | 28.74 | 15.10 | 5473 | .55 | 1.46 |
|  12/31/2020 | 23.79 | .37 | 2.56 | 2.93 | (.40) | (.11) | (.51) | 26.21 | 12.46 | 5242 | .55 | 1.55 |
|  12/31/2019 | 21.08 | .45 | 3.89 | 4.34 | (.44) | (1.19) | (1.63) | 23.79 | 21.23 | 5154 | .54 | 1.96 |
|  12/31/2018 | 23.49 | .41 | (1.41) | (1.00) | (.38) | (1.03) | (1.41) | 21.08 | (4.60) | 4668 | .53 | 1.78 |
|  **Class 3:** |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | 29.12 | .48 | (4.25) | (3.77) | (.47) | (2.65) | (3.12) | 22.23 | (13.37) | 28 | .48 | 1.97 |
|  12/31/2021 | 26.53 | .43 | 3.55 | 3.98 | (.45) | (.94) | (1.39) | 29.12 | 15.22 | 36 | .48 | 1.53 |
|  12/31/2020 | 24.08 | .39 | 2.59 | 2.98 | (.42) | (.11) | (.53) | 26.53 | 12.50 | 33 | .48 | 1.62 |
|  12/31/2019 | 21.32 | .47 | 3.93 | 4.40 | (.45) | (1.19) | (1.64) | 24.08 | 21.30 | 32 | .47 | 2.02 |
|  12/31/2018 | 23.73 | .43 | (1.41) | (.98) | (.40) | (1.03) | (1.43) | 21.32 | (4.49) | 29 | .46 | 1.85 |
|  **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | 28.56 | .39 | (4.16) | (3.77) | (.39) | (2.65) | (3.04) | 21.75 | (13.66) | 5380 | .80 | 1.66 |
|  12/31/2021 | 26.06 | .34 | 3.47 | 3.81 | (.37) | (.94) | (1.31) | 28.56 | 14.84 | 6337 | .80 | 1.22 |
|  12/31/2020 | 23.67 | .31 | 2.54 | 2.85 | (.35) | (.11) | (.46) | 26.06 | 12.16 | 5131 | .80 | 1.30 |
|  12/31/2019 | 20.99 | .39 | 3.87 | 4.26 | (.39) | (1.19) | (1.58) | 23.67 | 20.92 | 4493 | .79 | 1.71 |
|  12/31/2018 | 23.40 | .35 | (1.40) | (1.05) | (.33) | (1.03) | (1.36) | 20.99 | (4.83) | 3594 | .78 | 1.54 |

---

Refer to the end of the tables for footnotes.

---

| | |
|:---|:---|
| American Funds Insurance Series | **359** |

---

------

##### [**Table of Contents**](#toc)
Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **(Loss) income from**<br>**investment operations<sup>1</sup>** | **(Loss) income from**<br>**investment operations<sup>1</sup>** | **(Loss) income from**<br>**investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | |
| <br>**Year ended** |<br>**Net asset<br>value,<br>beginning<br>of year** | **Net**<br> **investment**<br> **income** | **Net (losses)<br>gains on<br>securities<br>(both<br>realized and<br>unrealized)** | **Total from<br>investment**<br> **operations** | **Dividends<br>(from net**<br> **investment**<br> **income)** | **Distributions<br>(from capital<br>gains)** | **Total<br>dividends<br>and<br>distributions** |<br>**Net asset<br>value,<br>end**<br> **of year** |<br>**Total return<sup>2</sup>** |<br>**Net assets,<br>end of year<br>(in millions)** |<br>**Ratio of<br>expenses to<br>average net<br>assets before<br>waivers<sup>3</sup>** |<br>**Ratio of<br>expenses to<br>average net<br>assets after<br>waivers<sup>2,3</sup>** |<br>**Ratio of<br>net income<br>to average<br>net assets<sup>2</sup>** |
|  **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** |  |  |  |  |
|  **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | $14.73 | $.26 | $(2.37) | $(2.11) | $– | $(.07) | $(.07) | $12.55 | (14.33)% | $96 | .59% | .58% | 1.99% |
|  12/31/2021 | 14.19 | .18 | 1.37 | 1.55 | (.19) | (.82) | (1.01) | 14.73 | 11.05 | 120 | .73 | .73 | 1.24 |
|  12/31/2020 | 13.51 | .17 | 1.24 | 1.41 | (.19) | (.54) | (.73) | 14.19 | 10.53 | 139 | .72 | .72 | 1.29 |
|  12/31/2019 | 11.67 | .24 | 2.17 | 2.41 | (.20) | (.37) | (.57) | 13.51 | 20.79 | 134 | .72 | .72 | 1.88 |
|  12/31/2018 | 12.75 | .23 | (.96) | (.73) | (.20) | (.15) | (.35) | 11.67 | (5.81) | 110 | .72 | .72 | 1.82 |
|  **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | 14.70 | .22 | (2.36) | (2.14) |  | (.07) | (.07) | 12.49 | (14.56) | 3 | .84 | .84 | 1.71 |
|  12/31/2021 | 14.16 | .15 | 1.36 | 1.51 | (.15) | (.82) | (.97) | 14.70 | 10.83 | 4 | .98 | .98 | 1.02 |
|  12/31/2020 | 13.49 | .14 | 1.23 | 1.37 | (.16) | (.54) | (.70) | 14.16 | 10.25 | 3 | .97 | .97 | 1.03 |
|  12/31/2019 | 11.65 | .21 | 2.17 | 2.38 | (.17) | (.37) | (.54) | 13.49 | 20.54 | 2 | .97 | .97 | 1.63 |
|  12/31/2018 | 12.74 | .18 | (.94) | (.76) | (.18) | (.15) | (.33) | 11.65 | (6.03) | 2 | .98 | .98 | 1.44 |
|  **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | 14.70 | .22 | (2.36) | (2.14) |  | (.07) | (.07) | 12.49 | (14.56) | 158 | .84 | .83 | 1.73 |
|  12/31/2021 | 14.16 | .15 | 1.36 | 1.51 | (.15) | (.82) | (.97) | 14.70 | 10.79 | 208 | .98 | .98 | 1.01 |
|  12/31/2020 | 13.48 | .14 | 1.23 | 1.37 | (.15) | (.54) | (.69) | 14.16 | 10.30 | 208 | .97 | .97 | 1.03 |
|  12/31/2019 | 11.65 | .21 | 2.16 | 2.37 | (.17) | (.37) | (.54) | 13.48 | 20.44 | 207 | .97 | .97 | 1.64 |
|  12/31/2018 | 12.72 | .20 | (.96) | (.76) | (.16) | (.15) | (.31) | 11.65 | (6.01) | 185 | .97 | .97 | 1.57 |
|  **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | 14.53 | .19 | (2.33) | (2.14) |  | (.07) | (.07) | 12.32 | (14.73) | 111 | 1.09 | 1.08 | 1.49 |
|  12/31/2021 | 14.02 | .11 | 1.34 | 1.45 | (.12) | (.82) | (.94) | 14.53 | 10.46 | 135 | 1.23 | 1.23 | .77 |
|  12/31/2020 | 13.36 | .10 | 1.22 | 1.32 | (.12) | (.54) | (.66) | 14.02 | 10.00 | 105 | 1.22 | 1.22 | .78 |
|  12/31/2019 | 11.55 | .18 | 2.14 | 2.32 | (.14) | (.37) | (.51) | 13.36 | 20.21 | 94 | 1.22 | 1.22 | 1.37 |
|  12/31/2018 | 12.63 | .17 | (.96) | (.79) | (.14) | (.15) | (.29) | 11.55 | (6.31) | 69 | 1.22 | 1.22 | 1.34 |

---

Refer to the end of the tables for footnotes.

---

| | |
|:---|:---|
| **360** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **(Loss) income from**<br>**investment operations<sup>1</sup>** | **(Loss) income from**<br>**investment operations<sup>1</sup>** | **(Loss) income from**<br>**investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | |
| <br>**Year ended** |<br>**Net asset<br>value,<br>beginning<br>of year** | **Net**<br> **investment**<br> **income** | **Net (losses)<br>gains on<br>securities<br>(both<br>realized and<br>unrealized)** | **Total from<br>investment**<br> **operations** | **Dividends<br>(from net**<br> **investment**<br> **income)** | **Distributions<br>(from capital<br>gains)** | **Total<br>dividends<br>and<br>distributions** |<br>**Net asset<br>value,<br>end**<br> **of year** |<br>**Total return<sup>2</sup>** |<br>**Net assets,<br>end of year<br>(in millions)** |<br>**Ratio of<br>expenses to<br>average net<br>assets before<br>waivers<sup>3</sup>** |<br>**Ratio of**<br> **expenses to**<br> **average net<br>assets after**<br> **waivers<sup>2,3</sup>** |<br>**Ratio of<br>net income<br>to average<br>net assets<sup>2</sup>** |
|  **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** | **The Bond Fund of America** |  |  |  |  |
|  **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | $11.21 | $.31 | $(1.67) | $(1.36) | $(.32) | $(.12) | $(.44) | $9.41 | (12.26)% | $6370 | .39% | .20% | 3.09% |
|  12/31/2021 | 11.89 | .21 | (.23) | (.02) | (.19) | (.47) | (.66) | 11.21 | (.14) | 8555 | .39 | .26 | 1.84 |
|  12/31/2020 | 11.17 | .23 | .87 | 1.10 | (.27) | (.11) | (.38) | 11.89 | 9.96 | 6844 | .40 | .40 | 2.00 |
|  12/31/2019 | 10.47 | .30 | .71 | 1.01 | (.31) |  | (.31) | 11.17 | 9.70 | 6481 | .39 | .39 | 2.76 |
|  12/31/2018 | 10.82 | .29 | (.35) | (.06) | (.28) | (.01) | (.29) | 10.47 | (.45) | 5962 | .38 | .38 | 2.70 |
|  **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | 11.16 | .31 | (1.69) | (1.38) | (.31) | (.12) | (.43) | 9.35 | (12.49) | 220 | .64 | .45 | 3.15 |
|  12/31/2021 | 11.84 | .18 | (.23) | (.05) | (.16) | (.47) | (.63) | 11.16 | (.36) | 12 | .64 | .51 | 1.59 |
|  12/31/2020 | 11.13 | .20 | .87 | 1.07 | (.25) | (.11) | (.36) | 11.84 | 9.68 | 9 | .65 | .65 | 1.74 |
|  12/31/2019 | 10.45 | .27 | .71 | .98 | (.30) |  | (.30) | 11.13 | 9.36 | 7 | .64 | .64 | 2.48 |
|  12/31/2018 | 10.80 | .26 | (.33) | (.07) | (.27) | (.01) | (.28) | 10.45 | (.60) | 3 | .63 | .63 | 2.50 |
|  **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | 11.06 | .28 | (1.66) | (1.38) | (.29) | (.12) | (.41) | 9.27 | (12.58) | 2844 | .64 | .45 | 2.84 |
|  12/31/2021 | 11.73 | .18 | (.22) | (.04) | (.16) | (.47) | (.63) | 11.06 | (.31) | 3729 | .64 | .52 | 1.57 |
|  12/31/2020 | 11.02 | .20 | .86 | 1.06 | (.24) | (.11) | (.35) | 11.73 | 9.73 | 3840 | .65 | .65 | 1.75 |
|  12/31/2019 | 10.34 | .27 | .70 | .97 | (.29) |  | (.29) | 11.02 | 9.36 | 3561 | .64 | .64 | 2.51 |
|  12/31/2018 | 10.69 | .26 | (.34) | (.08) | (.26) | (.01) | (.27) | 10.34 | (.71) | 3524 | .63 | .63 | 2.45 |
|  **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | 11.01 | .26 | (1.65) | (1.39) | (.27) | (.12) | (.39) | 9.23 | (12.75) | 787 | .89 | .70 | 2.61 |
|  12/31/2021 | 11.69 | .15 | (.22) | (.07) | (.14) | (.47) | (.61) | 11.01 | (.59) | 891 | .89 | .76 | 1.34 |
|  12/31/2020 | 11.00 | .17 | .85 | 1.02 | (.22) | (.11) | (.33) | 11.69 | 9.38 | 714 | .90 | .90 | 1.48 |
|  12/31/2019 | 10.33 | .24 | .70 | .94 | (.27) |  | (.27) | 11.00 | 9.08 | 502 | .89 | .89 | 2.25 |
|  12/31/2018 | 10.68 | .23 | (.33) | (.10) | (.24) | (.01) | (.25) | 10.33 | (.89) | 366 | .88 | .88 | 2.22 |

---

Refer to the end of the tables for footnotes.

---

| | |
|:---|:---|
| American Funds Insurance Series | **361** |

---

------

##### [**Table of Contents**](#toc)
Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **(Loss) income from**<br>**investment operations<sup>1</sup>** | **(Loss) income from**<br>**investment operations<sup>1</sup>** | **(Loss) income from**<br>**investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | |
| <br>**Year ended** |<br>**Net asset<br>value,<br>beginning<br>of year** | **Net**<br> **investment**<br> **income** | **Net (losses)<br>gains on<br>securities<br>(both<br>realized and<br>unrealized)** | **Total from<br>investment**<br> **operations** | **Dividends<br>(from net**<br> **investment**<br> **income** | **Distributions<br>(from capital<br>gains)** | **Total<br>dividends<br>and<br>distributions** |<br>**Net asset<br>value,<br>end**<br> **of year** |<br>**Total return<sup>2</sup>** |<br>**Net assets,<br>end of year<br>(in millions)** |<br>**Ratio of<br>expenses to<br>average net<br>assets before<br>waivers<sup>3</sup>** |<br>**Ratio of<br>expenses to<br>average net<br>assets after**<br> **waivers<sup>2,3</sup>** |<br>**Ratio of<br>net income<br>to average<br>net assets<sup>2</sup>** |
|  **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** |  |  |  |  |
|  **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | $11.79 | $.25 | $(2.30) | $(2.05) | $(.03) | $(.16) | $(.19) | $9.55 | (17.43)% | $663 | .51% | .48% | 2.43% |
|  12/31/2021 | 12.94 | .25 | (.85) | (.60) | (.24) | (.31) | (.55) | 11.79 | (4.73) | 988 | .60 | .50 | 2.06 |
|  12/31/2020 | 12.12 | .26 | .95 | 1.21 | (.18) | (.21) | (.39) | 12.94 | 10.17 | 1219 | .59 | .52 | 2.08 |
|  12/31/2019 | 11.42 | .31 | .61 | .92 | (.22) |  | (.22) | 12.12 | 8.08 | 1077 | .58 | .58 | 2.60 |
|  12/31/2018 | 11.88 | .30 | (.44) | (.14) | (.28) | (.04) | (.32) | 11.42 | (1.14) | 1015 | .57 | .57 | 2.56 |
|  **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | 11.76 | .22 | (2.30) | (2.08) | (.02) | (.16) | (.18) | 9.50 | (17.69) | 1 | .76 | .73 | 2.19 |
|  12/31/2021 | 12.91 | .23 | (.85) | (.62) | (.22) | (.31) | (.53) | 11.76 | (4.88) | 1 | .85 | .75 | 1.85 |
|  12/31/2020 | 12.10 | .23 | .95 | 1.18 | (.16) | (.21) | (.37) | 12.91 | 9.89 | 1 | .83 | .76 | 1.83 |
|  12/31/2019 | 11.41 | .28 | .60 | .88 | (.19) |  | (.19) | 12.10 | 7.75 | 1 | .83 | .83 | 2.35 |
|  12/31/2018 | 11.87 | .27 | (.43) | (.16) | (.26) | (.04) | (.30) | 11.41 | (1.29) | 1 | .82 | .82 | 2.36 |
|  **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | 11.70 | .22 | (2.29) | (2.07) | (.02) | (.16) | (.18) | 9.45 | (17.70) | 765 | .76 | .73 | 2.18 |
|  12/31/2021 | 12.84 | .22 | (.84) | (.62) | (.21) | (.31) | (.52) | 11.70 | (4.92) | 1030 | .85 | .75 | 1.82 |
|  12/31/2020 | 12.03 | .22 | .95 | 1.17 | (.15) | (.21) | (.36) | 12.84 | 9.90 | 1058 | .84 | .77 | 1.83 |
|  12/31/2019 | 11.34 | .28 | .60 | .88 | (.19) |  | (.19) | 12.03 | 7.77 | 1002 | .83 | .83 | 2.35 |
|  12/31/2018 | 11.79 | .27 | (.43) | (.16) | (.25) | (.04) | (.29) | 11.34 | (1.33) | 1032 | .82 | .82 | 2.32 |
|  **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | 11.57 | .19 | (2.25) | (2.06) | (.02) | (.16) | (.18) | 9.33 | (17.84) | 53 | 1.01 | .98 | 1.94 |
|  12/31/2021 | 12.71 | .19 | (.84) | (.65) | (.18) | (.31) | (.49) | 11.57 | (5.18) | 66 | 1.10 | 1.00 | 1.57 |
|  12/31/2020 | 11.92 | .19 | .94 | 1.13 | (.13) | (.21) | (.34) | 12.71 | 9.62 | 61 | 1.09 | 1.02 | 1.58 |
|  12/31/2019 | 11.24 | .24 | .60 | .84 | (.16) |  | (.16) | 11.92 | 7.54 | 49 | 1.08 | 1.08 | 2.09 |
|  12/31/2018 | 11.70 | .24 | (.43) | (.19) | (.23) | (.04) | (.27) | 11.24 | (1.61) | 40 | 1.07 | 1.07 | 2.09 |

---

Refer to the end of the tables for footnotes.

---

| | |
|:---|:---|
| **362** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **(Loss) income from**<br>**investment operations<sup>1</sup>** | **(Loss) income from**<br>**investment operations<sup>1</sup>** | **(Loss) income from**<br>**investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | |
| <br>**Year ended** |<br>**Net asset<br>value,<br>beginning<br>of year** | **Net**<br> **investment**<br> **income** | **Net (losses)<br>gains on<br>securities<br>(both<br>realized and<br>unrealized)** | **Total from<br>investment**<br> **operations** | **Dividends<br>(from net**<br> **investment**<br> **income)** | **Distributions<br>(from capital<br>gains)** | **Total<br>Dividends<br>and<br>distributions** |<br>**Net asset<br>value,<br>end**<br> **of year** |<br>**Total return<sup>2</sup>** |<br>**Net assets,<br>end of year<br>(in millions)** |<br>**Ratio of<br>expenses to<br>average net<br>assets before<br>waivers<sup>3</sup>** |<br>**Ratio of<br>expenses to<br>average net<br>assets after<br>waivers<sup>2,3</sup>** |<br>**Ratio of<br>net income<br>to average<br>net assets<sup>2</sup>** |
|  **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** |  |  |  |  |  |  |  |  |  |
|  **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | $10.19 | $.56 | $(1.47) | $(.91) | $(.75) | $– | $(.75) | $8.53 | (9.01)% | $224 | .47% | .32% | 5.95% |
|  12/31/2021 | 9.80 | .51 | .34 | .85 | (.46) |  | (.46) | 10.19 | 8.74 | 278 | .53 | .37 | 4.95 |
|  12/31/2020 | 9.87 | .61 | .17 | .78 | (.85) |  | (.85) | 9.80 | 8.21 | 123 | .52 | .52 | 6.46 |
|  12/31/2019 | 9.34 | .67 | .52 | 1.19 | (.66) |  | (.66) | 9.87 | 12.85 | 525 | .51 | .51 | 6.71 |
|  12/31/2018 | 10.19 | .64 | (.84) | (.20) | (.65) | – | (.65) | 9.34 | (2.15) | 501 | .50 | .50 | 6.32 |
|  **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | 10.16 | .53 | (1.46) | (.93) | (.72) |  | (.72) | 8.51 | (9.29) | 1 | .72 | .57 | 5.70 |
|  12/31/2021 | 9.78 | .49 | .33 | .82 | (.44) |  | (.44) | 10.16 | 8.42 | 1 | .78 | .64 | 4.75 |
|  12/31/2020 | 9.86 | .56 | .20 | .76 | (.84) |  | (.84) | 9.78 | 7.94 | 1 | .78 | .78 | 5.85 |
|  12/31/2019 | 9.33 | .65 | .51 | 1.16 | (.63) |  | (.63) | 9.86 | 12.61 | 1 | .75 | .75 | 6.47 |
|  12/31/2018 | 10.18 | .62 | (.84) | (.22) | (.63) | – | (.63) | 9.33 | (2.35) | 1 | .75 | .75 | 6.11 |
|  **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | 9.98 | .52 | (1.43) | (.91) | (.72) |  | (.72) | 8.35 | (9.26) | 521 | .72 | .57 | 5.68 |
|  12/31/2021 | 9.61 | .48 | .33 | .81 | (.44) |  | (.44) | 9.98 | 8.42 | 673 | .78 | .65 | 4.80 |
|  12/31/2020 | 9.70 | .55 | .19 | .74 | (.83) |  | (.83) | 9.61 | 7.94 | 665 | .78 | .78 | 5.88 |
|  12/31/2019 | 9.19 | .64 | .50 | 1.14 | (.63) |  | (.63) | 9.70 | 12.55 | 667 | .76 | .76 | 6.45 |
|  12/31/2018 | 10.03 | .61 | (.83) | (.22) | (.62) | – | (.62) | 9.19 | (2.34) | 661 | .75 | .75 | 6.07 |
|  **Class 3:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | 10.24 | .54 | (1.47) | (.93) | (.73) |  | (.73) | 8.58 | (9.25) | 9 | .65 | .50 | 5.76 |
|  12/31/2021 | 9.84 | .50 | .34 | .84 | (.44) |  | (.44) | 10.24 | 8.60 | 10 | .71 | .58 | 4.86 |
|  12/31/2020 | 9.92 | .57 | .19 | .76 | (.84) |  | (.84) | 9.84 | 7.93 | 10 | .71 | .71 | 5.94 |
|  12/31/2019 | 9.38 | .66 | .52 | 1.18 | (.64) |  | (.64) | 9.92 | 12.70 | 10 | .69 | .69 | 6.52 |
|  12/31/2018 | 10.23 | .63 | (.85) | (.22) | (.63) | – | (.63) | 9.38 | (2.33) | 10 | .68 | .68 | 6.14 |
|  **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | 10.99 | .55 | (1.58) | (1.03) | (.70) |  | (.70) | 9.26 | (9.53) | 77 | .97 | .82 | 5.44 |
|  12/31/2021 | 10.54 | .50 | .36 | .86 | (.41) |  | (.41) | 10.99 | 8.18 | 90 | 1.03 | .89 | 4.52 |
|  12/31/2020 | 10.56 | .57 | .22 | .79 | (.81) |  | (.81) | 10.54 | 7.74 | 69 | 1.03 | 1.03 | 5.58 |
|  12/31/2019 | 9.96 | .67 | .54 | 1.21 | (.61) |  | (.61) | 10.56 | 12.27 | 63 | 1.01 | 1.01 | 6.21 |
|  12/31/2018 | 10.82 | .63 | (.90) | (.27) | (.59) | – | (.59) | 9.96 | (2.64) | 31 | 1.00 | 1.00 | 5.83 |

---

Refer to the end of the tables for footnotes.

---

| | |
|:---|:---|
| American Funds Insurance Series | **363** |

---

------

##### [**Table of Contents**](#toc)
Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **(Loss) income from**<br>**investment operations<sup>1</sup>** | **(Loss) income from**<br>**investment operations<sup>1</sup>** | **(Loss) income from**<br>**investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | |
| <br>**Year ended** |<br>**Net asset<br>value,<br>beginning<br>of year** | **Net**<br> **investment**<br> **income** | **Net (losses)<br>gains on<br>securities<br>(both<br>realized and<br>unrealized)** | **Total from<br>investment**<br> **operations** | **Dividends<br>(from net**<br> **investment**<br> **income** | **Distributions<br>(from capital<br>gains)** | **Total<br>dividends<br>and<br>distributions** |<br>**Net asset<br>value,<br>end**<br> **of year** |<br>**Total return<sup>2</sup>** |<br>**Net assets,<br>end of year<br>(in millions)** |<br>**Ratio of<br>expenses to<br>average net<br>assets before<br>waivers** |<br>**Ratio of<br>expenses to<br>average net<br>assets after<br>waivers<sup>2</sup>** |<br>**Ratio of<br>net income<br>to average<br>net assets<sup>2</sup>** |
|  **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** |  |  |  |  |
|  **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | $10.63 | $.07 | $(1.10) | $(1.03) | $(.15) | $– | $(.15) | $9.45 | (9.76)% | $1 | .45% | .25% | .70% |
|  12/31/2021 | 11.11 | .06 | (.09) | (.03) | (.08) | (.37) | (.45) | 10.63 | (.32) | 231 | .49 | .29 | .58 |
|  12/31/2020 | 10.56 | .10 | .64 | .74 | (.17) | (.02) | (.19) | 11.11 | 6.98 | 224 | .48 | .36 | .93 |
|  12/31/2019 | 10.30 | .24 | .30 | .54 | (.28) |  | (.28) | 10.56 | 5.30 | 210 | .47 | .47 | 2.26 |
|  12/31/2018 | 10.47 | .20 | (.14) | .06 | (.23) | – | (.23) | 10.30 | .58 | 209 | .48 | .48 | 1.97 |
|  **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | 10.59 | .19 | (1.24) | (1.05) | (.20) |  | (.20) | 9.34 | (10.03) | 2 | .69 | .54 | 1.91 |
|  12/31/2021 | 11.08 | .04 | (.10) | (.06) | (.06) | (.37) | (.43) | 10.59 | (.47) | 2 | .74 | .54 | .33 |
|  12/31/2020 | 10.55 | .07 | .63 | .70 | (.15) | (.02) | (.17) | 11.08 | 6.63 | 1 | .73 | .59 | .61 |
|  12/31/2019 | 10.28 | .22 | .30 | .52 | (.25) |  | (.25) | 10.55 | 5.09 | 1 | .71 | .71 | 2.04 |
|  12/31/2018 | 10.46 | .18 | (.14) | .04 | (.22) | – | (.22) | 10.28 | .36 | 1 | .73 | .73 | 1.77 |
|  **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | 10.61 | .18 | (1.23) | (1.05) | (.20) |  | (.20) | 9.36 | (9.94) | 46 | .69 | .54 | 1.87 |
|  12/31/2021 | 11.09 | .04 | (.10) | (.06) | (.05) | (.37) | (.42) | 10.61 | (.57) | 58 | .74 | .54 | .33 |
|  12/31/2020 | 10.54 | .08 | .63 | .71 | (.14) | (.02) | (.16) | 11.09 | 6.72 | 58 | .73 | .60 | .68 |
|  12/31/2019 | 10.28 | .21 | .31 | .52 | (.26) |  | (.26) | 10.54 | 5.04 | 56 | .72 | .72 | 2.01 |
|  12/31/2018 | 10.45 | .18 | (.15) | .03 | (.20) | – | (.20) | 10.28 | .32 | 57 | .73 | .73 | 1.72 |
|  **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | 10.49 | .16 | (1.22) | (1.06) | (.18) |  | (.18) | 9.25 | (10.16) | 40 | .94 | .79 | 1.66 |
|  12/31/2021 | 10.97 | .01 | (.09) | (.08) | (.03) | (.37) | (.40) | 10.49 | (.78) | 43 | .99 | .79 | .08 |
|  12/31/2020 | 10.44 | .04 | .63 | .67 | (.12) | (.02) | (.14) | 10.97 | 6.38 | 37 | .98 | .85 | .41 |
|  12/31/2019 | 10.19 | .18 | .31 | .49 | (.24) |  | (.24) | 10.44 | 4.80 | 28 | .97 | .97 | 1.71 |
|  12/31/2018 | 10.38 | .15 | (.15) | – <sup>4</sup> | (.19) | – | (.19) | 10.19 | .07 | 24 | .98 | .98 | 1.49 |

---

Refer to the end of the tables for footnotes.

---

| | |
|:---|:---|
| **364** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
Financial highlights (continued)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **income (Loss) from**<br>**investment operations<sup>1</sup>** | **income (Loss) from**<br>**investment operations<sup>1</sup>** | **income (Loss) from**<br>**investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | |
| <br>**Year<br>ended** |<br>**Net asset<br>value,<br>beginning<br>of year** | **Net**<br> **investment**<br> **income<br>(loss)** | **Net (losses)<br>gains on<br>securities<br>(both<br>realized and<br>unrealized)** | **Total from<br>investment**<br> **operations** | **Dividends<br>(from net**<br> **investment**<br> **income** | **Distributions<br>(from capital<br>gains)** | **Total<br>dividends<br>and<br>distributions** |<br>**Net asset<br>value,<br>end**<br> **of year** |<br>**Total return** |<br>**Net assets,<br>end of year<br>(in millions)** |<br>**Ratio of<br>expenses<br>to average<br>net assets** |<br>**Ratio of<br>net income**<br> **(loss)**<br> **to average<br>net assets** |
|  **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** |  |  |  |  |  |  |  |  |
|  **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | $11.27 | $.17 | $(.01) | $.16 | $(.08) | $– | $(.08) | $11.35 | 1.42% | $51 | .32% | 1.48% |
|  12/31/2021 | 11.31 | (.03) | (.01) | (.04) |  |  |  | 11.27 | (.35) | 37 | .37 | (.28) |
|  12/31/2020 | 11.30 | .02 | .02 | .04 | (.03) |  | (.03) | 11.31 | .34 | 44 | .37 | .16 |
|  12/31/2019 | 11.31 | .22 | –<sup>4</sup> | .22 | (.23) |  | (.23) | 11.30 | 1.92 | 30 | .36 | 1.92 |
|  12/31/2018 | 11.29 | .18 | – <sup>4</sup> | .18 | (.16) | – | (.16) | 11.31 | 1.58 | 37 | .35 | 1.60 |
|  **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | 11.28 | .16 | (.01) | .15 | (.08) |  | (.08) | 11.35 | 1.32 | –<sup>6</sup> | .31 | 1.40 |
|  12/31/2021 | 11.31 | (.03) | –<sup>4</sup> | (.03) |  |  |  | 11.28 | (.27) | –<sup>6</sup> | .36 | (.28) |
|  12/31/2020 | 11.30 | .03 | .01 | .04 | (.03) |  | (.03) | 11.31 | .32 | –<sup>6</sup> | .35 | .26 |
|  12/31/2019 | 11.31 | .22 | –<sup>4</sup> | .22 | (.23) |  | (.23) | 11.30 | 1.92 | –<sup>6</sup> | .37 | 1.90 |
|  12/31/2018 | 11.29 | .18 | – <sup>4</sup> | .18 | (.16) | – | (.16) | 11.31 | 1.58 | – <sup>6</sup> | .35 | 1.60 |
|  **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | 10.93 | .13 | –<sup>4</sup> | .13 | (.06) |  | (.06) | 11.00 | 1.17 | 297 | .57 | 1.23 |
|  12/31/2021 | 10.99 | (.06) | –<sup>4</sup> | (.06) |  |  |  | 10.93 | (.55) | 245 | .62 | (.53) |
|  12/31/2020 | 11.01 | –<sup>4</sup> | –<sup>4</sup> | –<sup>4</sup> | (.02) |  | (.02) | 10.99 | .03 | 288 | .62 | (.05) |
|  12/31/2019 | 11.03 | .18 | –<sup>4</sup> | .18 | (.20) |  | (.20) | 11.01 | 1.62 | 230 | .61 | 1.66 |
|  12/31/2018 | 11.01 | .15 | – <sup>4</sup> | .15 | (.13) | – | (.13) | 11.03 | 1.36 | 247 | .60 | 1.34 |
|  **Class 3:** |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | 11.07 | .13 | –<sup>4</sup> | .13 | (.06) |  | (.06) | 11.14 | 1.19 | 4 | .50 | 1.19 |
|  12/31/2021 | 11.12 | (.05) | –<sup>4</sup> | (.05) |  |  |  | 11.07 | (.45) | 5 | .55 | (.46) |
|  12/31/2020 | 11.13 | –<sup>4</sup> | .02 | .02 | (.03) |  | (.03) | 11.12 | .13 | 4 | .55 | .03 |
|  12/31/2019 | 11.14 | .20 | –<sup>4</sup> | .20 | (.21) |  | (.21) | 11.13 | 1.76 | 3 | .54 | 1.74 |
|  12/31/2018 | 11.12 | .16 | (.01) | .15 | (.13) | – | (.13) | 11.14 | 1.38 | 4 | .53 | 1.42 |
|  **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | 11.00 | .12 | (.03) | .09 | (.04) |  | (.04) | 11.05 | .83 | 80 | .82 | 1.05 |
|  12/31/2021 | 11.08 | (.09) | .01 | (.08) |  |  |  | 11.00 | (.72) | 46 | .87 | (.79) |
|  12/31/2020 | 11.13 | (.04) | .01 | (.03) | (.02) |  | (.02) | 11.08 | (.25) | 40 | .87 | (.35) |
|  12/31/2019 | 11.15 | .16 | –<sup>4</sup> | .16 | (.18) |  | (.18) | 11.13 | 1.40 | 22 | .86 | 1.40 |
|  12/31/2018 | 11.13 | .12 | .01 | .13 | (.11) | – | (.11) | 11.15 | 1.14 | 18 | .86 | 1.11 |

---

Refer to the end of the tables for footnotes.

---

| | |
|:---|:---|
| American Funds Insurance Series | **365** |

---

------

##### [**Table of Contents**](#toc)
Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **(Loss) income from**<br>**investment operations<sup>1</sup>** | **(Loss) income from**<br>**investment operations<sup>1</sup>** | **(Loss) income from**<br>**investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | |
| <br>**Year ended** |<br>**Net asset<br>value,<br>beginning<br>of year** | **Net**<br> **investment**<br> **income** | **Net (losses)<br>gains on<br>securities<br>(both<br>realized and<br>unrealized)** | **Total from<br>investment**<br> **operations** | **Dividends<br>(from net**<br> **investment**<br> **income)** | **Distributions<br>(from capital<br>gains)** | **Total<br>dividends<br>and<br>distributions** |<br>**Net asset<br>value,<br>end**<br> **of year** |<br>**Total return<sup>2</sup>** |<br>**Net assets,<br>end of year<br>(in millions)** |<br>**Ratio of<br>expenses to<br>average net<br>assets before<br>waivers** |<br>**Ratio of<br>expenses to<br>average net<br>assets after**<br> **waivers<sup>2</sup>** |<br>**Ratio of<br>net income<br>to average<br>net assets<sup>2</sup>** |
|  **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** |  |  |  |  |  |  |  |  |  |
|  **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | $11.67 | $.32 | $(1.56) | $(1.24) | $(.44) | $– | $(.44) | $9.99 | (10.75)% | $242 | .36% | .22% | 2.90% |
|  12/31/2021 | 13.04 | .18 | (.26) | (.08) | (.18) | (1.11) | (1.29) | 11.67 | (.44) | 522 | .39 | .29 | 1.50 |
|  12/31/2020 | 12.34 | .16 | 1.07 | 1.23 | (.26) | (.27) | (.53) | 13.04 | 10.09 | 429 | .38 | .38 | 1.21 |
|  12/31/2019 | 11.94 | .25 | .43 | .68 | (.28) |  | (.28) | 12.34 | 5.69 | 1418 | .37 | .37 | 2.07 |
|  12/31/2018 | 12.08 | .24 | (.13) | .11 | (.25) | – | (.25) | 11.94 | .91 | 1445 | .36 | .36 | 2.02 |
|  **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | 11.63 | .29 | (1.55) | (1.26) | (.41) |  | (.41) | 9.96 | (10.93) | 4 | .60 | .47 | 2.70 |
|  12/31/2021 | 13.00 | .16 | (.26) | (.10) | (.16) | (1.11) | (1.27) | 11.63 | (.65) | 5 | .64 | .53 | 1.28 |
|  12/31/2020 | 12.32 | .09 | 1.10 | 1.19 | (.24) | (.27) | (.51) | 13.00 | 9.75 | 4 | .64 | .64 | .69 |
|  12/31/2019 | 11.93 | .22 | .43 | .65 | (.26) |  | (.26) | 12.32 | 5.42 | 2 | .62 | .62 | 1.82 |
|  12/31/2018 | 12.08 | .22 | (.14) | .08 | (.23) | – | (.23) | 11.93 | .70 | 1 | .61 | .61 | 1.82 |
|  **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | 11.53 | .29 | (1.54) | (1.25) | (.41) |  | (.41) | 9.87 | (10.95) | 1059 | .61 | .47 | 2.69 |
|  12/31/2021 | 12.89 | .15 | (.25) | (.10) | (.15) | (1.11) | (1.26) | 11.53 | (.62) | 1391 | .64 | .54 | 1.24 |
|  12/31/2020 | 12.21 | .09 | 1.10 | 1.19 | (.24) | (.27) | (.51) | 12.89 | 9.80 | 1439 | .64 | .64 | .73 |
|  12/31/2019 | 11.82 | .22 | .42 | .64 | (.25) |  | (.25) | 12.21 | 5.31 | 1343 | .62 | .62 | 1.82 |
|  12/31/2018 | 11.96 | .21 | (.14) | .07 | (.21) | – | (.21) | 11.82 | .73 | 1323 | .61 | .61 | 1.77 |
|  **Class 3:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | 11.70 | .30 | (1.57) | (1.27) | (.41) |  | (.41) | 10.02 | (10.90) | 6 | .54 | .40 | 2.76 |
|  12/31/2021 | 13.07 | .16 | (.26) | (.10) | (.16) | (1.11) | (1.27) | 11.70 | (.62) | 9 | .57 | .47 | 1.31 |
|  12/31/2020 | 12.37 | .10 | 1.12 | 1.22 | (.25) | (.27) | (.52) | 13.07 | 9.91 | 10 | .57 | .57 | .78 |
|  12/31/2019 | 11.97 | .23 | .43 | .66 | (.26) |  | (.26) | 12.37 | 5.49 | 9 | .55 | .55 | 1.88 |
|  12/31/2018 | 12.11 | .22 | (.14) | .08 | (.22) | – | (.22) | 11.97 | .71 | 9 | .54 | .54 | 1.84 |
|  **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | 11.52 | .26 | (1.54) | (1.28) | (.38) |  | (.38) | 9.86 | (11.19) | 190 | .85 | .72 | 2.45 |
|  12/31/2021 | 12.88 | .12 | (.25) | (.13) | (.12) | (1.11) | (1.23) | 11.52 | (.88) | 238 | .89 | .79 | .98 |
|  12/31/2020 | 12.22 | .05 | 1.10 | 1.15 | (.22) | (.27) | (.49) | 12.88 | 9.48 | 272 | .89 | .89 | .42 |
|  12/31/2019 | 11.84 | .19 | .42 | .61 | (.23) |  | (.23) | 12.22 | 5.14 | 124 | .87 | .87 | 1.56 |
|  12/31/2018 | 11.98 | .18 | (.12) | .06 | (.20) | – | (.20) | 11.84 | .50 | 91 | .86 | .86 | 1.53 |

---

Refer to the end of the tables for footnotes.

---

| | |
|:---|:---|
| **366** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
Financial highlights (continued)

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **(Loss) income from<br>investment operations<sup>1</sup>** | **(Loss) income from<br>investment operations<sup>1</sup>** | **(Loss) income from<br>investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | **Ratio of<br>expenses**<br> **to average<br>net assets**<br> **before**<br> **waivers/**<br> **reimburse-<br>ments<sup>7</sup>** | **Ratio of**<br> **expenses**<br> **to average**<br> **net assets**<br> **after**<br> **waivers/<br>reimburse-<br>ments<sup>2,</sup><sup>7</sup>** | | **Ratio of<br>net income<br>to average<br>net assets<sup>2</sup>** |
| <br>**Year ended** |<br>**Net asset<br>value,<br>beginning<br>of year** | **Net**<br> **investment**<br> **income**<br> **(loss)** | **Net (losses)<br>gains on<br>securities<br>(both<br>realized and<br>unrealized)** | **Total from<br>investment**<br> **operations** | **Dividends<br>(from net**<br> **investment**<br> **income)** | **Distributions<br>(from capital<br>gains)** | **Total<br>dividends<br>and<br>distributions** |<br>**Net asset<br>value,<br>end**<br> **of year** |<br>**Total return<sup>2</sup>** |<br>**Net assets,<br>end of**<br> **year<br>(in millions)** | **Ratio of<br>expenses**<br> **to average<br>net assets**<br> **before**<br> **waivers/**<br> **reimburse-<br>ments<sup>7</sup>** | **Ratio of**<br> **expenses**<br> **to average**<br> **net assets**<br> **after**<br> **waivers/<br>reimburse-<br>ments<sup>2,</sup><sup>7</sup>** |<br>**Net<br>effective<br>expense<br>ratio<sup>2,8,</sup><sup>9</sup>** | **Ratio of<br>net income<br>to average<br>net assets<sup>2</sup>** |
|  **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** |  |  |  |  |  |  |  |  |  |
|  **Class P1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | $18.53 | $.06 | $(4.46) | $(4.40) | $(.22) | $(2.54) | $(2.76) | $11.37 | (24.62)% | $9 | .41% | .36% | .69% | .47% |
|  12/31/2021 | 17.25 | .04 | 2.16 | 2.20 | (.18) | (.74) | (.92) | 18.53 | 13.08 | 13 | .41 | .36 | .69 | .19 |
|  12/31/2020 | 13.78 | .07 | 4.20 | 4.27 | (.12) | (.68) | (.80) | 17.25 | 32.45 | 11 | .42 | .37 | .72 | .49 |
|  12/31/2019 | 12.30 | .15 | 2.44 | 2.59 | (.19) | (.92) | (1.11) | 13.78 | 22.01 | 6 | .42 | .37 | .73 | 1.19 |
|  12/31/2018 | 13.22 | .11 | (.04) | .07 | (.10) | (.89) | (.99) | 12.30 | (.04)<sup>10</sup> | 3 | .42<sup>10</sup> | .37<sup>10</sup> | .71<sup>10</sup> | .82<sup>10</sup> |
|  **Class P2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | 18.42 | .03 | (4.45) | (4.42) | (.18) | (2.54) | (2.72) | 11.28 | (24.88) | 445 | .67 | .62 | .95 | .20 |
|  12/31/2021 | 17.11 | (.01) | 2.16 | 2.15 | (.10) | (.74) | (.84) | 18.42 | 12.89 | 584 | .67 | .62 | .95 | (.07) |
|  12/31/2020 | 13.71 | .03 | 4.16 | 4.19 | (.11) | (.68) | (.79) | 17.11 | 32.03 | 554 | .67 | .62 | .97 | .20 |
|  12/31/2019 | 12.21 | .09 | 2.45 | 2.54 | (.12) | (.92) | (1.04) | 13.71 | 21.74 | 434 | .68 | .63 | .99 | .73 |
|  12/31/2018 | 13.14 | .06 | (.04) | .02 | (.06) | (.89) | (.95) | 12.21 | (.37) | 340 | .68 | .63 | .97 | .46 |
|  **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** |  |  |
|  **Class P1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | $10.55 | $.15 | $(1.75) | $(1.60) | $(.34) | $– | $(.34) | $8.61 | (15.27)%<sup>10</sup> | $2 | .44%<sup>10</sup> | .37%<sup>10</sup> | .87%<sup>10</sup> | 1.70%<sup>10</sup> |
|  12/31/2021 | 11.07 | .24 | (.67) | (.43) | (.09) |  | (.09) | 10.55 | (3.92)<sup>10</sup> | 2 | .44<sup>10</sup> | .36<sup>10</sup> | .87<sup>10</sup> | 2.12<sup>10</sup> |
|  12/31/2020 | 11.01 | .08 | .22 | .30 | (.16) | (.08) | (.24) | 11.07 | 3.13<sup>10</sup> | 2 | .43<sup>10</sup> | .35<sup>10</sup> | .86<sup>10</sup> | .82<sup>10</sup> |
|  12/31/2019 | 9.82 | .17 | 1.54 | 1.71 | (.20) | (.32) | (.52) | 11.01 | 17.91<sup>10</sup> | 1 | .41<sup>10</sup> | .33<sup>10</sup> | .84<sup>10</sup> | 1.64<sup>10</sup> |
|  12/31/2018 | 11.25 | .32 | (1.44) | (1.12) | (.26) | (.05) | (.31) | 9.82 | (10.11)<sup>10</sup> | –<sup>6</sup> | .33<sup>10</sup> | .28<sup>10</sup> | .77<sup>10</sup> | 3.02<sup>10</sup> |
|  **Class P2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | 10.48 | .12 | (1.74) | (1.62) | (.28) |  | (.28) | 8.58 | (15.54) | 124 | .70 | .63 | 1.13 | 1.36 |
|  12/31/2021 | 10.99 | .20 | (.65) | (.45) | (.06) |  | (.06) | 10.48 | (4.13) | 160 | .71 | .63 | 1.14 | 1.79 |
|  12/31/2020 | 10.92 | .04 | .23 | .27 | (.12) | (.08) | (.20) | 10.99 | 2.80 | 168 | .71 | .63 | 1.14 | .42 |
|  12/31/2019 | 9.76 | .13 | 1.55 | 1.68 | (.20) | (.32) | (.52) | 10.92 | 17.64 | 165 | .71 | .63 | 1.14 | 1.21 |
|  12/31/2018 | 11.15 | .16 | (1.32) | (1.16) | (.18) | (.05) | (.23) | 9.76 | (10.50) | 151 | .69 | .64 | 1.13 | 1.49 |
|  **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** |  |  |
|  **Class P1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | $12.95 | $.23 | $(1.38) | $(1.15) | $(.56) | $– | $(.56) | $11.24 | (8.92)%<sup>10</sup> | $3 | .41%<sup>10</sup> | .36%<sup>10</sup> | .75%<sup>10</sup> | 1.96%<sup>10</sup> |
|  12/31/2021 | 11.24 | .16 | 1.79 | 1.95 | (.24) |  | (.24) | 12.95 | 17.46<sup>10</sup> | 2 | .41<sup>10</sup> | .36<sup>10</sup> | .77<sup>10</sup> | 1.33<sup>10</sup> |
|  12/31/2020 | 12.01 | .18 | (.35) | (.17) | (.26) | (.34) | (.60) | 11.24 | (.93)<sup>10</sup> | 2 | .40<sup>10</sup> | .35<sup>10</sup> | .76<sup>10</sup> | 1.66<sup>10</sup> |
|  12/31/2019 | 11.28 | .25 | 1.28 | 1.53 | (.20) | (.60) | (.80) | 12.01 | 14.14<sup>10</sup> | 1 | .38<sup>10</sup> | .33<sup>10</sup> | .74<sup>10</sup> | 2.14<sup>10</sup> |
|  12/31/2018 | 13.04 | .40 | (1.27) | (.87) | (.45) | (.44) | (.89) | 11.28 | (6.99)<sup>10</sup> | –<sup>6</sup> | .33<sup>10</sup> | .28<sup>10</sup> | .67<sup>10</sup> | 3.21<sup>10</sup> |
|  **Class P2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | 12.88 | .19 | (1.37) | (1.18) | (.52) |  | (.52) | 11.18 | (9.16) | 321 | .67 | .62 | 1.01 | 1.62 |
|  12/31/2021 | 11.18 | .11 | 1.79 | 1.90 | (.20) |  | (.20) | 12.88 | 17.11 | 371 | .68 | .62 | 1.03 | .91 |
|  12/31/2020 | 11.91 | .13 | (.33) | (.20) | (.19) | (.34) | (.53) | 11.18 | (1.25) | 355 | .68 | .63 | 1.04 | 1.18 |
|  12/31/2019 | 11.21 | .18 | 1.31 | 1.49 | (.19) | (.60) | (.79) | 11.91 | 13.88 | 365 | .68 | .63 | 1.04 | 1.62 |
|  12/31/2018 | 12.96 | .19 | (1.10) | (.91) | (.40) | (.44) | (.84) | 11.21 | (7.38) | 336 | .68 | .63 | 1.02 | 1.49 |

---

Refer to the end of the tables for footnotes.

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| | |
|:---|:---|
| American Funds Insurance Series | **367** |

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------

##### [**Table of Contents**](#toc)
Financial highlights (continued)

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **(Loss) income from<br>investment operations<sup>1</sup>** | **(Loss) income from<br>investment operations<sup>1</sup>** | **(Loss) income from<br>investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | **Ratio of<br>expenses**<br> **to average<br>net assets**<br> **before**<br> **waivers/**<br> **reimburse-<br>ments<sup>7</sup>** | **Ratio of**<br> **expenses**<br> **to average**<br> **net assets**<br> **after**<br> **waivers/<br>reimburse-<br>ments<sup>2,</sup><sup>7</sup>** | | **Ratio of<br>net income<br>to average<br>net assets<sup>2</sup>** |
| <br>**Year ended** |<br>**Net asset<br>value,<br>beginning<br>of year** | **Net**<br> **investment**<br> **income**<br> **(loss)** | **Net (losses)<br>gains on<br>securities<br>(both<br>realized and<br>unrealized)** | **Total from<br>investment**<br> **operations** | **Dividends<br>(from net**<br> **investment**<br> **income)** | **Distributions<br>(from capital<br>gains)** | **Total<br>dividends<br>and<br>distributions** |<br>**Net asset<br>value,<br>end**<br> **of year** |<br>**Total return<sup>2</sup>** |<br>**Net assets,<br>end of year<br>(in millions)** | **Ratio of<br>expenses**<br> **to average<br>net assets**<br> **before**<br> **waivers/**<br> **reimburse-<br>ments<sup>7</sup>** | **Ratio of**<br> **expenses**<br> **to average**<br> **net assets**<br> **after**<br> **waivers/<br>reimburse-<br>ments<sup>2,</sup><sup>7</sup>** |<br>**Net<br>effective<br>expense<br>ratio<sup>2,8,</sup><sup>9</sup>** | **Ratio of<br>net income<br>to average<br>net assets<sup>2</sup>** |
|  **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** |  |  |  |  |  |  |  |  |  |
|  **Class P1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | $15.73 | $.18 | $(2.79) | $(2.61) | $(.30) | $(.31) | $(.61) | $12.51 | (16.74)% | $1833 | .41% | .36% | .65% | 1.33% |
|  12/31/2021 | 14.01 | .14 | 1.99 | 2.13 | (.21) | (.20) | (.41) | 15.73 | 15.32 | 2328 | .41 | .36 | .66 | .96 |
|  12/31/2020 | 13.76 | .17 | 1.08 | 1.25 | (.26) | (.74) | (1.00) | 14.01 | 9.85 | 2120 | .41 | .36 | .66 | 1.24 |
|  12/31/2019 | 11.73 | .22 | 2.01 | 2.23 | (.10) | (.10) | (.20) | 13.76 | 19.14 | 1987 | .42 | .37 | .67 | 1.71 |
|  12/31/2018 | 12.66 | (.02) | (.15) | (.17) | (.19) | (.57) | (.76) | 11.73 | (1.66) | 1662 | .40 | .35 | .64 | (.20) |
|  **Class P2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | 15.64 | .15 | (2.78) | (2.63) | (.26) | (.31) | (.57) | 12.44 | (16.93) | 268 | .66 | .61 | .90 | 1.10 |
|  12/31/2021 | 13.93 | .10 | 1.98 | 2.08 | (.17) | (.20) | (.37) | 15.64 | 15.05 | 340 | .66 | .61 | .91 | .70 |
|  12/31/2020 | 13.69 | .14 | 1.07 | 1.21 | (.23) | (.74) | (.97) | 13.93 | 9.58 | 315 | .66 | .61 | .91 | 1.02 |
|  12/31/2019 | 11.67 | .19 | 2.00 | 2.19 | (.07) | (.10) | (.17) | 13.69 | 18.84 | 283 | .67 | .62 | .92 | 1.47 |
|  12/31/2018 | 12.58 | .16 | (.36) | (.20) | (.14) | (.57) | (.71) | 11.67 | (1.97) | 230 | .69 | .64 | .93 | 1.25 |
|  **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** |  |  |
|  **Class P1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | $15.33 | $.24 | $(2.34) | $(2.10) | $(.32) | $(.48) | $(.80) | $12.43 | (13.75)% | $7 | .41% | .36% | .64% | 1.80% |
|  12/31/2021 | 13.84 | .21 | 1.55 | 1.76 | (.27) |  | (.27) | 15.33 | 12.82 | 7 | .41 | .36 | .66 | 1.43 |
|  12/31/2020 | 13.81 | .25 | .51 | .76 | (.21) | (.52) | (.73) | 13.84 | 6.10 | 5 | .41 | .36 | .66 | 1.91 |
|  12/31/2019 | 12.23 | .26 | 1.92 | 2.18 | (.03) | (.57) | (.60) | 13.81 | 18.25 | 2 | .41 | .36 | .65 | 2.01 |
|  12/31/2018 | 13.59 | .22 | (.80) | (.58) | (.25) | (.53) | (.78) | 12.23 | (4.63) | 2 | .37 | .32 | .59 | 1.67 |
|  **Class P2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2022 | 14.93 | .18 | (2.25) | (2.07) | (.29) | (.48) | (.77) | 12.09 | (13.97) | 2182 | .66 | .61 | .89 | 1.40 |
|  12/31/2021 | 13.45 | .15 | 1.53 | 1.68 | (.20) |  | (.20) | 14.93 | 12.50 | 2812 | .66 | .61 | .91 | 1.03 |
|  12/31/2020 | 13.46 | .15 | .56 | .71 | (.20) | (.52) | (.72) | 13.45 | 5.88 | 2773 | .66 | .61 | .91 | 1.15 |
|  12/31/2019 | 12.22 | .19 | 1.93 | 2.12 | (.31) | (.57) | (.88) | 13.46 | 17.98 | 2830 | .66 | .61 | .90 | 1.51 |
|  12/31/2018 | 13.55 | .17 | (.79) | (.62) | (.18) | (.53) | (.71) | 12.22 | (4.89) | 2541 | .62 | .57 | .84 | 1.27 |

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Refer to the end of the tables for footnotes.

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|:---|:---|
| **368** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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------

##### [**Table of Contents**](#toc)
Financial highlights (continued)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio turnover rate for all share classes**<br> **excluding mortgage dollar roll transactions<sup>11,12</sup>**  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| **Portfolio turnover rate for all share classes**<br> **excluding mortgage dollar roll transactions<sup>11,12</sup>**  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Capital Income Builder | 48% | 60% | 110% | 44% | 42% |
|  Asset Allocation Fund | 42 | 45 | 49 | 47 | 34 |
|  American Funds Global Balanced Fund | 111 | 36 | 68 | 60 | 30 |
|  The Bond Fund of America | 77 | 87 | 72 | 146 | 98 |
|  Capital World Bond Fund | 114 | 64 | 88 | 110 | 78 |
|  American Funds Mortgage Fund | 56 | 38 | 123 | 84 | 60 |
|  U.S. Government Securities Fund | 77 | 126 | 112 | 103 | 76 |
| **Portfolio turnover rate for all share classes**<br> **including mortgage dollar roll transactions<sup>11,12</sup>**  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| **Portfolio turnover rate for all share classes**<br> **including mortgage dollar roll transactions<sup>11,12</sup>**  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Global Growth Fund | 29% | 18% | 17% | 14% | 25% |
|  Global Small Capitalization Fund | 40 | 29 | 38 | 50 | 43 |
|  Growth Fund | 29 | 25 | 32 | 21 | 35 |
|  International Fund | 42 | 44 | 40 | 32 | 29 |
|  New World Fund | 40 | 43 | 70 | 38 | 58 |
|  Washington Mutual Investors Fund | 30 | 90 | 40 | 37 | 49 |
|  Capital World Growth and Income Fund | 42 | 85 | 36 | 29 | 49 |
|  Growth-Income Fund | 25 | 24 | 33 | 27 | 39 |
|  International Growth and Income Fund | 48 | 41 | 56 | 28 | 38 |
|  Capital Income Builder | 126 | 93 | 184 | 72 | 98 |
|  Asset Allocation Fund | 118 | 124 | 145 | 79 | 86 |
|  American Funds Global Balanced Fund | 126 | 39 | 86 | 74 | 51 |
|  The Bond Fund of America | 415 | 456 | 461 | 373 | 514 |
|  Capital World Bond Fund | 188 | 91 | 145 | 159 | 125 |
|  American High-Income Trust | 34 | 56 | 78 | 58 | 67 |
|  American Funds Mortgage Fund | 1141 | 975 | 1143 | 350 | 811 |
|  Ultra-Short Bond Fund | –<sup>13</sup> | –<sup>13</sup> | –<sup>13</sup> | –<sup>13</sup> | –<sup>13</sup> |
|  U.S. Government Securities Fund | 695 | 433 | 867 | 277 | 446 |
|  Managed Risk Growth Fund | 97 | 32 | 80 | 10 | 7 |
|  Managed Risk International Fund | 82 | 24 | 71 | 8 | 8 |
|  Managed Risk Washington Mutual Investors Fund | 70 | 16 | 101 | 13 | 11 |
|  Managed Risk Growth-Income Fund | 67 | 13 | 38 | 6 | 14 |
|  Managed Risk Asset Allocation Fund | 48 | 5 | 30 | 8 | 12 |

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<sup>1</sup> Based on average shares outstanding.

<sup>2</sup> This column reflects the impact of certain waivers/reimbursements from CRMC. During some of the years shown, CRMC waived a portion of investment advisory services fees on some funds, including each of the managed risk funds. In addition, during some of the years shown, CRMC reimbursed a portion of miscellaneous fees and expenses for some of the managed risk funds. 

<sup>3</sup> Ratios do not include expenses of any Central Funds. The fund indirectly bears its proportionate share of the expenses of any Central Funds, if applicable.

<sup>4</sup> Amount less than $.01. 

<sup>5</sup> Amount less than .01%. 

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| | |
|:---|:---|
| <sup>6</sup>Amount | less than $1 million.  |

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<sup>7</sup> This column does not include expenses of the underlying funds in which each fund invests.

<sup>8</sup> This column reflects the net effective expense ratios for each fund and class, which include each class's expense ratio combined with the weighted average net expense ratio of the underlying funds for the periods presented. Refer to the expense example for further information regarding fees and expenses. 

<sup>9</sup> Unaudited.

<sup>10</sup> All or a significant portion of assets in this class consisted of seed capital invested by CRMC and/or its affiliates. Certain fees (including, where applicable, fees for distribution services) are not charged or accrued on these seed capital assets. If such fees were paid by the fund on seed capital assets, fund expenses would have been higher and net income and total return would have been lower. 

<sup>11</sup> Refer to Note 5 for further information on mortgage dollar rolls.

<sup>12</sup> Rates do not include the fund's portfolio activity with respect to any Central Funds, if applicable.

<sup>13</sup> Amount is either less than 1% or there is no turnover. 

Refer to the notes to financial statements.

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| | |
|:---|:---|
| American Funds Insurance Series | **369** |

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##### [**Table of Contents**](#toc)
Report of Independent Registered Public Accounting Firm

------

To the Board of Trustees of American Funds Insurance Series and Shareholders of Global Growth Fund, Global Small Capitalization Fund, Growth Fund, International Fund, New World Fund<sup>®</sup>, Washington Mutual Investors Fund, Capital World Growth and Income Fund<sup>®</sup>, Growth-Income Fund, International Growth and Income Fund, Capital Income Builder<sup>®</sup>, Asset Allocation Fund, American Funds<sup>®</sup> Global Balanced Fund, The Bond Fund of America<sup>®</sup>, Capital World Bond Fund<sup>®</sup>, American High-Income Trust<sup>®</sup>, American Funds Mortgage Fund<sup>®</sup>, Ultra-Short Bond Fund, U.S. Government Securities Fund<sup>®</sup>, Managed Risk Growth Fund, Managed Risk International Fund, Managed Risk Washington Mutual Investors Fund, Managed Risk Growth-Income Fund and Managed Risk Asset Allocation Fund

**Opinions on the Financial Statements** 

We have audited the accompanying statements of assets and liabilities, including the investment portfolios, of Global Growth Fund, Global Small Capitalization Fund, Growth Fund, International Fund, New World Fund<sup>®</sup>, Washington Mutual Investors Fund, Capital World Growth and Income Fund<sup>®</sup>, Growth-Income Fund, International Growth and Income Fund, Capital Income Builder<sup>®</sup>, Asset Allocation Fund, American Funds<sup>®</sup> Global Balanced Fund (formerly Global Balanced Fund), The Bond Fund of America<sup>®</sup>, Capital World Bond Fund<sup>®</sup>, American High Income Trust<sup>®</sup>, American Funds Mortgage Fund<sup>®</sup>, Ultra-Short Bond Fund, U.S. Government Securities Fund<sup>®</sup>, Managed Risk Growth Fund, Managed Risk International Fund, Managed Risk Washington Mutual Investors Fund, Managed Risk Growth-Income Fund and Managed Risk Asset Allocation Fund (twenty-three of the funds constituting American Funds Insurance Series, hereafter collectively referred to as the "Funds") as of December 31, 2022, the related statements of operations for the year ended December 31, 2022, the statements of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2022 and each of the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinions** 

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Los Angeles, California

February 13, 2023

We have served as the auditor of one or more investment companies in The Capital Group Companies Investment Company Complex since 1934.

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|:---|:---|
| **370** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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##### [**Table of Contents**](#toc)
Expense example unaudited

------

The funds in American Funds Insurance Series serve as the underlying investment vehicle for various insurance products. As an owner of an insurance contract that invests in one of the funds in the series, you incur two types of costs: (1) transaction costs, such as initial sales charges on purchase payments and contingent deferred sales charges on redemptions (loads), and (2) ongoing costs, including management fees, distribution and service (12b-1) fees, and other expenses.

Additional fees are charged by the insurance companies related to the various benefits they provide. This example is intended to help you understand your ongoing costs (in dollars) of investing in the underlying funds so you can compare these costs with the ongoing costs of investing in other mutual funds that serve a similar function in other annuity products. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period (July 1, 2022, through December 31, 2022).

Actual expenses:

The first line of each share class in the tables on the following pages provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled "Expenses paid during period" to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes:

The second line of each share class in the tables on the following pages provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio for the share class and an assumed rate of return of 5.00% per year before expenses, which is not the actual return of the share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5.00% hypothetical example with the 5.00% hypothetical examples that appear in the shareholder reports of the other funds.

Notes:

Additional fees are charged by the insurance companies related to the various benefits they provide. You can estimate the impact of these fees by adding the amount of the fees to the total estimated expenses you paid on your account during the period as calculated above. In addition, your ending account value would be lower by the amount of these fees.

Note that the expenses shown in the tables on the following pages are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second line of each share class in the tables is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

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| | |
|:---|:---|
| American Funds Insurance Series | **371** |

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##### [**Table of Contents**](#toc)
Expense example (continued)

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Beginning<br>account value<br>7/1/2022** | **Ending<br>account value<br>12/31/2022** | **Expenses<br>paid during<br>period<sup>1</sup>** | **Annualized<br>expense<br>ratio** |
|  **Global Growth Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 1 – actual return | $1000.00 | $1045.68 | $2.11 | .41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 1 – assumed 5% return | 1000.00 | 1023.14 | 2.09 | .41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 1A – actual return | 1000.00 | 1044.04 | 3.40 | .66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 1A – assumed 5% return | 1000.00 | 1021.88 | 3.36 | .66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 2 – actual return | 1000.00 | 1043.99 | 3.40 | .66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 2 – assumed 5% return | 1000.00 | 1021.88 | 3.36 | .66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 4 – actual return | 1000.00 | 1042.74 | 4.69 | .91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 4 – assumed 5% return | 1000.00 | 1020.62 | 4.63 | .91 |
|  **Global Small Capitalization Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 1 – actual return | $1000.00 | $1038.40 | $3.34 | .65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 1 – assumed 5% return | 1000.00 | 1021.93 | 3.31 | .65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 1A – actual return | 1000.00 | 1036.94 | 4.62 | .90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 1A – assumed 5% return | 1000.00 | 1020.67 | 4.58 | .90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 2 – actual return | 1000.00 | 1037.29 | 4.62 | .90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 2 – assumed 5% return | 1000.00 | 1020.67 | 4.58 | .90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 4 – actual return | 1000.00 | 1035.94 | 5.90 | 1.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 4 – assumed 5% return | 1000.00 | 1019.41 | 5.85 | 1.15 |
|  **Growth Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 1 – actual return | $1000.00 | $1000.70 | $1.77 | .35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 1 – assumed 5% return | 1000.00 | 1023.44 | 1.79 | .35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 1A – actual return | 1000.00 | 999.41 | 3.02 | .60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 1A – assumed 5% return | 1000.00 | 1022.18 | 3.06 | .60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 2 – actual return | 1000.00 | 999.43 | 3.02 | .60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 2 – assumed 5% return | 1000.00 | 1022.18 | 3.06 | .60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 3 – actual return | 1000.00 | 999.93 | 2.67 | .53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 3 – assumed 5% return | 1000.00 | 1022.53 | 2.70 | .53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 4 – actual return | 1000.00 | 998.12 | 4.28 | .85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 4 – assumed 5% return | 1000.00 | 1020.92 | 4.33 | .85 |
|  **International Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 1 – actual return | $1000.00 | $1025.33 | $2.71 | .53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 1 – assumed 5% return | 1000.00 | 1022.53 | 2.70 | .53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 1A – actual return | 1000.00 | 1024.07 | 3.98 | .78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 1A – assumed 5% return | 1000.00 | 1021.27 | 3.97 | .78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 2 – actual return | 1000.00 | 1023.84 | 3.98 | .78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 2 – assumed 5% return | 1000.00 | 1021.27 | 3.97 | .78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 3 – actual return | 1000.00 | 1024.24 | 3.62 | .71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 3 – assumed 5% return | 1000.00 | 1021.63 | 3.62 | .71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 4 – actual return | 1000.00 | 1022.83 | 5.25 | 1.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 4 – assumed 5% return | 1000.00 | 1020.01 | 5.24 | 1.03 |
|  **New World Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 1 – actual return | $1000.00 | $1024.46 | $2.91 | .57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 1 – assumed 5% return | 1000.00 | 1022.33 | 2.91 | .57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 1A – actual return | 1000.00 | 1022.80 | 4.18 | .82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 1A – assumed 5% return | 1000.00 | 1021.07 | 4.18 | .82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 2 – actual return | 1000.00 | 1022.92 | 4.18 | .82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 2 – assumed 5% return | 1000.00 | 1021.07 | 4.18 | .82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 4 – actual return | 1000.00 | 1021.54 | 5.45 | 1.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 4 – assumed 5% return | 1000.00 | 1019.81 | 5.45 | 1.07 |

---

Refer to the end of the tables for footnotes.

---

| | |
|:---|:---|
| **372** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
Expense example (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Beginning<br>account value<br>7/1/2022** | **Ending<br>account value<br>12/31/2022** | **Expenses<br>paid during<br>period<sup>1</sup>** | **Annualized<br>expense<br>ratio** |
|  **Washington Mutual Investors Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 1 – actual return | $1000.00 | $1052.84 | $1.40 | .27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 1 – assumed 5% return | 1000.00 | 1023.84 | 1.38 | .27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 1A – actual return | 1000.00 | 1052.10 | 2.69 | .52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 1A – assumed 5% return | 1000.00 | 1022.58 | 2.65 | .52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 2 – actual return | 1000.00 | 1052.45 | 2.69 | .52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 2 – assumed 5% return | 1000.00 | 1022.58 | 2.65 | .52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 4 – actual return | 1000.00 | 1051.21 | 3.98 | .77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 4 – assumed 5% return | 1000.00 | 1021.32 | 3.92 | .77 |
|  **Capital World Growth and Income Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 1 – actual return | $1000.00 | $1051.64 | $2.12 | .41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 1 – assumed 5% return | 1000.00 | 1023.14 | 2.09 | .41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 1A – actual return | 1000.00 | 1050.71 | 3.41 | .66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 1A – assumed 5% return | 1000.00 | 1021.88 | 3.36 | .66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 2 – actual return | 1000.00 | 1050.34 | 3.41 | .66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 2 – assumed 5% return | 1000.00 | 1021.88 | 3.36 | .66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 4 – actual return | 1000.00 | 1048.71 | 4.70 | .91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 4 – assumed 5% return | 1000.00 | 1020.62 | 4.63 | .91 |
|  **Growth-Income Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 1 – actual return | $1000.00 | $1042.31 | $1.49 | .29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 1 – assumed 5% return | 1000.00 | 1023.74 | 1.48 | .29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 1A – actual return | 1000.00 | 1041.04 | 2.78 | .54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 1A – assumed 5% return | 1000.00 | 1022.48 | 2.75 | .54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 2 – actual return | 1000.00 | 1041.03 | 2.78 | .54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 2 – assumed 5% return | 1000.00 | 1022.48 | 2.75 | .54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 3 – actual return | 1000.00 | 1041.33 | 2.42 | .47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 3 – assumed 5% return | 1000.00 | 1022.84 | 2.40 | .47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 4 – actual return | 1000.00 | 1039.68 | 4.06 | .79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 4 – assumed 5% return | 1000.00 | 1021.22 | 4.02 | .79 |
|  **International Growth and Income Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 1 – actual return | $1000.00 | $1049.28 | $3.00 | .58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 1 – assumed 5% return | 1000.00 | 1022.28 | 2.96 | .58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 1A – actual return | 1000.00 | 1047.38 | 4.28 | .83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 1A – assumed 5% return | 1000.00 | 1021.02 | 4.23 | .83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 2 – actual return | 1000.00 | 1048.38 | 4.29 | .83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 2 – assumed 5% return | 1000.00 | 1021.02 | 4.23 | .83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 4 – actual return | 1000.00 | 1046.04 | 5.57 | 1.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 4 – assumed 5% return | 1000.00 | 1019.76 | 5.50 | 1.08 |
|  **Capital Income Builder** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 1 – actual return | $1000.00 | $1030.31 | $1.38 | .27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 1 – assumed 5% return | 1000.00 | 1023.84 | 1.38 | .27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 1A – actual return | 1000.00 | 1029.07 | 2.66 | .52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 1A – assumed 5% return | 1000.00 | 1022.58 | 2.65 | .52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 2 – actual return | 1000.00 | 1028.17 | 2.66 | .52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 2 – assumed 5% return | 1000.00 | 1022.58 | 2.65 | .52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 4 – actual return | 1000.00 | 1026.94 | 3.93 | .77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 4 – assumed 5% return | 1000.00 | 1021.32 | 3.92 | .77 |

---

Refer to the end of the tables for footnotes.

---

| | |
|:---|:---|
| American Funds Insurance Series | **373** |

---

------

##### [**Table of Contents**](#toc)
Expense example (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Beginning<br>account value<br>7/1/2022** | **Ending<br>account value<br>12/31/2022** | **Expenses<br>paid during<br>period<sup>1</sup>** | **Annualized<br>expense<br>ratio** |
|  **Asset Allocation Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 1 – actual return | $1000.00 | $1030.72 | $1.54 | .30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 1 – assumed 5% return | 1000.00 | 1023.69 | 1.53 | .30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 1A – actual return | 1000.00 | 1029.04 | 2.81 | .55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 1A – assumed 5% return | 1000.00 | 1022.43 | 2.80 | .55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 2 – actual return | 1000.00 | 1029.79 | 2.81 | .55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 2 – assumed 5% return | 1000.00 | 1022.43 | 2.80 | .55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 3 – actual return | 1000.00 | 1029.98 | 2.46 | .48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 3 – assumed 5% return | 1000.00 | 1022.79 | 2.45 | .48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 4 – actual return | 1000.00 | 1027.95 | 4.09 | .80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 4 – assumed 5% return | 1000.00 | 1021.17 | 4.08 | .80 |
|  **American Funds Global Balanced Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 1 – actual return | $1000.00 | $1023.65 | $2.65 | .52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 1 – assumed 5% return | 1000.00 | 1022.58 | 2.65 | .52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 1A – actual return | 1000.00 | 1022.93 | 3.93 | .77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 1A – assumed 5% return | 1000.00 | 1021.32 | 3.92 | .77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 2 – actual return | 1000.00 | 1022.09 | 3.92 | .77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 2 – assumed 5% return | 1000.00 | 1021.32 | 3.92 | .77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 4 – actual return | 1000.00 | 1021.56 | 5.20 | 1.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 4 – assumed 5% return | 1000.00 | 1020.06 | 5.19 | 1.02 |
|  **The Bond Fund of America** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 1 – actual return | $1000.00 | $974.47 | $1.00 | .20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 1 – assumed 5% return | 1000.00 | 1024.20 | 1.02 | .20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 1A – actual return | 1000.00 | 973.31 | 2.24 | .45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 1A – assumed 5% return | 1000.00 | 1022.94 | 2.29 | .45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 2 – actual return | 1000.00 | 972.85 | 2.24 | .45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 2 – assumed 5% return | 1000.00 | 1022.94 | 2.29 | .45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 4 – actual return | 1000.00 | 971.88 | 3.48 | .70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 4 – assumed 5% return | 1000.00 | 1021.68 | 3.57 | .70 |
|  **Capital World Bond Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 1 – actual return | $1000.00 | $983.53 | $2.40 | .48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 1 – assumed 5% return | 1000.00 | 1022.79 | 2.45 | .48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 1A – actual return | 1000.00 | 982.42 | 3.65 | .73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 1A – assumed 5% return | 1000.00 | 1021.53 | 3.72 | .73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 2 – actual return | 1000.00 | 982.33 | 3.65 | .73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 2 – assumed 5% return | 1000.00 | 1021.53 | 3.72 | .73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 4 – actual return | 1000.00 | 981.07 | 4.89 | .98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 4 – assumed 5% return | 1000.00 | 1020.27 | 4.99 | .98 |
|  **American High-Income Trust** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 1 – actual return | $1000.00 | $1038.86 | $1.59 | .31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 1 – assumed 5% return | 1000.00 | 1023.64 | 1.58 | .31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 1A – actual return | 1000.00 | 1037.88 | 2.88 | .56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 1A – assumed 5% return | 1000.00 | 1022.38 | 2.85 | .56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 2 – actual return | 1000.00 | 1037.22 | 2.88 | .56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 2 – assumed 5% return | 1000.00 | 1022.38 | 2.85 | .56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 3 – actual return | 1000.00 | 1038.14 | 2.52 | .49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 3 – assumed 5% return | 1000.00 | 1022.74 | 2.50 | .49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 4 – actual return | 1000.00 | 1036.07 | 4.16 | .81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 4 – assumed 5% return | 1000.00 | 1021.12 | 4.13 | .81 |

---

Refer to the end of the tables for footnotes.

---

| | |
|:---|:---|
| **374** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

---

------

##### [**Table of Contents**](#toc)
Expense example (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Beginning<br>account<br>value<br>7/1/2022** | **Ending<br>account<br>value<br>12/31/2022** | **Expenses<br>paid<br>during<br>period<sup>1</sup>** | **Annualized<br>expense<br>ratio** |
|  **American Funds Mortgage Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 1 – actual return | $1000.00 | $968.01 | $1.64 | .33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 1 – assumed 5% return | 1000.00 | 1023.54 | 1.68 | .33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 1A – actual return | 1000.00 | 966.87 | 2.88 | .58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 1A – assumed 5% return | 1000.00 | 1022.28 | 2.96 | .58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 2 – actual return | 1000.00 | 967.70 | 2.93 | .59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 2 – assumed 5% return | 1000.00 | 1022.23 | 3.01 | .59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 4 – actual return | 1000.00 | 966.53 | 4.16 | .84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 4 – assumed 5% return | 1000.00 | 1020.97 | 4.28 | .84 |
|  **Ultra-Short Bond Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 1 – actual return | $1000.00 | $1013.26 | $1.57 | .31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 1 – assumed 5% return | 1000.00 | 1023.64 | 1.58 | .31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 1A – actual return | 1000.00 | 1013.23 | 1.52 | .30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 1A – assumed 5% return | 1000.00 | 1023.69 | 1.53 | .30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 2 – actual return | 1000.00 | 1012.64 | 2.84 | .56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 2 – assumed 5% return | 1000.00 | 1022.38 | 2.85 | .56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 3 – actual return | 1000.00 | 1012.86 | 2.49 | .49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 3 – assumed 5% return | 1000.00 | 1022.74 | 2.50 | .49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 4 – actual return | 1000.00 | 1010.10 | 4.10 | .81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 4 – assumed 5% return | 1000.00 | 1021.12 | 4.13 | .81 |
|  **U.S. Government Securities Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 1 – actual return | $1000.00 | $960.56 | $1.09 | .22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 1 – assumed 5% return | 1000.00 | 1024.10 | 1.12 | .22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 1A – actual return | 1000.00 | 959.29 | 2.27 | .46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 1A – assumed 5% return | 1000.00 | 1022.89 | 2.35 | .46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 2 – actual return | 1000.00 | 959.68 | 2.27 | .46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 2 – assumed 5% return | 1000.00 | 1022.89 | 2.35 | .46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 3 – actual return | 1000.00 | 959.92 | 1.93 | .39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 3 – assumed 5% return | 1000.00 | 1023.24 | 1.99 | .39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 4 – actual return | 1000.00 | 958.46 | 3.50 | .71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class 4 – assumed 5% return | 1000.00 | 1021.63 | 3.62 | .71 |

---

Refer to the end of the tables for footnotes.

---

| | |
|:---|:---|
| American Funds Insurance Series | **375** |

---

------

##### [**Table of Contents**](#toc)
Expense example (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Beginning<br>account value<br>7/1/2022** | **Ending<br>account value<br>12/31/2022** | **Expenses<br>paid during<br>period** | **<br><sup>1,2</sup>** | **Annualized**<br> **expense ratio** | **Effective<br>expenses paid<br>during period** | **<br><sup>3</sup>** | **Effective<br>annualized** **expense ratio** |
|  **Managed Risk Growth Fund** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P1 – actual return | $1000.00 | $968.78 | $1.84 |  | .37% | $3.42 |  | .69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P1 – assumed 5% return | 1000.00 | 1023.34 | 1.89 |  | .37 | 3.52 |  | .69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P2 – actual return | 1000.00 | 967.08 | 3.07 |  | .62 | 4.71 |  | .95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P2 – assumed 5% return | 1000.00 | 1022.08 | 3.16 |  | .62 | 4.84 |  | .95 |
|  **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P1 – actual return | $1000.00 | $1004.86 | $1.82 |  | .36% | $4.40 |  | .87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P1 – assumed 5% return | 1000.00 | 1023.39 | 1.84 |  | .36 | 4.43 |  | .87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P2 – actual return | 1000.00 | 1003.52 | 3.13 |  | .62 | 5.71 |  | 1.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P2 – assumed 5% return | 1000.00 | 1022.08 | 3.16 |  | .62 | 5.75 |  | 1.13 |
|  **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P1 – actual return | $1000.00 | $1005.83 | $1.87 |  | .37% | $3.79 |  | .75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P1 – assumed 5% return | 1000.00 | 1023.34 | 1.89 |  | .37 | 3.82 |  | .75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P2 – actual return | 1000.00 | 1004.38 | 3.18 |  | .63 | 5.10 |  | 1.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P2 – assumed 5% return | 1000.00 | 1022.03 | 3.21 |  | .63 | 5.14 |  | 1.01 |
|  **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P1 – actual return | $1000.00 | $989.69 | $1.81 |  | .36% | $3.26 |  | .65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P1 – assumed 5% return | 1000.00 | 1023.39 | 1.84 |  | .36 | 3.31 |  | .65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P2 – actual return | 1000.00 | 989.03 | 3.06 |  | .61 | 4.51 |  | .90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P2 – assumed 5% return | 1000.00 | 1022.13 | 3.11 |  | .61 | 4.58 |  | .90 |
|  **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P1 – actual return | $1000.00 | $1007.60 | $1.82 |  | .36% | $3.24 |  | .64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P1 – assumed 5% return | 1000.00 | 1023.39 | 1.84 |  | .36 | 3.26 |  | .64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P2 – actual return | 1000.00 | 1006.19 | 3.03 |  | .60 | 4.50 |  | .89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P2 – assumed 5% return | 1000.00 | 1022.18 | 3.06 |  | .60 | 4.53 |  | .89 |

---

<sup>1</sup> The "expenses paid during period" are equal to the "annualized expense ratio," multiplied by the average account value over the period, multiplied by the number of days in the period, and divided by 365 (to reflect the one-half year period).

<sup>2</sup> The "expenses paid during period" and "annualized expense ratio" do not include the expenses of the underlying funds in which each fund invests.

<sup>3</sup> The "effective expenses paid during period" are equal to the "effective annualized expense ratio," multiplied by the average account value over the period, multiplied by the number of days in the period, and divided by 365 (to reflect the period).

<sup>4</sup> The "effective annualized expense ratio" reflects the net annualized expense ratio of the class plus the class's pro-rata share of the weighted average expense ratio of the underlying funds in which it invests.

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|:---|:---|
| **376** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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Liquidity Risk Management Program unaudited

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The series has adopted a liquidity risk management program (the "program"). The series' board has designated Capital Research and Management Company ("CRMC") as the administrator of the program. Personnel of CRMC or its affiliates conduct the day-today operation of the program pursuant to policies and procedures administered by the Capital Group Liquidity Risk Management Committee.

Under the program, CRMC manages each fund's liquidity risk, which is the risk that the fund could not meet shareholder redemption requests without significant dilution of remaining shareholders' interests in the fund. This risk is managed by monitoring the degree of liquidity of each fund's investments, limiting the amount of each fund's illiquid investments, and utilizing various risk management tools and facilities available to each fund for meeting shareholder redemptions, among other means. CRMC's process of determining the degree of liquidity of each fund's investments is supported by one or more third-party liquidity assessment vendors.

The series' board reviewed a report prepared by CRMC regarding the operation and effectiveness of the program for the period October 1, 2021, through September 30, 2022. No significant liquidity events impacting any of the funds were noted in the report. In addition, CRMC provided its assessment that the program had been effective in managing each fund's liquidity risk.

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| American Funds Insurance Series | **377** |

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| **378** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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| American Funds Insurance Series | **379** |

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| **380** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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| American Funds Insurance Series | **381** |

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Board of trustees and other officers

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| | | | | |
|:---|:---|:---|:---|:---|
| Independent trustees<sup>1</sup> | Independent trustees<sup>1</sup> |  |  |  |
| **Name and year of birth** | **Year first<br>elected**<br> **a trustee**<br> **of the series<sup>2</sup>** | **Principal occupation(s) during past five years** | **Number of**<br> **portfolios in<br>fund complex<br>overseen by<br>trustee** | **Other directorships<sup>3</sup>** <br> **held by trustee** |
| **Francisco G. Cigarroa, MD,** 1957 | 2021 | Professor of Surgery, University of Texas Health San Antonio; Trustee, Ford Foundation; Clayton Research Scholar, Clayton Foundation for Biomedical Research | 86 |  |
| **James G. Ellis,** 1947 | 2010 | Former Dean and Professor of Marketing, Marshall School of Business, University of Southern California | 96 | Advanced Merger Partners;<br> EVe Mobility Acquisition<br> Corp (acquisitions of companies in the electric vehicle market); J. G. Boswell<br> (agricultural production);<br> Mercury General Corporation |
| **Nariman Farvardin,** 1956 | 2018 | President, Stevens Institute of Technology | 91 |  |
| **Jennifer C. Feikin,** 1968 | 2022 | Business Advisor; previously held positions at Google, AOL,<br> 20th Century Fox and McKinsey & Company; Trustee, The<br> Nature Conservancy of Utah; former Trustee, The Nature<br> Conservancy of California; former Director, First Descents | 97 | Hertz Global Holdings, Inc. |
| **Leslie Stone Heisz,** 1961 | 2022 | Former Managing Director, Lazard (retired, 2010); Director,<br> Kaiser Permanente (California public benefit corporation);<br> former Lecturer, UCLA Anderson School of Management | 97 | Edwards Lifesciences; Public<br> Storage |
| **Mary Davis Holt,** 1950 | 2015–2016; 2017 | Principal, Mary Davis Holt Enterprises, LLC (leadership<br> development consulting); former Partner, Flynn Heath<br> Holt Leadership, LLC (leadership consulting); former<br> COO, Time Life Inc. (1993–2003) | 87 |  |
| **Merit E. Janow,** 1958 | 2007 | Dean Emerita and Professor of Practice, International Economic Law & International Affairs, Columbia University,<br> School of International and Public Affairs | 93 | Aptiv (autonomous and green vehicle technology);<br> Mastercard Incorporated |
| **Margaret Spellings,** 1957<br> Chair of the Board<br> (Independent and<br> Non-Executive) | 2010 | President and CEO, Texas 2036; former President, Margaret<br> Spellings & Company (public policy and strategic consulting);<br> former President, The University of North Carolina; former<br> President, George W. Bush Presidential Center | 91 |  |
| **Alexandra Trower,** 1964 | 2018 | Former Executive Vice President, Global Communications and Corporate Officer, The Estée Lauder Companies | 86 |  |
| **Paul S. Williams,** 1959 | 2020 | Former Partner/Managing Director, Major, Lindsey & Africa (executive recruiting firm) | 86 | Air Transport Services Group, Inc. (aircraft leasing and air cargo transportation); Compass Minerals, Inc. (producer of salt and specialty fertilizers); Public Storage, Inc. |
| <br> Interested trustees<sup>4,5</sup>  | <br> Interested trustees<sup>4,5</sup>  | <br> Interested trustees<sup>4,5</sup>  | <br> Interested trustees<sup>4,5</sup>  | <br> Interested trustees<sup>4,5</sup>  |
| **Name, year of birth and**<br>**position with series** | **Year first<br>elected**<br> **a trustee**<br> **or officer<br>of the series<sup>2</sup>** | **Principal occupation(s) during past five years**<br> **and positions held with affiliated entities or**<br> **the principal underwriter of the series** | **Number of<br>portfolios in<br>fund complex<br>overseen by<br>trustee** | **Other directorships<sup>3</sup> held<br>by trustee** |
| **Donald D. O'Neal,** 1960<br> Co-President and Trustee | 1998 | Partner — Capital International Investors, Capital Research and Management Company; Partner — Capital International Investors, Capital Bank and Trust Company<sup>5</sup> | 35 |  |
| **Michael C. Gitlin,** 1970 Trustee | 2019 | Partner — Capital Fixed Income Investors, Capital Research and Management Company; Vice Chairman and Director, Capital Research and Management Company; Director, The Capital Group Companies, Inc.<sup>5</sup> | 86 |  |

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**The series statement of additional information includes further details about the series trustees and is available without charge upon request by calling American Funds Service Company at (800) 421-4225 or by visiting the Capital Group website at capitalgroup.com/afis. The address for all trustees and officers of the series is 333 South Hope Street, Los Angeles, CA 90071. Attention: Secretary.** 

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| **382** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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Other officers<sup>5</sup> 

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| | | |
|:---|:---|:---|
| **Name, year of birth and**<br> **position with series** | **Year first<br>elected<br>an officer<br>of the series<sup>2</sup>** | **Principal occupation(s) during past five years and positions held with affiliated entities**<br> **or the principal underwriter of the series** |
| **Alan N. Berro,** 1960<br> Co-President | 1998 | Partner — Capital World Investors, Capital Research and Management Company; Partner — Capital World Investors, Capital Bank and Trust Company<sup>5</sup>; Director, The Capital Group Companies, Inc.<sup>5</sup> |
| **Maria Manotok,** 1974<br> Principal Executive Officer | 2012 | Senior Vice President and Senior Counsel — Fund Business Management Group, Capital Research and Management Company; Chair, Senior Vice President, Senior Counsel and Director, Capital International, Inc.<sup>5</sup>; Senior Vice President, Secretary and Director, Capital Group Companies Global<sup>5</sup>; Senior Vice President, Secretary and Director, Capital Group International, Inc.<sup>5</sup> |
| **Michael W. Stockton,** 1967<br> Executive Vice President | 2021 | Senior Vice President — Fund Business Management Group, Capital Research and Management Company |
| **Patrice Collette,** 1967<br> Senior Vice President | 2022 | Partner — Capital World Investors, Capital International, Inc.<sup>5</sup> |
| **Peter Eliot,** 1971<br> Senior Vice President | 2022 | Partner — Capital International Investors, Capital Research and Management Company |
| **Irfan M. Furniturewala,** 1971<br> Senior Vice President | 2022 | Partner — Capital International Investors, Capital Research and Management Company |
| **Sung Lee,** 1966<br> Senior Vice President | 2008 | Partner — Capital Research Global Investors, Capital International, Inc.<sup>5</sup>; Director, The Capital Group Companies, Inc.<sup>5</sup> |
| **Keiko McKibben,** 1969<br> Senior Vice President | 2010 | Partner — Capital Research Global Investors, Capital Research and Management Company |
| **Carlos A. Schonfeld,** 1971<br> Senior Vice President | 2022 | Partner — Capital International Investors, Capital Research and Management Company; Director, Capital International Limited<sup>5</sup> |
| **Alan J. Wilson,** 1961<br> Senior Vice President | 2022 | Partner — Capital World Investors, Capital Research and Management Company; Director, Capital Research and Management Company |
| **Steven I. Koszalka,** 1964<br> Secretary | 2003 | Vice President — Fund Business Management Group, Capital Research and Management Company |
| **Gregory F. Niland,** 1971<br> Treasurer | 2008 | Vice President — Investment Operations, Capital Research and Management Company |
| **Susan K. Countess,** 1966<br> Assistant Secretary | 2014 | Associate — Fund Business Management Group, Capital Research and Management Company |
| **Sandra Chuon,** 1972<br> Assistant Treasurer | 2019 | Vice President — Investment Operations, Capital Research and Management Company |
| **Brian C. Janssen,** 1972<br> Assistant Treasurer | 2015 | Senior Vice President — Investment Operations, Capital Research and Management Company |

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<sup>1</sup> The term independent trustee refers to a trustee who is not an "interested person" of the series within the meaning of the Investment Company Act of 1940.

<sup>2</sup> Trustees and officers of the series serve until their resignation, removal or retirement.

<sup>3</sup> This includes all directorships/trusteeships (other than those in the American Funds or other funds managed by Capital Research and Management Company or its affiliates) that are held by each trustee as a trustee or director of a public company or a registered investment company.

<sup>4</sup> The term interested trustee refers to a trustee who is an "interested person" within the meaning of the Investment Company Act of 1940, on the basis of their affiliation with the series investment adviser, Capital Research and Management Company, or affiliated entities (including the series principal underwriter). 

<sup>5</sup> Company affiliated with Capital Research and Management Company.

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|:---|:---|
| American Funds Insurance Series | **383** |

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##### [**Table of Contents**](#toc)
**Office of the series** 

333 South Hope Street

Los Angeles, CA 90071-1406

**Investment adviser** 

Capital Research and Management Company

333 South Hope Street

Los Angeles, CA 90071-1406

**Investment subadviser** 

Milliman Financial Risk Management LLC

(Managed Risk Funds only)

71 South Wacker Drive, 31st Floor

Chicago, IL 60606-4637

**Custodian of assets** 

State Street Bank and Trust Company

One Lincoln Street

Boston, MA 02111-2900

**Counsel** 

Morgan, Lewis & Bockius LLP

One Federal Street

Boston, MA 02110-1726

**Independent registered public accounting firm** 

PricewaterhouseCoopers LLP

601 South Figueroa Street

Los Angeles, CA 90017-3874

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| **384** | &nbsp;&nbsp;&nbsp;&nbsp;American Funds Insurance Series |

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##### [**Table of Contents**](#toc)
**Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the series prospectuses and summary prospectuses, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds Service Company (AFS) at (800) 421-4225 or visit the Capital Group website at capitalgroup.com/afis.** 

"American Funds Proxy Voting Procedures and Principles" — which describes how we vote proxies relating to portfolio securities — is available on the Capital Group website or upon request by calling AFS. The series files its proxy voting record with the U.S. Securities and Exchange Commission (SEC) for the 12 months ended June 30 by August 31. The proxy voting record is available free of charge on the SEC website at sec.gov and on the Capital Group website.

American Funds Insurance Series files a complete list of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. This filing is available free of charge on the SEC website and our website.

This report is for the information of American Funds Insurance Series investors, but it also may be used as sales literature when preceded or accompanied by the current prospectuses or summary prospectuses for American Funds Insurance Series and the prospectus for the applicable insurance contract, which give details about charges, expenses, investment objectives and operating policies of the series. If used as sales material after March 31, 2023, this report must be accompanied by a statistical update for the most recently completed calendar quarter.

Fund attribution data was produced using FactSet, a third-party software system, based on daily portfolios. Securities in their initial period of acquisition may not be included in this analysis. The analysis includes equity investments only and excludes forward contracts and fixed income investments, if applicable. It does not account for buy-and-sell transactions that might have occurred intraday. As a result, average portfolio weight percentages are approximate, and the actual average portfolio weight percentages might be higher or lower. Data elements, such as pricing, income, market cap, etc., were provided by FactSet. The indexes provided for attribution are based on FactSet's methodology. The indexes are broad-based market benchmarks and may not be used by Capital Group<sup>®</sup> as the sole comparative index for the funds. Capital Group believes the software and information from FactSet to be reliable. However, Capital Group cannot be responsible for inaccuracies, incomplete information or updating of information by FactSet.

Hedge instruments, including exchange-traded futures contracts and exchange-traded put options, may not provide an effective hedge of the underlying securities because changes in the prices of such instruments may not track those of the securities they are intended to hedge. In addition, the managed risk strategy may not effectively protect the funds from market declines and will limit the funds' participation in market gains. The use of the managed risk strategy could cause the funds' returns to lag those of the applicable underlying funds in certain rising market conditions.

BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

MSCI has not approved, reviewed or produced this report, makes no express or implied warranties or representations and is not liable whatsoever for any data in the report. You may not redistribute the MSCI data or use it as a basis for other indices or investment products.

The S&P 500 Index is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Capital Group. Copyright <sup>©</sup> 2023 S&P Dow Jones Indices LLC, a division of S&P Global, and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part is prohibited without written permission of S&P Dow Jones Indices LLC.

American Funds Distributors, Inc., member FINRA.

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##### [**Table of Contents**](#toc)

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|:---|:---|:---|
| <br> **The Capital Advantage<sup>®</sup>**<br>**Since 1931, Capital Group, home of American Funds, has helped investors pursue**<br> **long-term investment success. Our consistent approach — in combination with**<br> **The Capital System<sup>TM</sup> — has resulted in superior outcomes.** | <br> **The Capital Advantage<sup>®</sup>**<br>**Since 1931, Capital Group, home of American Funds, has helped investors pursue**<br> **long-term investment success. Our consistent approach — in combination with**<br> **The Capital System<sup>TM</sup> — has resulted in superior outcomes.** | <br> **The Capital Advantage<sup>®</sup>**<br>**Since 1931, Capital Group, home of American Funds, has helped investors pursue**<br> **long-term investment success. Our consistent approach — in combination with**<br> **The Capital System<sup>TM</sup> — has resulted in superior outcomes.** |
| **Aligned with**<br> **investor success**<br>| **The Capital System** | **American Funds Insurance Series' superior outcomes**<br>|
| **We base our decisions on a long-term perspective, which we believe aligns our goals with the interests of our clients. American Funds Insurance Series portfolio managers average 28 years of investment industry experience, including 23 years at our company, reflecting a career commitment to our long-term approach.<sup>1</sup>** | **The Capital System combines individual accountability with teamwork. Funds using The Capital System are divided into portions that are managed independently by investment professionals with diverse backgrounds, ages and investment approaches. An extensive global research effort is the backbone of our system.** | **American Funds Insurance Series equity funds have beaten their comparable Lipper indexes in 89% of 10-year periods and 100% of 20-year periods.<sup>2</sup> Our fixed income funds have helped investors achieve diversification through attention to correlation between bonds and equities.<sup>3</sup> We strive to keep management fees competitive. Over the past 20 years, most funds' fees have been below industry averages.<sup>4</sup>** |

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<sup>1</sup> Portfolio manager experience as of the American Funds Insurance Series prospectus dated May 1, 2022.

<sup>2</sup> Based on Class 1 share results for rolling calendar-year periods starting the first full calendar year after each fund's inception through December 31, 2021. Periods covered are the shorter of the fund's lifetime or since the inception date of the comparable Lipper index or average. The comparable Lipper indexes are: Capital World Funds Index (Global Growth Fund, Capital World Growth and Income Fund), Growth Funds Index (Growth Fund), International Funds Index (International Fund), Emerging Markets Funds Index (New World Fund), Growth & Income Funds Index (Washington Mutual Investors Fund, Growth and Income Fund) and Balanced Funds Index (Asset Allocation Fund). The Lipper Global Small-/Mid-Cap Funds Average was used for Global Small Capitalization Fund. Lipper source: Refinitiv Lipper. There have been periods when the fund has lagged the index. 

<sup>3</sup> Based on Class 1 share results as of December 31, 2021. Three of our five fixed income funds showed a three-year correlation below 0.3. Standard & Poor's 500 Index was used as an equity market proxy. Correlation based on monthly total returns. Correlation is a statistical measure of how two securities move in relation to each other. A correlation ranges from –1 to 1. A positive correlation close to 1 implies that as one security moves, either up or down, the other security will move in "lockstep," in the same direction. A negative correlation close to –1 indicates that the securities have moved in the opposite direction. 

<sup>4</sup> Based on management fees for the 20-year period ended December 31, 2021, versus comparable Lipper categories, excluding funds of funds.

All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All other company and product names mentioned are the property of their respective companies.

Lit. No. INGEARX-998-0223P Printed in USA RCG/PHX/8074-S90141 <sup>©</sup> 2023 Capital Group. All rights reserved.

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##### [**Table of Contents**](#toc)
**Transamerica BlackRock Global Real Estate Securities VP** 

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**(unaudited)** 

**MARKET ENVIRONMENT** 

Global real estate equities were under extreme pressure in 2022. Global central banks continued to tighten monetary policy, albeit at a slower pace, in a bid to tame inflationary pressures that remained at historical levels, despite the potential impacts to growth and employment.

Market moves were marked by three distinct phases in consensus thinking in 2022. In stage one, markets moved to price in a change in bond yields, i.e., cost of equity. As sovereign bond yields make up the foundation of the discount rate applied to practically every asset on the planet, the increase in yields seen from the start of the year reduced the valuation of most asset classes. In stage two, markets priced in the impact of increases to cost of debt, first in the early years of company cashflows and then across the full cashflow forecast and out into perpetuity – assuming that the age of ultra-low debt was over. In combination with the increased bond yields, the overall market cost of capital moved substantially during the first half of 2022. In stage three, markets began to price in the impact of higher inflation, higher cost of capital and business and consumer confidence on economies. Consensus began to factor in the risk of top-line weakness, asset value declines and the resultant need for companies to take remedial action to shore up balance sheets.

**PERFORMANCE** 

For the year ended December 31, 2022, Transamerica BlackRock Global Real Estate Securities VP, Initial Class returned -28.19%. By comparison, its benchmark, the S&P Developed Property Net Total Return Index, returned -25.01%.

**STRATEGY REVIEW** 

For the fiscal year ended December 31, 2022, Transamerica BlackRock Global Estate Securities VP (the "Portfolio") underperformed the S&P Developed Property Net Total Return Index.

This underperformance was primarily driven by APAC (Asia-Pacific), where we saw the consolidation, then rapid easing of COVID-19 pandemic restrictions in China. EMEA (Europe, Middle East, and Africa) detraction was principally driven by the impacts of Russia's invasion of Ukraine on inflation and energy supplies. The underperformance within the U.S. was mainly driven by the negative effects of higher interest rates on demand, as the U.S. Federal Reserve ("Fed") sought to tamp down rising prices.

VICI Properties, Inc., REIT, Agree Realty Corp., REIT and Digital Realty Trust, Inc., REIT helped relative performance within the North America region, while Realty Income Corp., Outfront Media, Inc., REIT and SL Green Realty Corp., REIT detracted from performance during the fiscal year. Our allocations within U.S. Triple Net, U.S. Industrial and Canadian Residential sectors helped results within the Northern America region during the period, while allocations within U.S. Specialty, U.S. Retail and U.S. Office sectors detracted.

Within the APAC region, Hulic Co. Ltd., Mitsubishi Estate Co. Ltd. and Nippon Building Fund, Inc., REIT helped performance, while GDS Holdings Ltd., Mitsui Fudosan Co. Ltd. and Centuria Capital Group detracted from performance during the fiscal year. Our allocations to Singapore Developers, Japanese Developers and Australian REIT sectors helped performance, while allocations to Chinese Communications, Hong Kong Developers and Japanese REIT sectors detracted.

Within the EMEA region, LEG Immobilien SE, TAG Immobilien AG and AEdifica helped performance, while Vonovia SE, VGP NV and Aroundtown SA detracted from performance during the fiscal year. Allocations to Nordics and Israel regions helped performance, while allocations to Switzerland, Eurozone Communications and Eurozone Industrials sectors detracted from performance in 2022.

During the fiscal year, the Portfolio used CFDs and FX Forwards. These positions detracted from performance.

**Alastair Gillespie, CFA** 

**Mark Howard-Johnson, CFA** 

**James Wilkinson** 

**Co-Portfolio Managers** 

**BlackRock Investment Management, LLC** 

**BlackRock (Singapore) Limited** 

**BlackRock International Limited** 

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|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 1** 

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##### [**Table of Contents**](#toc)
**Transamerica BlackRock Global Real Estate Securities VP** 

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**(unaudited)** 

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| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  Common Stocks | 98.6% |
|  Other Investment Company | 4.2 |
|  Repurchase Agreement | 1.2 |
|  Net Other Assets (Liabilities) ^ | (4.0) |
|  **Total** | 100.0% |

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*Current and future portfolio holdings are subject to change and risk.* 

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

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| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 2** 

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##### [**Table of Contents**](#toc)
**Transamerica BlackRock Global Real Estate Securities VP** 

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**(unaudited)**![LOGO](g438566g00q31.jpg)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** |
| | **1 Year** | **5 year** | **10 year or<br>Since Inception** | **Inception Date** |
|  Initial Class | (28.19)% | 0.34% | 2.94% | 05/01/1998 |
|  S&P Developed Property Net Total Return Index <sup>(A)</sup> | (25.01)% | (0.17)% | 3.38% |  |
|  Service Class | (28.38)% | 0.08% | 2.69% | 05/01/2003 |

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<sup>(A)</sup> *The S&P Developed Property Net Total Return Index defines and measures the investable universe of publicly traded property companies domiciled in developed markets.* 

The Portfolio's benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Year or Since Inception calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or the redemption of Portfolio shares. The Portfolio's investment return and net asset value will fluctuate. Investors' shares when redeemed may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month end. Portfolio performance is net of investment fees and Portfolio expenses, but not product charges, which, if included, would significantly lower the performance quoted.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of previously waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Investing in real estate poses certain risks related to overall and specific economic conditions, credit risk, interest rate fluctuations, as well as risks related to an individual property due to extended vacancies and uninsured damage losses from natural disasters.

Investing internationally, globally, or in emerging markets exposes investors to additional risks and expenses such as changes in currency rates, foreign taxation, differences in auditing and other financial standards not associated with investing domestically.

A portfolio that concentrates all or large portion of its assets in a single economic sector, geographic region, or that lacks diversity, is inherently subject to greater volatility. The Portfolio's investments in large capitalization companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion. As a result, the Portfolio's value may not rise as much as, or may fall more than, the value of portfolios that focus on companies with smaller market capitalizations.

Fixed-income securities are subject to risks including credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. Applying the sub-adviser's ESG criteria to its investment analysis for the Portfolio may impact the sub-adviser's investment decisions as to securities of certain issuers and, therefore, the Portfolio may forego some investment opportunities available to portfolios that do not use ESG criteria or that apply different ESG criteria.

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| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 3** 

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##### [**Table of Contents**](#toc)
**Transamerica BlackRock Global Real Estate Securities VP** 

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**DISCLOSURE OF EXPENSES** 

**(unaudited)** 

**SHAREHOLDER EXPENSES** 

Portfolio shareholders may incur two types of costs: (i) transaction costs, including brokerage commissions on purchases and sales of portfolio shares; and (ii) ongoing costs, including management fees, and other portfolio expenses.

The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other portfolios.

The example is based on an investment of $1,000 invested at July 1, 2022, and held for the entire six-month period until December 31, 2022.

**ACTUAL EXPENSES** 

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

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES** 

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Portfolio shares. Therefore, the information under the heading "Hypothetical Expenses" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different portfolios. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries, or other financial institutions.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Actual Expenses** | **Actual Expenses** | **Hypothetical Expenses <sup>(A)</sup>** | **Hypothetical Expenses <sup>(A)</sup>** | |
| <br>**Class** |<br>**Beginning<br>Account Value<br>July 1, 2022** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** |<br>**Net Annualized<br>Expense Ratio <sup>(C)</sup>** |
|  Initial Class | $&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;929.00 | $&nbsp;&nbsp;&nbsp;&nbsp;3.89 | $&nbsp;&nbsp;&nbsp;&nbsp;1021.20 | $&nbsp;&nbsp;&nbsp;&nbsp;4.08 | 0.80% |
|  Service Class | 1000.00 | 926.70 | 5.05 | 1020.00 | 5.30 | 1.04 |

---

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

(B) *Expenses are calculated using the Portfolio's net annualized expense ratio, as disclosed in the table, multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (365 days).*

(C) *Net annualized expense ratios are reflective of applicable fee waivers and/or reimbursements and recapture, if any, and are based on the most recent six-months which may differ from the net expense ratio displayed in the Financial Highlights that covers a twelve-month period.*

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 4** 

------

##### [**Table of Contents**](#toc)
**Transamerica BlackRock Global Real Estate Securities VP** 

------

**SCHEDULE OF INVESTMENTS** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS - 98.6%** | **COMMON STOCKS - 98.6%** | **COMMON STOCKS - 98.6%** |
| **Australia - 7.9%** | **Australia - 7.9%** | **Australia - 7.9%** |
|  Centuria Capital Group <sup>(A)</sup> | 2724465 | $3162694 |
|  Charter Hall Group, REIT <sup>(A)</sup> | 110411 | 900577 |
|  Dexus, REIT | 620747 | 3275426 |
|  Goodman Group, REIT <sup>(A)</sup> | 687243 | 8122909 |
|  GPT Group, REIT <sup>(A)</sup> | 447152 | 1278663 |
|  Lendlease Corp. Ltd. <sup>(A)</sup> | 160811 | 858387 |
|  National Storage, REIT | 2735082 | 4320260 |
|  NEXTDC Ltd. <sup>(A)</sup> <sup>(B)</sup> | 971692 | 6020347 |
|  Region RE Ltd., REIT | 1376043 | 2538942 |
|  |  | 30478205 |
| **Belgium - 1.1%** | **Belgium - 1.1%** | **Belgium - 1.1%** |
|  VGP NV <sup>(A)</sup> | 28279 | 2355103 |
|  Warehouses De Pauw CVA, REIT | 67186 | 1920243 |
|  |  | 4275346 |
| **Canada - 2.6%** | **Canada - 2.6%** | **Canada - 2.6%** |
|  Allied Properties, REIT | 174235 | 3294251 |
|  Choice Properties, REIT | 266421 | 2904265 |
|  Summit Industrial Income, REIT | 217709 | 3648314 |
|  |  | 9846830 |
| **France - 0.5%** | **France - 0.5%** | **France - 0.5%** |
|  Klepierre SA, REIT <sup>(B)</sup> | 78594 | 1811338 |
| **Germany - 1.6%** | **Germany - 1.6%** | **Germany - 1.6%** |
|  Vonovia SE | 269458 | 6351475 |
| **Hong Kong - 3.7%** | **Hong Kong - 3.7%** | **Hong Kong - 3.7%** |
|  CK Asset Holdings Ltd. | 764000 | 4703150 |
|  ESR Group Ltd. <sup>(C)</sup> | 100 | 210 |
|  Link, REIT | 770700 | 5657728 |
|  Sun Hung Kai Properties Ltd. | 201500 | 2757073 |
|  Swire Properties Ltd. | 247800 | 629861 |
|  Wharf Holdings Ltd. <sup>(A)</sup> | 230000 | 676258 |
|  |  | 14424280 |
| **Israel - 0.5%** | **Israel - 0.5%** | **Israel - 0.5%** |
|  Amot Investments Ltd. | 109376 | 642450 |
|  Azrieli Group Ltd. | 16478 | 1098888 |
|  |  | 1741338 |
| **Japan - 12.7%** | **Japan - 12.7%** | **Japan - 12.7%** |
|  Comforia Residential, Inc., REIT | 150 | 338997 |
|  Daito Trust Construction Co. Ltd. | 18000 | 1857056 |
|  Daiwa House Industry Co. Ltd. | 164500 | 3809170 |
|  Daiwa House Investment Corp., REIT | 1404 | 3138781 |
|  GLP J-REIT | 1048 | 1208187 |
|  Hankyu Hanshin, Inc., REIT | 542 | 629800 |
|  Heiwa Real Estate Co. Ltd. | 8000 | 223408 |
|  Heiwa Real Estate, Inc., REIT | 613 | 708565 |
|  Hulic Co. Ltd. <sup>(A)</sup> | 279700 | 2216459 |
|  Japan Hotel Investment Corp., REIT | 2780 | 1641649 |
|  Japan Real Estate Investment Corp., REIT | 781 | 3433686 |
|  Katitas Co. Ltd. | 13200 | 303749 |
|  Keihanshin Building Co. Ltd. | 97400 | 948470 |
|  Kenedix Office Investment Corp., REIT | 1021 | 2489485 |
|  Mitsubishi Estate Co. Ltd. | 318500 | 4152343 |
|  Mitsui Fudosan Co. Ltd. | 426900 | 7862064 |
|  Mitsui Fudosan Logistics Park, Inc., REIT | 1105 | 4049871 |
|  Nippon Building Fund, Inc., REIT <sup>(A)</sup> | 1085 | 4861170 |
|  Nippon Prologis, Inc., REIT | 621 | 1459757 |
|  ORIX J-REIT, Inc. | 2081 | 2957227 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
|  Tokyu Fudosan Holdings Corp. | 141100 | $675181 |
|  |  | 48965075 |
| **Republic of Korea - 0.6%** | **Republic of Korea - 0.6%** | **Republic of Korea - 0.6%** |
|  ESR Kendall Square Co. Ltd., REIT | 570136 | 1802073 |
|  LOTTE Co. Ltd., REIT | 150022 | 475815 |
|  |  | 2277888 |
| **Singapore - 2.2%** | **Singapore - 2.2%** | **Singapore - 2.2%** |
|  CapitaLand Integrated Commercial Trust, REIT | 2636700 | 4015879 |
|  Capitaland Investment Ltd. | 1026600 | 2835912 |
|  Cromwell European, REIT | 1088122 | 1747169 |
|  |  | 8598960 |
| **Spain - 2.2%** | **Spain - 2.2%** | **Spain - 2.2%** |
|  Cellnex Telecom SA <sup>(C)</sup> | 148394 | 4911589 |
|  Merlin Properties Socimi SA, REIT | 387384 | 3638773 |
|  |  | 8550362 |
| **Sweden - 1.3%** | **Sweden - 1.3%** | **Sweden - 1.3%** |
|  Castellum AB <sup>(A)</sup> | 414163 | 5010909 |
| **Switzerland - 0.1%** | **Switzerland - 0.1%** | **Switzerland - 0.1%** |
|  Swiss Prime Site AG | 6451 | 559182 |
| **United Kingdom - 4.7%** | **United Kingdom - 4.7%** | **United Kingdom - 4.7%** |
|  British Land Co. PLC, REIT | 830512 | 3966992 |
|  Derwent London PLC, REIT | 114755 | 3285199 |
|  Great Portland Estates PLC, REIT | 465472 | 2785525 |
|  LXI PLC, REIT | 1744262 | 2374425 |
|  Segro PLC, REIT | 280521 | 2589642 |
|  UNITE Group PLC, REIT | 272982 | 3003197 |
|  |  | 18004980 |
| **United States - 56.9%** | **United States - 56.9%** | **United States - 56.9%** |
|  Agree Realty Corp., REIT | 94109 | 6675151 |
|  Alexandria Real Estate Equities, Inc., REIT | 47535 | 6924423 |
|  American Tower Corp., REIT | 18725 | 3967079 |
|  AvalonBay Communities, Inc., REIT | 76337 | 12329952 |
|  Boston Properties, Inc., REIT | 68614 | 4636934 |
|  Cousins Properties, Inc., REIT | 103749 | 2623812 |
|  Digital Realty Trust, Inc., REIT | 8819 | 884281 |
|  EPR Properties, REIT | 210615 | 7944398 |
|  Equinix, Inc., REIT | 24111 | 15793428 |
|  Equity Residential, REIT | 95865 | 5656035 |
|  Extra Space Storage, Inc., REIT | 39474 | 5809783 |
|  Federal Realty Investment Trust, REIT | 20925 | 2114262 |
|  Healthpeak Properties, Inc., REIT | 202001 | 5064165 |
|  Host Hotels & Resorts, Inc., REIT | 320894 | 5150349 |
|  Hudson Pacific Properties, Inc., REIT | 168295 | 1637510 |
|  Invitation Homes, Inc., REIT | 257966 | 7646112 |
|  Omega Healthcare Investors, Inc., REIT | 89789 | 2509603 |
|  Outfront Media, Inc., REIT | 441105 | 7313521 |
|  Physicians Realty Trust, REIT | 318257 | 4605179 |
|  Prologis, Inc., REIT | 167561 | 18889152 |
|  Public Storage, REIT | 41204 | 11544949 |
|  Regency Centers Corp., REIT | 49080 | 3067500 |
|  Rexford Industrial Realty, Inc., REIT | 155607 | 8502366 |
|  Ryman Hospitality Properties, Inc., REIT | 36469 | 2982435 |
|  SBA Communications Corp., REIT | 14238 | 3991054 |
|  Simon Property Group, Inc., REIT | 80546 | 9462544 |

---

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 5** 

------

##### [**Table of Contents**](#toc)
**Transamerica BlackRock Global Real Estate Securities VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
|  SL Green Realty Corp., REIT <sup>(A)</sup> | 77129 | $2600790 |
|  Spirit Realty Capital, Inc., REIT | 137568 | 5493090 |
|  STAG Industrial, Inc., REIT | 161590 | 5220973 |
|  Sun Communities, Inc., REIT | 68998 | 9866714 |
|  UDR, Inc., REIT | 162775 | 6304276 |
|  Ventas, Inc., REIT | 180778 | 8144049 |
|  VICI Properties, Inc., REIT | 396818 | 12856903 |
|  Welltower, Inc., REIT | 15630 | 1024547 |
|  |  | 219237319 |
|  **Total Common Stocks <br>(Cost $460,747,648)** | **Total Common Stocks <br>(Cost $460,747,648)** | 380133487 |
| **OTHER INVESTMENT COMPANY - 4.2%** | **OTHER INVESTMENT COMPANY - 4.2%** | **OTHER INVESTMENT COMPANY - 4.2%** |
| **Securities Lending Collateral - 4.2%** | **Securities Lending Collateral - 4.2%** | **Securities Lending Collateral - 4.2%** |
|  State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 4.29% <sup>(D)</sup> | 16323563 | 16323563 |
|  **Total Other Investment Company <br>(Cost $16,323,563)** | **Total Other Investment Company <br>(Cost $16,323,563)** | 16323563 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 1.2%** | **REPURCHASE AGREEMENT - 1.2%** | **REPURCHASE AGREEMENT - 1.2%** |
|  Fixed Income Clearing Corp., 1.80% <sup>(D)</sup>, dated 12/30/2022, to be repurchased at $4,617,412 on 01/03/2023. Collateralized by a U.S. Government Obligation, 4.77%, due 12/28/2023, and with a value of $4,708,889. | $4616489 | $4616489 |
|  **Total Repurchase Agreement <br>(Cost $4,616,489)** | **Total Repurchase Agreement <br>(Cost $4,616,489)** | 4616489 |
|  **Total Investments <br>(Cost $481,687,700)** | **Total Investments <br>(Cost $481,687,700)** | 401073539 |
|  **Net Other Assets (Liabilities) - (4.0)%** |  | (15488103) |
|  **Net Assets - 100.0%** |  | **$385585436** |

---

**FORWARD FOREIGN CURRENCY CONTRACTS:** 

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Date** | **Currency<br>Purchased** | **Currency<br>Purchased** | **Currency<br>Sold** | **Currency<br>Sold** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  BNP | 01/13/2023 | USD | 72928 | AUD | 109000 | $— | $(1326) |
|  BNP | 01/13/2023 | USD | 281345 | EUR | 265000 |  | (2590) |
|  BOA | 01/13/2023 | USD | 387206 | AUD | 571000 |  | (1776) |
|  BOA | 01/13/2023 | USD | 323810 | CAD | 430000 | 6212 |  |
|  BOA | 01/13/2023 | USD | 322475 | CHF | 299000 |  | (1368) |
|  BOA | 01/13/2023 | USD | 3461996 | EUR | 3422000 |  | (204513) |
|  BOA | 01/13/2023 | USD | 3379 | GBP | 3000 |  | (249) |
|  BOA | 01/13/2023 | USD | 1985789 | HKD | 15571000 |  | (9819) |
|  BOA | 01/13/2023 | USD | 929416 | JPY | 129364000 |  | (58058) |
|  BOA | 01/13/2023 | USD | 1240143 | SEK | 13432000 |  | (48108) |
|  BOA | 01/13/2023 | USD | 2864525 | SGD | 4083000 |  | &nbsp;&nbsp;&nbsp;&nbsp;(184787) |
|  BOA | 01/13/2023 | SEK | 33454000 | USD | 3018383 | &nbsp;&nbsp;&nbsp;&nbsp;190161 |  |
|  BOA | 01/13/2023 | NZD | 2308000 | USD | 1292824 | 172808 |  |
|  BOA | 01/13/2023 | CAD | 2975000 | USD | 2150671 | 46664 |  |
|  BOA | 01/13/2023 | EUR | 1835000 | USD | 1815433 | 150681 |  |
|  BOA | 01/13/2023 | JPY | 383693000 | USD | 2783918 | 144926 |  |
|  BOA | 01/13/2023 | AUD | 2815000 | USD | 1838242 | 79418 |  |
|  BOA | 01/13/2023 | GBP | 576000 | USD | 679632 | 16975 |  |
|  BOA | 01/13/2023 | SGD | 163000 | USD | 117209 | 4524 |  |
|  BOA | 01/13/2023 | KRW | 536059000 | USD | 409190 | 14839 |  |
|  CITI | 01/13/2023 | USD | 4999481 | AUD | 7942000 |  | (410843) |
|  CITI | 01/13/2023 | USD | 4248068 | CAD | 5856000 |  | (77174) |
|  CITI | 01/13/2023 | USD | 68288 | EUR | 64000 |  | (284) |
|  CITI | 01/13/2023 | USD | 605251 | JPY | 83734000 |  | (33915) |
|  CITI | 01/13/2023 | USD | 2806097 | KRW | 4004020000 |  | (361128) |
|  CITI | 01/13/2023 | AUD | 51000 | USD | 31702 | 3040 |  |
|  CITI | 01/13/2023 | EUR | 1925000 | USD | 1962038 | 100506 |  |
|  GSI | 01/13/2023 | USD | 1501670 | AUD | 2389000 |  | (125787) |
|  GSI | 01/13/2023 | USD | 486859 | SEK | 5421000 |  | (33064) |
|  GSI | 01/13/2023 | ILS | 18437000 | USD | 5198584 | 49149 |  |
|  GSI | 01/13/2023 | CAD | 696000 | USD | 501478 | 12587 |  |
|  GSI | 01/13/2023 | HKD | 10099000 | USD | 1291835 | 2472 |  |
|  GSI | 01/13/2023 | SGD | 1150000 | USD | 839158 | 19698 |  |

---

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 6** 

------

##### [**Table of Contents**](#toc)
**Transamerica BlackRock Global Real Estate Securities VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

**FORWARD FOREIGN CURRENCY CONTRACTS (continued):** 

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Date** | **Currency<br>Purchased** | **Currency<br>Purchased** | **Currency<br>Sold** | **Currency<br>Sold** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  HSBC | 01/13/2023 | USD | 889704 | AUD | 1374000 | $— | $(46305) |
|  HSBC | 01/13/2023 | USD | 940576 | CAD | 1268000 | 4031 |  |
|  HSBC | 01/13/2023 | USD | 319418 | CHF | 313000 |  | (19588) |
|  HSBC | 01/13/2023 | USD | 780127 | EUR | 749000 |  | (22390) |
|  HSBC | 01/13/2023 | USD | 802431 | ILS | 2811000 | 2335 |  |
|  HSBC | 01/13/2023 | USD | 3253334 | JPY | 444322000 |  | (138309) |
|  HSBC | 01/13/2023 | USD | 1655663 | SEK | 17743000 |  | (46053) |
|  HSBC | 01/13/2023 | USD | 278797 | SGD | 386000 |  | (9481) |
|  HSBC | 01/13/2023 | SEK | 16208000 | USD | 1507349 | 47146 |  |
|  HSBC | 01/13/2023 | SGD | 11653000 | USD | 8124196 | 578629 |  |
|  HSBC | 01/13/2023 | NOK | 4405000 | USD | 409974 | 39916 |  |
|  HSBC | 01/13/2023 | CAD | 458000 | USD | 334063 | 4215 |  |
|  HSBC | 01/13/2023 | KRW | 1000378000 | USD | 700992 | 90319 |  |
|  HSBC | 01/13/2023 | EUR | 1194000 | USD | 1238489 | 40824 |  |
|  HSBC | 01/13/2023 | AUD | 2985000 | USD | 1946915 | 86555 |  |
|  HSBC | 01/13/2023 | GBP | 24000 | USD | 28412 | 613 |  |
|  HSBC | 01/13/2023 | HKD | 17128000 | USD | 2196873 |  | (1716) |
|  HSBC | 01/13/2023 | JPY | 189749000 | USD | 1381131 | 67280 |  |
|  JPM | 01/13/2023 | USD | 4478426 | EUR | 4583000 |  | (432036) |
|  JPM | 01/13/2023 | USD | 9867154 | GBP | 8780000 |  | (751273) |
|  JPM | 01/13/2023 | USD | 6997578 | JPY | 1022519000 |  | (807617) |
|  JPM | 01/13/2023 | HKD | 110519000 | USD | 14143451 | 20872 |  |
|  JPM | 01/13/2023 | GBP | 4351000 | USD | 4894913 | 367134 |  |
|  JPM | 01/13/2023 | JPY | 2119638103 | USD | 14546769 | 1633066 |  |
|  JPM | 01/13/2023 | EUR | 376000 | USD | 391629 | 11236 |  |
|  SSB | 01/13/2023 | USD | 3911508 | AUD | 5848000 |  | (72322) |
|  SSB | 01/13/2023 | USD | 868023 | CAD | 1191000 |  | (11650) |
|  SSB | 01/13/2023 | USD | 465748 | CHF | 456000 |  | (28139) |
|  SSB | 01/13/2023 | USD | 138106 | EUR | 130000 |  | (1183) |
|  SSB | 01/13/2023 | USD | 1227348 | GBP | 1080000 |  | (78792) |
|  SSB | 01/13/2023 | USD | 5430215 | JPY | 790177000 |  | (601442) |
|  SSB | 01/13/2023 | USD | 206916 | NZD | 367000 |  | (26137) |
|  SSB | 01/13/2023 | AUD | 2144000 | USD | 1347925 | 112631 |  |
|  SSB | 01/13/2023 | CHF | 4204000 | USD | 4260907 | 292389 |  |
|  SSB | 01/13/2023 | EUR | 640000 | USD | 626981 | 58748 |  |
|  SSB | 01/13/2023 | CAD | 55000 | USD | 40052 | 571 |  |
|  SSB | 01/13/2023 | GBP | 1213000 | USD | 1447851 | 19136 |  |
|  SSB | 01/13/2023 | SGD | 483000 | USD | 350116 | 10604 |  |
|  SSB | 01/13/2023 | JPY | 395000 | USD | 2868 | 147 |  |
|  UBS | 01/13/2023 | USD | 3029003 | AUD | 4740000 |  | (200024) |
|  UBS | 01/13/2023 | USD | 1158862 | EUR | 1157000 |  | (80807) |
|  UBS | 01/13/2023 | USD | 2385 | GBP | 2000 |  | (34) |
|  UBS | 01/13/2023 | USD | 10270997 | HKD | 80249000 |  | (13865) |
|  UBS | 01/13/2023 | USD | 1811362 | ILS | 6299000 | 18474 |  |
|  UBS | 01/13/2023 | USD | 5268196 | JPY | 769369000 |  | (604628) |
|  UBS | 01/13/2023 | EUR | 1383000 | USD | 1350953 | 130864 |  |
|  UBS | 01/13/2023 | JPY | 347024000 | USD | 2353859 | 295080 |  |
|  UBS | 01/13/2023 | GBP | 887000 | USD | 1055736 | 16991 |  |
|  UBS | 01/13/2023 | HKD | 3806000 | USD | 488249 |  | (465) |
| **Total** |  |  |  |  |  | $**4964466** | $**(5549045)** |

---

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 7** 

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##### [**Table of Contents**](#toc)
**Transamerica BlackRock Global Real Estate Securities VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

**INVESTMENTS BY INDUSTRY (unaudited):** 

------

---

| | | |
|:---|:---|:---|
| **Industry** | **Percentage of<br>Total Investments** | **Value** |
|  Equity Real Estate Investment Trusts | 79.5% | $318674793 |
|  Real Estate Management & Development | 12.6 | 50526758 |
|  IT Services | 1.5 | 6020347 |
|  Diversified Telecommunication Services | 1.2 | 4911589 |
|  **Investments** | **94.8** | **380133487** |
|  Short-Term Investments | 5.2 | 20940052 |
|  **Total Investments** | **100.0%** | $**401073539** |

---

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(E)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Common Stocks | $229084149 | $151049338 | $— | $380133487 |
|  Other Investment Company | 16323563 |  |  | 16323563 |
|  Repurchase Agreement |  | 4616489 |  | 4616489 |
|  **Total Investments** | $**245407712** | $**155665827** | $**—** | $**401073539** |
|  **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** |
|  Forward Foreign Currency Contracts <sup>(F)</sup> | $— | $4964466 | $— | $4964466 |
|  **Total Other Financial Instruments** | $**—** | $**4964466** | $**—** | $**4964466** |
|  **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** |
|  **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** |
|  Forward Foreign Currency Contracts <sup>(F)</sup> | $— | $(5549045) | $— | $(5549045) |
|  **Total Other Financial Instruments** | $**—** | $**(5549045)** | $**—** | $**(5549045)** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *All or a portion of the securities are on loan. The total value of all securities on loan is $26,036,209, collateralized by cash collateral of $16,323,563 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $11,081,416. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.* 

(B) *Non-income producing securities.* 

(C) *Securities are exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2022, the total value of 144A securities is $4,911,799, representing 1.3% of the Portfolio's net assets.* 

(D) *Rates disclosed reflect the yields at December 31, 2022.* 

(E) *There were no transfers in or out of Level 3 during the year ended December 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

(F) *Derivative instruments are valued at unrealized appreciation (depreciation).* 

**CURRENCY ABBREVIATIONS:** 

---

| | |
|:---|:---|
| *AUD* | *Australian Dollar* |
| *CAD* | *Canadian Dollar* |
| *CHF* | *Swiss Franc* |
| *EUR* | *Euro* |
| *GBP* | *Pound Sterling* |

---

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 8** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

**CURRENCY ABBREVIATIONS (continued):** 

---

| | |
|:---|:---|
| *HKD* | *Hong Kong Dollar* |
| *ILS* | *Israel New Shekel* |
| *JPY* | *Japanese Yen* |
| *KRW* | *South Korean Won* |
| *NOK* | *Norwegian Krone* |
| *NZD* | *New Zealand Dollar* |
| *SEK* | *Swedish Krona* |
| *SGD* | *Singapore Dollar* |
| *USD* | *United States Dollar* |

---

**COUNTERPARTY ABBREVIATIONS:** 

---

| | |
|:---|:---|
| *BNP* | *BNP Paribas* |
| *BOA* | *Bank of America, N.A.* |
| *CITI* | *Citibank, N.A.* |
| *GSI* | *Goldman Sachs International* |
| *HSBC* | *HSBC Bank USA* |
| *JPM* | *JPMorgan Chase Bank, N.A.* |
| *SSB* | *State Street Bank & Trust Co.* |
| *UBS* | *UBS AG* |

---

**PORTFOLIO ABBREVIATIONS:** 

---

| | |
|:---|:---|
| *CVA* | *Commanditaire Vennootschap op Aandelen (Dutch Certificate)* |
| *J-REIT* | *Japan-Real Estate Investment Trust* |
| *REIT* | *Real Estate Investment Trust* |

---

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 9** 

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**STATEMENT OF ASSETS AND LIABILITIES** 

**At December 31, 2022** 

---

| | |
|:---|:---|
|  **Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value (cost $477,071,211) <br>(including securities loaned of $26,036,209) | $396457050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreement, at value (cost $4,616,489) | 4616489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | 30000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral pledged at broker for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OTC derivatives <sup>(A)</sup> | 360000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value (cost $197,964) | 198314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables and other assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 7123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 5381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest sold | 19403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 1846151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax reclaims | 141398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts | 4964466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 1959 |
|  Total assets | 408648196 |
|  **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral received upon return of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities on loan | 16323563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral at broker for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OTC derivatives <sup>(A)</sup> | 90000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables and other liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 554912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest redeemed | 155055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 253329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 15178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 4436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 21312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 37887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 4766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 41279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 11441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts | 5549045 |
|  Total liabilities | 23062760 |
|  **Net assets** | $385585436 |
|  **Net assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital stock ($0.01 par value) | $417915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 648611166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) | &nbsp;&nbsp;&nbsp;&nbsp;(263443645) |
|  **Net assets** | $385585436 |
|  **Net assets by class:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | $315322244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 70263192 |
|  **Shares outstanding:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 34588502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 7203005 |
|  **Net asset value and offering price per share:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | $9.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 9.75 |

---

(A) *OTC derivatives may include swaps, options and/or swaptions and forward foreign currency contracts.* 

**STATEMENT OF OPERATIONS** 

**For the year ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $22491121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 44781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 143266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withholding taxes on foreign income | (1011384) |
|  Total investment income | 21667784 |
|  **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 5462565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 209094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 7439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 29628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 32610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 160223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 46180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance fees | 632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and fees for borrowings from CFD | 11814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 58695 |
|  Total expenses | 6018880 |
|  **Net investment income (loss)** | 15648904 |
|  **Net realized gain (loss) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (128865898) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | (503901) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | 646846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (445550) |
|  Net realized gain (loss) | (129168503) |
|  **Net change in unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (183226701) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | (330932) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (1481821) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Translation of assets and liabilities denominated in foreign currencies | 7243 |
|  Net change in unrealized appreciation (depreciation) | (185032211) |
|  Net realized and change in unrealized gain (loss) | (314200714) |
|  **Net increase (decrease) in net assets resulting from operations** | $&nbsp;&nbsp;&nbsp;&nbsp;(298551810) |

---

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 10** 

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**Transamerica BlackRock Global Real Estate Securities VP** 

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**STATEMENT OF CHANGES IN NET ASSETS** 

**For the years ended:** 

---

| | | |
|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2021** |
|  **From operations:** | **From operations:** | **From operations:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $15648904 | $20276340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (129168503) | 47815456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (185032211) | 71339717 |
|  Net increase (decrease) in net assets resulting from operations | (298551810) | 139431513 |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (22344430) | (22236504) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (2418885) | (2158245) |
|  Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (24763315) | (24394749) |
|  **Capital share transactions:** | **Capital share transactions:** | **Capital share transactions:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 3105407 | 622749896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 4719107 | 10489341 |
|  | 7824514 | 633239237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 22344430 | 22236504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 2418885 | 2158245 |
|  | 24763315 | 24394749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (384083427) | (117160066) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (11884623) | (17934259) |
|  | (395968050) | (135094325) |
|  Net increase (decrease) in net assets resulting from capital share transactions | (363380221) | 522539661 |
|  **Net increase (decrease) in net assets** | (686695346) | 637576425 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;1072280782 | 434704357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $385585436 | $&nbsp;&nbsp;&nbsp;&nbsp;1072280782 |
|  **Capital share transactions - shares:** | **Capital share transactions - shares:** | **Capital share transactions - shares:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 292865 | 48908734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 408474 | 804641 |
|  | 701339 | 49713375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 2203593 | 1771833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 222733 | 161063 |
|  | 2426326 | 1932896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (41259558) | (9479979) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (1017876) | (1381678) |
|  | (42277434) | (10861657) |
|  Net increase (decrease) in shares outstanding: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (38763100) | 41200588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (386669) | (415974) |
|  | (39149769) | 40784614 |

---

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 11** 

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**FINANCIAL HIGHLIGHTS** 

**For a share outstanding during the years indicated:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $13.17 | $10.69 | $13.40 | $10.80 | $13.15 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(A)</sup> | 0.24 | 0.36 | 0.23 | 0.27 | 0.24 |
|  Net realized and unrealized gain (loss) | (3.91) | 2.43 | (0.53) | 2.44 | (1.48) |
|  Total investment operations | (3.67) | 2.79 | (0.30) | 2.71 | (1.24) |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income | (0.38) | (0.31) | (1.51) | (0.11) | (1.11) |
|  Net realized gains |  |  | (0.90) |  |  |
|  Total dividends and/or distributions to shareholders | (0.38) | (0.31) | (2.41) | (0.11) | (1.11) |
|  **Net asset value, end of year** | $9.12 | $13.17 | $10.69 | $13.40 | $10.80 |
|  **Total return** | (28.19)% | 26.22% | (0.31)% | 25.19% | (10.09)% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;315322 | $&nbsp;&nbsp;&nbsp;&nbsp;965695 | $&nbsp;&nbsp;&nbsp;&nbsp;343554 | $&nbsp;&nbsp;&nbsp;&nbsp;907719 | $&nbsp;&nbsp;&nbsp;&nbsp;353992 |
|  Expenses to average net assets | Expenses to average net assets | Expenses to average net assets | Expenses to average net assets | Expenses to average net assets | Expenses to average net assets |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.78% | 0.79% | 0.82% | 0.78% | 0.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.78% | 0.79% | 0.82% | 0.78% | 0.91% |
|  Net investment income (loss) to average net assets | 2.14% | 2.88% | 2.03% | 2.17% | 2.03% |
|  Portfolio turnover rate | 62% | 62% | 107% | 93% | 241% |

---

(A) *Calculated based on average number of shares outstanding.* 

**For a share outstanding during the years indicated:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $14.04 | $11.39 | $14.09 | $11.35 | $13.76 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(A)</sup> | 0.21 | 0.28 | 0.21 | 0.24 | 0.26 |
|  Net realized and unrealized gain (loss) | (4.16) | 2.65 | (0.53) | 2.58 | (1.60) |
|  Total investment operations | (3.95) | 2.93 | (0.32) | 2.82 | (1.34) |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income | (0.34) | (0.28) | (1.48) | (0.08) | (1.07) |
|  Net realized gains |  |  | (0.90) |  |  |
|  Total dividends and/or distributions to shareholders | (0.34) | (0.28) | (2.38) | (0.08) | (1.07) |
|  **Net asset value, end of year** | $9.75 | $14.04 | $11.39 | $14.09 | $11.35 |
|  **Total return** | (28.38)% | 25.85% | (0.51)% | 24.88% | (10.33)% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;70263 | $&nbsp;&nbsp;&nbsp;&nbsp;106586 | $&nbsp;&nbsp;&nbsp;&nbsp;91150 | $&nbsp;&nbsp;&nbsp;&nbsp;97213 | $&nbsp;&nbsp;&nbsp;&nbsp;77284 |
|  Expenses to average net assets | Expenses to average net assets | Expenses to average net assets | Expenses to average net assets | Expenses to average net assets | Expenses to average net assets |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 1.03% | 1.04% | 1.06% | 1.03% | 1.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 1.03% | 1.04% | 1.06% | 1.03% | 1.16% |
|  Net investment income (loss) to average net assets | 1.83% | 2.16% | 1.82% | 1.82% | 2.06% |
|  Portfolio turnover rate | 62% | 62% | 107% | 93% | 241% |

---

(A) *Calculated based on average number of shares outstanding.* 

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 12** 

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**Transamerica BlackRock Global Real Estate Securities VP** 

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**NOTES TO FINANCIAL STATEMENTS** 

**At December 31, 2022** 

**1. ORGANIZATION** 

Transamerica Series Trust ("TST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). TST applies investment company accounting and reporting guidance. TST serves as a funding vehicle for variable life insurance, variable annuity, and group annuity products. Transamerica BlackRock Global Real Estate Securities VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers two classes of shares, Initial Class and Service Class.

The only shareholders of the Portfolio are affiliated insurance company separate accounts and affiliated asset allocation portfolios. Contract holders of the variable life and annuity contracts are not shareholders of the Portfolio. For ease of reference, shareholders and contract holders are collectively referred to in this report as "shareholders."

This report must be accompanied or preceded by the Portfolio's current prospectus, which contains additional information about the Portfolio, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Portfolio pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Portfolio. TAM supervises the Portfolio's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Portfolio.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of a Portfolio without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Portfolio and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Portfolio employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending portfolio combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Portfolio's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Portfolio; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for a Portfolio; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Portfolio's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; oversight of other service providers to the Portfolio, such as the custodian, the transfer agent, the Portfolio's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Portfolio; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Portfolio, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Portfolio. The Portfolio pays certain fees and expenses to State Street for sub-administration services which are not administrative

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**1. ORGANIZATION (continued)** 

services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the year ended December 31, 2022, (i) the expenses paid to State Street for sub-administration services by the Portfolio are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Portfolio are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES** 

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

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

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

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

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Portfolio is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

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

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Portfolio with broker/dealers with which TST has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Portfolio. In no event will commissions, paid by the Portfolio, be used to pay expenses that would otherwise be borne by any other portfolios within TST, or by any other party.

There were no commissions recaptured during the year ended December 31, 2022 by the Portfolio.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**2. SIGNIFICANT ACCOUNTING POLICIES (continued)** 

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

**3. INVESTMENT VALUATION** 

Effective September 8, 2022, TAM has been designated as the Portfolio's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Portfolio's Board of Trustees. The net asset value of the Portfolio is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

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

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

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

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Portfolio's investments and derivative instruments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Portfolio's investments at December 31, 2022, is disclosed within the Investment Valuation section of the Schedule of Investments.

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

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

*Equity securities:* Securities are stated at the last reported sales price or closing price on the day of valuation taken from the primary exchange where the security is principally traded. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Equities traded on inactive markets or valued by reference to similar instruments are generally categorized in Level 2 or Level 3 if inputs are unobservable.

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

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**3. INVESTMENT VALUATION (continued)** 

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

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

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

**4. SECURITIES AND OTHER INVESTMENTS** 

**Real estate investment trusts ("REITs"):** REITs are pooled investment vehicles which invest primarily in income producing real estate, or real estate related loans or interests. Distributions received by REITs are classified at management's estimate of the dividend income, return of capital and capital gains. Estimates are based on information available at year-end, which includes the previous fiscal year's classification. The actual amounts of dividend income, return of capital, and capital gains are only determined by each REIT after the fiscal year end and may differ from the estimated amounts. Upon notification from the REITs, some of the distributions received may be re-classified and recorded as a return of capital or capital gains. There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

REITs held at December 31, 2022, if any, are identified within the Schedule of Investments.

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

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

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the year ended December 31, 2022, the Portfolio has not utilized the program.

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

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)** 

Repurchase agreements are subject to netting agreements, which are agreements between the Portfolio and its counterparties that provide for the net settlement of all transactions and collateral with the Portfolio, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at December 31, 2022.

Repurchase agreements at December 31, 2022, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**Securities lending:** The Portfolio may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Portfolio pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Portfolio to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Portfolio may experience delays in recovery of the loaned securities or delays in access to collateral, or the Portfolio may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government and irrevocable letters of credit issued by banks as collateral. The initial collateral received by the Portfolio is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower.

The Portfolio receives compensation for lending securities from interest or dividends earned on the cash, U.S. Government securities and irrevocable letters of credit held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust—Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at December 31, 2022, if any, are shown on a gross basis within the Schedule of Investments.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of December 31, 2022.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
| | **Overnight and<br>Continuous** | **Less Than<br>30 Days** | **Between<br>30 & 90 Days** | **Greater Than<br>90 Days** | **Total** |
|  Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $16323563 | $— | $— | $— | $16323563 |
|  **Total Borrowings** | $**16323563** | $**—** | $**—** | $**—** | $**16323563** |

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**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS** 

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

**Market Risk Factors:** In pursuit of the Portfolio's investment strategies, the Portfolio may seek to use derivatives to increase or decrease its exposure to certain market risks, including:

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

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

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

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

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

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

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

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

The Portfolio's exposure to market risk factors and certain other associated risks are summarized by derivative type as follows:

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

For OTC swap agreements, payments received or made at the beginning of the measurement period are reflected in OTC swap agreements, at value within the Statement of Assets and Liabilities and represent payments made or received upon entering into the swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). Additionally, these upfront payments as well as any periodic payments received or paid by the Portfolio, including any liquidation payment received or made at the termination of the swap are recorded as part of Net realized gain (loss) on swap agreements within the Statement of Operations.

*Total return swap agreements*: The Portfolio is subject to commodity risk, equity risk, and other risks related to the underlying investments of the swap agreement, including CFDs, in the normal course of pursuing its investment objective. The value of the commodity-linked investments held by a Portfolio can be affected by a variety of factors, including, but not limited to, overall market movements and other factors affecting the value of particular industries or commodities, such as weather, disease, embargoes, acts of war or terrorism, or political and regulatory developments. Commodity-linked derivatives are available from a relatively small number of issuers, subjecting the Portfolio's investments in commodity-linked derivatives to counterparty risk, which is the risk that the issuer of the commodity-linked derivative will not fulfill its contractual obligations. Total return swap agreements on commodities involve commitments whereby cash flows are exchanged based on the price of a commodity in exchange for either a fixed or floating price or rate. One party would receive payments based on the market value of the commodity involved and pay a fixed amount. Total return swap agreements on indices involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific reference entity, which may be an equity, index, or bond, and in return receives a regular stream of payments.

Open centrally cleared swap agreements and open OTC swap agreements at December 31, 2022, if any, are listed within the Schedule of Investments.

**Forward foreign currency contracts:** The Portfolio is subject to foreign exchange rate risk exposure in the normal course of pursuing its investment objective. The Portfolio may enter into forward foreign currency contracts to hedge against exchange rate risk arising

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

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

from investments in securities denominated in foreign currencies. Forward foreign currency contracts are marked-to-market daily, with the change in value recorded as an unrealized gain or loss and is shown in Unrealized appreciation (depreciation) on forward foreign currency contracts within the Statement of Assets and Liabilities. When the contracts are settled, a realized gain or loss is incurred and is shown in Net realized gain (loss) on forward foreign currency contracts within the Statement of Operations. Risks may arise from changes in market value of the underlying currencies and from the possible inability of counterparties to meet the terms of their contracts. Forward foreign currency contracts are traded in the OTC inter-bank currency dealer market.

Open forward foreign currency contracts at December 31, 2022, if any, are listed within the Schedule of Investments.

The following is a summary of the location and the Portfolio's fair values of derivative investments disclosed, if any, within the Statement of Assets and Liabilities, categorized by primary market risk exposure as of December 31, 2022.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| **Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  Forward foreign currency contracts: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts | $— | $&nbsp;&nbsp;&nbsp;&nbsp;4964466 | $— | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;4964466 |
|  **Total** | $**—** | $**4964466** | $**—** | $**—** | $**—** | $**4964466** |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  Forward foreign currency contracts: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts | $— | $&nbsp;&nbsp;&nbsp;&nbsp;(5549045) | $— | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;(5549045) |
|  **Total** | $**—** | $**(5549045)** | $**—** | $**—** | $**—** | $**(5549045)** |

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The following is a summary of the location and the effect of derivative investments, if any, within the Statement of Operations, categorized by primary market risk exposure as of December 31, 2022.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** |
| **Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  Swap agreements | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;(503901) | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;(503901) |
|  Forward foreign currency contracts |  | 646846 |  |  |  | 646846 |
|  **Total** | $**—** | $**646846** | $**(503901)** | $**—** | $**—** | $**142945** |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** |
| **Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  Swap agreements | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;(330932) | $— | $— | $(330932) |
|  Forward foreign currency contracts |  | &nbsp;&nbsp;&nbsp;&nbsp;(1481821) |  |  |  | (1481821) |
|  **Total** | $**—** | $**(1481821)** | $**(330932)** | $**—** | $**—** | $**(1812753)** |

---

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

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

The following is a summary of the ending monthly average volume on derivative activity during the year ended December 31, 2022.

---

| | |
|:---|:---|
|  **Total return swaps:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — long | $2631968 |
|  **Forward foreign currency exchange contracts:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average contract amounts purchased — in USD | &nbsp;&nbsp;&nbsp;&nbsp;109825807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average contract amounts sold — in USD | 105046848 |

---

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

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

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

*Collateral requirements:* Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (futures contracts, exchange-traded options, and exchange-traded swap agreements) while collateral terms are contract specific for OTC derivatives (forward foreign currency exchange contracts, OTC options, and OTC swap agreements). For OTC derivatives, under standard derivatives agreements, the Portfolio may be required to pledge collateral on derivatives to a counterparty if the Portfolio is in a net liability position, and receive collateral if in a net positive position. For financial reporting purposes, cash collateral that has been pledged by the Portfolio to cover obligations, if any, is reported in Cash collateral at broker within the Statement of Assets and Liabilities. Cash collateral that has been received by the Portfolio from a counterparty, if any, is reported separately in Cash collateral pledged at custodian and/or broker within the Statement of Assets and Liabilities. Non-cash collateral pledged to the Portfolio, if any, is disclosed within the Schedule of Investments.

Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold before a transfer has been made. Typically a counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The Portfolio generally does not use non-cash collateral that it receives but may, absent default or certain other circumstances, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty.

To the extent amounts due to the Portfolio from its counterparties are not fully collateralized, contractually or otherwise, the Portfolio bears the risk of loss from counterparty non-performance. Additionally, to the extent the Portfolio has delivered collateral to a counterparty, the Portfolio bears the risk of loss from a counterparty in the event the counterparty fails to return such collateral. Counterparties may immediately terminate derivatives contracts if the Portfolio fails to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages. Collateral may not be required for all derivative contracts.

The following is a summary of the Portfolio OTC derivative assets and liabilities by counterparty net of amounts available for offset under a master netting agreement and net of the related collateral received/pledged by the Portfolio as of December 31, 2022. For financial reporting purposes, the Portfolio does not offset assets and liabilities that are subject to a master netting agreement or similar arrangement on the Statement of Assets and Liabilities. See the Repurchase agreement section within the notes for offsetting and collateral information pertaining to repurchase agreements that are subject to master netting agreements.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Gross Amounts<br>of Assets<br>Presented within<br>Statement of<br>Assets and<br>Liabilities <sup>(A)</sup>** | **Gross Amounts Not Offset<br>within Statement of Assets<br>and Liabilities** | **Gross Amounts Not Offset<br>within Statement of Assets<br>and Liabilities** | **Net Receivable** | **Gross Amounts<br>of Liabilities<br>Presented within<br>Statement of<br>Assets and<br>Liabilities <sup>(A)</sup>** | **Gross Amounts Not Offset<br>within Statement of Assets<br>and Liabilities** | **Gross Amounts Not Offset<br>within Statement of Assets<br>and Liabilities** | **Net Payable** |
| <br>**Counterparty** | **Gross Amounts<br>of Assets<br>Presented within<br>Statement of<br>Assets and<br>Liabilities <sup>(A)</sup>** | **Financial<br>Instruments** | **Collateral<br>Received <sup>(B)</sup>** | **Net Receivable** | **Gross Amounts<br>of Liabilities<br>Presented within<br>Statement of<br>Assets and<br>Liabilities <sup>(A)</sup>** | **Financial<br>Instruments** | **Collateral<br>Pledged <sup>(B)</sup>** | **Net Payable** |
|  | **Assets** | **Assets** | **Assets** | **Assets** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
|  Bank of America, N.A. | $827208 | $(508678) | $— | $318530 | $508678 | $(508678) | $— | $— |
|  BNP Paribas |  |  |  |  | 3916 |  |  | 3916 |
|  Citibank, N.A. | 103546 | (103546) |  |  | 883344 | (103546) | (360000) | 419798 |
|  Goldman Sachs International | 83906 | (83906) |  |  | 158851 | (83906) |  | 74945 |
|  HSBC Bank USA | 961863 | (283842) | (70000) | 608021 | 283842 | (283842) |  |  |
|  JPMorgan Chase Bank, N.A. | 2032308 | (1990926) |  | 41382 | 1990926 | (1990926) |  |  |
|  State Street Bank & Trust Co. | 494226 | (494226) |  |  | 819665 | (494226) |  | 325439 |
|  UBS AG | 461409 | (461409) |  |  | 899823 | (461409) |  | 438414 |
|  **Total** | $**4964466** | $**(3926533)** | $**(70000)** | $**967933** | $**5549045** | $**(3926533)** | $**(360000)** | $**1262512** |

---

<sup>(A)</sup> *Absent an event of default or early termination, OTC derivative assets and liabilities are presented gross and not offset within the Statement of Assets and Liabilities.* 

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| | |
|:---|:---|
| <sup>(B)</sup> | *In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.*  |

---

**7. RISK FACTORS** 

Investing in the Portfolio involves certain key risks related to the Portfolio's trading activity. Please reference the Portfolio's prospectus for a more complete discussion of the following risk(s), as well as other risks of investing in the Portfolio.

**Market risk:** The market prices of the Portfolio's securities and other assets may go up or down, sometimes sharply and unpredictably, due to general market conditions, overall economic trends or events, inflation, changes in interest rates, government actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by wars, tariffs, trade disputes or other factors, political developments, investor sentiment, the global and domestic effects of a pandemic or other health emergency, and other factors that may or may not be related to the issuer of the security or other asset. The market prices of securities and other assets also may go down due to events or conditions that affect particular sectors, industries, issuers, or geographies. Adverse market conditions may be prolonged and may not have the same impact on all types of securities or other assets. If the value of the Portfolio's securities and assets fall, the value of your investment will go down. The Portfolio may experience a substantial or complete loss on any individual security or asset.

Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, the imposition of economic sanctions, public health events (such as the spread of infectious disease), wars, terrorism, cybersecurity events, technology and data interruptions, natural disasters, and other circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. In the past decade, financial markets throughout the world have experienced increased volatility and decreased liquidity. These conditions may continue or worsen. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down. Securities markets may also be susceptible to market manipulation or other fraudulent trade practices, which could disrupt the orderly functioning of these markets or adversely affect the value of securities traded in these markets, including the Portfolio's securities.

The pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in economic downturns throughout the world, severe losses, particularly to some sectors of the economy and individual issuers, and reduced liquidity of many instruments. There also have been significant disruptions to business operations, including business closures; strained healthcare systems; disruptions to supply chains and employee availability; large fluctuations in consumer demand; and widespread uncertainty regarding the duration and long-term effects of the pandemic. Economic downturns may be prolonged, and political and social instability, continued volatility and decreased liquidity in the securities markets may result. Developing or emerging market countries may be more impacted by the pandemic.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**7. RISK FACTORS (continued)** 

The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic. These and other government intervention into the economy and financial markets may not work as intended. In addition, government actions to mitigate the economic impact of the pandemic have resulted in large expansion of government deficits and debt, the long-term consequences of which are not known. Rates of inflation have recently risen, which could adversely affect economies and markets. The pandemic could continue to adversely affect the value and liquidity of the Portfolio's investments.

*Europe:* A number of countries in Europe have experienced severe economic and financial difficulties; and financial markets in Europe and elsewhere have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen or spread within or outside Europe. Responses to the financial problems by European governments, central banks and others may not work, may result in conflicts and social unrest and may limit future growth and economic recovery or have other unintended consequences. In January, 2020, through "Brexit," the United Kingdom withdrew from the European Union. The ramifications of Brexit are unknown, and the implications of possible political, regulatory, economic, and market outcomes could be significant. The United Kingdom has one of the largest economies in Europe and is a major trading partner with European Union countries and the United States. Brexit may create additional and substantial economic stresses for the United Kingdom, including a contraction of the United Kingdom's economy, decreased trade, capital outflows, devaluation of the British pound, and a decrease in business and consumer spending and investment. The negative impact on not only the United Kingdom and European Union economies but also the broader global economy could be significant. A number of countries in Europe have suffered terror attacks, and additional attacks may occur in the future. Europe has also been struggling with mass migration from the Middle East, Eastern Europe and Africa. The ultimate effects of these events and other socio-political or geopolitical issues could profoundly affect global economies and markets. Whether or not the Portfolio invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

*Additional Market Disruption:* Russia's invasion of Ukraine in February, 2022, the resulting responses by the United States and other countries, and the potential for wider conflict, have increased and may continue to increase volatility and uncertainty in financial markets worldwide. The United States and other countries have imposed broad-ranging economic sanctions on Russia and Russian entities and individuals, and may impose additional sanctions, including on other countries that provide military or economic support to Russia. These sanctions, among other things, restrict companies from doing business with Russia and Russian issuers, and may adversely affect companies with economic or financial exposure to Russia and Russian issuers. The extent and duration of Russia's military actions and the repercussions of such actions are not known. The invasion may widen beyond Ukraine and may escalate, including through retaliatory actions and cyberattacks by Russia and even other countries. These events may result in further and significant market disruptions and may adversely affect regional and global economies including those of Europe and the United States. Certain industries and markets, such as those involving oil, natural gas and other commodities, as well as global supply chains, may be particularly adversely affected. Whether or not the Portfolio invests in securities of issuers located in Russia, Ukraine and adjacent countries or with significant exposure to issuers in these countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

**Real estate investment trusts ("REITs") risk:** Investing in real estate investment trusts ("REITs") involves unique risks. When the Portfolio invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT's performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings, and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the Portfolio will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT's failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the return on an investment to the Portfolio.

**Real estate securities risk:** Investments in the real estate industry are subject to risks associated with direct investment in real estate. These risks include declines in the value of real estate, adverse general and local economic conditions, increased competition, overbuilding and changes in laws and regulations affecting real estate, operating expenses, property taxes and interest rates. If the Portfolio's real estate-related investments are concentrated in one geographic area or one property type, the Portfolio will also be subject to the risks associated with that one area or property type. The value of the Portfolio's real estate-related securities will not necessarily track the value of the underlying investments of the issuers of such securities.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**8. FEES AND OTHER AFFILIATED TRANSACTIONS** 

TST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Transamerica Life Insurance Company ("TLIC"), and Transamerica Financial Life Insurance Company.

TAM, the Portfolio's investment manager, is directly owned by TLIC and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon NV. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon NV, a Netherlands corporation, and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Portfolio's transfer agent. Transamerica Capital, Inc. ("TCI") is the Portfolio's distributor/principal underwriter. TAM, TFS, and TCI are affiliates of Aegon NV.

Certain officers and trustees of the Portfolio are also officers and/or trustees of TAM, TFS and TCI. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Portfolio. The Portfolio does pay non-interested persons (independent trustees), as disclosed in Trustee, CCO and deferred compensation fees within the Statement of Operations.

**Investment management fees:** TAM serves as the Portfolio's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Portfolio pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Portfolio pays a management fee to TAM based on daily average net assets at the following rates:

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| | |
|:---|:---|
| **Breakpoints** | **Rate** |
|  First $250 million | 0.77% |
|  Over $250 million up to $500 million | 0.75 |
|  Over $500 million up to $750 million | 0.70 |
|  Over $750 million | 0.68 |

---

TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses, reorganization expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

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| | | |
|:---|:---|:---|
| | **Operating<br>Expense Limit** | **Operating<br>Expense Limit**<br> **Effective Through** |
|  Initial Class | 0.90% | May 1, 2023 |
|  Service Class | 1.15 | May 1, 2023 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended December 31, 2022 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Portfolio, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

As of December 31, 2022, there are no amounts available for recapture by TAM.

**Distribution and service fees:** TST has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, TST entered into a distribution agreement with TCI as the Portfolio's distributor.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

The Distribution Plan requires the Portfolio to pay distribution fees to TCI as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCI, on behalf of the Portfolio, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Portfolio's shares.

The fee on the Service Class shares is paid to the insurance companies for providing services and account maintenance for the policyholders who invest in the variable insurance products which invest in the Service Class shares. TCI has determined that it will not seek payment for the distribution expenses incurred by the Portfolio with respect to the Initial Class shares before May 1, 2023. Prior to TCI seeking distribution expenses on Initial Class shares, policy and contract owners will be notified in advance. The Portfolio will pay fees relating to Service Class shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Portfolio is authorized under the Distribution Plan to pay fees to TCI based on daily average net assets of each class up to the following annual rates:

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| | |
|:---|:---|
| **Class** | **Rate** |
|  Initial Class | 0.15% |
|  Service Class | 0.25 |

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**Transfer agent costs:** TFS provides transfer agency services under an intercompany agreement with TAM. TFS has outsourced the provision of certain sub-transfer agency services to SS&C Technology Holdings, Inc ("SS&C"). The Portfolio does not pay a separate transfer agent fee to TAM or TFS but does pay certain expenses to SS&C related to applicable sub-transfer agency services. For the year ended December 31, 2022, (i) the expenses paid to SS&C by the Portfolio are referred to as Transfer agent costs and are included within the Statement of Operations and (ii) the expenses payable to SS&C by the Portfolio are referred to as Transfer agent costs within the Statement of Assets and Liabilities.

**Deferred compensation plan:** Effective September 23, 2021, the Board has approved the termination of the deferred compensation plan. Payments will be made to applicable current and former Board members consistent with Section 409A of the Code. Under a non-qualified deferred compensation plan effective January 1, 1996, as amended and restated January 1, 2010, available to the trustees, compensation may be deferred that would otherwise be payable by TST to an independent trustee on a current basis for services rendered as trustee. Deferred compensation amounts will accumulate based on the value of the investment option, as elected by the trustee. Balances pursuant to deferred compensation plan are recorded in Trustees, Chief Compliance Officer ("CCO") and deferred compensation fees within the Statement of Assets and Liabilities. For the year ended December 31, 2022, amounts included in Trustees, CCO and deferred compensation fees within the Statement of Operations reflect total compensation paid to the independent Board members.

**Brokerage commissions:** The Portfolio incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the year ended December 31, 2022.

**9. PURCHASES AND SALES OF SECURITIES** 

For the year ended December 31, 2022, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

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| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $454613181 | $— | $807150794 | $— |

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**10. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS** 

The Portfolio has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Portfolio recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Portfolio's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Portfolio's tax provisions taken for all open tax years, and has concluded that no provision for

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**10. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)** 

income tax is required in the Portfolio's financial statements. If applicable, the Portfolio recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Portfolio identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Portfolio makes significant investments; however, the Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales, forward contracts mark-to-market and passive foreign investment companies. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. The primary permanent difference is a prior year equalization true-up adjustment. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. This permanent reclassification is as follows:

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| | |
|:---|:---|
| **Paid-in Capital** | **Total Distributable Earnings** |
| $215783 | $(215783) |

---

As of December 31, 2022, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

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| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross<br>Appreciation** | **Gross<br>(Depreciation)** | **Net Appreciation<br>(Depreciation)** |
| $499994494 | $3496773 | $(102001064) | $(98504291) |

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As of December 31, 2022, the capital loss carryforwards available to offset future realized capital gains are as follows:

---

| | |
|:---|:---|
| **Unlimited** | **Unlimited** |
| **Short-Term** | **Long-Term** |
| $118788846 | $60499126 |

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During the year ended December 31, 2022, the Portfolio did not have any capital loss carryforwards utilized or expired.

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2022 and 2021 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** |
| **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of Capital** | **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of Capital** |
| $24763315 | $— | $— | $24394749 | $— | $— |

---

As of December 31, 2022, the tax basis components of distributable earnings are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Capital Loss<br>Carryforwards** | **Late Year<br>Ordinary Loss<br>Deferred** | **Other<br>Temporary<br>Differences** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| $14343801 | $— | $(179287972) | $— | $— | $(98499474) |

---

**11. NEW ACCOUNTING PRONOUNCEMENT** 

In June 2022, the Financial Accounting Standards Board issued Accounting Standards Update No. 2022-03 ("ASU 2022-03"), "Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions" ("Topic 820"). ASU 2022-03 clarifies the guidance in Topic 820, related to the measurement of the fair value of an equity security subject to contractual sale restrictions, where it eliminates the need to apply a discount to fair value of these securities, and introduces disclosure requirements related to such equity securities. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. Management is currently evaluating the implications, if any, of the additional requirements and its impact on the Portfolio's financial statements.

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**Report of Independent Registered Public Accounting Firm** 

*To the Shareholders and the Board of Trustees of Transamerica BlackRock Global Real Estate Securities VP* 

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities of Transamerica BlackRock Global Real Estate Securities VP (the "Portfolio") (one of the portfolios constituting Transamerica Series Trust (the "Trust")), including the schedule of investments, as of December 31, 2022,and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the portfolios constituting Transamerica Series Trust) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion** 

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g438566ernst_young.jpg)

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

February 27, 2023

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**Page 26** 

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**SUPPLEMENTAL TAX INFORMATION** 

**(unaudited)** 

For tax purposes, the Portfolio has made no long-term capital gain designations for the year ended December 31, 2022.

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**Page 27** 

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**Transamerica BlackRock Government Money Market VP** 

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**(unaudited)** 

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| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  Repurchase Agreements | 52.8% |
|  U.S. Government Agency Obligations | 34.1 |
|  U.S. Government Obligations | 8.3 |
|  Short-Term U.S. Government Obligations | 4.1 |
|  Short-Term U.S. Government Agency Obligation | 0.6 |
|  Net Other Assets (Liabilities) | 0.1 |
|  **Total** | 100.0% |
| **Portfolio Characteristics** | **Years** |
|  Average Maturity § | 0.13 |
|  Duration † | 0.03 |

---

*Current and future portfolio holdings are subject to change and risk.* 

§ *Average Maturity is computed by weighting the maturity of each security in the Portfolio by the market value of the security, then averaging these weighted figures.* 

† *Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder.* 

*You could lose money by investing in the Portfolio. Although the Portfolio seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Portfolio may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Portfolio's liquidity falls below required minimums because of market conditions or other factors. An investment in the Portfolio is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Portfolio's sponsor has no legal obligation to provide financial support to the Portfolio, and you should not expect that the sponsor will provide financial support to the Portfolio at any time.* 

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**Page 1** 

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**Transamerica BlackRock Government Money Market VP** 

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**DISCLOSURE OF EXPENSES** 

**(unaudited)** 

**SHAREHOLDER EXPENSES** 

Portfolio shareholders may incur two types of costs: (i) transaction costs, including brokerage commissions on purchases and sales of portfolio shares; and (ii) ongoing costs, including management fees, and other portfolio expenses.

The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other portfolios.

The example is based on an investment of $1,000 invested at July 1, 2022, and held for the entire six-month period until December 31, 2022.

**ACTUAL EXPENSES** 

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

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES** 

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Portfolio shares. Therefore, the information under the heading "Hypothetical Expenses" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different portfolios. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries, or other financial institutions.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Actual Expenses** | **Actual Expenses** | **Hypothetical Expenses <sup>(A)</sup>** | **Hypothetical Expenses <sup>(A)</sup>** | |
| <br>**Class** |<br>**Beginning<br>Account Value<br>July 1, 2022** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** |<br>**Net Annualized<br>Expense Ratio <sup>(C)</sup>** |
|  Initial Class | $&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;1012.70 | $&nbsp;&nbsp;&nbsp;&nbsp;1.37 | $&nbsp;&nbsp;&nbsp;&nbsp;1023.80 | $&nbsp;&nbsp;&nbsp;&nbsp;1.38 | 0.27% |
|  Service Class | 1000.00 | 1012.70 | 1.37 | 1023.80 | 1.38 | 0.27 |

---

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

(B) *Expenses are calculated using the Portfolio's net annualized expense ratio, as disclosed in the table, multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (365 days).*

(C) *Net annualized expense ratios are reflective of applicable fee waivers and/or reimbursements and recapture, if any, and are based on the most recent six-months which may differ from the net expense ratio displayed in the Financial Highlights that covers a twelve-month period.*

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**Page 2** 

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**SCHEDULE OF INVESTMENTS** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS - 34.1%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 34.1%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 34.1%** |
|  Federal Farm Credit Bank Discount Notes<br>4.44%, 03/16/2023 | $2735000 | $2710713 |
| Federal Farm Credit Banks Funding Corp.<br>2.25%, 06/07/2023 | 1160000 | 1159959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month SOFR + 0.02%, <br>4.32% <sup>(A)</sup>, 05/16/2023 | 5425000 | 5424951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month SOFR + 0.03%, <br>4.33% <sup>(A)</sup>, 07/25/2023 | 2415000 | 2414959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month SOFR + 0.04%, <br>4.34% <sup>(A)</sup>, 03/10/2023 | 2030000 | 2030058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month SOFR + 0.05%, <br>4.35% <sup>(A)</sup>, 08/22/2023 - 02/20/2024 | 13680000 | 13680000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month SOFR + 0.06%, <br>4.36% <sup>(A)</sup>, 11/22/2023 - 01/10/2024 | 6020000 | 6020000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month SOFR + 0.09%, <br>4.39% <sup>(A)</sup>, 08/26/2024 | 7280000 | 7280000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month SOFR + 0.10%, <br>4.40% <sup>(A)</sup>, 08/01/2024 | 1830000 | 1830000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.44% <sup>(A)</sup>, 11/07/2024 | 5130000 | 5130000 |
|  Federal Home Loan Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.08%, 02/13/2023 | 6545000 | 6545000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/09/2023 | 8755000 | 8754958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 09/01/2023 | 5420000 | 5412206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.41%, 02/10/2023 | 4190000 | 4189781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month SOFR + 0.01%, <br>4.31% <sup>(A)</sup>, 01/04/2023 - 01/25/2023 | 50205000 | 50205000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.31% <sup>(A)</sup>, 03/23/2023 | 11115000 | 11115000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month SOFR + 0.02%, <br>4.32% <sup>(A)</sup>, 03/02/2023 - 05/02/2023 | 14510000 | 14510000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.32% <sup>(A)</sup>, 03/13/2023 | 17000000 | 17000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month SOFR + 0.03%, <br>4.33% <sup>(A)</sup>, 02/03/2023 - 03/02/2023 | 70345000 | 70345000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month SOFR + 0.04%, <br>4.34% <sup>(A)</sup>, 02/13/2023 | 14065000 | 14065000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.34% <sup>(A)</sup>, 02/17/2023 | 9180000 | 9180000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.36% <sup>(A)</sup>, 03/10/2023 - 04/18/2023 | 33645000 | 33645000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.37% <sup>(A)</sup>, 03/27/2023 - 03/28/2023 | 5525000 | 5525000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.39% <sup>(A)</sup>, 05/23/2023 | 5625000 | 5625000 |
|  **Total U.S. Government Agency Obligations <br>(Cost $303,797,585)** | **Total U.S. Government Agency Obligations <br>(Cost $303,797,585)** | 303797585 |
| **U.S. GOVERNMENT OBLIGATIONS - 8.3%** | **U.S. GOVERNMENT OBLIGATIONS - 8.3%** | **U.S. GOVERNMENT OBLIGATIONS - 8.3%** |
| **U.S. Treasury - 8.3%** | **U.S. Treasury - 8.3%** | **U.S. Treasury - 8.3%** |
| U.S. Treasury Floating Rate Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month Treasury Money Market Yield + 0.04%, 4.43% <sup>(A)</sup>, 10/31/2023 | 7430000 | 7430000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month Treasury Money Market Yield + 0.05%, 4.45% <sup>(A)</sup>, 01/31/2023 | 32000000 | 32000065 |
|  U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 02/28/2023 - 04/30/2023 | 24990000 | 24907380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 05/15/2023 | 2060000 | 2056729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 02/28/2023 | 7380000 | 7395226 |
|  **Total U.S. Government Obligations <br>(Cost $73,789,400)** | **Total U.S. Government Obligations <br>(Cost $73,789,400)** | 73789400 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATION - 0.6%** | **SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATION - 0.6%** | **SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATION - 0.6%** |
|  Federal Home Loan Bank Discount Notes<br>4.47% <sup>(B)</sup>, 03/08/2023 | $4865000 | $4826157 |
|  **Total Short-Term U.S. Government Agency Obligation<br>(Cost $4,826,157)** |  | 4826157 |
| **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 4.1%** | **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 4.1%** | **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 4.1%** |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.64% <sup>(B)</sup>, 01/26/2023 | 3800000 | 3798337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.17% <sup>(B)</sup>, 02/23/2023 | 3335000 | 3329379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.18% <sup>(B)</sup>, 05/18/2023 | 1350000 | 1339211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% <sup>(B)</sup>, 01/12/2023 | 14245000 | 14233357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.58% <sup>(B)</sup>, 03/16/2023 | 11870000 | 11785456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.62% <sup>(B)</sup>, 11/30/2023 | 2010000 | 1928797 |
|  **Total Short-Term U.S. Government Obligations <br>(Cost $36,414,537)** |  | 36414537 |
| **REPURCHASE AGREEMENTS - 52.8%** | **REPURCHASE AGREEMENTS - 52.8%** | **REPURCHASE AGREEMENTS - 52.8%** |
|  Barclays Capital, Inc., 4.30% <sup>(B)</sup>, dated 12/30/2022, to be repurchased at $66,031,533 on 01/03/2023. Collateralized by U.S. Government Obligations, 1.50% - 3.13%, due 02/15/2025 - 08/31/2029, and with a total value of $67,320,023. | 66000000 | 66000000 |
|  BNP Paribas SA, 4.25% <sup>(B)</sup>, dated 12/30/2022, to be repurchased at $50,023,611 on 01/03/2023. Collateralized by U.S. Government Obligations, 0.00% - 4.60%, due 07/15/2024 - 02/15/2048, and with a total value of $51,000,000. | 50000000 | 50000000 |
|  BNP Paribas SA, 4.30% <sup>(B)</sup>, dated 12/30/2022, to be repurchased at $35,016,722 on 01/03/2023. Collateralized by U.S. Government Obligations and U.S. Government Agency Obligations, 0.00% - 6.50%, due 01/15/2023 - 12/20/2052, and with a total value of $35,771,871. | 35000000 | 35000000 |
|  Citigroup Global Markets, Inc., 4.25% <sup>(B)</sup>, dated 12/30/2022, to be repurchased at $85,040,139 on 01/03/2023. Collateralized by U.S. Government Obligations, 0.38% - 4.13%, due 09/30/2027 - 11/15/2027, and with a total value of $86,700,034. | 85000000 | 85000000 |
|  Fixed Income Clearing Corp., 1.80% <sup>(B)</sup>, dated 12/30/2022, to be repurchased at $115,526 on 01/03/2023. Collateralized by a U.S. Government Obligation, 4.77%, due 12/28/2023, and with a value of $117,827. | 115503 | 115503 |
|  Goldman Sachs & Co., 4.25% <sup>(B)</sup>, dated 12/30/2022, to be repurchased at $45,021,250 on 01/03/2023. Collateralized by U.S. Government Obligations, 0.00%, due 05/15/2023 - 11/15/2033, and with a total value of $45,900,000. | 45000000 | 45000000 |

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

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**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

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| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **REPURCHASE AGREEMENTS (continued)** | **REPURCHASE AGREEMENTS (continued)** | **REPURCHASE AGREEMENTS (continued)** |
|  Goldman Sachs & Co., 4.30% <sup>(B)</sup>, dated 12/30/2022, to be repurchased at $25,011,944 on 01/03/2023. Collateralized by U.S. Government Obligations, 2.76% - 5.50%, due 02/15/2025 - 03/15/2062, and with a total value of $25,500,000. | $25000000 | $25000000 |
|  JPMorgan Chase & Co., 4.27% <sup>(B)</sup>, dated 12/30/2022, to be repurchased at $30,014,233 on 01/03/2023. Collateralized by U.S. Government Obligations, 0.13% - 2.50%, due 02/15/2024 - 05/15/2024, and with a total value of $30,600,002. | 30000000 | 30000000 |
|  JPMorgan Chase & Co., 4.30% <sup>(B)</sup>, dated 12/30/2022, to be repurchased at $15,007,167 on 01/03/2023. Collateralized by U.S. Government Agency Obligations, 2.50% - 5.50%, due 01/15/2032 - 07/20/2062, and with a total value of $15,300,000. | 15000000 | 15000000 |
|  Merrill Lynch & Co., Inc., 4.25% <sup>(B)</sup>, dated 12/30/2022, to be repurchased at $20,009,444 on 01/03/2023. Collateralized by a U.S. Government Obligation, 0.75%, due 04/30/2026, and with a total value of $20,400,032. | 20000000 | 20000000 |

---

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| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **REPURCHASE AGREEMENTS (continued)** | **REPURCHASE AGREEMENTS (continued)** | **REPURCHASE AGREEMENTS (continued)** |
|  Merrill Lynch & Co., Inc., 4.30% <sup>(B)</sup>, dated 12/30/2022, to be repurchased at $49,023,411 on 01/03/2023. Collateralized by U.S. Government Agency Obligations, 3.00% - 5.00%, due 11/20/2047 - 08/20/2051, and with a total value of $49,980,000. | $49000000 | $49000000 |
|  Toronto-Dominion Bank, 4.27% <sup>(B)</sup>, dated 12/30/2022, to be repurchased at $35,016,606 on 01/03/2023. Collateralized by U.S. Government Obligations, 0.50% - 2.88%, due 06/30/2023 - 02/15/2029, and with a total value of $35,700,098. | 35000000 | 35000000 |
|  Toronto-Dominion Bank, 4.30% <sup>(B)</sup>, dated 12/30/2022, to be repurchased at $15,007,167 on 01/03/2023. Collateralized by a U.S. Government Agency Obligation, 2.00%, due 04/01/2051, and with a value of $15,450,001. | 15000000 | 15000000 |
|  **Total Repurchase Agreements <br>(Cost $470,115,503)** | **Total Repurchase Agreements <br>(Cost $470,115,503)** | 470115503 |
|  **Total Investments <br>(Cost $888,943,182)** | **Total Investments <br>(Cost $888,943,182)** | 888943182 |
|  **Net Other Assets (Liabilities) - 0.1%** |  | 992447 |
|  **Net Assets - 100.0%** |  | **$889935629** |

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**INVESTMENT VALUATION:** 

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**Valuation Inputs <sup>(C)</sup>** 

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  U.S. Government Agency Obligations | $— | $303797585 | $— | $303797585 |
|  U.S. Government Obligations |  | 73789400 |  | 73789400 |
|  Short-Term U.S. Government Agency Obligation |  | 4826157 |  | 4826157 |
|  Short-Term U.S. Government Obligations |  | 36414537 |  | 36414537 |
|  Repurchase Agreements |  | 470115503 |  | 470115503 |
|  **Total Investments** | $**—** | $**888943182** | $**—** | $**888943182** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *Floating or variable rate securities. The rates disclosed are as of December 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.* 

(B) *Rates disclosed reflect the yields at December 31, 2022.* 

(C) *There were no transfers in or out of Level 3 during the year ended December 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

**PORTFOLIO ABBREVIATION:** 

*SOFR* *Secured Overnight Financing Rate*

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

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**Page 4** 

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**STATEMENT OF ASSETS AND LIABILITIES** 

**At December 31, 2022** 

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| | |
|:---|:---|
|  **Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value (cost $418,827,679) | $418827679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreement, at value (cost $470,115,503) | 470115503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables and other assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest sold | 312197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 2137396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from distributor | 141738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 2253 |
|  Total assets | 891536766 |
|  **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables and other liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest redeemed | 1174480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 180486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 141738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 1047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 3153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 16124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 32348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 4663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 34978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 12120 |
|  Total liabilities | 1601137 |
|  **Net assets** | $889935629 |
|  **Net assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital stock ($0.01 par value) | $8899411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 881042828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) | (6610) |
|  **Net assets** | $&nbsp;&nbsp;&nbsp;&nbsp;889935629 |
|  **Net assets by class:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | $218989593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 670946036 |
|  **Shares outstanding:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 218991867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 670949201 |
|  **Net asset value and offering price per share:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | $1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 1.00 |

---

**STATEMENT OF OPERATIONS** 

**For the year ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | $14291983 |
|  Total investment income | 14291983 |
|  **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 2021139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 1574004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 9050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 37145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 30126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 127043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 39562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 14912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 50018 |
|  Total expenses before waiver and/or reimbursement and recapture | 3902999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses waived and/or reimbursed: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (76738) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (1795786) |
|  Net expenses | 2030475 |
|  **Net investment income (loss)** | 12261508 |
|  **Net increase (decrease) in net assets resulting from operations** | $12261508 |

---

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

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| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 5** 

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**STATEMENT OF CHANGES IN NET ASSETS** 

**For the years ended:** 

---

| | | |
|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2021** |
|  **From operations:** | **From operations:** | **From operations:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $12261508 | $27967 |
|  Net increase (decrease) in net assets resulting from operations | 12261508 | 27967 |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (3027452) | (7402) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (9234056) | (20566) |
|  Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (12261508) | (27968) |
|  **Capital share transactions:** | **Capital share transactions:** | **Capital share transactions:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 96163507 | 128565664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 299536336 | 184445034 |
|  | 395699843 | 313010698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 3027489 | 7440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 9234192 | 20774 |
|  | 12261681 | 28214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (77688788) | (159201278) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (190023272) | (304222426) |
|  | (267712060) | (463423704) |
|  Net increase (decrease) in net assets resulting from capital share transactions | 140249464 | (150384792) |
|  **Net increase (decrease) in net assets** | 140249464 | (150384793) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 749686165 | 900070958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $&nbsp;&nbsp;&nbsp;&nbsp;889935629 | $&nbsp;&nbsp;&nbsp;&nbsp;749686165 |
|  **Capital share transactions - shares:** | **Capital share transactions - shares:** | **Capital share transactions - shares:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 96162951 | 128565664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 299534639 | 184445034 |
|  | 395697590 | 313010698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 3027489 | 7440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 9234192 | 20774 |
|  | 12261681 | 28214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (77688788) | (159201278) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (190023272) | (304222426) |
|  | (267712060) | (463423704) |
|  Net increase (decrease) in shares outstanding: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 21501652 | (30628174) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 118745559 | (119756618) |
|  | 140247211 | (150384792) |

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

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**Page 6** 

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**Transamerica BlackRock Government Money Market VP** 

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**FINANCIAL HIGHLIGHTS** 

**For a share outstanding during the years indicated:** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(A)</sup> | 0.01 | 0.00 <sup>(B)</sup> | 0.00 <sup>(B)</sup> | 0.02 | 0.02 |
|  Net realized and unrealized gain (loss) |  |  |  |  | (0.00)<sup>(B)</sup> |
|  Total investment operations | 0.01 | 0.00 <sup>(B)</sup> | 0.00 <sup>(B)</sup> | 0.02 | 0.02 |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income | (0.01) | (0.00)<sup>(B)</sup> | (0.00)<sup>(B)</sup> | (0.02) | (0.02) |
|  **Net asset value, end of year** | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total return** | 1.39% | 0.00% | 0.29% | 1.95% | 1.72% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;218990 | $&nbsp;&nbsp;&nbsp;&nbsp;197487 | $&nbsp;&nbsp;&nbsp;&nbsp;228116 | $&nbsp;&nbsp;&nbsp;&nbsp;176468 | $&nbsp;&nbsp;&nbsp;&nbsp;204590 |
|  Expenses to average net assets | Expenses to average net assets | Expenses to average net assets | Expenses to average net assets | Expenses to average net assets | Expenses to average net assets |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.28% | 0.29% | 0.37% | 0.29% | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.24 %<sup>(C)</sup> | 0.07 %<sup>(C)</sup> | 0.25 %<sup>(C)</sup> | 0.29% | 0.32 %<sup>(D)</sup> |
|  Net investment income (loss) to average net assets | 1.42% | 0.00 %<sup>(E)</sup> | 0.25% | 1.96% | 1.58% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Rounds to less than $0.01 or $(0.01).* 

(C) *Transamerica Asset Management, Inc. or any of its affiliates may voluntarily waive fees and/or reimburse expenses of the class in an effort to prevent the class's yield from falling below zero. Any such voluntary waiver or expense reimbursement may be discontinued by Transamerica Asset Management, Inc. or its affiliates at any time. Transamerica Asset Management, Inc. is entitled to reimbursement by the class of amounts voluntarily waived and/or reimbursed during the previous 36 months so long as the reimbursement does not result in the class's effective daily yield being negative. Any such reimbursement may result in the class's expenses exceeding the contractual expense cap for the class. See the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information.* 

(D) *Amounts recaptured by Transamerica Asset Management, Inc. under the voluntary yield waiver in certain cases exceeded the expense limit under the contractual expense arrangement. These earlier recaptures were discontinued by Transamerica Asset Management, Inc. as of June 30, 2018. See the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information.* 

(E) *Rounds to less than 0.01% or (0.01)%.* 

**For a share outstanding during the years indicated:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(A)</sup> | 0.01 | 0.00 <sup>(B)</sup> | 0.00 <sup>(B)</sup> | 0.02 | 0.01 |
|  Net realized and unrealized gain (loss) |  |  |  |  | (0.00)<sup>(B)</sup> |
|  Total investment operations | 0.01 | 0.00 <sup>(B)</sup> | 0.00 <sup>(B)</sup> | 0.02 | 0.01 |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income | (0.01) | (0.00)<sup>(B)</sup> | (0.00)<sup>(B)</sup> | (0.02) | (0.01) |
|  **Net asset value, end of year** | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total return** | 1.39% | 0.00% | 0.25% | 1.70% | 0.78% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;670946 | $&nbsp;&nbsp;&nbsp;&nbsp;552199 | $&nbsp;&nbsp;&nbsp;&nbsp;671955 | $&nbsp;&nbsp;&nbsp;&nbsp;386123 | $&nbsp;&nbsp;&nbsp;&nbsp;370614 |
|  Expenses to average net assets | Expenses to average net assets | Expenses to average net assets | Expenses to average net assets | Expenses to average net assets | Expenses to average net assets |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.53% | 0.54% | 0.62% | 0.54% | 0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.24 %<sup>(C)</sup> | 0.07 %<sup>(C)</sup> | 0.27 %<sup>(C)</sup> | 0.54% | 1.05 %<sup>(D)</sup> |
|  Net investment income (loss) to average net assets | 1.47% | 0.00 %<sup>(E)</sup> | 0.17% | 1.70% | 0.84% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Rounds to less than $0.01 or $(0.01).* 

(C) *Transamerica Asset Management, Inc. or any of its affiliates may voluntarily waive fees and/or reimburse expenses of the class in an effort to prevent the class's yield from falling below zero. Any such voluntary waiver or expense reimbursement may be discontinued by Transamerica Asset Management, Inc. or its affiliates at any time. Transamerica Asset Management, Inc. is entitled to reimbursement by the class of amounts voluntarily waived and/or reimbursed during the previous 36 months so long as the reimbursement does not result in the class's effective daily yield being negative. Any such reimbursement may result in the class's expenses exceeding the contractual expense cap for the class. See the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information.* 

(D) *Amounts recaptured by Transamerica Asset Management, Inc. under the voluntary yield waiver in certain cases exceeded the expense limit under the contractual expense arrangement. These earlier recaptures were discontinued by Transamerica Asset Management, Inc. as of June 30, 2018. See the Fees and Other Affiliated Transactions section of the Notes to Financial Statements for more information.* 

(E) *Rounds to less than 0.01% or (0.01)%.* 

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

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**Page 7** 

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**Transamerica BlackRock Government Money Market VP** 

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**NOTES TO FINANCIAL STATEMENTS** 

**At December 31, 2022** 

**1. ORGANIZATION** 

Transamerica Series Trust ("TST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). TST applies investment company accounting and reporting guidance. TST serves as a funding vehicle for variable life insurance, variable annuity, and group annuity products. Transamerica BlackRock Government Money Market VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers two classes of shares, Initial Class and Service Class.

The only shareholders of the Portfolio are affiliated insurance company separate accounts and affiliated asset allocation portfolios. Contract holders of the variable life and annuity contracts are not shareholders of the Portfolio. For ease of reference, shareholders and contract holders are collectively referred to in this report as "shareholders."

This report must be accompanied or preceded by the Portfolio's current prospectus, which contains additional information about the Portfolio, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Portfolio pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Portfolio. TAM supervises the Portfolio's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Portfolio.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of a Portfolio without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Portfolio and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Portfolio employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending portfolio combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Portfolio's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Portfolio; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for a Portfolio; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Portfolio's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; oversight of other service providers to the Portfolio, such as the custodian, the transfer agent, the Portfolio's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Portfolio; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Portfolio, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Portfolio. The Portfolio pays certain fees and expenses to State Street for sub-administration services which are not administrative

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**Page 8** 

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**Transamerica BlackRock Government Money Market VP** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**1. ORGANIZATION (continued)** 

services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the year ended December 31, 2022, (i) the expenses paid to State Street for sub-administration services by the Portfolio are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Portfolio are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES** 

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

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Portfolio is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Portfolio with broker/dealers with which TST has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Portfolio. In no event will commissions, paid by the Portfolio, be used to pay expenses that would otherwise be borne by any other portfolios within TST, or by any other party.

There were no commissions recaptured during the year ended December 31, 2022 by the Portfolio.

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

**3. INVESTMENT VALUATION** 

Effective September 8, 2022, TAM has been designated as the Portfolio's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Portfolio's Board of Trustees. The net asset value of the Portfolio is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

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

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

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

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Portfolio's investments.

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**Page 9** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**3. INVESTMENT VALUATION (continued)** 

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Portfolio's investments at December 31, 2022, is disclosed within the Investment Valuation section of the Schedule of Investments.

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

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

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

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

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

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

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

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

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

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the year ended December 31, 2022, the Portfolio has not utilized the program.

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**Transamerica BlackRock Government Money Market VP** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)** 

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

Repurchase agreements are subject to netting agreements, which are agreements between the Portfolio and its counterparties that provide for the net settlement of all transactions and collateral with the Portfolio, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at December 31, 2022.

Repurchase agreements at December 31, 2022, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**5. RISK FACTORS** 

Investing in the Portfolio involves certain key risks related to the Portfolio's trading activity. Please reference the Portfolio's prospectus for a more complete discussion of the following risk(s), as well as other risks of investing in the Portfolio.

**Market risk:** The market prices of the Portfolio's securities and other assets may go up or down, sometimes sharply and unpredictably, due to general market conditions, overall economic trends or events, inflation, changes in interest rates, government actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by wars, tariffs, trade disputes or other factors, political developments, investor sentiment, the global and domestic effects of a pandemic or other health emergency, and other factors that may or may not be related to the issuer of the security or other asset. The market prices of securities and other assets also may go down due to events or conditions that affect particular sectors, industries, issuers, or geographies. Adverse market conditions may be prolonged and may not have the same impact on all types of securities or other assets. If the value of the Portfolio's securities and assets fall, the value of your investment will go down. The Portfolio may experience a substantial or complete loss on any individual security or asset.

Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, the imposition of economic sanctions, public health events (such as the spread of infectious disease), wars, terrorism, cybersecurity events, technology and data interruptions, natural disasters, and other circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. In the past decade, financial markets throughout the world have experienced increased volatility and decreased liquidity. These conditions may continue or worsen. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down. Securities markets may also be susceptible to market manipulation or other fraudulent trade practices, which could disrupt the orderly functioning of these markets or adversely affect the value of securities traded in these markets, including the Portfolio's securities.

The pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in economic downturns throughout the world, severe losses, particularly to some sectors of the economy and individual issuers, and reduced liquidity of many instruments. There also have been significant disruptions to business operations, including business closures; strained healthcare systems; disruptions to supply chains and employee availability; large fluctuations in consumer demand; and widespread uncertainty regarding the duration and long-term effects of the pandemic. Economic downturns may be prolonged, and political and social instability, continued volatility and decreased liquidity in the securities markets may result. Developing or emerging market countries may be more impacted by the pandemic.

The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic. These and other government intervention into the economy and financial markets may not work as intended. In addition, government actions to mitigate the economic impact of the pandemic have resulted in large expansion of government deficits and debt, the long-term consequences of which are not known. Rates of inflation have recently risen, which could adversely affect economies and markets. The pandemic could continue to adversely affect the value and liquidity of the Portfolio's investments.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**5. RISK FACTORS (continued)** 

*Europe:* A number of countries in Europe have experienced severe economic and financial difficulties; and financial markets in Europe and elsewhere have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen or spread within or outside Europe. Responses to the financial problems by European governments, central banks and others may not work, may result in conflicts and social unrest and may limit future growth and economic recovery or have other unintended consequences. In January, 2020, through "Brexit," the United Kingdom withdrew from the European Union. The ramifications of Brexit are unknown, and the implications of possible political, regulatory, economic, and market outcomes could be significant. The United Kingdom has one of the largest economies in Europe and is a major trading partner with European Union countries and the United States. Brexit may create additional and substantial economic stresses for the United Kingdom, including a contraction of the United Kingdom's economy, decreased trade, capital outflows, devaluation of the British pound, and a decrease in business and consumer spending and investment. The negative impact on not only the United Kingdom and European Union economies but also the broader global economy could be significant. A number of countries in Europe have suffered terror attacks, and additional attacks may occur in the future. Europe has also been struggling with mass migration from the Middle East, Eastern Europe and Africa. The ultimate effects of these events and other socio-political or geopolitical issues could profoundly affect global economies and markets. Whether or not the Portfolio invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

*Additional Market Disruption:* Russia's invasion of Ukraine in February, 2022, the resulting responses by the United States and other countries, and the potential for wider conflict, have increased and may continue to increase volatility and uncertainty in financial markets worldwide. The United States and other countries have imposed broad-ranging economic sanctions on Russia and Russian entities and individuals, and may impose additional sanctions, including on other countries that provide military or economic support to Russia. These sanctions, among other things, restrict companies from doing business with Russia and Russian issuers, and may adversely affect companies with economic or financial exposure to Russia and Russian issuers. The extent and duration of Russia's military actions and the repercussions of such actions are not known. The invasion may widen beyond Ukraine and may escalate, including through retaliatory actions and cyberattacks by Russia and even other countries. These events may result in further and significant market disruptions and may adversely affect regional and global economies including those of Europe and the United States. Certain industries and markets, such as those involving oil, natural gas and other commodities, as well as global supply chains, may be particularly adversely affected. Whether or not the Portfolio invests in securities of issuers located in Russia, Ukraine and adjacent countries or with significant exposure to issuers in these countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

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

**Repurchase agreements risk:** In a repurchase agreement, the Portfolio purchases securities from a broker-dealer or a bank, called the counterparty, upon the agreement of the counterparty to repurchase the securities from the Portfolio at a later date, and at a specified price. The securities purchased serve as the Portfolio's collateral for the obligation of the counterparty to repurchase the securities. If the counterparty does not repurchase the securities, the Portfolio is entitled to sell the securities, but the Portfolio may not be able to sell them for the price at which they were purchased, thus causing a loss. If the counterparty becomes insolvent, there is some risk that the Portfolio will not have a right to the securities, or the immediate right to sell the securities.

**6. FEES AND OTHER AFFILIATED TRANSACTIONS** 

TST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Transamerica Life Insurance Company ("TLIC"), and Transamerica Financial Life Insurance Company.

TAM, the Portfolio's investment manager, is directly owned by TLIC and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon NV. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon NV, a Netherlands corporation, and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Portfolio's transfer agent. Transamerica Capital, Inc. ("TCI") is the Portfolio's distributor/principal underwriter. TAM, TFS, and TCI are affiliates of Aegon NV.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

Certain officers and trustees of the Portfolio are also officers and/or trustees of TAM, TFS and TCI. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Portfolio. The Portfolio does pay non-interested persons (independent trustees), as disclosed in Trustee, CCO and deferred compensation fees within the Statement of Operations.

**Investment management fees:** TAM serves as the Portfolio's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Portfolio pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Portfolio pays a management fee to TAM based on daily average net assets at the following rates:

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| | |
|:---|:---|
| **Breakpoints** | **Rate** |
|  First $1 billion | 0.24% |
|  Over $1 billion up to $3 billion | 0.22 |
|  Over $3 billion | 0.21 |

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TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses, reorganization expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

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| | | |
|:---|:---|:---|
| | **Operating<br>Expense Limit** | **Operating<br>Expense Limit<br>Effective Through** |
|  Initial Class | 0.38% | May 1, 2023 |
|  Service Class | 0.63 | May 1, 2023 |

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TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended December 31, 2022 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Portfolio, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

Additionally, TAM or any of its affiliates may voluntarily waive fees and/or reimburse expenses of one or more classes of the Portfolio to such level(s) as the Trust's officers may reasonably determine from time to time in an effort to prevent the Portfolio's yield from falling below zero. Any such voluntary waiver or expense reimbursement is in addition to any contractual expense limitation arrangements in effect from time to time and may be discontinued by TAM or its affiliates at any time. TAM is entitled to reimbursement by the applicable class(es) of the Portfolio of amounts voluntarily waived and/or reimbursed during the previous 36 months so long as the reimbursement does not result in the class's effective daily yield being negative. Any such reimbursement may result in the class's expenses exceeding the contractual expense cap for the class. TAM or its affiliates may request that financial intermediaries reduce or waive amounts payable to those intermediaries with respect to services rendered to the Portfolio or its shareholders, and those reductions or waivers may reduce the amounts waived and/or reimbursed by TAM under the contractual and/or voluntary waiver arrangements with respect to the Portfolio. There can be no assurance that the Portfolio will be able to prevent a negative yield.

Voluntarily waived and/or reimbursed expenses related to the maintenance of the yield are included in Expenses waived and/or reimbursed, and amounts recaptured by TAM under the voluntary yield waiver are included in Recapture of previously waived and/or reimbursed fees, in each case included in the Statement of Operations included in this shareholder report. The actual expense ratio of each class of the Portfolio, including any amounts waived and/or reimbursed and any amounts recaptured under the voluntary yield waiver, are shown in the "Ratio and supplemental data" section in the Portfolio's Financial Highlights in this shareholder report.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

For the 36-month period ended December 31, 2022, the amounts waived by TAM due to the maintenance of the yield are as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Amounts Waived** | **Amounts Waived** | **Amounts Waived** | |
| | **2020** | **2021** | **2022** |<br>**Total** |
|  Initial Class | $&nbsp;&nbsp;&nbsp;&nbsp;245822 | $489368 | $76738 | $811928 |
|  Service Class | 743940 | &nbsp;&nbsp;&nbsp;&nbsp;1356271 | &nbsp;&nbsp;&nbsp;&nbsp;221781 | &nbsp;&nbsp;&nbsp;&nbsp;2321992 |

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As of December 31, 2022, the balances available for recapture by TAM due to the maintenance of the yield are as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** | |
| | **2020** | **2021** | **2022** |<br>**Total** |
|  Initial Class | $244584 | $489318 | $76738 | $810640 |
|  Service Class | &nbsp;&nbsp;&nbsp;&nbsp;740950 | &nbsp;&nbsp;&nbsp;&nbsp;1356261 | &nbsp;&nbsp;&nbsp;&nbsp;221781 | &nbsp;&nbsp;&nbsp;&nbsp;2318992 |

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For the 36-month period ended December 31, 2022, the amounts waived from financial intermediaries are as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Amounts Waived** | **Amounts Waived** | **Amounts Waived** | |
| | **2020 <sup>(A)</sup>** | **2021 <sup>(A)</sup>** | **2022 <sup>(A)</sup>** |<br>**Total** |
|  Initial Class | $— | $— | $— | $— |
|  Service Class | &nbsp;&nbsp;&nbsp;&nbsp;1329949 | &nbsp;&nbsp;&nbsp;&nbsp;1549979 | &nbsp;&nbsp;&nbsp;&nbsp;1574004 | &nbsp;&nbsp;&nbsp;&nbsp;4453932 |

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(A) *Not subject to recapture.* 

For the 36-month period ended December 31, 2022, the amounts waived by TAM due to the operating expense limitation are as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Amounts Waived** | **Amounts Waived** | **Amounts Waived** | |
| | **2020** | **2021** | **2022** |<br>**Total** |
|  Initial Class | $21688 | $— | $— | $21688 |
|  Service Class | &nbsp;&nbsp;&nbsp;&nbsp;57862 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;57862 |

---

As of December 31, 2022, there are no amounts available for recapture by TAM due to the operating expense limitation.

**Distribution and service fees:** TST has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, TST entered into a distribution agreement with TCI as the Portfolio's distributor.

The Distribution Plan requires the Portfolio to pay distribution fees to TCI as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCI, on behalf of the Portfolio, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Portfolio's shares.

The fee on the Service Class shares is paid to the insurance companies for providing services and account maintenance for the policyholders who invest in the variable insurance products which invest in the Service Class shares. TCI has determined that it will not seek payment for the distribution expenses incurred by the Portfolio with respect to the Initial Class shares before May 1, 2023. Prior to TCI seeking distribution expenses on Initial Class shares, policy and contract owners will be notified in advance. The Portfolio will pay fees relating to Service Class shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Portfolio is authorized under the Distribution Plan to pay fees to TCI based on daily average net assets of each class up to the following annual rates:

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| | |
|:---|:---|
| **Class** | **Rate** |
|  Initial Class | 0.15% |
|  Service Class | 0.25 |

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

**Transfer agent costs:** TFS provides transfer agency services under an intercompany agreement with TAM. TFS has outsourced the provision of certain sub-transfer agency services to SS&C Technology Holdings, Inc ("SS&C"). The Portfolio does not pay a separate transfer agent fee to TAM or TFS but does pay certain expenses to SS&C related to applicable sub-transfer agency services. For the year ended December 31, 2022, (i) the expenses paid to SS&C by the Portfolio are referred to as Transfer agent costs and are included within the Statement of Operations and (ii) the expenses payable to SS&C by the Portfolio are referred to as Transfer agent costs within the Statement of Assets and Liabilities.

**Deferred compensation plan:** Effective September 23, 2021, the Board has approved the termination of the deferred compensation plan. Payments will be made to applicable current and former Board members consistent with Section 409A of the Code. Under a non-qualified deferred compensation plan effective January 1, 1996, as amended and restated January 1, 2010, available to the trustees, compensation may be deferred that would otherwise be payable by TST to an independent trustee on a current basis for services rendered as trustee. Deferred compensation amounts will accumulate based on the value of the investment option, as elected by the trustee. Balances pursuant to deferred compensation plan are recorded in Trustees, Chief Compliance Officer ("CCO") and deferred compensation fees within the Statement of Assets and Liabilities. For the year ended December 31, 2022, amounts included in Trustees, CCO and deferred compensation fees within the Statement of Operations reflect total compensation paid to the independent Board members.

**Brokerage commissions:** The Portfolio incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the year ended December 31, 2022.

**7. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS** 

The Portfolio has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Portfolio recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Portfolio's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Portfolio's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Portfolio's financial statements. If applicable, the Portfolio recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Portfolio identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Portfolio makes significant investments; however, the Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. There are no reclassification in the current year.

As of December 31, 2022, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

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| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross<br>Appreciation** | **Gross<br>(Depreciation)** | **Net Appreciation<br>(Depreciation)** |
| $888943182 | $— | $— | $— |

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As of December 31, 2022, the capital loss carryforwards available to offset future realized capital gains are as follows:

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| | |
|:---|:---|
| **Unlimited** | **Unlimited** |
| **Short-Term** | **Long-Term** |
| $6632 | $— |

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During the year ended December 31, 2022, the Portfolio did not have any capital loss carryforwards utilized or expired.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**7. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)** 

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2022 and 2021 are as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** |
| **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of Capital** | **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of Capital** |
| $12261508 | $— | $— | $27968 | $— | $— |

---

As of December 31, 2022, the tax basis components of distributable earnings are as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Capital Loss<br>Carryforwards** | **Late Year<br>Ordinary Loss<br>Deferred** | **Other<br>Temporary<br>Differences** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| $22 | $— | $(6632) | $— | $— | $— |

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**Report of Independent Registered Public Accounting Firm** 

*To the Shareholders and the Board of Trustees of Transamerica BlackRock Government Money Market VP* 

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities of Transamerica BlackRock Government Money Market VP (the "Portfolio") (one of the portfolios constituting Transamerica Series Trust (the "Trust")), including the schedule of investments, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the portfolios constituting Transamerica Series Trust) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion** 

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. . Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g438566ernst_young.jpg)

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

February 27, 2023

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**SUPPLEMENTAL TAX INFORMATION** 

**(unaudited)** 

For tax purposes, the Portfolio has made no long-term capital gain designations for the year ended December 31, 2022.

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**Transamerica BlackRock iShares Active Asset Allocation – Conservative VP** 

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**(unaudited)** 

**MARKET ENVIRONMENT** 

Macro performance in 2022 was driven by stubborn inflation and a global wave of central bank tightening, a simultaneous drag on both stock and bond returns. The perceived 'transitory' reopening inflation gave way to more persistent price increases. In fact, U.S. inflation remained at multi-decade highs for longer than policymakers expected, with pressures widespread across both goods and services. To combat inflation, the Federal Reserve increased its benchmark interest rate seven times to 4.50% during the year, the highest level in 15 years.

2022 also saw signs of transatlantic divergence in financial conditions. In addition to the inflationary pressures, Europe struggled with notable euro depreciation and continued upside risks to energy prices. The volatility was further exacerbated by the geopolitical risks stemming from Russia's ongoing invasion of Ukraine. The Bank of Japan stood nearly alone amongst developed markets central banks having not adjusted their policy rates, and was, in fact, still engaged in their yield curve control policy despite multi-decade high inflation, before tweaking its yield curve control policy in the last weeks of December.

Stock-bond correlations rose substantially and remained resolutely positive throughout 2022, as financial conditions tightened globally, and Consumer Price Index readings failed to mark a definitive peak in inflation. Global stocks fell by approximately -18% and bonds dropped by approximately -16% in 2022. As U.S. stocks suffered their worst year since the global financial crisis, the U.S. dollar strengthened against most foreign currencies in 2022. Emerging market equities also declined, with considerable performance variability among the emerging market countries. Bonds declined sharply in 2022, with shorter-term bonds outperforming longer-duration bonds. Commodities posted positive returns due primarily to significant gains in oil and other energy-related commodities following the coordinated policy of banning Russian oil imports amongst much of the European Union.

**PERFORMANCE** 

For the year ended December 31, 2022, Transamerica BlackRock iShares Active Asset Allocation – Conservative VP, Initial Class returned -15.06%. By comparison, its primary, secondary and additional benchmarks, the Bloomberg US Aggregate Bond Index, the Russell 3000<sup>®</sup> Index and the Transamerica BlackRock iShares Active Asset Allocation – Conservative VP Blended Benchmark, returned -13.01%, -19.21% and -14.49%, respectively.

**STRATEGY REVIEW** 

Transamerica BlackRock iShares Active Asset Allocation – Conservative VP (the "Portfolio") is a global multi-asset portfolio consisting of exposure to both equities and fixed income obtained primarily by investing in underlying exchange-traded funds advised by our affiliate. The volatility control mechanism seeks to reduce the volatility of the Portfolio in periods of market downturn. Our process focuses on developing insights on the macroeconomic environment and market pricing in a robust, repeatable manner. As such, we combine high conviction tactical views while holistically analyzing market risk to effectively size active trades. This process is designed to ensure the Portfolio is diversified across a range of geographies and asset classes.

The Portfolio underperformed the benchmark over the 12-month period ended December 31, 2022. Tactical asset allocation decisions were positive over the period, driven predominantly by a preference for short-dated U.S. duration. A preference for European equities versus a basket of developed market equities modestly detracted early in the period. An overweight to Japanese equities also detracted. Volatility control trades detracted over the period, particularly in the fourth quarter of the year given higher equity returns. Markets were up in fourth quarter however, they were choppy. The choppiness led to higher volatility, which in line with the strategy caused the Portfolio to reduce its equity exposure.

**Philip Green** 

**Michael Pensky, CFA** 

**Co-Portfolio Managers** 

**BlackRock Investment Management, LLC** 

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| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  U.S. Fixed Income Funds | 77.0% |
|  U.S. Equity Funds | 14.9 |
|  International Equity Funds | 5.5 |
|  Other Investment Company | 4.1 |
|  Repurchase Agreement | 1.7 |
|  Net Other Assets (Liabilities) | (3.2) |
|  **Total** | 100.0% |

---

*Current and future portfolio holdings are subject to change and risk.* 

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|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 1** 

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**(unaudited)**![LOGO](g438566g92e33.jpg)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Initial Class | (15.06)% | 0.89% | 2.77% | 05/01/2011 |
|  Bloomberg US Aggregate Bond Index <sup>(A)</sup> | (13.01)% | 0.02% | 1.06% |  |
|  Russell 3000<sup>®</sup> Index <sup>(B)</sup> | (19.21)% | 8.79% | 12.13% |  |
|  Transamerica BlackRock iShares Active Asset Allocation - Conservative VP Blended Benchmark <sup>(A) (C) (D) (E) (F) (G)</sup> | (14.49)% | 2.74% | 4.36% |  |
|  Service Class | (15.29)% | 0.63% | 2.51% | 05/01/2011 |

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<sup>(A)</sup> *The Bloomberg US Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities.* 

<sup>(B)</sup> *The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.* 

<sup>(C)</sup> *The Transamerica BlackRock iShares Active Asset Allocation – Conservative VP Blended Benchmark is composed of the following benchmarks: 47% Bloomberg US Aggregate Bond Index, 20% S&P 500<sup>®</sup> Index, 18% Bloomberg US Treasury 7-10 Year Index, 11% MSCI EAFE Index and 4% Russell 2000<sup>®</sup> Index.* 

<sup>(D)</sup> *The S&P 500<sup>®</sup> Index is a market-capitalization weighted index of 500 large U.S. companies with common stock listed on the NYSE or NASDAQ.* 

<sup>(E)</sup> *The Bloomberg US Treasury 7-10 Year Index measures US dollar-denominated, fixed-rate, nominal debt issued by the US Treasury with 7-10 years to maturity.* 

<sup>(F)</sup> *The MSCI EAFE Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada.* 

<sup>(G)</sup> *The Russell 2000<sup>®</sup> Index measures the performance of the small-cap segment of the U.S. equity universe, and is comprised of approximately 2,000 of the smallest securities of the Russell 3000<sup>®</sup> Index based on a combination of market cap and current index membership.* 

The Portfolio's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Year or Since Inception calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or the redemption of Portfolio shares. The Portfolio's investment return and net asset value will fluctuate. Investors' shares when redeemed may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month end. Portfolio performance is net of investment fees and Portfolio expenses, but not product charges, which, if included, would significantly lower the performance quoted.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of previously waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Tactical asset allocation is an investment strategy that actively adjusts a portfolio's asset allocation. The Portfolio's tactical asset management discipline may not work as intended. The Portfolio may not achieve its objective and may not perform as well as other portfolios using other asset management styles.

ETFs generally present the same risks as an investment in a conventional fund that has the same investment objectives, strategies and policies. The market price of an ETF's shares may be above or below the shares' net asset value; and an active trading market for an ETF's share may not develop or be maintained.

Russell<sup>®</sup> and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.

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**DISCLOSURE OF EXPENSES** 

**(unaudited)** 

**SHAREHOLDER EXPENSES** 

Portfolio shareholders may incur two types of costs: (i) transaction costs, including brokerage commissions on purchases and sales of portfolio shares; and (ii) ongoing costs, including management fees, and other portfolio expenses.

The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other portfolios.

The example is based on an investment of $1,000 invested at July 1, 2022, and held for the entire six-month period until December 31, 2022.

**ACTUAL EXPENSES** 

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

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES** 

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Portfolio shares. Therefore, the information under the heading "Hypothetical Expenses" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different portfolios. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries, or other financial institutions.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Actual Expenses** | **Actual Expenses** | **Hypothetical Expenses <sup>(A)</sup>** | **Hypothetical Expenses <sup>(A)</sup>** | |
| <br>**Class** |<br>**Beginning<br>Account Value<br>July 1, 2022** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** |<br>**Net Annualized<br>Expense Ratio <sup>(C) (D)</sup>** |
|  Initial Class | $&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;983.80 | $&nbsp;&nbsp;&nbsp;&nbsp;2.45 | $&nbsp;&nbsp;&nbsp;&nbsp;1022.70 | $&nbsp;&nbsp;&nbsp;&nbsp;2.50 | 0.49% |
|  Service Class | 1000.00 | 982.30 | 3.70 | 1021.50 | 3.77 | 0.74 |

---

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

(B) *Expenses are calculated using the Portfolio's net annualized expense ratio, as disclosed in the table, multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (365 days).*

(C) *Net annualized expense ratios, as disclosed in the table, do not include the expenses of the underlying investments in which the Portfolio invests. The net annualized expense ratios, as stated in the fee table of the Portfolio's Prospectus, may differ from the expense ratios disclosed in this report.*

(D) *Net annualized expense ratios are reflective of applicable fee waivers and/or reimbursements and recapture, if any, and are based on the most recent six-months which may differ from the net expense ratio displayed in the Financial Highlights that covers a twelve-month period.*

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| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 3** 

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**SCHEDULE OF INVESTMENTS** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS - 97.4%** | **EXCHANGE-TRADED FUNDS - 97.4%** | **EXCHANGE-TRADED FUNDS - 97.4%** |
| **International Equity Funds - 5.5%** | **International Equity Funds - 5.5%** | **International Equity Funds - 5.5%** |
|  iShares Core MSCI EAFE ETF | 194199 | $11970426 |
|  iShares MSCI EAFE ETF | 19823 | 1301182 |
|  |  | 13271608 |
| **U.S. Equity Funds - 14.9%** | **U.S. Equity Funds - 14.9%** | **U.S. Equity Funds - 14.9%** |
|  iShares Core S&P 500 ETF | 67971 | 26115138 |
|  iShares Russell 2000 ETF <sup>(A)</sup> | 55443 | 9667042 |
|  |  | 35782180 |
| **U.S. Fixed Income Funds - 77.0%** | **U.S. Fixed Income Funds - 77.0%** | **U.S. Fixed Income Funds - 77.0%** |
|  iShares 7-10 Year Treasury Bond ETF | 390786 | 37429483 |
|  iShares Core U.S. Aggregate Bond ETF | 814733 | 79020954 |
|  iShares iBoxx $ Investment Grade Corporate Bond ETF | 116498 | 12282384 |
|  iShares Short Treasury Bond ETF | 347198 | 38164004 |
|  iShares U.S. Treasury Bond ETF <sup>(A)</sup> | 771868 | 17536841 |
|  |  | 184433666 |
|  **Total Exchange-Traded Funds <br>(Cost $261,000,907)** | **Total Exchange-Traded Funds <br>(Cost $261,000,907)** | 233487454 |

---

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| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **OTHER INVESTMENT COMPANY - 4.1%** | **OTHER INVESTMENT COMPANY - 4.1%** | **OTHER INVESTMENT COMPANY - 4.1%** |
| **Securities Lending Collateral - 4.1%** | **Securities Lending Collateral - 4.1%** | **Securities Lending Collateral - 4.1%** |
|  State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 4.29% <sup>(B)</sup> | 9804939 | $9804939 |
|  **Total Other Investment Company <br>(Cost $9,804,939)** | **Total Other Investment Company <br>(Cost $9,804,939)** | 9804939 |
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 1.7%** | **REPURCHASE AGREEMENT - 1.7%** | **REPURCHASE AGREEMENT - 1.7%** |
|  Fixed Income Clearing Corp., 1.80% <sup>(B)</sup>, dated 12/30/2022, to be repurchased at $4,016,041 on 01/03/2023. Collateralized by a U.S. Government Obligation, 0.75%, due 12/31/2023, and with a value of $4,095,577. | $4015238 | 4015238 |
|  **Total Repurchase Agreement <br>(Cost $4,015,238)** | **Total Repurchase Agreement <br>(Cost $4,015,238)** | 4015238 |
|  **Total Investments <br>(Cost $274,821,084)** | **Total Investments <br>(Cost $274,821,084)** | 247307631 |
|  **Net Other Assets (Liabilities) - (3.2)%** |  | (7613070) |
|  **Net Assets - 100.0%** |  | **$239694561** |

---

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(C)</sup>** 

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Exchange-Traded Funds | $233487454 | $— | $— | $233487454 |
|  Other Investment Company | 9804939 |  |  | 9804939 |
|  Repurchase Agreement |  | 4015238 |  | 4015238 |
|  **Total Investments** | $**243292393** | $**4015238** | $**—** | $**247307631** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *All or a portion of the securities are on loan. The total value of all securities on loan is $9,604,352, collateralized by cash collateral of $9,804,939. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.* 

(B) *Rates disclosed reflect the yields at December 31, 2022.* 

(C) *There were no transfers in or out of Level 3 during the year ended December 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

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

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| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 4** 

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**STATEMENT OF ASSETS AND LIABILITIES** 

**At December 31, 2022** 

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| | |
|:---|:---|
|  **Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments, at value (cost $270,805,846) (including securities loaned of $9,604,352) | $243292393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreement, at value (cost $4,015,238) | 4015238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables and other assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 2391734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 4923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 1089 |
|  Total assets | 249705779 |
|  **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral received upon return of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities on loan | 9804939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables and other liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest redeemed | 13858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 92938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 51081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 2307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 14518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 1486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 24624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 4242 |
|  Total liabilities | 10011218 |
|  **Net assets** | $239694561 |
|  **Net assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital stock ($0.01 par value) | $289800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 285741733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) | (46336972) |
|  **Net assets** | $&nbsp;&nbsp;&nbsp;&nbsp;239694561 |
|  **Net assets by class:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | $3956257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 235738304 |
|  **Shares outstanding:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 475025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 28504967 |
|  **Net asset value and offering price per share:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | $8.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 8.27 |

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**STATEMENT OF OPERATIONS** 

**For the year ended December 31, 2022** 

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| | |
|:---|:---|
|  **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income from unaffiliated investments | $5188047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income from unaffiliated investments | 34275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 181439 |
|  Total investment income | 5403761 |
|  **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 1351417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 665009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 2820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 11407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 21402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 4730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 15045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 16661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 30098 |
|  Total expenses before waiver and/or reimbursement and recapture | 2118589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses waived and/or reimbursed: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (2221) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (137972) |
|  Net expenses | 1978396 |
|  **Net investment income (loss)** | 3425365 |
|  **Net realized gain (loss) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments | (22132306) |
|  **Net change in unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments | (29426993) |
|  Net realized and change in unrealized gain (loss) | (51559299) |
|  **Net increase (decrease) in net assets resulting from operations** | $&nbsp;&nbsp;&nbsp;&nbsp;(48133934) |

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

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**Page 5** 

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**STATEMENT OF CHANGES IN NET ASSETS** 

**For the years ended:** 

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| | | |
|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2021** |
|  **From operations:** | **From operations:** | **From operations:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $3425365 | $3475100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (22132306) | 39266774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (29426993) | (23836014) |
|  Net increase (decrease) in net assets resulting from operations | (48133934) | 18905860 |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (629211) | (143694) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (38117566) | (8754826) |
|  Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (38746777) | (8898520) |
|  **Capital share transactions:** | **Capital share transactions:** | **Capital share transactions:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 353432 | 713386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 7164841 | 4250724 |
|  | 7518273 | 4964110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 629211 | 143694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 38117566 | 8754826 |
|  | 38746777 | 8898520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (701626) | (582983) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (43909746) | (46719318) |
|  | (44611372) | (47302301) |
|  Net increase (decrease) in net assets resulting from capital share transactions | 1653678 | (33439671) |
|  **Net increase (decrease) in net assets** | (85227033) | (23432331) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 324921594 | 348353925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $&nbsp;&nbsp;&nbsp;&nbsp;239694561 | $&nbsp;&nbsp;&nbsp;&nbsp;324921594 |
|  **Capital share transactions - shares:** | **Capital share transactions - shares:** | **Capital share transactions - shares:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 34852 | 62404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 693842 | 376727 |
|  | 728694 | 439131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 73335 | 12506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 4468648 | 766622 |
|  | 4541983 | 779128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (69471) | (51079) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (4510360) | (4112710) |
|  | (4579831) | (4163789) |
|  Net increase (decrease) in shares outstanding: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 38716 | 23831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 652130 | (2969361) |
|  | 690846 | (2945530) |

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

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| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 6** 

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**Transamerica BlackRock iShares Active Asset Allocation – Conservative VP** 

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**FINANCIAL HIGHLIGHTS** 

**For a share outstanding during the years indicated:** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $11.56 | $11.23 | $10.89 | $10.82 | $11.32 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(A)</sup> | 0.15 | 0.15 | 0.14 | 0.23 | 0.23 |
|  Net realized and unrealized gain (loss) | (1.84) | 0.52 | 0.60 | 0.97 | (0.52) |
|  Total investment operations | (1.69) | 0.67 | 0.74 | 1.20 | (0.29) |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income | (0.17) | (0.16) | (0.24) | (0.26) | (0.21) |
|  Net realized gains | (1.37) | (0.18) | (0.16) | (0.87) |  |
|  Total dividends and/or distributions to shareholders | (1.54) | (0.34) | (0.40) | (1.13) | (0.21) |
|  **Net asset value, end of year** | $8.33 | $11.56 | $11.23 | $10.89 | $10.82 |
|  **Total return** | (15.06)% | 5.98% | 6.99% | 11.47% | (2.61)% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;3956 | $&nbsp;&nbsp;&nbsp;&nbsp;5046 | $&nbsp;&nbsp;&nbsp;&nbsp;4631 | $&nbsp;&nbsp;&nbsp;&nbsp;4481 | $&nbsp;&nbsp;&nbsp;&nbsp;4195 |
|  Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.54% | 0.58% | 0.59% | 0.59% | 0.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.49 %<sup>(C)</sup> | 0.57 %<sup>(C)</sup> | 0.59% | 0.59% | 0.58% |
|  Net investment income (loss) to average net assets | 1.52% | 1.31% | 1.31% | 2.06% | 2.07% |
|  Portfolio turnover rate | 145% | 146% | 82% | 151% | 135% |

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(A) *Calculated based on average number of shares outstanding.* 

(B) *Does not include expenses of the underlying investments in which the Portfolio invests.* 

(C) *TAM has contractually agreed, through May 1, 2023, to waive from its management fees an amount equal to the sub-advisory fee waiver by the Portfolio's sub-adviser. These amounts are not subject to recapture by TAM.* 

**For a share outstanding during the years indicated:** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $11.48 | $11.15 | $10.82 | $10.75 | $11.25 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(A)</sup> | 0.12 | 0.12 | 0.11 | 0.20 | 0.20 |
|  Net realized and unrealized gain (loss) | (1.83) | 0.52 | 0.59 | 0.97 | (0.52) |
|  Total investment operations | (1.71) | 0.64 | 0.70 | 1.17 | (0.32) |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income | (0.13) | (0.13) | (0.21) | (0.23) | (0.18) |
|  Net realized gains | (1.37) | (0.18) | (0.16) | (0.87) |  |
|  Total dividends and/or distributions to shareholders | (1.50) | (0.31) | (0.37) | (1.10) | (0.18) |
|  **Net asset value, end of year** | $8.27 | $11.48 | $11.15 | $10.82 | $10.75 |
|  **Total return** | (15.29)% | 5.74% | 6.65% | 11.23% | (2.89)% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;235739 | $&nbsp;&nbsp;&nbsp;&nbsp;319876 | $&nbsp;&nbsp;&nbsp;&nbsp;343723 | $&nbsp;&nbsp;&nbsp;&nbsp;366838 | $&nbsp;&nbsp;&nbsp;&nbsp;374831 |
|  Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.79% | 0.83% | 0.84% | 0.84% | 0.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.74 %<sup>(C)</sup> | 0.82 %<sup>(C)</sup> | 0.84% | 0.84% | 0.83% |
|  Net investment income (loss) to average net assets | 1.26% | 1.03% | 1.04% | 1.80% | 1.78% |
|  Portfolio turnover rate | 145% | 146% | 82% | 151% | 135% |

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(A) *Calculated based on average number of shares outstanding.* 

(B) *Does not include expenses of the underlying investments in which the Portfolio invests.* 

(C) *TAM has contractually agreed, through May 1, 2023, to waive from its management fees an amount equal to the sub-advisory fee waiver by the Portfolio's sub-adviser. These amounts are not subject to recapture by TAM.* 

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

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**Transamerica BlackRock iShares Active Asset Allocation – Conservative VP** 

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**NOTES TO FINANCIAL STATEMENTS** 

**At December 31, 2022** 

**1. ORGANIZATION** 

Transamerica Series Trust ("TST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). TST applies investment company accounting and reporting guidance. TST serves as a funding vehicle for variable life insurance, variable annuity, and group annuity products. Transamerica BlackRock iShares Active Asset Allocation – Conservative VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers two classes of shares, Initial Class and Service Class.

The only shareholders of the Portfolio are affiliated insurance company separate accounts and affiliated asset allocation portfolios. Contract holders of the variable life and annuity contracts are not shareholders of the Portfolio. For ease of reference, shareholders and contract holders are collectively referred to in this report as "shareholders."

This report must be accompanied or preceded by the Portfolio's current prospectus, which contains additional information about the Portfolio, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Portfolio pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Portfolio. TAM supervises the Portfolio's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Portfolio.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of a Portfolio without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Portfolio and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Portfolio employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending portfolio combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Portfolio's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Portfolio; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for a Portfolio; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Portfolio's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; oversight of other service providers to the Portfolio, such as the custodian, the transfer agent, the Portfolio's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Portfolio; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Portfolio, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**1. ORGANIZATION (continued)** 

Portfolio. The Portfolio pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the year ended December 31, 2022, (i) the expenses paid to State Street for sub-administration services by the Portfolio are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Portfolio are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES** 

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

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Interest income, if any, is accrued as earned. Dividend income and capital gain distributions from underlying investments, if any, are recorded on the ex-dividend date. Income or short-term capital gain distributions received from underlying investments, if any, are recorded as Dividend income from investments within the Statement of Operations. Long-term capital gain distributions received from underlying investments, if any, are recorded as Net realized gain (loss) on Capital gain distributions received from investments within the Statement of Operations.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

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

**3. INVESTMENT VALUATION** 

Effective September 8, 2022, TAM has been designated as the Portfolio's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Portfolio's Board of Trustees. The net asset value of the Portfolio is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

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

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

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

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Portfolio's investments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Portfolio's investments at December 31, 2022, is disclosed within the Investment Valuation section of the Schedule of Investments.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**3. INVESTMENT VALUATION (continued)** 

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

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

*Exchange-traded funds ("ETF"):* ETFs are stated at the last reported sale price or closing price on the day of valuation taken from the primary exchange where the ETF is principally traded. ETFs are generally categorized in Level 1 of the fair value hierarchy.

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

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

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

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

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the year ended December 31, 2022, the Portfolio has not utilized the program.

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

Repurchase agreements are subject to netting agreements, which are agreements between the Portfolio and its counterparties that provide for the net settlement of all transactions and collateral with the Portfolio, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at December 31, 2022.

Repurchase agreements at December 31, 2022, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)** 

**Securities lending:** The Portfolio may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Portfolio pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Portfolio to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Portfolio may experience delays in recovery of the loaned securities or delays in access to collateral, or the Portfolio may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government and irrevocable letters of credit issued by banks as collateral. The initial collateral received by the Portfolio is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower.

The Portfolio receives compensation for lending securities from interest or dividends earned on the cash, U.S. Government securities and irrevocable letters of credit held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust – Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at December 31, 2022, if any, are shown on a gross basis within the Schedule of Investments.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of December 31, 2022.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
| | **Overnight and<br>Continuous** | **Less Than<br>30 Days** | **Between<br>30 & 90 Days** | **Greater Than<br>90 Days** | **Total** |
|  Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-Traded Funds | $9804939 | $— | $— | $— | $9804939 |
|  **Total Borrowings** | $**9804939** | $**—** | $**—** | $**—** | $**9804939** |

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**5. RISK FACTORS** 

Investing in the Portfolio involves certain key risks related to the Portfolio's trading activity. Please reference the Portfolio's prospectus for a more complete discussion of the following risk(s), as well as other risks of investing in the Portfolio.

**Market risk:** The market prices of the Portfolio's securities and other assets may go up or down, sometimes sharply and unpredictably, due to general market conditions, overall economic trends or events, inflation, changes in interest rates, government actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by wars, tariffs, trade disputes or other factors, political developments, investor sentiment, the global and domestic effects of a pandemic or other health emergency, and other factors that may or may not be related to the issuer of the security or other asset. The market prices of securities and other assets also may go down due to events or conditions that affect particular sectors, industries, issuers, or geographies. Adverse market conditions may be prolonged and may not have the same impact on all types of securities or other assets. If the value of the Portfolio's securities and assets fall, the value of your investment will go down. The Portfolio may experience a substantial or complete loss on any individual security or asset.

Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, the imposition of economic sanctions, public health events (such as the spread of infectious disease), wars, terrorism, cybersecurity events, technology and data interruptions, natural disasters, and other circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. In the past decade, financial markets throughout the world have experienced increased volatility and decreased liquidity. These conditions may continue or worsen. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down. Securities markets may also be susceptible to market manipulation or other fraudulent trade practices, which could disrupt the orderly functioning of these markets or adversely affect the value of securities traded in these markets, including the Portfolio's securities.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**5. RISK FACTORS (continued)** 

The pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in economic downturns throughout the world, severe losses, particularly to some sectors of the economy and individual issuers, and reduced liquidity of many instruments. There also have been significant disruptions to business operations, including business closures; strained healthcare systems; disruptions to supply chains and employee availability; large fluctuations in consumer demand; and widespread uncertainty regarding the duration and long-term effects of the pandemic. Economic downturns may be prolonged, and political and social instability, continued volatility and decreased liquidity in the securities markets may result. Developing or emerging market countries may be more impacted by the pandemic.

The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic. These and other government intervention into the economy and financial markets may not work as intended. In addition, government actions to mitigate the economic impact of the pandemic have resulted in large expansion of government deficits and debt, the long-term consequences of which are not known. Rates of inflation have recently risen, which could adversely affect economies and markets. The pandemic could continue to adversely affect the value and liquidity of the Portfolio's investments.

*Europe:* A number of countries in Europe have experienced severe economic and financial difficulties; and financial markets in Europe and elsewhere have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen or spread within or outside Europe. Responses to the financial problems by European governments, central banks and others may not work, may result in conflicts and social unrest and may limit future growth and economic recovery or have other unintended consequences. In January, 2020, through "Brexit," the United Kingdom withdrew from the European Union. The ramifications of Brexit are unknown, and the implications of possible political, regulatory, economic, and market outcomes could be significant. The United Kingdom has one of the largest economies in Europe and is a major trading partner with European Union countries and the United States. Brexit may create additional and substantial economic stresses for the United Kingdom, including a contraction of the United Kingdom's economy, decreased trade, capital outflows, devaluation of the British pound, and a decrease in business and consumer spending and investment. The negative impact on not only the United Kingdom and European Union economies but also the broader global economy could be significant. A number of countries in Europe have suffered terror attacks, and additional attacks may occur in the future. Europe has also been struggling with mass migration from the Middle East, Eastern Europe and Africa. The ultimate effects of these events and other socio-political or geopolitical issues could profoundly affect global economies and markets. Whether or not the Portfolio invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

*Additional Market Disruption:* Russia's invasion of Ukraine in February, 2022, the resulting responses by the United States and other countries, and the potential for wider conflict, have increased and may continue to increase volatility and uncertainty in financial markets worldwide. The United States and other countries have imposed broad-ranging economic sanctions on Russia and Russian entities and individuals, and may impose additional sanctions, including on other countries that provide military or economic support to Russia. These sanctions, among other things, restrict companies from doing business with Russia and Russian issuers, and may adversely affect companies with economic or financial exposure to Russia and Russian issuers. The extent and duration of Russia's military actions and the repercussions of such actions are not known. The invasion may widen beyond Ukraine and may escalate, including through retaliatory actions and cyberattacks by Russia and even other countries. These events may result in further and significant market disruptions and may adversely affect regional and global economies including those of Europe and the United States. Certain industries and markets, such as those involving oil, natural gas and other commodities, as well as global supply chains, may be particularly adversely affected. Whether or not the Portfolio invests in securities of issuers located in Russia, Ukraine and adjacent countries or with significant exposure to issuers in these countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

**Asset allocation risk:** The Portfolio's investment performance is significantly impacted by the Portfolio's asset allocation and reallocation from time to time. The sub-adviser's decisions whether and when to tactically overweight or underweight asset classes, create and apply formulas for de-risking or ending de-risking and select a mix of underlying portfolios may not produce the desired results. These actions may be unsuccessful in maximizing return and/or avoiding investment losses. The value of your investment may decrease if the sub-adviser's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying portfolio or other issuer is incorrect. The sub-adviser may favor an asset class that performs poorly relative to other asset classes. The available underlying portfolios selected by the sub-adviser may underperform the market or similar portfolios.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**5. RISK FACTORS (continued)** 

**Fixed-income securities risk:** Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the Portfolio falls, the value of your investment will go down. The Portfolio may lose its entire investment in the fixed-income securities of an issuer.

**6. FEES AND OTHER AFFILIATED TRANSACTIONS** 

TST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Transamerica Life Insurance Company ("TLIC"), and Transamerica Financial Life Insurance Company.

TAM, the Portfolio's investment manager, is directly owned by TLIC and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon NV. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon NV, a Netherlands corporation, and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Portfolio's transfer agent. Transamerica Capital, Inc. ("TCI") is the Portfolio's distributor/principal underwriter. TAM, TFS, and TCI are affiliates of Aegon NV.

Certain officers and trustees of the Portfolio are also officers and/or trustees of TAM, TFS and TCI. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Portfolio. The Portfolio does pay non-interested persons (independent trustees), as disclosed in Trustee, CCO and deferred compensation fees within the Statement of Operations.

**Investment management fees**: TAM serves as the Portfolio's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Portfolio pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Portfolio pays a management fee to TAM based on daily average net assets at the following rates:

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| | |
|:---|:---|
| **Breakpoints <sup>(A)</sup>** | **Rate** |
|  First $500 million | 0.5000% |
|  Over $500 million up to $1 billion | 0.4900 |
|  Over $1 billion up to $2.5 billion | 0.4725 |
|  Over $2.5 billion up to $3.5 billion | 0.4650 |
|  Over $3.5 billion up to $4.5 billion | 0.4525 |
|  Over $4.5 billion | 0.4400 |

---

(A) *TAM has contractually agreed, through May 1, 2023, to waive from its management fees an amount equal to the sub-advisory fee waiver by the Portfolio's sub-adviser. These amounts are not subject to recapture by TAM.* 

TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses, reorganization expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

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| | | |
|:---|:---|:---|
| | **Operating<br>Expense Limit** | **Operating**<br> **Expense Limit**<br> **Effective Through** |
|  Initial Class | 0.55% | May 1, 2023 |
|  Service Class | 0.80 | May 1, 2023 |

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended December 31, 2022 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Portfolio, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

As of December 31, 2022, there are no amounts available for recapture by TAM.

**Distribution and service fees:** TST has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, TST entered into a distribution agreement with TCI as the Portfolio's distributor.

The Distribution Plan requires the Portfolio to pay distribution fees to TCI as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCI, on behalf of the Portfolio, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Portfolio's shares.

The fee on the Service Class shares is paid to the insurance companies for providing services and account maintenance for the policyholders who invest in the variable insurance products which invest in the Service Class shares. TCI has determined that it will not seek payment for the distribution expenses incurred by the Portfolio with respect to the Initial Class shares before May 1, 2023. Prior to TCI seeking distribution expenses on Initial Class shares, policy and contract owners will be notified in advance. The Portfolio will pay fees relating to Service Class shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Portfolio is authorized under the Distribution Plan to pay fees to TCI based on daily average net assets of each class up to the following annual rates:

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| | |
|:---|:---|
| **Class** | **Rate** |
|  Initial Class | 0.15% |
|  Service Class | 0.25 |

---

**Transfer agent costs:** TFS provides transfer agency services under an intercompany agreement with TAM. TFS has outsourced the provision of certain sub-transfer agency services to SS&C Technology Holdings, Inc ("SS&C"). The Portfolio does not pay a separate transfer agent fee to TAM or TFS but does pay certain expenses to SS&C related to applicable sub-transfer agency services. For the year ended December 31, 2022, (i) the expenses paid to SS&C by the Portfolio are referred to as Transfer agent costs and are included within the Statement of Operations and (ii) the expenses payable to SS&C by the Portfolio are referred to as Transfer agent costs within the Statement of Assets and Liabilities.

**Deferred compensation plan:** Effective September 23, 2021, the Board has approved the termination of the deferred compensation plan. Payments will be made to applicable current and former Board members consistent with Section 409A of the Code. Under a non-qualified deferred compensation plan effective January 1, 1996, as amended and restated January 1, 2010, available to the trustees, compensation may be deferred that would otherwise be payable by TST to an independent trustee on a current basis for services rendered as trustee. Deferred compensation amounts will accumulate based on the value of the investment option, as elected by the trustee. Balances pursuant to deferred compensation plan are recorded in Trustees, Chief Compliance Officer ("CCO") and deferred compensation fees within the Statement of Assets and Liabilities. For the year ended December 31, 2022, amounts included in Trustees, CCO and deferred compensation fees within the Statement of Operations reflect total compensation paid to the independent Board members.

**Brokerage commissions:** The Portfolio incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the year ended December 31, 2022.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**7. PURCHASES AND SALES OF SECURITIES** 

For the year ended December 31, 2022, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

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| | |
|:---|:---|
| **Purchases of Securities** | **Sales of Securities** |
| $385871246 | $422588720 |

---

**8. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS** 

The Portfolio has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Portfolio recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Portfolio's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Portfolio's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Portfolio's financial statements. If applicable, the Portfolio recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Portfolio identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Portfolio makes significant investments; however, the Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. There are no reclassifications in the current year.

As of December 31, 2022, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

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| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross<br>Appreciation** | **Gross<br>(Depreciation)** | **Net Appreciation<br>(Depreciation)** |
| $284098892 | $40521 | $(36831782) | $(36791261) |

---

As of December 31, 2022, the capital loss carryforwards available to offset future realized capital gains are as follows:

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| | |
|:---|:---|
| **Unlimited** | **Unlimited** |
| **Short-Term** | **Long-Term** |
| $10584672 | $2346915 |

---

During the year ended December 31, 2022, the Portfolio did not have any capital loss carryforwards utilized or expired.

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2022 and 2021 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** |
| **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of Capital** | **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of Capital** |
| $28419507 | $10327270 | $— | $3950520 | $4948000 | $— |

---

As of December 31, 2022, the tax basis components of distributable earnings are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Capital Loss<br>Carryforwards** | **Late Year<br>Ordinary Loss<br>Deferred** | **Other<br>Temporary<br>Differences** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| $3385876 | $— | $(12931587) | $— | $— | $(36791261) |

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**Report of Independent Registered Public Accounting Firm** 

*To the Shareholders and the Board of Trustees of Transamerica BlackRock iShares Active Asset Allocation — Conservative VP* 

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities of Transamerica BlackRock iShares Active Asset Allocation — Conservative VP (the "Portfolio") (one of the portfolios constituting Transamerica Series Trust (the "Trust")), including the schedule of investments, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the portfolios constituting Transamerica Series Trust) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion** 

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g438566ernst_young.jpg)

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

February 27, 2023

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**SUPPLEMENTAL TAX INFORMATION** 

**(unaudited)** 

For tax purposes, the Portfolio has made a long-term capital gain designation of $10,327,270 for the year ended December 31, 2022.

The amounts which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the U.S. are as follows:

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| | |
|:---|:---|
| **Foreign Source Income** | **Foreign Taxes** |
| $452003 | $39347 |

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**(unaudited)** 

**MARKET ENVIRONMENT** 

Macro performance in 2022 was driven by stubborn inflation and a global wave of central bank tightening, a simultaneous drag on both stock and bond returns. The perceived 'transitory' reopening inflation gave way to more persistent price increases. In fact, U.S. inflation remained at multi-decade highs for longer than policymakers expected, with pressures widespread across both goods and services. To combat inflation, the Federal Reserve increased its benchmark interest rate seven times to 4.50% during the year, the highest level in 15 years.

2022 also saw signs of transatlantic divergence in financial conditions. In addition to the inflationary pressures, Europe struggled with notable euro depreciation and continued upside risks to energy prices. The volatility was further exacerbated by the geopolitical risks stemming from Russia's ongoing invasion of Ukraine. The Bank of Japan stood nearly alone amongst developed markets central banks having not adjusted their policy rates, and was, in fact, still engaged in their yield curve control policy despite multi-decade high inflation, before tweaking its yield curve control policy in the last weeks of December.

Stock-bond correlations rose substantially and remained resolutely positive throughout 2022, as financial conditions tightened globally, and Consumer Price Index readings failed to mark a definitive peak in inflation. Global stocks fell by approximately -18% and bonds dropped by approximately -16% in 2022. As U.S. stocks suffered their worst year since the global financial crisis, the U.S. dollar strengthened against most foreign currencies in 2022. Emerging market equities also declined, with considerable performance variability among the emerging market countries. Bonds declined sharply in 2022, with shorter-term bonds outperforming longer-duration bonds. Commodities posted positive returns due primarily to significant gains in oil and other energy-related commodities following the coordinated policy of banning Russian oil imports amongst much of the European Union.

**PERFORMANCE** 

For the year ended December 31, 2022, Transamerica BlackRock iShares Active Asset Allocation – Moderate Growth VP, Initial Class returned -18.16%. By comparison, its primary, secondary and additional benchmarks, the Russell 3000<sup>®</sup> Index, the Bloomberg US Aggregate Bond Index and the Transamerica BlackRock iShares Active Asset Allocation – Moderate Growth VP Blended Benchmark, returned -19.21%, -13.01% and -15.82%, respectively.

**STRATEGY REVIEW** 

Transamerica BlackRock iShares Active Asset Allocation – Moderate Growth VP (the "Portfolio") is a global multi-asset Portfolio consisting of exposure to both equities and fixed income obtained primarily by investing in underlying exchange-traded funds advised by our affiliate. The portfolio management team seeks to generate alpha via tactical allocation across and within asset classes. The volatility control mechanism seeks to reduce the volatility of the Portfolio in periods of market downturn. Our process focuses on developing insights on the macroeconomic environment and market pricing in a robust, repeatable manner. As such, we combine high conviction tactical views while holistically analyzing market risk to effectively size active trades. This process is designed to ensure the Portfolio is diversified across a range of geographies and asset classes.

The Portfolio underperformed its blended benchmark over the 12-month period ended December 31, 2022. Tactical asset allocation decisions were positive over the period, driven predominantly by a preference for short-dated U.S. duration. A preference for European equities versus a basket of developed market equities modestly detracted early in the period. An overweight to Japanese equities also detracted. Volatility control trades detracted over the period, particularly in the fourth quarter of the year given higher equity returns. Markets were up in fourth quarter however, they were choppy. The choppiness led to higher volatility, which in line with the strategy caused the Portfolio to reduce its equity exposure.

**Philip Green** 

**Michael Pensky, CFA** 

**Co-Portfolio Managers** 

**BlackRock Investment Management, LLC** 

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| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  U.S. Equity Funds | 46.7% |
|  U.S. Fixed Income Funds | 29.9 |
|  International Equity Funds | 18.3 |
|  Other Investment Company | 6.6 |
|  Repurchase Agreement | 5.0 |
|  Net Other Assets (Liabilities) | (6.5) |
|  **Total** | 100.0% |

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*Current and future portfolio holdings are subject to change and risk.* 

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**(unaudited)**![LOGO](g438566g33y51.jpg)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Initial Class | (18.16)% | (1.81)% | 2.46% | 05/01/2011 |
|  Russell 3000<sup>®</sup> Index <sup>(A)</sup> | (19.21)% | 8.79% | 12.13% |  |
|  Bloomberg US Aggregate Bond Index <sup>(B)</sup> | (13.01)% | 0.02% | 1.06% |  |
|  Transamerica BlackRock iShares Active Asset Allocation - Moderate Growth VP Blended Benchmark <sup>(B) (C) (D) (E) (F) (G)</sup> | (15.82)% | 5.16% | 7.48% |  |
|  Service Class | (18.31)% | (2.05)% | 2.20% | 05/01/2011 |

---

<sup>(A)</sup> *The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.* 

<sup>(B)</sup> *The Bloomberg US Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities.* 

<sup>(C)</sup> *The Transamerica BlackRock iShares Active Asset Allocation – Moderate Growth VP Blended Benchmark is composed of the following benchmarks: 43% S&P 500<sup>®</sup> Index, 20% MSCI EAFE Index, 20% Bloomberg US Aggregate Bond Index, 10% Bloomberg US Treasury 7-10 Year Index and 7% Russell 2000<sup>®</sup> Index.* 

<sup>(D)</sup> *The S&P 500<sup>®</sup> Index is a market-capitalization weighted index of 500 large U.S. companies with common stock listed on the NYSE or NASDAQ.* 

<sup>(E)</sup> *The MSCI EAFE Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada.* 

<sup>(F)</sup> *The Bloomberg US Treasury 7-10 Year Index measures US dollar-denominated, fixed-rate, nominal debt issued by the US Treasury with 7-10 years to maturity.* 

<sup>(G)</sup> *The Russell 2000<sup>®</sup> Index measures the performance of the small-cap segment of the U.S. equity universe, and is comprised of approximately 2,000 of the smallest securities of the Russell 3000<sup>®</sup> Index based on a combination of market cap and current index membership.* 

The Portfolio's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Year or Since Inception calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or the redemption of Portfolio shares. The Portfolio's investment return and net asset value will fluctuate. Investors' shares when redeemed may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month end. Portfolio performance is net of investment fees and Portfolio expenses, but not product charges, which, if included, would significantly lower the performance quoted.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of previously waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Tactical asset allocation is an investment strategy that actively adjusts a portfolio's asset allocation. The Portfolio's tactical asset management discipline may not work as intended. The Portfolio may not achieve its objective and may not perform as well as other portfolios using other asset management styles.

ETFs generally present the same risks as an investment in a conventional fund that has the same investment objectives, strategies and policies. The market price of an ETF's shares may be above or below the shares' net asset value; and an active trading market for an ETF's share may not develop or be maintained.

Russell<sup>®</sup> and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.

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**DISCLOSURE OF EXPENSES** 

**(unaudited)** 

**SHAREHOLDER EXPENSES** 

Portfolio shareholders may incur two types of costs: (i) transaction costs, including brokerage commissions on purchases and sales of portfolio shares; and (ii) ongoing costs, including management fees, and other portfolio expenses.

The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other portfolios.

The example is based on an investment of $1,000 invested at July 1, 2022, and held for the entire six-month period until December 31, 2022.

**ACTUAL EXPENSES** 

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

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES** 

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Portfolio shares. Therefore, the information under the heading "Hypothetical Expenses" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different portfolios. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries, or other financial institutions.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Actual Expenses** | **Actual Expenses** | **Hypothetical Expenses <sup>(A)</sup>** | **Hypothetical Expenses <sup>(A)</sup>** | |
| <br>**Class** |<br>**Beginning<br>Account Value<br>July 1, 2022** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** |<br>**Net Annualized<br>Expense Ratio <sup>(C) (D)</sup>** |
|  Initial Class | $&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;1000.90 | $&nbsp;&nbsp;&nbsp;&nbsp;2.37 | $&nbsp;&nbsp;&nbsp;&nbsp;1022.80 | $&nbsp;&nbsp;&nbsp;&nbsp;2.40 | 0.47% |
|  Service Class | 1000.00 | 999.70 | 3.63 | 1021.60 | 3.67 | 0.72 |

---

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

(B) *Expenses are calculated using the Portfolio's net annualized expense ratio, as disclosed in the table, multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (365 days).*

(C) *Net annualized expense ratios, as disclosed in the table, do not include the expenses of the underlying investments in which the Portfolio invests. The net annualized expense ratios, as stated in the fee table of the Portfolio's Prospectus, may differ from the expense ratios disclosed in this report.*

(D) *Net annualized expense ratios are reflective of applicable fee waivers and/or reimbursements and recapture, if any, and are based on the most recent six-months which may differ from the net expense ratio displayed in the Financial Highlights that covers a twelve-month period.*

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 3** 

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##### [**Table of Contents**](#toc)
**Transamerica BlackRock iShares Active Asset Allocation – Moderate Growth VP** 

------

**SCHEDULE OF INVESTMENTS** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS - 94.9%** | **EXCHANGE-TRADED FUNDS - 94.9%** | **EXCHANGE-TRADED FUNDS - 94.9%** |
| **International Equity Funds - 18.3%** | **International Equity Funds - 18.3%** | **International Equity Funds - 18.3%** |
|  iShares Core MSCI EAFE ETF | 523162 | $32247706 |
|  iShares MSCI EAFE ETF | 469150 | 30795006 |
|  |  | 63042712 |
| **U.S. Equity Funds - 46.7%** | **U.S. Equity Funds - 46.7%** | **U.S. Equity Funds - 46.7%** |
|  iShares Core S&P 500 ETF | 354359 | 136148271 |
|  iShares Russell 2000 ETF <sup>(A)</sup> | 139371 | 24300728 |
|  |  | 160448999 |
| **U.S. Fixed Income Funds - 29.9%** | **U.S. Fixed Income Funds - 29.9%** | **U.S. Fixed Income Funds - 29.9%** |
|  iShares 7-10 Year Treasury Bond ETF <sup>(A)</sup> | 278505 | 26675209 |
|  iShares Core U.S. Aggregate Bond ETF | 578900 | 56147511 |
|  iShares iBoxx $ Investment Grade Corporate Bond ETF | 73482 | 7747207 |
|  iShares Short Treasury Bond ETF | 79777 | 8769088 |
|  iShares U.S. Treasury Bond ETF | 156813 | 3562791 |
|  |  | 102901806 |
|  **Total Exchange-Traded Funds <br>(Cost $341,366,715)** | **Total Exchange-Traded Funds <br>(Cost $341,366,715)** | 326393517 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **OTHER INVESTMENT COMPANY - 6.6%** | **OTHER INVESTMENT COMPANY - 6.6%** | **OTHER INVESTMENT COMPANY - 6.6%** |
| **Securities Lending Collateral - 6.6%** | **Securities Lending Collateral - 6.6%** | **Securities Lending Collateral - 6.6%** |
|  State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 4.29% <sup>(B)</sup> | 22723480 | $22723480 |
|  **Total Other Investment Company <br>(Cost $22,723,480)** | **Total Other Investment Company <br>(Cost $22,723,480)** | 22723480 |
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 5.0%** | **REPURCHASE AGREEMENT - 5.0%** | **REPURCHASE AGREEMENT - 5.0%** |
|  Fixed Income Clearing Corp., 1.80% <sup>(B)</sup>, dated 12/30/2022, to be repurchased at $17,033,913 on 01/03/2023. Collateralized by a U.S. Government Obligation, 2.75%, due 02/15/2024, and with a value of $17,371,138. | $17030507 | 17030507 |
|  **Total Repurchase Agreement <br>(Cost $17,030,507)** | **Total Repurchase Agreement <br>(Cost $17,030,507)** | 17030507 |
|  **Total Investments <br>(Cost $381,120,702)** | **Total Investments <br>(Cost $381,120,702)** | 366147504 |
|  **Net Other Assets (Liabilities) - (6.5)%** |  | (22378295) |
|  **Net Assets - 100.0%** |  | **$343769209** |

---

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(C)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Exchange-Traded Funds | $326393517 | $— | $— | $326393517 |
|  Other Investment Company | 22723480 |  |  | 22723480 |
|  Repurchase Agreement |  | 17030507 |  | 17030507 |
|  **Total Investments** | $**349116997** | $**17030507** | $**—** | $**366147504** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *All or a portion of the securities are on loan. The total value of all securities on loan is $40,317,255, collateralized by cash collateral of $22,723,480 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $18,429,883. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.* 

(B) *Rates disclosed reflect the yields at December 31, 2022.* 

(C) *There were no transfers in or out of Level 3 during the year ended December 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 4** 

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##### [**Table of Contents**](#toc)
**Transamerica BlackRock iShares Active Asset Allocation – Moderate Growth VP** 

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**STATEMENT OF ASSETS AND LIABILITIES** 

**At December 31, 2022** 

---

| | |
|:---|:---|
|  **Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments, at value (cost $364,090,195) <br>(including securities loaned of $40,317,255) | $349116997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreement, at value (cost $17,030,507) | 17030507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables and other assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 13875962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 8698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest sold | 546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 1703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 1671 |
|  Total assets | 380036084 |
|  **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral received upon return of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities on loan | 22723480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables and other liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 13266390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest redeemed | 15655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 133499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 69869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 3720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 14997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 6740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 2154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 24735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 5225 |
|  Total liabilities | 36266875 |
|  **Net assets** | $343769209 |
|  **Net assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital stock ($0.01 par value) | $387578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 427119151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) | (83737520) |
|  **Net assets** | $&nbsp;&nbsp;&nbsp;&nbsp;343769209 |
|  **Net assets by class:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | $21898630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 321870579 |
|  **Shares outstanding:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 2452210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 36305618 |
|  **Net asset value and offering price per share:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | $8.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 8.87 |

---

**STATEMENT OF OPERATIONS** 

**For the year ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income from unaffiliated investments | $7398374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income from unaffiliated investments | 36612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 300263 |
|  Total investment income | 7735249 |
|  **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 1959937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 921537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 4073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 16374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 23321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 19023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 21760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 35205 |
|  Total expenses before waiver and/or reimbursement and recapture | 3001521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses waived and/or reimbursed: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (12131) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (191150) |
|  Net expenses | 2798240 |
|  **Net investment income (loss)** | 4937009 |
|  **Net realized gain (loss) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments | (73173926) |
|  **Net change in unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments | (17887770) |
|  Net realized and change in unrealized gain (loss) | (91061696) |
|  **Net increase (decrease) in net assets resulting from operations** | $&nbsp;&nbsp;&nbsp;&nbsp;(86124687) |

---

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 5** 

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##### [**Table of Contents**](#toc)
**Transamerica BlackRock iShares Active Asset Allocation – Moderate Growth VP** 

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**STATEMENT OF CHANGES IN NET ASSETS** 

**For the years ended:** 

---

| | | |
|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2021** |
|  **From operations:** | **From operations:** | **From operations:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $4937009 | $5071667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (73173926) | 53938722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (17887770) | (22570235) |
|  Net increase (decrease) in net assets resulting from operations | (86124687) | 36440154 |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (1411591) | (212216) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (20703776) | (2507563) |
|  Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (22115367) | (2719779) |
|  **Capital share transactions:** | **Capital share transactions:** | **Capital share transactions:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 1024437 | 959540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 3622184 | 3309084 |
|  | 4646621 | 4268624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 1411591 | 212216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 20703776 | 2507563 |
|  | 22115367 | 2719779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (1490399) | (1866478) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (57178823) | (70369563) |
|  | (58669222) | (72236041) |
|  Net increase (decrease) in net assets resulting from capital share transactions | (31907234) | (65247638) |
|  **Net increase (decrease) in net assets** | (140147288) | (31527263) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 483916497 | 515443760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $&nbsp;&nbsp;&nbsp;&nbsp;343769209 | $&nbsp;&nbsp;&nbsp;&nbsp;483916497 |
|  **Capital share transactions - shares:** | **Capital share transactions - shares:** | **Capital share transactions - shares:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 102474 | 86034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 368200 | 299760 |
|  | 470674 | 385794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 151947 | 18632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 2243096 | 221516 |
|  | 2395043 | 240148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (149395) | (167192) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (5866577) | (6348478) |
|  | (6015972) | (6515670) |
|  Net increase (decrease) in shares outstanding: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 105026 | (62526) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (3255281) | (5827202) |
|  | (3150255) | (5889728) |

---

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 6** 

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##### [**Table of Contents**](#toc)
**Transamerica BlackRock iShares Active Asset Allocation – Moderate Growth VP** 

------

**FINANCIAL HIGHLIGHTS** 

**For a share outstanding during the years indicated:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $11.63 | $10.86 | $11.54 | $11.32 | $12.19 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(A)</sup> | 0.15 | 0.14 | 0.08 | 0.21 | 0.21 |
|  Net realized and unrealized gain (loss) | (2.24) | 0.72 | (0.31) | 1.05 | (0.89) |
|  Total investment operations | (2.09) | 0.86 | (0.23) | 1.26 | (0.68) |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income | (0.16) | (0.09) | (0.23) | (0.24) | (0.19) |
|  Net realized gains | (0.45) |  | (0.22) | (0.80) |  |
|  Total dividends and/or distributions to shareholders | (0.61) | (0.09) | (0.45) | (1.04) | (0.19) |
|  **Net asset value, end of year** | $8.93 | $11.63 | $10.86 | $11.54 | $11.32 |
|  **Total return** | (18.16)% | 7.94% | (1.85)% | 11.59% | (5.67)% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;21899 | $&nbsp;&nbsp;&nbsp;&nbsp;27300 | $&nbsp;&nbsp;&nbsp;&nbsp;26178 | $&nbsp;&nbsp;&nbsp;&nbsp;28494 | $&nbsp;&nbsp;&nbsp;&nbsp;27579 |
|  Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.53% | 0.58% | 0.58% | 0.58% | 0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.48 %<sup>(C)</sup> | 0.57 %<sup>(C)</sup> | 0.58% | 0.58% | 0.57% |
|  Net investment income (loss) to average net assets | 1.52% | 1.29% | 0.79% | 1.79% | 1.72% |
|  Portfolio turnover rate | 309% | 268% | 105% | 205% | 323% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Does not include expenses of the underlying investments in which the Portfolio invests.* 

(C) *TAM has contractually agreed, through May 1, 2023, to waive from its management fees an amount equal to the sub-advisory fee waiver by the Portfolio's sub-adviser. These amounts are not subject to recapture by TAM.* 

**For a share outstanding during the years indicated:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $11.54 | $10.78 | $11.45 | $11.23 | $12.10 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(A)</sup> | 0.12 | 0.11 | 0.06 | 0.18 | 0.17 |
|  Net realized and unrealized gain (loss) | (2.21) | 0.71 | (0.31) | 1.04 | (0.88) |
|  Total investment operations | (2.09) | 0.82 | (0.25) | 1.22 | (0.71) |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income | (0.13) | (0.06) | (0.20) | (0.20) | (0.16) |
|  Net realized gains | (0.45) |  | (0.22) | (0.80) |  |
|  Total dividends and/or distributions to shareholders | (0.58) | (0.06) | (0.42) | (1.00) | (0.16) |
|  **Net asset value, end of year** | $8.87 | $11.54 | $10.78 | $11.45 | $11.23 |
|  **Total return** | (18.31)% | 7.62% | (2.08)% | 11.36% | (5.95)% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;321870 | $&nbsp;&nbsp;&nbsp;&nbsp;456616 | $&nbsp;&nbsp;&nbsp;&nbsp;489266 | $&nbsp;&nbsp;&nbsp;&nbsp;574986 | $&nbsp;&nbsp;&nbsp;&nbsp;593734 |
|  Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.78% | 0.83% | 0.83% | 0.83% | 0.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.73 %<sup>(C)</sup> | 0.82 %<sup>(C)</sup> | 0.83% | 0.83% | 0.82% |
|  Net investment income (loss) to average net assets | 1.24% | 1.00% | 0.53% | 1.54% | 1.45% |
|  Portfolio turnover rate | 309% | 268% | 105% | 205% | 323% |

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(A) *Calculated based on average number of shares outstanding.* 

(B) *Does not include expenses of the underlying investments in which the Portfolio invests.* 

(C) *TAM has contractually agreed, through May 1, 2023, to waive from its management fees an amount equal to the sub-advisory fee waiver by the Portfolio's sub-adviser. These amounts are not subject to recapture by TAM.* 

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

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**NOTES TO FINANCIAL STATEMENTS** 

**At December 31, 2022** 

**1. ORGANIZATION** 

Transamerica Series Trust ("TST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). TST applies investment company accounting and reporting guidance. TST serves as a funding vehicle for variable life insurance, variable annuity, and group annuity products. Transamerica BlackRock iShares Active Asset Allocation – Moderate Growth VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers two classes of shares, Initial Class and Service Class.

The only shareholders of the Portfolio are affiliated insurance company separate accounts and affiliated asset allocation portfolios. Contract holders of the variable life and annuity contracts are not shareholders of the Portfolio. For ease of reference, shareholders and contract holders are collectively referred to in this report as "shareholders."

This report must be accompanied or preceded by the Portfolio's current prospectus, which contains additional information about the Portfolio, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Portfolio pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Portfolio. TAM supervises the Portfolio's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Portfolio.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of a Portfolio without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Portfolio and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Portfolio employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending portfolio combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Portfolio's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Portfolio; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for a Portfolio; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Portfolio's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; oversight of other service providers to the Portfolio, such as the custodian, the transfer agent, the Portfolio's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Portfolio; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Portfolio, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**1. ORGANIZATION (continued)** 

Portfolio. The Portfolio pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the year ended December 31, 2022, (i) the expenses paid to State Street for sub-administration services by the Portfolio are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Portfolio are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES** 

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

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Interest income, if any, is accrued as earned. Dividend income and capital gain distributions from underlying investments, if any, are recorded on the ex-dividend date. Income or short-term capital gain distributions received from underlying investments, if any, are recorded as Dividend income from investments within the Statement of Operations. Long-term capital gain distributions received from underlying investments, if any, are recorded as Net realized gain (loss) on Capital gain distributions received from investments within the Statement of Operations.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Portfolio with broker/dealers with which TST has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Portfolio. In no event will commissions, paid by the Portfolio, be used to pay expenses that would otherwise be borne by any other portfolios within TST, or by any other party.

There were no commissions recaptured during the year ended December 31, 2022 by the Portfolio.

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

**3. INVESTMENT VALUATION** 

Effective September 8, 2022, TAM has been designated as the Portfolio's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Portfolio's Board of Trustees. The net asset value of the Portfolio is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

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

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

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

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Portfolio's investments.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**3. INVESTMENT VALUATION (continued)** 

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Portfolio's investments at December 31, 2022, is disclosed within the Investment Valuation section of the Schedule of Investments.

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

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

*Exchange-traded funds ("ETF"):* ETFs are stated at the last reported sale price or closing price on the day of valuation taken from the primary exchange where the ETF is principally traded. ETFs are generally categorized in Level 1 of the fair value hierarchy.

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

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

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

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

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the year ended December 31, 2022, the Portfolio has not utilized the program.

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

Repurchase agreements are subject to netting agreements, which are agreements between the Portfolio and its counterparties that provide for the net settlement of all transactions and collateral with the Portfolio, through a single payment, in the event of default or

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)** 

termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at December 31, 2022.

Repurchase agreements at December 31, 2022, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**Securities lending:** The Portfolio may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Portfolio pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Portfolio to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Portfolio may experience delays in recovery of the loaned securities or delays in access to collateral, or the Portfolio may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government and irrevocable letters of credit issued by banks as collateral. The initial collateral received by the Portfolio is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower.

The Portfolio receives compensation for lending securities from interest or dividends earned on the cash, U.S. Government securities and irrevocable letters of credit held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust – Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at December 31, 2022, if any, are shown on a gross basis within the Schedule of Investments.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of December 31, 2022.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
| | **Overnight and<br>Continuous** | **Less Than<br>30 Days** | **Between<br>30 & 90 Days** | **Greater Than<br>90 Days** | **Total** |
|  Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-Traded Funds | $22723480 | $— | $— | $— | $22723480 |
|  **Total Borrowings** | $**22723480** | $**—** | $**—** | $**—** | $**22723480** |

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**5. RISK FACTORS** 

Investing in the Portfolio involves certain key risks related to the Portfolio's trading activity. Please reference the Portfolio's prospectus for a more complete discussion of the following risk(s), as well as other risks of investing in the Portfolio.

**Market risk:** The market prices of the Portfolio's securities and other assets may go up or down, sometimes sharply and unpredictably, due to general market conditions, overall economic trends or events, inflation, changes in interest rates, government actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by wars, tariffs, trade disputes or other factors, political developments, investor sentiment, the global and domestic effects of a pandemic or other health emergency, and other factors that may or may not be related to the issuer of the security or other asset. The market prices of securities and other assets also may go down due to events or conditions that affect particular sectors, industries, issuers, or geographies. Adverse market conditions may be prolonged and may not have the same impact on all types of securities or other assets. If the value of the Portfolio's securities and assets fall, the value of your investment will go down. The Portfolio may experience a substantial or complete loss on any individual security or asset.

Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, the imposition of economic sanctions, public health events (such as the spread of infectious disease), wars,

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**5. RISK FACTORS (continued)** 

terrorism, cybersecurity events, technology and data interruptions, natural disasters, and other circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. In the past decade, financial markets throughout the world have experienced increased volatility and decreased liquidity. These conditions may continue or worsen. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down. Securities markets may also be susceptible to market manipulation or other fraudulent trade practices, which could disrupt the orderly functioning of these markets or adversely affect the value of securities traded in these markets, including the Portfolio's securities.

The pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in economic downturns throughout the world, severe losses, particularly to some sectors of the economy and individual issuers, and reduced liquidity of many instruments. There also have been significant disruptions to business operations, including business closures; strained healthcare systems; disruptions to supply chains and employee availability; large fluctuations in consumer demand; and widespread uncertainty regarding the duration and long-term effects of the pandemic. Economic downturns may be prolonged, and political and social instability, continued volatility and decreased liquidity in the securities markets may result. Developing or emerging market countries may be more impacted by the pandemic.

The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic. These and other government intervention into the economy and financial markets may not work as intended. In addition, government actions to mitigate the economic impact of the pandemic have resulted in large expansion of government deficits and debt, the long-term consequences of which are not known. Rates of inflation have recently risen, which could adversely affect economies and markets. The pandemic could continue to adversely affect the value and liquidity of the Portfolio's investments.

*Europe:* A number of countries in Europe have experienced severe economic and financial difficulties; and financial markets in Europe and elsewhere have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen or spread within or outside Europe. Responses to the financial problems by European governments, central banks and others may not work, may result in conflicts and social unrest and may limit future growth and economic recovery or have other unintended consequences. In January, 2020, through "Brexit," the United Kingdom withdrew from the European Union. The ramifications of Brexit are unknown, and the implications of possible political, regulatory, economic, and market outcomes could be significant. The United Kingdom has one of the largest economies in Europe and is a major trading partner with European Union countries and the United States. Brexit may create additional and substantial economic stresses for the United Kingdom, including a contraction of the United Kingdom's economy, decreased trade, capital outflows, devaluation of the British pound, and a decrease in business and consumer spending and investment. The negative impact on not only the United Kingdom and European Union economies but also the broader global economy could be significant. A number of countries in Europe have suffered terror attacks, and additional attacks may occur in the future. Europe has also been struggling with mass migration from the Middle East, Eastern Europe and Africa. The ultimate effects of these events and other socio-political or geopolitical issues could profoundly affect global economies and markets. Whether or not the Portfolio invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

*Additional Market Disruption:* Russia's invasion of Ukraine in February, 2022, the resulting responses by the United States and other countries, and the potential for wider conflict, have increased and may continue to increase volatility and uncertainty in financial markets worldwide. The United States and other countries have imposed broad-ranging economic sanctions on Russia and Russian entities and individuals, and may impose additional sanctions, including on other countries that provide military or economic support to Russia. These sanctions, among other things, restrict companies from doing business with Russia and Russian issuers, and may adversely affect companies with economic or financial exposure to Russia and Russian issuers. The extent and duration of Russia's military actions and the repercussions of such actions are not known. The invasion may widen beyond Ukraine and may escalate, including through retaliatory actions and cyberattacks by Russia and even other countries. These events may result in further and significant market disruptions and may adversely affect regional and global economies including those of Europe and the United States. Certain industries and markets, such as those involving oil, natural gas and other commodities, as well as global supply chains, may be particularly adversely affected. Whether or not the Portfolio invests in securities of issuers located in Russia, Ukraine and adjacent countries or with significant exposure to issuers in these countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**5. RISK FACTORS (continued)** 

**Asset allocation risk:** The Portfolio's investment performance is significantly impacted by the Portfolio's asset allocation and reallocation from time to time. The sub-adviser's decisions whether and when to tactically overweight or underweight asset classes, create and apply formulas for de-risking or ending de-risking and select a mix of underlying portfolios may not produce the desired results. These actions may be unsuccessful in maximizing return and/or avoiding investment losses. The value of your investment may decrease if the sub-adviser's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying portfolio or other issuer is incorrect. The sub-adviser may favor an asset class that performs poorly relative to other asset classes. The available underlying portfolios selected by the sub-adviser may underperform the market or similar portfolios.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The value of equity securities fluctuates based on real or perceived changes in a company's financial condition, factors affecting a particular industry or industries, and overall market, economic and political conditions. If the market prices of the equity securities owned by the Portfolio fall, the value of your investment in the Portfolio will decline. The Portfolio may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**6. FEES AND OTHER AFFILIATED TRANSACTIONS** 

TST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Transamerica Life Insurance Company ("TLIC"), and Transamerica Financial Life Insurance Company.

TAM, the Portfolio's investment manager, is directly owned by TLIC and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon NV. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon NV, a Netherlands corporation, and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Portfolio's transfer agent. Transamerica Capital, Inc. ("TCI") is the Portfolio's distributor/principal underwriter. TAM, TFS, and TCI are affiliates of Aegon NV.

Certain officers and trustees of the Portfolio are also officers and/or trustees of TAM, TFS and TCI. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Portfolio. The Portfolio does pay non-interested persons (independent trustees), as disclosed in Trustee, CCO and deferred compensation fees within the Statement of Operations.

**Investment management fees:** TAM serves as the Portfolio's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Portfolio pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Portfolio pays a management fee to TAM based on daily average net assets at the following rates:

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| | |
|:---|:---|
| **Breakpoints <sup>(A)</sup>** | **Rate** |
|  First $500 million | 0.5000% |
|  Over $500 million up to $1 billion | 0.4900 |
|  Over $1 billion up to $2.5 billion | 0.4725 |
|  Over $2.5 billion up to $3.5 billion | 0.4650 |
|  Over $3.5 billion up to $4.5 billion | 0.4525 |
|  Over $4.5 billion | 0.4400 |

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(A) *TAM has contractually agreed, through May 1, 2023, to waive from its management fees an amount equal to the sub-advisory fee waiver by the Portfolio's sub-adviser. These amounts are not subject to recapture by TAM.* 

TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses, reorganization expenses and other expenses not incurred in the ordinary course of the

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

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| | | |
|:---|:---|:---|
| | **Operating<br>Expense Limit** | **Operating**<br> **Expense Limit**<br> **Effective Through** |
|  Initial Class | 0.55% | May 1, 2023 |
|  Service Class | 0.80 | May 1, 2023 |

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TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended December 31, 2022 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Portfolio, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

As of December 31, 2022, there are no amounts available for recapture by TAM.

**Distribution and service fees:** TST has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, TST entered into a distribution agreement with TCI as the Portfolio's distributor.

The Distribution Plan requires the Portfolio to pay distribution fees to TCI as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCI, on behalf of the Portfolio, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Portfolio's shares.

The fee on the Service Class shares is paid to the insurance companies for providing services and account maintenance for the policyholders who invest in the variable insurance products which invest in the Service Class shares. TCI has determined that it will not seek payment for the distribution expenses incurred by the Portfolio with respect to the Initial Class shares before May 1, 2023. Prior to TCI seeking distribution expenses on Initial Class shares, policy and contract owners will be notified in advance. The Portfolio will pay fees relating to Service Class shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Portfolio is authorized under the Distribution Plan to pay fees to TCI based on daily average net assets of each class up to the following annual rates:

---

| | |
|:---|:---|
| **Class** | **Rate** |
|  Initial Class | 0.15% |
|  Service Class | 0.25 |

---

**Transfer agent costs:** TFS provides transfer agency services under an intercompany agreement with TAM. TFS has outsourced the provision of certain sub-transfer agency services to SS&C Technology Holdings, Inc ("SS&C"). The Portfolio does not pay a separate transfer agent fee to TAM or TFS but does pay certain expenses to SS&C related to applicable sub-transfer agency services. For the year ended December 31, 2022, (i) the expenses paid to SS&C by the Portfolio are referred to as Transfer agent costs and are included within the Statement of Operations and (ii) the expenses payable to SS&C by the Portfolio are referred to as Transfer agent costs within the Statement of Assets and Liabilities.

**Deferred compensation plan:** Effective September 23, 2021, the Board has approved the termination of the deferred compensation plan. Payments will be made to applicable current and former Board members consistent with Section 409A of the Code. Under a non-qualified deferred compensation plan effective January 1, 1996, as amended and restated January 1, 2010, available to the trustees, compensation may be deferred that would otherwise be payable by TST to an independent trustee on a current basis for

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**Page 14** 

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**Transamerica BlackRock iShares Active Asset Allocation – Moderate Growth VP** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

services rendered as trustee. Deferred compensation amounts will accumulate based on the value of the investment option, as elected by the trustee. Balances pursuant to deferred compensation plan are recorded in Trustees, Chief Compliance Officer ("CCO") and deferred compensation fees within the Statement of Assets and Liabilities. For the year ended December 31, 2022, amounts included in Trustees, CCO and deferred compensation fees within the Statement of Operations reflect total compensation paid to the independent Board members.

**Brokerage commissions:** The Portfolio incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the year ended December 31, 2022.

**7. PURCHASES AND SALES OF SECURITIES** 

For the year ended December 31, 2022, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | |
|:---|:---|
| **Purchases of Securities** | **Sales of Securities** |
| $1212142608 | $1277456383 |

---

**8. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS** 

The Portfolio has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Portfolio recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Portfolio's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Portfolio's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Portfolio's financial statements. If applicable, the Portfolio recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Portfolio identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Portfolio makes significant investments; however, the Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. There are no reclassifications in the current year.

As of December 31, 2022, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross<br>Appreciation** | **Gross<br>(Depreciation)** | **Net Appreciation<br>(Depreciation)** |
| $422122182 | $3326406 | $(59301084) | $(55974678) |

---

As of December 31, 2022, the capital loss carryforwards available to offset future realized capital gains are as follows:

---

| | |
|:---|:---|
| **Unlimited** | **Unlimited** |
| **Short-Term** | **Long-Term** |
| $32102363 | $560480 |

---

During the year ended December 31, 2022, the Portfolio did not have any capital loss carryforwards utilized or expired.

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**Page 15** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**8. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)** 

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2022 and 2021 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** |
| **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of Capital** | **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of Capital** |
| $5055889 | $17059478 | $— | $2719779 | $— | $— |

---

As of December 31, 2022, the tax basis components of distributable earnings are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Capital Loss<br>Carryforwards** | **Late Year<br>Ordinary Loss<br>Deferred** | **Other<br>Temporary<br>Differences** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| $4900001 | $— | $(32662843) | $— | $— | $(55974678) |

---

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| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 16** 

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**Report of Independent Registered Public Accounting Firm** 

*To the Shareholders and the Board of Trustees of Transamerica BlackRock iShares Active Asset Allocation — Moderate Growth VP* 

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities of Transamerica BlackRock iShares Active Asset Allocation — Moderate Growth VP (the "Portfolio") (one of the portfolios constituting Transamerica Series Trust) (the "Trust")), including the schedule of investments, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the portfolios constituting Transamerica Series Trust) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion** 

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g438566ernst_young.jpg)

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

February 27, 2023

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**Page 17** 

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**SUPPLEMENTAL TAX INFORMATION** 

**(unaudited)** 

For tax purposes, the Portfolio has made a long-term capital gain designation of $17,059,478 for the year ended December 31, 2022.

The amounts which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the U.S. are as follows:

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| | |
|:---|:---|
| **Foreign Source Income** | **Foreign Taxes** |
| $1080264 | $90223 |

---

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**Page 18** 

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**Transamerica BlackRock iShares Active Asset Allocation – Moderate VP** 

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**(unaudited)** 

**MARKET ENVIRONMENT** 

Macro performance in 2022 was driven by stubborn inflation and a global wave of central bank tightening, a simultaneous drag on both stock and bond returns. The perceived 'transitory' reopening inflation gave way to more persistent price increases. In fact, U.S. inflation remained at multi-decade highs for longer than policymakers expected, with pressures widespread across both goods and services. To combat inflation, the Federal Reserve increased its benchmark interest rate seven times to 4.50% during the year, the highest level in 15 years.

2022 also saw signs of transatlantic divergence in financial conditions. In addition to the inflationary pressures, Europe struggled with notable euro depreciation and continued upside risks to energy prices. The volatility was further exacerbated by the geopolitical risks stemming from Russia's ongoing invasion of Ukraine. The Bank of Japan stood nearly alone amongst developed markets central banks having not adjusted their policy rates, and was, in fact, still engaged in their yield curve control policy despite multi-decade high inflation, before tweaking its yield curve control policy in the last weeks of December.

Stock-bond correlations rose substantially and remained resolutely positive throughout 2022, as financial conditions tightened globally, and Consumer Price Index readings failed to mark a definitive peak in inflation. Global stocks fell by approximately -18% and bonds dropped by approximately -16% in 2022. As U.S. stocks suffered their worst year since the global financial crisis, the U.S. dollar strengthened against most foreign currencies in 2022. Emerging market equities also declined, with considerable performance variability among the emerging market countries. Bonds declined sharply in 2022, with shorter-term bonds outperforming longer-duration bonds. Commodities posted positive returns due primarily to significant gains in oil and other energy-related commodities following the coordinated policy of banning Russian oil imports amongst much of the European Union.

**PERFORMANCE** 

For the year ended December 31, 2022, Transamerica BlackRock iShares Active Asset Allocation – Moderate VP, Initial Class returned -16.86%. By comparison, its primary, secondary and additional benchmarks, the Bloomberg US Aggregate Bond Index, the Russell 3000<sup>®</sup> Index and the Transamerica BlackRock iShares Active Asset Allocation – Moderate VP Blended Benchmark, returned -13.01%, -19.21% and -15.02%, respectively.

**STRATEGY REVIEW** 

Transamerica BlackRock iShares Active Asset Allocation – Moderate VP (the "Portfolio") is a global multi-asset Portfolio consisting of exposure to both equities and fixed income obtained primarily by investing in underlying exchange-traded funds advised by our affiliate. The portfolio management team seeks to generate alpha via tactical allocation across and within asset classes. The volatility control mechanism seeks to reduce the volatility of the Portfolio in periods of market downturn. Our process focuses on developing insights on the macroeconomic environment and market pricing in a robust, repeatable manner. As such, we combine high conviction tactical views while holistically analyzing market risk to effectively size active trades. This process is designed to ensure the Portfolio is diversified across a range of geographies and asset classes.

The Portfolio underperformed the benchmark over the 12-month period ended December 31, 2022. Tactical asset allocation decisions were positive over the period, driven predominantly by a preference for short-dated U.S. duration. A preference for European equities versus a basket of developed market equities modestly detracted early in the period. An overweight to Japanese equities also detracted. Volatility control trades detracted over the period, particularly in the fourth quarter of the year given higher equity returns. Markets were up in fourth quarter however, they were choppy. The choppiness led to higher volatility, which in line with the strategy caused the Portfolio to reduce its equity exposure.

**Philip Green** 

**Michael Pensky, CFA** 

**Co-Portfolio Managers** 

**BlackRock Investment Management, LLC** 

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| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  U.S. Fixed Income Funds | 59.3% |
|  U.S. Equity Funds | 27.3 |
|  International Equity Funds | 10.8 |
|  Other Investment Company | 5.8 |
|  Repurchase Agreement | 1.5 |
|  Net Other Assets (Liabilities) | (4.7) |
|  **Total** | 100.0% |

---

*Current and future portfolio holdings are subject to change and risk.* 

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**Page 1** 

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**Transamerica BlackRock iShares Active Asset Allocation – Moderate VP** 

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**(unaudited)**![LOGO](g438566g87j28.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Initial Class | (16.86)% | 0.00% | 2.78% | 05/01/2011 |
|  Bloomberg US Aggregate Bond Index <sup>(A)</sup> | (13.01)% | 0.02% | 1.06% |  |
|  Russell 3000<sup>®</sup> Index <sup>(B)</sup> | (19.21)% | 8.79% | 12.13% |  |
|  Transamerica BlackRock iShares Active Asset Allocation - Moderate VP Blended Benchmark <sup>(A) (C) (D) (E) (F) (G)</sup> | (15.02)% | 3.80% | 5.70% |  |
|  Service Class | (17.14)% | (0.26)% | 2.52% | 05/01/2011 |

---

<sup>(A)</sup> *The Bloomberg US Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities.* 

<sup>(B)</sup> *The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.* 

<sup>(C)</sup> *The Transamerica BlackRock iShares Active Asset Allocation – Moderate VP Blended Benchmark is composed of the following benchmarks: 35% Bloomberg US Aggregate Bond Index, 30% S&P 500<sup>®</sup> Index, 15% MSCI EAFE Index, 15% Bloomberg US Treasury 7-10 Year Index and 5% Russell 2000<sup>®</sup> Index.* 

<sup>(D)</sup> *The S&P 500<sup>®</sup> Index is a market-capitalization weighted index of 500 large U.S. companies with common stock listed on the NYSE or NASDAQ.* 

<sup>(E)</sup> *The MSCI EAFE Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada.* 

<sup>(F)</sup> *The Bloomberg US Treasury 7-10 Year Index measures US dollar-denominated, fixed-rate, nominal debt issued by the US Treasury with 7-10 years to maturity.* 

<sup>(G)</sup> *The Russell 2000<sup>®</sup> Index measures the performance of the small-cap segment of the U.S. equity universe, and is comprised of approximately 2,000 of the smallest securities of the Russell 3000<sup>®</sup> Index based on a combination of market cap and current index membership.* 

The Portfolio's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Year or Since Inception calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or the redemption of Portfolio shares. The Portfolio's investment return and net asset value will fluctuate. Investors' shares when redeemed may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month end. Portfolio performance is net of investment fees and Portfolio expenses, but not product charges, which, if included, would significantly lower the performance quoted.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of previously waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Tactical asset allocation is an investment strategy that actively adjusts a portfolio's asset allocation. The Portfolio's tactical asset management discipline may not work as intended. The Portfolio may not achieve its objective and may not perform as well as other portfolios using other asset management styles.

ETFs generally present the same risks as an investment in a conventional fund that has the same investment objectives, strategies and policies. The market price of an ETF's shares may be above or below the shares' net asset value; and an active trading market for an ETF's share may not develop or be maintained.

Russell<sup>®</sup> and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.

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**DISCLOSURE OF EXPENSES** 

**(unaudited)** 

**SHAREHOLDER EXPENSES** 

Portfolio shareholders may incur two types of costs: (i) transaction costs, including brokerage commissions on purchases and sales of portfolio shares; and (ii) ongoing costs, including management fees, and other portfolio expenses.

The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other portfolios.

The example is based on an investment of $1,000 invested at July 1, 2022, and held for the entire six-month period until December 31, 2022.

**ACTUAL EXPENSES** 

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

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES** 

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Portfolio shares. Therefore, the information under the heading "Hypothetical Expenses" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different portfolios. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries, or other financial institutions.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Actual Expenses** | **Actual Expenses** | **Hypothetical Expenses <sup>(A)</sup>** | **Hypothetical Expenses <sup>(A)</sup>** | |
| <br>**Class** |<br>**Beginning<br>Account Value<br>July 1, 2022** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** |<br>**Net Annualized<br>Expense Ratio <sup>(C) (D)</sup>** |
|  Initial Class | $&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;987.50 | $&nbsp;&nbsp;&nbsp;&nbsp;2.35 | $&nbsp;&nbsp;&nbsp;&nbsp;1022.80 | $&nbsp;&nbsp;&nbsp;&nbsp;2.40 | 0.47% |
|  Service Class | 1000.00 | 986.80 | 3.61 | 1021.60 | 3.67 | 0.72 |

---

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

(B) *Expenses are calculated using the Portfolio's net annualized expense ratio, as disclosed in the table, multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (365 days).*

(C) *Net annualized expense ratios, as disclosed in the table, do not include the expenses of the underlying investments in which the Portfolio invests. The net annualized expense ratios, as stated in the fee table of the Portfolio's Prospectus, may differ from the expense ratios disclosed in this report.*

(D) *Net annualized expense ratios are reflective of applicable fee waivers and/or reimbursements and recapture, if any, and are based on the most recent six-months which may differ from the net expense ratio displayed in the Financial Highlights that covers a twelve-month period.*

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**SCHEDULE OF INVESTMENTS** 

**At December 31, 2022** 

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| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS - 97.4%** | **EXCHANGE-TRADED FUNDS - 97.4%** | **EXCHANGE-TRADED FUNDS - 97.4%** |
| **International Equity Funds - 10.8%** | **International Equity Funds - 10.8%** | **International Equity Funds - 10.8%** |
|  iShares Core MSCI EAFE ETF | 512851 | $31612136 |
|  iShares MSCI EAFE ETF <sup>(A)</sup> | 1015403 | 66651053 |
|  |  | 98263189 |
| **U.S. Equity Funds - 27.3%** | **U.S. Equity Funds - 27.3%** | **U.S. Equity Funds - 27.3%** |
|  iShares Core S&P 500 ETF | 535683 | 205814765 |
|  iShares Russell 2000 ETF <sup>(A)</sup> | 251142 | 43789119 |
|  |  | 249603884 |
| **U.S. Fixed Income Funds - 59.3%** | **U.S. Fixed Income Funds - 59.3%** | **U.S. Fixed Income Funds - 59.3%** |
|  iShares 7-10 Year Treasury Bond ETF <sup>(A)</sup> | 1205227 | 115436642 |
|  iShares Core U.S. Aggregate Bond ETF | 2308054 | 223858158 |
|  iShares iBoxx $ Investment Grade Corporate Bond ETF <sup>(A)</sup> | 334217 | 35236498 |
|  iShares Short Treasury Bond ETF | 1078997 | 118603350 |
|  iShares U.S. Treasury Bond ETF <sup>(A)</sup> | 2170058 | 49303718 |
|  |  | 542438366 |
|  **Total Exchange-Traded Funds <br>(Cost $962,553,520)** | **Total Exchange-Traded Funds <br>(Cost $962,553,520)** | 890305439 |
| **OTHER INVESTMENT COMPANY - 5.8%** | **OTHER INVESTMENT COMPANY - 5.8%** | **OTHER INVESTMENT COMPANY - 5.8%** |
| **Securities Lending Collateral - 5.8%** | **Securities Lending Collateral - 5.8%** | **Securities Lending Collateral - 5.8%** |
|  State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 4.29% <sup>(B)</sup> | 53079410 | 53079410 |
|  **Total Other Investment Company <br>(Cost $53,079,410)** | **Total Other Investment Company <br>(Cost $53,079,410)** | 53079410 |

---

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| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 1.5%** | **REPURCHASE AGREEMENT - 1.5%** | **REPURCHASE AGREEMENT - 1.5%** |
|  Fixed Income Clearing Corp., 1.80% <sup>(B)</sup>, dated 12/30/2022, to be repurchased at $13,779,899 on 01/03/2023. Collateralized by a U.S. Government Obligation, 0.75%, due 12/31/2023, and with a value of $14,052,734. | $13777144 | $13777144 |
|  **Total Repurchase Agreement <br>(Cost $13,777,144)** | **Total Repurchase Agreement <br>(Cost $13,777,144)** | 13777144 |
|  **Total Investments <br>(Cost $1,029,410,074)** | **Total Investments <br>(Cost $1,029,410,074)** | 957161993 |
|  **Net Other Assets (Liabilities) - (4.7)%** |  | (42817672) |
|  **Net Assets - 100.0%** |  | **$914344321** |

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**INVESTMENT VALUATION:** 

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**Valuation Inputs <sup>(C)</sup>** 

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Exchange-Traded Funds | $890305439 | $— | $— | $890305439 |
|  Other Investment Company | 53079410 |  |  | 53079410 |
|  Repurchase Agreement |  | 13777144 |  | 13777144 |
|  **Total Investments** | $**943384849** | $**13777144** | $**—** | $**957161993** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *All or a portion of the securities are on loan. The total value of all securities on loan is $84,357,948, collateralized by cash collateral of $53,079,410 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $33,033,300. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.* 

(B) *Rates disclosed reflect the yields at December 31, 2022.* 

(C) *There were no transfers in or out of Level 3 during the year ended December 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 4** 

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##### [**Table of Contents**](#toc)
**Transamerica BlackRock iShares Active Asset Allocation – Moderate VP** 

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**STATEMENT OF ASSETS AND LIABILITIES** 

**At December 31, 2022** 

---

| | |
|:---|:---|
|  **Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments, at value (cost $1,015,632,930) <br>(including securities loaned of $84,357,948) | $943384849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreement, at value (cost $13,777,144) | 13777144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables and other assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 38264168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 21336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest sold | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 1378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 4121 |
|  Total assets | 995453010 |
|  **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral received upon return of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities on loan | 53079410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables and other liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 27316000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest redeemed | 54680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 350732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 197599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 1099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 8713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 17706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 10983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 5672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 55311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 10784 |
|  Total liabilities | 81108689 |
|  **Net assets** | $914344321 |
|  **Net assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital stock ($0.01 par value) | $1037411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp;1113823134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) | (200516224) |
|  **Net assets** | $914344321 |
|  **Net assets by class:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | $2041626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 912302695 |
|  **Shares outstanding:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 229368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 103511767 |
|  **Net asset value and offering price per share:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | $8.90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 8.81 |

---

**STATEMENT OF OPERATIONS** 

**For the year ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income from unaffiliated investments | $20139363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income from unaffiliated investments | 56527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 731534 |
|  Total investment income | 20927424 |
|  **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 5102859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 2577538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 10770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 43462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 34503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 28442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 57403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 39775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 62065 |
|  Total expenses before waiver and/or reimbursement and recapture | 7956817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses waived and/or reimbursed: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (1164) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (534762) |
|  Net expenses | 7420891 |
|  **Net investment income (loss)** | 13506533 |
|  **Net realized gain (loss) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments | (141265403) |
|  **Net change in unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments | (79398061) |
|  Net realized and change in unrealized gain (loss) | (220663464) |
|  **Net increase (decrease) in net assets resulting from operations** | $&nbsp;&nbsp;&nbsp;&nbsp;(207156931) |

---

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 5** 

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##### [**Table of Contents**](#toc)
**Transamerica BlackRock iShares Active Asset Allocation – Moderate VP** 

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**STATEMENT OF CHANGES IN NET ASSETS** 

**For the years ended:** 

---

| | | |
|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2021** |
|  **From operations:** | **From operations:** | **From operations:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $13506533 | $13474394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (141265403) | 174346205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (79398061) | (85115877) |
|  Net increase (decrease) in net assets resulting from operations | (207156931) | 102704722 |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (298548) | (28817) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (138334254) | (11250231) |
|  Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (138632802) | (11279048) |
|  **Capital share transactions:** | **Capital share transactions:** | **Capital share transactions:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 181564 | 377649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 3522992 | 4285993 |
|  | 3704556 | 4663642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 298548 | 28817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 138334254 | 11250231 |
|  | 138632802 | 11279048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (432927) | (349779) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (134896693) | (176128314) |
|  | (135329620) | (176478093) |
|  Net increase (decrease) in net assets resulting from capital share transactions | 7007738 | (160535403) |
|  **Net increase (decrease) in net assets** | (338781995) | (69109729) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;1253126316 | &nbsp;&nbsp;&nbsp;&nbsp;1322236045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $914344321 | $1253126316 |
|  **Capital share transactions - shares:** | **Capital share transactions - shares:** | **Capital share transactions - shares:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 17370 | 30863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 325526 | 354908 |
|  | 342896 | 385771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 32380 | 2345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 15135039 | 922906 |
|  | 15167419 | 925251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (39562) | (28982) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (13215226) | (14740824) |
|  | (13254788) | (14769806) |
|  Net increase (decrease) in shares outstanding: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 10188 | 4226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 2245339 | (13463010) |
|  | 2255527 | (13458784) |

---

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 6** 

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##### [**Table of Contents**](#toc)
**Transamerica BlackRock iShares Active Asset Allocation – Moderate VP** 

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**FINANCIAL HIGHLIGHTS** 

**For a share outstanding during the years indicated:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $12.46 | $11.61 | $11.67 | $11.50 | $12.18 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(A)</sup> | 0.16 | 0.16 | 0.12 | 0.23 | 0.23 |
|  Net realized and unrealized gain (loss) | (2.21) | 0.83 | 0.27 | 1.04 | (0.71) |
|  Total investment operations | (2.05) | 0.99 | 0.39 | 1.27 | (0.48) |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income | (0.18) | (0.14) | (0.24) | (0.26) | (0.20) |
|  Net realized gains | (1.33) |  | (0.21) | (0.84) |  |
|  Total dividends and/or distributions to shareholders | (1.51) | (0.14) | (0.45) | (1.10) | (0.20) |
|  **Net asset value, end of year** | $8.90 | $12.46 | $11.61 | $11.67 | $11.50 |
|  **Total return** | &nbsp;&nbsp;&nbsp;&nbsp;(16.86)% | 8.52% | 3.59% | 11.43% | (3.98)% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $2042 | $&nbsp;&nbsp;&nbsp;&nbsp;2732 | $&nbsp;&nbsp;&nbsp;&nbsp;2496 | $&nbsp;&nbsp;&nbsp;&nbsp;2710 | $&nbsp;&nbsp;&nbsp;&nbsp;2454 |
|  Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.52% | 0.56% | 0.56% | 0.56% | 0.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.47 %<sup>(C)</sup> | 0.55 %<sup>(C)</sup> | 0.56% | 0.56% | 0.56% |
|  Net investment income (loss) to average net assets | 1.56% | 1.32% | 1.11% | 1.98% | 1.95% |
|  Portfolio turnover rate | 245% | 196% | 99% | 179% | 214% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Does not include expenses of the underlying investments in which the Portfolio invests.* 

(C) *TAM has contractually agreed, through May 1, 2023, to waive from its management fees an amount equal to the sub-advisory fee waiver by the Portfolio's sub-adviser. These amounts are not subject to recapture by TAM.* 

**For a share outstanding during the years indicated:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $12.35 | $11.50 | $11.57 | $11.41 | $12.08 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(A)</sup> | 0.13 | 0.12 | 0.10 | 0.20 | 0.20 |
|  Net realized and unrealized gain (loss) | (2.20) | 0.84 | 0.25 | 1.02 | (0.70) |
|  Total investment operations | (2.07) | 0.96 | 0.35 | 1.22 | (0.50) |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income | (0.14) | (0.11) | (0.21) | (0.22) | (0.17) |
|  Net realized gains | (1.33) |  | (0.21) | (0.84) |  |
|  Total dividends and/or distributions to shareholders | (1.47) | (0.11) | (0.42) | (1.06) | (0.17) |
|  **Net asset value, end of year** | $8.81 | $12.35 | $11.50 | $11.57 | $11.41 |
|  **Total return** | (17.14)% | 8.33% | 3.25% | 11.13% | (4.17)% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;912302 | $&nbsp;&nbsp;&nbsp;&nbsp;1250394 | $&nbsp;&nbsp;&nbsp;&nbsp;1319740 | $&nbsp;&nbsp;&nbsp;&nbsp;1422002 | $&nbsp;&nbsp;&nbsp;&nbsp;1420675 |
|  Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.77% | 0.81% | 0.81% | 0.81% | 0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.72 %<sup>(C)</sup> | 0.80 %<sup>(C)</sup> | 0.81% | 0.81% | 0.81% |
|  Net investment income (loss) to average net assets | 1.31% | 1.04% | 0.87% | 1.72% | 1.68% |
|  Portfolio turnover rate | 245% | 196% | 99% | 179% | 214% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Does not include expenses of the underlying investments in which the Portfolio invests.* 

(C) *TAM has contractually agreed, through May 1, 2023, to waive from its management fees an amount equal to the sub-advisory fee waiver by the Portfolio's sub-adviser. These amounts are not subject to recapture by TAM.* 

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 7** 

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##### [**Table of Contents**](#toc)
**Transamerica BlackRock iShares Active Asset Allocation – Moderate VP** 

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**NOTES TO FINANCIAL STATEMENTS** 

**At December 31, 2022** 

**1. ORGANIZATION** 

Transamerica Series Trust ("TST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). TST applies investment company accounting and reporting guidance. TST serves as a funding vehicle for variable life insurance, variable annuity, and group annuity products. Transamerica BlackRock iShares Active Asset Allocation—Moderate VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers two classes of shares, Initial Class and Service Class.

The only shareholders of the Portfolio are affiliated insurance company separate accounts and affiliated asset allocation portfolios. Contract holders of the variable life and annuity contracts are not shareholders of the Portfolio. For ease of reference, shareholders and contract holders are collectively referred to in this report as "shareholders."

This report must be accompanied or preceded by the Portfolio's current prospectus, which contains additional information about the Portfolio, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Portfolio pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Portfolio. TAM supervises the Portfolio's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Portfolio.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of a Portfolio without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Portfolio and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Portfolio employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending portfolio combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Portfolio's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Portfolio; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for a Portfolio; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Portfolio's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; oversight of other service providers to the Portfolio, such as the custodian, the transfer agent, the Portfolio's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Portfolio; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Portfolio, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 8** 

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##### [**Table of Contents**](#toc)
**Transamerica BlackRock iShares Active Asset Allocation – Moderate VP** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**1. ORGANIZATION (continued)** 

Portfolio. The Portfolio pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the year ended December 31, 2022, (i) the expenses paid to State Street for sub-administration services by the Portfolio are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Portfolio are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES** 

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

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Interest income, if any, is accrued as earned. Dividend income and capital gain distributions from underlying investments, if any, are recorded on the ex-dividend date. Income or short-term capital gain distributions received from underlying investments, if any, are recorded as Dividend income from investments within the Statement of Operations. Long-term capital gain distributions received from underlying investments, if any, are recorded as Net realized gain (loss) on Capital gain distributions received from investments within the Statement of Operations.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

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

**3. INVESTMENT VALUATION** 

Effective September 8, 2022, TAM has been designated as the Portfolio's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Portfolio's Board of Trustees. The net asset value of the Portfolio is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

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

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

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

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Portfolio's investments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Portfolio's investments at December 31, 2022, is disclosed within the Investment Valuation section of the Schedule of Investments.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**3. INVESTMENT VALUATION (continued)** 

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

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

*Exchange-traded funds ("ETF"):* ETFs are stated at the last reported sale price or closing price on the day of valuation taken from the primary exchange where the ETF is principally traded. ETFs are generally categorized in Level 1 of the fair value hierarchy.

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

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

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

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

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the year ended December 31, 2022, the Portfolio has not utilized the program.

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

Repurchase agreements are subject to netting agreements, which are agreements between the Portfolio and its counterparties that provide for the net settlement of all transactions and collateral with the Portfolio, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at December 31, 2022.

Repurchase agreements at December 31, 2022, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)** 

**Securities lending:** The Portfolio may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Portfolio pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Portfolio to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Portfolio may experience delays in recovery of the loaned securities or delays in access to collateral, or the Portfolio may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government and irrevocable letters of credit issued by banks as collateral. The initial collateral received by the Portfolio is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower.

The Portfolio receives compensation for lending securities from interest or dividends earned on the cash, U.S. Government securities and irrevocable letters of credit held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust—Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at December 31, 2022, if any, are shown on a gross basis within the Schedule of Investments.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of December 31, 2022.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
| | **Overnight and<br>Continuous** | **Less Than<br>30 Days** | **Between<br>30 & 90 Days** | **Greater Than<br>90 Days** | **Total** |
|  Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-Traded Funds | $53079410 | $— | $— | $— | $53079410 |
|  **Total Borrowings** | $**53079410** | $**—** | $**—** | $**—** | $**53079410** |

---

**5. RISK FACTORS** 

Investing in the Portfolio involves certain key risks related to the Portfolio's trading activity. Please reference the Portfolio's prospectus for a more complete discussion of the following risk(s), as well as other risks of investing in the Portfolio.

**Market risk:** The market prices of the Portfolio's securities and other assets may go up or down, sometimes sharply and unpredictably, due to general market conditions, overall economic trends or events, inflation, changes in interest rates, government actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by wars, tariffs, trade disputes or other factors, political developments, investor sentiment, the global and domestic effects of a pandemic or other health emergency, and other factors that may or may not be related to the issuer of the security or other asset. The market prices of securities and other assets also may go down due to events or conditions that affect particular sectors, industries, issuers, or geographies. Adverse market conditions may be prolonged and may not have the same impact on all types of securities or other assets. If the value of the Portfolio's securities and assets fall, the value of your investment will go down. The Portfolio may experience a substantial or complete loss on any individual security or asset.

Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, the imposition of economic sanctions, public health events (such as the spread of infectious disease), wars, terrorism, cybersecurity events, technology and data interruptions, natural disasters, and other circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. In the past decade, financial markets throughout the world have experienced increased volatility and decreased liquidity. These conditions may continue or worsen. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down. Securities markets may also be susceptible to market manipulation or other fraudulent trade practices, which could disrupt the orderly functioning of these markets or adversely affect the value of securities traded in these markets, including the Portfolio's securities.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**5. RISK FACTORS (continued)** 

The pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in economic downturns throughout the world, severe losses, particularly to some sectors of the economy and individual issuers, and reduced liquidity of many instruments. There also have been significant disruptions to business operations, including business closures; strained healthcare systems; disruptions to supply chains and employee availability; large fluctuations in consumer demand; and widespread uncertainty regarding the duration and long-term effects of the pandemic. Economic downturns may be prolonged, and political and social instability, continued volatility and decreased liquidity in the securities markets may result. Developing or emerging market countries may be more impacted by the pandemic.

The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic. These and other government intervention into the economy and financial markets may not work as intended. In addition, government actions to mitigate the economic impact of the pandemic have resulted in large expansion of government deficits and debt, the long-term consequences of which are not known. Rates of inflation have recently risen, which could adversely affect economies and markets. The pandemic could continue to adversely affect the value and liquidity of the Portfolio's investments.

*Europe:* A number of countries in Europe have experienced severe economic and financial difficulties; and financial markets in Europe and elsewhere have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen or spread within or outside Europe. Responses to the financial problems by European governments, central banks and others may not work, may result in conflicts and social unrest and may limit future growth and economic recovery or have other unintended consequences. In January, 2020, through "Brexit," the United Kingdom withdrew from the European Union. The ramifications of Brexit are unknown, and the implications of possible political, regulatory, economic, and market outcomes could be significant. The United Kingdom has one of the largest economies in Europe and is a major trading partner with European Union countries and the United States. Brexit may create additional and substantial economic stresses for the United Kingdom, including a contraction of the United Kingdom's economy, decreased trade, capital outflows, devaluation of the British pound, and a decrease in business and consumer spending and investment. The negative impact on not only the United Kingdom and European Union economies but also the broader global economy could be significant. A number of countries in Europe have suffered terror attacks, and additional attacks may occur in the future. Europe has also been struggling with mass migration from the Middle East, Eastern Europe and Africa. The ultimate effects of these events and other socio-political or geopolitical issues could profoundly affect global economies and markets. Whether or not the Portfolio invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

*Additional Market Disruption:* Russia's invasion of Ukraine in February, 2022, the resulting responses by the United States and other countries, and the potential for wider conflict, have increased and may continue to increase volatility and uncertainty in financial markets worldwide. The United States and other countries have imposed broad-ranging economic sanctions on Russia and Russian entities and individuals, and may impose additional sanctions, including on other countries that provide military or economic support to Russia. These sanctions, among other things, restrict companies from doing business with Russia and Russian issuers, and may adversely affect companies with economic or financial exposure to Russia and Russian issuers. The extent and duration of Russia's military actions and the repercussions of such actions are not known. The invasion may widen beyond Ukraine and may escalate, including through retaliatory actions and cyberattacks by Russia and even other countries. These events may result in further and significant market disruptions and may adversely affect regional and global economies including those of Europe and the United States. Certain industries and markets, such as those involving oil, natural gas and other commodities, as well as global supply chains, may be particularly adversely affected. Whether or not the Portfolio invests in securities of issuers located in Russia, Ukraine and adjacent countries or with significant exposure to issuers in these countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

**Asset allocation risk:** The Portfolio's investment performance is significantly impacted by the Portfolio's asset allocation and reallocation from time to time. The sub-adviser's decisions whether and when to tactically overweight or underweight asset classes, create and apply formulas for de-risking or ending de-risking and select a mix of underlying portfolios may not produce the desired results. These actions may be unsuccessful in maximizing return and/or avoiding investment losses. The value of your investment may decrease if the sub-adviser's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying portfolio or other issuer is incorrect. The sub-adviser may favor an asset class that performs poorly relative to other asset classes. The available underlying portfolios selected by the sub-adviser may underperform the market or similar portfolios.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**5. RISK FACTORS (continued)** 

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The value of equity securities fluctuates based on real or perceived changes in a company's financial condition, factors affecting a particular industry or industries, and overall market, economic and political conditions. If the market prices of the equity securities owned by the Portfolio fall, the value of your investment in the Portfolio will decline. The Portfolio may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**6. FEES AND OTHER AFFILIATED TRANSACTIONS** 

TST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Transamerica Life Insurance Company ("TLIC"), and Transamerica Financial Life Insurance Company.

TAM, the Portfolio's investment manager, is directly owned by TLIC and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon NV. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon NV, a Netherlands corporation, and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Portfolio's transfer agent. Transamerica Capital, Inc. ("TCI") is the Portfolio's distributor/principal underwriter. TAM, TFS, and TCI are affiliates of Aegon NV.

Certain officers and trustees of the Portfolio are also officers and/or trustees of TAM, TFS and TCI. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Portfolio. The Portfolio does pay non-interested persons (independent trustees), as disclosed in Trustee, CCO and deferred compensation fees within the Statement of Operations.

**Investment management fees:** TAM serves as the Portfolio's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Portfolio pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Portfolio pays a management fee to TAM based on daily average net assets at the following rates:

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| | |
|:---|:---|
| **Breakpoints <sup>(A)</sup>** | **Rate** |
|  First $500 million | 0.5000% |
|  Over $500 million up to $1 billion | 0.4900 |
|  Over $1 billion up to $2.5 billion | 0.4725 |
|  Over $2.5 billion up to $3.5 billion | 0.4650 |
|  Over $3.5 billion up to $4.5 billion | 0.4525 |
|  Over $4.5 billion | 0.4400 |

---

(A) *TAM has contractually agreed, through May 1, 2023, to waive from its management fees an amount equal to the sub-advisory fee waiver by the Portfolio's sub-adviser. These amounts are not subject to recapture by TAM.* 

TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses, reorganization expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

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| | | |
|:---|:---|:---|
| | **Operating<br>Expense Limit** | **Operating<br>Expense Limit**<br> **Effective Through** |
|  Initial Class | 0.55% | May 1, 2023 |
|  Service Class | 0.80 | May 1, 2023 |

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended December 31, 2022 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Portfolio, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

As of December 31, 2022, there are no amounts available for recapture by TAM.

**Distribution and service fees:** TST has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, TST entered into a distribution agreement with TCI as the Portfolio's distributor.

The Distribution Plan requires the Portfolio to pay distribution fees to TCI as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCI, on behalf of the Portfolio, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Portfolio's shares.

The fee on the Service Class shares is paid to the insurance companies for providing services and account maintenance for the policyholders who invest in the variable insurance products which invest in the Service Class shares. TCI has determined that it will not seek payment for the distribution expenses incurred by the Portfolio with respect to the Initial Class shares before May 1, 2023. Prior to TCI seeking distribution expenses on Initial Class shares, policy and contract owners will be notified in advance. The Portfolio will pay fees relating to Service Class shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Portfolio is authorized under the Distribution Plan to pay fees to TCI based on daily average net assets of each class up to the following annual rates:

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|:---|:---|
| **Class** | **Rate** |
|  Initial Class | 0.15% |
|  Service Class | 0.25 |

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**Transfer agent costs:** TFS provides transfer agency services under an intercompany agreement with TAM. TFS has outsourced the provision of certain sub-transfer agency services to SS&C Technology Holdings, Inc ("SS&C"). The Portfolio does not pay a separate transfer agent fee to TAM or TFS but does pay certain expenses to SS&C related to applicable sub-transfer agency services. For the year ended December 31, 2022, (i) the expenses paid to SS&C by the Portfolio are referred to as Transfer agent costs and are included within the Statement of Operations and (ii) the expenses payable to SS&C by the Portfolio are referred to as Transfer agent costs within the Statement of Assets and Liabilities.

**Deferred compensation plan:** Effective September 23, 2021, the Board has approved the termination of the deferred compensation plan. Payments will be made to applicable current and former Board members consistent with Section 409A of the Code. Under a non-qualified deferred compensation plan effective January 1, 1996, as amended and restated January 1, 2010, available to the trustees, compensation may be deferred that would otherwise be payable by TST to an independent trustee on a current basis for services rendered as trustee. Deferred compensation amounts will accumulate based on the value of the investment option, as elected by the trustee. Balances pursuant to deferred compensation plan are recorded in Trustees, Chief Compliance Officer ("CCO") and deferred compensation fees within the Statement of Assets and Liabilities. For the year ended December 31, 2022, amounts included in Trustees, CCO and deferred compensation fees within the Statement of Operations reflect total compensation paid to the independent Board members.

**Brokerage commissions:** The Portfolio incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the year ended December 31, 2022.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**7. PURCHASES AND SALES OF SECURITIES** 

For the year ended December 31, 2022, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

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| | |
|:---|:---|
| **Purchases of Securities** | **Sales of Securities** |
| $2521714404 | $2659165038 |

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**8. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS** 

The Portfolio has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Portfolio recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Portfolio's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Portfolio's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Portfolio's financial statements. If applicable, the Portfolio recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Portfolio identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Portfolio makes significant investments; however, the Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. There are no reclassifications in the current year.

As of December 31, 2022, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

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| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross<br>Appreciation** | **Gross<br>(Depreciation)** | **Net Appreciation<br>(Depreciation)** |
| $1094425822 | $328440 | $(137592269) | $(137263829) |

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As of December 31, 2022, the capital loss carryforwards available to offset future realized capital gains are as follows:

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| | |
|:---|:---|
| **Unlimited**  | **Unlimited**  |
| **Short-Term** | **Long-Term** |
| $71781778 | $4932696 |

---

During the year ended December 31, 2022, the Portfolio did not have any capital loss carryforwards utilized or expired.

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2022 and 2021 are as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** |
| **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of Capital** | **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of Capital** |
| $112677997 | $25954805 | $— | $11279048 | $— | $— |

---

As of December 31, 2022, the tax basis components of distributable earnings are as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Capital Loss<br>Carryforwards** | **Late Year<br>Ordinary Loss<br>Deferred** | **Other**<br> **Temporary<br>Differences** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| $13462079 | $— | $(76714474) | $— | $— | $(137263829) |

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**Report of Independent Registered Public Accounting Firm** 

*To the Shareholders and the Board of Trustees of Transamerica BlackRock iShares Active Asset Allocation — Moderate VP* 

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities of Transamerica BlackRock iShares Active Asset Allocation — Moderate VP (the "Portfolio") (one of the portfolios constituting Transamerica Series Trust (the "Trust")), including the schedule of investments, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the portfolios constituting Transamerica Series Trust) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion** 

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g438566ernst_young.jpg)

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

February 27, 2023

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| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 16** 

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**Transamerica BlackRock iShares Active Asset Allocation – Moderate VP** 

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**SUPPLEMENTAL TAX INFORMATION** 

**(unaudited)** 

For tax purposes, the Portfolio has made a long-term capital gain designation of $25,954,805 for the year ended December 31, 2022.

The amounts which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the U.S. are as follows:

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| | |
|:---|:---|
| **Foreign Source Income** | **Foreign Taxes** |
| $2049234 | $178371 |

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**Page 17** 

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**Transamerica BlackRock iShares Dynamic Allocation – Balanced VP** 

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**(unaudited)** 

**MARKET ENVIRONMENT** 

Macro performance in 2022 was driven by stubborn inflation and a global wave of central bank tightening, a simultaneous drag on both stock and bond returns. The perceived 'transitory' reopening inflation gave way to more persistent price increases. In fact, U.S. inflation remained at multi-decade highs for longer than policymakers expected, with pressures widespread across both goods and services. To combat inflation, the Federal Reserve increased its benchmark interest rate seven times to 4.50% during the year, the highest level in 15 years.

2022 also saw signs of transatlantic divergence in financial conditions. In addition to the inflationary pressures, Europe struggled with notable euro depreciation and continued upside risks to energy prices. The volatility was further exacerbated by the geopolitical risks stemming from Russia's ongoing invasion of Ukraine. The Bank of Japan stood nearly alone amongst developed markets central banks having not adjusted their policy rates, and was, in fact, still engaged in their yield curve control policy despite multi-decade high inflation, before tweaking its yield curve control policy in the last weeks of December.

Stock-bond correlations rose substantially and remained resolutely positive throughout 2022, as financial conditions tightened globally, and Consumer Price Index readings failed to mark a definitive peak in inflation. Global stocks fell by approximately -18% and bonds dropped by approximately -16% in 2022. As U.S. stocks suffered their worst year since the global financial crisis, the U.S. dollar strengthened against most foreign currencies in 2022. Emerging market equities also declined, with considerable performance variability among the emerging market countries. Bonds declined sharply in 2022, with shorter-term bonds outperforming longer-duration bonds. Commodities posted positive returns due primarily to significant gains in oil and other energy-related commodities following the coordinated policy of banning Russian oil imports amongst much of the European Union.

**PERFORMANCE** 

For the year ended December 31, 2022, Transamerica BlackRock iShares Dynamic Allocation – Balanced VP, Service Class returned -15.89%. By comparison, its primary, secondary and additional benchmarks, the S&P 500<sup>®</sup> Index, the Bloomberg US Aggregate Bond Index and the Transamerica BlackRock iShares Dynamic Allocation – Balanced VP Blended Benchmark, returned -18.11%, -13.01% and -15.10%, respectively.

**STRATEGY REVIEW** 

Transamerica BlackRock iShares Dynamic Allocation – Balanced VP (the "Portfolio") is a global multi-asset Portfolio consisting of exposure to both equities and fixed income obtained primarily by investing in underlying exchange-traded funds advised by our affiliate. The portfolio management team seeks to generate alpha via tactical allocation across and within asset classes. The volatility control mechanism seeks to reduce volatility of the Portfolio in periods of market downturn. Our process focuses on developing insights on the macroeconomic environment and market pricing in a robust, repeatable manner. As such, we combine high conviction tactical views while holistically analyzing market risk to effectively size active trades. This process is designed to ensure the Portfolio is diversified across a range of geographies and asset classes.

The Portfolio underperformed its blended benchmark over the 12-month period ended December 31, 2022. Tactical asset allocation decisions were positive over the period, driven predominantly by a preference for short-dated U.S. duration. A preference for European equities versus a basket of developed market equities modestly detracted early in the period. Volatility control trades detracted over the period, particularly in the fourth quarter of the year given higher equity returns. Markets were up in fourth quarter however, they were choppy. The choppiness led to higher volatility, which in line with the strategy caused the Portfolio to reduce its equity exposure.

**Philip Green** 

**Michael Pensky, CFA** 

**Co-Portfolio Managers** 

**BlackRock Investment Management, LLC** 

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| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  U.S. Fixed Income Funds | 65.8% |
|  U.S. Equity Fund | 22.1 |
|  International Equity Funds | 9.8 |
|  Other Investment Company | 2.6 |
|  Repurchase Agreement | 1.3 |
|  Net Other Assets (Liabilities) | (1.6) |
|  **Total** | 100.0% |

---

*Current and future portfolio holdings are subject to change and risk.* 

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**Page 1** 

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**Transamerica BlackRock iShares Dynamic Allocation – Balanced VP** 

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**(unaudited)**![LOGO](g438566g80p87.jpg)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Service Class | (15.89)% | 0.49% | 2.71% | 05/01/2012 |
|  S&P 500<sup>®</sup> Index <sup>(A)</sup> | (18.11)% | 9.42% | 12.56% |  |
|  Bloomberg US Aggregate Bond Index <sup>(B)</sup>  | (13.01)% | 0.02% | 1.06% |  |
|  Transamerica BlackRock iShares Dynamic Allocation - Balanced VP Blended<br>Benchmark <sup>(A) (B) (C) (D) (E)</sup> | (15.10)% | 4.84% | 6.79% |  |

---

*<sup>(A)</sup> The S&P 500<sup>®</sup> Index is a market-capitalization weighted index of 500 large U.S. companies with common stock listed on the NYSE or NASDAQ.* 

*<sup>(B)</sup> The Bloomberg US Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities.* 

*<sup>(C)</sup> The Transamerica BlackRock iShares Dynamic Allocation - Balanced VP Blended Benchmark is composed of the following benchmarks: 35% S&P 500<sup>®</sup> Index, 25% Bloomberg US Aggregate Bond Index, 25% Bloomberg US Treasury 7-10 Year Index and 15% MSCI EAFE Index.* 

*<sup>(D)</sup> The Bloomberg US Treasury 7-10 Year Index measures US dollar-denominated, fixed-rate, nominal debt issued by the US Treasury with 7-10 years to maturity.* 

*<sup>(E)</sup> The MSCI EAFE Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada.* 

The Portfolio's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Year or Since Inception calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or the redemption of Portfolio shares. The Portfolio's investment return and net asset value will fluctuate. Investors' shares when redeemed may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month end. Portfolio performance is net of investment fees and Portfolio expenses, but not product charges, which, if included, would significantly lower the performance quoted.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of previously waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Tactical asset allocation is an investment strategy that actively adjusts a Portfolio's asset allocation. The Portfolio's tactical asset management discipline may not work as intended. The Portfolio may not achieve its objective and may not perform as well as other portfolios using other asset management styles.

Fixed income securities are subject to risks including credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk and liquidity risk.

The underlying ETFs have a variety of investment focuses. The underlying equity ETFs include ETFs that are based on large cap U.S. equity, small cap U.S. equity and international equity indexes. The underlying fixed income ETFs include ETFs that are based on short/intermediate and long term fixed income indexes.

Asset allocation, an investing strategy of dividing money among many types of investments, can help investors manage risk but cannot guarantee a profit or guard against loss. The underlying portfolios invest their assets in various underlying ETFs, their ability to achieve their investment objectives depends largely on the performance of the underlying ETFs in which they invest. There can be no assurance that the investment objectives of any underlying ETFs will be achieved. The Portfolio is indirectly subject to all of the risks associated with an investment in the underlying ETFs including market volatility and may be subject to the higher degree of risks associated with investing in high yield, small-cap and foreign securities.

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**Page 2** 

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**Transamerica BlackRock iShares Dynamic Allocation – Balanced VP** 

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**DISCLOSURE OF EXPENSES** 

**(unaudited)** 

**SHAREHOLDER EXPENSES** 

Portfolio shareholders may incur two types of costs: (i) transaction costs, including brokerage commissions on purchases and sales of portfolio shares; and (ii) ongoing costs, including management fees, and other portfolio expenses.

The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other portfolios.

The example is based on an investment of $1,000 invested at July 1, 2022, and held for the entire six-month period until December 31, 2022.

**ACTUAL EXPENSES** 

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

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES** 

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Portfolio shares. Therefore, the information under the heading "Hypothetical Expenses" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different portfolios. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries, or other financial institutions.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Actual Expenses** | **Actual Expenses** | **Hypothetical Expenses <sup>(A)</sup>** | **Hypothetical Expenses <sup>(A)</sup>** | |
| <br>**Class** |<br>**Beginning<br>Account Value<br>July 1, 2022** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** |<br>**Net Annualized<br>Expense Ratio <sup>(C) (D)</sup>** |
|  Service Class | $&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;986.60 | $&nbsp;&nbsp;&nbsp;&nbsp;3.61 | $&nbsp;&nbsp;&nbsp;&nbsp;1021.60 | $&nbsp;&nbsp;&nbsp;&nbsp;3.67 | 0.72% |

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

(B) *Expenses are calculated using the Portfolio's net annualized expense ratio, as disclosed in the table, multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (365 days).*

(C) *Net annualized expense ratios, as disclosed in the table, do not include the expenses of the underlying investments in which the Portfolio invests. The net annualized expense ratios, as stated in the fee table of the Portfolio's Prospectus, may differ from the expense ratios disclosed in this report.*

(D) *Net annualized expense ratios are reflective of applicable fee waivers and/or reimbursements and recapture, if any, and are based on the most recent six-months which may differ from the net expense ratio displayed in the Financial Highlights that covers a twelve-month period.*

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**Page 3** 

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**Transamerica BlackRock iShares Dynamic Allocation – Balanced VP** 

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**SCHEDULE OF INVESTMENTS** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
|  **EXCHANGE-TRADED FUNDS - 97.7%** | **EXCHANGE-TRADED FUNDS - 97.7%** | **EXCHANGE-TRADED FUNDS - 97.7%** |
| **International Equity Funds - 9.8%** | **International Equity Funds - 9.8%** | **International Equity Funds - 9.8%** |
|  iShares Core MSCI EAFE ETF | 639675 | $39429567 |
|  iShares MSCI EAFE ETF | 517976 | 33999945 |
|  |  | 73429512 |
| **U.S. Equity Fund - 22.1%** | **U.S. Equity Fund - 22.1%** | **U.S. Equity Fund - 22.1%** |
|  iShares Core S&P 500 ETF | 431638 | 165839636 |
| **U.S. Fixed Income Funds - 65.8%** | **U.S. Fixed Income Funds - 65.8%** | **U.S. Fixed Income Funds - 65.8%** |
|  iShares 7-10 Year Treasury Bond ETF <sup>(A)</sup> | 1782560 | 170733597 |
|  iShares Core U.S. Aggregate Bond ETF | 1377325 | 133586752 |
|  iShares iBoxx $ Investment Grade Corporate Bond ETF | 191487 | 20188474 |
|  iShares Short Treasury Bond ETF | 1297832 | 142657693 |
|  iShares U.S. Treasury Bond ETF <sup>(A)</sup> | 1219608 | 27709494 |
|  |  | 494876010 |
|  **Total Exchange-Traded Funds <br>(Cost $791,179,715)** | **Total Exchange-Traded Funds <br>(Cost $791,179,715)** | 734145158 |
| **OTHER INVESTMENT COMPANY - 2.6%** | **OTHER INVESTMENT COMPANY - 2.6%** | **OTHER INVESTMENT COMPANY - 2.6%** |
| **Securities Lending Collateral - 2.6%** | **Securities Lending Collateral - 2.6%** | **Securities Lending Collateral - 2.6%** |
|  State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 4.29% <sup>(B)</sup> | 19206425 | 19206425 |
|  **Total Other Investment Company <br>(Cost $19,206,425)** | **Total Other Investment Company <br>(Cost $19,206,425)** | 19206425 |

---

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| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 1.3%** | **REPURCHASE AGREEMENT - 1.3%** | **REPURCHASE AGREEMENT - 1.3%** |
|  Fixed Income Clearing Corp., 1.80% <sup>(B)</sup>, dated 12/30/2022, to be repurchased at $9,929,694 on 01/03/2023. Collateralized by a U.S. Government Obligation, 0.75%, due 12/31/2023, and with a value of $10,126,324. | $9927708 | $9927708 |
|  **Total Repurchase Agreement <br>(Cost $9,927,708)** | **Total Repurchase Agreement <br>(Cost $9,927,708)** | 9927708 |
|  **Total Investments <br>(Cost $820,313,848)** | **Total Investments <br>(Cost $820,313,848)** | 763279291 |
|  **Net Other Assets (Liabilities) - (1.6)%** |  | (11751925) |
|  **Net Assets - 100.0%** |  | **$751527366** |

---

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(C)</sup>** 

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** |  |  |  |  |
|  **Investments** |  |  |  |  |
|  Exchange-Traded Funds | $734145158 | $— | $— | $734145158 |
|  Other Investment Company | 19206425 |  |  | 19206425 |
|  Repurchase Agreement |  | 9927708 |  | 9927708 |
|  **Total Investments** | $**753351583** | $**9927708** | $**—** | $**763279291** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *All or a portion of the securities are on loan. The total value of all securities on loan is $19,558,765, collateralized by cash collateral of $19,206,425 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $758,442. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.* 

(B) *Rates disclosed reflect the yields at December 31, 2022.* 

(C) *There were no transfers in or out of Level 3 during the year ended December 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

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

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**Page 4** 

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**STATEMENT OF ASSETS AND LIABILITIES** 

**At December 31, 2022** 

---

| | |
|:---|:---|
|  **Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments, at value (cost $810,386,140) <br>(including securities loaned of $19,558,765) | $753351583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreement, at value (cost $9,927,708) | 9927708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables and other assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 8050872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 10046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 3239 |
|  Total assets | 771344441 |
|  **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral received upon return of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities on loan | 19206425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables and other liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest redeemed | 61648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 288924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 162712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 6458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 17676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 9379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 4636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 47914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 10400 |
|  Total liabilities | 19817075 |
|  **Net assets** | $751527366 |
|  **Net assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital stock ($0.01 par value) | $793975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 878855551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) | &nbsp;&nbsp;&nbsp;&nbsp;(128122160) |
|  **Net assets** | $751527366 |
|  **Shares outstanding** | 79397494 |
|  **Net asset value and offering price per share** | $9.47 |

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**STATEMENT OF OPERATIONS** 

**For the year ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income from unaffiliated investments | $16061268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income from unaffiliated investments | 85126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 302534 |
|  Total investment income | 16448928 |
|  **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 4193625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 2114107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 8830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 35645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 32333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 39171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 47171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 29577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 51239 |
|  Total expenses before waiver and/or reimbursement and recapture | 6551698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense waived and/or reimbursed | (438648) |
|  Net expenses | 6113050 |
|  **Net investment income (loss)** | 10335878 |
|  **Net realized gain (loss) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments | (9120120) |
|  **Net change in unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments | (157116327) |
|  Net realized and change in unrealized gain (loss) | (166236447) |
|  **Net increase (decrease) in net assets resulting from operations** | $&nbsp;&nbsp;&nbsp;&nbsp;(155900569) |

---

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

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**STATEMENT OF CHANGES IN NET ASSETS** 

**For the years ended:** 

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| | | |
|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2021** |
|  **From operations:** | **From operations:** | **From operations:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $10335878 | $9610779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (9120120) | 45363298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (157116327) | 35307676 |
|  Net increase (decrease) in net assets resulting from operations | (155900569) | 90281753 |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions to shareholders | (71483514) | (102021662) |
|  Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (71483514) | (102021662) |
|  **Capital share transactions:** | **Capital share transactions:** | **Capital share transactions:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold | 3179949 | 1548974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions reinvested | 71483514 | 102021662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (106935562) | (124193182) |
|  Net increase (decrease) in net assets resulting from capital share transactions | (32272099) | (20622546) |
|  **Net increase (decrease) in net assets** | (259656182) | (32362455) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;1011183548 | 1043546003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $751527366 | $&nbsp;&nbsp;&nbsp;&nbsp;1011183548 |
|  **Capital share transactions - shares:** | **Capital share transactions - shares:** | **Capital share transactions - shares:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued | 291809 | 121546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested | 7301687 | 8424580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (10149008) | (9907938) |
|  Net increase (decrease) in shares outstanding | (2555512) | (1361812) |

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**FINANCIAL HIGHLIGHTS** 

**For a share outstanding during the years indicated:** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $12.34 | $12.53 | $12.98 | $11.66 | $12.23 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(A)</sup> | 0.13 | 0.12 | 0.07 | 0.20 | 0.19 |
|  Net realized and unrealized gain (loss) | (2.06) | 1.00 | (0.15) | 1.66 | (0.59) |
|  Total investment operations | (1.93) | 1.12 | (0.08) | 1.86 | (0.40) |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income | (0.13) | (0.07) | (0.21) | (0.21) | (0.17) |
|  Net realized gains | (0.81) | (1.24) | (0.16) | (0.33) |  |
|  Total dividends and/or distributions to shareholders | (0.94) | (1.31) | (0.37) | (0.54) | (0.17) |
|  **Net asset value, end of year** | $9.47 | $12.34 | $12.53 | $12.98 | $11.66 |
|  **Total return** | (15.89)% | 9.17% | (0.55)% | 16.06% | (3.31)% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;751527 | $&nbsp;&nbsp;&nbsp;&nbsp;1011184 | $&nbsp;&nbsp;&nbsp;&nbsp;1043546 | $&nbsp;&nbsp;&nbsp;&nbsp;1134418 | $&nbsp;&nbsp;&nbsp;&nbsp;1069755 |
|  Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.77% | 0.84% | 0.85% | 0.84% | 0.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.72 %<sup>(C)</sup> | 0.83 %<sup>(C)</sup> | 0.85% | 0.84% | 0.84% |
|  Net investment income (loss) to average net assets | 1.22% | 0.95% | 0.58% | 1.56% | 1.53% |
|  Portfolio turnover rate | 227% | 55% | 127% | 14% | 6% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Does not include expenses of the underlying investments in which the Portfolio invests.* 

(C) *TAM has contractually agreed, through May 1, 2023, to waive from its management fees an amount equal to the sub-advisory fee waiver by the Portfolio's sub-adviser. These amounts are not subject to recapture by TAM.* 

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

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**Transamerica BlackRock iShares Dynamic Allocation – Balanced VP** 

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**NOTES TO FINANCIAL STATEMENTS** 

**At December 31, 2022** 

**1. ORGANIZATION** 

Transamerica Series Trust ("TST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). TST applies investment company accounting and reporting guidance. TST serves as a funding vehicle for variable life insurance, variable annuity, and group annuity products. Transamerica BlackRock iShares Dynamic Allocation—Balanced VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers one class of shares, Service Class.

The only shareholders of the Portfolio are affiliated insurance company separate accounts and affiliated asset allocation portfolios. Contract holders of the variable life and annuity contracts are not shareholders of the Portfolio. For ease of reference, shareholders and contract holders are collectively referred to in this report as "shareholders."

This report must be accompanied or preceded by the Portfolio's current prospectus, which contains additional information about the Portfolio, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Portfolio pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Portfolio. TAM supervises the Portfolio's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Portfolio.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of a Portfolio without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Portfolio and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Portfolio employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending portfolio combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Portfolio's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Portfolio; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for a Portfolio; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Portfolio's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; oversight of other service providers to the Portfolio, such as the custodian, the transfer agent, the Portfolio's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Portfolio; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Portfolio, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the

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**Transamerica BlackRock iShares Dynamic Allocation – Balanced VP** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**1. ORGANIZATION (continued)** 

Portfolio. The Portfolio pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the year ended December 31, 2022, (i) the expenses paid to State Street for sub-administration services by the Portfolio are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Portfolio are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES** 

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

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Interest income, if any, is accrued as earned. Dividend income and capital gain distributions from underlying investments, if any, are recorded on the ex-dividend date. Income or short-term capital gain distributions received from underlying investments, if any, are recorded as Dividend income from investments within the Statement of Operations. Long-term capital gain distributions received from underlying investments, if any, are recorded as Net realized gain (loss) on Capital gain distributions received from investments within the Statement of Operations.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

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

**3. INVESTMENT VALUATION** 

Effective September 8, 2022, TAM has been designated as the Portfolio's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Portfolio's Board of Trustees. The net asset value of the Portfolio is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

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

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

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

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Portfolio's investments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Portfolio's investments at December 31, 2022, is disclosed within the Investment Valuation section of the Schedule of Investments.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**3. INVESTMENT VALUATION (continued)** 

characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

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

*Exchange-traded funds ("ETF"):* ETFs are stated at the last reported sale price or closing price on the day of valuation taken from the primary exchange where the ETF is principally traded. ETFs are generally categorized in Level 1 of the fair value hierarchy.

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

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

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

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

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the year ended December 31, 2022, the Portfolio has not utilized the program.

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

Repurchase agreements are subject to netting agreements, which are agreements between the Portfolio and its counterparties that provide for the net settlement of all transactions and collateral with the Portfolio, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at December 31, 2022.

Repurchase agreements at December 31, 2022, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**Securities lending:** The Portfolio may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Portfolio pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)** 

the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Portfolio to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Portfolio may experience delays in recovery of the loaned securities or delays in access to collateral, or the Portfolio may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government and irrevocable letters of credit issued by banks as collateral. The initial collateral received by the Portfolio is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower.

The Portfolio receives compensation for lending securities from interest or dividends earned on the cash, U.S. Government securities and irrevocable letters of credit held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust—Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at December 31, 2022, if any, are shown on a gross basis within the Schedule of Investments.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of December 31, 2022.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
| | **Overnight and<br>Continuous** | **Less Than<br>30 Days** | **Between<br>30 & 90 Days** | **Greater Than<br>90 Days** | **Total** |
|  Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-Traded Funds | $&nbsp;&nbsp;&nbsp;&nbsp;19206425 | $— | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;19206425 |
|  **Total Borrowings** | $**19206425** | $**—** | $**—** | $**—** | $**19206425** |

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**5. RISK FACTORS** 

Investing in the Portfolio involves certain key risks related to the Portfolio's trading activity. Please reference the Portfolio's prospectus for a more complete discussion of the following risk(s), as well as other risks of investing in the Portfolio.

**Market risk:** The market prices of the Portfolio's securities and other assets may go up or down, sometimes sharply and unpredictably, due to general market conditions, overall economic trends or events, inflation, changes in interest rates, government actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by wars, tariffs, trade disputes or other factors, political developments, investor sentiment, the global and domestic effects of a pandemic or other health emergency, and other factors that may or may not be related to the issuer of the security or other asset. The market prices of securities and other assets also may go down due to events or conditions that affect particular sectors, industries, issuers, or geographies. Adverse market conditions may be prolonged and may not have the same impact on all types of securities or other assets. If the value of the Portfolio's securities and assets fall, the value of your investment will go down. The Portfolio may experience a substantial or complete loss on any individual security or asset.

Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, the imposition of economic sanctions, public health events (such as the spread of infectious disease), wars, terrorism, cybersecurity events, technology and data interruptions, natural disasters, and other circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. In the past decade, financial markets throughout the world have experienced increased volatility and decreased liquidity. These conditions may continue or worsen. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down. Securities markets may also be susceptible to market manipulation or other fraudulent trade practices, which could disrupt the orderly functioning of these markets or adversely affect the value of securities traded in these markets, including the Portfolio's securities.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**5. RISK FACTORS (continued)** 

The pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in economic downturns throughout the world, severe losses, particularly to some sectors of the economy and individual issuers, and reduced liquidity of many instruments. There also have been significant disruptions to business operations, including business closures; strained healthcare systems; disruptions to supply chains and employee availability; large fluctuations in consumer demand; and widespread uncertainty regarding the duration and long-term effects of the pandemic. Economic downturns may be prolonged, and political and social instability, continued volatility and decreased liquidity in the securities markets may result. Developing or emerging market countries may be more impacted by the pandemic.

The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic. These and other government intervention into the economy and financial markets may not work as intended. In addition, government actions to mitigate the economic impact of the pandemic have resulted in large expansion of government deficits and debt, the long-term consequences of which are not known. Rates of inflation have recently risen, which could adversely affect economies and markets. The pandemic could continue to adversely affect the value and liquidity of the Portfolio's investments.

*Europe:* A number of countries in Europe have experienced severe economic and financial difficulties; and financial markets in Europe and elsewhere have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen or spread within or outside Europe. Responses to the financial problems by European governments, central banks and others may not work, may result in conflicts and social unrest and may limit future growth and economic recovery or have other unintended consequences. In January, 2020, through "Brexit," the United Kingdom withdrew from the European Union. The ramifications of Brexit are unknown, and the implications of possible political, regulatory, economic, and market outcomes could be significant. The United Kingdom has one of the largest economies in Europe and is a major trading partner with European Union countries and the United States. Brexit may create additional and substantial economic stresses for the United Kingdom, including a contraction of the United Kingdom's economy, decreased trade, capital outflows, devaluation of the British pound, and a decrease in business and consumer spending and investment. The negative impact on not only the United Kingdom and European Union economies but also the broader global economy could be significant. A number of countries in Europe have suffered terror attacks, and additional attacks may occur in the future. Europe has also been struggling with mass migration from the Middle East, Eastern Europe and Africa. The ultimate effects of these events and other socio-political or geopolitical issues could profoundly affect global economies and markets. Whether or not the Portfolio invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

*Additional Market Disruption:* Russia's invasion of Ukraine in February, 2022, the resulting responses by the United States and other countries, and the potential for wider conflict, have increased and may continue to increase volatility and uncertainty in financial markets worldwide. The United States and other countries have imposed broad-ranging economic sanctions on Russia and Russian entities and individuals, and may impose additional sanctions, including on other countries that provide military or economic support to Russia. These sanctions, among other things, restrict companies from doing business with Russia and Russian issuers, and may adversely affect companies with economic or financial exposure to Russia and Russian issuers. The extent and duration of Russia's military actions and the repercussions of such actions are not known. The invasion may widen beyond Ukraine and may escalate, including through retaliatory actions and cyberattacks by Russia and even other countries. These events may result in further and significant market disruptions and may adversely affect regional and global economies including those of Europe and the United States. Certain industries and markets, such as those involving oil, natural gas and other commodities, as well as global supply chains, may be particularly adversely affected. Whether or not the Portfolio invests in securities of issuers located in Russia, Ukraine and adjacent countries or with significant exposure to issuers in these countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

**Asset allocation risk:** The Portfolio's investment performance is significantly impacted by the Portfolio's asset allocation and reallocation from time to time. The sub-adviser's decisions whether and when to tactically overweight or underweight asset classes, create and apply formulas for de-risking or ending de-risking and select a mix of underlying portfolios may not produce the desired results. These actions may be unsuccessful in maximizing return and/or avoiding investment losses. The value of your investment may decrease if the sub-adviser's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying portfolio or other issuer is incorrect. The sub-adviser may favor an asset class that performs poorly relative to other asset classes. The available underlying portfolios selected by the sub-adviser may underperform the market or similar portfolios.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**5. RISK FACTORS (continued)** 

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The value of equity securities fluctuates based on real or perceived changes in a company's financial condition, factors affecting a particular industry or industries, and overall market, economic and political conditions. If the market prices of the equity securities owned by the Portfolio fall, the value of your investment in the Portfolio will decline. The Portfolio may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**6. FEES AND OTHER AFFILIATED TRANSACTIONS** 

TST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Transamerica Life Insurance Company ("TLIC"), and Transamerica Financial Life Insurance Company.

TAM, the Portfolio's investment manager, is directly owned by TLIC and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon NV. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon NV, a Netherlands corporation, and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Portfolio's transfer agent. Transamerica Capital, Inc. ("TCI") is the Portfolio's distributor/principal underwriter. TAM, TFS, and TCI are affiliates of Aegon NV.

Certain officers and trustees of the Portfolio are also officers and/or trustees of TAM, TFS and TCI. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Portfolio. The Portfolio does pay non-interested persons (independent trustees), as disclosed in Trustee, CCO and deferred compensation fees within the Statement of Operations.

**Investment management fees:** TAM serves as the Portfolio's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Portfolio pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Portfolio pays a management fee to TAM based on daily average net assets at the following rates:

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| | |
|:---|:---|
| **Breakpoints <sup>(A)</sup>** | **Rate** |
|  First $500 million | 0.5000% |
|  Over $500 million up to $1 billion | 0.4900 |
|  Over $1 billion up to $2.5 billion | 0.4725 |
|  Over $2.5 billion up to $3.5 billion | 0.4650 |
|  Over $3.5 billion up to $4.5 billion | 0.4525 |
|  Over $4.5 billion | 0.4400 |

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(A) *TAM has contractually agreed, through May 1, 2023, to waive from its management fees an amount equal to the sub-advisory fee waiver by the Portfolio's sub-adviser. These amounts are not subject to recapture by TAM.* 

TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses, reorganization expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| | **Operating<br>Expense Limit** | **Operating<br>Expense Limit**<br> **Effective Through** |
|  Service Class | 0.80% | May 1, 2023 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does

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| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 12** 

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**Transamerica BlackRock iShares Dynamic Allocation – Balanced VP** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended December 31, 2022 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Portfolio, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

As of December 31, 2022, there are no amounts available for recapture by TAM.

**Distribution and service fees:** TST has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, TST entered into a distribution agreement with TCI as the Portfolio's distributor.

The Distribution Plan requires the Portfolio to pay distribution fees to TCI as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCI, on behalf of the Portfolio, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Portfolio's shares.

The fee on the Service Class shares is paid to the insurance companies for providing services and account maintenance for the policyholders who invest in the variable insurance products which invest in the Service Class shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Portfolio is authorized under the Distribution Plan to pay fees to TCI based on daily average net assets up to an annual fee of 0.25% of Service Class shares.

**Transfer agent costs:** TFS provides transfer agency services under an intercompany agreement with TAM. TFS has outsourced the provision of certain sub-transfer agency services to SS&C Technology Holdings, Inc ("SS&C"). The Portfolio does not pay a separate transfer agent fee to TAM or TFS but does pay certain expenses to SS&C related to applicable sub-transfer agency services. For the year ended December 31, 2022, (i) the expenses paid to SS&C by the Portfolio are referred to as Transfer agent costs and are included within the Statement of Operations and (ii) the expenses payable to SS&C by the Portfolio are referred to as Transfer agent costs within the Statement of Assets and Liabilities.

**Deferred compensation plan:** Effective September 23, 2021, the Board has approved the termination of the deferred compensation plan. Payments will be made to applicable current and former Board members consistent with Section 409A of the Code. Under a non-qualified deferred compensation plan effective January 1, 1996, as amended and restated January 1, 2010, available to the trustees, compensation may be deferred that would otherwise be payable by TST to an independent trustee on a current basis for services rendered as trustee. Deferred compensation amounts will accumulate based on the value of the investment option, as elected by the trustee. Balances pursuant to deferred compensation plan are recorded in Trustees, Chief Compliance Officer ("CCO") and deferred compensation fees within the Statement of Assets and Liabilities. For the year ended December 31, 2022, amounts included in Trustees, CCO and deferred compensation fees within the Statement of Operations reflect total compensation paid to the independent Board members.

**Brokerage commissions:** The Portfolio incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the year ended December 31, 2022.

**7. PURCHASES AND SALES OF SECURITIES** 

For the year ended December 31, 2022, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

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| | |
|:---|:---|
| **Purchases of Securities** | **Sales of Securities** |
| $1873382602 | $1943943867 |

---

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| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 13** 

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**Transamerica BlackRock iShares Dynamic Allocation – Balanced VP** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**8. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS** 

The Portfolio has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Portfolio recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Portfolio's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Portfolio's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Portfolio's financial statements. If applicable, the Portfolio recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Portfolio identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Portfolio makes significant investments; however, the Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales and straddle loss deferral. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. There are no reclassifications in the current year.

As of December 31, 2022, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross<br>Appreciation** | **Gross<br>(Depreciation)** | **Net Appreciation<br>(Depreciation)** |
| $859882900 | $194835 | $(96798444) | $(96603609) |

---

As of December 31, 2022, the capital loss carryforwards available to offset future realized capital gains are as follows:

---

| | |
|:---|:---|
| **Unlimited** | **Unlimited** |
| **Short-Term** | **Long-Term** |
| $— | $39554428 |

---

During the year ended December 31, 2022, the Portfolio did not have any capital loss carryforwards utilized or expired.

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2022 and 2021 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** |
| **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of Capital** | **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of Capital** |
| $45442072 | $26041442 | $— | $67683118 | $34338544 | $— |

---

As of December 31, 2022, the tax basis components of distributable earnings are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Capital Loss<br>Carryforwards** | **Late Year<br>Ordinary Loss<br>Deferred** | **Other**<br> **Temporary<br>Differences** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| $10286542 | $— | $(39554428) | $— | $(2250665) | $(96603609) |

---

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| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 14** 

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**Report of Independent Registered Public Accounting Firm** 

*To the Shareholders and the Board of Trustees of Transamerica BlackRock iShares Dynamic Allocation – Balanced VP* 

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities of Transamerica BlackRock iShares Dynamic Allocation – Balanced VP (the "Portfolio") (one of the portfolios constituting Transamerica Series Trust (the "Trust")), including the schedule of investments, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the portfolios constituting Transamerica Series Trust) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion** 

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g438566ernst_young.jpg)

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

February 27, 2023

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**SUPPLEMENTAL TAX INFORMATION** 

**(unaudited)** 

For tax purposes, the Portfolio has made a long-term capital gain designation of $26,041,442 for the year ended December 31, 2022.

The amounts which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the U.S. are as follows:

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| | |
|:---|:---|
| **Foreign Source Income** | **Foreign Taxes** |
| $1646884 | $132752 |

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**Page 16** 

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**Transamerica BlackRock iShares Dynamic Allocation – Moderate Growth VP** 

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**(unaudited)** 

**MARKET ENVIRONMENT** 

Macro performance in 2022 was driven by stubborn inflation and a global wave of central bank tightening, a simultaneous drag on both stock and bond returns. The perceived 'transitory' reopening inflation gave way to more persistent price increases. In fact, U.S. inflation remained at multi-decade highs for longer than policymakers expected, with pressures widespread across both goods and services. To combat inflation, the Federal Reserve increased its benchmark interest rate seven times to 4.50% during the year, the highest level in 15 years.

2022 also saw signs of transatlantic divergence in financial conditions. In addition to the inflationary pressures, Europe struggled with notable euro depreciation and continued upside risks to energy prices. The volatility was further exacerbated by the geopolitical risks stemming from Russia's ongoing invasion of Ukraine. The Bank of Japan stood nearly alone amongst developed markets central banks having not adjusted their policy rates, and was, in fact, still engaged in their yield curve control policy despite multi-decade high inflation, before tweaking its yield curve control policy in the last weeks of December.

Stock-bond correlations rose substantially and remained resolutely positive throughout 2022, as financial conditions tightened globally, and Consumer Price Index readings failed to mark a definitive peak in inflation. Global stocks fell by approximately -18% and bonds dropped by approximately -16% in 2022. As U.S. stocks suffered their worst year since the global financial crisis, the U.S. dollar strengthened against most foreign currencies in 2022. Emerging market equities also declined, with considerable performance variability among the emerging market countries. Bonds declined sharply in 2022, with shorter-term bonds outperforming longer-duration bonds. Commodities posted positive returns due primarily to significant gains in oil and other energy-related commodities following the coordinated policy of banning Russian oil imports amongst much of the European Union.

**PERFORMANCE** 

For the year ended December 31, 2022, Transamerica BlackRock iShares Dynamic Allocation – Moderate Growth VP, Service Class returned -16.92%. By comparison, its primary, secondary and additional benchmarks, the S&P 500<sup>®</sup> Index, the Bloomberg US Aggregate Bond Index and the Transamerica BlackRock iShares Dynamic Allocation – Moderate Growth VP Blended Benchmark, returned -18.11%, -13.01% and -15.76%, respectively.

**STRATEGY REVIEW** 

Transamerica BlackRock iShares Dynamic Allocation – Moderate Growth VP (the "Portfolio") is a global multi-asset Portfolio consisting of exposure to both equities and fixed income obtained primarily by investing in underlying exchange-traded funds advised by our affiliate. The portfolio management team seeks to generate alpha via tactical allocation across and within asset classes. The volatility control mechanism seeks to reduce volatility of the Portfolio in periods of market downturn. Our process focuses on developing insights on the macroeconomic environment and market pricing in a robust, repeatable manner. As such, we combine high conviction tactical views while holistically analyzing market risk to effectively size active trades. This process is designed to ensure the Portfolio is diversified across a range of geographies and asset classes.

The Portfolio underperformed its blended benchmark over the 12-month period ended December 31, 2022. Tactical asset allocation decisions were positive over the period, driven predominantly by a preference for short-dated U.S. duration. A preference for European equities versus a basket of developed market equities modestly detracted early in the period. Volatility control trades detracted over the period, particularly in the fourth quarter of the year given higher equity returns. Markets were up in fourth quarter however, they were choppy. The choppiness led to higher volatility, which in line with the strategy caused the Portfolio to reduce its equity exposure.

**Philip Green** 

**Michael Pensky, CFA** 

**Co-Portfolio Managers** 

**BlackRock Investment Management, LLC** 

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| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  U.S. Equity Fund | 41.8% |
|  U.S. Fixed Income Funds | 38.4 |
|  International Equity Funds | 17.6 |
|  Repurchase Agreement | 1.9 |
|  Net Other Assets (Liabilities) | 0.3 |
|  **Total** | 100.0% |

---

*Current and future portfolio holdings are subject to change and risk.* 

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| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 1** 

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**Transamerica BlackRock iShares Dynamic Allocation – Moderate Growth VP** 

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**(unaudited)**![LOGO](g438566g33a44.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** |
| | **1 Year** | **5 year** | **10 year or<br>Since Inception** | **Inception Date** |
|  Service Class | (16.92)% | 0.69% | 3.48% | 05/01/2012 |
|  S&P 500<sup>®</sup> Index <sup>(A)</sup> | (18.11)% | 9.42% | 12.56% |  |
|  Bloomberg US Aggregate Bond Index <sup>(B)</sup> | (13.01)% | 0.02% | 1.06% |  |
|  Transamerica BlackRock iShares Dynamic Allocation - Moderate Growth VP Blended Benchmark <sup>(A) (B) (C) (D) (E)</sup> | (15.76)% | 6.39% | 8.79% |  |

---

*<sup>(A)</sup> The S&P 500<sup>®</sup> Index is a market-capitalization weighted index of 500 large U.S. companies with common stock listed on the NYSE or NASDAQ.* 

*<sup>(B)</sup> The Bloomberg US Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities.* 

*<sup>(C)</sup> The Transamerica BlackRock iShares Dynamic Allocation - Moderate Growth VP Blended Benchmark is composed of the following benchmarks: 50% S&P 500<sup>®</sup> Index, 20% MSCI EAFE Index, 15% Bloomberg US Aggregate Bond Index and 15% Bloomberg US Treasury 7-10 Year Index.* 

*<sup>(D)</sup> The MSCI EAFE Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada* 

*<sup>(E)</sup> The Bloomberg US Treasury 7-10 Year Index measures US dollar-denominated, fixed-rate, nominal debt issued by the US Treasury with 7-10 years to maturity.* 

The Portfolio's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Year or Since Inception calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or the redemption of Portfolio shares. The Portfolio's investment return and net asset value will fluctuate. Investors' shares when redeemed may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month end. Portfolio performance is net of investment fees and Portfolio expenses, but not product charges, which, if included, would significantly lower the performance quoted.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of previously waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Tactical asset allocation is an investment strategy that actively adjusts a Portfolio asset allocation. The portfolio's tactical asset management discipline may not work as intended. The Portfolio may not achieve its objective and may not perform as well as other portfolios using other asset management styles.

Fixed income securities are subject to risks including credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk.

The underlying ETFs have a variety of investment focuses. The underlying equity ETFs include ETFs that are based on large cap U.S. equity, small cap U.S. equity and international equity indexes. The underlying fixed income ETFs include ETFs that are based on short/intermediate and long term fixed income indexes.

Asset allocation, an investing strategy of dividing money among many types of investments, can help investors manage risk but cannot guarantee a profit or guard against loss. The underlying portfolios invest their assets in various underlying ETFs, their ability to achieve their investment objectives depends largely on the performance of the underlying ETFs in which they invest. There can be no assurance that the investment objectives of any underlying ETFs will be achieved. The Portfolio is indirectly subject to all of the risks associated with an investment in the underlying ETFs including market volatility and may be subject to the higher degree of risks associated with investing in high yield, small-cap and foreign securities.

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**DISCLOSURE OF EXPENSES** 

**(unaudited)** 

**SHAREHOLDER EXPENSES** 

Portfolio shareholders may incur two types of costs: (i) transaction costs, including brokerage commissions on purchases and sales of portfolio shares; and (ii) ongoing costs, including management fees, and other portfolio expenses.

The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other portfolios.

The example is based on an investment of $1,000 invested at July 1, 2022, and held for the entire six-month period until December 31, 2022.

**ACTUAL EXPENSES** 

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

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES** 

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Portfolio shares. Therefore, the information under the heading "Hypothetical Expenses" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different portfolios. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries, or other financial institutions.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Actual Expenses** | **Actual Expenses** | **Hypothetical Expenses <sup>(A)</sup>** | **Hypothetical Expenses <sup>(A)</sup>** | |
| <br>**Class** |<br>**Beginning<br>Account Value<br>July 1, 2022** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** |<br>**Net Annualized<br>Expense Ratio <sup>(C) (D)</sup>** |
|  Service Class | $&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;996.70 | $&nbsp;&nbsp;&nbsp;&nbsp;3.62 | $&nbsp;&nbsp;&nbsp;&nbsp;1021.60 | $&nbsp;&nbsp;&nbsp;&nbsp;3.67 | 0.72% |

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

(B) *Expenses are calculated using the Portfolio's net annualized expense ratio, as disclosed in the table, multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (365 days).*

(C) *Net annualized expense ratios, as disclosed in the table, do not include the expenses of the underlying investments in which the Portfolio invests. The net annualized expense ratios, as stated in the fee table of the Portfolio's Prospectus, may differ from the expense ratios disclosed in this report.*

(D) *Net annualized expense ratios are reflective of applicable fee waivers and/or reimbursements and recapture, if any, and are based on the most recent six-months which may differ from the net expense ratio displayed in the Financial Highlights that covers a twelve-month period.*

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**Transamerica BlackRock iShares Dynamic Allocation – Moderate Growth VP** 

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**SCHEDULE OF INVESTMENTS** 

**At December 31, 2022** 

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| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS - 97.8%** | **EXCHANGE-TRADED FUNDS - 97.8%** | **EXCHANGE-TRADED FUNDS - 97.8%** |
| **International Equity Funds - 17.6%** | **International Equity Funds - 17.6%** | **International Equity Funds - 17.6%** |
|  iShares Core MSCI EAFE ETF | 588733 | $36289502 |
|  iShares MSCI EAFE ETF | 323996 | 21267098 |
|  |  | 57556600 |
| **U.S. Equity Fund - 41.8%** | **U.S. Equity Fund - 41.8%** | **U.S. Equity Fund - 41.8%** |
|  iShares Core S&P 500 ETF | 356740 | 137063075 |
| **U.S. Fixed Income Funds - 38.4%** | **U.S. Fixed Income Funds - 38.4%** | **U.S. Fixed Income Funds - 38.4%** |
|  iShares 7-10 Year Treasury Bond ETF | 443720 | 42499502 |
|  iShares Core U.S. Aggregate Bond ETF | 376995 | 36564745 |
|  iShares iBoxx $ Investment Grade Corporate Bond ETF | 51168 | 5394642 |
|  iShares Short Treasury Bond ETF | 323412 | 35549447 |
|  iShares U.S. Treasury Bond ETF | 250957 | 5701743 |
|  |  | 125710079 |
|  **Total Exchange-Traded Funds <br>(Cost $338,303,537)** | **Total Exchange-Traded Funds <br>(Cost $338,303,537)** | 320329754 |

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| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 1.9%** | **REPURCHASE AGREEMENT - 1.9%** | **REPURCHASE AGREEMENT - 1.9%** |
|  Fixed Income Clearing Corp., 1.80% <sup>(A)</sup>, dated 12/30/2022, to be repurchased at $6,131,369 on 01/03/2023. Collateralized by a U.S. Government Obligation, 0.75%, due 12/31/2023, and with a value of $6,252,808. | $6130143 | $6130143 |
|  **Total Repurchase Agreement <br>(Cost $6,130,143)** | **Total Repurchase Agreement <br>(Cost $6,130,143)** | 6130143 |
|  **Total Investments <br>(Cost $344,433,680)** | **Total Investments <br>(Cost $344,433,680)** | 326459897 |
|  **Net Other Assets (Liabilities) - 0.3%** |  | 1102369 |
|  **Net Assets - 100.0%** |  | **$327562266** |

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**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(B)</sup>** 

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Exchange-Traded Funds | $320329754 | $— | $— | $320329754 |
|  Repurchase Agreement |  | 6130143 |  | 6130143 |
|  **Total Investments** | $**320329754** | $**6130143** | $**—** | $**326459897** |

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**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *Rate disclosed reflects the yield at December 31, 2022.* 

(B) *There were no transfers in or out of Level 3 during the year ended December 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

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

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**Page 4** 

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**STATEMENT OF ASSETS AND LIABILITIES** 

**At December 31, 2022** 

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| | |
|:---|:---|
|  **Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments, at value (cost $338,303,537) | $320329754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreement, at value (cost $6,130,143) | 6130143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables and other assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 12493538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 1169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 1428 |
|  Total assets | 338956645 |
|  **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables and other liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 10890018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest redeemed | 255728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 127216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 71087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 3154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 13912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 4350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 2033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 20215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 6274 |
|  Total liabilities | 11394379 |
|  **Net assets** | $&nbsp;&nbsp;&nbsp;&nbsp;327562266 |
|  **Net assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital stock ($0.01 par value) | $325365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 373403401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) | (46166500) |
|  **Net assets** | $327562266 |
|  **Shares outstanding** | 32536456 |
|  **Net asset value and offering price per share** | $10.07 |

---

**STATEMENT OF OPERATIONS** 

**For the year ended December 31, 2022** 

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| | |
|:---|:---|
|  **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income from unaffiliated investments | $6796344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income from unaffiliated investments | 42910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 117158 |
|  Total investment income | 6956412 |
|  **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 1855182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 927591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 3865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 15567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 21598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 18630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 20709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 6560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 31350 |
|  Total expenses before waiver and/or reimbursement and recapture | 2901052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense waived and/or reimbursed | (192437) |
|  Net expenses | 2708615 |
|  **Net investment income (loss)** | 4247797 |
|  **Net realized gain (loss) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments | (4034108) |
|  **Net change in unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments | (74115041) |
|  Net realized and change in unrealized gain (loss) | (78149149) |
|  **Net increase (decrease) in net assets resulting from operations** | $&nbsp;&nbsp;&nbsp;&nbsp;(73901352) |

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

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**Page 5** 

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**STATEMENT OF CHANGES IN NET ASSETS** 

**For the years ended:** 

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| | | |
|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2021** |
|  **From operations:** | **From operations:** | **From operations:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $4247797 | $4147007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (4034108) | 23043818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (74115041) | 33613886 |
|  Net increase (decrease) in net assets resulting from operations | (73901352) | 60804711 |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions to shareholders | (38388003) | (41437410) |
|  Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (38388003) | (41437410) |
|  **Capital share transactions:** | **Capital share transactions:** | **Capital share transactions:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold | 2943930 | 2174225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions reinvested | 38388003 | 41437410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (54019645) | (60963918) |
|  Net increase (decrease) in net assets resulting from capital share transactions | (12687712) | (17352283) |
|  **Net increase (decrease) in net assets** | (124977067) | 2015018 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 452539333 | &nbsp;&nbsp;&nbsp;&nbsp;450524315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $&nbsp;&nbsp;&nbsp;&nbsp;327562266 | $452539333 |
|  **Capital share transactions - shares:** | **Capital share transactions - shares:** | **Capital share transactions - shares:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued | 242400 | 158764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested | 3673493 | 3146349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (4714462) | (4514830) |
|  Net increase (decrease) in shares outstanding | (798569) | (1209717) |

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**FINANCIAL HIGHLIGHTS** 

**For a share outstanding during the years indicated:** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $13.58 | $13.04 | $13.70 | $12.32 | $13.09 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(A)</sup> | 0.13 | 0.12 | 0.04 | 0.19 | 0.17 |
|  Net realized and unrealized gain (loss) | (2.38) | 1.72 | (0.35) | 1.85 | (0.78) |
|  Total investment operations | (2.25) | 1.84 | (0.31) | 2.04 | (0.61) |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income | (0.14) | (0.04) | (0.21) | (0.19) | (0.16) |
|  Net realized gains | (1.12) | (1.26) | (0.14) | (0.47) |  |
|  Total dividends and/or distributions to shareholders | (1.26) | (1.30) | (0.35) | (0.66) | (0.16) |
|  **Net asset value, end of year** | $10.07 | $13.58 | $13.04 | $13.70 | $12.32 |
|  **Total return** | (16.92)% | 14.41% | (2.17)% | 16.83% | (4.73)% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;327562 | $&nbsp;&nbsp;&nbsp;&nbsp;452539 | $&nbsp;&nbsp;&nbsp;&nbsp;450524 | $&nbsp;&nbsp;&nbsp;&nbsp;504075 | $&nbsp;&nbsp;&nbsp;&nbsp;483146 |
|  Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.78% | 0.86% | 0.87% | 0.86% | 0.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.73 %<sup>(C)</sup> | 0.85 %<sup>(C)</sup> | 0.87% | 0.86% | 0.86% |
|  Net investment income (loss) to average net assets | 1.14% | 0.92% | 0.31% | 1.47% | 1.27% |
|  Portfolio turnover rate | 288% | 43% | 173% | 16% | 8% |

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(A) *Calculated based on average number of shares outstanding.* 

(B) *Does not include expenses of the underlying investments in which the Portfolio invests.* 

(C) *TAM has contractually agreed, through May 1, 2023, to waive from its management fees an amount equal to the sub-advisory fee waiver by the Portfolio's sub-adviser. These amounts are not subject to recapture by TAM.* 

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

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**Transamerica BlackRock iShares Dynamic Allocation – Moderate Growth VP** 

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**NOTES TO FINANCIAL STATEMENTS** 

**At December 31, 2022** 

**1. ORGANIZATION** 

Transamerica Series Trust ("TST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). TST applies investment company accounting and reporting guidance. TST serves as a funding vehicle for variable life insurance, variable annuity, and group annuity products. Transamerica BlackRock iShares Dynamic Allocation—Moderate Growth VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers one class of shares, Service Class.

The only shareholders of the Portfolio are affiliated insurance company separate accounts and affiliated asset allocation portfolios. Contract holders of the variable life and annuity contracts are not shareholders of the Portfolio. For ease of reference, shareholders and contract holders are collectively referred to in this report as "shareholders."

This report must be accompanied or preceded by the Portfolio's current prospectus, which contains additional information about the Portfolio, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Portfolio pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Portfolio. TAM supervises the Portfolio's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Portfolio.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of a Portfolio without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Portfolio and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Portfolio employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending portfolio combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Portfolio's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Portfolio; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for a Portfolio; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Portfolio's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; oversight of other service providers to the Portfolio, such as the custodian, the transfer agent, the Portfolio's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Portfolio; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Portfolio, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**1. ORGANIZATION (continued)** 

Portfolio. The Portfolio pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the year ended December 31, 2022, (i) the expenses paid to State Street for sub-administration services by the Portfolio are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Portfolio are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES** 

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

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Interest income, if any, is accrued as earned. Dividend income and capital gain distributions from underlying investments, if any, are recorded on the ex-dividend date. Income or short-term capital gain distributions received from underlying investments, if any, are recorded as Dividend income from investments within the Statement of Operations. Long-term capital gain distributions received from underlying investments, if any, are recorded as Net realized gain (loss) on Capital gain distributions received from investments within the Statement of Operations.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

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

**3. INVESTMENT VALUATION** 

Effective September 8, 2022, TAM has been designated as the Portfolio's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Portfolio's Board of Trustees. The net asset value of the Portfolio is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

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

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

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

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Portfolio's investments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Portfolio's investments at December 31, 2022, is disclosed within the Investment Valuation section of the Schedule of Investments.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**3. INVESTMENT VALUATION (continued)** 

characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

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

*Exchange-traded funds ("ETF"):* ETFs are stated at the last reported sale price or closing price on the day of valuation taken from the primary exchange where the ETF is principally traded. ETFs are generally categorized in Level 1 of the fair value hierarchy.

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

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

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

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the year ended December 31, 2022, the Portfolio has not utilized the program.

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

Repurchase agreements are subject to netting agreements, which are agreements between the Portfolio and its counterparties that provide for the net settlement of all transactions and collateral with the Portfolio, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at December 31, 2022.

Repurchase agreements at December 31, 2022, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**Securities lending:** The Portfolio may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Portfolio pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Portfolio to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Portfolio may experience delays in recovery of the loaned securities or delays in

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)** 

access to collateral, or the Portfolio may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government and irrevocable letters of credit issued by banks as collateral. The initial collateral received by the Portfolio is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower.

The Portfolio receives compensation for lending securities from interest or dividends earned on the cash, U.S. Government securities and irrevocable letters of credit held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust—Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at December 31, 2022, if any, are shown on a gross basis within the Schedule of Investments.

**5. RISK FACTORS** 

Investing in the Portfolio involves certain key risks related to the Portfolio's trading activity. Please reference the Portfolio's prospectus for a more complete discussion of the following risk(s), as well as other risks of investing in the Portfolio.

**Market risk:** The market prices of the Portfolio's securities and other assets may go up or down, sometimes sharply and unpredictably, due to general market conditions, overall economic trends or events, inflation, changes in interest rates, government actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by wars, tariffs, trade disputes or other factors, political developments, investor sentiment, the global and domestic effects of a pandemic or other health emergency, and other factors that may or may not be related to the issuer of the security or other asset. The market prices of securities and other assets also may go down due to events or conditions that affect particular sectors, industries, issuers, or geographies. Adverse market conditions may be prolonged and may not have the same impact on all types of securities or other assets. If the value of the Portfolio's securities and assets fall, the value of your investment will go down. The Portfolio may experience a substantial or complete loss on any individual security or asset.

Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, the imposition of economic sanctions, public health events (such as the spread of infectious disease), wars, terrorism, cybersecurity events, technology and data interruptions, natural disasters, and other circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. In the past decade, financial markets throughout the world have experienced increased volatility and decreased liquidity. These conditions may continue or worsen. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down. Securities markets may also be susceptible to market manipulation or other fraudulent trade practices, which could disrupt the orderly functioning of these markets or adversely affect the value of securities traded in these markets, including the Portfolio's securities.

The pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in economic downturns throughout the world, severe losses, particularly to some sectors of the economy and individual issuers, and reduced liquidity of many instruments. There also have been significant disruptions to business operations, including business closures; strained healthcare systems; disruptions to supply chains and employee availability; large fluctuations in consumer demand; and widespread uncertainty regarding the duration and long-term effects of the pandemic. Economic downturns may be prolonged, and political and social instability, continued volatility and decreased liquidity in the securities markets may result. Developing or emerging market countries may be more impacted by the pandemic.

The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic. These and other government intervention into the economy and financial markets may not work as intended. In addition, government actions to mitigate the economic impact of the pandemic have resulted in large expansion of government deficits and debt, the long-term consequences of which are not known. Rates of inflation have recently risen, which could adversely affect economies and markets. The pandemic could continue to adversely affect the value and liquidity of the Portfolio's investments.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**5. RISK FACTORS (continued)** 

*Europe:* A number of countries in Europe have experienced severe economic and financial difficulties; and financial markets in Europe and elsewhere have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen or spread within or outside Europe. Responses to the financial problems by European governments, central banks and others may not work, may result in conflicts and social unrest and may limit future growth and economic recovery or have other unintended consequences. In January, 2020, through "Brexit," the United Kingdom withdrew from the European Union. The ramifications of Brexit are unknown, and the implications of possible political, regulatory, economic, and market outcomes could be significant. The United Kingdom has one of the largest economies in Europe and is a major trading partner with European Union countries and the United States. Brexit may create additional and substantial economic stresses for the United Kingdom, including a contraction of the United Kingdom's economy, decreased trade, capital outflows, devaluation of the British pound, and a decrease in business and consumer spending and investment. The negative impact on not only the United Kingdom and European Union economies but also the broader global economy could be significant. A number of countries in Europe have suffered terror attacks, and additional attacks may occur in the future. Europe has also been struggling with mass migration from the Middle East, Eastern Europe and Africa. The ultimate effects of these events and other socio-political or geopolitical issues could profoundly affect global economies and markets. Whether or not the Portfolio invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

*Additional Market Disruption:* Russia's invasion of Ukraine in February, 2022, the resulting responses by the United States and other countries, and the potential for wider conflict, have increased and may continue to increase volatility and uncertainty in financial markets worldwide. The United States and other countries have imposed broad-ranging economic sanctions on Russia and Russian entities and individuals, and may impose additional sanctions, including on other countries that provide military or economic support to Russia. These sanctions, among other things, restrict companies from doing business with Russia and Russian issuers, and may adversely affect companies with economic or financial exposure to Russia and Russian issuers. The extent and duration of Russia's military actions and the repercussions of such actions are not known. The invasion may widen beyond Ukraine and may escalate, including through retaliatory actions and cyberattacks by Russia and even other countries. These events may result in further and significant market disruptions and may adversely affect regional and global economies including those of Europe and the United States. Certain industries and markets, such as those involving oil, natural gas and other commodities, as well as global supply chains, may be particularly adversely affected. Whether or not the Portfolio invests in securities of issuers located in Russia, Ukraine and adjacent countries or with significant exposure to issuers in these countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

**Asset allocation risk:** The Portfolio's investment performance is significantly impacted by the Portfolio's asset allocation and reallocation from time to time. The sub-adviser's decisions whether and when to tactically overweight or underweight asset classes, create and apply formulas for de-risking or ending de-risking and select a mix of underlying portfolios may not produce the desired results. These actions may be unsuccessful in maximizing return and/or avoiding investment losses. The value of your investment may decrease if the sub-adviser's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying portfolio or other issuer is incorrect. The sub-adviser may favor an asset class that performs poorly relative to other asset classes. The available underlying portfolios selected by the sub-adviser may underperform the market or similar portfolios.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The value of equity securities fluctuates based on real or perceived changes in a company's financial condition, factors affecting a particular industry or industries, and overall market, economic and political conditions. If the market prices of the equity securities owned by the Portfolio fall, the value of your investment in the Portfolio will decline. The Portfolio may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**6. FEES AND OTHER AFFILIATED TRANSACTIONS** 

TST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Transamerica Life Insurance Company ("TLIC"), and Transamerica Financial Life Insurance Company.

TAM, the Portfolio's investment manager, is directly owned by TLIC and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon NV. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon NV, a Netherlands corporation, and a publicly traded international insurance group.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

Transamerica Fund Services, Inc. ("TFS") is the Portfolio's transfer agent. Transamerica Capital, Inc. ("TCI") is the Portfolio's distributor/principal underwriter. TAM, TFS, and TCI are affiliates of Aegon NV.

Certain officers and trustees of the Portfolio are also officers and/or trustees of TAM, TFS and TCI. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Portfolio. The Portfolio does pay non-interested persons (independent trustees), as disclosed in Trustee, CCO and deferred compensation fees within the Statement of Operations.

**Investment management fees:** TAM serves as the Portfolio's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Portfolio pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Portfolio pays a management fee to TAM based on daily average net assets at the following rates:

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| | |
|:---|:---|
| **Breakpoints <sup>(A)</sup>** | **Rate** |
|  First $500 million | 0.5000% |
|  Over $500 million up to $1 billion | 0.4900 |
|  Over $1 billion up to $2.5 billion | 0.4725 |
|  Over $2.5 billion up to $3.5 billion | 0.4650 |
|  Over $3.5 billion up to $4.5 billion | 0.4525 |
|  Over $4.5 billion | 0.4400 |

---

(A) *TAM has contractually agreed, through May 1, 2023, to waive from its management fees an amount equal to the sub-advisory fee waiver by the Portfolio's sub-adviser. These amounts are not subject to recapture by TAM.* 

TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses, reorganization expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

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| | | |
|:---|:---|:---|
| | **Operating<br>Expense Limit** | **Operating<br>Expense Limit<br>Effective Through** |
|  Service Class | 0.80% | May 1, 2023 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended December 31, 2022 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Portfolio, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

As of December 31, 2022, there are no amounts available for recapture by TAM.

**Distribution and service fees:** TST has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, TST entered into a distribution agreement with TCI as the Portfolio's distributor.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

The Distribution Plan requires the Portfolio to pay distribution fees to TCI as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCI, on behalf of the Portfolio, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Portfolio's shares.

The fee on the Service Class shares is paid to the insurance companies for providing services and account maintenance for the policyholders who invest in the variable insurance products which invest in the Service Class shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Portfolio is authorized under the Distribution Plan to pay fees to TCI based on daily average net assets up to an annual fee of 0.25% of Service Class shares.

**Transfer agent costs:** TFS provides transfer agency services under an intercompany agreement with TAM. TFS has outsourced the provision of certain sub-transfer agency services to SS&C Technology Holdings, Inc ("SS&C"). The Portfolio does not pay a separate transfer agent fee to TAM or TFS but does pay certain expenses to SS&C related to applicable sub-transfer agency services. For the year ended December 31, 2022, (i) the expenses paid to SS&C by the Portfolio are referred to as Transfer agent costs and are included within the Statement of Operations and (ii) the expenses payable to SS&C by the Portfolio are referred to as Transfer agent costs within the Statement of Assets and Liabilities.

**Deferred compensation plan:** Effective September 23, 2021, the Board has approved the termination of the deferred compensation plan. Payments will be made to applicable current and former Board members consistent with Section 409A of the Code. Under a non-qualified deferred compensation plan effective January 1, 1996, as amended and restated January 1, 2010, available to the trustees, compensation may be deferred that would otherwise be payable by TST to an independent trustee on a current basis for services rendered as trustee. Deferred compensation amounts will accumulate based on the value of the investment option, as elected by the trustee. Balances pursuant to deferred compensation plan are recorded in Trustees, Chief Compliance Officer ("CCO") and deferred compensation fees within the Statement of Assets and Liabilities. For the year ended December 31, 2022, amounts included in Trustees, CCO and deferred compensation fees within the Statement of Operations reflect total compensation paid to the independent Board members.

**Brokerage commissions:** The Portfolio incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the year ended December 31, 2022.

**7. PURCHASES AND SALES OF SECURITIES** 

For the year ended December 31, 2022, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

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| | |
|:---|:---|
| **Purchases of Securities** | **Sales of Securities** |
| $1042179058 | $1078648565 |

---

**8. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS** 

The Portfolio has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Portfolio recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Portfolio's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Portfolio's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Portfolio's financial statements. If applicable, the Portfolio recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Portfolio identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Portfolio makes significant investments; however, the Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**8. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)** 

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales, straddle loss deferrals and organizational expenses. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. There are no reclassifications in the current year.

As of December 31, 2022, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross<br>Appreciation** | **Gross<br>(Depreciation)** | **Net Appreciation<br>(Depreciation)** |
| $364164536 | $65958 | $(37770597) | $(37704639) |

---

As of December 31, 2022, the capital loss carryforwards available to offset future realized capital gains are as follows:

---

| | |
|:---|:---|
| **Unlimited** | **Unlimited** |
| **Short-Term** | **Long-Term** |
| $— | $11907293 |

---

During the year ended December 31, 2022, the Portfolio did not have any capital loss carryforwards utilized or expired.

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2022 and 2021 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** |
| **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of Capital** | **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of Capital** |
| $34894705 | $3493298 | $— | $32936644 | $8500766 | $— |

---

As of December 31, 2022, the tax basis components of distributable earnings are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Capital Loss<br>Carryforwards** | **Late Year<br>Ordinary Loss<br>Deferred** | **Other**<br> **Temporary<br>Differences** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| $4211000 | $— | $(11907293) | $— | $(765568) | $(37704639) |

---

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**Report of Independent Registered Public Accounting Firm** 

*To the Shareholders and the Board of Trustees of Transamerica BlackRock iShares Dynamic Allocation — Moderate Growth VP* 

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities of Transamerica BlackRock iShares Dynamic Allocation — Moderate Growth VP (the "Portfolio") (one of the portfolios constituting Transamerica Series Trust (the "Trust")), including the schedule of investments, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the portfolios constituting Transamerica Series Trust) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion** 

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g438566ernst_young.jpg)

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

February 27, 2023

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**SUPPLEMENTAL TAX INFORMATION** 

**(unaudited)** 

For tax purposes, the Portfolio has made a long-term capital gain designation of $3,493,298 for the year ended December 31, 2022.

The amounts which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the U.S. are as follows:

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| | |
|:---|:---|
| **Foreign Source Income** | **Foreign Taxes** |
| $920677 | $73737 |

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**Transamerica BlackRock iShares Edge 40 VP** 

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**(unaudited)** 

**MARKET ENVIRONMENT** 

The fourth quarter of 2022 wrapped up one of the most notable years in market history. Both stocks and bonds fell double-digit percentages as represented by the S&P 500<sup>®</sup> Index, MSCI EAFE Index, and the Bloomberg US Aggregate Bond Index. A sea change in the investment landscape occurred in 2022 resulting from a dramatic increase in inflation and subsequent reversal in the 40-year trend of broadly declining U.S. interest rates. The year ended with a total of 425 basis points in rate hikes by the U.S. Federal Reserve ("Fed") and while the Fed announced a final hike of 50 basis points in December, marking a deceleration from the previous four consecutive 75 basis point hikes, it continued its commitment to fighting inflation.

Although both the bond market (represented by the Bloomberg US Aggregate Bond Index) and the U.S. stock market (represented by the MSCI USA Index and S&P 500<sup>®</sup> Index) finished the year in negative territory, the fourth quarter of 2022 provided some relief, as these benchmarks rebounded after three consecutive quarterly declines. Emerging Markets (represented by the MSCI Emerging Markets Index) stocks also rallied, up 9.70% for the quarter. Developed markets outside the U.S. (represented by the MSCI EAFE Index), however, led the rebound by finishing the last quarter of 2022 up 17.34%, with much of this return coming from a weakening in the U.S. dollar in the period.

In the U.S., equity style factors largely outperformed the S&P 500<sup>®</sup> Index. Low Volatility, Value, Size and Momentum (represented by the MSCI USA Minimum Volatility Index, MSCI USA Enhanced Value Index, MSCI USA Low Size Index, MSCI USA Momentum SR Variant Index, respectively) all outperformed the S&P 500<sup>®</sup> Index for the year ended December 31, 2022. In the final quarter of 2022, each of the aforementioned factors outperformed the S&P 500<sup>®</sup> Index, with value representing the strongest performing factor for both the quarter and the year while the Quality factor (represented by the MSCI USA Quality Index) lagged the other factors over the quarter and the year.

**PERFORMANCE** 

For the year ended December 31, 2022, Transamerica BlackRock iShares Edge 40 VP, Initial Class returned -14.24%. By comparison, its primary and secondary benchmarks, the Dow Jones Moderately Conservative Portfolio Index and the Transamerica BlackRock iShares Edge 40 VP Blended Benchmark, returned -14.42% and -13.46%, respectively.

**STRATEGY REVIEW** 

For the 12-month period ended December 31, 2022, Transamerica BlackRock iShares Edge 40 VP (the "Portfolio") overperformed its primary benchmark, the Dow Jones Moderately Conservative Portfolio Index.

The Portfolio's relative underweights to bonds and cash were the primary detractors from performance which was offset by equity allocations to the Low Volatility, Value, and Size factors.

The Portfolio is a fund of funds investing substantially all of its assets in underlying exchange-traded funds ("ETFs") advised by our affiliate. The equity allocation of the Portfolio is comprised entirely of "smart beta" or factor-based equity ETFs. The smart beta ETFs are focused on reward risk factors in the equity space. These risk premia historically have shown to provide excess return and/or lower risk over long investment horizons. Specifically, these factors are Quality, Value, (Smaller) Size, Momentum and Low Volatility. The Portfolio has been designed to capture all five of these factor exposures in the U.S., and outside of the U.S., only the Minimum Volatility exposure. Specific strategies in this Portfolio include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Quality, which is designed to be a defensive position in the market by focusing on companies with stable earnings and strong
balance sheets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Momentum, which focuses on companies with continued positive trending performance over a 6- and 12-month period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Value, which tilts towards companies with cheaper valuations relative to their fundamentals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Size, which tilts towards companies with smaller capitalization relative to the large cap parent index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Minimum Volatility, which is designed to provide broad market exposure with lower risk by constructing a portfolio with the
lowest possible volatility while maintaining similar characteristics to the broad market such as sector and country weights.

The equity allocation of the Portfolio is designed to capture long-term risk premia, while the fixed income allocation provides passive exposure to broad-based bond markets. Our goal is to monitor the Portfolio for risk, but not to adjust the Portfolio on an ad-hoc basis or to take short-term views on the underlying ETFs. The overall volatility of the Portfolio is typically lower than the benchmark.

**Greg Savage** 

**Paul Whitehead** 

**Co-Portfolio Managers** 

**BlackRock Investment Management, LLC** 

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**Page 1** 

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**Transamerica BlackRock iShares Edge 40 VP** 

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**(unaudited)** 

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| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  U.S. Fixed Income Funds | 59.5% |
|  U.S. Equity Funds | 30.4 |
|  International Equity Funds | 10.1 |
|  Other Investment Company | 9.0 |
|  Net Other Assets (Liabilities) | (9.0) |
|  **Total** | 100.0% |

---

*Current and future portfolio holdings are subject to change and risk.* 

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**Transamerica BlackRock iShares Edge 40 VP** 

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**(unaudited)**![LOGO](g438566g57l64.jpg)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Initial Class | (14.24)% | 1.97% | 3.41% | 05/01/2002 |
|  Dow Jones Moderately Conservative Portfolio Index <sup>(A)</sup> | (14.42)% | 1.76% | 3.66% |  |
|  Transamerica BlackRock iShares Edge 40 VP Blended Benchmark <sup>(B) (C) (D) (E) (F) (G) (H)</sup> | (13.46)% | 3.54% | 5.06% |  |
|  Service Class | (14.44)% | 1.73% | 3.16% | 05/01/2003 |

---

<sup>(A)</sup> *The Dow Jones Moderately Conservative Portfolio Index is designed to measure a total portfolio of stocks, bonds, and cash, allocated to represent a moderately aggressive investor risk profile.* 

<sup>(B)</sup> *The Transamerica BlackRock iShares Edge 40 VP Blended Benchmark is composed of the following benchmarks: 50% Bloomberg US Aggregate Bond Index, 23.50% MSCI USA Diversified Multi-Factor Index, 10% ICE BofAML US Corporate Index, 7.80% MSCI EAFE Minimum Volatility Index, 6.50% MSCI USA Minimum Volatility Index and 2.20% MSCI EM Minimum Volatility Index.* 

<sup>(C)</sup> *The Bloomberg US Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities.* 

<sup>(D)</sup> *The MSCI USA Diversified Multi-Factor Index aims to maximize exposure to four factors, Value, Momentum, Quality and Low size, while maintaining a risk profile similar to that of the underlying parent index.* 

<sup>(E)</sup> *The ICE BofAML US Corporate Index measures the investment grade, US dollar-denominated, fixed-rate, taxable corporate and government related bond markets.* 

<sup>(F)</sup> *The MSCI EAFE Minimum Volatility Index measures the performance characteristics of a minimum variance strategy applied to the large and mid-cap equity universe across developed countries, excluding the U.S. and Canada.* 

<sup>(G)</sup> *The MSCI USA Minimum Volatility Index reflects the performance characteristics of a minimum variance strategy applied to the large and mid-cap USA equity universe.* 

<sup>(H)</sup> *The MSCI EM Minimum Volatility Index reflects the performance characteristics of a minimum variance strategy applied to large and mid-cap equities across emerging markets countries.* 

The Portfolio's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Year or Since Inception calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or the redemption of Portfolio shares. The Portfolio's investment return and net asset value will fluctuate. Investors' shares when redeemed may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month end. Portfolio performance is net of investment fees and Portfolio expenses, but not product charges, which, if included, would significantly lower the performance quoted.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of previously waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Investing internationally, globally, or in emerging markets exposes investors to additional risks and expenses such as changes in currency rates, foreign taxation, differences in auditing and other financial standards not associated with investing domestically.

ETFs generally present the same risks as an investment in a conventional fund that has the same investment objectives, strategies and policies. The market price of an ETF's shares may be above or below the shares' net asset value; and an active trading market for an ETF's share may not develop or be maintained.

Fixed-income securities are subject to risks including credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk and liquidity risk. The value of fixed income securities generally goes down when interest rates rise, and therefore the value of your investment in the Portfolio may also go down.

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| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 3** 

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**Transamerica BlackRock iShares Edge 40 VP** 

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**DISCLOSURE OF EXPENSES** 

**(unaudited)** 

**SHAREHOLDER EXPENSES** 

Portfolio shareholders may incur two types of costs: (i) transaction costs, including brokerage commissions on purchases and sales of portfolio shares; and (ii) ongoing costs, including management fees, and other portfolio expenses.

The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other portfolios.

The example is based on an investment of $1,000 invested at July 1, 2022, and held for the entire six-month period until December 31, 2022.

**ACTUAL EXPENSES** 

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

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES** 

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Portfolio shares. Therefore, the information under the heading "Hypothetical Expenses" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different portfolios. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries, or other financial institutions.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Actual Expenses** | **Actual Expenses** | **Hypothetical Expenses <sup>(A)</sup>** | **Hypothetical Expenses <sup>(A)</sup>** | |
| <br>**Class** |<br>**Beginning<br>Account Value<br>July 1, 2022** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** |<br>**Net Annualized<br>Expense Ratio <sup>(C) (D)</sup>** |
|  Initial Class | $&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;994.00 | $&nbsp;&nbsp;&nbsp;&nbsp;1.51 | $&nbsp;&nbsp;&nbsp;&nbsp;1023.70 | $&nbsp;&nbsp;&nbsp;&nbsp;1.53 | 0.30% |
|  Service Class | 1000.00 | 993.00 | 2.76 | 1022.40 | 2.80 | 0.55 |

---

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

(B) *Expenses are calculated using the Portfolio's net annualized expense ratio, as disclosed in the table, multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (365 days).*

(C) *Net annualized expense ratios, as disclosed in the table, do not include the expenses of the underlying investments in which the Portfolio invests. The net annualized expense ratios, as stated in the fee table of the Portfolio's Prospectus, may differ from the expense ratios disclosed in this report.*

(D) *Net annualized expense ratios are reflective of applicable fee waivers and/or reimbursements and recapture, if any, and are based on the most recent six-months which may differ from the net expense ratio displayed in the Financial Highlights that covers a twelve-month period.*

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| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 4** 

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**SCHEDULE OF INVESTMENTS** 

**At December 31, 2022** 

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| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS - 100.0%** | **EXCHANGE-TRADED FUNDS - 100.0%** | **EXCHANGE-TRADED FUNDS - 100.0%** |
| **International Equity Funds - 10.1%** | **International Equity Funds - 10.1%** | **International Equity Funds - 10.1%** |
|  iShares MSCI EAFE Min Vol Factor ETF <sup>(A)</sup> | 304755 | $19377847 |
|  iShares MSCI Emerging Markets Min Vol Factor ETF | 103730 | 5502876 |
|  |  | 24880723 |
| **U.S. Equity Funds - 30.4%** | **U.S. Equity Funds - 30.4%** | **U.S. Equity Funds - 30.4%** |
|  iShares MSCI USA Min Vol Factor ETF <sup>(A)</sup> | 225257 | 16241030 |
|  iShares MSCI USA Momentum Factor ETF | 111897 | 16329129 |
|  iShares MSCI USA Quality Factor ETF <sup>(A)</sup> | 140415 | 16001693 |
|  iShares MSCI USA Size Factor ETF <sup>(A)</sup> | 87825 | 9988223 |
|  iShares MSCI USA Value Factor ETF | 179010 | 16314972 |
|  |  | 74875047 |
| **U.S. Fixed Income Funds - 59.5%** | **U.S. Fixed Income Funds - 59.5%** | **U.S. Fixed Income Funds - 59.5%** |
|  iShares Broad USD Investment Grade Corporate Bond ETF <sup>(A)</sup> | 495590 | 24338425 |
|  iShares Core U.S. Aggregate Bond ETF | 1256869 | 121903724 |
|  |  | 146242149 |
|  **Total Exchange-Traded Funds <br>(Cost $246,352,247)** | **Total Exchange-Traded Funds <br>(Cost $246,352,247)** | 245997919 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **OTHER INVESTMENT COMPANY - 9.0%** | **OTHER INVESTMENT COMPANY - 9.0%** | **OTHER INVESTMENT COMPANY - 9.0%** |
| **Securities Lending Collateral - 9.0%** | **Securities Lending Collateral - 9.0%** | **Securities Lending Collateral - 9.0%** |
|  State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 4.29% <sup>(B)</sup> | 22106055 | $22106055 |
|  **Total Other Investment Company <br>(Cost $22,106,055)** | **Total Other Investment Company <br>(Cost $22,106,055)** | 22106055 |
|  **Total Investments <br>(Cost $268,458,302)** | **Total Investments <br>(Cost $268,458,302)** | 268103974 |
|  **Net Other Assets (Liabilities) - (9.0)%** |  | (22189778) |
|  **Net Assets - 100.0%** |  | **$245914196** |

---

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(C)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** |  |  |  |  |
|  **Investments** |  |  |  |  |
|  Exchange-Traded Funds | $245997919 | $— | $— | $245997919 |
|  Other Investment Company | 22106055 |  |  | 22106055 |
|  **Total Investments** | $**268103974** | $**—** | $**—** | $**268103974** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *All or a portion of the securities are on loan. The total value of all securities on loan is $23,888,183, collateralized by cash collateral of $22,106,055 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $2,328,875. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.* 

(B) *Rate disclosed reflects the yield at December 31, 2022.* 

(C) *There were no transfers in or out of Level 3 during the year ended December 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

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

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| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 5** 

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**STATEMENT OF ASSETS AND LIABILITIES** 

**At December 31, 2022** 

---

| | |
|:---|:---|
|  **Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments, at value (cost $268,458,302) <br>(including securities loaned of $23,888,183) | $268103974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value (cost $666) | 647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables and other assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 2177248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 9576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest sold | 871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax reclaims | 18184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 1033 |
|  Total assets | 270311675 |
|  **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral received upon return of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities on loan | 22106055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables and other liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 1671213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest redeemed | 438956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to custodian | 18634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 53410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 49101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 2285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 19936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 6891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 1510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 25791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 3404 |
|  Total liabilities | 24397479 |
|  **Net assets** | $&nbsp;&nbsp;&nbsp;&nbsp;245914196 |
|  **Net assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital stock ($0.01 par value) | $301575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 238073237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) | 7539384 |
|  **Net assets** | $245914196 |
|  **Net assets by class:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | $19923111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 225991085 |
|  **Shares outstanding:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 2425509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 27731998 |
|  **Net asset value and offering price per share:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | $8.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 8.15 |

---

**STATEMENT OF OPERATIONS** 

**For the year ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income from unaffiliated investments | $6032647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income from unaffiliated investments | 577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 187244 |
|  Total investment income | 6220468 |
|  **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 827509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 635552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 2868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 11630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 31247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 29536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 15316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 14978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 23298 |
|  Total expenses before waiver and/or reimbursement and recapture | 1591934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses waived and/or reimbursed: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (10810) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (127108) |
|  Net expenses | 1454016 |
|  **Net investment income (loss)** | 4766452 |
|  **Net realized gain (loss) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments | 3353761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (42) |
|  Net realized gain (loss) | 3353719 |
|  **Net change in unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments | (54595993) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Translation of assets and liabilities denominated in foreign currencies | (1224) |
| Net change in unrealized appreciation (depreciation) | (54597217) |
| Net realized and change in unrealized gain (loss) | (51243498) |
|  **Net increase (decrease) in net assets resulting from operations** | $&nbsp;&nbsp;&nbsp;&nbsp;(46477046) |

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

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| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 6** 

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**STATEMENT OF CHANGES IN NET ASSETS** 

**For the years ended:** 

---

| | | |
|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2021** |
|  **From operations:** | **From operations:** | **From operations:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $4766452 | $4395930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 3353719 | 11258130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (54597217) | 3888104 |
|  Net increase (decrease) in net assets resulting from operations | (46477046) | 19542164 |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (1286031) | (1030888) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (14351762) | (11082234) |
|  Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (15637793) | (12113122) |
|  **Capital share transactions:** | **Capital share transactions:** | **Capital share transactions:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 1122716 | 2079012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 3030034 | 5861204 |
|  | 4152750 | 7940216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 1286031 | 1030888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 14351762 | 11082234 |
|  | 15637793 | 12113122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (3031135) | (6327714) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (41862970) | (38612952) |
|  | (44894105) | (44940666) |
|  Net increase (decrease) in net assets resulting from capital share transactions | (25103562) | (24887328) |
|  **Net increase (decrease) in net assets** | (87218401) | (17458286) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 333132597 | 350590883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $&nbsp;&nbsp;&nbsp;&nbsp;245914196 | $&nbsp;&nbsp;&nbsp;&nbsp;333132597 |
|  **Capital share transactions - shares:** | **Capital share transactions - shares:** | **Capital share transactions - shares:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 124939 | 206034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 327108 | 582394 |
|  | 452047 | 788428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 152193 | 101465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 1710580 | 1099428 |
|  | 1862773 | 1200893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (337841) | (624880) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (4715104) | (3837593) |
|  | (5052945) | (4462473) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in shares outstanding: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (60709) | (317381) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (2677416) | (2155771) |
|  | (2738125) | (2473152) |

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

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| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 7** 

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**FINANCIAL HIGHLIGHTS** 

**For a share outstanding during the years indicated:** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $10.20 | $9.98 | $9.39 | $9.61 | $10.22 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(A)</sup> | 0.18 | 0.15 | 0.17 | 0.24 | 0.20 |
|  Net realized and unrealized gain (loss) | (1.62) | 0.45 | 0.72 | 1.18 | (0.62) |
|  Total investment operations | (1.44) | 0.60 | 0.89 | 1.42 | (0.42) |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income | (0.17) | (0.18) | (0.23) | (0.24) | (0.19) |
|  Net realized gains | (0.38) | (0.20) | (0.07) | (1.40) |  |
|  Total dividends and/or distributions to shareholders | (0.55) | (0.38) | (0.30) | (1.64) | (0.19) |
|  **Net asset value, end of year** | $8.21 | $10.20 | $9.98 | $9.39 | $9.61 |
|  **Total return** | (14.24)% | 6.09% | 9.65% | 15.31% | (4.14)% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;19923 | $&nbsp;&nbsp;&nbsp;&nbsp;25371 | $&nbsp;&nbsp;&nbsp;&nbsp;27992 | $&nbsp;&nbsp;&nbsp;&nbsp;25439 | $&nbsp;&nbsp;&nbsp;&nbsp;24134 |
|  Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.35% | 0.34% | 0.34% | 0.34% | 0.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture <sup>(C)</sup> | 0.30 %<sup>(D)</sup> | 0.29% | 0.29% | 0.30% | 0.77% |
|  Net investment income (loss) to average net assets | 1.97% | 1.50% | 1.84% | 2.42% | 2.04% |
|  Portfolio turnover rate | 5% | 6% | 13% | 4% | 136% |

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(A) *Calculated based on average number of shares outstanding.* 

(B) *Does not include expenses of the underlying investments in which the Portfolio invests.* 

(C) *TAM contractually agreed to waive 0.05% of the average daily net assets from its management fee through May 1, 2022. These amounts are not subject to recapture by TAM.* 

(D) *TAM has contractually agreed, through May 1, 2023, to waive from its management fees an amount equal to the sub-advisory fee waiver by the Portfolio's sub-adviser. These amounts are not subject to recapture by TAM.* 

**For a share outstanding during the years indicated:** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $10.12 | $9.91 | $9.32 | $9.54 | $10.15 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(A)</sup> | 0.15 | 0.13 | 0.15 | 0.21 | 0.18 |
|  Net realized and unrealized gain (loss) | (1.59) | 0.44 | 0.72 | 1.18 | (0.62) |
|  Total investment operations | (1.44) | 0.57 | 0.87 | 1.39 | (0.44) |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income | (0.15) | (0.16) | (0.21) | (0.21) | (0.17) |
|  Net realized gains | (0.38) | (0.20) | (0.07) | (1.40) |  |
|  Total dividends and/or distributions to shareholders | (0.53) | (0.36) | (0.28) | (1.61) | (0.17) |
|  **Net asset value, end of year** | $8.15 | $10.12 | $9.91 | $9.32 | $9.54 |
|  **Total return** | (14.44)% | 5.78% | 9.45% | 15.10% | (4.43)% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;225991 | $&nbsp;&nbsp;&nbsp;&nbsp;307762 | $&nbsp;&nbsp;&nbsp;&nbsp;322599 | $&nbsp;&nbsp;&nbsp;&nbsp;316279 | $&nbsp;&nbsp;&nbsp;&nbsp;299266 |
|  Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.60% | 0.59% | 0.59% | 0.59% | 1.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture <sup>(C)</sup> | 0.55 %<sup>(D)</sup> | 0.54% | 0.54% | 0.55% | 1.02% |
|  Net investment income (loss) to average net assets | 1.71% | 1.26% | 1.58% | 2.17% | 1.79% |
|  Portfolio turnover rate | 5% | 6% | 13% | 4% | 136% |

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(A) *Calculated based on average number of shares outstanding.* 

(B) *Does not include expenses of the underlying investments in which the Portfolio invests.* 

(C) *TAM contractually agreed to waive 0.05% of the average daily net assets from its management fee through May 1, 2022.* 

(D) *TAM has contractually agreed, through May 1, 2023, to waive from its management fees an amount equal to the sub-advisory fee waiver by the Portfolio's sub-adviser. These amounts are not subject to recapture by TAM.* 

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

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**NOTES TO FINANCIAL STATEMENTS** 

**At December 31, 2022** 

**1. ORGANIZATION** 

Transamerica Series Trust ("TST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). TST applies investment company accounting and reporting guidance. TST serves as a funding vehicle for variable life insurance, variable annuity, and group annuity products. Transamerica BlackRock iShares Edge 40 VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers two classes of shares, Initial Class and Service Class.

The only shareholders of the Portfolio are affiliated insurance company separate accounts and affiliated asset allocation portfolios. Contract holders of the variable life and annuity contracts are not shareholders of the Portfolio. For ease of reference, shareholders and contract holders are collectively referred to in this report as "shareholders."

This report must be accompanied or preceded by the Portfolio's current prospectus, which contains additional information about the Portfolio, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Portfolio pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Portfolio. TAM supervises the Portfolio's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Portfolio.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of a Portfolio without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Portfolio and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Portfolio employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending portfolio combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Portfolio's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Portfolio; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for a Portfolio; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Portfolio's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; oversight of other service providers to the Portfolio, such as the custodian, the transfer agent, the Portfolio's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Portfolio; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Portfolio, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Portfolio. The Portfolio pays certain fees and expenses to State Street for sub-administration services which are not administrative

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**Transamerica BlackRock iShares Edge 40 VP** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**1. ORGANIZATION (continued)** 

services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the year ended December 31, 2022, (i) the expenses paid to State Street for sub-administration services by the Portfolio are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Portfolio are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES** 

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

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

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

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

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Interest income, if any, is accrued as earned. Dividend income and capital gain distributions from underlying investments, if any, are recorded on the ex-dividend date. Income or short-term capital gain distributions received from underlying investments, if any, are recorded as Dividend income from investments within the Statement of Operations. Long-term capital gain distributions received from underlying investments, if any, are recorded as Net realized gain (loss) on Capital gain distributions received from investments within the Statement of Operations.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Cash overdraft:** The Portfolio may have cash overdraft balances. A fee is incurred on these overdrafts, calculated by multiplying the overdraft by a rate based on the Federal Funds Rate.

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

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Portfolio with broker/dealers with which TST has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Portfolio. In no event will commissions, paid by the Portfolio, be used to pay expenses that would otherwise be borne by any other portfolios within TST, or by any other party.

There were no commissions recaptured during the year ended December 31, 2022 by the Portfolio.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**2. SIGNIFICANT ACCOUNTING POLICIES (continued)** 

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

**3. INVESTMENT VALUATION** 

Effective September 8, 2022, TAM has been designated as the Portfolio's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Portfolio's Board of Trustees. The net asset value of the Portfolio is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

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

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

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

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Portfolio's investments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Portfolio's investments at December 31, 2022, is disclosed within the Investment Valuation section of the Schedule of Investments.

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

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

*Exchange-traded funds ("ETF"):* ETFs are stated at the last reported sale price or closing price on the day of valuation taken from the primary exchange where the ETF is principally traded. ETFs are generally categorized in Level 1 of the fair value hierarchy.

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

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

The Portfolio may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Portfolio invests borrowing proceeds in other securities, the Portfolio will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Portfolio may borrow on a secured or on an unsecured basis. If the Portfolio enters into a secured borrowing arrangement, a portion of the Portfolio's assets will be used as collateral. The 1940 Act requires the Portfolio to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Portfolio's total assets, minus liabilities other than borrowings, bears to

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)** 

the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Portfolio may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the year ended December 31, 2022, the Portfolio has not utilized the program.

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

Repurchase agreements are subject to netting agreements, which are agreements between the Portfolio and its counterparties that provide for the net settlement of all transactions and collateral with the Portfolio, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at December 31, 2022.

Repurchase agreements at December 31, 2022, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**Securities lending:** The Portfolio may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Portfolio pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Portfolio to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Portfolio may experience delays in recovery of the loaned securities or delays in access to collateral, or the Portfolio may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government and irrevocable letters of credit issued by banks as collateral. The initial collateral received by the Portfolio is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower.

The Portfolio receives compensation for lending securities from interest or dividends earned on the cash, U.S. Government securities and irrevocable letters of credit held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust—Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at December 31, 2022, if any, are shown on a gross basis within the Schedule of Investments.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of December 31, 2022.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
| | **Overnight and<br>Continuous** | **Less Than<br>30 Days** | **Between<br>30 & 90 Days** | **Greater Than<br>90 Days** | **Total** |
|  Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-Traded Funds | $22106055 | $— | $— | $— | $22106055 |
|  **Total Borrowings** | $**22106055** | $**—** | $**—** | $**—** | $**22106055** |

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**5. RISK FACTORS** 

Investing in the Portfolio involves certain key risks related to the Portfolio's trading activity. Please reference the Portfolio's prospectus for a more complete discussion of the following risk(s), as well as other risks of investing in the Portfolio.

**Market risk:** The market prices of the Portfolio's securities and other assets may go up or down, sometimes sharply and unpredictably, due to general market conditions, overall economic trends or events, inflation, changes in interest rates, government actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by wars, tariffs, trade disputes or other factors, political developments, investor sentiment, the global and domestic effects of a pandemic or other health emergency, and other factors that may or may not be related to the issuer of the security or other asset. The market prices of securities and other assets also may go down due to events or conditions that affect particular sectors, industries, issuers, or geographies. Adverse market conditions may be prolonged and may not have the same impact on all types of securities or other assets. If the value of the Portfolio's securities and assets fall, the value of your investment will go down. The Portfolio may experience a substantial or complete loss on any individual security or asset.

Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, the imposition of economic sanctions, public health events (such as the spread of infectious disease), wars, terrorism, cybersecurity events, technology and data interruptions, natural disasters, and other circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. In the past decade, financial markets throughout the world have experienced increased volatility and decreased liquidity. These conditions may continue or worsen. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down. Securities markets may also be susceptible to market manipulation or other fraudulent trade practices, which could disrupt the orderly functioning of these markets or adversely affect the value of securities traded in these markets, including the Portfolio's securities.

The pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in economic downturns throughout the world, severe losses, particularly to some sectors of the economy and individual issuers, and reduced liquidity of many instruments. There also have been significant disruptions to business operations, including business closures; strained healthcare systems; disruptions to supply chains and employee availability; large fluctuations in consumer demand; and widespread uncertainty regarding the duration and long-term effects of the pandemic. Economic downturns may be prolonged, and political and social instability, continued volatility and decreased liquidity in the securities markets may result. Developing or emerging market countries may be more impacted by the pandemic.

The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic. These and other government intervention into the economy and financial markets may not work as intended. In addition, government actions to mitigate the economic impact of the pandemic have resulted in large expansion of government deficits and debt, the long-term consequences of which are not known. Rates of inflation have recently risen, which could adversely affect economies and markets. The pandemic could continue to adversely affect the value and liquidity of the Portfolio's investments.

*Europe:* A number of countries in Europe have experienced severe economic and financial difficulties; and financial markets in Europe and elsewhere have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen or spread within or outside Europe. Responses to the financial problems by European governments, central banks and others may not work, may result in conflicts and social unrest and may limit future growth and economic recovery or have other unintended consequences. In January, 2020, through "Brexit," the United Kingdom withdrew from the European Union. The ramifications of Brexit are unknown, and the implications of possible political, regulatory, economic, and market outcomes could be significant. The United Kingdom has one of the largest economies in Europe and is a major trading partner with European Union countries and the United States. Brexit may create additional and substantial economic stresses for the United Kingdom, including a contraction of the United Kingdom's economy, decreased trade, capital outflows, devaluation of the British pound, and a decrease in business and consumer spending and investment. The negative impact on not only the United Kingdom and European Union economies but also the broader global economy could be significant. A number of countries in Europe have suffered terror attacks, and additional attacks may occur in the future. Europe has also been struggling with mass migration from the Middle East, Eastern Europe and Africa. The ultimate effects of these events and other socio-political or geopolitical issues could profoundly affect global economies and markets. Whether or not the Portfolio invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

*Additional Market Disruption:* Russia's invasion of Ukraine in February, 2022, the resulting responses by the United States and other countries, and the potential for wider conflict, have increased and may continue to increase volatility and uncertainty in financial markets

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**5. RISK FACTORS (continued)** 

worldwide. The United States and other countries have imposed broad-ranging economic sanctions on Russia and Russian entities and individuals, and may impose additional sanctions, including on other countries that provide military or economic support to Russia. These sanctions, among other things, restrict companies from doing business with Russia and Russian issuers, and may adversely affect companies with economic or financial exposure to Russia and Russian issuers. The extent and duration of Russia's military actions and the repercussions of such actions are not known. The invasion may widen beyond Ukraine and may escalate, including through retaliatory actions and cyberattacks by Russia and even other countries. These events may result in further and significant market disruptions and may adversely affect regional and global economies including those of Europe and the United States. Certain industries and markets, such as those involving oil, natural gas and other commodities, as well as global supply chains, may be particularly adversely affected. Whether or not the Portfolio invests in securities of issuers located in Russia, Ukraine and adjacent countries or with significant exposure to issuers in these countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

**Asset allocation risk:** The Portfolio's investment performance is significantly impacted by the Portfolio's asset allocation and reallocation from time to time. The sub-adviser's decisions whether and when to tactically overweight or underweight asset classes, create and apply formulas for de-risking or ending de-risking and select a mix of underlying portfolios may not produce the desired results. These actions may be unsuccessful in maximizing return and/or avoiding investment losses. The value of your investment may decrease if the sub-adviser's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying portfolio or other issuer is incorrect. The sub-adviser may favor an asset class that performs poorly relative to other asset classes. The available underlying portfolios selected by the sub-adviser may underperform the market or similar portfolios.

**Underlying exchange-traded funds risk:** To the extent the Portfolio invests its assets in underlying ETFs, its ability to achieve its investment objective will depend in part on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs subjects the Portfolio to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which the Portfolio may invest has its own investment risks, and those risks can affect the value of the underlying ETFs' shares and therefore the value of the Portfolio's investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. In addition, the Portfolio will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests.

**Smart beta investing risk:** Smart beta strategies seek to capture broad, consistent drivers of return and to out-perform traditional index strategies. These strategies may not work as intended. An underlying ETF pursuing a smart beta strategy may not achieve its objective and may not perform as well as other funds using other asset management strategies.

**6. FEES AND OTHER AFFILIATED TRANSACTIONS** 

TST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Transamerica Life Insurance Company ("TLIC"), and Transamerica Financial Life Insurance Company.

TAM, the Portfolio's investment manager, is directly owned by TLIC and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon NV. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon NV, a Netherlands corporation, and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Portfolio's transfer agent. Transamerica Capital, Inc. ("TCI") is the Portfolio's distributor/principal underwriter. TAM, TFS, and TCI are affiliates of Aegon NV.

Certain officers and trustees of the Portfolio are also officers and/or trustees of TAM, TFS and TCI. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Portfolio. The Portfolio does pay non-interested persons (independent trustees), as disclosed in Trustee, CCO and deferred compensation fees within the Statement of Operations.

**Investment management fees:** TAM serves as the Portfolio's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Portfolio pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

The Portfolio pays a management fee to TAM based on daily average net assets at the following rates:

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| | |
|:---|:---|
| **Breakpoints <sup>(A) (B)</sup>** | **Rate** |
|  First $1 billion | 0.30% |
|  Over $1 billion | 0.28 |

---

(A) *TAM contractually agreed to waive 0.05% of the average daily net assets from its management fee through May 1, 2022. These amounts are not subject to recapture by TAM.* 

(B) *TAM has contractually agreed, through May 1, 2023, to waive from its management fees an amount equal to the sub-advisory fee waiver by the Portfolio's sub-adviser. These amounts are not subject to recapture by TAM.* 

TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses, reorganization expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

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| | | |
|:---|:---|:---|
| | **Operating<br>Expense Limit** | **Operating<br>Expense Limit<br>Effective Through** |
|  Initial Class | 0.31% | May 1, 2023 |
|  Service Class | 0.56 | May 1, 2023 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended December 31, 2022 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Portfolio, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

As of December 31, 2022, there are no amounts available for recapture by TAM.

**Distribution and service fees:** TST has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, TST entered into a distribution agreement with TCI as the Portfolio's distributor.

The Distribution Plan requires the Portfolio to pay distribution fees to TCI as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCI, on behalf of the Portfolio, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Portfolio's shares.

The fee on the Service Class shares is paid to the insurance companies for providing services and account maintenance for the policyholders who invest in the variable insurance products which invest in the Service Class shares. TCI has determined that it will not seek payment for the distribution expenses incurred by the Portfolio with respect to the Initial Class shares before May 1, 2023. Prior to TCI seeking distribution expenses on Initial Class shares, policy and contract owners will be notified in advance. The Portfolio will pay fees relating to Service Class shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Portfolio is authorized under the Distribution Plan to pay fees to TCI based on daily average net assets of each class up to the following annual rates:

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| | |
|:---|:---|
| **Class** | **Rate** |
|  Initial Class | 0.15% |
|  Service Class | 0.25 |

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

**Transfer agent costs:** TFS provides transfer agency services under an intercompany agreement with TAM. TFS has outsourced the provision of certain sub-transfer agency services to SS&C Technology Holdings, Inc ("SS&C"). The Portfolio does not pay a separate transfer agent fee to TAM or TFS but does pay certain expenses to SS&C related to applicable sub-transfer agency services. For the year ended December 31, 2022, (i) the expenses paid to SS&C by the Portfolio are referred to as Transfer agent costs and are included within the Statement of Operations and (ii) the expenses payable to SS&C by the Portfolio are referred to as Transfer agent costs within the Statement of Assets and Liabilities.

**Deferred compensation plan:** Effective September 23, 2021, the Board has approved the termination of the deferred compensation plan. Payments will be made to applicable current and former Board members consistent with Section 409A of the Code. Under a non-qualified deferred compensation plan effective January 1, 1996, as amended and restated January 1, 2010, available to the trustees, compensation may be deferred that would otherwise be payable by TST to an independent trustee on a current basis for services rendered as trustee. Deferred compensation amounts will accumulate based on the value of the investment option, as elected by the trustee. Balances pursuant to deferred compensation plan are recorded in Trustees, Chief Compliance Officer ("CCO") and deferred compensation fees within the Statement of Assets and Liabilities. For the year ended December 31, 2022, amounts included in Trustees, CCO and deferred compensation fees within the Statement of Operations reflect total compensation paid to the independent Board members.

**Brokerage commissions:** The Portfolio incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the year ended December 31, 2022.

**7. PURCHASES AND SALES OF SECURITIES** 

For the year ended December 31, 2022, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | |
|:---|:---|
| **Purchases of Securities** | **Sales of Securities** |
| $14443232 | $50247281 |

---

**8. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS** 

The Portfolio has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Portfolio recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Portfolio's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Portfolio's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Portfolio's financial statements. If applicable, the Portfolio recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Portfolio identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Portfolio makes significant investments; however, the Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. The primary permanent differences are due to foreign currency gains and losses. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. There are no reclassifications in the current year.

As of December 31, 2022, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross<br>Appreciation** | **Gross<br>(Depreciation)** | **Net Appreciation<br>(Depreciation)** |
| $268964083 | $16430521 | $(17290630) | $(860109) |

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**8. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)** 

As of December 31, 2022, the Portfolio had no capital loss carryforwards available to offset future realized capital gains. During the year ended December 31, 2022, the Portfolio did not have any capital loss carryforwards utilized or expired.

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2022 and 2021 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** |
| **Ordinary**<br> **Income** | **Long-Term<br>Capital Gain** | **Return of Capital** | **Ordinary**<br> **Income** | **Long-Term<br>Capital Gain** | **Return of Capital** |
| $4393859 | $11243934 | $— | $5330871 | $6782251 | $— |

---

As of December 31, 2022, the tax basis components of distributable earnings are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Capital Loss<br>Carryforwards** | **Late Year<br>Ordinary Loss<br>Deferred** | **Other**<br> **Temporary<br>Differences** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| $4734925 | $3666676 | $— | $— | $— | $(862217) |

---

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**Report of Independent Registered Public Accounting Firm** 

*To the Shareholders and the Board of Trustees of Transamerica BlackRock iShares Edge 40 VP* 

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities of Transamerica BlackRock iShares Edge 40 VP (the "Portfolio") (one of the portfolios constituting Transamerica Series Trust (the "Trust")), including the schedule of investments, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the portfolios constituting Transamerica Series Trust) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion** 

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g438566ernst_young.jpg)

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

February 27, 2023

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**SUPPLEMENTAL TAX INFORMATION** 

**(unaudited)** 

For tax purposes, the Portfolio has made a long-term capital gain designation of $11,243,934 for the year ended December 31, 2022.

The amounts which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the U.S. are as follows:

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| | |
|:---|:---|
| **Foreign Source Income** | **Foreign Taxes** |
| $616600 | $60862 |

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**Transamerica BlackRock iShares Edge 50 VP** 

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**(unaudited)** 

**MARKET ENVIRONMENT** 

The fourth quarter of 2022 wrapped up one of the most notable years in market history. Both stocks and bonds fell double-digit percentages as represented by the S&P 500<sup>®</sup> Index, MSCI EAFE Index, and the Bloomberg US Aggregate Bond Index. A sea change in the investment landscape occurred in 2022 resulting from a dramatic increase in inflation and subsequent reversal in the 40-year trend of broadly declining U.S. interest rates. The year ended with a total of 425 basis points in rate hikes by the U.S. Federal Reserve ("Fed") and while the Fed announced a final hike of 50 basis points in December, marking a deceleration from the previous four consecutive 75 basis point hikes, it continued its commitment to fighting inflation.

Although both the bond market (represented by the Bloomberg US Aggregate Bond Index) and the U.S. stock market (represented by the MSCI USA Index and S&P 500<sup>®</sup> Index) finished the year in negative territory, the fourth quarter of 2022 provided some relief, as these benchmarks rebounded after three consecutive quarterly declines. Emerging Markets (represented by the MSCI Emerging Markets Index) stocks also rallied, up 9.70% for the quarter. Developed markets outside the U.S. (represented by the MSCI EAFE Index), however, led the rebound by finishing the last quarter of 2022 up 17.34%, with much of this return coming from a weakening in the U.S. dollar in the period.

In the U.S., equity style factors largely outperformed the S&P 500<sup>®</sup> Index. Low Volatility, Value, Size and Momentum (represented by the MSCI USA Minimum Volatility Index, MSCI USA Enhanced Value Index, MSCI USA Low Size Index, MSCI USA Momentum SR Variant Index, respectively) all outperformed the S&P 500<sup>®</sup> Index for the year ended December 31, 2022. In the final quarter of 2022, each of the aforementioned factors outperformed the S&P 500<sup>®</sup> Index, with value representing the strongest performing factor for both the quarter and the year while the Quality factor (represented by the MSCI USA Quality Index) lagged the other factors over the quarter and the year.

**PERFORMANCE** 

For the year ended December 31, 2022, Transamerica BlackRock iShares Edge 50 VP, Service Class returned -14.48%. By comparison, its primary and secondary benchmarks, the Dow Jones Moderate Portfolio Index and the Transamerica BlackRock iShares Edge 50 VP Blended Benchmark, returned -14.97% and -13.28%, respectively.

**STRATEGY REVIEW** 

For the 12-month period ended December 31, 2022, Transamerica BlackRock iShares Edge 50 VP (the "Portfolio") outperformed its primary benchmark, the Dow Jones Moderate Portfolio Index.

The Portfolio's relative underweight to equity and contributions from allocations to the Low Volatility, Value, and Size factors drove the outperformance, while the equity allocation to the Quality factor detracted from performance.

The Portfolio is a fund of funds investing substantially all of its assets in underlying exchange-traded funds ("ETFs") advised by our affiliate. The equity allocation of the Portfolio is comprised entirely of "smart beta" or factor-based equity ETFs, focused on reward risk factors. These risk premia have historically shown to provide excess return and/or lower risk over long investment horizons. Specifically, these factors are Quality, Value, (Smaller) Size, Momentum and Low Volatility. The Portfolio has been designed to capture all five of these factor exposures in the U.S., and outside of the U.S., only the Minimum Volatility exposure. Specific strategies in this Portfolio include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Quality, which is designed to be a defensive position in the market by focusing on companies with stable earnings and strong
balance sheets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Momentum, which focuses on companies with continued positive trending performance over a 6- and 12-month period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Value, which tilts towards companies with cheaper valuations relative to their fundamentals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Size, which tilts towards companies with smaller capitalization relative to the large cap parent index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Minimum Volatility, which is designed to provide broad market exposure with lower risk by constructing a portfolio with the
lowest possible volatility while maintaining similar characteristics to the broad market such as sector and country weights.

The Portfolio is designed to capture long-term equity risk premia, while the fixed income allocation provides passive exposure to broad-based bond markets. Our goal is to monitor the Portfolio for risk, but not to adjust the Portfolio on an ad-hoc basis or to take short-term views on the underlying ETFs. The overall volatility of the Portfolio is typically lower than the benchmark.

**Greg Savage** 

**Paul Whitehead** 

**Co-Portfolio Managers** 

**BlackRock Investment Management, LLC** 

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**Transamerica BlackRock iShares Edge 50 VP** 

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**(unaudited)** 

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|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  U.S. Fixed Income Fund | 49.4% |
|  U.S. Equity Funds | 38.1 |
|  International Equity Funds | 12.6 |
|  Net Other Assets (Liabilities) | (0.1) |
|  **Total** | 100.0% |

---

*Current and future portfolio holdings are subject to change and risk.* 

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**(unaudited)**![LOGO](g438566g67h25.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Period Ended 12/31/2022** | **Average Annual Total Return for Period Ended 12/31/2022** | **Average Annual Total Return for Period Ended 12/31/2022** | **Average Annual Total Return for Period Ended 12/31/2022** | **Average Annual Total Return for Period Ended 12/31/2022** |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Service Class | (14.48)% | 2.70% | 4.22% | 03/21/2016 |
|  Dow Jones Moderate Portfolio Index <sup>(A)</sup> | (14.97)% | 3.26% | 5.40% |  |
|  Transamerica BlackRock iShares Edge 50 VP Blended Benchmark <sup>(B) (C) (D) (E) (F) (G)</sup> | (13.28)% | 4.33% | 5.74% |  |

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<sup>(A)</sup> *The Dow Jones Moderate Portfolio Index is designed to measure a total portfolio of stocks, bonds, and cash, allocated to represent a moderate investor risk profile.* 

<sup>(B)</sup> *The Transamerica BlackRock iShares Edge 50 VP Blended Benchmark is composed of the following benchmarks: 50% Bloomberg US Aggregate Bond Index, 29.40% MSCI USA Diversified Multi-Factor Index, 9.40% MSCI EAFE Minimum Volatility Index, 8.60% MSCI USA Minimum Volatility Index and 2.60% MSCI EM Minimum Volatility Index.* 

<sup>(C)</sup> *The Bloomberg US Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities.* 

<sup>(D)</sup> *The MSCI USA Diversified Multi-Factor Index aims to maximize exposure to four factors, Value, Momentum, Quality and Low size, while maintaining a risk profile similar to that of the underlying parent index.* 

<sup>(E)</sup> *The MSCI EAFE Minimum Volatility Index measures the performance characteristics of a minimum variance strategy applied to the large and mid-cap equity universe across developed countries, excluding the U.S. and Canada.* 

<sup>(F)</sup> *The MSCI USA Minimum Volatility Index reflects the performance characteristics of a minimum variance strategy applied to the large and mid-cap USA equity universe.* 

<sup>(G)</sup> *The MSCI EM Minimum Volatility Index reflects the performance characteristics of a minimum variance strategy applied to large and mid-cap equities across emerging markets countries.* 

The Portfolio's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Year or Since Inception calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or the redemption of Portfolio shares. The Portfolio's investment return and net asset value will fluctuate. Investors' shares when redeemed may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month end. Portfolio performance is net of investment fees and Portfolio expenses, but not product charges, which, if included, would significantly lower the performance quoted.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of previously waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Asset allocation, an investing strategy of dividing money among many types of investments, can help investors manage risk but cannot guarantee a profit or guard against loss.

The underlying portfolios invest their assets in various underlying ETFs, and their ability to achieve their investment objectives depends largely on the performance of the underlying ETFs in which they invest. There can be no assurance that the investment objectives of any underlying ETFs will be achieved. The underlying portfolios are indirectly subject to all of the risks associated with an investment in the underlying ETFs including market volatility and may be subject to the higher degree of risks associated with investing in high yield, small-cap and foreign securities.

Fixed-income securities are subject to risks including credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk and liquidity risk. The value of fixed income securities generally goes down when interest rates rise, and therefore the value of your investment in the Portfolio may also go down. Inflation risk is the risk that inflation could outpace a bond's interest income. Interest rate risk is the risk that fluctuations in interest rates will affect the price of a bond.

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**DISCLOSURE OF EXPENSES** 

**(unaudited)** 

**SHAREHOLDER EXPENSES** 

Portfolio shareholders may incur two types of costs: (i) transaction costs, including brokerage commissions on purchases and sales of portfolio shares; and (ii) ongoing costs, including management fees, and other portfolio expenses.

The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other portfolios.

The example is based on an investment of $1,000 invested at July 1, 2022, and held for the entire six-month period until December 31, 2022.

**ACTUAL EXPENSES** 

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

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES** 

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Portfolio shares. Therefore, the information under the heading "Hypothetical Expenses" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different portfolios. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries, or other financial institutions.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Actual Expenses** | **Actual Expenses** | **Hypothetical Expenses <sup>(A)</sup>** | **Hypothetical Expenses <sup>(A)</sup>** | |
| <br>**Class** |<br>**Beginning<br>Account Value<br>July 1, 2022** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** |<br>**Net Annualized<br>Expense Ratio <sup>(C) (D)</sup>** |
|  Service Class | $&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;2.67 | $&nbsp;&nbsp;&nbsp;&nbsp;1022.50 | $&nbsp;&nbsp;&nbsp;&nbsp;2.70 | 0.53% |

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

(B) *Expenses are calculated using the Portfolio's net annualized expense ratio, as disclosed in the table, multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (365 days).*

(C) *Net annualized expense ratios, as disclosed in the table, do not include the expenses of the underlying investments in which the Portfolio invests. The net annualized expense ratios, as stated in the fee table of the Portfolio's Prospectus, may differ from the expense ratios disclosed in this report.*

(D) *Net annualized expense ratios are reflective of applicable fee waivers and/or reimbursements and recapture, if any, and are based on the most recent six-months which may differ from the net expense ratio displayed in the Financial Highlights that covers a twelve-month period.*

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**Page 4** 

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**Transamerica BlackRock iShares Edge 50 VP** 

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**SCHEDULE OF INVESTMENTS** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS - 100.1%** | **EXCHANGE-TRADED FUNDS - 100.1%** | **EXCHANGE-TRADED FUNDS - 100.1%** |
| **International Equity Funds - 12.6%** | **International Equity Funds - 12.6%** | **International Equity Funds - 12.6%** |
|  iShares MSCI EAFE Min Vol Factor ETF | 679718 | $43219869 |
|  iShares MSCI Emerging Markets Min Vol Factor ETF | 225419 | 11958478 |
|  |  | 55178347 |
| **U.S. Equity Funds - 38.1%** | **U.S. Equity Funds - 38.1%** | **U.S. Equity Funds - 38.1%** |
|  iShares MSCI USA Min Vol Factor ETF <sup>(A)</sup> | 501292 | 36143153 |
|  iShares MSCI USA Momentum Factor ETF | 247745 | 36153428 |
|  iShares MSCI USA Quality Factor ETF | 316645 | 36084864 |
|  iShares MSCI USA Size Factor ETF | 195027 | 22180167 |
|  iShares MSCI USA Value Factor ETF | 400386 | 36491180 |
|  |  | 167052792 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS (continued)** | **EXCHANGE-TRADED FUNDS (continued)** | **EXCHANGE-TRADED FUNDS (continued)** |
| **U.S. Fixed Income Fund - 49.4%** | **U.S. Fixed Income Fund - 49.4%** | **U.S. Fixed Income Fund - 49.4%** |
|  iShares Core U.S. Aggregate Bond ETF | 2238025 | $217066045 |
|  **Total Exchange-Traded Funds <br>(Cost $452,455,173)** | **Total Exchange-Traded Funds <br>(Cost $452,455,173)** | 439297184 |
|  **Total Investments <br>(Cost $452,455,173)** | **Total Investments <br>(Cost $452,455,173)** | 439297184 |
|  **Net Other Assets (Liabilities) - (0.1)%** | **Net Other Assets (Liabilities) - (0.1)%** | (270473) |
|  **Net Assets - 100.0%** |  | **$439026711** |

---

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(B)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Exchange-Traded Funds | $439297184 | $— | $— | $439297184 |
|  **Total Investments** | $**439297184** | $**—** | $**—** | $**439297184** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *All or a portion of the security is on loan. The value of the security on loan is $7,664,230 collateralized by non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $7,839,625. The amount on loan indicated may not correspond with the security on loan identified because a security with pending sales are in the process of recall from the brokers.* 

(B) *There were no transfers in or out of Level 3 during the year ended December 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

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

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**Page 5** 

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**Transamerica BlackRock iShares Edge 50 VP** 

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**STATEMENT OF ASSETS AND LIABILITIES** 

**At December 31, 2022** 

---

| | |
|:---|:---|
|  **Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments, at value (cost $452,455,173) <br>(including securities loaned of $7,664,230) | $439297184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | 4880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables and other assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 5088009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 3147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 1110 |
|  Total assets | 444394381 |
|  **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables and other liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 5057208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest redeemed | 83536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 94781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 94781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 1479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 16035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 1619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 2531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 10062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 5123 |
|  Total liabilities | 5367670 |
|  **Net assets** | $439026711 |
|  **Net assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital stock ($0.01 par value) | $370460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 441869531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) | (3213280) |
|  **Net assets** | $439026711 |
|  **Shares outstanding** | 37045968 |
|  **Net asset value and offering price per share** | $11.85 |

---

**STATEMENT OF OPERATIONS** 

**For the year ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income from unaffiliated investments | $9923530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 81017 |
|  Total investment income | 10004547 |
|  **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 1410600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 1175500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 4946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 19967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 25812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 7672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 26562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 13523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 31392 |
|  Total expenses before waiver and/or reimbursement and recapture | 2715974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense waived and/or reimbursed | (235100) |
|  Net expenses | 2480874 |
|  **Net investment income (loss)** | 7523673 |
|  **Net realized gain (loss) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments | 2705989 |
|  **Net change in unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments | (87847535) |
|  Net realized and change in unrealized gain (loss) | (85141546) |
|  **Net increase (decrease) in net assets resulting from operations** | $(77617873) |

---

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

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**Page 6** 

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**STATEMENT OF CHANGES IN NET ASSETS** 

**For the years ended:** 

---

| | | |
|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2021** |
|  **From operations:** | **From operations:** | **From operations:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $7523673 | $6165688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 2705989 | 11314529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (87847535) | 21234149 |
|  Net increase (decrease) in net assets resulting from operations | (77617873) | 38714366 |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions to shareholders | (17450374) | (12987077) |
|  Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (17450374) | (12987077) |
|  **Capital share transactions:** | **Capital share transactions:** | **Capital share transactions:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold | 10732819 | 38532515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions reinvested | 17450374 | 12987077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (34448188) | (25855212) |
|  Net increase (decrease) in net assets resulting from capital share transactions | (6264995) | 25664380 |
|  **Net increase (decrease) in net assets** | (101333242) | 51391669 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 540359953 | 488968284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $&nbsp;&nbsp;&nbsp;&nbsp;439026711 | $&nbsp;&nbsp;&nbsp;&nbsp;540359953 |
|  **Capital share transactions - shares:** | **Capital share transactions - shares:** | **Capital share transactions - shares:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued | 818373 | 2755658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested | 1431532 | 908823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (2736819) | (1828541) |
|  Net increase (decrease) in shares outstanding | (486914) | 1835940 |

---

**FINANCIAL HIGHLIGHTS** 

**For a share outstanding during the years indicated:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $14.40 | $13.70 | $12.68 | $11.04 | $11.49 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(A)</sup> | 0.20 | 0.17 | 0.19 | 0.27 | 0.23 |
|  Net realized and unrealized gain (loss) | (2.27) | 0.89 | 1.03 | 1.50 | (0.52) |
|  Total investment operations | (2.07) | 1.06 | 1.22 | 1.77 | (0.29) |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income | (0.17) | (0.16) | (0.16) | (0.11) | (0.10) |
|  Net realized gains | (0.31) | (0.20) | (0.04) | (0.02) | (0.06) |
|  Total dividends and/or distributions to shareholders | (0.48) | (0.36) | (0.20) | (0.13) | (0.16) |
|  **Net asset value, end of year** | $11.85 | $14.40 | $13.70 | $12.68 | $11.04 |
|  **Total return** | (14.48)% | 7.74% | 9.72% | 16.04% | (2.62)% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;439027 | $&nbsp;&nbsp;&nbsp;&nbsp;540360 | $&nbsp;&nbsp;&nbsp;&nbsp;488968 | $&nbsp;&nbsp;&nbsp;&nbsp;328313 | $&nbsp;&nbsp;&nbsp;&nbsp;149894 |
|  Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.58% | 0.57% | 0.58% | 0.58% | 0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture <sup>(C)</sup> | 0.53 %<sup>(D)</sup> | 0.52% | 0.53% | 0.54% | 0.56% |
|  Net investment income (loss) to average net assets | 1.60% | 1.19% | 1.48% | 2.21% | 2.03% |
|  Portfolio turnover rate | 7% | 7% | 11% | 2% | 6% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Does not include expenses of the underlying investments in which the Portfolio invests.* 

(C) *TAM contractually agreed to waive 0.05% of the average daily net assets from its management fee through May 1, 2022. These amounts are not subject to recapture by TAM.* 

(D) *TAM has contractually agreed, through May 1, 2023, to waive from its management fees an amount equal to the sub-advisory fee waiver by the Portfolio's sub-adviser. These amounts are not subject to recapture by TAM.* 

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

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**Page 7** 

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**NOTES TO FINANCIAL STATEMENTS** 

**At December 31, 2022** 

**1. ORGANIZATION** 

Transamerica Series Trust ("TST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). TST applies investment company accounting and reporting guidance. TST serves as a funding vehicle for variable life insurance, variable annuity, and group annuity products. Transamerica BlackRock iShares Edge 50 VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers one class of shares, Service Class.

The only shareholders of the Portfolio are affiliated insurance company separate accounts and affiliated asset allocation portfolios. Contract holders of the variable life and annuity contracts are not shareholders of the Portfolio. For ease of reference, shareholders and contract holders are collectively referred to in this report as "shareholders."

This report must be accompanied or preceded by the Portfolio's current prospectus, which contains additional information about the Portfolio, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Portfolio pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Portfolio. TAM supervises the Portfolio's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Portfolio.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of a Portfolio without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Portfolio and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Portfolio employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending portfolio combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Portfolio's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Portfolio; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for a Portfolio; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Portfolio's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; oversight of other service providers to the Portfolio, such as the custodian, the transfer agent, the Portfolio's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Portfolio; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Portfolio, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Portfolio. The Portfolio pays certain fees and expenses to State Street for sub-administration services which are not administrative

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**Page 8** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**1. ORGANIZATION (continued)** 

services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the year ended December 31, 2022, (i) the expenses paid to State Street for sub-administration services by the Portfolio are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Portfolio are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES** 

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

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Interest income, if any, is accrued as earned. Dividend income and capital gain distributions from underlying investments, if any, are recorded on the ex-dividend date. Income or short-term capital gain distributions received from underlying investments, if any, are recorded as Dividend income from investments within the Statement of Operations. Long-term capital gain distributions received from underlying investments, if any, are recorded as Net realized gain (loss) on Capital gain distributions received from investments within the Statement of Operations.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Portfolio with broker/dealers with which TST has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Portfolio. In no event will commissions, paid by the Portfolio, be used to pay expenses that would otherwise be borne by any other portfolios within TST, or by any other party.

There were no commissions recaptured during the year ended December 31, 2022 by the Portfolio.

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

**3. INVESTMENT VALUATION** 

Effective September 8, 2022, TAM has been designated as the Portfolio's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Portfolio's Board of Trustees. The net asset value of the Portfolio is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

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

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

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

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Portfolio's investments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Portfolio's investments at December 31, 2022, is disclosed within the Investment Valuation section of the Schedule of Investments.

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**Page 9** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**3. INVESTMENT VALUATION (continued)** 

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

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

*Exchange-traded funds ("ETF"):* ETFs are stated at the last reported sale price or closing price on the day of valuation taken from the primary exchange where the ETF is principally traded. ETFs are generally categorized in Level 1 of the fair value hierarchy.

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

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

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the year ended December 31, 2022, the Portfolio has not utilized the program.

**Securities lending:** The Portfolio may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Portfolio pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Portfolio to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Portfolio may experience delays in recovery of the loaned securities or delays in access to collateral, or the Portfolio may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government and irrevocable letters of credit issued by banks as collateral. The initial collateral received by the Portfolio is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower.

The Portfolio receives compensation for lending securities from interest or dividends earned on the cash, U.S. Government securities and irrevocable letters of credit held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust—Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at December 31, 2022, if any, are shown on a gross basis within the Schedule of Investments.

**5. RISK FACTORS** 

Investing in the Portfolio involves certain key risks related to the Portfolio's trading activity. Please reference the Portfolio's prospectus for a more complete discussion of the following risk(s), as well as other risks of investing in the Portfolio.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**5. RISK FACTORS (continued)** 

**Market risk:** The market prices of the Portfolio's securities and other assets may go up or down, sometimes sharply and unpredictably, due to general market conditions, overall economic trends or events, inflation, changes in interest rates, government actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by wars, tariffs, trade disputes or other factors, political developments, investor sentiment, the global and domestic effects of a pandemic or other health emergency, and other factors that may or may not be related to the issuer of the security or other asset. The market prices of securities and other assets also may go down due to events or conditions that affect particular sectors, industries, issuers, or geographies. Adverse market conditions may be prolonged and may not have the same impact on all types of securities or other assets. If the value of the Portfolio's securities and assets fall, the value of your investment will go down. The Portfolio may experience a substantial or complete loss on any individual security or asset.

Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, the imposition of economic sanctions, public health events (such as the spread of infectious disease), wars, terrorism, cybersecurity events, technology and data interruptions, natural disasters, and other circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. In the past decade, financial markets throughout the world have experienced increased volatility and decreased liquidity. These conditions may continue or worsen. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down. Securities markets may also be susceptible to market manipulation or other fraudulent trade practices, which could disrupt the orderly functioning of these markets or adversely affect the value of securities traded in these markets, including the Portfolio's securities.

The pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in economic downturns throughout the world, severe losses, particularly to some sectors of the economy and individual issuers, and reduced liquidity of many instruments. There also have been significant disruptions to business operations, including business closures; strained healthcare systems; disruptions to supply chains and employee availability; large fluctuations in consumer demand; and widespread uncertainty regarding the duration and long-term effects of the pandemic. Economic downturns may be prolonged, and political and social instability, continued volatility and decreased liquidity in the securities markets may result. Developing or emerging market countries may be more impacted by the pandemic.

The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic. These and other government intervention into the economy and financial markets may not work as intended. In addition, government actions to mitigate the economic impact of the pandemic have resulted in large expansion of government deficits and debt, the long-term consequences of which are not known. Rates of inflation have recently risen, which could adversely affect economies and markets. The pandemic could continue to adversely affect the value and liquidity of the Portfolio's investments.

*Europe:* A number of countries in Europe have experienced severe economic and financial difficulties; and financial markets in Europe and elsewhere have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen or spread within or outside Europe. Responses to the financial problems by European governments, central banks and others may not work, may result in conflicts and social unrest and may limit future growth and economic recovery or have other unintended consequences. In January, 2020, through "Brexit," the United Kingdom withdrew from the European Union. The ramifications of Brexit are unknown, and the implications of possible political, regulatory, economic, and market outcomes could be significant. The United Kingdom has one of the largest economies in Europe and is a major trading partner with European Union countries and the United States. Brexit may create additional and substantial economic stresses for the United Kingdom, including a contraction of the United Kingdom's economy, decreased trade, capital outflows, devaluation of the British pound, and a decrease in business and consumer spending and investment. The negative impact on not only the United Kingdom and European Union economies but also the broader global economy could be significant. A number of countries in Europe have suffered terror attacks, and additional attacks may occur in the future. Europe has also been struggling with mass migration from the Middle East, Eastern Europe and Africa. The ultimate effects of these events and other socio-political or geopolitical issues could profoundly affect global economies and markets. Whether or not the Portfolio invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

*Additional Market Disruption:* Russia's invasion of Ukraine in February, 2022, the resulting responses by the United States and other countries, and the potential for wider conflict, have increased and may continue to increase volatility and uncertainty in financial markets worldwide. The United States and other countries have imposed broad-ranging economic sanctions on Russia and Russian entities and individuals, and may impose additional sanctions, including on other countries that provide military or economic support to Russia. These sanctions, among other things, restrict companies from doing business with Russia and Russian issuers, and may adversely

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**5. RISK FACTORS (continued)** 

affect companies with economic or financial exposure to Russia and Russian issuers. The extent and duration of Russia's military actions and the repercussions of such actions are not known. The invasion may widen beyond Ukraine and may escalate, including through retaliatory actions and cyberattacks by Russia and even other countries. These events may result in further and significant market disruptions and may adversely affect regional and global economies including those of Europe and the United States. Certain industries and markets, such as those involving oil, natural gas and other commodities, as well as global supply chains, may be particularly adversely affected. Whether or not the Portfolio invests in securities of issuers located in Russia, Ukraine and adjacent countries or with significant exposure to issuers in these countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

**Asset allocation risk:** The Portfolio's investment performance is significantly impacted by the Portfolio's asset allocation and reallocation from time to time. The sub-adviser's decisions whether and when to tactically overweight or underweight asset classes, create and apply formulas for de-risking or ending de-risking and select a mix of underlying portfolios may not produce the desired results. These actions may be unsuccessful in maximizing return and/or avoiding investment losses. The value of your investment may decrease if the sub-adviser's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying portfolio or other issuer is incorrect. The sub-adviser may favor an asset class that performs poorly relative to other asset classes. The available underlying portfolios selected by the sub-adviser may underperform the market or similar portfolios.

**Underlying exchange-traded funds risk:** To the extent the Portfolio invests its assets in underlying ETFs, its ability to achieve its investment objective will depend in part on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs subjects the Portfolio to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which the Portfolio may invest has its own investment risks, and those risks can affect the value of the underlying ETFs' shares and therefore the value of the Portfolio's investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. In addition, the Portfolio will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests.

**Smart beta investing risk:** Smart beta strategies seek to capture broad, consistent drivers of return and to out-perform traditional index strategies. These strategies may not work as intended. An underlying ETF pursuing a smart beta strategy may not achieve its objective and may not perform as well as other funds using other asset management strategies.

**6. FEES AND OTHER AFFILIATED TRANSACTIONS** 

TST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Transamerica Life Insurance Company ("TLIC"), and Transamerica Financial Life Insurance Company.

TAM, the Portfolio's investment manager, is directly owned by TLIC and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon NV. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon NV, a Netherlands corporation, and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Portfolio's transfer agent. Transamerica Capital, Inc. ("TCI") is the Portfolio's distributor/principal underwriter. TAM, TFS, and TCI are affiliates of Aegon NV.

Certain officers and trustees of the Portfolio are also officers and/or trustees of TAM, TFS and TCI. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Portfolio. The Portfolio does pay non-interested persons (independent trustees), as disclosed in Trustee, CCO and deferred compensation fees within the Statement of Operations.

**Investment management fees:** TAM serves as the Portfolio's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Portfolio pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

The Portfolio pays a management fee to TAM based on daily average net assets at the following rates:

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| | |
|:---|:---|
| **Breakpoints <sup>(A) (B)</sup>** | **Rate** |
|  First $1 billion | 0.30% |
|  Over $1 billion | 0.28 |

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(A) *TAM contractually agreed to waive 0.05% of the average daily net assets from its management fee through May 1, 2022. These amounts are not subject to recapture by TAM.* 

(B) *TAM has contractually agreed, through May 1, 2023, to waive from its management fees an amount equal to the sub-advisory fee waiver by the Portfolio's sub-adviser. These amounts are not subject to recapture by TAM.* 

TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses, reorganization expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

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| | | |
|:---|:---|:---|
| | **Operating<br>Expense Limit** | **Operating<br>Expense Limit<br>Effective Through** |
|  Service Class | 0.56% | May 1, 2023 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended December 31, 2022 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Portfolio, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

As of December 31, 2022, there are no amounts available for recapture by TAM.

**Distribution and service fees:** TST has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, TST entered into a distribution agreement with TCI as the Portfolio's distributor.

The Distribution Plan requires the Portfolio to pay distribution fees to TCI as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCI, on behalf of the Portfolio, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Portfolio's shares.

The fee on the Service Class shares is paid to the insurance companies for providing services and account maintenance for the policyholders who invest in the variable insurance products which invest in the Service Class shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Portfolio is authorized under the Distribution Plan to pay fees to TCI based on daily average net assets up to an annual fee of 0.25% of Service Class shares.

**Transfer agent costs:** TFS provides transfer agency services under an intercompany agreement with TAM. TFS has outsourced the provision of certain sub-transfer agency services to SS&C Technology Holdings, Inc ("SS&C"). The Portfolio does not pay a separate transfer agent fee to TAM or TFS but does pay certain expenses to SS&C related to applicable sub-transfer agency services. For the year ended December 31, 2022, (i) the expenses paid to SS&C by the Portfolio are referred to as Transfer agent costs and are included within the Statement of Operations and (ii) the expenses payable to SS&C by the Portfolio are referred to as Transfer agent costs within the Statement of Assets and Liabilities.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

**Deferred compensation plan:** Effective September 23, 2021, the Board has approved the termination of the deferred compensation plan. Payments will be made to applicable current and former Board members consistent with Section 409A of the Code. Under a non-qualified deferred compensation plan effective January 1, 1996, as amended and restated January 1, 2010, available to the trustees, compensation may be deferred that would otherwise be payable by TST to an independent trustee on a current basis for services rendered as trustee. Deferred compensation amounts will accumulate based on the value of the investment option, as elected by the trustee. Balances pursuant to deferred compensation plan are recorded in Trustees, Chief Compliance Officer ("CCO") and deferred compensation fees within the Statement of Assets and Liabilities. For the year ended December 31, 2022, amounts included in Trustees, CCO and deferred compensation fees within the Statement of Operations reflect total compensation paid to the independent Board members.

**Brokerage commissions:** The Portfolio incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the year ended December 31, 2022.

**7. PURCHASES AND SALES OF SECURITIES** 

For the year ended December 31, 2022, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

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| | |
|:---|:---|
| **Purchases of Securities** | **Sales of Securities** |
| $32624485 | $48083207 |

---

**8. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS** 

The Portfolio has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Portfolio recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Portfolio's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Portfolio's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Portfolio's financial statements. If applicable, the Portfolio recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Portfolio identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Portfolio makes significant investments; however, the Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. There are no reclassifications in the current year.

As of December 31, 2022, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

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| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross<br>Appreciation** | **Gross<br>(Depreciation)** | **Net Appreciation<br>(Depreciation)** |
| $453171706 | $25973629 | $(39848151) | $(13874522) |

---

As of December 31, 2022, the Portfolio had no capital loss carryforwards available to offset future realized capital gains. During the year ended December 31, 2022, the Portfolio did not have any capital loss carryforwards utilized or expired.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**8. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)** 

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2022 and 2021 are as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** |
| **Ordinary**<br> **Income** | **Long-Term<br>Capital Gain** | **Return of Capital** | **Ordinary Income** | **Long-Term<br>Capital Gain** | **Return of Capital** |
| $6144344 | $11306030 | $— | $5885733 | $7101344 | $— |

---

As of December 31, 2022, the tax basis components of distributable earnings are as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Capital Loss<br>Carryforwards** | **Late Year<br>Ordinary Loss<br>Deferred** | **Other**<br> **Temporary<br>Differences** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| $7491862 | $3169380 | $— | $— | $— | $(13874522) |

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**Report of Independent Registered Public Accounting Firm** 

*To the Shareholders and the Board of Trustees of Transamerica BlackRock iShares Edge 50 VP* 

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities of Transamerica BlackRock iShares Edge 50 VP (the "Portfolio") (one of the portfolios constituting Transamerica Series Trust (the "Trust")), including the schedule of investments, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the portfolios constituting Transamerica Series Trust) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion** 

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g438566ernst_young.jpg)

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

February 27, 2023

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**SUPPLEMENTAL TAX INFORMATION** 

**(unaudited)** 

For tax purposes, the Portfolio has made a long-term capital gain designation of $11,306,030 for the year ended December 31, 2022.

The amounts which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the U.S. are as follows:

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| | |
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| **Foreign Source Income** | **Foreign Taxes** |
| $1301613 | $128621 |

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**(unaudited)** 

**MARKET ENVIRONMENT** 

The fourth quarter of 2022 wrapped up one of the most notable years in market history. Both stocks and bonds fell double-digit percentages as represented by the S&P 500<sup>®</sup> Index, MSCI EAFE Index, and the Bloomberg US Aggregate Bond Index. A sea change in the investment landscape occurred in 2022 resulting from a dramatic increase in inflation and subsequent reversal in the 40-year trend of broadly declining U.S. interest rates. The year ended with a total of 425 basis points in rate hikes by the U.S. Federal Reserve ("Fed") and while the Fed announced a final hike of 50 basis points in December, marking a deceleration from the previous four consecutive 75 basis point hikes, it continued its commitment to fighting inflation.

Although both the bond market (represented by the Bloomberg US Aggregate Bond Index) and the U.S. stock market (represented by the MSCI USA Index and S&P 500<sup>®</sup> Index) finished the year in negative territory, the fourth quarter of 2022 provided some relief, as these benchmarks rebounded after three consecutive quarterly declines. Emerging Markets (represented by the MSCI Emerging Markets Index) stocks also rallied, up 9.70% for the quarter. Developed markets outside the U.S. (represented by the MSCI EAFE Index), however, led the rebound by finishing the last quarter of 2022 up 17.34%, with much of this return coming from a weakening in the U.S. dollar in the period.

In the U.S., equity style factors largely outperformed the S&P 500<sup>®</sup> Index. Low Volatility, Value, Size and Momentum (represented by the MSCI USA Minimum Volatility Index, MSCI USA Enhanced Value Index, MSCI USA Low Size Index, MSCI USA Momentum SR Variant Index, respectively) all outperformed the S&P 500<sup>®</sup> Index for the year ended December 31, 2022. In the final quarter of 2022, each of the aforementioned factors outperformed the S&P 500<sup>®</sup> Index, with value representing the strongest performing factor for both the quarter and the year while the Quality factor (represented by the MSCI USA Quality Index) lagged the other factors over the quarter and the year.

**PERFORMANCE** 

For the year ended December 31, 2022, Transamerica BlackRock iShares Edge 75 VP, Service Class returned -15.06%. By comparison, its primary and secondary benchmarks, the Dow Jones Moderately Aggressive Portfolio Index and the Transamerica BlackRock Smart Beta 75 VP Blended Benchmark, returned -15.59% and -13.66%, respectively.

**STRATEGY REVIEW** 

For the 12-month period ended December 31, 2022, Transamerica BlackRock iShares Edge 75 VP (the "Portfolio") outperformed its primary benchmark, the Dow Jones Moderately Aggressive Portfolio Index.

The Portfolio is a fund of funds investing substantially all of its assets in underlying exchange-traded funds ("ETFs") advised by our affiliate. The Portfolio outperformed its benchmark due to a relative underweight to equity and the contribution from equity style factors. The Portfolio's equity allocations to the Low Volatility, Value, and Size factors drove the outperformance, while the equity allocation to the Quality factor detracted from performance.

The equity allocation of the Portfolio is comprised entirely of "smart beta" or factor-based equity ETFs, focused on reward risk factors. These risk premia have historically shown to provide excess return and/or lower risk over long investment horizons. Specifically, these factors are Quality, Value, (Smaller) Size, Momentum and Low Volatility. The Portfolio has been designed to capture all five of these factor exposures in the U.S., and outside of the U.S., only the Minimum Volatility exposure. Specific strategies in this Portfolio include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Quality, which is designed to be a defensive position in the market by focusing on companies with stable earnings and strong
balance sheets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Momentum, which focuses on companies with continued positive trending performance over a 6- and 12-month period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Value, which tilts towards companies with cheaper valuations relative to their fundamentals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Size, which tilts towards companies with smaller capitalization relative to the large cap parent index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Minimum Volatility, which is designed to provide broad market exposure with lower risk by constructing a portfolio with the
lowest possible volatility while maintaining similar characteristics to the broad market such as sector and country weights.

The Portfolio is designed to capture long-term equity risk premia, while the fixed income allocation provides passive exposure to broad-based bond markets. Our goal is to monitor the Portfolio for risk, but not to adjust the Portfolio on an ad-hoc basis or to take short-term views on the underlying ETFs. The overall volatility of the Portfolio is typically lower than the benchmark.

**Greg Savage** 

**Paul Whitehead** 

**Co-Portfolio Managers** 

**BlackRock Investment Management, LLC** 

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**Page 1** 

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##### [**Table of Contents**](#toc)
**Transamerica BlackRock iShares Edge 75 VP** 

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**(unaudited)** 

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| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  U.S. Equity Funds | 56.8% |
|  U.S. Fixed Income Fund | 24.5 |
|  International Equity Funds | 18.7 |
|  Net Other Assets (Liabilities) | 0.0 \* |
|  **Total** | 100.0% |

---

*Current and future portfolio holdings are subject to change and risk.* 

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

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**Page 2** 

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##### [**Table of Contents**](#toc)
**Transamerica BlackRock iShares Edge 75 VP** 

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**(unaudited)**![LOGO](g438566g91w31.jpg)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Period Ended 12/31/2022** | **Average Annual Total Return for Period Ended 12/31/2022** | **Average Annual Total Return for Period Ended 12/31/2022** | **Average Annual Total Return for Period Ended 12/31/2022** | **Average Annual Total Return for Period Ended 12/31/2022** |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Service Class | (15.06)% | 4.10% | 6.07% | 03/21/2016 |
|  Dow Jones Moderately Aggressive Portfolio Index <sup>(A)</sup> | (15.59)% | 4.58% | 7.30% |  |
|  Transamerica BlackRock iShares Edge 75 VP Blended Benchmark <sup>(B) (C) (D) (E) (F) (G)</sup> | (13.66)% | 6.18% | 8.13% |  |

---

<sup>(A)</sup> *The Dow Jones Moderately Aggressive Portfolio Index is designed to measure a total portfolio of stocks, bonds, and cash, allocated to represent a moderately aggressive investor risk profile.* 

<sup>(B)</sup> *The Transamerica BlackRock iShares Edge 75 VP Blended Benchmark is composed of the following benchmarks: 25% Bloomberg US Aggregate Bond Index, 44% MSCI USA Diversified Multi-Factor Index, 14.80% MSCI EAFE Minimum Volatility Index, 12% MSCI USA Minimum Volatility Index and 4.20% MSCI EM Minimum Volatility Index.* 

<sup>(C)</sup> *The Bloomberg US Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities.* 

<sup>(D)</sup> *The MSCI USA Diversified Multi-Factor Index aims to maximize exposure to four factors, Value, Momentum, Quality and Low size, while maintaining a risk profile similar to that of the underlying parent index.* 

<sup>(E)</sup> *The MSCI EAFE Minimum Volatility Index measures the performance characteristics of a minimum variance strategy applied to the large and mid-cap equity universe across developed countries, excluding the U.S. and Canada.* 

<sup>(F)</sup> *The MSCI USA Minimum Volatility Index reflects the performance characteristics of a minimum variance strategy applied to the large and mid-cap USA equity universe.* 

<sup>(G)</sup> *The MSCI EM Minimum Volatility Index reflects the performance characteristics of a minimum variance strategy applied to large and mid-cap equities across emerging markets countries.* 

The Portfolio's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Year or Since Inception calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or the redemption of Portfolio shares. The Portfolio's investment return and net asset value will fluctuate. Investors' shares when redeemed may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month end. Portfolio performance is net of investment fees and Portfolio expenses, but not product charges, which, if included, would significantly lower the performance quoted.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of previously waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Asset allocation, an investing strategy of dividing money among many types of investments, can help investors manage risk but cannot guarantee a profit or guard against loss.

The underlying portfolios invest their assets in various underlying ETFs, and their ability to achieve their investment objectives depends largely on the performance of the underlying ETFs in which they invest. There can be no assurance that the investment objectives of any underlying ETFs will be achieved. The underlying portfolios are indirectly subject to all of the risks associated with an investment in the underlying ETFs including market volatility and may be subject to the higher degree of risks associated with investing in high yield, small-cap and foreign securities.

Fixed-income securities are subject to risks including credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk and liquidity risk. The value of fixed income securities generally goes down when interest rates rise, and therefore the value of your investment in the Portfolio may also go down. Inflation risk is the risk that inflation could outpace a bond's interest income. Interest rate risk is the risk that fluctuations in interest rates will affect the price of a bond.

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**Page 3** 

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**Transamerica BlackRock iShares Edge 75 VP** 

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**DISCLOSURE OF EXPENSES** 

**(unaudited)** 

**SHAREHOLDER EXPENSES** 

Portfolio shareholders may incur two types of costs: (i) transaction costs, including brokerage commissions on purchases and sales of portfolio shares; and (ii) ongoing costs, including management fees, and other portfolio expenses.

The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other portfolios.

The example is based on an investment of $1,000 invested at July 1, 2022, and held for the entire six-month period until December 31, 2022.

**ACTUAL EXPENSES** 

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

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES** 

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Portfolio shares. Therefore, the information under the heading "Hypothetical Expenses" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different portfolios. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries, or other financial institutions.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Actual Expenses** | **Actual Expenses** | **Hypothetical Expenses <sup>(A)</sup>** | **Hypothetical Expenses <sup>(A)</sup>** | |
| <br>**Class** |<br>**Beginning<br>Account Value<br>July 1, 2022** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** |<br>**Net Annualized<br>Expense Ratio <sup>(C)</sup> <sup>(D)</sup>** |
|  Service Class | $&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;1014.80 | $&nbsp;&nbsp;&nbsp;&nbsp;2.74 | $&nbsp;&nbsp;&nbsp;&nbsp;1022.50 | $&nbsp;&nbsp;&nbsp;&nbsp;2.75 | 0.54% |

---

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

(B) *Expenses are calculated using the Portfolio's net annualized expense ratio, as disclosed in the table, multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (365 days).*

(C) *Net annualized expense ratios, as disclosed in the table, do not include the expenses of the underlying investments in which the Portfolio invests. The net annualized expense ratios, as stated in the fee table of the Portfolio's Prospectus, may differ from the expense ratios disclosed in this report.*

(D) *Net annualized expense ratios are reflective of applicable fee waivers and/or reimbursements and recapture, if any, and are based on the most recent six-months which may differ from the net expense ratio displayed in the Financial Highlights that covers a twelve-month period.*

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**Page 4** 

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**Transamerica BlackRock iShares Edge 75 VP** 

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**SCHEDULE OF INVESTMENTS** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS - 100.0%** | **EXCHANGE-TRADED FUNDS - 100.0%** | **EXCHANGE-TRADED FUNDS - 100.0%** |
| **International Equity Funds - 18.7%** | **International Equity Funds - 18.7%** | **International Equity Funds - 18.7%** |
|  iShares MSCI EAFE Min Vol Factor ETF | 368624 | $23438957 |
|  iShares MSCI Emerging Markets Min Vol Factor ETF | 116179 | 6163296 |
|  |  | 29602253 |
| **U.S. Equity Funds - 56.8%** | **U.S. Equity Funds - 56.8%** | **U.S. Equity Funds - 56.8%** |
|  iShares MSCI USA Min Vol Factor ETF | 274564 | 19796065 |
|  iShares MSCI USA Momentum Factor ETF | 134512 | 19629336 |
|  iShares MSCI USA Quality Factor ETF | 168292 | 19178556 |
|  iShares MSCI USA Size Factor ETF | 105654 | 12015892 |
|  iShares MSCI USA Value Factor ETF | 210251 | 19162276 |
|  |  | 89782125 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS (continued)** | **EXCHANGE-TRADED FUNDS (continued)** | **EXCHANGE-TRADED FUNDS (continued)** |
| **U.S. Fixed Income Fund - 24.5%** | **U.S. Fixed Income Fund - 24.5%** | **U.S. Fixed Income Fund - 24.5%** |
|  iShares Core U.S. Aggregate Bond ETF | 400176 | $38813070 |
|  **Total Exchange-Traded Funds <br>(Cost $155,160,480)** | **Total Exchange-Traded Funds <br>(Cost $155,160,480)** | 158197448 |
|  **Total Investments <br>(Cost $155,160,480)** | **Total Investments <br>(Cost $155,160,480)** | 158197448 |
|  **Net Other Assets (Liabilities) - 0.0% <sup>(A)</sup>** |  | 12488 |
|  **Net Assets - 100.0%** |  | **$158209936** |

---

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(B)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Exchange-Traded Funds | $158197448 | $— | $— | $158197448 |
|  **Total Investments** | $**158197448** | $**—** | $**—** | $**158197448** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

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

(B) *There were no transfers in or out of Level 3 during the year ended December 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

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

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**Page 5** 

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**Transamerica BlackRock iShares Edge 75 VP** 

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**STATEMENT OF ASSETS AND LIABILITIES** 

**At December 31, 2022** 

---

| | |
|:---|:---|
|  **Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments, at value (cost $155,160,480) | $158197448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | 49183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables and other assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 882783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 3430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest sold | 42430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 5549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 484 |
|  Total assets | 159181307 |
|  **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables and other liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 878156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest redeemed | 1094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 34204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 34204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 14796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 3606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 2579 |
|  Total liabilities | 971371 |
|  **Net assets** | $158209936 |
|  **Net assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital stock ($0.01 par value) | $122082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 148024387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) | 10063467 |
|  **Net assets** | $&nbsp;&nbsp;&nbsp;&nbsp;158209936 |
|  **Shares outstanding** | 12208199 |
|  **Net asset value and offering price per share** | $12.96 |

---

**STATEMENT OF OPERATIONS** 

**For the year ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income from unaffiliated investments | $3637514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 50021 |
|  Total investment income | 3687535 |
|  **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 542822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 452351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 1896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 7553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 20779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 6371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 10195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 6162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 19356 |
|  Total expenses before waiver and/or reimbursement and recapture | 1067485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense waived and/or reimbursed | (90470) |
|  Net expenses | 977015 |
|  **Net investment income (loss)** | 2710520 |
|  **Net realized gain (loss) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments | 4426204 |
|  **Net change in unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments | (38954386) |
|  Net realized and change in unrealized gain (loss) | (34528182) |
|  **Net increase (decrease) in net assets resulting from operations** | $&nbsp;&nbsp;&nbsp;&nbsp;(31817662) |

---

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

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**Page 6** 

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**Transamerica BlackRock iShares Edge 75 VP** 

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**STATEMENT OF CHANGES IN NET ASSETS** 

**For the years ended:** 

---

| | | |
|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2021** |
|  **From operations:** | **From operations:** | **From operations:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $2710520 | $2447890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 4426204 | 7784550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (38954386) | 15386735 |
|  Net increase (decrease) in net assets resulting from operations | (31817662) | 25619175 |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions to shareholders | (10193185) | (6612514) |
|  Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (10193185) | (6612514) |
|  **Capital share transactions:** | **Capital share transactions:** | **Capital share transactions:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold | 11005253 | 24464911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions reinvested | 10193185 | 6612514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (39966186) | (26149119) |
|  Net increase (decrease) in net assets resulting from capital share transactions | (18767748) | 4928306 |
|  **Net increase (decrease) in net assets** | (60778595) | 23934967 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 218988531 | 195053564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $&nbsp;&nbsp;&nbsp;&nbsp;158209936 | $&nbsp;&nbsp;&nbsp;&nbsp;218988531 |
|  **Capital share transactions - shares:** | **Capital share transactions - shares:** | **Capital share transactions - shares:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued | 777467 | 1576303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested | 767559 | 414838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (2852260) | (1665736) |
|  Net increase (decrease) in shares outstanding | (1307234) | 325405 |

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**FINANCIAL HIGHLIGHTS** 

**For a share outstanding during the years indicated:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $16.20 | $14.79 | $13.66 | $11.50 | $12.13 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(A)</sup> | 0.21 | 0.18 | 0.18 | 0.27 | 0.24 |
|  Net realized and unrealized gain (loss) | (2.62) | 1.73 | 1.20 | 2.06 | (0.70) |
|  Total investment operations | (2.41) | 1.91 | 1.38 | 2.33 | (0.46) |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income | (0.20) | (0.17) | (0.18) | (0.12) | (0.11) |
|  Net realized gains | (0.63) | (0.33) | (0.07) | (0.05) | (0.06) |
|  Total dividends and/or distributions to shareholders | (0.83) | (0.50) | (0.25) | (0.17) | (0.17) |
|  **Net asset value, end of year** | $12.96 | $16.20 | $14.79 | $13.66 | $11.50 |
|  **Total return** | (15.06)% | 12.94% | 10.26% | 20.28% | (3.91)% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;158210 | $&nbsp;&nbsp;&nbsp;&nbsp;218989 | $&nbsp;&nbsp;&nbsp;&nbsp;195054 | $&nbsp;&nbsp;&nbsp;&nbsp;139315 | $&nbsp;&nbsp;&nbsp;&nbsp;74474 |
|  Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.59% | 0.58% | 0.59% | 0.60% | 0.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture <sup>(C)</sup> | 0.54 %<sup>(D)</sup> | 0.53% | 0.56% | 0.56% | 0.56% |
|  Net investment income (loss) to average net assets | 1.50% | 1.16% | 1.37% | 2.11% | 1.94% |
|  Portfolio turnover rate | 8% | 14% | 13% | 4% | 9% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Does not include expenses of the underlying investments in which the Portfolio invests.* 

(C) *TAM contractually agreed to waive 0.05% of the average daily net assets from its management fee through May 1, 2022. These amounts are not subject to recapture by TAM.* 

(D) *TAM has contractually agreed, through May 1, 2023, to waive from its management fees an amount equal to the sub-advisory fee waiver by the Portfolio's sub-adviser. These amounts are not subject to recapture by TAM.* 

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

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**Page 7** 

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**Transamerica BlackRock iShares Edge 75 VP** 

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**NOTES TO FINANCIAL STATEMENTS** 

**At December 31, 2022** 

**1. ORGANIZATION** 

Transamerica Series Trust ("TST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). TST applies investment company accounting and reporting guidance. TST serves as a funding vehicle for variable life insurance, variable annuity, and group annuity products. Transamerica BlackRock iShares Edge 75 VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers one class of shares, Service Class.

The only shareholders of the Portfolio are affiliated insurance company separate accounts and affiliated asset allocation portfolios. Contract holders of the variable life and annuity contracts are not shareholders of the Portfolio. For ease of reference, shareholders and contract holders are collectively referred to in this report as "shareholders."

This report must be accompanied or preceded by the Portfolio's current prospectus, which contains additional information about the Portfolio, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Portfolio pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Portfolio. TAM supervises the Portfolio's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Portfolio.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of a Portfolio without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Portfolio and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Portfolio employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending portfolio combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Portfolio's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Portfolio; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for a Portfolio; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Portfolio's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; oversight of other service providers to the Portfolio, such as the custodian, the transfer agent, the Portfolio's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Portfolio; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Portfolio, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Portfolio. The Portfolio pays certain fees and expenses to State Street for sub-administration services which are not administrative

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**1. ORGANIZATION (continued)** 

services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the year ended December 31, 2022, (i) the expenses paid to State Street for sub-administration services by the Portfolio are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Portfolio are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES** 

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

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Interest income, if any, is accrued as earned. Dividend income and capital gain distributions from underlying investments, if any, are recorded on the ex-dividend date. Income or short-term capital gain distributions received from underlying investments, if any, are recorded as Dividend income from investments within the Statement of Operations. Long-term capital gain distributions received from underlying investments, if any, are recorded as Net realized gain (loss) on Capital gain distributions received from investments within the Statement of Operations.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Portfolio with broker/dealers with which TST has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Portfolio. In no event will commissions, paid by the Portfolio, be used to pay expenses that would otherwise be borne by any other portfolios within TST, or by any other party.

There were no commissions recaptured during the year ended December 31, 2022 by the Portfolio.

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

**3. INVESTMENT VALUATION** 

Effective September 8, 2022, TAM has been designated as the Portfolio's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Portfolio's Board of Trustees. The net asset value of the Portfolio is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

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

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

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

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Portfolio's investments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Portfolio's investments at December 31, 2022, is disclosed within the Investment Valuation section of the Schedule of Investments.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**3. INVESTMENT VALUATION (continued)** 

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

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

*Exchange-traded funds ("ETF"):* ETFs are stated at the last reported sale price or closing price on the day of valuation taken from the primary exchange where the ETF is principally traded. ETFs are generally categorized in Level 1 of the fair value hierarchy.

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

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

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the year ended December 31, 2022, the Portfolio has not utilized the program.

**Securities lending:** The Portfolio may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Portfolio pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Portfolio to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Portfolio may experience delays in recovery of the loaned securities or delays in access to collateral, or the Portfolio may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government and irrevocable letters of credit issued by banks as collateral. The initial collateral received by the Portfolio is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower.

The Portfolio receives compensation for lending securities from interest or dividends earned on the cash, U.S. Government securities and irrevocable letters of credit held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust—Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at December 31, 2022, if any, are shown on a gross basis within the Schedule of Investments.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**5. RISK FACTORS** 

Investing in the Portfolio involves certain key risks related to the Portfolio's trading activity. Please reference the Portfolio's prospectus for a more complete discussion of the following risk(s), as well as other risks of investing in the Portfolio.

**Market risk:** The market prices of the Portfolio's securities and other assets may go up or down, sometimes sharply and unpredictably, due to general market conditions, overall economic trends or events, inflation, changes in interest rates, government actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by wars, tariffs, trade disputes or other factors, political developments, investor sentiment, the global and domestic effects of a pandemic or other health emergency, and other factors that may or may not be related to the issuer of the security or other asset. The market prices of securities and other assets also may go down due to events or conditions that affect particular sectors, industries, issuers, or geographies. Adverse market conditions may be prolonged and may not have the same impact on all types of securities or other assets. If the value of the Portfolio's securities and assets fall, the value of your investment will go down. The Portfolio may experience a substantial or complete loss on any individual security or asset.

Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, the imposition of economic sanctions, public health events (such as the spread of infectious disease), wars, terrorism, cybersecurity events, technology and data interruptions, natural disasters, and other circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. In the past decade, financial markets throughout the world have experienced increased volatility and decreased liquidity. These conditions may continue or worsen. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down. Securities markets may also be susceptible to market manipulation or other fraudulent trade practices, which could disrupt the orderly functioning of these markets or adversely affect the value of securities traded in these markets, including the Portfolio's securities.

The pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in economic downturns throughout the world, severe losses, particularly to some sectors of the economy and individual issuers, and reduced liquidity of many instruments. There also have been significant disruptions to business operations, including business closures; strained healthcare systems; disruptions to supply chains and employee availability; large fluctuations in consumer demand; and widespread uncertainty regarding the duration and long-term effects of the pandemic. Economic downturns may be prolonged, and political and social instability, continued volatility and decreased liquidity in the securities markets may result. Developing or emerging market countries may be more impacted by the pandemic.

The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic. These and other government intervention into the economy and financial markets may not work as intended. In addition, government actions to mitigate the economic impact of the pandemic have resulted in large expansion of government deficits and debt, the long-term consequences of which are not known. Rates of inflation have recently risen, which could adversely affect economies and markets. The pandemic could continue to adversely affect the value and liquidity of the Portfolio's investments.

*Europe:* A number of countries in Europe have experienced severe economic and financial difficulties; and financial markets in Europe and elsewhere have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen or spread within or outside Europe. Responses to the financial problems by European governments, central banks and others may not work, may result in conflicts and social unrest and may limit future growth and economic recovery or have other unintended consequences. In January, 2020, through "Brexit," the United Kingdom withdrew from the European Union. The ramifications of Brexit are unknown, and the implications of possible political, regulatory, economic, and market outcomes could be significant. The United Kingdom has one of the largest economies in Europe and is a major trading partner with European Union countries and the United States. Brexit may create additional and substantial economic stresses for the United Kingdom, including a contraction of the United Kingdom's economy, decreased trade, capital outflows, devaluation of the British pound, and a decrease in business and consumer spending and investment. The negative impact on not only the United Kingdom and European Union economies but also the broader global economy could be significant. A number of countries in Europe have suffered terror attacks, and additional attacks may occur in the future. Europe has also been struggling with mass migration from the Middle East, Eastern Europe and Africa. The ultimate effects of these events and other socio-political or geopolitical issues could profoundly affect global economies and markets. Whether or not the Portfolio invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

*Additional Market Disruption:* Russia's invasion of Ukraine in February, 2022, the resulting responses by the United States and other countries, and the potential for wider conflict, have increased and may continue to increase volatility and uncertainty in financial markets

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**5. RISK FACTORS (continued)** 

worldwide. The United States and other countries have imposed broad-ranging economic sanctions on Russia and Russian entities and individuals, and may impose additional sanctions, including on other countries that provide military or economic support to Russia. These sanctions, among other things, restrict companies from doing business with Russia and Russian issuers, and may adversely affect companies with economic or financial exposure to Russia and Russian issuers. The extent and duration of Russia's military actions and the repercussions of such actions are not known. The invasion may widen beyond Ukraine and may escalate, including through retaliatory actions and cyberattacks by Russia and even other countries. These events may result in further and significant market disruptions and may adversely affect regional and global economies including those of Europe and the United States. Certain industries and markets, such as those involving oil, natural gas and other commodities, as well as global supply chains, may be particularly adversely affected. Whether or not the Portfolio invests in securities of issuers located in Russia, Ukraine and adjacent countries or with significant exposure to issuers in these countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

**Asset allocation risk:** The Portfolio's investment performance is significantly impacted by the Portfolio's asset allocation and reallocation from time to time. The sub-adviser's decisions whether and when to tactically overweight or underweight asset classes, create and apply formulas for de-risking or ending de-risking and select a mix of underlying portfolios may not produce the desired results. These actions may be unsuccessful in maximizing return and/or avoiding investment losses. The value of your investment may decrease if the sub-adviser's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying portfolio or other issuer is incorrect. The sub-adviser may favor an asset class that performs poorly relative to other asset classes. The available underlying portfolios selected by the sub-adviser may underperform the market or similar portfolios.

**Underlying exchange-traded funds risk:** To the extent the Portfolio invests its assets in underlying ETFs, its ability to achieve its investment objective will depend in part on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs subjects the Portfolio to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which the Portfolio may invest has its own investment risks, and those risks can affect the value of the underlying ETFs' shares and therefore the value of the Portfolio's investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. In addition, the Portfolio will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests.

**Smart beta investing risk:** Smart beta strategies seek to capture broad, consistent drivers of return and to out-perform traditional index strategies. These strategies may not work as intended. An underlying ETF pursuing a smart beta strategy may not achieve its objective and may not perform as well as other funds using other asset management strategies.

**6. FEES AND OTHER AFFILIATED TRANSACTIONS** 

TST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Transamerica Life Insurance Company ("TLIC"), and Transamerica Financial Life Insurance Company.

TAM, the Portfolio's investment manager, is directly owned by TLIC and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon NV. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon NV, a Netherlands corporation, and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Portfolio's transfer agent. Transamerica Capital, Inc. ("TCI") is the Portfolio's distributor/principal underwriter. TAM, TFS, and TCI are affiliates of Aegon NV.

Certain officers and trustees of the Portfolio are also officers and/or trustees of TAM, TFS and TCI. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Portfolio. The Portfolio does pay non-interested persons (independent trustees), as disclosed in Trustee, CCO and deferred compensation fees within the Statement of Operations.

**Investment management fees:** TAM serves as the Portfolio's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Portfolio pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

The Portfolio pays a management fee to TAM based on daily average net assets at the following rates:

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| **Breakpoints <sup>(A) (B)</sup>** | **Rate** |
|  First $1 billion | 0.30% |
|  Over $1 billion | 0.28 |

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(A) *TAM contractually agreed to waive 0.05% of the average daily net assets from its management fee through May 1, 2022. These amounts are not subject to recapture by TAM.* 

(B) *TAM has contractually agreed, through May 1, 2023, to waive from its management fees an amount equal to the sub-advisory fee waiver by the Portfolio's sub-adviser. These amounts are not subject to recapture by TAM.* 

TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses, reorganization expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

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| | **Operating<br>Expense Limit** | **Operating**<br> **Expense Limit<br>Effective Through** |
|  Service Class | 0.56% | May 1, 2023 |

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TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended December 31, 2022 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Portfolio, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

As of December 31, 2022, there are no amounts available for recapture by TAM.

**Distribution and service fees:** TST has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, TST entered into a distribution agreement with TCI as the Portfolio's distributor.

The Distribution Plan requires the Portfolio to pay distribution fees to TCI as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCI, on behalf of the Portfolio, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Portfolio's shares.

The fee on the Service Class shares is paid to the insurance companies for providing services and account maintenance for the policyholders who invest in the variable insurance products which invest in the Service Class shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Portfolio is authorized under the Distribution Plan to pay fees to TCI based on daily average net assets up to an annual fee of 0.25% of Service Class shares.

**Transfer agent costs:** TFS provides transfer agency services under an intercompany agreement with TAM. TFS has outsourced the provision of certain sub-transfer agency services to SS&C Technology Holdings, Inc ("SS&C"). The Portfolio does not pay a separate transfer agent fee to TAM or TFS but does pay certain expenses to SS&C related to applicable sub-transfer agency services. For the year ended December 31, 2022, (i) the expenses paid to SS&C by the Portfolio are referred to as Transfer agent costs and are included within the Statement of Operations and (ii) the expenses payable to SS&C by the Portfolio are referred to as Transfer agent costs within the Statement of Assets and Liabilities.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

**Deferred compensation plan:** Effective September 23, 2021, the Board has approved the termination of the deferred compensation plan. Payments will be made to applicable current and former Board members consistent with Section 409A of the Code. Under a non-qualified deferred compensation plan effective January 1, 1996, as amended and restated January 1, 2010, available to the trustees, compensation may be deferred that would otherwise be payable by TST to an independent trustee on a current basis for services rendered as trustee. Deferred compensation amounts will accumulate based on the value of the investment option, as elected by the trustee. Balances pursuant to deferred compensation plan are recorded in Trustees, Chief Compliance Officer ("CCO") and deferred compensation fees within the Statement of Assets and Liabilities. For the year ended December 31, 2022, amounts included in Trustees, CCO and deferred compensation fees within the Statement of Operations reflect total compensation paid to the independent Board members.

**Brokerage commissions:** The Portfolio incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the year ended December 31, 2022.

**7. PURCHASES AND SALES OF SECURITIES** 

For the year ended December 31, 2022, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

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| **Purchases of Securities** | **Sales of Securities** |
| $13788793 | $39914805 |

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**8. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS** 

The Portfolio has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Portfolio recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Portfolio's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Portfolio's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Portfolio's financial statements. If applicable, the Portfolio recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Portfolio identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Portfolio makes significant investments; however, the Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. There are no reclassifications in the current year.

As of December 31, 2022, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

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| | | | |
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| **Cost** | **Gross<br>Appreciation** | **Gross<br>(Depreciation)** | **Net Appreciation<br>(Depreciation)** |
| $155625366 | $12186175 | $(9614093) | $2572082 |

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As of December 31, 2022, the Portfolio had no capital loss carryforwards available to offset future realized capital gains. During the year ended December 31, 2022, the Portfolio did not have any capital loss carryforwards utilized or expired.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**8. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)** 

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2022 and 2021 are as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** |
| **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of Capital** | **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of Capital** |
| $2427777 | $7765408 | $— | $2260700 | $4351814 | $— |

---

As of December 31, 2022, the tax basis components of distributable earnings are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Capital Loss<br>Carryforwards** | **Late Year<br>Ordinary Loss<br>Deferred** | **Other<br>Temporary<br>Differences** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| $2685974 | $4805411 | $— | $— | $— | $2572082 |

---

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| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 15** 

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**Report of Independent Registered Public Accounting Firm** 

*To the Shareholders and the Board of Trustees of Transamerica BlackRock iShares Edge 75 VP* 

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities of Transamerica BlackRock iShares Edge 75 VP (the "Portfolio") (one of the portfolios constituting Transamerica Series Trust (the "Trust")), including the schedule of investments, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the portfolios constituting Transamerica Series Trust) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion** 

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g438566ernst_young.jpg)

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

February 27, 2023

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**Page 16** 

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**Transamerica BlackRock iShares Edge 75 VP** 

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**SUPPLEMENTAL TAX INFORMATION** 

**(unaudited)** 

For tax purposes, the Portfolio has made a long-term capital gain designation of $7,765,408 for the year ended December 31, 2022.

The amounts which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the U.S. are as follows:

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| | |
|:---|:---|
| **Foreign Source Income** | **Foreign Taxes** |
| $728169 | $71606 |

---

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**Page 17** 

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**Transamerica BlackRock iShares Edge 100 VP** 

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**(unaudited)** 

**MARKET ENVIRONMENT** 

The fourth quarter of 2022 wrapped up one of the most notable years in market history. Both stocks and bonds fell double-digit percentages as represented by the S&P 500<sup>®</sup> Index, MSCI EAFE Index, and the Bloomberg US Aggregate Bond Index. A sea change in the investment landscape occurred in 2022 resulting from a dramatic increase in inflation and subsequent reversal in the 40-year trend of broadly declining U.S. interest rates. The year ended with a total of 425 basis points in rate hikes by the U.S. Federal Reserve ("Fed") and while the Fed announced a final hike of 50 basis points in December, marking a deceleration from the previous four consecutive 75 basis point hikes, it continued its commitment to fighting inflation.

Although both the bond market (represented by the Bloomberg US Aggregate Bond Index) and the U.S. stock market (represented by the MSCI USA Index and S&P 500<sup>®</sup> Index) finished the year in negative territory, the fourth quarter of 2022 provided some relief, as these benchmarks rebounded after three consecutive quarterly declines. Emerging Markets (represented by the MSCI Emerging Markets Index) stocks also rallied, up 9.70% for the quarter. Developed markets outside the U.S. (represented by the MSCI EAFE Index), however, led the rebound by finishing the last quarter of 2022 up 17.34%, with much of this return coming from a weakening in the U.S. dollar in the period.

In the U.S., equity style factors largely outperformed the S&P 500<sup>®</sup> Index. Low Volatility, Value, Size and Momentum (represented by the MSCI USA Minimum Volatility Index, MSCI USA Enhanced Value Index, MSCI USA Low Size Index, MSCI USA Momentum SR Variant Index, respectively) all outperformed the S&P 500<sup>®</sup> Index for the year ended December 31, 2022. In the final quarter of 2022, each of the aforementioned factors outperformed the S&P 500<sup>®</sup> Index, with value representing the strongest performing factor for both the quarter and the year while the Quality factor (represented by the MSCI USA Quality Index) lagged the other factors over the quarter and the year.

**PERFORMANCE** 

For the year ended December 31, 2022, Transamerica BlackRock iShares Edge 100 VP, Service Class returned -15.76%. By comparison, its primary and secondary benchmarks, the MSCI USA Index and the Transamerica BlackRock iShares Edge 100 VP Blended Benchmark, returned -19.85% and -14.11%, respectively.

**STRATEGY REVIEW** 

For the 12-month period ended December 31, 2022, Transamerica BlackRock iShares Edge 100 VP (the "Portfolio") outperformed its primary benchmark, the MSCI USA Index.

The Portfolio's allocations to the Low Volatility, Value, and Size factors drove the outperformance, while the allocation to the Quality factor detracted from performance. The allocation to international equities, which outperformed U.S. equities largely because of the rapid deterioration of the U.S. dollar in the fourth quarter, also contributed to performance.

The Portfolio is a fund of funds investing substantially all of its assets in underlying exchange-traded funds ("ETFs") advised by our affiliate. The equity allocation of the Portfolio is comprised entirely of "smart beta" or factor-based equity ETFs, focused on reward risk factors. These risk premia have historically shown to provide excess return and/or lower risk over long investment horizons. Specifically, these factors are Quality, Value, (Smaller) Size, Momentum and Low Volatility. The Portfolio has been designed to capture all five of these factor exposures in the U.S., and outside of the U.S., only the Minimum Volatility exposure. Specific strategies in this Portfolio include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Quality, which is designed to be a defensive position in the market by focusing on companies with stable earnings and strong
balance sheets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Momentum, which focuses on companies with continued positive trending performance over a 6- and 12-month period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Value, which tilts towards companies with cheaper valuations relative to their fundamentals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Size, which tilts towards companies with smaller capitalization relative to the large cap parent index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Minimum Volatility, which is designed to provide broad market exposure with lower risk by constructing a portfolio with the
lowest possible volatility while maintaining similar characteristics to the broad market such as sector and country weights.

The Portfolio is designed to capture long-term equity risk premia. Our goal is to monitor the Portfolio for risk, but not to adjust the Portfolio on an ad-hoc basis or to take short-term views on the underlying ETFs. The overall volatility of the Portfolio is typically lower than the benchmark.

**Greg Savage** 

**Paul Whitehead** 

**Co-Portfolio Managers** 

**BlackRock Investment Management, LLC** 

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**Page 1** 

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**Transamerica BlackRock iShares Edge 100 VP** 

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**(unaudited)** 

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| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  U.S. Equity Funds | 74.8% |
|  International Equity Funds | 25.1 |
|  Other Investment Company | 0.4 |
|  Net Other Assets (Liabilities) | (0.3) |
|  **Total** | 100.0% |

---

*Current and future portfolio holdings are subject to change and risk.* 

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**Page 2** 

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**Transamerica BlackRock iShares Edge 100 VP** 

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**(unaudited)**![LOGO](g438566g00z74.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Period Ended 12/31/2022** | **Average Annual Total Return for Period Ended 12/31/2022** | **Average Annual Total Return for Period Ended 12/31/2022** | **Average Annual Total Return for Period Ended 12/31/2022** | **Average Annual Total Return for Period Ended 12/31/2022** |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Service Class | (15.76)% | 5.26% | 8.01% | 03/21/2016 |
|  MSCI USA Index <sup>(A)</sup> | (19.85)% | 8.75% | 11.08% |  |
|  Transamerica BlackRock iShares Edge 100 VP Blended Benchmark <sup>(B) (C) (D) (E) (F)</sup> | (14.11)% | 7.96% | 10.49% |  |

---

<sup>(A)</sup> *The MSCI USA Index is a free float-adjusted market capitalization weighted index that is designed to measure the performance of the large and mid-cap segments of the U.S. market.* 

<sup>(B)</sup> *The Transamerica BlackRock iShares Edge 100 VP Blended Benchmark is composed of the following benchmarks: 58.70% MSCI USA Diversified Multi-Factor Index, 19.50% MSCI EAFE Minimum Volatility Index, 16.30% MSCI USA Minimum Volatility Index and 5.50% MSCI EM Minimum Volatility Index.* 

<sup>(C)</sup> *The MSCI USA Diversified Multi-Factor Index aims to maximize exposure to four factors, Value, Momentum, Quality and Low size, while maintaining a risk profile similar to that of the underlying parent index.* 

<sup>(D)</sup> *The MSCI EAFE Minimum Volatility Index measures the performance characteristics of a minimum variance strategy applied to the large and mid-cap equity universe across developed countries, excluding the U.S. and Canada.* 

<sup>(E)</sup> *The MSCI USA Minimum Volatility Index reflects the performance characteristics of a minimum variance strategy applied to the large and mid-cap USA equity universe.* 

<sup>(F)</sup> *The MSCI EM Minimum Volatility Index reflects the performance characteristics of a minimum variance strategy applied to large and mid-cap equities across emerging markets countries.* 

The Portfolio's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Year or Since Inception calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or the redemption of Portfolio shares. The Portfolio's investment return and net asset value will fluctuate. Investors' shares when redeemed may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month end. Portfolio performance is net of investment fees and Portfolio expenses, but not product charges, which, if included, would significantly lower the performance quoted.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of previously waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

The underlying portfolios invest their assets in various underlying ETFs, and their ability to achieve their investment objectives depends largely on the performance of the underlying ETFs in which they invest. There can be no assurance that the investment objectives of any underlying ETFs will be achieved. The underlying portfolios are indirectly subject to all of the risks associated with an investment in the underlying ETFs including market volatility and may be subject to the higher degree of risks associated with investing in high yield, small-cap and foreign securities.

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**Page 3** 

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**Transamerica BlackRock iShares Edge 100 VP** 

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**DISCLOSURE OF EXPENSES** 

**(unaudited)** 

**SHAREHOLDER EXPENSES** 

Portfolio shareholders may incur two types of costs: (i) transaction costs, including brokerage commissions on purchases and sales of portfolio shares; and (ii) ongoing costs, including management fees, and other portfolio expenses.

The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other portfolios.

The example is based on an investment of $1,000 invested at July 1, 2022, and held for the entire six-month period until December 31, 2022.

**ACTUAL EXPENSES** 

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

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES** 

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Portfolio shares. Therefore, the information under the heading "Hypothetical Expenses" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different portfolios. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries, or other financial institutions.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Actual Expenses** | **Actual Expenses** | **Hypothetical Expenses <sup>(A)</sup>** | **Hypothetical Expenses <sup>(A)</sup>** | |
| <br>**Class** | <br>**Beginning<br>Account Value<br>July 1, 2022** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** |<br>**Net Annualized<br>Expense Ratio <sup>(C) (D)</sup>** |
|  Service Class | $&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;1030.40 | $&nbsp;&nbsp;&nbsp;&nbsp;2.87 | $&nbsp;&nbsp;&nbsp;&nbsp;1022.40 | $&nbsp;&nbsp;&nbsp;&nbsp;2.85 | 0.56% |

---

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

(B) *Expenses are calculated using the Portfolio's net annualized expense ratio, as disclosed in the table, multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (365 days).*

(C) *Net annualized expense ratios, as disclosed in the table, do not include the expenses of the underlying investments in which the Portfolio invests. The net annualized expense ratios, as stated in the fee table of the Portfolio's Prospectus, may differ from the expense ratios disclosed in this report.*

(D) *Net annualized expense ratios are reflective of applicable fee waivers and/or reimbursements and recapture, if any, and are based on the most recent six-months which may differ from the net expense ratio displayed in the Financial Highlights that covers a twelve-month period.*

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**Page 4** 

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**Transamerica BlackRock iShares Edge 100 VP** 

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**SCHEDULE OF INVESTMENTS** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS - 99.9%** | **EXCHANGE-TRADED FUNDS - 99.9%** | **EXCHANGE-TRADED FUNDS - 99.9%** |
| **International Equity Funds - 25.1%** | **International Equity Funds - 25.1%** | **International Equity Funds - 25.1%** |
|  iShares MSCI EAFE Min Vol Factor ETF | 188723 | $11999952 |
|  iShares MSCI Emerging Markets Min Vol Factor ETF | 60373 | 3202788 |
|  |  | 15202740 |
| **U.S. Equity Funds - 74.8%** | **U.S. Equity Funds - 74.8%** | **U.S. Equity Funds - 74.8%** |
|  iShares MSCI USA Min Vol Factor ETF <sup>(A)</sup> | 136149 | 9816343 |
|  iShares MSCI USA Momentum Factor ETF | 68835 | 10045091 |
|  iShares MSCI USA Quality Factor ETF <sup>(A)</sup> | 84505 | 9630190 |
|  iShares MSCI USA Size Factor ETF | 53295 | 6061171 |
|  iShares MSCI USA Value Factor ETF <sup>(A)</sup> | 106465 | 9703220 |
|  |  | 45256015 |
|  **Total Exchange-Traded Funds <br>(Cost $56,503,175)** | **Total Exchange-Traded Funds <br>(Cost $56,503,175)** | 60458755 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **OTHER INVESTMENT COMPANY - 0.4%** | **OTHER INVESTMENT COMPANY - 0.4%** | **OTHER INVESTMENT COMPANY - 0.4%** |
| **Securities Lending Collateral - 0.4%** | **Securities Lending Collateral - 0.4%** | **Securities Lending Collateral - 0.4%** |
|  State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 4.29% <sup>(B)</sup> | 250450 | $250450 |
|  **Total Other Investment Company <br>(Cost $250,450)** | **Total Other Investment Company <br>(Cost $250,450)** | 250450 |
|  **Total Investments <br>(Cost $56,753,625)** | **Total Investments <br>(Cost $56,753,625)** | 60709205 |
|  **Net Other Assets (Liabilities) - (0.3)%** |  | (182832) |
|  **Net Assets - 100.0%** |  | **$60526373** |

---

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(C)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** |  |  |  |  |
|  Exchange-Traded Funds | $60458755 | $— | $— | $60458755 |
|  Other Investment Company | 250450 |  |  | 250450 |
|  **Total Investments** | $**60709205** | $**—** | $**—** | $**60709205** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *All or a portion of the securities are on loan. The total value of all securities on loan is $245,308, collateralized by cash collateral of $250,450. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.* 

(B) *Rate disclosed reflects the yield at December 31, 2022.* 

(C) *There were no transfers in or out of Level 3 during the year ended December 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

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

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**Page 5** 

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**Transamerica BlackRock iShares Edge 100 VP** 

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**STATEMENT OF ASSETS AND LIABILITIES** 

**At December 31, 2022** 

---

| | |
|:---|:---|
|  **Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments, at value (cost $56,753,625) (including securities loaned of $245,308) | $60709205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | 102439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables and other assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 1764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest sold | 33054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 232 |
|  Total assets | 60846694 |
|  **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral received upon return of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities on loan | 250450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables and other liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest redeemed | 23523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 13246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 13246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 14424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 2001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 1806 |
|  Total liabilities | 320321 |
|  **Net assets** | $&nbsp;&nbsp;&nbsp;&nbsp;60526373 |
|  **Net assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital stock ($0.01 par value) | $43475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 46348941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) | 14133957 |
|  **Net assets** | $60526373 |
|  **Shares outstanding** | 4347524 |
|  **Net asset value and offering price per share** | $13.92 |

---

**STATEMENT OF OPERATIONS** 

**For the year ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income from unaffiliated investments | $1632276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 37857 |
|  Total investment income | 1670133 |
|  **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 262780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 218983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 3562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 19285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 2676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 5074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 3556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 13480 |
|  Total expenses before waiver and/or reimbursement and recapture | 530339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense waived and/or reimbursed | (43797) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recapture of previously waived and/or reimbursed fees | 1926 |
|  Net expenses | 488468 |
|  **Net investment income (loss)** | 1181665 |
|  **Net realized gain (loss) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments | 9063472 |
|  **Net change in unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments | (25925112) |
|  Net realized and change in unrealized gain (loss) | (16861640) |
|  **Net increase (decrease) in net assets resulting from operations** | $&nbsp;&nbsp;&nbsp;&nbsp;(15679975) |

---

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

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**Page 6** 

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**Transamerica BlackRock iShares Edge 100 VP** 

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**STATEMENT OF CHANGES IN NET ASSETS** 

**For the years ended:** 

---

| | | |
|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2021** |
|  **From operations:** | **From operations:** | **From operations:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $1181665 | $1093489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 9063472 | 3293820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (25925112) | 11846444 |
|  Net increase (decrease) in net assets resulting from operations | (15679975) | 16233753 |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions to shareholders | (4379977) | (3204951) |
|  Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (4379977) | (3204951) |
|  **Capital share transactions:** | **Capital share transactions:** | **Capital share transactions:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold | 6802272 | 7461905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions reinvested | 4379977 | 3204951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (35899930) | (7056643) |
|  Net increase (decrease) in net assets resulting from capital share transactions | (24717681) | 3610213 |
|  **Net increase (decrease) in net assets** | (44777633) | 16639015 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;105304006 | 88664991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $60526373 | $&nbsp;&nbsp;&nbsp;&nbsp;105304006 |
|  **Capital share transactions - shares:** | **Capital share transactions - shares:** | **Capital share transactions - shares:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued | 433001 | 450688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested | 307799 | 189083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (2451136) | (428922) |
|  Net increase (decrease) in shares outstanding | (1710336) | 210849 |

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**FINANCIAL HIGHLIGHTS** 

**For a share outstanding during the years indicated:** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $17.38 | $15.16 | $14.30 | $12.01 | $12.97 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(A)</sup> | 0.20 | 0.19 | 0.17 | 0.26 | 0.20 |
|  Net realized and unrealized gain (loss) | (2.93) | 2.58 | 1.19 | 2.64 | (0.86) |
|  Total investment operations | (2.73) | 2.77 | 1.36 | 2.90 | (0.66) |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income | (0.18) | (0.16) | (0.23) | (0.21) | (0.15) |
|  Net realized gains | (0.55) | (0.39) | (0.27) | (0.40) | (0.15) |
|  Total dividends and/or distributions to shareholders | (0.73) | (0.55) | (0.50) | (0.61) | (0.30) |
|  **Net asset value, end of year** | $13.92 | $17.38 | $15.16 | $14.30 | $12.01 |
|  **Total return** | (15.76)% | 18.36% | 9.88% | 24.58% | (5.32)% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;60526 | $&nbsp;&nbsp;&nbsp;&nbsp;105304 | $&nbsp;&nbsp;&nbsp;&nbsp;88665 | $&nbsp;&nbsp;&nbsp;&nbsp;75243 | $&nbsp;&nbsp;&nbsp;&nbsp;55102 |
|  Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.61% | 0.60% | 0.61% | 0.61% | 0.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture <sup>(C)</sup> | 0.56 %<sup>(D)</sup> | 0.56% | 0.56% | 0.56% | 0.56% |
|  Net investment income (loss) to average net assets | 1.35% | 1.12% | 1.27% | 1.95% | 1.54% |
|  Portfolio turnover rate | 10% | 9% | 13% | 12% | 14% |

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(A) *Calculated based on average number of shares outstanding.* 

(B) *Does not include expenses of the underlying investments in which the Portfolio invests.* 

(C) *TAM contractually agreed to waive 0.05% of the average daily net assets from its management fee through May 1, 2022. These amounts are not subject to recapture by TAM.* 

(D) *TAM has contractually agreed, through May 1, 2023, to waive from its management fees an amount equal to the sub-advisory fee waiver by the Portfolio's sub-adviser. These amounts are not subject to recapture by TAM.* 

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

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**Page 7** 

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**Transamerica BlackRock iShares Edge 100 VP** 

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**NOTES TO FINANCIAL STATEMENTS** 

**At December 31, 2022** 

**1. ORGANIZATION** 

Transamerica Series Trust ("TST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). TST applies investment company accounting and reporting guidance. TST serves as a funding vehicle for variable life insurance, variable annuity, and group annuity products. Transamerica BlackRock iShares Edge 100 VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers one class of shares, Service Class.

The only shareholders of the Portfolio are affiliated insurance company separate accounts and affiliated asset allocation portfolios. Contract holders of the variable life and annuity contracts are not shareholders of the Portfolio. For ease of reference, shareholders and contract holders are collectively referred to in this report as "shareholders."

This report must be accompanied or preceded by the Portfolio's current prospectus, which contains additional information about the Portfolio, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Portfolio pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Portfolio. TAM supervises the Portfolio's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Portfolio.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of a Portfolio without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Portfolio and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Portfolio employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending portfolio combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Portfolio's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Portfolio; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for a Portfolio; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Portfolio's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; oversight of other service providers to the Portfolio, such as the custodian, the transfer agent, the Portfolio's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Portfolio; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Portfolio, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Portfolio. The Portfolio pays certain fees and expenses to State Street for sub-administration services which are not administrative

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**Page 8** 

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##### [**Table of Contents**](#toc)
**Transamerica BlackRock iShares Edge 100 VP** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**1. ORGANIZATION (continued)** 

services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the year ended December 31, 2022, (i) the expenses paid to State Street for sub-administration services by the Portfolio are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Portfolio are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES** 

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

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Interest income, if any, is accrued as earned. Dividend income and capital gain distributions from underlying investments, if any, are recorded on the ex-dividend date. Income or short-term capital gain distributions received from underlying investments, if any, are recorded as Dividend income from investments within the Statement of Operations. Long-term capital gain distributions received from underlying investments, if any, are recorded as Net realized gain (loss) on Capital gain distributions received from investments within the Statement of Operations.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Portfolio with broker/dealers with which TST has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Portfolio. In no event will commissions, paid by the Portfolio, be used to pay expenses that would otherwise be borne by any other portfolios within TST, or by any other party.

There were no commissions recaptured during the year ended December 31, 2022 by the Portfolio.

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

**3. INVESTMENT VALUATION** 

Effective September 8, 2022, TAM has been designated as the Portfolio's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Portfolio's Board of Trustees. The net asset value of the Portfolio is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

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

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

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

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Portfolio's investments.

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

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**Transamerica BlackRock iShares Edge 100 VP** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**3. INVESTMENT VALUATION (continued)** 

share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Portfolio's investments at December 31, 2022, is disclosed within the Investment Valuation section of the Schedule of Investments.

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

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

*Exchange-traded funds ("ETF"):* ETFs are stated at the last reported sale price or closing price on the day of valuation taken from the primary exchange where the ETF is principally traded. ETFs are generally categorized in Level 1 of the fair value hierarchy.

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

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

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

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the year ended December 31, 2022, the Portfolio has not utilized the program.

**Securities lending:** The Portfolio may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Portfolio pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Portfolio to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Portfolio may experience delays in recovery of the loaned securities or delays in access to collateral, or the Portfolio may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government and irrevocable letters of credit issued by banks as collateral. The initial collateral received by the Portfolio is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower.

The Portfolio receives compensation for lending securities from interest or dividends earned on the cash, U.S. Government securities and irrevocable letters of credit held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust—Government Money Market Portfolio.

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**Transamerica BlackRock iShares Edge 100 VP** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)** 

The value of loaned securities and related cash and non-cash collateral outstanding at December 31, 2022, if any, are shown on a gross basis within the Schedule of Investments.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of December 31, 2022.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
| | **Overnight and<br>Continuous** | **Less Than<br>30 Days** | **Between<br>30 & 90 Days** | **Greater Than<br>90 Days** | **Total** |
|  Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-Traded Funds | $250450 | $— | $— | $— | $250450 |
|  **Total Borrowings** | $**250450** | $**—** | $**—** | $**—** | $**250450** |

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**5. RISK FACTORS** 

Investing in the Portfolio involves certain key risks related to the Portfolio's trading activity. Please reference the Portfolio's prospectus for a more complete discussion of the following risk(s), as well as other risks of investing in the Portfolio.

**Market risk:** The market prices of the Portfolio's securities and other assets may go up or down, sometimes sharply and unpredictably, due to general market conditions, overall economic trends or events, inflation, changes in interest rates, government actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by wars, tariffs, trade disputes or other factors, political developments, investor sentiment, the global and domestic effects of a pandemic or other health emergency, and other factors that may or may not be related to the issuer of the security or other asset. The market prices of securities and other assets also may go down due to events or conditions that affect particular sectors, industries, issuers, or geographies. Adverse market conditions may be prolonged and may not have the same impact on all types of securities or other assets. If the value of the Portfolio's securities and assets fall, the value of your investment will go down. The Portfolio may experience a substantial or complete loss on any individual security or asset.

Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, the imposition of economic sanctions, public health events (such as the spread of infectious disease), wars, terrorism, cybersecurity events, technology and data interruptions, natural disasters, and other circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. In the past decade, financial markets throughout the world have experienced increased volatility and decreased liquidity. These conditions may continue or worsen. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down. Securities markets may also be susceptible to market manipulation or other fraudulent trade practices, which could disrupt the orderly functioning of these markets or adversely affect the value of securities traded in these markets, including the Portfolio's securities.

The pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in economic downturns throughout the world, severe losses, particularly to some sectors of the economy and individual issuers, and reduced liquidity of many instruments. There also have been significant disruptions to business operations, including business closures; strained healthcare systems; disruptions to supply chains and employee availability; large fluctuations in consumer demand; and widespread uncertainty regarding the duration and long-term effects of the pandemic. Economic downturns may be prolonged, and political and social instability, continued volatility and decreased liquidity in the securities markets may result. Developing or emerging market countries may be more impacted by the pandemic.

The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic. These and other government intervention into the economy and financial markets may not work as intended. In addition, government actions to mitigate the economic impact of the pandemic have resulted in large expansion of government deficits and debt, the long-term consequences of which are not known. Rates of inflation have recently risen, which could adversely affect economies and markets. The pandemic could continue to adversely affect the value and liquidity of the Portfolio's investments.

*Europe:* A number of countries in Europe have experienced severe economic and financial difficulties; and financial markets in Europe and elsewhere have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen or spread within or outside Europe. Responses to the financial problems by European governments, central banks and others may not

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**Transamerica BlackRock iShares Edge 100 VP** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**5. RISK FACTORS (continued)** 

work, may result in conflicts and social unrest and may limit future growth and economic recovery or have other unintended consequences. In January, 2020, through "Brexit," the United Kingdom withdrew from the European Union. The ramifications of Brexit are unknown, and the implications of possible political, regulatory, economic, and market outcomes could be significant. The United Kingdom has one of the largest economies in Europe and is a major trading partner with European Union countries and the United States. Brexit may create additional and substantial economic stresses for the United Kingdom, including a contraction of the United Kingdom's economy, decreased trade, capital outflows, devaluation of the British pound, and a decrease in business and consumer spending and investment. The negative impact on not only the United Kingdom and European Union economies but also the broader global economy could be significant. A number of countries in Europe have suffered terror attacks, and additional attacks may occur in the future. Europe has also been struggling with mass migration from the Middle East, Eastern Europe and Africa. The ultimate effects of these events and other socio-political or geopolitical issues could profoundly affect global economies and markets. Whether or not the Portfolio invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

*Additional Market Disruption:* Russia's invasion of Ukraine in February, 2022, the resulting responses by the United States and other countries, and the potential for wider conflict, have increased and may continue to increase volatility and uncertainty in financial markets worldwide. The United States and other countries have imposed broad-ranging economic sanctions on Russia and Russian entities and individuals, and may impose additional sanctions, including on other countries that provide military or economic support to Russia. These sanctions, among other things, restrict companies from doing business with Russia and Russian issuers, and may adversely affect companies with economic or financial exposure to Russia and Russian issuers. The extent and duration of Russia's military actions and the repercussions of such actions are not known. The invasion may widen beyond Ukraine and may escalate, including through retaliatory actions and cyberattacks by Russia and even other countries. These events may result in further and significant market disruptions and may adversely affect regional and global economies including those of Europe and the United States. Certain industries and markets, such as those involving oil, natural gas and other commodities, as well as global supply chains, may be particularly adversely affected. Whether or not the Portfolio invests in securities of issuers located in Russia, Ukraine and adjacent countries or with significant exposure to issuers in these countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

**Asset allocation risk:** The Portfolio's investment performance is significantly impacted by the Portfolio's asset allocation and reallocation from time to time. The sub-adviser's decisions whether and when to tactically overweight or underweight asset classes, create and apply formulas for de-risking or ending de-risking and select a mix of underlying portfolios may not produce the desired results. These actions may be unsuccessful in maximizing return and/or avoiding investment losses. The value of your investment may decrease if the sub-adviser's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying portfolio or other issuer is incorrect. The sub-adviser may favor an asset class that performs poorly relative to other asset classes. The available underlying portfolios selected by the sub-adviser may underperform the market or similar portfolios.

**Underlying exchange-traded funds risk:** To the extent the Portfolio invests its assets in underlying ETFs, its ability to achieve its investment objective will depend in part on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs subjects the Portfolio to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which the Portfolio may invest has its own investment risks, and those risks can affect the value of the underlying ETFs' shares and therefore the value of the Portfolio's investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. In addition, the Portfolio will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests.

**Smart beta investing risk:** Smart beta strategies seek to capture broad, consistent drivers of return and to out-perform traditional index strategies. These strategies may not work as intended. An underlying ETF pursuing a smart beta strategy may not achieve its objective and may not perform as well as other funds using other asset management strategies.

**6. FEES AND OTHER AFFILIATED TRANSACTIONS** 

TST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Transamerica Life Insurance Company ("TLIC"), and Transamerica Financial Life Insurance Company.

TAM, the Portfolio's investment manager, is directly owned by TLIC and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon NV. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon NV, a Netherlands corporation, and a publicly traded international insurance group.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

Transamerica Fund Services, Inc. ("TFS") is the Portfolio's transfer agent. Transamerica Capital, Inc. ("TCI") is the Portfolio's distributor/principal underwriter. TAM, TFS, and TCI are affiliates of Aegon NV.

Certain officers and trustees of the Portfolio are also officers and/or trustees of TAM, TFS and TCI. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Portfolio. The Portfolio does pay non-interested persons (independent trustees), as disclosed in Trustee, CCO and deferred compensation fees within the Statement of Operations.

**Investment management fees:** TAM serves as the Portfolio's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Portfolio pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Portfolio pays a management fee to TAM based on daily average net assets at the following rates:

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| | |
|:---|:---|
| **Breakpoints <sup>(A) (B)</sup>** | **Rate** |
|  First $1 billion | 0.30% |
|  Over $1 billion | 0.28 |

---

(A) *TAM contractually agreed to waive 0.05% of the average daily net assets from its management fee through May 1, 2022. These amounts are not subject to recapture by TAM.* 

(B) *TAM has contractually agreed, through May 1, 2023, to waive from its management fees an amount equal to the sub-advisory fee waiver by the Portfolio's sub-adviser. These amounts are not subject to recapture by TAM.* 

TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses, reorganization expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| | **Operating<br>Expense Limit** | **Operating**<br> **Expense Limit<br>Effective Through** |
|  Service Class | 0.56% | May 1, 2023 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended December 31, 2022 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Portfolio, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

As of December 31, 2022, there are no amounts available for recapture by TAM.

**Distribution and service fees:** TST has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, TST entered into a distribution agreement with TCI as the Portfolio's distributor.

The Distribution Plan requires the Portfolio to pay distribution fees to TCI as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCI, on behalf of the Portfolio, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Portfolio's shares.

The fee on the Service Class shares is paid to the insurance companies for providing services and account maintenance for the policyholders who invest in the variable insurance products which invest in the Service Class shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

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**Transamerica BlackRock iShares Edge 100 VP** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

The Portfolio is authorized under the Distribution Plan to pay fees to TCI based on daily average net assets up to an annual fee of 0.25% of Service Class shares.

**Transfer agent costs:** TFS provides transfer agency services under an intercompany agreement with TAM. TFS has outsourced the provision of certain sub-transfer agency services to SS&C Technology Holdings, Inc ("SS&C"). The Portfolio does not pay a separate transfer agent fee to TAM or TFS but does pay certain expenses to SS&C related to applicable sub-transfer agency services. For the year ended December 31, 2022, (i) the expenses paid to SS&C by the Portfolio are referred to as Transfer agent costs and are included within the Statement of Operations and (ii) the expenses payable to SS&C by the Portfolio are referred to as Transfer agent costs within the Statement of Assets and Liabilities.

**Deferred compensation plan:** Effective September 23, 2021, the Board has approved the termination of the deferred compensation plan. Payments will be made to applicable current and former Board members consistent with Section 409A of the Code. Under a non-qualified deferred compensation plan effective January 1, 1996, as amended and restated January 1, 2010, available to the trustees, compensation may be deferred that would otherwise be payable by TST to an independent trustee on a current basis for services rendered as trustee. Deferred compensation amounts will accumulate based on the value of the investment option, as elected by the trustee. Balances pursuant to deferred compensation plan are recorded in Trustees, Chief Compliance Officer ("CCO") and deferred compensation fees within the Statement of Assets and Liabilities. For the year ended December 31, 2022, amounts included in Trustees, CCO and deferred compensation fees within the Statement of Operations reflect total compensation paid to the independent Board members.

**Brokerage commissions:** The Portfolio incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the year ended December 31, 2022.

**7. PURCHASES AND SALES OF SECURITIES** 

For the year ended December 31, 2022, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | |
|:---|:---|
| **Purchases of Securities** | **Sales of Securities** |
| $8690560 | $36581381 |

---

**8. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS** 

The Portfolio has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Portfolio recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Portfolio's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Portfolio's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Portfolio's financial statements. If applicable, the Portfolio recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Portfolio identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Portfolio makes significant investments; however, the Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. There are no reclassifications in the current year.

As of December 31, 2022, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross<br>Appreciation** | **Gross<br>(Depreciation)** | **Net Appreciation<br>(Depreciation)** |
| $56872601 | $5514690 | $(1678086) | $3836604 |

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**Page 14** 

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**Transamerica BlackRock iShares Edge 100 VP** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**8. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)** 

As of December 31, 2022, the Portfolio had no capital loss carryforwards available to offset future realized capital gains. During the year ended December 31, 2022, the Portfolio did not have any capital loss carryforwards utilized or expired.

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2022 and 2021 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** |
| **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of Capital** | **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of Capital** |
| $1086087 | $3293890 | $— | $922036 | $2282915 | $— |

---

As of December 31, 2022, the tax basis components of distributable earnings are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Capital Loss<br>Carryforwards** | **Late Year<br>Ordinary Loss<br>Deferred** | **Other<br>Temporary<br>Differences** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| $1170625 | $9126728 | $— | $— | $— | $3836604 |

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**Page 15** 

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**Report of Independent Registered Public Accounting Firm** 

*To the Shareholders and the Board of Trustees of Transamerica BlackRock iShares Edge 100 VP* 

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities of Transamerica BlackRock iShares Edge 100 VP (the "Portfolio") (one of the portfolios constituting Transamerica Series Trust (the "Trust")), including the schedule of investments, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the portfolios constituting Transamerica Series Trust) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion** 

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g438566ernst_young.jpg)

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

February 27, 2023

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**Page 16** 

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**Transamerica BlackRock iShares Edge 100 VP** 

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**SUPPLEMENTAL TAX INFORMATION** 

**(unaudited)** 

For tax purposes, the Portfolio has made a long-term capital gain designation of $3,293,890 for the year ended December 31, 2022.

The amounts which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the U.S. are as follows:

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| | |
|:---|:---|
| **Foreign Source Income** | **Foreign Taxes** |
| $449579 | $43938 |

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**Transamerica BlackRock Tactical Allocation VP** 

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**(unaudited)** 

**MARKET ENVIRONMENT** 

Macro performance during the fiscal year ended December 31, 2022 was driven by stubborn inflation and a global wave of central bank tightening, a simultaneous drag on both stock and bond returns. The perceived 'transitory' reopening inflation gave way to more persistent price increases. In fact, U.S. inflation remained at multi-decade highs for longer than policymakers expected, with pressures widespread across both goods and services. To combat inflation, the Federal Reserve increased its benchmark interest rate seven times during the period to 4.50%, the highest level in 15 years.

2022 also saw signs of transatlantic divergence in financial conditions. In addition to the inflationary pressures, Europe struggled with notable euro depreciation and continued upside risks to energy prices. The volatility was further exacerbated by the geopolitical risks stemming from Russia's ongoing invasion of Ukraine. The Bank of Japan stood nearly alone amongst developed market central banks having not adjusted their policy rates, and was, in fact, still engaged in their yield curve control policy despite multi-decade high inflation, before tweaking its yield curve control policy in the last weeks of December 2022.

Stock-bond correlations rose substantially and remained resolutely positive throughout 2022, as financial conditions tightened globally, and Consumer Price Index readings failed to mark a definitive peak in inflation. Global stocks fell by approximately -18% and bonds dropped by approximately -16% in 2022. As U.S. stocks suffered their worst year since the global financial crisis, the U.S. dollar strengthened against most foreign currencies in 2022. Emerging market equities also declined, with considerable performance variability among the emerging market countries. Among bonds' sharp decline in 2022, shorter-term bonds outperformed longer-duration bonds. Commodities posted positive returns due primarily to significant gains in oil and other energy-related commodities following the coordinated policy of banning Russian oil imports amongst much of the European Union.

**PERFORMANCE** 

For the year ended December 31, 2022, Transamerica BlackRock Tactical Allocation VP, Service Class returned -16.21%. By comparison, its primary, secondary and additional benchmarks, the Russell 3000<sup>®</sup> Index, the Bloomberg US Aggregate Bond Index and the MSCI EAFE Index, returned -19.21%, -13.01% and -14.01%, respectively.

**STRATEGY REVIEW** 

Transamerica BlackRock Tactical Allocation VP (the "Portfolio") is a global multi-asset fund of funds consisting of exposure to both equities and fixed income. The portfolio management team seeks to generate alpha in two principal ways: 1) via tactical asset allocation across and within asset classes, and 2) by allocating capital to underlying Transamerica funds with sub-advisers that seek to generate alpha via sector and security selection.

The tactical asset allocation was slightly additive to performance, however underlying fund selection detracted for the year. For most of the period, we maintained a preference for equities, expressed primarily through Japan and the U.S. later in the year. These positions were additive to performance. The Portfolio was short U.S. duration for the period, which was the largest positive contributor.

Underlying fund selection was challenged over the period. Transamerica T. Rowe Price Small Cap Equity VP and Transamerica JPMorgan Mid Cap Value VP were among the largest contributors while Transamerica Aegon Bond VP (previously Transamerica PIMCO Total Return VP) and Transamerica Morgan Stanley Capital Growth VP were notable detractors.

**Philip Green** 

**Michael Pensky, CFA** 

**Co-Portfolio Managers** 

**BlackRock Investment Management, LLC** 

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| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  U.S. Equity Fund | 41.4% |
|  U.S. Mixed Allocation Fund | 27.6 |
|  U.S. Fixed Income Fund | 20.7 |
|  International Equity Funds | 10.0 |
|  Repurchase Agreement | 0.1 |
|  International Alternative Fund | 0.0 \* |
|  Net Other Assets (Liabilities) | 0.2 |
|  **Total** | 100.0% |

---

*Current and future portfolio holdings are subject to change and risk.* 

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

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**Page 1** 

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**Transamerica BlackRock Tactical Allocation VP** 

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**(unaudited)**![LOGO](g438566g10e10.jpg)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** |
| | **1 Year** | **5 year** | **10 year or<br>Since Inception** | **Inception Date** |
|  Initial Class | (16.06)% | 2.93% | 4.92% | 05/01/2011 |
|  Service Class | (16.21)% | 2.69% | 4.66% | 05/01/2009 |
|  Russell 3000<sup>®</sup> Index <sup>(A)</sup> | (19.21)% | 8.79% | 12.13% |  |
|  Bloomberg US Aggregate Bond Index <sup>(B)</sup> | (13.01)% | 0.02% | 1.06% |  |
|  MSCI EAFE Index <sup>(C)</sup> | (14.01)% | 2.03% | 5.16% |  |

---

*<sup>(A)</sup> The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.* 

*<sup>(B)</sup> The Bloomberg US Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities.* 

*<sup>(C)</sup> The MSCI EAFE Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada.* 

The Portfolio's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Year or Since Inception calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or the redemption of Portfolio shares. The Portfolio's investment return and net asset value will fluctuate. Investors' shares when redeemed may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month end. Portfolio performance is net of investment fees and Portfolio expenses, but not product charges, which, if included, would significantly lower the performance quoted.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of previously waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Asset allocation, an investing strategy of dividing money among many types of investments, can help investors manage risk but cannot guarantee a profit or guard against loss.

Russell<sup>®</sup> and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.

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**Transamerica BlackRock Tactical Allocation VP** 

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**DISCLOSURE OF EXPENSES** 

**(unaudited)** 

**SHAREHOLDER EXPENSES** 

Portfolio shareholders may incur two types of costs: (i) transaction costs, including brokerage commissions on purchases and sales of portfolio shares; and (ii) ongoing costs, including management fees, and other portfolio expenses.

The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other portfolios.

The example is based on an investment of $1,000 invested at July 1, 2022, and held for the entire six-month period until December 31, 2022.

**ACTUAL EXPENSES** 

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

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES** 

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Portfolio shares. Therefore, the information under the heading "Hypothetical Expenses" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different portfolios. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries, or other financial institutions.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Actual Expenses** | **Actual Expenses** | **Hypothetical Expenses <sup>(A)</sup>** | **Hypothetical Expenses <sup>(A)</sup>** | |
| <br>**Class** |<br>**Beginning<br>Account Value<br>July 1, 2022** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** |<br>**Net Annualized<br>Expense Ratio <sup>(C)(D)</sup>** |
|  Initial Class | $&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;999.30 | $&nbsp;&nbsp;&nbsp;&nbsp;0.76 | $&nbsp;&nbsp;&nbsp;&nbsp;1024.40 | $&nbsp;&nbsp;&nbsp;&nbsp;0.77 | 0.15% |
|  Service Class | 1000.00 | 999.20 | 2.02 | 1023.20 | 2.04 | 0.40 |

---

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

(B) *Expenses are calculated using the Portfolio's net annualized expense ratio, as disclosed in the table, multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (365 days).*

(C) *Net annualized expense ratios, as disclosed in the table, do not include the expenses of the underlying investments in which the Portfolio invests. The net annualized expense ratios, as stated in the fee table of the Portfolio's Prospectus, may differ from the expense ratios disclosed in this report.*

(D) *Net annualized expense ratios are reflective of applicable fee waivers and/or reimbursements and recapture, if any, and are based on the most recent six-months which may differ from the net expense ratio displayed in the Financial Highlights that covers a twelve-month period.*

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**SCHEDULE OF INVESTMENTS** 

**At December 31, 2022** 

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| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS - 4.5%** | **EXCHANGE-TRADED FUNDS - 4.5%** | **EXCHANGE-TRADED FUNDS - 4.5%** |
| **U.S. Equity Fund - 2.8%** | **U.S. Equity Fund - 2.8%** | **U.S. Equity Fund - 2.8%** |
|  SPDR S&P 500 ETF Trust | 67105 | $25662965 |
| **U.S. Fixed Income Fund - 1.7%** | **U.S. Fixed Income Fund - 1.7%** | **U.S. Fixed Income Fund - 1.7%** |
|  Vanguard Total Bond Market ETF | 223322 | 16043453 |
|  **Total Exchange-Traded Funds <br>(Cost $41,272,279)** | **Total Exchange-Traded Funds <br>(Cost $41,272,279)** | 41706418 |
| **INVESTMENT COMPANIES - 95.2%** | **INVESTMENT COMPANIES - 95.2%** | **INVESTMENT COMPANIES - 95.2%** |
| **International Alternative Fund - 0.0% <sup>(A)</sup>** | **International Alternative Fund - 0.0% <sup>(A)</sup>** | **International Alternative Fund - 0.0% <sup>(A)</sup>** |
|  Transamerica Global Allocation Liquidating Trust <sup>(B)</sup> <sup>(C)</sup> <sup>(D)</sup> <sup>(E)</sup> | 13521 | 37432 |
| **International Equity Funds - 10.0%** | **International Equity Funds - 10.0%** | **International Equity Funds - 10.0%** |
|  Transamerica International Focus VP <sup>(C)</sup> | 6979585 | 54859540 |
|  Transamerica TS&W International Equity VP <sup>(C)</sup> | 3046426 | 38537295 |
|  |  | 93396835 |
| **U.S. Equity Funds - 38.6%** | **U.S. Equity Funds - 38.6%** | **U.S. Equity Funds - 38.6%** |
|  Transamerica Aegon Sustainable Equity Income VP <sup>(C)</sup> | 2313572 | 40649464 |
|  Transamerica JPMorgan Enhanced Index VP <sup>(C)</sup> | 6494908 | 128404329 |
|  Transamerica JPMorgan Mid Cap Value VP <sup>(C)</sup> | 1940108 | 28364385 |
|  Transamerica Large Cap Value <sup>(C)</sup> | 4892717 | 59935787 |
|  Transamerica Morgan Stanley Capital Growth VP <sup>(C)</sup> | 2996772 | 11357765 |
|  Transamerica T. Rowe Price Small Cap VP <sup>(C)</sup> | 4711461 | 46078093 |
|  Transamerica WMC US Growth VP <sup>(C)</sup> | 1740565 | 45150244 |
|  |  | 359940067 |

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| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **U.S. Fixed Income Funds - 19.0%** | **U.S. Fixed Income Funds - 19.0%** | **U.S. Fixed Income Funds - 19.0%** |
|  Transamerica Aegon Core Bond VP <sup>(C)</sup> | 5939349 | $63194675 |
|  Transamerica Bond <sup>(C)</sup> | 12420199 | 99113185 |
|  Transamerica Short-Term Bond <sup>(C)</sup> | 1553037 | 14831502 |
|  |  | 177139362 |
| **U.S. Mixed Allocation Fund - 27.6%** | **U.S. Mixed Allocation Fund - 27.6%** | **U.S. Mixed Allocation Fund - 27.6%** |
|  Transamerica Aegon Bond VP <sup>(C)</sup> | 28119669 | 258138558 |
|  **Total Investment Companies <br>(Cost $1,031,419,550)** | **Total Investment Companies <br>(Cost $1,031,419,550)** | 888652254 |
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 0.1%** | **REPURCHASE AGREEMENT - 0.1%** | **REPURCHASE AGREEMENT - 0.1%** |
|  Fixed Income Clearing Corp., 1.80% <sup>(F)</sup>, dated 12/30/2022, to be repurchased at $1,456,760 on 01/03/2023. Collateralized by a U.S. Government Obligation, 4.77%, due 12/28/2023, and with a value of $1,485,636. | $1456468 | 1456468 |
|  **Total Repurchase Agreement <br>(Cost $1,456,468)** | **Total Repurchase Agreement <br>(Cost $1,456,468)** | 1456468 |
|  **Total Investments <br>(Cost $1,074,148,297)** | **Total Investments <br>(Cost $1,074,148,297)** | 931815140 |
|  **Net Other Assets (Liabilities) - 0.2%** |  | 1799638 |
|  **Net Assets - 100.0%** |  | **$933614778** |

---

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(G)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Exchange-Traded Funds | $41706418 | $— | $— | $41706418 |
|  Investment Companies | 888614822 |  |  | 888614822 |
|  Repurchase Agreement |  | 1456468 |  | 1456468 |
|  **Total** | $**930321240** | $**1456468** | $**—** | $**931777708** |
|  Investment Companies Measured at Net Asset Value <sup>(E)</sup> |  |  |  | 37432 |
|  **Total Investments** |  |  |  | $**931815140** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

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

(B) *Non-income producing security.* 

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 4** 

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**Transamerica BlackRock Tactical Allocation VP** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

**FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):** 

(C) *Affiliated investment in the Class I2 shares of Transamerica Funds, and a liquidating trust of a former Transamerica Fund and/or affiliated investment in the Initial Class shares of Transamerica Series Trust. The Portfolio's transactions and earnings are as follows:* 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Investments** | **Value<br>December 31,<br>2021** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Value<br>December 31,<br>2022** | **Shares as of<br>December 31,<br>2022** | **Dividend<br>Income** | **Net Capital<br>Gain<br>Distributions** |
|  Transamerica Aegon Sustainable Equity Income VP | $39661175 | $7627586 | $— | $— | $(6639297) | $40649464 | 2313572 | $2027586 | $— |
|  Transamerica Bond | 157545392 | 13667445 | (48700000) | (2481426) | (20918226) | 99113185 | 12420199 | 4167445 |  |
|  Transamerica Global Allocation Liquidating Trust | 31133 |  |  |  | 6299 | 37432 | 13521 |  |  |
|  Transamerica International Focus VP | 71937823 | 18445378 | (18000000) | 1559673 | &nbsp;&nbsp;&nbsp;&nbsp;(19083334) | 54859540 | 6979585 | 1688538 | 2956839 |
|  Transamerica JPMorgan Core Bond VP | 78504867 | 20025601 | (23300000) | (3212970) | (8822823) | 63194675 | 5939349 | 1963470 | 312132 |
|  Transamerica JPMorgan Enhanced Index VP | 134966946 | 41797099 | (9500000) | 868782 | (39728498) | 128404329 | 6494908 | 2353508 | 12443591 |
|  Transamerica JPMorgan Mid Cap Value VP | 26658727 | 8742866 |  |  | (7037208) | 28364385 | 1940108 | 596783 | 4246084 |
|  Transamerica Large Cap Value | 33324139 | 41712764 | (7500000) | 873925 | (8475041) | 59935787 | 4892717 | 725522 | 2787243 |
|  Transamerica Morgan Stanley Capital Growth VP | 24546537 | 9989086 |  |  | (23177858) | 11357765 | 2996772 | 1082718 | 7406370 |
|  Transamerica PIMCO Total Return VP | 442441372 | 31075618 | (147000000) | (24920545) | (43457887) | 258138558 | 28119669 | 8575618 |  |
|  Transamerica Short-Term Bond | 638863 | 59093659 | (44000000) | (887356) | (13664) | 14831502 | 1553037 | 293659 |  |
|  Transamerica T. Rowe Price Small Cap VP | 55212338 | 20410051 | (3500000) | (162500) | (25881796) | 46078093 | 4711461 | 1147978 | 12962072 |
|  Transamerica TS&W International Equity VP | 43053064 | 9160067 | (5000000) | 189152 | (8864988) | 38537295 | 3046426 | 1265556 | 1494510 |
|  Transamerica WMC US Growth VP | 109340595 | 13669846 | (47500000) | 12762921 | (43123118) | 45150244 | 1740565 | 798775 | 6771071 |
| **Total** | $**1217862971** | $**295417066** | $**(354000000)** | $**(15410344)** | $**(255217439)** | $**888652254** | **83161889** | $**26687156** | $**51379912** |

---

(D) *Restricted security. At December 31, 2022, the value of such security held by the Portfolio is as follows:* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Description** | **Acquisition<br>Date** | **Acquisition<br>Cost** | **Value** | **Value as<br>Percentage of<br>Net Assets** |
|  Investment Companies | Transamerica Global Allocation Liquidating Trust | 07/31/2014 | $&nbsp;&nbsp;&nbsp;&nbsp;139107 | $&nbsp;&nbsp;&nbsp;&nbsp;37432 | 0.0 %<sup>(A)</sup> |

---

(E) *Certain investments are measured at fair value using the net asset value per share, or its equivalent, practical expedient and have not been classified in the fair value levels. The fair value amount presented is intended to permit reconciliation to the Total Investments amount presented within the Schedule of Investments.* 

(F) *Rate disclosed reflects the yield at December 31, 2022.* 

(G) *There were no transfers in or out of Level 3 during the year ended December 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 5** 

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**Transamerica BlackRock Tactical Allocation VP** 

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**STATEMENT OF ASSETS AND LIABILITIES** 

**At December 31, 2022** 

---

| | |
|:---|:---|
|  **Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments, at value (cost $1,031,419,550) | $888652254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments, at value (cost $41,272,279) | 41706418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreement, at value (cost $1,456,468) | 1456468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables and other assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 88705667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest sold | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from affiliated investments | 384670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from unaffiliated investments | 65128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 4156 |
|  Total assets | 1020975904 |
|  **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables and other liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 86866208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest redeemed | 84466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 105166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 196998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 1115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 9312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 18067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 3017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 5775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 60051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 10951 |
|  Total liabilities | 87361126 |
|  **Net assets** | $933614778 |
|  **Net assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital stock ($0.01 par value) | $775337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp;1046423991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) | (113584550) |
|  **Net assets** | $933614778 |
|  **Net assets by class:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | $24280216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 909334562 |
|  **Shares outstanding:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 4551317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 72982377 |
|  **Net asset value and offering price per share:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | $5.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 12.46 |

---

**STATEMENT OF OPERATIONS** 

**For the year ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income from affiliated investments | $26687156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income from unaffiliated investments | 984765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income from unaffiliated investments | 24764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 57113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 27753798 |
|  **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 1354378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 2567815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 10946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 44304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 45344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 12710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 58287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 24931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 50052 |
|  Total expenses | 4168767 |
|  **Net investment income (loss)** | 23585031 |
|  **Net realized gain (loss) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | (15410344) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments | (6482942) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions received from affiliated investment companies | 51379912 |
|  Net realized gain (loss) | 29486626 |
|  **Net change in unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | (255217439) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments | 576113 |
|  Net change in unrealized appreciation (depreciation) | (254641326) |
|  Net realized and change in unrealized gain (loss) | (225154700) |
|  **Net increase (decrease) in net assets resulting from operations** | $&nbsp;&nbsp;&nbsp;&nbsp;(201569669) |

---

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 6** 

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**Transamerica BlackRock Tactical Allocation VP** 

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**STATEMENT OF CHANGES IN NET ASSETS** 

**For the years ended:** 

---

| | | |
|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2021** |
|  **From operations:** | **From operations:** | **From operations:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $23585031 | $39201166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 29486626 | 91125425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (254641326) | (31274498) |
|  Net increase (decrease) in net assets resulting from operations | (201569669) | 99052093 |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (6362820) | (3309739) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (122946336) | (74955587) |
|  Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (129309156) | (78265326) |
|  **Capital share transactions:** | **Capital share transactions:** | **Capital share transactions:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 1362510 | 994379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 4057023 | 5880839 |
|  | 5419533 | 6875218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 6362820 | 3309739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 122946336 | 74955587 |
|  | 129309156 | 78265326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (1732616) | (2402633) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (150860759) | (198535318) |
|  | (152593375) | (200937951) |
|  Net increase (decrease) in net assets resulting from capital share transactions | (17864686) | (115797407) |
|  **Net increase (decrease) in net assets** | (348743511) | (95010640) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;1282358289 | &nbsp;&nbsp;&nbsp;&nbsp;1377368929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $933614778 | $1282358289 |
|  **Capital share transactions - shares:** | **Capital share transactions - shares:** | **Capital share transactions - shares:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 213768 | 111323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 271095 | 345953 |
|  | 484863 | 457276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 1150600 | 393548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 9515970 | 4461642 |
|  | 10666570 | 4855190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (260653) | (271408) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (10623108) | (11658906) |
|  | (10883761) | (11930314) |
|  Net increase (decrease) in shares outstanding: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 1103715 | 233463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (836043) | (6851311) |
|  | 267672 | (6617848) |

---

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 7** 

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**Transamerica BlackRock Tactical Allocation VP** 

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**FINANCIAL HIGHLIGHTS** 

**For a share outstanding during the years indicated:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $8.50 | $8.87 | $8.99 | $8.68 | $9.97 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(A)</sup> | 0.17 | 0.29 | 0.25 | 0.17 | 0.22 |
|  Net realized and unrealized gain (loss) | (1.47) | 0.40 | 0.87 | 1.29 | (0.58) |
|  Total investment operations | (1.30) | 0.69 | 1.12 | 1.46 | (0.36) |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income | (0.60) | (0.48) | (0.33) | (0.40) | (0.20) |
|  Net realized gains | (1.27) | (0.58) | (0.91) | (0.75) | (0.73) |
|  Total dividends and/or distributions to shareholders | (1.87) | (1.06) | (1.24) | (1.15) | (0.93) |
|  **Net asset value, end of year** | $5.33 | $8.50 | $8.87 | $8.99 | $8.68 |
|  **Total return** | (16.06)% | 7.91% | 13.40% | 17.43% | (4.21)% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;24280 | $&nbsp;&nbsp;&nbsp;&nbsp;29319 | $&nbsp;&nbsp;&nbsp;&nbsp;28518 | $&nbsp;&nbsp;&nbsp;&nbsp;26400 | $&nbsp;&nbsp;&nbsp;&nbsp;24853 |
|  Expenses to average net assets <sup>(B)</sup> | 0.15% | 0.15% | 0.15% | 0.15% | 0.14% |
|  Net investment income (loss) to average net assets | 2.52% | 3.22% | 2.83% | 1.91% | 2.29% |
|  Portfolio turnover rate | 42% | 33% | 67% | 36% | 72% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Does not include expenses of the underlying investments in which the Portfolio invests.* 

**For a share outstanding during the years indicated:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $16.97 | $16.72 | $15.90 | $14.57 | $16.11 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(A)</sup> | 0.32 | 0.50 | 0.40 | 0.26 | 0.32 |
|  Net realized and unrealized gain (loss) | (3.01) | 0.76 | 1.62 | 2.17 | (0.97) |
|  Total investment operations | (2.69) | 1.26 | 2.02 | 2.43 | (0.65) |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income | (0.55) | (0.43) | (0.29) | (0.35) | (0.16) |
|  Net realized gains | (1.27) | (0.58) | (0.91) | (0.75) | (0.73) |
|  Total dividends and/or distributions to shareholders | (1.82) | (1.01) | (1.20) | (1.10) | (0.89) |
|  **Net asset value, end of year** | $12.46 | $16.97 | $16.72 | $15.90 | $14.57 |
|  **Total return** | (16.21)% | 7.63% | 13.19% | 17.05% | (4.41)% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;909335 | $&nbsp;&nbsp;&nbsp;&nbsp;1253039 | $&nbsp;&nbsp;&nbsp;&nbsp;1348851 | $&nbsp;&nbsp;&nbsp;&nbsp;1363259 | $&nbsp;&nbsp;&nbsp;&nbsp;1336475 |
|  Expenses to average net assets <sup>(B)</sup> | 0.40% | 0.40% | 0.40% | 0.40% | 0.39% |
|  Net investment income (loss) to average net assets | 2.23% | 2.92% | 2.53% | 1.65% | 2.02% |
|  Portfolio turnover rate | 42% | 33% | 67% | 36% | 72% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Does not include expenses of the underlying investments in which the Portfolio invests.* 

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 8** 

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##### [**Table of Contents**](#toc)
**Transamerica BlackRock Tactical Allocation VP** 

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**NOTES TO FINANCIAL STATEMENTS** 

**At December 31, 2022** 

**1. ORGANIZATION** 

Transamerica Series Trust ("TST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). TST applies investment company accounting and reporting guidance. TST serves as a funding vehicle for variable life insurance, variable annuity, and group annuity products. Transamerica BlackRock Tactical Allocation VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers two classes of shares, Initial Class and Service Class.

The only shareholders of the Portfolio are affiliated insurance company separate accounts and affiliated asset allocation portfolios. Contract holders of the variable life and annuity contracts are not shareholders of the Portfolio. For ease of reference, shareholders and contract holders are collectively referred to in this report as "shareholders."

This report must be accompanied or preceded by the Portfolio's current prospectus, which contains additional information about the Portfolio, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Portfolio pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Portfolio. TAM supervises the Portfolio's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Portfolio.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of a Portfolio without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Portfolio and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Portfolio employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending portfolio combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Portfolio's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Portfolio; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for a Portfolio; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Portfolio's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; oversight of other service providers to the Portfolio, such as the custodian, the transfer agent, the Portfolio's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Portfolio; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Portfolio, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Portfolio. The Portfolio pays certain fees and expenses to State Street for sub-administration services which are not administrative

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**1. ORGANIZATION (continued)** 

services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the year ended December 31, 2022, (i) the expenses paid to State Street for sub-administration services by the Portfolio are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Portfolio are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES** 

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

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Interest income, if any, is accrued as earned. Dividend income and capital gain distributions from underlying investments, if any, are recorded on the ex-dividend date. Income or short-term capital gain distributions received from underlying investments, if any, are recorded as Dividend income from investments within the Statement of Operations. Long-term capital gain distributions received from underlying investments, if any, are recorded as Net realized gain (loss) on Capital gain distributions received from investments within the Statement of Operations.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

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

**3. INVESTMENT VALUATION** 

Effective September 8, 2022, TAM has been designated as the Portfolio's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Portfolio's Board of Trustees. The net asset value of the Portfolio is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

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

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

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

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Portfolio's investments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Portfolio's investments at December 31, 2022, is disclosed within the Investment Valuation section of the Schedule of Investments.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**3. INVESTMENT VALUATION (continued)** 

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

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

*Exchange-traded funds ("ETF"):* ETFs are stated at the last reported sale price or closing price on the day of valuation taken from the primary exchange where the ETF is principally traded. ETFs are generally categorized in Level 1 of the fair value hierarchy.

*Investment companies:* Certain investment companies are valued at the NAV as the practical expedient. These investment companies are not included within the fair value hierarchy. Certain other investment companies are valued at the actively traded NAV and no valuation adjustments are applied. These investment companies are categorized in Level 1 of the fair value hierarchy.

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

*Restricted securities:* Restricted securities for which quotations are not readily available are valued at fair value. Restricted securities issued by publicly traded companies are generally valued at a discount to similar publicly traded securities. Restricted securities issued by nonpublic entities may be valued by reference to comparable public entities and/or fundamental data relating to the issuer. Depending on the relative significance of observable valuation inputs, these instruments may be classified in either Level 2 or Level 3 of the fair value hierarchy.

**4. SECURITIES AND OTHER INVESTMENTS** 

**Restricted securities**: The Portfolio may invest in unregulated restricted securities. Restricted securities are subject to legal or contractual restrictions on resale. Restricted securities generally may be resold in transactions exempt from registration under the Securities Act of 1933.

Restricted securities held at December 31, 2022, if any, are identified within the Schedule of Investments.

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

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

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the year ended December 31, 2022, the Portfolio has not utilized the program.

**Repurchase agreements:** In a repurchase agreement, the Portfolio purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Portfolio's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)** 

the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Portfolio will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Portfolio and its counterparties that provide for the net settlement of all transactions and collateral with the Portfolio, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at December 31, 2022.

Repurchase agreements at December 31, 2022, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**Securities lending:** The Portfolio may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Portfolio pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Portfolio to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Portfolio may experience delays in recovery of the loaned securities or delays in access to collateral, or the Portfolio may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government and irrevocable letters of credit issued by banks as collateral. The initial collateral received by the Portfolio is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower.

The Portfolio receives compensation for lending securities from interest or dividends earned on the cash, U.S. Government securities and irrevocable letters of credit held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust—Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at December 31, 2022, if any, are shown on a gross basis within the Schedule of Investments.

**6. RISK FACTORS** 

Investing in the Portfolio involves certain key risks related to the Portfolio's trading activity. Please reference the Portfolio's prospectus for a more complete discussion of the following risk(s), as well as other risks of investing in the Portfolio.

**Market risk:** The market prices of the Portfolio's securities and other assets may go up or down, sometimes sharply and unpredictably, due to general market conditions, overall economic trends or events, inflation, changes in interest rates, government actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by wars, tariffs, trade disputes or other factors, political developments, investor sentiment, the global and domestic effects of a pandemic or other health emergency, and other factors that may or may not be related to the issuer of the security or other asset. The market prices of securities and other assets also may go down due to events or conditions that affect particular sectors, industries, issuers, or geographies. Adverse market conditions may be prolonged and may not have the same impact on all types of securities or other assets. If the value of the Portfolio's securities and assets fall, the value of your investment will go down. The Portfolio may experience a substantial or complete loss on any individual security or asset.

Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, the imposition of economic sanctions, public health events (such as the spread of infectious disease), wars, terrorism, cybersecurity events, technology and data interruptions, natural disasters, and other circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. In the past decade, financial markets throughout the world have experienced increased volatility and decreased liquidity. These conditions may continue or worsen. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down. Securities markets may also be susceptible to market manipulation or other fraudulent trade practices, which could disrupt the orderly functioning of these markets or adversely affect the value of securities traded in these markets, including the Portfolio's securities.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. RISK FACTORS (continued)** 

The pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in economic downturns throughout the world, severe losses, particularly to some sectors of the economy and individual issuers, and reduced liquidity of many instruments. There also have been significant disruptions to business operations, including business closures; strained healthcare systems; disruptions to supply chains and employee availability; large fluctuations in consumer demand; and widespread uncertainty regarding the duration and long-term effects of the pandemic. Economic downturns may be prolonged, and political and social instability, continued volatility and decreased liquidity in the securities markets may result. Developing or emerging market countries may be more impacted by the pandemic.

The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic. These and other government intervention into the economy and financial markets may not work as intended. In addition, government actions to mitigate the economic impact of the pandemic have resulted in large expansion of government deficits and debt, the long-term consequences of which are not known. Rates of inflation have recently risen, which could adversely affect economies and markets. The pandemic could continue to adversely affect the value and liquidity of the Portfolio's investments.

*Europe:* A number of countries in Europe have experienced severe economic and financial difficulties; and financial markets in Europe and elsewhere have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen or spread within or outside Europe. Responses to the financial problems by European governments, central banks and others may not work, may result in conflicts and social unrest and may limit future growth and economic recovery or have other unintended consequences. In January, 2020, through "Brexit," the United Kingdom withdrew from the European Union. The ramifications of Brexit are unknown, and the implications of possible political, regulatory, economic, and market outcomes could be significant. The United Kingdom has one of the largest economies in Europe and is a major trading partner with European Union countries and the United States. Brexit may create additional and substantial economic stresses for the United Kingdom, including a contraction of the United Kingdom's economy, decreased trade, capital outflows, devaluation of the British pound, and a decrease in business and consumer spending and investment. The negative impact on not only the United Kingdom and European Union economies but also the broader global economy could be significant. A number of countries in Europe have suffered terror attacks, and additional attacks may occur in the future. Europe has also been struggling with mass migration from the Middle East, Eastern Europe and Africa. The ultimate effects of these events and other socio-political or geopolitical issues could profoundly affect global economies and markets. Whether or not the Portfolio invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

*Additional Market Disruption:* Russia's invasion of Ukraine in February, 2022, the resulting responses by the United States and other countries, and the potential for wider conflict, have increased and may continue to increase volatility and uncertainty in financial markets worldwide. The United States and other countries have imposed broad-ranging economic sanctions on Russia and Russian entities and individuals, and may impose additional sanctions, including on other countries that provide military or economic support to Russia. These sanctions, among other things, restrict companies from doing business with Russia and Russian issuers, and may adversely affect companies with economic or financial exposure to Russia and Russian issuers. The extent and duration of Russia's military actions and the repercussions of such actions are not known. The invasion may widen beyond Ukraine and may escalate, including through retaliatory actions and cyberattacks by Russia and even other countries. These events may result in further and significant market disruptions and may adversely affect regional and global economies including those of Europe and the United States. Certain industries and markets, such as those involving oil, natural gas and other commodities, as well as global supply chains, may be particularly adversely affected. Whether or not the Portfolio invests in securities of issuers located in Russia, Ukraine and adjacent countries or with significant exposure to issuers in these countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

**Asset allocation risk:** The Portfolio's investment performance is significantly impacted by the Portfolio's asset allocation and reallocation from time to time. The sub-adviser's decisions whether and when to tactically overweight or underweight asset classes, create and apply formulas for de-risking or ending de-risking and select a mix of underlying portfolios may not produce the desired results. These actions may be unsuccessful in maximizing return and/or avoiding investment losses. The value of your investment may decrease if the sub-adviser's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying portfolio or other issuer is incorrect. The sub-adviser may favor an asset class that performs poorly relative to other asset classes. The available underlying portfolios selected by the sub-adviser may underperform the market or similar portfolios.

**Model and data risk:** If quantitative models, algorithms or calculations (whether proprietary and developed by the sub-adviser or supplied by third parties) ("Models") or information or data supplied by third parties ("Data") prove to be incorrect or incomplete, any

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. RISK FACTORS (continued)** 

decisions made, in whole or part, in reliance thereon expose the Portfolio to additional risks. Models can be predictive in nature. The use of predictive Models has inherent risks. The success of relying on or otherwise using Models depends on a number of factors, including the validity, accuracy and completeness of the Model's development, implementation and maintenance, the Model's assumptions, factors, algorithms and methodologies, and the accuracy and reliability of the supplied historical or other Data. Models rely on, among other things, correct and complete Data inputs. If incorrect Data is entered into even a well-founded Model, the resulting information will be incorrect. However, even if Data is input correctly, Model prices may differ substantially from market prices, especially for securities with complex characteristics. Investments selected with the use of Models may perform differently than expected as a result of the design of the Model, inputs into the Model or other factors. There also can be no assurance that the use of Models will result in effective investment decisions for the Portfolio.

**7. FEES AND OTHER AFFILIATED TRANSACTIONS** 

TST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Transamerica Life Insurance Company ("TLIC"), and Transamerica Financial Life Insurance Company.

TAM, the Portfolio's investment manager, is directly owned by TLIC and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon NV. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon NV, a Netherlands corporation, and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Portfolio's transfer agent. Transamerica Capital, Inc. ("TCI") is the Portfolio's distributor/principal underwriter. TAM, TFS, and TCI are affiliates of Aegon NV.

Certain officers and trustees of the Portfolio are also officers and/or trustees of TAM, TFS and TCI. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Portfolio. The Portfolio does pay non-interested persons (independent trustees), as disclosed in Trustee, CCO and deferred compensation fees within the Statement of Operations.

**Investment management fees**: TAM serves as the Portfolio's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Portfolio pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Portfolio pays a management fee to TAM based on daily average net assets at the following rates:

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| **Breakpoints** | **Rate** |
|  First $1 billion | 0.130% |
|  Over $1 billion up to $2 billion | 0.110 |
|  Over $2 billion up to $3 billion | 0.105 |
|  Over $3 billion | 0.100 |

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TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses, reorganization expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

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| | **Operating<br>Expense Limit** | **Operating<br>Expense Limit**<br> **Effective Through** |
|  Initial Class | 0.25% | May 1, 2023 |
|  Service Class | 0.50 | May 1, 2023 |

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TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended December 31, 2022 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Portfolio, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

As of December 31, 2022, there are no amounts available for recapture by TAM.

**Distribution and service fees:** TST has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, TST entered into a distribution agreement with TCI as the Portfolio's distributor.

The Distribution Plan requires the Portfolio to pay distribution fees to TCI as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCI, on behalf of the Portfolio, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Portfolio's shares.

The fee on the Service Class shares is paid to the insurance companies for providing services and account maintenance for the policyholders who invest in the variable insurance products which invest in the Service Class shares. TCI has determined that it will not seek payment for the distribution expenses incurred by the Portfolio with respect to the Initial Class shares before May 1, 2023. Prior to TCI seeking distribution expenses on Initial Class shares, policy and contract owners will be notified in advance. The Portfolio will pay fees relating to Service Class shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Portfolio is authorized under the Distribution Plan to pay fees to TCI based on daily average net assets of each class up to the following annual rates:

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| **Class** | **Rate** |
|  Initial Class | 0.15% |
|  Service Class | 0.25 |

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**Transfer agent costs:** TFS provides transfer agency services under an intercompany agreement with TAM. TFS has outsourced the provision of certain sub-transfer agency services to SS&C Technology Holdings, Inc ("SS&C"). The Portfolio does not pay a separate transfer agent fee to TAM or TFS but does pay certain expenses to SS&C related to applicable sub-transfer agency services. For the year ended December 31, 2022, (i) the expenses paid to SS&C by the Portfolio are referred to as Transfer agent costs and are included within the Statement of Operations and (ii) the expenses payable to SS&C by the Portfolio are referred to as Transfer agent costs within the Statement of Assets and Liabilities.

**Deferred compensation plan:** Effective September 23, 2021, the Board has approved the termination of the deferred compensation plan. Payments will be made to applicable current and former Board members consistent with Section 409A of the Code. Under a non-qualified deferred compensation plan effective January 1, 1996, as amended and restated January 1, 2010, available to the trustees, compensation may be deferred that would otherwise be payable by TST to an independent trustee on a current basis for services rendered as trustee. Deferred compensation amounts will accumulate based on the value of the investment option, as elected by the trustee. Balances pursuant to deferred compensation plan are recorded in Trustees, Chief Compliance Officer ("CCO") and deferred compensation fees within the Statement of Assets and Liabilities. For the year ended December 31, 2022, amounts included in Trustees, CCO and deferred compensation fees within the Statement of Operations reflect total compensation paid to the independent Board members.

**Brokerage commissions:** The Portfolio incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the year ended December 31, 2022.

**8. PURCHASES AND SALES OF SECURITIES** 

For the year ended December 31, 2022, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

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| **Purchases of Securities** | **Sales of Securities** |
| $438905664 | $586296482 |

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS** 

The Portfolio has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Portfolio recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Portfolio's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Portfolio's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Portfolio's financial statements. If applicable, the Portfolio recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Portfolio identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Portfolio makes significant investments; however, the Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. There are no reclassifications in the current year.

As of December 31, 2022, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

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| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross<br>Appreciation** | **Gross<br>(Depreciation)** | **Net Appreciation<br>(Depreciation)** |
| $1103657325 | $1434074 | $(173276259) | $(171842185) |

---

As of December 31, 2022, the Portfolio had no capital loss carryforwards available to offset future realized capital gains. During the year ended December 31, 2022, the Portfolio did not have any capital loss carryforwards utilized or expired.

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2022 and 2021 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** |
| **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of Capital** | **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of Capital** |
| $47845476 | $81463680 | $— | $33518453 | $44746873 | $— |

---

As of December 31, 2022, the tax basis components of distributable earnings are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Capital Loss<br>Carryforwards** | **Late Year<br>Ordinary Loss<br>Deferred** | **Other<br>Temporary<br>Differences** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| $23544519 | $34713116 | $— | $— | $— | $(171842185) |

---

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**Page 16** 

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**Report of Independent Registered Public Accounting Firm** 

*To the Shareholders and the Board of Trustees of Transamerica BlackRock Tactical Allocation VP* 

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities of Transamerica BlackRock Tactical Allocation VP (the "Portfolio") (one of the portfolios constituting Transamerica Series Trust (the "Trust")), including the schedule of investments, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the portfolios constituting Transamerica Series Trust) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion** 

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g438566ernst_young.jpg)

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

February 27, 2023

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**Page 17** 

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**Transamerica BlackRock Tactical Allocation VP** 

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**SUPPLEMENTAL TAX INFORMATION** 

**(unaudited)** 

For tax purposes, the Portfolio has made a long-term capital gain designation of $81,463,680 for the year ended December 31, 2022.

The amounts which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the U.S. are as follows:

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| | |
|:---|:---|
| **Foreign Source Income** | **Foreign Taxes** |
| $2630836 | $229671 |

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**Page 18** 

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**Transamerica Goldman Sachs 70/30 Allocation VP** 

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**(unaudited)** 

**MARKET ENVIRONMENT** 

The macroeconomic backdrop in 2022 was challenging for asset prices globally as both macroeconomic and geopolitical uncertainty remained high throughout the year. The Russia-Ukraine unrest and impact on energy prices, COVID-19 flare ups in China and pressure from persistent wage inflation in the U.S. led to sustained high inflation and a hawkish, synchronized response from global central banks.

A strong labor market and significantly above target inflation paved the way for the U.S. Federal Reserve to hike policy rates by 4.25% in 2022 versus expectations of a 0.75% hike projected by Federal Open Market Committee median dots at the start of the year. This historically aggressive tightening cycle drove the 10-year U.S. Treasury note yield above 4.25% at its peak in late October from last year's closing level of just 1.5%. The eurozone also experienced significant rate hikes from the European Central Bank as well as uncertainty in fiscal policy. Rising nominal and real inflation-adjusted bond yields resulted in equity market valuation compression with the S&P 500<sup>®</sup> Index forward 12-month price/earnings ratio declining to 18 at the end of 2022 from over 22 at the end of 2021.

2022 saw a significant breakdown of the historical negative correlation between equities and bonds. Both asset classes sold off simultaneously as higher inflation led to tighter monetary policy, which weighed on equity valuations and bond prices. As a result, 2022 turned out to be a very challenging year for conventional multi-asset portfolios, which largely rely on allocation to both equities and bonds to balance risk. There was significant dispersion in equity markets; the energy sector was up significantly while the consumer discretionary and technology sectors were down materially. Dispersion was also seen in debt markets in which shorter-duration bonds outperformed longer-duration bonds significantly given the historic rising interest-rate environment.

**PERFORMANCE** 

For the year ended December 31, 2022, Transamerica Goldman Sachs 70/30 Allocation VP, Service Class returned -17.10%. By comparison, its primary and secondary benchmarks, the Russell 3000<sup>®</sup> Index and the Transamerica 70/30 Allocation VP Blended Benchmark, returned -19.21% and -16.11%, respectively.

**STRATEGY REVIEW** 

The Portfolio is a multi-asset fund-of-funds that seeks long-term capital appreciation with current income as a secondary objective through its strategic allocation to approximately 70% equity and 30% fixed income asset classes. Over the fiscal year, the Portfolio posted negative returns and underperformed its secondary blended benchmark.

The Portfolio experienced negative performance across underlying equity and fixed income funds. The largest individual driver of negative returns was a U.S. large cap growth portfolio, Transamerica WMC US Growth VP. Growth equity funds were especially challenged over the period. While value outperformed growth, U.S. value funds were negative contributors to overall performance. Emerging markets equity, where the Portfolio maintained a slight overweight allocation relative to the benchmark, had negative returns and underperformed developed equities. Within fixed income, off-benchmark allocations to high-yield and inflation-protected debt, as well as strong security selection from Transamerica PineBridge Inflation Opportunities VP, helped fixed income allocations slightly outperform the fixed income component of the benchmark. An off-benchmark allocation to emerging market debt detracted.

Security selection from underlying funds overall detracted versus their respective benchmarks. This was largely driven by underlying equity fund selection, while underlying fixed income fund selection overall outperformed their respective benchmarks. Transamerica WMC US Growth VP, Transamerica Aegon Sustainable Equity Income VP and Transamerica Emerging Markets Opportunities drove underperformance. Transamerica PineBridge Inflation Opportunities VP outperformed its benchmark materially, driving the positive security selection impact from fixed income.

Asset allocation adjustments were made over the period to marginally tilt the Portfolio toward higher international large-cap exposure relative to U.S. large cap and reduce off-benchmark international small cap equity exposure. We also adjusted fixed income allocations to better align with the benchmark and reduced allocations to funds that include allocations to lower quality and off-benchmark fixed income, such as Transamerica Bond. The allocation to Transamerica Emerging Markets Debt was sold entirely to reduce off-benchmark risk.

**Michael Carapucci** 

**Neill Nuttall** 

**Alexandra Wilson-Elizondo** 

**Co-Portfolio Managers** 

**Goldman Sachs Asset Management, L.P.** 

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**Page 1** 

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**Transamerica Goldman Sachs 70/30 Allocation VP** 

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**(unaudited)** 

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| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  U.S. Equity Funds | 45.8% |
|  U.S. Fixed Income Funds | 28.2 |
|  International Equity Funds | 23.2 |
|  Net Other Assets (Liabilities) | 2.8 |
|  **Total** | 100.0% |

---

*Current and future portfolio holdings are subject to change and risk.* 

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**Page 2** 

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**Transamerica Goldman Sachs 70/30 Allocation VP** 

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**(unaudited)**![LOGO](g438566g07t86.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** |
| | **1 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Service Class | (17.10)% | 6.72% | 05/01/2020 |
|  Russell 3000<sup>®</sup> Index <sup>(A)</sup> | (19.21)% | 12.51% |  |
|  Transamerica 70/30 Allocation VP Blended Benchmark <sup>(A) (B) (C) (D) (E)</sup>  | (16.11)% | 6.58% |  |

---

<sup>(A)</sup> *The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.* 

<sup>(B)</sup> *The Transamerica 70/30 Allocation VP Blended Benchmark is composed of the following benchmarks: 49% Russell 3000<sup>®</sup> Index, 30% Bloomberg US Aggregate Bond Index, 18.90% MSCI EAFE Index and 2.10% MSCI Emerging Markets Index.* 

<sup>(C)</sup> *The Bloomberg US Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities.* 

<sup>(D)</sup> *The MSCI EAFE Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada.* 

<sup>(E)</sup> *The MSCI Emerging Markets Index captures large and mid-cap representation across emerging markets countries.* 

The Portfolio's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Year or Since Inception calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or the redemption of Portfolio shares. The Portfolio's investment return and net asset value will fluctuate. Investors' shares when redeemed may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month end. Portfolio performance is net of investment fees and Portfolio expenses, but not product charges, which, if included, would significantly lower the performance quoted.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of previously waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Asset allocation and diversification do not assure or guarantee better performance, cannot eliminate the risk of investment losses, and do not protect against an overall declining market. Fees associated with a fund-of-funds may be higher than with other portfolios. An investment in the Portfolio is subject to the risks associated with the underlying portfolios.

Fixed-income securities are subject to risks including credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk and liquidity risk. Investments in small- and medium-sized companies presents additional risks, such as increased volatility, because their earnings are less predictable, their share price more volatile, and their securities less liquid than larger or more established companies. Investing internationally, globally, or in emerging markets exposes investors to additional risks and expenses such as changes in currency rates, foreign taxation, differences in auditing and other financial standards not associated with investing domestically.

Russell<sup>®</sup> and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.

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**Page 3** 

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**Transamerica Goldman Sachs 70/30 Allocation VP** 

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**DISCLOSURE OF EXPENSES** 

**(unaudited)** 

**SHAREHOLDER EXPENSES** 

Portfolio shareholders may incur two types of costs: (i) transaction costs, including brokerage commissions on purchases and sales of portfolio shares; and (ii) ongoing costs, including management fees, and other portfolio expenses.

The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other portfolios.

The example is based on an investment of $1,000 invested at July 1, 2022, and held for the entire six-month period until December 31, 2022.

**ACTUAL EXPENSES** 

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

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES** 

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Portfolio shares. Therefore, the information under the heading "Hypothetical Expenses" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different portfolios. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries, or other financial institutions.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Actual Expenses** | **Actual Expenses** | **Hypothetical Expenses <sup>(A)</sup>** | **Hypothetical Expenses <sup>(A)</sup>** | |
| <br>**Class** |<br>**Beginning<br>Account Value<br>July 1, 2022** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** |<br>**Net Annualized<br>Expense Ratio <sup>(C) (D)</sup>** |
|  Service Class | $&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;1016.10 | $&nbsp;&nbsp;&nbsp;&nbsp;2.54 | $&nbsp;&nbsp;&nbsp;&nbsp;1022.70 | $&nbsp;&nbsp;&nbsp;&nbsp;2.55 | 0.50% |

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

(B) *Expenses are calculated using the Portfolio's net annualized expense ratio, as disclosed in the table, multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (365 days).*

(C) *Net annualized expense ratios, as disclosed in the table, do not include the expenses of the underlying investments in which the Portfolio invests. The net annualized expense ratios, as stated in the fee table of the Portfolio's Prospectus, may differ from the expense ratios disclosed in this report.*

(D) *Net annualized expense ratios are reflective of applicable fee waivers and/or reimbursements and recapture, if any, and are based on the most recent six-months which may differ from the net expense ratio displayed in the Financial Highlights that covers a twelve-month period.*

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**Page 4** 

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**Transamerica Goldman Sachs 70/30 Allocation VP** 

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**SCHEDULE OF INVESTMENTS** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **INVESTMENT COMPANIES - 97.2%** | **INVESTMENT COMPANIES - 97.2%** | **INVESTMENT COMPANIES - 97.2%** |
| **International Equity Funds - 23.2%** | **International Equity Funds - 23.2%** | **International Equity Funds - 23.2%** |
|  Transamerica Emerging Markets Opportunities <sup>(A)</sup> | 16036 | $119631 |
|  Transamerica International Equity <sup>(A)</sup> | 42625 | 765544 |
|  Transamerica International Small Cap Value <sup>(A)</sup> | 4450 | 55227 |
|  |  | 940402 |
| **U.S. Equity Funds - 45.8%** | **U.S. Equity Funds - 45.8%** | **U.S. Equity Funds - 45.8%** |
|  Transamerica Aegon Sustainable Equity Income VP <sup>(A)</sup> | 13001 | 228423 |
|  Transamerica Large Cap Value <sup>(A)</sup> | 59737 | 731783 |
|  Transamerica Small Cap Growth <sup>(A)</sup> | 8022 | 46207 |
|  Transamerica Small Cap Value <sup>(A)</sup> | 9485 | 50552 |
|  Transamerica WMC US Growth VP <sup>(A)</sup> | 30801 | 798982 |
|  |  | 1855947 |

---

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| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **U.S. Fixed Income Funds - 28.2%** | **U.S. Fixed Income Funds - 28.2%** | **U.S. Fixed Income Funds - 28.2%** |
|  Transamerica Bond <sup>(A)</sup> | 18302 | $146051 |
|  Transamerica Core Bond <sup>(A)</sup> | 95915 | 822951 |
|  Transamerica High Yield Bond <sup>(A)</sup> | 11403 | 88484 |
|  Transamerica Pinebridge Inflation Opportunities VP <sup>(A)</sup> | 8892 | 87138 |
|  |  | 1144624 |
|  **Total Investment Companies <br>(Cost $4,601,341)** | **Total Investment Companies <br>(Cost $4,601,341)** | 3940973 |
|  **Total Investments <br>(Cost $4,601,341)** | **Total Investments <br>(Cost $4,601,341)** | 3940973 |
|  **Net Other Assets (Liabilities) - 2.8%** |  | 114989 |
|  **Net Assets - 100.0%** |  | **$4055962** |

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**INVESTMENT VALUATION:** 

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**Valuation Inputs <sup>(B)</sup>** 

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Investment Companies | $3940973 | $— | $— | $3940973 |
|  **Total Investments** | $**3940973** | $**—** | $**—** | $**3940973** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *Affiliated investment in the Class I2 shares of Transamerica Funds and/or affiliated investment in the Initial Class shares of Transamerica Series Trust. Affiliated interest income, dividends income, realized and unrealized gains (losses), if any, are broken out within the Statement of Operations.* 

(B) *There were no transfers in or out of Level 3 during the year ended December 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

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

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**Page 5** 

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**Transamerica Goldman Sachs 70/30 Allocation VP** 

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**STATEMENT OF ASSETS AND LIABILITIES** 

**At December 31, 2022** 

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| | |
|:---|:---|
|  **Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments, at value (cost $4,601,341) | $3940973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | 128973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables and other assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from affiliated investments | 876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from investment manager | 5609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 4 |
|  Total assets | 4076435 |
|  **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables and other liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments purchased | 876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest redeemed | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 15618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 1956 |
|  Total liabilities | 20473 |
|  **Net assets** | $4055962 |
|  **Net assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital stock ($0.01 par value) | $3797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp;4565890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) | (513725) |
|  **Net assets** | $4055962 |
|  **Shares outstanding** | 379655 |
|  **Net asset value and offering price per share** | $10.68 |

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**STATEMENT OF OPERATIONS** 

**For the year ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income from affiliated investments | $89565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income from unaffiliated investments | 318 |
|  Total investment income | 89883 |
|  **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 4064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 9768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 28926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 3345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Index fees | 10543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Filing fees | 6801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 135 |
|  Total expenses before waiver and/or reimbursement and recapture | 64959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense waived and/or reimbursed | (45282) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recapture of previously waived and/or reimbursed fees | 250 |
|  Net expenses | 19927 |
|  **Net investment income (loss)** | 69956 |
|  **Net realized gain (loss) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | (111684) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions received from affiliated investment companies | 191264 |
|  Net realized gain (loss) | 79580 |
|  **Net change in unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | (888970) |
|  Net realized and change in unrealized gain (loss) | (809390) |
|  **Net increase (decrease) in net assets resulting from operations** | $&nbsp;&nbsp;&nbsp;&nbsp;(739434) |

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

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**STATEMENT OF CHANGES IN NET ASSETS** 

**For the years ended:** 

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| | | |
|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2021** |
|  **From operations:** | **From operations:** | **From operations:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $69956 | $83918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 79580 | 245661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (888970) | 30889 |
|  Net increase (decrease) in net assets resulting from operations | (739434) | 360468 |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions to shareholders | (321886) | (82350) |
|  Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (321886) | (82350) |
|  **Capital share transactions:** | **Capital share transactions:** | **Capital share transactions:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold | 1073462 | 2199709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions reinvested | 321886 | 82350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (84668) | (50775) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contribution from investment manager |  | 7866 |
|  Net increase (decrease) in net assets resulting from capital share transactions | 1310680 | 2239150 |
|  **Net increase (decrease) in net assets** | 249360 | 2517268 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 3806602 | 1289334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $&nbsp;&nbsp;&nbsp;&nbsp;4055962 | $&nbsp;&nbsp;&nbsp;&nbsp;3806602 |
|  **Capital share transactions - shares:** | **Capital share transactions - shares:** | **Capital share transactions - shares:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued | 86639 | 167280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested | 29183 | 6015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (7361) | (3702) |
|  Net increase (decrease) in shares outstanding | 108461 | 169593 |

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**FINANCIAL HIGHLIGHTS** 

**For a share outstanding during the period and years indicated:** 

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| | | | |
|:---|:---|:---|:---|
|  | **Service Class** | **Service Class** | **Service Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020 <sup>(A)</sup>** |
|  **Net asset value, beginning of period/year** | $14.04 | $12.69 | $10.00 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(B)</sup> | 0.21 | 0.38 | 0.19 |
|  Net realized and unrealized gain (loss) | (2.60) | 1.28 | 2.50 |
|  Total investment operations | (2.39) | 1.66 | 2.69 |
|  **Contribution from investment manager** |  | 0.03 |  |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income | (0.23) | (0.12) |  |
|  Net realized gains | (0.74) | (0.22) |  |
|  Total dividends and/or distributions to shareholders | (0.97) | (0.34) |  |
|  **Net asset value, end of period/year** | $10.68 | $14.04 | $12.69 |
|  **Total return** | &nbsp;&nbsp;&nbsp;&nbsp;(17.10)% | 13.33 %<sup>(C)</sup> | 26.90 %<sup>(D)</sup> |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of period/year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;4056 | $&nbsp;&nbsp;&nbsp;&nbsp;3807 | $&nbsp;&nbsp;&nbsp;&nbsp;1289 |
|  Expenses to average net assets <sup>(E)</sup> | Expenses to average net assets <sup>(E)</sup> | Expenses to average net assets <sup>(E)</sup> | Expenses to average net assets <sup>(E)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 1.66% | 1.72% | 6.01 %<sup>(G)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.51 %<sup>(F)</sup> | 0.50 %<sup>(F)</sup> | 1.15 %<sup>(G)</sup> |
|  Net investment income (loss) to average net assets | 1.79% | 2.78% | 2.54 %<sup>(G)</sup> |
|  Portfolio turnover rate | 24% | 23% | 4 %<sup>(D)</sup> |

---

(A) *Commenced operations on May 1, 2020.* 

(B) *Calculated based on average number of shares outstanding.* 

(C) *Total return includes the contribution from investment manager. If the investment manager had not made the contribution, total return would have decreased by 0.24%.* 

(D) *Not annualized.* 

(E) *Does not include expenses of the underlying investments in which the Portfolio invests.* 

(F) *Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the Portfolio through its investments in Underlying Funds. If the expenses incurred by the Underlying Funds were included in these ratios they would have increased by 0.64% and 0.65%, for the years ended December 31, 2022, and December 31, 2021, respectively.* 

(G) *Annualized.* 

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

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**NOTES TO FINANCIAL STATEMENTS** 

**At December 31, 2022** 

**1. ORGANIZATION** 

Transamerica Series Trust ("TST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). TST applies investment company accounting and reporting guidance. TST serves as a funding vehicle for variable life insurance, variable annuity, and group annuity products. Transamerica Goldman Sachs 70/30 Allocation VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers one class of shares, Service Class.

The only shareholders of the Portfolio are affiliated insurance company separate accounts and affiliated asset allocation portfolios. Contract holders of the variable life and annuity contracts are not shareholders of the Portfolio. For ease of reference, shareholders and contract holders are collectively referred to in this report as "shareholders."

This report must be accompanied or preceded by the Portfolio's current prospectus, which contains additional information about the Portfolio, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Portfolio pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Portfolio. TAM supervises the Portfolio's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Portfolio.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of a Portfolio without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Portfolio and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Portfolio employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending portfolio combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Portfolio's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Portfolio; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for a Portfolio; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Portfolio's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; oversight of other service providers to the Portfolio, such as the custodian, the transfer agent, the Portfolio's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Portfolio; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Portfolio, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Portfolio. The Portfolio pays certain fees and expenses to State Street for sub-administration services which are not administrative

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**1. ORGANIZATION (continued)** 

services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the year ended December 31, 2022, (i) the expenses paid to State Street for sub-administration services by the Portfolio are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Portfolio are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES** 

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

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Interest income, if any, is accrued as earned. Dividend income and capital gain distributions from underlying investments, if any, are recorded on the ex-dividend date. Income or short-term capital gain distributions received from underlying investments, if any, are recorded as Dividend income from investments within the Statement of Operations. Long-term capital gain distributions received from underlying investments, if any, are recorded as Net realized gain (loss) on Capital gain distributions received from investments within the Statement of Operations.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

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

**3. INVESTMENT VALUATION** 

Effective September 8, 2022, TAM has been designated as the Portfolio's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Portfolio's Board of Trustees. The net asset value of the Portfolio is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

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

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

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

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Portfolio's investments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels.

The hierarchy classification of inputs used to value the Portfolio's investments at December 31, 2022, is disclosed within the Investment Valuation section of the Schedule of Investments.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**3. INVESTMENT VALUATION (continued)** 

determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

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

*Investment companies:* Certain investment companies are valued at the NAV as the practical expedient. These investment companies are not included within the fair value hierarchy. Certain other investment companies are valued at the actively traded NAV and no valuation adjustments are applied. These investment companies are categorized in Level 1 of the fair value hierarchy.

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

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

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the year ended December 31, 2022, the Portfolio has not utilized the program.

**5. RISK FACTORS** 

Investing in the Portfolio involves certain key risks related to the Portfolio's trading activity. Please reference the Portfolio's prospectus for a more complete discussion of the following risk(s), as well as other risks of investing in the Portfolio.

**Market risk:** The market prices of the Portfolio's securities and other assets may go up or down, sometimes sharply and unpredictably, due to general market conditions, overall economic trends or events, inflation, changes in interest rates, government actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by wars, tariffs, trade disputes or other factors, political developments, investor sentiment, the global and domestic effects of a pandemic or other health emergency, and other factors that may or may not be related to the issuer of the security or other asset. The market prices of securities and other assets also may go down due to events or conditions that affect particular sectors, industries, issuers, or geographies. Adverse market conditions may be prolonged and may not have the same impact on all types of securities or other assets. If the value of the Portfolio's securities and assets fall, the value of your investment will go down. The Portfolio may experience a substantial or complete loss on any individual security or asset.

Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, the imposition of economic sanctions, public health events (such as the spread of infectious disease), wars, terrorism, cybersecurity events, technology and data interruptions, natural disasters, and other circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. In the past decade, financial markets throughout the world have experienced increased volatility and decreased liquidity. These conditions may continue or worsen. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down. Securities markets may also be susceptible to market manipulation or other fraudulent trade practices, which could disrupt the orderly functioning of these markets or adversely affect the value of securities traded in these markets, including the Portfolio's securities.

The pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in economic downturns throughout the world, severe losses, particularly to some sectors of the economy and individual issuers, and reduced liquidity of many instruments.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**5. RISK FACTORS (continued)** 

There also have been significant disruptions to business operations, including business closures; strained healthcare systems; disruptions to supply chains and employee availability; large fluctuations in consumer demand; and widespread uncertainty regarding the duration and long-term effects of the pandemic. Economic downturns may be prolonged, and political and social instability, continued volatility and decreased liquidity in the securities markets may result. Developing or emerging market countries may be more impacted by the pandemic.

The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic. These and other government intervention into the economy and financial markets may not work as intended. In addition, government actions to mitigate the economic impact of the pandemic have resulted in large expansion of government deficits and debt, the long-term consequences of which are not known. Rates of inflation have recently risen, which could adversely affect economies and markets. The pandemic could continue to adversely affect the value and liquidity of the Portfolio's investments.

*Europe:* A number of countries in Europe have experienced severe economic and financial difficulties; and financial markets in Europe and elsewhere have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen or spread within or outside Europe. Responses to the financial problems by European governments, central banks and others may not work, may result in conflicts and social unrest and may limit future growth and economic recovery or have other unintended consequences. In January, 2020, through "Brexit," the United Kingdom withdrew from the European Union. The ramifications of Brexit are unknown, and the implications of possible political, regulatory, economic, and market outcomes could be significant. The United Kingdom has one of the largest economies in Europe and is a major trading partner with European Union countries and the United States. Brexit may create additional and substantial economic stresses for the United Kingdom, including a contraction of the United Kingdom's economy, decreased trade, capital outflows, devaluation of the British pound, and a decrease in business and consumer spending and investment. The negative impact on not only the United Kingdom and European Union economies but also the broader global economy could be significant. A number of countries in Europe have suffered terror attacks, and additional attacks may occur in the future. Europe has also been struggling with mass migration from the Middle East, Eastern Europe and Africa. The ultimate effects of these events and other socio-political or geopolitical issues could profoundly affect global economies and markets. Whether or not the Portfolio invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

*Additional Market Disruption:* Russia's invasion of Ukraine in February, 2022, the resulting responses by the United States and other countries, and the potential for wider conflict, have increased and may continue to increase volatility and uncertainty in financial markets worldwide. The United States and other countries have imposed broad-ranging economic sanctions on Russia and Russian entities and individuals, and may impose additional sanctions, including on other countries that provide military or economic support to Russia. These sanctions, among other things, restrict companies from doing business with Russia and Russian issuers, and may adversely affect companies with economic or financial exposure to Russia and Russian issuers. The extent and duration of Russia's military actions and the repercussions of such actions are not known. The invasion may widen beyond Ukraine and may escalate, including through retaliatory actions and cyberattacks by Russia and even other countries. These events may result in further and significant market disruptions and may adversely affect regional and global economies including those of Europe and the United States. Certain industries and markets, such as those involving oil, natural gas and other commodities, as well as global supply chains, may be particularly adversely affected. Whether or not the Portfolio invests in securities of issuers located in Russia, Ukraine and adjacent countries or with significant exposure to issuers in these countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

**Asset allocation risk:** The Portfolio's investment performance is significantly impacted by the Portfolio's asset allocation and reallocation from time to time. The sub-adviser's decisions whether and when to tactically overweight or underweight asset classes, create and apply formulas for de-risking or ending de-risking and select a mix of underlying portfolios may not produce the desired results. These actions may be unsuccessful in maximizing return and/or avoiding investment losses. The value of your investment may decrease if the sub-adviser's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying portfolio or other issuer is incorrect. The sub-adviser may favor an asset class that performs poorly relative to other asset classes. The available underlying portfolios selected by the sub-adviser may underperform the market or similar portfolios.

**Asset class variation risk:** The underlying portfolios invest principally in the securities constituting their asset class (i.e., equity or fixed-income) or underlying index components. However, an underlying portfolio may vary the percentage of its assets in these securities (subject to any applicable regulatory requirements). Depending upon the percentage of securities in a particular asset class held by the underlying portfolios at any given time, and the percentage of the Portfolio's assets invested in various underlying portfolios, the Portfolio's actual exposure to the securities in a particular asset class may vary substantially from its target allocation for that asset class.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. FEES AND OTHER AFFILIATED TRANSACTIONS** 

TST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Transamerica Life Insurance Company ("TLIC"), and Transamerica Financial Life Insurance Company.

TAM, the Portfolio's investment manager, is directly owned by TLIC and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon NV. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon NV, a Netherlands corporation, and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Portfolio's transfer agent. Transamerica Capital, Inc. ("TCI") is the Portfolio's distributor/principal underwriter. TAM, TFS, and TCI are affiliates of Aegon NV.

Certain officers and trustees of the Portfolio are also officers and/or trustees of TAM, TFS and TCI. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Portfolio. The Portfolio does pay non-interested persons (independent trustees), as disclosed in Trustee, CCO and deferred compensation fees within the Statement of Operations.

**Investment management fees:** TAM serves as the Portfolio's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Portfolio pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Portfolio pays a management fee to TAM based on daily average net assets at the following rates:

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| | |
|:---|:---|
| **Breakpoints** | **Rate** |
|  Effective November 1, 2022 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First $1 billion | 0.1040% |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $1 billion up to $3 billion | 0.0975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $3 billion up to $5 billion | 0.0925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion up to $7 billion | 0.0850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $7 billion up to $9 billion | 0.0800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $9 billion | 0.0725 |
|  Prior to November 1, 2022 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First $1 billion | 0.1040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $1 billion up to $3 billion | 0.0975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $3 billion up to $5 billion | 0.0925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion up to $7 billion | 0.0850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $7 billion | 0.0800 |

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TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses, reorganization expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily ANA. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

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| | | |
|:---|:---|:---|
| | **Operating**<br> **Expense Limit** | **Operating<br>Expense Limit<br>Effective Through** |
|  Service Class | 1.15% | May 1, 2023 |

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TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended December 31, 2022 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

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**Transamerica Goldman Sachs 70/30 Allocation VP** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Portfolio, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

For the 36-month period ended December 31, 2022, the balances available for recapture by TAM for the Portfolio are as follows:

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| | | | |
|:---|:---|:---|:---|
| **Amounts Available** | **Amounts Available** | **Amounts Available** | |
| **2020 <sup>(A)</sup>** | **2021** | **2022** | <br>**Total** |
| $35836 | $37766 | $45282 | $118884 |

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(A) *The Portfolio commenced operations on May 1, 2020.* 

**Distribution and service fees:** TST has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, TST entered into a distribution agreement with TCI as the Portfolio's distributor.

The Distribution Plan requires the Portfolio to pay distribution fees to TCI as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCI, on behalf of the Portfolio, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Portfolio's shares.

The fee on the Service Class shares is paid to the insurance companies for providing services and account maintenance for the policyholders who invest in the variable insurance products which invest in the Service Class shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Portfolio is authorized under the Distribution Plan to pay fees to TCI based on daily average net assets up to an annual fee of 0.25% of Service Class shares.

**Transfer agent costs:** TFS provides transfer agency services under an intercompany agreement with TAM. TFS has outsourced the provision of certain sub-transfer agency services to SS&C Technology Holdings, Inc ("SS&C"). The Portfolio does not pay a separate transfer agent fee to TAM or TFS but does pay certain expenses to SS&C related to applicable sub-transfer agency services. For the year ended December 31, 2022, (i) the expenses paid to SS&C by the Portfolio are referred to as Transfer agent costs and are included within the Statement of Operations and (ii) the expenses payable to SS&C by the Portfolio are referred to as Transfer agent costs within the Statement of Assets and Liabilities.

**Deferred compensation plan:** Effective September 23, 2021, the Board has approved the termination of the deferred compensation plan. Payments will be made to applicable current and former Board members consistent with Section 409A of the Code. Under a non-qualified deferred compensation plan effective January 1, 1996, as amended and restated January 1, 2010, available to the trustees, compensation may be deferred that would otherwise be payable by TST to an independent trustee on a current basis for services rendered as trustee. Deferred compensation amounts will accumulate based on the value of the investment option, as elected by the trustee. Balances pursuant to deferred compensation plan are recorded in Trustees, Chief Compliance Officer ("CCO") and deferred compensation fees within the Statement of Assets and Liabilities. For the year ended December 31, 2022, amounts included in Trustees, CCO and deferred compensation fees within the Statement of Operations reflect total compensation paid to the independent Board members.

**Brokerage commissions:** The Portfolio incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the year ended December 31, 2022.

**7. PURCHASES AND SALES OF SECURITIES** 

For the year ended December 31, 2022, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

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| | |
|:---|:---|
| **Purchases of Securities** | **Sales of Securities** |
| $2075127 | $915017 |

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**Transamerica Goldman Sachs 70/30 Allocation VP** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**8. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS** 

The Portfolio has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Portfolio recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Portfolio's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Portfolio's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Portfolio's financial statements. If applicable, the Portfolio recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Portfolio identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Portfolio makes significant investments; however, the Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. There are no reclassifications in the current year.

As of December 31, 2022, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

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| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross<br>Appreciation** | **Gross<br>(Depreciation)** | **Net Appreciation<br>(Depreciation)** |
| $4605728 | $— | $(664755) | $(664755) |

---

As of December 31, 2022, the Portfolio had no capital loss carryforwards available to offset future realized capital gains. During the year ended December 31, 2022, the Portfolio did not have any capital loss carryforwards utilized or expired.

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2022 and 2021 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** |
| **Ordinary**<br> **Income** | **Long-Term<br>Capital Gain** | **Return of Capital** | **Ordinary**<br> **Income** | **Long-Term**<br> **Capital Gain** | **Return of Capital** |
| $124390 | $197496 | $— | $33841 | $48509 | $— |

---

As of December 31, 2022, the tax basis components of distributable earnings are as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Capital Loss<br>Carryforwards** | **Late Year<br>Ordinary Loss<br>Deferred** | **Other**<br> **Temporary<br>Differences** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| $68082 | $82948 | $— | $— | $— | $(664755) |

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**Report of Independent Registered Public Accounting Firm** 

*To the Shareholders and the Board of Trustees of Transamerica Goldman Sachs 70/30 Allocation VP* 

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities of Transamerica Goldman Sachs 70/30 Allocation VP (the "Portfolio") (one of the portfolios constituting Transamerica Series Trust (the "Trust")), including the schedule of investments, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the two years in the period then ended and for the period from May 1, 2020 (commencement of operations) through December 31, 2020 and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the portfolios constituting Transamerica Series Trust) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the two years in the period then ended and for the period from May 1, 2020 (commencement of operations) through December 31, 2020, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion** 

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g438566ernst_young.jpg)

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

February 27, 2023

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**SUPPLEMENTAL TAX INFORMATION** 

**(unaudited)** 

For tax purposes, the Portfolio has made a long-term capital gain designation of $197,496 for the year ended December 31, 2022.

The amounts which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the U.S. are as follows:

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| | |
|:---|:---|
| **Foreign Source Income** | **Foreign Taxes** |
| $7298 | $1806 |

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**(unaudited)** 

**MARKET ENVIRONMENT** 

**Milliman Financial Risk Management LLC (1/1/2022 – 10/31/2022)** 

Numerous factors played a part in the poor market performance for 2022, including global monetary tightening, the Ukraine war, global trade crises in energy, commodities, and other resources, supply chain issues, and ongoing COVID restrictions in China. Amid the high volatility and inflationary environment, both stock and bond markets declined in tandem for the first time since the 1960s. Most major equity indices ended the year down, marking the worst year for equity investors since 2008. On the domestic front, the S&P 500<sup>®</sup> Index ended 2022 at -18.11%. Meanwhile, the effects of inflation and curtailing policies were also felt worldwide with the MSCI EAFE Index down -14.01% and MSCI Emerging Markets Index down -19.74% for the year ended December 31, 2022.

The Federal Reserve steadily increased rates throughout 2022 resulting in a total increase of 425 basis points to the overnight Federal Funds Rate, the largest net calendar increase since 1972. Both short-term and long-term treasury yields increased by several percentage points as investors began factoring in the Federal Reserve's tightening path and continuing high inflation. Over 2022, the Bloomberg Global Aggregate Bond Index decreased by -16.25% and the Bloomberg US Aggregate Bond Index decreased by -13.01%, which was their worst calendar year on record since their inception in 1976.

**Goldman Sachs Asset Management, L.P. (11/1/2022 – 12/31/2022)** 

In the last two months of 2022, global equities delivered positive returns as measured by the MSCI All Country World Index, up 3.52%, led by a strong November with a partial retraction in December. Bonds were also largely positive with the Bloomberg US Aggregate Bond Index up 3.21%.

November was a strong month for global equity and bond markets overall with the MSCI All Country World Index up 7.76% and Bloomberg US Aggregate Bond Index up 3.68%. Within equities, international developed outperformed U.S., and emerging markets equities outperformed developed equities. Emerging market equity performance was bolstered by signs that China's COVID-19 restrictions were loosening and the property sector stabilizing. Bond yields declined in November on the heels of inflation coming in weaker than expected combined with less hawkish messaging from the U.S. Federal Reserve ("Fed") which helped bonds and equities rally during the month. On the monetary policy front, the Fed hiked rates by 75 basis points in its November meeting, in line with market expectations. The Fed signaled its intention to slow down the pace of rate hikes going forward by noting it will consider the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments.

In its December meeting, the Fed raised policy rates by 50 basis points as expected but also raised its estimate of peak policy rate in 2023 by 50 basis points to 5% to 5.25%. As a result, yields increased, and bonds and equities sold off in December. The European Central Bank followed suit and delivered a 50 basis point hike in December as expected. European equities did relatively better than U.S. equities in December, with some indices like the MSCI Europe Index posting a marginally positive return while the U.S. equity indices were largely negative (S&P 500<sup>®</sup> Index down 5.76%, bringing MSCI World Index down 4.25%). In summary, while further moderation in U.S. inflation was a positive development, hawkish central banks dampened risk appetite, resulting in concurrent sell-off in equities and bonds in December that gave back at least some of the positive returns achieved in November.

**PERFORMANCE** 

For the year ended December 31, 2022, Transamerica Goldman Sachs Managed Risk – Balanced ETF VP, Initial Class returned -14.07%. By comparison, its primary and secondary benchmarks, the Bloomberg US Aggregate Bond Index and the Transamerica Goldman Sachs Managed Risk – Balanced ETF VP Blended Benchmark, returned -13.01% and -15.25%, respectively.

**STRATEGY REVIEW** 

**Milliman Financial Risk Management LLC (1/1/2022 – 10/31/2022)** 

Milliman Financial Risk Management LLC served as sub-adviser to the Portfolio through October 31, 2022, when the Portfolio was named Transamerica Managed Risk – Balanced ETF VP.

The Portfolio outperformed its benchmark during the period (January 1, 2022 through October 31, 2022). The Portfolio benefitted from its risk management strategy as the period exhibited a high level of volatility and was marked by substantial global instability and rising risks.

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**Transamerica Goldman Sachs Managed Risk – Balanced ETF VP** 

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**(unaudited)** 

**STRATEGY REVIEW (continued)** 

**Goldman Sachs Asset Management, L.P. (11/1/2022 – 12/31/2022)** 

The Portfolio is a multi-asset fund-of-fund which seeks to achieve its investment objective of balancing capital appreciation and income by investing its assets primarily in a combination of underlying third-party exchange traded funds ("ETFs"). The Portfolio employs a managed risk strategy which seeks to manage return volatility. The sub-adviser uses a proprietary model to forecast short-term volatility and adjusts the Portfolios weightings if projected forecasts fall outside of a target volatility range.

Goldman Sachs Asset Management ("GSAM") became sub-adviser to the Portfolio on November 1, 2022. As part of the transition to GSAM, the Portfolio experienced changes in portfolio managers, its asset allocation, underlying ETF holdings and the risk model used to forecast and measure return volatility. The managed risk model recommended re-risking immediately after GSAM became sub-adviser at the beginning of November. The managed risk model later recommended de-risking and reached the floor of 25% equity exposure around mid-November. The Portfolio remained de-risked around this level until mid-December when the Portfolio began re-risking back to just over benchmark level of equities until the end of 2022.

Portfolio performance for the period November 1, 2022, through December 31, 2022 was positive, and the Portfolio outperformed its blended benchmark (Bloomberg US Aggregate Bond Index, 50%; MSCI U.S. Broad Market Index, 34%; and MSCI All Country World ex-U.S. Index, 16%) during the period primarily due to the positive contribution from asset allocation versus the benchmark. Trades directed by the managed risk model contributed slightly to outperformance versus the benchmark. The Portfolio realized a similar amount of volatility as its benchmark over the period. Equity and fixed income ETFs performed well overall driving positive returns for the Portfolio. International developed and emerging markets equity allocations posted materially positive returns during the period driving strong positive performance for the equity sleeve. The Portfolio also realized positive returns from cash and cash-like short treasury ETFs during the period.

**Adam Schenck, CFA** 

**Maria Schiopu, CFA** 

**Co-Portfolio Managers** 

**Milliman Financial Risk Management LLC** 

**Neill Nuttall** 

**Alexandra Wilson-Elizondo** 

**Wael Younan** 

**Siwen Wu** 

**Co-Portfolio Managers** 

**Goldman Sachs Asset Management, L.P.** 

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| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  U.S. Fixed Income Funds | 47.6% |
|  U.S. Equity Funds | 34.2 |
|  International Equity Funds | 17.5 |
|  Other Investment Company | 5.6 |
|  Repurchase Agreement | 0.8 |
|  Net Other Assets (Liabilities) | (5.7) |
|  **Total** | 100.0% |

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*Current and future portfolio holdings are subject to change and risk.* 

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**(unaudited)**![LOGO](g438566g71u30.jpg)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Initial Class | (14.07)% | 1.77% | 4.06% | 05/01/2008 |
|  Bloomberg US Aggregate Bond Index <sup>(A)</sup> | (13.01)% | 0.02% | 1.06% |  |
|  Transamerica Goldman Sachs Managed Risk - Balanced ETF VP Blended Benchmark <sup>(A) (B) (C) (D)</sup> | (15.25)% | 3.61% | 5.57% |  |
|  Service Class | (14.26)% | 1.52% | 3.80% | 05/01/2008 |

---

<sup>(A)</sup> *The Bloomberg US Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities.* 

<sup>(B)</sup> *The Transamerica Goldman Sachs Managed Risk – Balanced ETF VP Blended Benchmark is composed of the following benchmarks: 50% Bloomberg US Aggregate Bond Index, 34% MSCI U.S. Broad Market Index and 16% FTSE All-World Index ex-U.S.* 

<sup>(C)</sup> *The MSCI U.S. Broad Market Index represents the universe of companies in the U.S. equity market, including large, mid, small and micro cap companies.* 

<sup>(D)</sup> *The FTSE All-World Index ex-U.S. is a market-capitalization weighted index comprised of an aggregate of large and mid cap stocks, providing coverage of developed and emerging markets excluding the U.S.* 

The Portfolio's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Year or Since Inception calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or the redemption of Portfolio shares. The Portfolio's investment return and net asset value will fluctuate. Investors' shares when redeemed may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month end. Portfolio performance is net of investment fees and Portfolio expenses, but not product charges, which, if included, would significantly lower the performance quoted.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of previously waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Asset allocation, an investing strategy of dividing money among many types of investments, can help investors manage risk but cannot guarantee a profit or guard against loss.

ETFs generally present the same risks as an investment in a conventional fund that has the same investment objectives, strategies and policies. The market price of an ETF's shares may be above or below the shares' net asset value; and an active trading market for an ETF's share may not develop or be maintained.

FTSE<sup>®</sup> and other service marks and trademarks related to the FTSE indexes are trademarks of the London Stock Exchange Group companies.

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**DISCLOSURE OF EXPENSES** 

**(unaudited)** 

**SHAREHOLDER EXPENSES** 

Portfolio shareholders may incur two types of costs: (i) transaction costs, including brokerage commissions on purchases and sales of portfolio shares; and (ii) ongoing costs, including management fees, and other portfolio expenses.

The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other portfolios.

The example is based on an investment of $1,000 invested at July 1, 2022, and held for the entire six-month period until December 31, 2022.

**ACTUAL EXPENSES** 

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

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES** 

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Portfolio shares. Therefore, the information under the heading "Hypothetical Expenses" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different portfolios. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries, or other financial institutions.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Actual Expenses** | **Actual Expenses** | **Hypothetical Expenses <sup>(A)</sup>** | **Hypothetical Expenses <sup>(A)</sup>** | |
| <br>**Class** |<br>**Beginning<br>Account Value<br>July 1, 2022** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** |<br>**Net Annualized<br>Expense Ratio <sup>(C) (D)</sup>** |
|  Initial Class | $&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;999.60 | $&nbsp;&nbsp;&nbsp;&nbsp;1.61 | $&nbsp;&nbsp;&nbsp;&nbsp;1023.60 | $&nbsp;&nbsp;&nbsp;&nbsp;1.63 | 0.32% |
|  Service Class | 1000.00 | 998.10 | 2.87 | 1022.30 | 2.91 | 0.57 |

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

(B) *Expenses are calculated using the Portfolio's net annualized expense ratio, as disclosed in the table, multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (365 days).*

(C) *Net annualized expense ratios, as disclosed in the table, do not include the expenses of the underlying investments in which the Portfolio invests. The net annualized expense ratios, as stated in the fee table of the Portfolio's Prospectus, may differ from the expense ratios disclosed in this report.*

(D) *Net annualized expense ratios are reflective of applicable fee waivers and/or reimbursements and recapture, if any, and are based on the most recent six-months which may differ from the net expense ratio displayed in the Financial Highlights that covers a twelve-month period.*

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**SCHEDULE OF INVESTMENTS** 

**At December 31, 2022** 

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| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS - 99.3%** | **EXCHANGE-TRADED FUNDS - 99.3%** | **EXCHANGE-TRADED FUNDS - 99.3%** |
| **International Equity Funds - 17.5%** | **International Equity Funds - 17.5%** | **International Equity Funds - 17.5%** |
|  iShares Core MSCI EAFE ETF | 2586100 | $159407204 |
|  iShares Core MSCI Emerging Markets ETF | 4394809 | 205237580 |
|  iShares MSCI EAFE ETF <sup>(A)</sup> | 1213319 | 79642259 |
|  iShares MSCI EAFE Small-Cap ETF <sup>(A)</sup> | 672795 | 37999462 |
|  Vanguard FTSE Developed Markets ETF | 5797281 | 243311884 |
|  |  | 725598389 |
| **U.S. Equity Funds - 34.2%** | **U.S. Equity Funds - 34.2%** | **U.S. Equity Funds - 34.2%** |
|  iShares Core S&P 500 ETF | 1083834 | 416419861 |
|  iShares Core S&P Mid-Cap ETF | 192732 | 46619944 |
|  iShares Russell 2000 ETF <sup>(A)</sup> | 919462 | 160317394 |
|  SPDR S&P 500 ETF Trust | 494775 | 189216803 |
|  Vanguard S&P 500 ETF | 1735023 | 609582981 |
|  |  | 1422156983 |
| **U.S. Fixed Income Funds - 47.6%** | **U.S. Fixed Income Funds - 47.6%** | **U.S. Fixed Income Funds - 47.6%** |
|  iShares Core U.S. Aggregate Bond ETF | 8060676 | 781804965 |
|  Vanguard Intermediate-Term Corporate Bond ETF <sup>(A)</sup> | 5315296 | 411988593 |
|  Vanguard Total Bond Market ETF | 10865681 | 780590523 |
|  |  | 1974384081 |
|  **Total Exchange-Traded Funds <br>(Cost $4,366,146,954)** | **Total Exchange-Traded Funds <br>(Cost $4,366,146,954)** | 4122139453 |

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| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
|  **OTHER INVESTMENT COMPANY - 5.6%** | **OTHER INVESTMENT COMPANY - 5.6%** | **OTHER INVESTMENT COMPANY - 5.6%** |
| **Securities Lending Collateral - 5.6%** | **Securities Lending Collateral - 5.6%** | **Securities Lending Collateral - 5.6%** |
|  State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 4.29% <sup>(B)</sup> | 231560304 | $231560304 |
|  **Total Other Investment Company <br>(Cost $231,560,304)** | **Total Other Investment Company <br>(Cost $231,560,304)** | 231560304 |
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 0.8%** | **REPURCHASE AGREEMENT - 0.8%** | **REPURCHASE AGREEMENT - 0.8%** |
|  Fixed Income Clearing Corp., 1.80% <sup>(B)</sup>, dated 12/30/2022, to be repurchased at $33,854,084 on 01/03/2023. Collateralized by a U.S. Government Obligation, 4.77%, due 12/28/2023, and with a value of $34,524,341. | $33847314 | 33847314 |
|  **Total Repurchase Agreement <br>(Cost $33,847,314)** | **Total Repurchase Agreement <br>(Cost $33,847,314)** | 33847314 |
|  **Total Investments <br>(Cost $4,631,554,572)** | **Total Investments <br>(Cost $4,631,554,572)** | 4387547071 |
|  **Net Other Assets (Liabilities) - (5.7)%** | **Net Other Assets (Liabilities) - (5.7)%** | (235500141) |
|  **Net Assets - 100.0%** |  | **$4152046930** |

---

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(C)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Exchange-Traded Funds | $4122139453 | $— | $— | $4122139453 |
|  Other Investment Company | 231560304 |  |  | 231560304 |
|  Repurchase Agreement |  | 33847314 |  | 33847314 |
|  **Total Investments** | $**4353699757** | $**33847314** | $**—** | $**4387547071** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *All or a portion of the securities are on loan. The total value of all securities on loan is $229,316,092, collateralized by cash collateral of $231,560,304 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $2,589,000. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.* 

(B) *Rates disclosed reflect the yields at December 31, 2022.* 

(C) *There were no transfers in or out of Level 3 during the year ended December 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 5** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

**FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):** 

*Activity of affiliated investments no longer held as the Transamerica ETF Trust was liquidated April 12, 2022.* 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Investments** | **Value<br>December 31,<br>2021** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Value<br>December 31,<br>2022** | **Shares as of<br>December 31,<br>2022** | **Dividend<br>Income** | **Net Capital<br>Gain<br>Distributions** |
|  DeltaShares<sup>®</sup> S&P 400 Managed Risk ETF | $55832366 | $— | $(52074455) | $6728992 | $(10486903) | $— |  | $103811 | $— |
|  DeltaShares<sup>®</sup> S&P 500 Managed Risk ETF | 234090126 |  | (216439100) | 70009294 | (87660320) |  |  | 514189 |  |
|  DeltaShares<sup>®</sup> S&P 600 Managed Risk ETF | 23926918 |  | (22527749) | 2125072 | (3524241) |  |  | 70894 |  |
|  DeltaShares<sup>®</sup> S&P EM 100 & Managed Risk ETF | 24774838 |  | (22250427) | (1559370) | (965041) |  |  | 72411 |  |
|  DeltaShares<sup>®</sup> S&P International Managed Risk ETF | 101119566 |  | (91006527) | (4688261) | (5424778) |  |  | 453660 |  |
| **Total** | $**439743814** | $**—** | $**(404298258)** | $**72615727** | $**(108061283)** | $**—** |  | $**1214965** | $**—** |

---

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 6** 

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**STATEMENT OF ASSETS AND LIABILITIES** 

**At December 31, 2022** 

---

| | |
|:---|:---|
|  **Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments, at value (cost $4,597,707,258) <br>(including securities loaned of $229,316,092) | $4353699757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreement, at value (cost $33,847,314) | 33847314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables and other assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 45798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from unaffiliated investments | 428186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 3385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 17470 |
|  Total assets | 4388041910 |
|  **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral received upon return of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities on loan | 231560304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables and other liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest redeemed | 2158783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 1081385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 895652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 4919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 37958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 31600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 11505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 24944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 147458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 40472 |
|  Total liabilities | 235994980 |
|  **Net assets** | $&nbsp;&nbsp;&nbsp;&nbsp;4152046930 |
|  **Net assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital stock ($0.01 par value) | $3789896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 4072624969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) | 75632065 |
|  **Net assets** | $4152046930 |
|  **Net assets by class:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | $4305586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 4147741344 |
|  **Shares outstanding:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 387293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 378602342 |
|  **Net asset value and offering price per share:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | $11.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 10.96 |

---

**STATEMENT OF OPERATIONS** 

**For the year ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income from affiliated investments | $1214965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income from unaffiliated investments | 83781896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income from unaffiliated investments | 1340070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 353173 |
|  Total investment income | 86690104 |
|  **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 13797732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 11438109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 47777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 193503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 98392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 49685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 255080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 138707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 208050 |
|  Total expenses before waiver and/or reimbursement and recapture | 26227035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses waived and/or reimbursed: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (4161) |
|  Net expenses | 26222870 |
|  **Net investment income (loss)** | 60467234 |
|  **Net realized gain (loss) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | 72615727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments | 200142134 |
|  Net realized gain (loss) | 272757861 |
|  **Net change in unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | (108061283) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments | (990950904) |
|  Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(1099012187) |
|  Net realized and change in unrealized gain (loss) | (826254326) |
|  **Net increase (decrease) in net assets resulting from operations** | $(765787092) |

---

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 7** 

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**STATEMENT OF CHANGES IN NET ASSETS** 

**For the years ended:** 

---

| | | |
|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2021** |
|  **From operations:** | **From operations:** | **From operations:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $60467234 | $67987042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 272757861 | 116507721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (1099012187) | 322176170 |
|  Net increase (decrease) in net assets resulting from operations | (765787092) | 506670933 |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (185941) | (229055) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (181087169) | (321016868) |
|  Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (181273110) | (321245923) |
|  **Capital share transactions:** | **Capital share transactions:** | **Capital share transactions:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 1315259 | 464847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 3985771 | 13890161 |
|  | 5301030 | 14355008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 185941 | 229055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 181087169 | 321016868 |
|  | 181273110 | 321245923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (405618) | (411271) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (582631774) | (736476103) |
|  | (583037392) | (736887374) |
|  Net increase (decrease) in net assets resulting from capital share transactions | (396463252) | (401286443) |
|  **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp;&nbsp;(1343523454) | (215861433) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 5495570384 | 5711431817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $4152046930 | $&nbsp;&nbsp;&nbsp;&nbsp;5495570384 |
|  **Capital share transactions - shares:** | **Capital share transactions - shares:** | **Capital share transactions - shares:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 110301 | 34339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 343856 | 1046818 |
|  | 454157 | 1081157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 16440 | 17183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 16226449 | 24411929 |
|  | 16242889 | 24429112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (34017) | (30441) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (49879927) | (55348283) |
|  | (49913944) | (55378724) |
|  Net increase (decrease) in shares outstanding: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 92724 | 21081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (33309622) | (29889536) |
|  | (33216898) | (29868455) |

---

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 8** 

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**FINANCIAL HIGHLIGHTS** 

**For a share outstanding during the years indicated:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $13.53 | $13.10 | $13.00 | $11.78 | $12.55 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(A)</sup> | 0.20 | 0.20 | 0.17 | 0.29 | 0.26 |
|  Net realized and unrealized gain (loss) | (2.09) | 1.05 | 0.39 | 1.54 | (0.79) |
|  Total investment operations | (1.89) | 1.25 | 0.56 | 1.83 | (0.53) |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income | (0.22) | (0.19) | (0.30) | (0.28) | (0.24) |
|  Net realized gains | (0.30) | (0.63) | (0.16) | (0.33) |  |
|  Total dividends and/or distributions to shareholders | (0.52) | (0.82) | (0.46) | (0.61) | (0.24) |
|  **Net asset value, end of year** | $11.12 | $13.53 | $13.10 | $&nbsp;&nbsp;&nbsp;&nbsp;13.00 | $11.78 |
|  **Total return** | (14.07)% | 9.65% | 4.48% | 15.92% | &nbsp;&nbsp;&nbsp;&nbsp;(4.33)% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;4306 | $&nbsp;&nbsp;&nbsp;&nbsp;3985 | $&nbsp;&nbsp;&nbsp;&nbsp;3583 | $3910 | $&nbsp;&nbsp;&nbsp;&nbsp;2424 |
|  Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.32% | 0.32% | 0.32% | 0.32% | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture <sup>(C)</sup> | 0.32% | 0.32% | 0.32% | 0.32% | 0.32% |
|  Net investment income (loss) to average net assets | 1.66% | 1.47% | 1.38% | 2.31% | 2.06% |
|  Portfolio turnover rate | 158% | 13% | 91% | 22% | 30% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Does not include expenses of the underlying investments in which the Portfolio invests.* 

(C) *Waiver and/or reimbursement rounds to less than 0.01%.* 

**For a share outstanding during the years indicated:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $13.33 | $12.92 | $12.83 | $11.63 | $12.39 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(A)</sup> | 0.15 | 0.16 | 0.14 | 0.24 | 0.23 |
|  Net realized and unrealized gain (loss) | (2.04) | 1.04 | 0.37 | 1.54 | (0.78) |
|  Total investment operations | (1.89) | 1.20 | 0.51 | 1.78 | (0.55) |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income | (0.18) | (0.16) | (0.26) | (0.25) | (0.21) |
|  Net realized gains | (0.30) | (0.63) | (0.16) | (0.33) |  |
|  Total dividends and/or distributions to shareholders | (0.48) | (0.79) | (0.42) | (0.58) | (0.21) |
|  **Net asset value, end of year** | $10.96 | $13.33 | $12.92 | $12.83 | $11.63 |
|  **Total return** | (14.26)% | 9.35% | 4.19% | 15.65% | (4.55)% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;4147741 | $&nbsp;&nbsp;&nbsp;&nbsp;5491585 | $&nbsp;&nbsp;&nbsp;&nbsp;5707849 | $&nbsp;&nbsp;&nbsp;&nbsp;6035492 | $&nbsp;&nbsp;&nbsp;&nbsp;5729890 |
|  Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.57% | 0.57% | 0.57% | 0.57% | 0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture <sup>(C)</sup> | 0.57% | 0.57% | 0.57% | 0.57% | 0.57% |
|  Net investment income (loss) to average net assets | 1.32% | 1.21% | 1.14% | 1.97% | 1.85% |
|  Portfolio turnover rate | 158% | 13% | 91% | 22% | 30% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Does not include expenses of the underlying investments in which the Portfolio invests.* 

(C) *Waiver and/or reimbursement rounds to less than 0.01%.* 

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 9** 

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**NOTES TO FINANCIAL STATEMENTS** 

**At December 31, 2022** 

**1. ORGANIZATION** 

Transamerica Series Trust ("TST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). TST applies investment company accounting and reporting guidance. TST serves as a funding vehicle for variable life insurance, variable annuity, and group annuity products. Transamerica Goldman Sachs Managed Risk—Balanced ETF VP (formerly, Transamerica Managed Risk—Balanced ETF VP) (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers two classes of shares, Initial Class and Service Class.

The only shareholders of the Portfolio are affiliated insurance company separate accounts and affiliated asset allocation portfolios. Contract holders of the variable life and annuity contracts are not shareholders of the Portfolio. For ease of reference, shareholders and contract holders are collectively referred to in this report as "shareholders."

This report must be accompanied or preceded by the Portfolio's current prospectus, which contains additional information about the Portfolio, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Portfolio pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Portfolio. TAM supervises the Portfolio's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Portfolio.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of a Portfolio without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Portfolio and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Portfolio employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending portfolio combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Portfolio's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Portfolio; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for a Portfolio; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Portfolio's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; oversight of other service providers to the Portfolio, such as the custodian, the transfer agent, the Portfolio's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Portfolio; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Portfolio, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**1. ORGANIZATION (continued)** 

space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Portfolio. The Portfolio pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the year ended December 31, 2022, (i) the expenses paid to State Street for sub-administration services by the Portfolio are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Portfolio are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES** 

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

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Interest income, if any, is accrued as earned. Dividend income and capital gain distributions from underlying investments, if any, are recorded on the ex-dividend date. Income or short-term capital gain distributions received from underlying investments, if any, are recorded as Dividend income from investments within the Statement of Operations. Long-term capital gain distributions received from underlying investments, if any, are recorded as Net realized gain (loss) on Capital gain distributions received from investments within the Statement of Operations.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

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

**3. INVESTMENT VALUATION** 

Effective September 8, 2022, TAM has been designated as the Portfolio's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Portfolio's Board of Trustees. The net asset value of the Portfolio is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

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

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

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

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Portfolio's investments.

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

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**3. INVESTMENT VALUATION (continued)** 

share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Portfolio's investments at December 31, 2022, is disclosed within the Investment Valuation section of the Schedule of Investments.

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

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

*Exchange-traded funds ("ETF"):* ETFs are stated at the last reported sale price or closing price on the day of valuation taken from the primary exchange where the ETF is principally traded. ETFs are generally categorized in Level 1 of the fair value hierarchy.

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

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

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

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

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the year ended December 31, 2022, the Portfolio has not utilized the program.

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

Repurchase agreements are subject to netting agreements, which are agreements between the Portfolio and its counterparties that provide for the net settlement of all transactions and collateral with the Portfolio, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at December 31, 2022.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)** 

Repurchase agreements at December 31, 2022, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**Securities lending:** The Portfolio may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Portfolio pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Portfolio to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Portfolio may experience delays in recovery of the loaned securities or delays in access to collateral, or the Portfolio may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government and irrevocable letters of credit issued by banks as collateral. The initial collateral received by the Portfolio is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower.

The Portfolio receives compensation for lending securities from interest or dividends earned on the cash, U.S. Government securities and irrevocable letters of credit held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust—Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at December 31, 2022, if any, are shown on a gross basis within the Schedule of Investments.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of December 31, 2022.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
| | **Overnight and<br>Continuous** | **Less Than<br>30 Days** | **Between<br>30 & 90 Days** | **Greater Than<br>90 Days** | **Total** |
|  Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-Traded Funds | $231560304 | $— | $— | $— | $231560304 |
|  **Total Borrowings** | $**231560304** | $**—** | $**—** | $**—** | $**231560304** |

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**5. RISK FACTORS** 

Investing in the Portfolio involves certain key risks related to the Portfolio's trading activity. Please reference the Portfolio's prospectus for a more complete discussion of the following risk(s), as well as other risks of investing in the Portfolio.

**Market risk:** The market prices of the Portfolio's securities and other assets may go up or down, sometimes sharply and unpredictably, due to general market conditions, overall economic trends or events, inflation, changes in interest rates, government actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by wars, tariffs, trade disputes or other factors, political developments, investor sentiment, the global and domestic effects of a pandemic or other health emergency, and other factors that may or may not be related to the issuer of the security or other asset. The market prices of securities and other assets also may go down due to events or conditions that affect particular sectors, industries, issuers, or geographies. Adverse market conditions may be prolonged and may not have the same impact on all types of securities or other assets. If the value of the Portfolio's securities and assets fall, the value of your investment will go down. The Portfolio may experience a substantial or complete loss on any individual security or asset.

Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, the imposition of economic sanctions, public health events (such as the spread of infectious disease), wars, terrorism, cybersecurity events, technology and data interruptions, natural disasters, and other circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. In the past decade, financial markets throughout the world have experienced increased volatility and decreased liquidity. These conditions may continue or worsen. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**5. RISK FACTORS (continued)** 

affected, the value and liquidity of the Portfolio's investments may go down. Securities markets may also be susceptible to market manipulation or other fraudulent trade practices, which could disrupt the orderly functioning of these markets or adversely affect the value of securities traded in these markets, including the Portfolio's securities.

The pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in economic downturns throughout the world, severe losses, particularly to some sectors of the economy and individual issuers, and reduced liquidity of many instruments. There also have been significant disruptions to business operations, including business closures; strained healthcare systems; disruptions to supply chains and employee availability; large fluctuations in consumer demand; and widespread uncertainty regarding the duration and long-term effects of the pandemic. Economic downturns may be prolonged, and political and social instability, continued volatility and decreased liquidity in the securities markets may result. Developing or emerging market countries may be more impacted by the pandemic.

The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic. These and other government intervention into the economy and financial markets may not work as intended. In addition, government actions to mitigate the economic impact of the pandemic have resulted in large expansion of government deficits and debt, the long-term consequences of which are not known. Rates of inflation have recently risen, which could adversely affect economies and markets. The pandemic could continue to adversely affect the value and liquidity of the Portfolio's investments.

*Europe:* A number of countries in Europe have experienced severe economic and financial difficulties; and financial markets in Europe and elsewhere have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen or spread within or outside Europe. Responses to the financial problems by European governments, central banks and others may not work, may result in conflicts and social unrest and may limit future growth and economic recovery or have other unintended consequences. In January, 2020, through "Brexit," the United Kingdom withdrew from the European Union. The ramifications of Brexit are unknown, and the implications of possible political, regulatory, economic, and market outcomes could be significant. The United Kingdom has one of the largest economies in Europe and is a major trading partner with European Union countries and the United States. Brexit may create additional and substantial economic stresses for the United Kingdom, including a contraction of the United Kingdom's economy, decreased trade, capital outflows, devaluation of the British pound, and a decrease in business and consumer spending and investment. The negative impact on not only the United Kingdom and European Union economies but also the broader global economy could be significant. A number of countries in Europe have suffered terror attacks, and additional attacks may occur in the future. Europe has also been struggling with mass migration from the Middle East, Eastern Europe and Africa. The ultimate effects of these events and other socio-political or geopolitical issues could profoundly affect global economies and markets. Whether or not the Portfolio invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

*Additional Market Disruption:* Russia's invasion of Ukraine in February, 2022, the resulting responses by the United States and other countries, and the potential for wider conflict, have increased and may continue to increase volatility and uncertainty in financial markets worldwide. The United States and other countries have imposed broad-ranging economic sanctions on Russia and Russian entities and individuals, and may impose additional sanctions, including on other countries that provide military or economic support to Russia. These sanctions, among other things, restrict companies from doing business with Russia and Russian issuers, and may adversely affect companies with economic or financial exposure to Russia and Russian issuers. The extent and duration of Russia's military actions and the repercussions of such actions are not known. The invasion may widen beyond Ukraine and may escalate, including through retaliatory actions and cyberattacks by Russia and even other countries. These events may result in further and significant market disruptions and may adversely affect regional and global economies including those of Europe and the United States. Certain industries and markets, such as those involving oil, natural gas and other commodities, as well as global supply chains, may be particularly adversely affected. Whether or not the Portfolio invests in securities of issuers located in Russia, Ukraine and adjacent countries or with significant exposure to issuers in these countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

**Managed risk strategy risk:** The Portfolio employs a managed risk strategy. The strategy attempts to stabilize the volatility of the Portfolio around a target volatility level and manage downside exposure during periods of significant market declines but may not work as intended. Because market conditions change, sometimes rapidly and unpredictably, the success of the strategy also will be subject to the sub-adviser's ability to implement the strategy in a timely and efficient manner. The strategy may result in periods of underperformance and may fail to protect against market declines. The strategy may limit the Portfolio's ability to participate in up

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**5. RISK FACTORS (continued)** 

markets, may cause the Portfolio to underperform its benchmark in up markets, may increase transaction costs at the Portfolio and/or underlying ETF level and may result in substantial losses if it does not work as intended. For example, if the Portfolio has reduced its equity exposure to avoid losses in certain market conditions, and the market rises sharply and quickly, there may be a delay in increasing the Portfolio's equity exposure, causing the Portfolio to forgo gains from the market rebound. Managing the Portfolio pursuant to the strategy may result in the Portfolio not achieving its stated asset mix goal due to unforeseen or unanticipated market conditions. The strategy also serves to reduce the risk to the Transamerica insurance companies that provide guaranteed benefits under certain variable contracts from equity market volatility and to facilitate their provision of those guaranteed benefits. The strategy also may have the effect of limiting the amount of guaranteed benefits. The Portfolio's performance may be lower than similar portfolios that are not subject to a managed risk strategy.

**Model and data risk:** If quantitative models, algorithms or calculations (whether proprietary and developed by the sub-adviser or supplied by third parties) ("Models") or information or data supplied by third parties ("Data") prove to be incorrect or incomplete, any decisions made, in whole or part, in reliance thereon expose the Portfolio to additional risks. Models can be predictive in nature. The use of predictive Models has inherent risks. The success of relying on or otherwise using Models depends on a number of factors, including the validity, accuracy and completeness of the Model's development, implementation and maintenance, the Model's assumptions, factors, algorithms and methodologies, and the accuracy and reliability of the supplied historical or other Data. Models rely on, among other things, correct and complete Data inputs. If incorrect Data is entered into even a well-founded Model, the resulting information will be incorrect. However, even if Data is input correctly, Model prices may differ substantially from market prices, especially for securities with complex characteristics. Investments selected with the use of Models may perform differently than expected as a result of the design of the Model, inputs into the Model or other factors. There also can be no assurance that the use of Models will result in effective investment decisions for the Portfolio.

**6. FEES AND OTHER AFFILIATED TRANSACTIONS** 

TST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Transamerica Life Insurance Company ("TLIC"), and Transamerica Financial Life Insurance Company.

TAM, the Portfolio's investment manager, is directly owned by TLIC and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon NV. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon NV, a Netherlands corporation, and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Portfolio's transfer agent. Transamerica Capital, Inc. ("TCI") is the Portfolio's distributor/principal underwriter. TAM, TFS, and TCI are affiliates of Aegon NV.

Certain officers and trustees of the Portfolio are also officers and/or trustees of TAM, TFS and TCI. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Portfolio. The Portfolio does pay non-interested persons (independent trustees), as disclosed in Trustee, CCO and deferred compensation fees within the Statement of Operations.

**Investment management fees:** TAM serves as the Portfolio's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Portfolio pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Portfolio pays a management fee to TAM based on daily average net assets at the following rates:

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| **Breakpoints** | **Rate** |
|  Effective November 1, 2022 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First $50 million | 0.3400% |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $50 million up to $250 million | 0.3200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $250 million up to $5 billion | 0.3000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion up to $7 billion | 0.2900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $7 billion up to $9 billon | 0.2875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $9 billion | 0.2800 |

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

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|:---|:---|
| **Breakpoints** | **Rate** |
|  Prior to November 1, 2022 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First $50 million <sup>(A)</sup> | 0.3400% |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $50 million up to $250 million | 0.3200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $250 million | 0.3000 |

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(A) *TAM has agreed to voluntarily waive 0.01% of its management fee on the first $50 million assets.* 

TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses, reorganization expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

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|:---|:---|:---|
| | **Operating<br>Expense Limit** | **Operating<br>Expense Limit<br>Effective Through** |
|  Initial Class | 0.37% | May 1, 2023 |
|  Service Class | 0.62 | May 1, 2023 |

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TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended December 31, 2022 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Portfolio, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

As of December 31, 2022, there are no amounts available for recapture by TAM.

**Distribution and service fees:** TST has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, TST entered into a distribution agreement with TCI as the Portfolio's distributor.

The Distribution Plan requires the Portfolio to pay distribution fees to TCI as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCI, on behalf of the Portfolio, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Portfolio's shares.

The fee on the Service Class shares is paid to the insurance companies for providing services and account maintenance for the policyholders who invest in the variable insurance products which invest in the Service Class shares. TCI has determined that it will not seek payment for the distribution expenses incurred by the Portfolio with respect to the Initial Class shares before May 1, 2023. Prior to TCI seeking distribution expenses on Initial Class shares, policy and contract owners will be notified in advance. The Portfolio will pay fees relating to Service Class shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Portfolio is authorized under the Distribution Plan to pay fees to TCI based on daily average net assets of each class up to the following annual rates:

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|:---|:---|
| **Class** | **Rate** |
|  Initial Class | 0.15% |
|  Service Class | 0.25 |

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

**Transfer agent costs:** TFS provides transfer agency services under an intercompany agreement with TAM. TFS has outsourced the provision of certain sub-transfer agency services to SS&C Technology Holdings, Inc ("SS&C"). The Portfolio does not pay a separate transfer agent fee to TAM or TFS but does pay certain expenses to SS&C related to applicable sub-transfer agency services. For the year ended December 31, 2022, (i) the expenses paid to SS&C by the Portfolio are referred to as Transfer agent costs and are included within the Statement of Operations and (ii) the expenses payable to SS&C by the Portfolio are referred to as Transfer agent costs within the Statement of Assets and Liabilities.

**Deferred compensation plan:** Effective September 23, 2021, the Board has approved the termination of the deferred compensation plan. Payments will be made to applicable current and former Board members consistent with Section 409A of the Code. Under a non-qualified deferred compensation plan effective January 1, 1996, as amended and restated January 1, 2010, available to the trustees, compensation may be deferred that would otherwise be payable by TST to an independent trustee on a current basis for services rendered as trustee. Deferred compensation amounts will accumulate based on the value of the investment option, as elected by the trustee. Balances pursuant to deferred compensation plan are recorded in Trustees, Chief Compliance Officer ("CCO") and deferred compensation fees within the Statement of Assets and Liabilities. For the year ended December 31, 2022, amounts included in Trustees, CCO and deferred compensation fees within the Statement of Operations reflect total compensation paid to the independent Board members.

**Brokerage commissions:** The Portfolio incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the year ended December 31, 2022.

**7. PURCHASES AND SALES OF SECURITIES** 

For the year ended December 31, 2022, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

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| | |
|:---|:---|
| **Purchases of Securities** | **Sales of Securities** |
| $7149049296 | $7639928667 |

---

**8. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS** 

The Portfolio has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Portfolio recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Portfolio's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Portfolio's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Portfolio's financial statements. If applicable, the Portfolio recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Portfolio identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Portfolio makes significant investments; however, the Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales and organizational expenses. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. There are no reclassifications in the current year.

As of December 31, 2022, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

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| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross<br>Appreciation** | **Gross<br>(Depreciation)** | **Net Appreciation<br>(Depreciation)** |
| $4651535353 | $27225618 | $(291213900) | $(263988282) |

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**8. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)** 

As of December 31, 2022, the Portfolio had no capital loss carryforwards available to offset future realized capital gains. During the year ended December 31, 2022, the Portfolio did not have any capital loss carryforwards utilized or expired.

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2022 and 2021 are as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** |
| **Ordinary**<br> **Income** | **Long-Term<br>Capital Gain** | **Return of Capital** | **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of Capital** |
| $78222490 | $103050620 | $— | $63743091 | $257502832 | $— |

---

As of December 31, 2022, the tax basis components of distributable earnings are as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Capital Loss<br>Carryforwards** | **Late Year<br>Ordinary Loss<br>Deferred** | **Other<br>Temporary<br>Differences** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| $60394194 | $279226270 | $— | $— | $(117) | $(263988282) |

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**Report of Independent Registered Public Accounting Firm** 

*To the Shareholders and the Board of Trustees of Transamerica Goldman Sachs Managed Risk — Balanced ETF VP* 

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities of Transamerica Goldman Sachs Managed Risk — Balanced ETF VP (formerly, Transamerica Managed Risk — Balanced ETF VP) (the "Portfolio") (one of the portfolios constituting Transamerica Series Trust (the "Trust")), including the schedule of investments, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the portfolios constituting Transamerica Series Trust) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion** 

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g438566ernst_young.jpg)

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

February 27, 2023

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**SUPPLEMENTAL TAX INFORMATION** 

**(unaudited)** 

For tax purposes, the Portfolio has made a long-term capital gain designation of $103,050,620 for the year ended December 31, 2022.

The amounts which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the U.S. are as follows:

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| | |
|:---|:---|
| **Foreign Source Income** | **Foreign Taxes** |
| $11030244 | $858970 |

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**(unaudited)** 

**MARKET ENVIRONMENT** 

**Milliman Financial Risk Management LLC (1/1/2022 – 10/31/2022)** 

Numerous factors played a part in the poor market performance for 2022, including global monetary tightening, the Ukraine war, global trade crises in energy, commodities, and other resources, supply chain issues, and ongoing COVID restrictions in China. Amid the high volatility and inflationary environment, both stock and bond markets declined in tandem for the first time since the 1960s. Most major equity indices ended the year down, marking the worst year for equity investors since 2008. On the domestic front, the S&P 500<sup>®</sup> Index ended 2022 at -18.11%. Meanwhile, the effects of inflation and curtailing policies were also felt worldwide with the MSCI EAFE Index down -14.01% and the MSCI Emerging Markets Index down -19.74% for the year ended December 31, 2022.

The Federal Reserve steadily increased rates throughout 2022 resulting in a total increase of 425 basis points to the overnight Federal Funds Rate, the largest net calendar increase since 1972. Both short-term and long-term treasury yields increased by several percentage points as investors began factoring in the Federal Reserve's tightening path and continuing high inflation. Over 2022, the Bloomberg Global Aggregate Bond Index decreased by -16.25% and the Bloomberg US Aggregate Bond Index decreased by -13.01%, which was their worst calendar year on record since their inception in 1976.

**Goldman Sachs Asset Management, L.P. (11/1/2022 – 12/31/2022)** 

In the last two months of 2022, global equities delivered positive returns as measured by the MSCI All Country World Index, up 3.52%, led by a strong November with a partial retraction in December. Bonds were also largely positive with the Bloomberg US Aggregate Bond Index up 3.21%.

November was a strong month for global equity and bond markets overall with the MSCI All Country World Index up 7.76% and Bloomberg US Aggregate Bond Index up 3.68%. Within equities, international developed outperformed US, and emerging markets equities outperformed developed equities. Emerging market equity performance was bolstered by signs that China's COVID-19 restrictions were loosening and the property sector stabilizing. Bond yields declined in November on the heels of inflation coming in weaker than expected combined with less hawkish messaging from the U.S. Federal Reserve ("Fed") which helped bonds and equities rally during the month. On the monetary policy front, the Fed hiked rates by 75 basis points in its November meeting, in line with market expectations. The Fed signaled its intention to slow down the pace of rate hikes going forward by noting it will consider the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments.

In its December meeting, the Fed raised policy rates by 50 basis points as expected but also raised its estimate of peak policy rate in 2023 by 50 basis points to 5% – 5.25%. As a result, yields increased, and bonds and equities sold off in December. The European Central Bank followed suit and delivered a 50 basis point hike in December as expected. European equities did relatively better than U.S. equities in December, with some indices like the MSCI Europe Index posting a marginally positive return while U.S. equity indices were largely negative (S&P 500<sup>®</sup> Index down 5.76%, bringing MSCI World Index down 4.25%). In summary, while further moderation in US inflation was a positive development, hawkish central banks dampened risk appetite, resulting in concurrent sell-off in equities and bonds in December that gave back at least some of the positive returns achieved in November.

**PERFORMANCE** 

For the year ended December 31, 2022, Transamerica Goldman Sachs Managed Risk – Conservative ETF VP, Initial Class returned -11.66%. By comparison, its primary and secondary benchmarks, the Bloomberg US Aggregate Bond Index and the Transamerica Goldman Sachs Managed Risk – Conservative ETF VP Blended Benchmark, returned -13.01% and -14.57%, respectively.

**STRATEGY REVIEW** 

**Milliman Financial Risk Management LLC (1/1/2022 – 10/31/2022)** 

Milliman Financial Risk Management LLC served as sub-adviser to the Portfolio through October 31, 2022, when the Portfolio was named Transamerica Managed Risk – Conservative ETF VP.

The Portfolio outperformed its benchmark during the period (January 1, 2022 through October 31, 2022). The Portfolio benefitted from its risk management strategy as the period exhibited a high level of volatility and was marked by substantial global instability and risking risks.

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**(unaudited)** 

**STRATEGY REVIEW (continued)** 

**Goldman Sachs Asset Management, L.P. (11/1/2022 – 12/31/2022)** 

The Portfolio is a multi-asset fund-of-fund which seeks to achieve its investment objective of current income and preservation of capital by investing its assets primarily in a combination of underlying third-party exchange traded funds ("ETFs"). The Portfolio employs a managed risk strategy which seeks to manage return volatility. The sub-adviser uses a proprietary model to forecast short-term volatility and adjusts the Portfolio's weightings if projected forecasts fall outside of a target volatility range.

Goldman Sachs Asset Management ("GSAM") became sub-adviser to the Portfolio on November 1, 2022. As part of the transition to GSAM, the Portfolio experienced changes in portfolio managers, its asset allocation, underlying ETF holdings and the risk model used to forecast and measure return volatility. The managed risk model recommended re-risking shortly after GSAM became sub-adviser at the beginning of November. The managed risk model later recommended de-risking and reached the floor of 15% equity exposure around mid-November. The Portfolio remained de-risked around this level until the end of 2022.

Portfolio performance for the period November 1, 2022, through December 31, 2022 was positive, and the Portfolio outperformed its benchmark during the period primarily due to the positive contribution from trades directed by the managed risk model. The Portfolio was also successful in realizing lower volatility than its benchmark over the period. Fixed income ETFs, which make-up the largest capital allocation of the Portfolio, performed well driving overall positive returns for the Portfolio. International developed and emerging markets equity allocations posted materially positive returns during the period driving strong positive performance for the equity sleeve. The Portfolio also realized positive returns from cash and cash-like short treasury ETFs during the period.

**Adam Schenck, CFA** 

**Maria Schiopu, CFA** 

**Co-Portfolio Managers** 

**Milliman Financial Risk Management LLC** 

**Neill Nuttall** 

**Alexandra Wilson-Elizondo** 

**Wael Younan** 

**Siwen Wu** 

**Co-Portfolio Managers** 

**Goldman Sachs Asset Management, L.P.** 

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| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  U.S. Fixed Income Funds | 68.7% |
|  Repurchase Agreement | 15.7 |
|  U.S. Equity Funds | 10.6 |
|  International Equity Funds | 5.1 |
|  Other Investment Company | 1.9 |
|  Net Other Assets (Liabilities) | (2.0) |
|  **Total** | 100.0% |

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*Current and future portfolio holdings are subject to change and risk.* 

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**(unaudited)**![LOGO](g438566g32r97.jpg)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Initial Class | (11.66)% | 0.80% | 3.18% | 11/19/2009 |
|  Bloomberg US Aggregate Bond Index <sup>(A)</sup> | (13.01)% | 0.02% | 1.06% |  |
|  Transamerica Goldman Sachs Managed Risk - Conservative ETF VP Blended Benchmark <sup>(A) (B) (C) (D)</sup> | (14.57)% | 2.69% | 4.34% |  |
|  Service Class | (11.83)% | 0.56% | 2.93% | 11/19/2009 |

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<sup>(A)</sup> *The Bloomberg US Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities.* 

<sup>(B)</sup> *The Transamerica Goldman Sachs Managed Risk – Conservative ETF VP Blended Benchmark is composed of the following benchmarks: 65% Bloomberg US Aggregate Bond Index, 25% MSCI U.S. Broad Market Index and 10% MSCI All Country World Index ex-US.* 

<sup>(C)</sup> *The MSCI U.S. Broad Market Index represents the universe of companies in the U.S. equity market, including large, mid, small and micro cap companies.* 

<sup>(D)</sup> *The MSCI All Country World Index ex-US captures large and mid-cap representation across developed and emerging markets countries, excluding the US.* 

The Portfolio's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Year or Since Inception calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or the redemption of Portfolio shares. The Portfolio's investment return and net asset value will fluctuate. Investors' shares when redeemed may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month end. Portfolio performance is net of investment fees and Portfolio expenses, but not product charges, which, if included, would significantly lower the performance quoted.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of previously waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Asset allocation, an investing strategy of dividing money among many types of investments, can help investors manage risk but cannot guarantee a profit or guard against loss.

ETFs generally present the same risks as an investment in a conventional fund that has the same investment objectives, strategies and policies. The market price of an ETF's shares may be above or below the shares' net asset value; and an active trading market for an ETF's share may not develop or be maintained.

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**DISCLOSURE OF EXPENSES** 

**(unaudited)** 

**SHAREHOLDER EXPENSES** 

Portfolio shareholders may incur two types of costs: (i) transaction costs, including brokerage commissions on purchases and sales of portfolio shares; and (ii) ongoing costs, including management fees, and other portfolio expenses.

The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other portfolios.

The example is based on an investment of $1,000 invested at July 1, 2022, and held for the entire six-month period until December 31, 2022.

**ACTUAL EXPENSES** 

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

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES** 

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Portfolio shares. Therefore, the information under the heading "Hypothetical Expenses" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different portfolios. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries, or other financial institutions.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Actual Expenses** | **Actual Expenses** | **Hypothetical Expenses <sup>(A)</sup>** | **Hypothetical Expenses <sup>(A)</sup>** | |
| <br>**Class** |<br>**Beginning<br>Account Value<br>July 1, 2022** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** |<br>**Net Annualized<br>Expense Ratio <sup>(C) (D)</sup>** |
|  Initial Class | $&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;1003.30 | $&nbsp;&nbsp;&nbsp;&nbsp;1.72 | $&nbsp;&nbsp;&nbsp;&nbsp;1023.50 | $&nbsp;&nbsp;&nbsp;&nbsp;1.73 | 0.34% |
|  Service Class | 1000.00 | 1002.70 | 2.98 | 1022.20 | 3.01 | 0.59 |

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

(B) *Expenses are calculated using the Portfolio's net annualized expense ratio, as disclosed in the table, multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (365 days).*

(C) *Net annualized expense ratios, as disclosed in the table, do not include the expenses of the underlying investments in which the Portfolio invests. The net annualized expense ratios, as stated in the fee table of the Portfolio's Prospectus, may differ from the expense ratios disclosed in this report.*

(D) *Net annualized expense ratios are reflective of applicable fee waivers and/or reimbursements and recapture, if any, and are based on the most recent six-months which may differ from the net expense ratio displayed in the Financial Highlights that covers a twelve-month period.*

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**SCHEDULE OF INVESTMENTS** 

**At December 31, 2022** 

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| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS - 84.4%** | **EXCHANGE-TRADED FUNDS - 84.4%** | **EXCHANGE-TRADED FUNDS - 84.4%** |
| **International Equity Funds - 5.1%** | **International Equity Funds - 5.1%** | **International Equity Funds - 5.1%** |
|  iShares Core MSCI EAFE ETF | 85985 | $5300115 |
|  iShares Core MSCI Emerging Markets ETF | 147697 | 6897450 |
|  iShares MSCI EAFE ETF | 80821 | 5305091 |
|  iShares MSCI EAFE Small-Cap ETF | 27244 | 1538741 |
|  Vanguard FTSE Developed Markets ETF | 142191 | 5967756 |
|  |  | 25009153 |
| **U.S. Equity Funds - 10.6%** | **U.S. Equity Funds - 10.6%** | **U.S. Equity Funds - 10.6%** |
|  iShares Core S&P 500 ETF | 37177 | 14283775 |
|  iShares Core S&P Mid-Cap ETF | 7255 | 1754912 |
|  iShares Russell 2000 ETF <sup>(A)</sup> | 32953 | 5745685 |
|  SPDR S&P 500 ETF Trust | 37336 | 14278407 |
|  Vanguard S&P 500 ETF | 44809 | 15743194 |
|  |  | 51805973 |
| **U.S. Fixed Income Funds - 68.7%** | **U.S. Fixed Income Funds - 68.7%** | **U.S. Fixed Income Funds - 68.7%** |
|  iShares 0-3 Month Treasury Bond ETF <sup>(A)</sup> | 162717 | 16294480 |
|  iShares Core U.S. Aggregate Bond ETF | 933403 | 90530757 |
|  Schwab U.S. Aggregate Bond ETF <sup>(A)</sup> | 2011301 | 91815891 |
|  SPDR Bloomberg 1-3 Month Treasury Bill ETF | 87149 | 7971519 |
|  Vanguard Intermediate-Term Corporate Bond ETF | 476165 | 36907549 |
|  Vanguard Total Bond Market ETF | 1291459 | 92778415 |
|  |  | 336298611 |
|  **Total Exchange-Traded Funds <br>(Cost $456,335,675)** | **Total Exchange-Traded Funds <br>(Cost $456,335,675)** | 413113737 |

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| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **OTHER INVESTMENT COMPANY - 1.9%** | **OTHER INVESTMENT COMPANY - 1.9%** | **OTHER INVESTMENT COMPANY - 1.9%** |
| **Securities Lending Collateral - 1.9%** | **Securities Lending Collateral - 1.9%** | **Securities Lending Collateral - 1.9%** |
|  State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 4.29% <sup>(B)</sup> | 9463280 | $9463280 |
|  **Total Other Investment Company <br>(Cost $9,463,280)** | **Total Other Investment Company <br>(Cost $9,463,280)** | 9463280 |
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 15.7%** | **REPURCHASE AGREEMENT - 15.7%** | **REPURCHASE AGREEMENT - 15.7%** |
|  Fixed Income Clearing Corp., 1.80% <sup>(B)</sup>, dated 12/30/2022, to be repurchased at $76,575,378 on 01/03/2023. Collateralized by a U.S. Government Obligation, 4.77%, due 12/28/2023, and with a value of $78,091,303. | $76560066 | 76560066 |
|  **Total Repurchase Agreement <br>(Cost $76,560,066)** | **Total Repurchase Agreement <br>(Cost $76,560,066)** | 76560066 |
|  **Total Investments <br>(Cost $542,359,021)** | **Total Investments <br>(Cost $542,359,021)** | 499137083 |
|  **Net Other Assets (Liabilities) - (2.0)%** |  | (9765937) |
|  **Net Assets - 100.0%** |  | **$489371146** |

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**INVESTMENT VALUATION:** 

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**Valuation Inputs <sup>(C)</sup>** 

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Exchange-Traded Funds | $413113737 | $— | $— | $413113737 |
|  Other Investment Company | 9463280 |  |  | 9463280 |
|  Repurchase Agreement |  | 76560066 |  | 76560066 |
|  **Total Investments** | $**422577017** | $**76560066** | $**—** | $**499137083** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *All or a portion of the securities are on loan. The total value of all securities on loan is $9,401,029, collateralized by cash collateral of $9,463,280 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $138,779. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.* 

(B) *Rates disclosed reflect the yields at December 31, 2022.* 

(C) *There were no transfers in or out of Level 3 during the year ended December 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 5** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

**FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):** 

*Activity of affiliated investments no longer held as the Transamerica ETF Trust was liquidated April 12, 2022.* 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Investments** | **Value<br>December 31,<br>2021** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Value<br>December 31,<br>2022** | **Shares as of<br>December 31,<br>2022** | **Dividend<br>Income** | **Net Capital<br>Gain<br>Distributions** |
|  DeltaShares<sup>®</sup> S&P 400 Managed Risk ETF | $5154216 | $— | $(4826852) | $640450 | $(967814) | $— |  | $8754 | $— |
|  DeltaShares<sup>®</sup> S&P 500 Managed Risk ETF | 22989847 |  | (21397984) | 7027073 | (8618936) |  |  | 44326 |  |
|  DeltaShares<sup>®</sup> S&P 600 Managed Risk ETF | 1685217 |  | (1590031) | 174341 | (269527) |  |  | 5845 |  |
|  DeltaShares<sup>®</sup> S&P EM 100 & Managed Risk ETF | 1913714 |  | (1721880) | (117290) | (74544) |  |  | 5340 |  |
|  DeltaShares<sup>®</sup> S&P International Managed Risk ETF | 8821572 |  | (8048317) | (257155) | (516100) |  |  | 30966 |  |
| **Total** | $**40564566** | $**—** | $**(37585064)** | $**7467419** | $**(10446921)** | $**—** |  | $**95231** | $**—** |

---

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 6** 

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**STATEMENT OF ASSETS AND LIABILITIES** 

**At December 31, 2022** 

---

| | |
|:---|:---|
|  **Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments, at value (cost $465,798,955) <br>(including securities loaned of $9,401,029) | $422577017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreement, at value (cost $76,560,066) | 76560066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables and other assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 3216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from unaffiliated investments | 66510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 7656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 2185 |
|  Total assets | 499216650 |
|  **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral received upon return of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities on loan | 9463280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables and other liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest redeemed | 79572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 132385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 105728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 4621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 14646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 1558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 2947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 34486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 5700 |
|  Total liabilities | 9845504 |
|  **Net assets** | $489371146 |
|  **Net assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital stock ($0.01 par value) | $449545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp;503823725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) | (14902124) |
|  **Net assets** | $489371146 |
|  **Net assets by class:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | $18837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 489352309 |
|  **Shares outstanding:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 1714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 44952787 |
|  **Net asset value and offering price per share:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | $10.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 10.89 |

---

**STATEMENT OF OPERATIONS** 

**For the year ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income from affiliated investments | $95231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income from unaffiliated investments | 11161727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income from unaffiliated investments | 197050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 20053 |
|  Total investment income | 11474061 |
|  **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 1680628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 1350476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 5630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 22885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 27917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 7140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 29997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 28032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 39342 |
|  Total expenses before waiver and/or reimbursement and recapture | 3192047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses waived and/or reimbursed: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (4165) |
|  Net expenses | 3187882 |
|  **Net investment income (loss)** | 8286179 |
|  **Net realized gain (loss) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | 7467419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments | 14434397 |
|  Net realized gain (loss) | 21901816 |
|  **Net change in unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | (10446921) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments | (94001515) |
|  Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(104448436) |
|  Net realized and change in unrealized gain (loss) | (82546620) |
|  **Net increase (decrease) in net assets resulting from operations** | $(74260441) |

---

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 7** 

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**STATEMENT OF CHANGES IN NET ASSETS** 

**For the years ended:** 

---

| | | |
|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2021** |
|  **From operations:** | **From operations:** | **From operations:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $8286179 | $8624187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 21901816 | 8780350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (104448436) | 452585 |
|  Net increase (decrease) in net assets resulting from operations | (74260441) | 17857122 |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (652) | (625) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (16637655) | (19701032) |
|  Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (16638307) | (19701657) |
|  **Capital share transactions:** | **Capital share transactions:** | **Capital share transactions:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 1214 | 1243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 3867275 | 13135101 |
|  | 3868489 | 13136344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 652 | 625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 16637655 | 19701032 |
|  | 16638307 | 19701657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (264) | (251) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (83743097) | (91510240) |
|  | (83743361) | (91510491) |
|  Net increase (decrease) in net assets resulting from capital share transactions | (63236565) | (58672490) |
|  **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp;&nbsp;(154135313) | (60517025) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 643506459 | 704023484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $489371146 | $&nbsp;&nbsp;&nbsp;&nbsp;643506459 |
|  **Capital share transactions - shares:** | **Capital share transactions - shares:** | **Capital share transactions - shares:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 106 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 332421 | 1024479 |
|  | 332527 | 1024574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 59 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 1513890 | 1545179 |
|  | 1513949 | 1545228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (23) | (19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (7326712) | (7158327) |
|  | (7326735) | (7158346) |
|  Net increase (decrease) in shares outstanding: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 142 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (5480401) | (4588669) |
|  | (5480259) | (4588544) |

---

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 8** 

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**FINANCIAL HIGHLIGHTS** 

**For a share outstanding during the years indicated:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $12.89 | $12.92 | $12.63 | $12.10 | $12.86 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(A)</sup> | 0.21 | 0.20 | 0.22 | 0.29 | 0.27 |
|  Net realized and unrealized gain (loss) | (1.70) | 0.19 | 0.43 | 1.18 | (0.68) |
|  Total investment operations | (1.49) | 0.39 | 0.65 | 1.47 | (0.41) |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income | (0.23) | (0.24) | (0.32) | (0.30) | (0.26) |
|  Net realized gains | (0.18) | (0.18) | (0.04) | (0.64) | (0.09) |
|  Total dividends and/or distributions to shareholders | (0.41) | (0.42) | (0.36) | (0.94) | (0.35) |
|  **Net asset value, end of year** | $10.99 | $&nbsp;&nbsp;&nbsp;&nbsp;12.89 | $&nbsp;&nbsp;&nbsp;&nbsp;12.92 | $&nbsp;&nbsp;&nbsp;&nbsp;12.63 | $&nbsp;&nbsp;&nbsp;&nbsp;12.10 |
|  **Total return** | &nbsp;&nbsp;&nbsp;&nbsp;(11.66)% | 3.00% | 5.23% | 12.38% | (3.31)% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $19 | $20 | $18 | $17 | $14 |
|  Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.34% | 0.33% | 0.33% | 0.33% | 0.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.34% | 0.33% | 0.33% | 0.33% | 0.33% |
|  Net investment income (loss) to average net assets | 1.82% | 1.55% | 1.75% | 2.33% | 2.15% |
|  Portfolio turnover rate | 93% | 1% | 80% | 2% | 48% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Does not include expenses of the underlying investments in which the Portfolio invests.* 

**For a share outstanding during the years indicated:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $12.76 | $12.80 | $12.51 | $11.98 | $12.74 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(A)</sup> | 0.18 | 0.16 | 0.19 | 0.26 | 0.24 |
|  Net realized and unrealized gain (loss) | (1.68) | 0.18 | 0.42 | 1.18 | (0.68) |
|  Total investment operations | (1.50) | 0.34 | 0.61 | 1.44 | (0.44) |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income | (0.19) | (0.20) | (0.28) | (0.27) | (0.23) |
|  Net realized gains | (0.18) | (0.18) | (0.04) | (0.64) | (0.09) |
|  Total dividends and/or distributions to shareholders | (0.37) | (0.38) | (0.32) | (0.91) | (0.32) |
|  **Net asset value, end of year** | $10.89 | $12.76 | $12.80 | $12.51 | $11.98 |
|  **Total return** | (11.83)% | 2.76% | 4.91% | 12.19% | (3.60)% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;489352 | $&nbsp;&nbsp;&nbsp;&nbsp;643486 | $&nbsp;&nbsp;&nbsp;&nbsp;704005 | $&nbsp;&nbsp;&nbsp;&nbsp;748077 | $&nbsp;&nbsp;&nbsp;&nbsp;755778 |
|  Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.59% | 0.58% | 0.58% | 0.58% | 0.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture <sup>(C)</sup> | 0.59% | 0.58% | 0.58% | 0.58% | 0.58% |
|  Net investment income (loss) to average net assets | 1.53% | 1.28% | 1.49% | 2.06% | 1.88% |
|  Portfolio turnover rate | 93% | 1% | 80% | 2% | 48% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Does not include expenses of the underlying investments in which the Portfolio invests.* 

(C) *Waiver and/or reimbursement rounds to less than 0.01%.* 

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

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| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 9** 

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**NOTES TO FINANCIAL STATEMENTS** 

**At December 31, 2022** 

**1. ORGANIZATION** 

Transamerica Series Trust ("TST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). TST applies investment company accounting and reporting guidance. TST serves as a funding vehicle for variable life insurance, variable annuity, and group annuity products. Transamerica Goldman Sachs Managed Risk—Conservative ETF VP (formerly, Transamerica Managed Risk—Conservative ETF VP) (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers two classes of shares, Initial Class and Service Class.

The only shareholders of the Portfolio are affiliated insurance company separate accounts and affiliated asset allocation portfolios. Contract holders of the variable life and annuity contracts are not shareholders of the Portfolio. For ease of reference, shareholders and contract holders are collectively referred to in this report as "shareholders."

This report must be accompanied or preceded by the Portfolio's current prospectus, which contains additional information about the Portfolio, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Portfolio pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Portfolio. TAM supervises the Portfolio's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Portfolio.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of a Portfolio without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Portfolio and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Portfolio employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending portfolio combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Portfolio's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Portfolio; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for a Portfolio; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Portfolio's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; oversight of other service providers to the Portfolio, such as the custodian, the transfer agent, the Portfolio's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Portfolio; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Portfolio, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the

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| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 10** 

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**Transamerica Goldman Sachs Managed Risk – Conservative ETF VP** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**1. ORGANIZATION (continued)** 

Portfolio. The Portfolio pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the year ended December 31, 2022, (i) the expenses paid to State Street for sub-administration services by the Portfolio are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Portfolio are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES** 

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

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Interest income, if any, is accrued as earned. Dividend income and capital gain distributions from underlying investments, if any, are recorded on the ex-dividend date. Income or short-term capital gain distributions received from underlying investments, if any, are recorded as Dividend income from investments within the Statement of Operations. Long-term capital gain distributions received from underlying investments, if any, are recorded as Net realized gain (loss) on Capital gain distributions received from investments within the Statement of Operations.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

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

**3. INVESTMENT VALUATION** 

Effective September 8, 2022, TAM has been designated as the Portfolio's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Portfolio's Board of Trustees. The net asset value of the Portfolio is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

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

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

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

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Portfolio's investments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Portfolio's investments at December 31, 2022, is disclosed within the Investment Valuation section of the Schedule of Investments.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**3. INVESTMENT VALUATION (continued)** 

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

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

*Exchange-traded funds ("ETF"):* ETFs are stated at the last reported sale price or closing price on the day of valuation taken from the primary exchange where the ETF is principally traded. ETFs are generally categorized in Level 1 of the fair value hierarchy.

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

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

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

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

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the year ended December 31, 2022, the Portfolio has not utilized the program.

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

Repurchase agreements are subject to netting agreements, which are agreements between the Portfolio and its counterparties that provide for the net settlement of all transactions and collateral with the Portfolio, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at December 31, 2022.

Repurchase agreements at December 31, 2022, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)** 

**Securities lending:** The Portfolio may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Portfolio pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Portfolio to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Portfolio may experience delays in recovery of the loaned securities or delays in access to collateral, or the Portfolio may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government and irrevocable letters of credit issued by banks as collateral. The initial collateral received by the Portfolio is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower.

The Portfolio receives compensation for lending securities from interest or dividends earned on the cash, U.S. Government securities and irrevocable letters of credit held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust—Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at December 31, 2022, if any, are shown on a gross basis within the Schedule of Investments.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of December 31, 2022.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
| | **Overnight and<br>Continuous** | **Less Than<br>30 Days** | **Between<br>30 & 90 Days** | **Greater Than<br>90 Days** | **Total** |
|  Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-Traded Funds | $9463280 | $— | $— | $— | $9463280 |
|  **Total Borrowings** | $**9463280** | $**—** | $**—** | $**—** | $**9463280** |

---

**5. RISK FACTORS** 

Investing in the Portfolio involves certain key risks related to the Portfolio's trading activity. Please reference the Portfolio's prospectus for a more complete discussion of the following risk(s), as well as other risks of investing in the Portfolio.

**Market risk:** The market prices of the Portfolio's securities and other assets may go up or down, sometimes sharply and unpredictably, due to general market conditions, overall economic trends or events, inflation, changes in interest rates, government actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by wars, tariffs, trade disputes or other factors, political developments, investor sentiment, the global and domestic effects of a pandemic or other health emergency, and other factors that may or may not be related to the issuer of the security or other asset. The market prices of securities and other assets also may go down due to events or conditions that affect particular sectors, industries, issuers, or geographies. Adverse market conditions may be prolonged and may not have the same impact on all types of securities or other assets. If the value of the Portfolio's securities and assets fall, the value of your investment will go down. The Portfolio may experience a substantial or complete loss on any individual security or asset.

Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, the imposition of economic sanctions, public health events (such as the spread of infectious disease), wars, terrorism, cybersecurity events, technology and data interruptions, natural disasters, and other circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. In the past decade, financial markets throughout the world have experienced increased volatility and decreased liquidity. These conditions may continue or worsen. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down. Securities markets may also be susceptible to market manipulation or other fraudulent trade practices, which could disrupt the orderly functioning of these markets or adversely affect the value of securities traded in these markets, including the Portfolio's securities.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**5. RISK FACTORS (continued)** 

The pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in economic downturns throughout the world, severe losses, particularly to some sectors of the economy and individual issuers, and reduced liquidity of many instruments. There also have been significant disruptions to business operations, including business closures; strained healthcare systems; disruptions to supply chains and employee availability; large fluctuations in consumer demand; and widespread uncertainty regarding the duration and long-term effects of the pandemic. Economic downturns may be prolonged, and political and social instability, continued volatility and decreased liquidity in the securities markets may result. Developing or emerging market countries may be more impacted by the pandemic.

The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic. These and other government intervention into the economy and financial markets may not work as intended. In addition, government actions to mitigate the economic impact of the pandemic have resulted in large expansion of government deficits and debt, the long-term consequences of which are not known. Rates of inflation have recently risen, which could adversely affect economies and markets. The pandemic could continue to adversely affect the value and liquidity of the Portfolio's investments.

*Europe:* A number of countries in Europe have experienced severe economic and financial difficulties; and financial markets in Europe and elsewhere have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen or spread within or outside Europe. Responses to the financial problems by European governments, central banks and others may not work, may result in conflicts and social unrest and may limit future growth and economic recovery or have other unintended consequences. In January, 2020, through "Brexit," the United Kingdom withdrew from the European Union. The ramifications of Brexit are unknown, and the implications of possible political, regulatory, economic, and market outcomes could be significant. The United Kingdom has one of the largest economies in Europe and is a major trading partner with European Union countries and the United States. Brexit may create additional and substantial economic stresses for the United Kingdom, including a contraction of the United Kingdom's economy, decreased trade, capital outflows, devaluation of the British pound, and a decrease in business and consumer spending and investment. The negative impact on not only the United Kingdom and European Union economies but also the broader global economy could be significant. A number of countries in Europe have suffered terror attacks, and additional attacks may occur in the future. Europe has also been struggling with mass migration from the Middle East, Eastern Europe and Africa. The ultimate effects of these events and other socio-political or geopolitical issues could profoundly affect global economies and markets. Whether or not the Portfolio invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

*Additional Market Disruption:* Russia's invasion of Ukraine in February, 2022, the resulting responses by the United States and other countries, and the potential for wider conflict, have increased and may continue to increase volatility and uncertainty in financial markets worldwide. The United States and other countries have imposed broad-ranging economic sanctions on Russia and Russian entities and individuals, and may impose additional sanctions, including on other countries that provide military or economic support to Russia. These sanctions, among other things, restrict companies from doing business with Russia and Russian issuers, and may adversely affect companies with economic or financial exposure to Russia and Russian issuers. The extent and duration of Russia's military actions and the repercussions of such actions are not known. The invasion may widen beyond Ukraine and may escalate, including through retaliatory actions and cyberattacks by Russia and even other countries. These events may result in further and significant market disruptions and may adversely affect regional and global economies including those of Europe and the United States. Certain industries and markets, such as those involving oil, natural gas and other commodities, as well as global supply chains, may be particularly adversely affected. Whether or not the Portfolio invests in securities of issuers located in Russia, Ukraine and adjacent countries or with significant exposure to issuers in these countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

**Managed risk strategy risk:** The Portfolio employs a managed risk strategy. The strategy attempts to stabilize the volatility of the Portfolio around a target volatility level and manage downside exposure during periods of significant market declines but may not work as intended. Because market conditions change, sometimes rapidly and unpredictably, the success of the strategy also will be subject to the sub-adviser's ability to implement the strategy in a timely and efficient manner. The strategy may result in periods of underperformance and may fail to protect against market declines. The strategy may limit the Portfolio's ability to participate in up markets, may cause the Portfolio to underperform its benchmark in up markets, may increase transaction costs at the Portfolio and/or underlying ETF level and may result in substantial losses if it does not work as intended. For example, if the Portfolio has reduced its equity exposure to avoid losses in certain market conditions, and the market rises sharply and quickly, there may be a delay in increasing the Portfolio's equity exposure, causing the Portfolio to forgo gains from the market rebound. Managing the Portfolio

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**5. RISK FACTORS (continued)** 

pursuant to the strategy may result in the Portfolio not achieving its stated asset mix goal due to unforeseen or unanticipated market conditions. The strategy also serves to reduce the risk to the Transamerica insurance companies that provide guaranteed benefits under certain variable contracts from equity market volatility and to facilitate their provision of those guaranteed benefits. The strategy also may have the effect of limiting the amount of guaranteed benefits. The Portfolio's performance may be lower than similar portfolios that are not subject to a managed risk strategy.

**Model and data risk:** If quantitative models, algorithms or calculations (whether proprietary and developed by the sub-adviser or supplied by third parties) ("Models") or information or data supplied by third parties ("Data") prove to be incorrect or incomplete, any decisions made, in whole or part, in reliance thereon expose the Portfolio to additional risks. Models can be predictive in nature. The use of predictive Models has inherent risks. The success of relying on or otherwise using Models depends on a number of factors, including the validity, accuracy and completeness of the Model's development, implementation and maintenance, the Model's assumptions, factors, algorithms and methodologies, and the accuracy and reliability of the supplied historical or other Data. Models rely on, among other things, correct and complete Data inputs. If incorrect Data is entered into even a well-founded Model, the resulting information will be incorrect. However, even if Data is input correctly, Model prices may differ substantially from market prices, especially for securities with complex characteristics. Investments selected with the use of Models may perform differently than expected as a result of the design of the Model, inputs into the Model or other factors. There also can be no assurance that the use of Models will result in effective investment decisions for the Portfolio.

**6. FEES AND OTHER AFFILIATED TRANSACTIONS** 

TST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Transamerica Life Insurance Company ("TLIC"), and Transamerica Financial Life Insurance Company.

TAM, the Portfolio's investment manager, is directly owned by TLIC and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon NV. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon NV, a Netherlands corporation, and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Portfolio's transfer agent. Transamerica Capital, Inc. ("TCI") is the Portfolio's distributor/principal underwriter. TAM, AUIM, TFS, and TCI are affiliates of Aegon NV.

Certain officers and trustees of the Portfolio are also officers and/or trustees of TAM, TFS and TCI. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Portfolio. The Portfolio does pay non-interested persons (independent trustees), as disclosed in Trustee, CCO and deferred compensation fees within the Statement of Operations.

**Investment management fees:** TAM serves as the Portfolio's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Portfolio pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Portfolio pays a management fee to TAM based on daily average net assets at the following rates:

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|:---|:---|
| **Breakpoints** | **Rate** |
|  Effective November 1, 2022 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First $50 million | 0.3400% |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $50 million up to $250 million | 0.3200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $250 million up to $5 billion | 0.3000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion up to $7 billion | 0.2900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $7 billion up to $9 billion | 0.2875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $9 billion | 0.2800 |
|  Prior to November 1, 2022 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First $50 million <sup>(A)</sup> | 0.3400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $50 million up to $250 million | 0.3200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $250 million | 0.3000 |

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(A) *TAM has agreed to voluntarily waive 0.01% of its management fee on the first $50 million in assets.* 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses, reorganization expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

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| | | |
|:---|:---|:---|
| | **Operating<br>Expense Limit** | **Operating<br>Expense Limit<br>Effective Through** |
|  Initial Class | 0.37% | May 1, 2023 |
|  Service Class | 0.62 | May 1, 2023 |

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TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended December 31, 2022 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Portfolio, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

As of December 31, 2022, there are no amounts available for recapture by TAM.

**Distribution and service fees:** TST has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, TST entered into a distribution agreement with TCI as the Portfolio's distributor.

The Distribution Plan requires the Portfolio to pay distribution fees to TCI as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCI, on behalf of the Portfolio, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Portfolio's shares.

The fee on the Service Class shares is paid to the insurance companies for providing services and account maintenance for the policyholders who invest in the variable insurance products which invest in the Service Class shares. TCI has determined that it will not seek payment for the distribution expenses incurred by the Portfolio with respect to the Initial Class shares before May 1, 2023. Prior to TCI seeking distribution expenses on Initial Class shares, policy and contract owners will be notified in advance. The Portfolio will pay fees relating to Service Class shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Portfolio is authorized under the Distribution Plan to pay fees to TCI based on daily average net assets of each class up to the following annual rates:

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|:---|:---|
| **Class** | **Rate** |
|  Initial Class | 0.15% |
|  Service Class | 0.25 |

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**Transfer agent costs:** TFS provides transfer agency services under an intercompany agreement with TAM. TFS has outsourced the provision of certain sub-transfer agency services to SS&C Technology Holdings, Inc ("SS&C"). The Portfolio does not pay a separate transfer agent fee to TAM or TFS but does pay certain expenses to SS&C related to applicable sub-transfer agency services. For the year ended December 31, 2022, (i) the expenses paid to SS&C by the Portfolio are referred to as Transfer agent costs and are included within the Statement of Operations and (ii) the expenses payable to SS&C by the Portfolio are referred to as Transfer agent costs within the Statement of Assets and Liabilities.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

**Deferred compensation plan:** Effective September 23, 2021, the Board has approved the termination of the deferred compensation plan. Payments will be made to applicable current and former Board members consistent with Section 409A of the Code. Under a non-qualified deferred compensation plan effective January 1, 1996, as amended and restated January 1, 2010, available to the trustees, compensation may be deferred that would otherwise be payable by TST to an independent trustee on a current basis for services rendered as trustee. Deferred compensation amounts will accumulate based on the value of the investment option, as elected by the trustee. Balances pursuant to deferred compensation plan are recorded in Trustees, Chief Compliance Officer ("CCO") and deferred compensation fees within the Statement of Assets and Liabilities. For the year ended December 31, 2022, amounts included in Trustees, CCO and deferred compensation fees within the Statement of Operations reflect total compensation paid to the independent Board members.

**Brokerage commissions:** The Portfolio incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the year ended December 31, 2022.

**7. PURCHASES AND SALES OF SECURITIES** 

For the year ended December 31, 2022, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

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| | |
|:---|:---|
| **Purchases of Securities** | **Sales of Securities** |
| $492874420 | $634592964 |

---

**8. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS** 

The Portfolio has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Portfolio recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Portfolio's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Portfolio's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Portfolio's financial statements. If applicable, the Portfolio recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Portfolio identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Portfolio makes significant investments; however, the Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. There are no reclassifications in the current year.

As of December 31, 2022, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

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| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross<br>Appreciation** | **Gross<br>(Depreciation)** | **Net Appreciation<br>(Depreciation)** |
| $544473823 | $3762894 | $(49099634) | $(45336740) |

---

As of December 31, 2022, the Portfolio had no capital loss carryforwards available to offset future realized capital gains. During the year ended December 31, 2022, the Portfolio did not have any capital loss carryforwards utilized or expired.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**8. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)** 

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2022 and 2021 are as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** |
| **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of Capital** | **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of Capital** |
| $8602582 | $8035725 | $— | $10543267 | $9158390 | $— |

---

As of December 31, 2022, the tax basis components of distributable earnings are as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Capital Loss<br>Carryforwards** | **Late Year<br>Ordinary Loss<br>Deferred** | **Other<br>Temporary<br>Differences** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| $12037639 | $18396977 | $— | $— | $— | $(45336740) |

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**Report of Independent Registered Public Accounting Firm** 

*To the Shareholders and the Board of Trustees of Transamerica Goldman Sachs Managed Risk — Conservative ETF VP* 

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities of Transamerica Goldman Sachs Managed Risk — Conservative ETF VP (formerly, Transamerica Managed Risk — Conservative ETF VP) (the "Portfolio") (one of the portfolios constituting Transamerica Series Trust (the "Trust")), including the schedule of investments, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the portfolios constituting Transamerica Series Trust) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion** 

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g438566ernst_young.jpg)

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

February 27, 2023

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**SUPPLEMENTAL TAX INFORMATION** 

**(unaudited)** 

For tax purposes, the Portfolio has made a long-term capital gain designation of $8,035,725 for the year ended December 31, 2022.

The amounts which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the U.S. are as follows:

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| | |
|:---|:---|
| **Foreign Source Income** | **Foreign Taxes** |
| $581038 | $46764 |

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**Page 20** 

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**Transamerica Goldman Sachs Managed Risk – Growth ETF VP** 

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**(unaudited)** 

**MARKET ENVIRONMENT** 

**Milliman Financial Risk Management LLC (1/1/2022 – 10/31/2022)** 

Numerous factors played a part in the poor market performance for 2022, including global monetary tightening, the Ukraine war, global trade crises in energy, commodities, and other resources, supply chain issues, and ongoing COVID restrictions in China. Amid the high volatility and inflationary environment, both stock and bond markets declined in tandem for the first time since the 1960s. Most major equity indices ended the year down, marking the worst year for equity investors since 2008. On the domestic front, the S&P 500<sup>®</sup> Index ended 2022 at -18.11%. Meanwhile, the effects of inflation and curtailing policies were also felt worldwide with the MSCI EAFE Index down -14.01% and MSCI Emerging Markets Index down -19.74% for the year ended December 31, 2022.

The Federal Reserve steadily increased rates throughout 2022 resulting in a total increase of 425 basis points to the overnight Federal Funds Rate, the largest net calendar increase since 1972. Both short-term and long-term treasury yields increased by several percentage points as investors began factoring in the Federal Reserve's tightening path and continuing high inflation. Over 2022, the Bloomberg Global Aggregate Bond Index decreased by -16.25% and the Bloomberg US Aggregate Bond Index decreased by -13.01%, which was their worst calendar year on record since their inception in 1976.

**Goldman Sachs Asset Management, L.P. (11/1/2022 – 12/31/2022)** 

In the last two months of 2022, global equities delivered positive returns as measured by the MSCI All Country World Index, up 3.52%, led by a strong November with a partial retraction in December. Bonds were also largely positive with the Bloomberg US Aggregate Bond Index up 3.21%.

November was a strong month for global equity and bond markets overall with the MSCI All Country World Index up 7.76% and Bloomberg US Aggregate Bond Index up 3.68%. Within equities, international developed outperformed U.S., and emerging markets equities outperformed developed equities. Emerging market equity performance was bolstered by signs that China's COVID-19 restrictions were loosening and the property sector stabilizing. Bond yields declined in November on the heels of inflation coming in weaker than expected combined with less hawkish messaging from the U.S. Federal Reserve ("Fed") which helped bonds and equities rally during the month. On the monetary policy front, the Fed hiked rates by 75 basis points in its November meeting, in line with market expectations. The Fed signaled its intention to slow down the pace of rate hikes going forward by noting it will consider the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments.

In its December meeting, the Fed raised policy rates by 50 basis points as expected but also raised its estimate of peak policy rate in 2023 by 50 basis points to 5% – 5.25%. As a result, yields increased, and bonds and equities sold off in December. The European Central Bank followed suit and delivered a 50 basis point hike in December as expected. European equities did relatively better than U.S. equities in December, with some indices like the MSCI Europe Index posting a marginally positive return while U.S. equity indices were largely negative (S&P 500<sup>®</sup> Index down 5.76%, bringing MSCI World Index down 4.25%). In summary, while further moderation in U.S. inflation was a positive development, hawkish central banks dampened risk appetite, resulting in concurrent sell-off in equities and bonds in December that gave back at least some of the positive returns achieved in November.

**PERFORMANCE** 

For the year ended December 31, 2022, Transamerica Goldman Sachs Managed Risk – Growth ETF VP, Initial Class returned -14.32%. By comparison, its primary and secondary benchmarks, the MSCI U.S. Broad Market Index and the Transamerica Goldman Sachs Managed Risk – Growth ETF VP Blended Benchmark, returned -19.23% and -16.58%, respectively.

**STRATEGY REVIEW** 

**Milliman Financial Risk Management LLC (1/1/2022 – 10/31/2022)** 

Milliman Financial Risk Management LLC served as sub-adviser to the Portfolio through October 31, 2022, when the Portfolio was named Transamerica Managed Risk – Growth ETF VP.

The Portfolio outperformed its benchmark during the period (January 1, 2022 through October 31, 2022). The Portfolio benefitted from its risk management strategy as the period exhibited a high level of volatility and was marked by substantial global instability and rising risks.

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**Page 1** 

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**Transamerica Goldman Sachs Managed Risk – Growth ETF VP** 

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**(unaudited)** 

**STRATEGY REVIEW (continued)** 

**Goldman Sachs Asset Management, L.P. (11/1/2022 – 12/31/2022)** 

The Portfolio is a multi-asset fund-of-fund which seeks to achieve its investment objective of capital appreciation as a primary objective and income as a secondary objective by investing its assets primarily in a combination of underlying third-party exchange traded funds ("ETFs"). The Portfolio employs a managed risk strategy which seeks to manage return volatility. The sub-adviser uses a proprietary model to forecast short-term volatility and adjusts the Portfolio's weightings if projected forecasts fall outside of a target volatility range.

Goldman Sachs Asset Management ("GSAM") became sub-adviser to the Portfolio on November 1, 2022. As part of the transition to GSAM, the Portfolio experienced changes in portfolio managers, its asset allocation, underlying ETF holdings and the risk model used to forecast and measure return volatility. The managed risk model recommended re-risking immediately after GSAM became sub-adviser at the beginning of November. The managed risk model later recommended de-risking and reached the floor of 35% equity exposure around mid-November. The Portfolio remained de-risked around this level until early December when the Portfolio began re-risking back to just over benchmark level of equities until the end of 2022.

Portfolio performance for the period November 1, 2022, through December 31, 2022 was positive, though the Portfolio underperformed its blended benchmark (MSCI U.S. Broad Market Index, 52%; Bloomberg US Aggregate Bond Index, 25%; and MSCI All Country World ex-U.S. Index, 23%) during the period primarily due to trades directed by the managed risk model which detracted from returns. The Portfolio realized a higher amount of volatility versus its benchmark over the period. Equity and fixed income ETFs performed positively overall leading to positive returns for the Portfolio. International developed and emerging markets equity allocations posted materially positive returns during the period driving strong positive performance for the equity sleeve. The Portfolio also realized positive returns from cash and cash-like short treasury ETFs during the period.

**Adam Schenck, CFA** 

**Maria Schiopu, CFA** 

**Co-Portfolio Managers** 

**Milliman Financial Risk Management LLC** 

**Neill Nuttall** 

**Alexandra Wilson-Elizondo** 

**Wael Younan** 

**Siwen Wu** 

**Co-Portfolio Managers** 

**Goldman Sachs Asset Management, L.P.** 

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| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  U.S. Equity Funds | 51.5% |
|  International Equity Funds | 26.3 |
|  U.S. Fixed Income Funds | 21.5 |
|  Other Investment Company | 7.0 |
|  Repurchase Agreement | 0.7 |
|  Net Other Assets (Liabilities) | (7.0) |
|  **Total** | 100.0% |

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*Current and future portfolio holdings are subject to change and risk.* 

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**(unaudited)**![LOGO](g438566g75x97.jpg)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Initial Class | (14.32)% | 2.65% | 5.49% | 05/01/2008 |
|  MSCI U.S. Broad Market Index <sup>(A)</sup> | (19.23)% | 8.88% | 12.21% |  |
|  Transamerica Goldman Sachs Managed Risk - Growth ETF VP Blended Benchmark <sup>(A) (B) (C) (D)</sup> | (16.58)% | 5.24% | 7.78% |  |
|  Service Class | (14.52)% | 2.41% | 5.23% | 05/01/2008 |

---

<sup>(A)</sup> *The MSCI U.S. Broad Market Index represents the universe of companies in the U.S. equity market, including large, mid, small and micro cap companies.* 

<sup>(B)</sup> *The Transamerica Goldman Sachs Managed Risk – Growth ETF VP Blended Benchmark is composed of the following benchmarks: 52% MSCI U.S. Broad Market Index, 25% Bloomberg US Aggregate Bond Index and 23% MSCI All Country World Index ex-US.* 

<sup>(C)</sup> *The Bloomberg US Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities.* 

<sup>(D)</sup> *The MSCI All Country World Index ex-US captures large and mid-cap representation across developed and emerging markets countries, excluding the US.* 

The Portfolio's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Year or Since Inception calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or the redemption of Portfolio shares. The Portfolio's investment return and net asset value will fluctuate. Investors' shares when redeemed may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month end. Portfolio performance is net of investment fees and Portfolio expenses, but not product charges, which, if included, would significantly lower the performance quoted.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of previously waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Asset allocation, an investing strategy of dividing money among many types of investments, can help investors manage risk but cannot guarantee a profit or guard against loss.

ETFs generally present the same risks as an investment in a conventional fund that has the same investment objectives, strategies and policies. The market price of an ETF's shares may be above or below the shares' net asset value; and an active trading market for an ETF's share may not develop or be maintained.

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**DISCLOSURE OF EXPENSES** 

**(unaudited)** 

**SHAREHOLDER EXPENSES** 

Portfolio shareholders may incur two types of costs: (i) transaction costs, including brokerage commissions on purchases and sales of portfolio shares; and (ii) ongoing costs, including management fees, and other portfolio expenses.

The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other portfolios.

The example is based on an investment of $1,000 invested at July 1, 2022, and held for the entire six-month period until December 31, 2022.

**ACTUAL EXPENSES** 

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

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES** 

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Portfolio shares. Therefore, the information under the heading "Hypothetical Expenses" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different portfolios. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries, or other financial institutions.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Actual Expenses** | **Actual Expenses** | **Hypothetical Expenses <sup>(A)</sup>** | **Hypothetical Expenses <sup>(A)</sup>** | |
| <br>**Class** | <br>**Beginning<br>Account Value<br>July 1, 2022** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** | <br>**Net Annualized<br>Expense Ratio <sup>(C)</sup> <sup>(D)</sup>** |
|  Initial Class | $&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;1015.00 | $&nbsp;&nbsp;&nbsp;&nbsp;1.63 | $&nbsp;&nbsp;&nbsp;&nbsp;1023.60 | $&nbsp;&nbsp;&nbsp;&nbsp;1.63 | 0.32% |
|  Service Class | 1000.00 | 1014.00 | 2.89 | 1022.30 | 2.91 | 0.57 |

---

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

(B) *Expenses are calculated using the Portfolio's net annualized expense ratio, as disclosed in the table, multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (365 days).*

(C) *Net annualized expense ratios, as disclosed in the table, do not include the expenses of the underlying investments in which the Portfolio invests. The net annualized expense ratios, as stated in the fee table of the Portfolio's Prospectus, may differ from the expense ratios disclosed in this report.*

(D) *Net annualized expense ratios are reflective of applicable fee waivers and/or reimbursements and recapture, if any, and are based on the most recent six-months which may differ from the net expense ratio displayed in the Financial Highlights that covers a twelve-month period.*

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**SCHEDULE OF INVESTMENTS** 

**At December 31, 2022** 

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| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS - 99.3%** | **EXCHANGE-TRADED FUNDS - 99.3%** | **EXCHANGE-TRADED FUNDS - 99.3%** |
| **International Equity Funds - 26.3%** | **International Equity Funds - 26.3%** | **International Equity Funds - 26.3%** |
|  iShares Core MSCI EAFE ETF | 1826957 | $112613630 |
|  iShares Core MSCI Emerging Markets ETF | 2824070 | 131884069 |
|  iShares MSCI EAFE ETF | 1774156 | 116455600 |
|  iShares MSCI EAFE Small-Cap ETF <sup>(A)</sup> | 528028 | 29823021 |
|  Vanguard FTSE Developed Markets ETF <sup>(A)</sup> | 2665497 | 111870909 |
|  |  | 502647229 |
| **U.S. Equity Funds - 51.5%** | **U.S. Equity Funds - 51.5%** | **U.S. Equity Funds - 51.5%** |
|  iShares Core S&P 500 ETF | 813151 | 312420746 |
|  iShares Core S&P Mid-Cap ETF | 144673 | 34994952 |
|  iShares Russell 2000 ETF <sup>(A)</sup> | 601549 | 104886084 |
|  SPDR S&P 500 ETF Trust | 493378 | 188682548 |
|  Vanguard S&P 500 ETF | 969725 | 340703181 |
|  |  | 981687511 |
| **U.S. Fixed Income Funds - 21.5%** | **U.S. Fixed Income Funds - 21.5%** | **U.S. Fixed Income Funds - 21.5%** |
|  iShares Core U.S. Aggregate Bond ETF | 1526759 | 148080355 |
|  Vanguard Intermediate-Term Corporate Bond ETF <sup>(A)</sup> | 1480911 | 114785412 |
|  Vanguard Total Bond Market ETF | 2062160 | 148145574 |
|  |  | 411011341 |
|  **Total Exchange-Traded Funds <br>(Cost $1,958,801,975)** | **Total Exchange-Traded Funds <br>(Cost $1,958,801,975)** | 1895346081 |

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| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
|  **OTHER INVESTMENT COMPANY - 7.0%** | **OTHER INVESTMENT COMPANY - 7.0%** | **OTHER INVESTMENT COMPANY - 7.0%** |
| **Securities Lending Collateral - 7.0%** | **Securities Lending Collateral - 7.0%** | **Securities Lending Collateral - 7.0%** |
|  State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 4.29% <sup>(B)</sup> | 133455279 | $133455279 |
|  **Total Other Investment Company <br>(Cost $133,455,279)** | **Total Other Investment Company <br>(Cost $133,455,279)** | 133455279 |
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 0.7%** | **REPURCHASE AGREEMENT - 0.7%** | **REPURCHASE AGREEMENT - 0.7%** |
|  Fixed Income Clearing Corp., 1.80% <sup>(B)</sup>, dated 12/30/2022, to be repurchased at $13,610,043 on 01/03/2023. Collateralized by a U.S. Government Obligation, 4.77%, due 12/28/2023, and with a value of $13,879,554. | $13607322 | 13607322 |
|  **Total Repurchase Agreement <br>(Cost $13,607,322)** | **Total Repurchase Agreement <br>(Cost $13,607,322)** | 13607322 |
|  **Total Investments <br>(Cost $2,105,864,576)** | **Total Investments <br>(Cost $2,105,864,576)** | 2042408682 |
|  **Net Other Assets (Liabilities) - (7.0)%** | **Net Other Assets (Liabilities) - (7.0)%** | (134432149) |
|  **Net Assets - 100.0%** |  | **$1907976533** |

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**INVESTMENT VALUATION:** 

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**Valuation Inputs <sup>(C)</sup>** 

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Exchange-Traded Funds | $1895346081 | $— | $— | $1895346081 |
|  Other Investment Company | 133455279 |  |  | 133455279 |
|  Repurchase Agreement |  | 13607322 |  | 13607322 |
|  **Total Investments** | $**2028801360** | $**13607322** | $**—** | $**2042408682** |

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**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *All or a portion of the securities are on loan. The total value of all securities on loan is $139,090,542, collateralized by cash collateral of $133,455,279 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $8,610,928. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.* 

(B) *Rates disclosed reflect the yields at December 31, 2022.* 

(C) *There were no transfers in or out of Level 3 during the year ended December 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

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

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**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

**FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):** 

*Activity of affiliated investments no longer held as the Transamerica ETF Trust was liquidated April 12, 2022.* 

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Investments** | **Value<br>December 31,<br>2021** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Value<br>December 31,<br>2022** | **Shares as of<br>December 31,<br>2022** | **Dividend<br>Income** | **Net Capital<br>Gain<br>Distributions** |
|  DeltaShares<sup>®</sup> S&P 400 Managed Risk ETF | $37297364 | $— | $(34856581) | $4458188 | $(6898971) | $— |  | $73418 | $— |
|  DeltaShares<sup>®</sup> S&P 500 Managed Risk ETF | 161815863 |  | (150146963) | 49134911 | (60803811) |  |  | 365077 |  |
|  DeltaShares<sup>®</sup> S&P 600 Managed Risk ETF | 15207619 |  | (14345977) | 1420422 | (2282064) |  |  | 50728 |  |
|  DeltaShares<sup>®</sup> S&P EM 100 & Managed Risk ETF | 17275148 |  | (15529710) | (1072528) | (672910) |  |  | 49307 |  |
|  DeltaShares<sup>®</sup> S&P International Managed Risk ETF | 65827998 |  | (59383350) | (3121410) | (3323238) |  |  | 303317 |  |
| **Total** | $**297423992** | $**—** | $**(274262581)** | $**50819583** | $**(73980994)** | $**—** |  | $**841847** | $**—** |

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

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**STATEMENT OF ASSETS AND LIABILITIES** 

**At December 31, 2022** 

---

| | |
|:---|:---|
|  **Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments, at value (cost $2,092,257,254) <br>(including securities loaned of $139,090,542) | $2028801360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreement, at value (cost $13,607,322) | 13607322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables and other assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 46788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest sold | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from unaffiliated investments | 878904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 1361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 8130 |
|  Total assets | 2043344024 |
|  **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral received upon return of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities on loan | 133455279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables and other liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest redeemed | 852970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 501590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 412563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 2269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 18137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 21197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 10788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 11471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 62105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 19122 |
|  Total liabilities | 135367491 |
|  **Net assets** | $1907976533 |
|  **Net assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital stock ($0.01 par value) | $2081086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 1907960207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) | (2064760) |
|  **Net assets** | $&nbsp;&nbsp;&nbsp;&nbsp;1907976533 |
|  **Net assets by class:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | $3886418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 1904090115 |
|  **Shares outstanding:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 415520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 207693057 |
|  **Net asset value and offering price per share:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | $9.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 9.17 |

---

**STATEMENT OF OPERATIONS** 

**For the year ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income from affiliated investments | $841847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income from unaffiliated investments | 38042296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income from unaffiliated investments | 432851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 282178 |
|  Total investment income | 39599172 |
|  **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 6395001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 5268993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 22027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 89054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 55272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 38555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 117638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 46064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 104785 |
|  Total expenses before waiver and/or reimbursement and recapture | 12137389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses waived and/or reimbursed: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (4157) |
|  Net expenses | 12133224 |
|  **Net investment income (loss)** | 27465948 |
|  **Net realized gain (loss) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | 50819583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments | (8388080) |
|  Net realized gain (loss) | 42431503 |
|  **Net change in unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | (73980994) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments | (357040026) |
|  Net change in unrealized appreciation (depreciation) | (431021020) |
|  Net realized and change in unrealized gain (loss) | (388589517) |
|  **Net increase (decrease) in net assets resulting from operations** | $(361123569) |

---

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 7** 

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**Transamerica Goldman Sachs Managed Risk – Growth ETF VP** 

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**STATEMENT OF CHANGES IN NET ASSETS** 

**For the years ended:** 

---

| | | |
|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2021** |
|  **From operations:** | **From operations:** | **From operations:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $27465948 | $29332590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 42431503 | 125725169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (431021020) | 186503159 |
|  Net increase (decrease) in net assets resulting from operations | (361123569) | 341560918 |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (303543) | (256990) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (152060323) | (145737347) |
|  Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (152363866) | (145994337) |
|  **Capital share transactions:** | **Capital share transactions:** | **Capital share transactions:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 254566 | 357071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 37721445 | 7318914 |
|  | 37976011 | 7675985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 303543 | 256990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 152060323 | 145737347 |
|  | 152363866 | 145994337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (410546) | (355741) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (320593453) | (407399563) |
|  | (321003999) | (407755304) |
|  Net increase (decrease) in net assets resulting from capital share transactions | (130664122) | (254084982) |
|  **Net increase (decrease) in net assets** | (644151557) | (58518401) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 2552128090 | 2610646491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $&nbsp;&nbsp;&nbsp;&nbsp;1907976533 | $&nbsp;&nbsp;&nbsp;&nbsp;2552128090 |
|  **Capital share transactions - shares:** | **Capital share transactions - shares:** | **Capital share transactions - shares:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 24623 | 30828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 3700655 | 643077 |
|  | 3725278 | 673905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 31751 | 22308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 16211122 | 12885707 |
|  | 16242873 | 12908015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (39534) | (30555) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (32088717) | (35840928) |
|  | (32128251) | (35871483) |
|  Net increase (decrease) in shares outstanding: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 16840 | 22581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (12176940) | (22312144) |
|  | (12160100) | (22289563) |

---

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 8** 

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##### [**Table of Contents**](#toc)
**Transamerica Goldman Sachs Managed Risk – Growth ETF VP** 

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**FINANCIAL HIGHLIGHTS** 

**For a share outstanding during the years indicated:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $11.81 | $10.96 | $11.04 | $10.33 | $11.31 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(A)</sup> | 0.16 | 0.16 | 0.12 | 0.23 | 0.21 |
|  Net realized and unrealized gain (loss) | (1.83) | 1.38 | 0.34 | 1.70 | (0.98) |
|  Total investment operations | (1.67) | 1.54 | 0.46 | 1.93 | (0.77) |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income | (0.18) | (0.13) | (0.25) | (0.23) | (0.21) |
|  Net realized gains | (0.61) | (0.56) | (0.29) | (0.99) |  |
|  Total dividends and/or distributions to shareholders | (0.79) | (0.69) | (0.54) | (1.22) | (0.21) |
|  **Net asset value, end of year** | $9.35 | $11.81 | $10.96 | $11.04 | $10.33 |
|  **Total return** | (14.32)% | 14.25% | 4.52% | 19.74% | (6.99)% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;3886 | $&nbsp;&nbsp;&nbsp;&nbsp;4709 | $&nbsp;&nbsp;&nbsp;&nbsp;4122 | $&nbsp;&nbsp;&nbsp;&nbsp;4658 | $&nbsp;&nbsp;&nbsp;&nbsp;3756 |
|  Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.33% | 0.32% | 0.32% | 0.32% | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture <sup>(C)</sup> | 0.33% | 0.32% | 0.32% | 0.32% | 0.32% |
|  Net investment income (loss) to average net assets | 1.58% | 1.41% | 1.15% | 2.15% | 1.83% |
|  Portfolio turnover rate | 197% | 29% | 201% | 59% | 85% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Does not include expenses of the underlying investments in which the Portfolio invests.* 

(C) *Waiver and/or reimbursement rounds to less than 0.01%.* 

**For a share outstanding during the years indicated:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $11.59 | $10.76 | $10.85 | $10.17 | $11.13 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(A)</sup> | 0.13 | 0.13 | 0.09 | 0.20 | 0.17 |
|  Net realized and unrealized gain (loss) | (1.79) | 1.36 | 0.33 | 1.67 | (0.95) |
|  Total investment operations | (1.66) | 1.49 | 0.42 | 1.87 | (0.78) |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income | (0.15) | (0.10) | (0.22) | (0.20) | (0.18) |
|  Net realized gains | (0.61) | (0.56) | (0.29) | (0.99) |  |
|  Total dividends and/or distributions to shareholders | (0.76) | (0.66) | (0.51) | (1.19) | (0.18) |
|  **Net asset value, end of year** | $9.17 | $11.59 | $10.76 | $10.85 | $10.17 |
|  **Total return** | (14.52)% | 14.05% | 4.22% | 19.41% | (7.16)% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;1904091 | $&nbsp;&nbsp;&nbsp;&nbsp;2547419 | $&nbsp;&nbsp;&nbsp;&nbsp;2606524 | $&nbsp;&nbsp;&nbsp;&nbsp;2845470 | $&nbsp;&nbsp;&nbsp;&nbsp;2726559 |
|  Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.58% | 0.57% | 0.57% | 0.57% | 0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture <sup>(C)</sup> | 0.58% | 0.57% | 0.57% | 0.57% | 0.57% |
|  Net investment income (loss) to average net assets | 1.30% | 1.12% | 0.90% | 1.86% | 1.56% |
|  Portfolio turnover rate | 197% | 29% | 201% | 59% | 85% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Does not include expenses of the underlying investments in which the Portfolio invests.* 

(C) *Waiver and/or reimbursement rounds to less than 0.01%.* 

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

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|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 9** 

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##### [**Table of Contents**](#toc)
**Transamerica Goldman Sachs Managed Risk – Growth ETF VP** 

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**NOTES TO FINANCIAL STATEMENTS** 

**At December 31, 2022** 

**1. ORGANIZATION** 

Transamerica Series Trust ("TST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). TST applies investment company accounting and reporting guidance. TST serves as a funding vehicle for variable life insurance, variable annuity, and group annuity products. Transamerica Goldman Sachs Managed Risk—Growth ETF VP (formerly, Transamerica Managed Risk—Growth ETF VP) (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers two classes of shares, Initial Class and Service Class.

The only shareholders of the Portfolio are affiliated insurance company separate accounts and affiliated asset allocation portfolios. Contract holders of the variable life and annuity contracts are not shareholders of the Portfolio. For ease of reference, shareholders and contract holders are collectively referred to in this report as "shareholders."

This report must be accompanied or preceded by the Portfolio's current prospectus, which contains additional information about the Portfolio, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Portfolio pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Portfolio. TAM supervises the Portfolio's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Portfolio.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of a Portfolio without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Portfolio and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Portfolio employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending portfolio combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Portfolio's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Portfolio; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for a Portfolio; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Portfolio's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; oversight of other service providers to the Portfolio, such as the custodian, the transfer agent, the Portfolio's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Portfolio; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Portfolio, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Portfolio. The Portfolio pays certain fees and expenses to State Street for sub-administration services which are not administrative

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|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 10** 

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##### [**Table of Contents**](#toc)
**Transamerica Goldman Sachs Managed Risk – Growth ETF VP** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**1. ORGANIZATION (continued)** 

services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the year ended December 31, 2022, (i) the expenses paid to State Street for sub-administration services by the Portfolio are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Portfolio are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES** 

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

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Interest income, if any, is accrued as earned. Dividend income and capital gain distributions from underlying investments, if any, are recorded on the ex-dividend date. Income or short-term capital gain distributions received from underlying investments, if any, are recorded as Dividend income from investments within the Statement of Operations. Long-term capital gain distributions received from underlying investments, if any, are recorded as Net realized gain (loss) on Capital gain distributions received from investments within the Statement of Operations.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

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

**3. INVESTMENT VALUATION** 

Effective September 8, 2022, TAM has been designated as the Portfolio's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Portfolio's Board of Trustees. The net asset value of the Portfolio is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

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

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

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

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Portfolio's investments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Portfolio's investments at December 31, 2022, is disclosed within the Investment Valuation section of the Schedule of Investments.

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|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 11** 

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**Transamerica Goldman Sachs Managed Risk – Growth ETF VP** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**3. INVESTMENT VALUATION (continued)** 

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

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

*Exchange-traded funds ("ETF"):* ETFs are stated at the last reported sale price or closing price on the day of valuation taken from the primary exchange where the ETF is principally traded. ETFs are generally categorized in Level 1 of the fair value hierarchy.

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

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

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

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

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the year ended December 31, 2022, the Portfolio has not utilized the program.

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

Repurchase agreements are subject to netting agreements, which are agreements between the Portfolio and its counterparties that provide for the net settlement of all transactions and collateral with the Portfolio, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at December 31, 2022.

Repurchase agreements at December 31, 2022, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**Securities lending:** The Portfolio may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Portfolio pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)** 

the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Portfolio to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Portfolio may experience delays in recovery of the loaned securities or delays in access to collateral, or the Portfolio may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government and irrevocable letters of credit issued by banks as collateral. The initial collateral received by the Portfolio is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower.

The Portfolio receives compensation for lending securities from interest or dividends earned on the cash, U.S. Government securities and irrevocable letters of credit held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust—Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at December 31, 2022, if any, are shown on a gross basis within the Schedule of Investments.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of December 31, 2022.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
| | **Overnight and<br>Continuous** | **Less Than<br>30 Days** | **Between<br>30 & 90 Days** | **Greater Than<br>90 Days** | **Total** |
|  Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-Traded Funds | $133455279 | $— | $— | $— | $133455279 |
|  **Total Borrowings** | $**133455279** | $**—** | $**—** | $**—** | $**133455279** |

---

**5. RISK FACTORS** 

Investing in the Portfolio involves certain key risks related to the Portfolio's trading activity. Please reference the Portfolio's prospectus for a more complete discussion of the following risk(s), as well as other risks of investing in the Portfolio.

**Market risk:** The market prices of the Portfolio's securities and other assets may go up or down, sometimes sharply and unpredictably, due to general market conditions, overall economic trends or events, inflation, changes in interest rates, government actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by wars, tariffs, trade disputes or other factors, political developments, investor sentiment, the global and domestic effects of a pandemic or other health emergency, and other factors that may or may not be related to the issuer of the security or other asset. The market prices of securities and other assets also may go down due to events or conditions that affect particular sectors, industries, issuers, or geographies. Adverse market conditions may be prolonged and may not have the same impact on all types of securities or other assets. If the value of the Portfolio's securities and assets fall, the value of your investment will go down. The Portfolio may experience a substantial or complete loss on any individual security or asset.

Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, the imposition of economic sanctions, public health events (such as the spread of infectious disease), wars, terrorism, cybersecurity events, technology and data interruptions, natural disasters, and other circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. In the past decade, financial markets throughout the world have experienced increased volatility and decreased liquidity. These conditions may continue or worsen. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down. Securities markets may also be susceptible to market manipulation or other fraudulent trade practices, which could disrupt the orderly functioning of these markets or adversely affect the value of securities traded in these markets, including the Portfolio's securities.

The pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in economic downturns throughout the world, severe losses, particularly to some sectors of the economy and individual issuers, and reduced liquidity of many instruments. There also have been significant disruptions to business operations, including business closures; strained healthcare systems;

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**5. RISK FACTORS (continued)** 

disruptions to supply chains and employee availability; large fluctuations in consumer demand; and widespread uncertainty regarding the duration and long-term effects of the pandemic. Economic downturns may be prolonged, and political and social instability, continued volatility and decreased liquidity in the securities markets may result. Developing or emerging market countries may be more impacted by the pandemic.

The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic. These and other government intervention into the economy and financial markets may not work as intended. In addition, government actions to mitigate the economic impact of the pandemic have resulted in large expansion of government deficits and debt, the long-term consequences of which are not known. Rates of inflation have recently risen, which could adversely affect economies and markets. The pandemic could continue to adversely affect the value and liquidity of the Portfolio's investments.

*Europe:* A number of countries in Europe have experienced severe economic and financial difficulties; and financial markets in Europe and elsewhere have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen or spread within or outside Europe. Responses to the financial problems by European governments, central banks and others may not work, may result in conflicts and social unrest and may limit future growth and economic recovery or have other unintended consequences. In January, 2020, through "Brexit," the United Kingdom withdrew from the European Union. The ramifications of Brexit are unknown, and the implications of possible political, regulatory, economic, and market outcomes could be significant. The United Kingdom has one of the largest economies in Europe and is a major trading partner with European Union countries and the United States. Brexit may create additional and substantial economic stresses for the United Kingdom, including a contraction of the United Kingdom's economy, decreased trade, capital outflows, devaluation of the British pound, and a decrease in business and consumer spending and investment. The negative impact on not only the United Kingdom and European Union economies but also the broader global economy could be significant. A number of countries in Europe have suffered terror attacks, and additional attacks may occur in the future. Europe has also been struggling with mass migration from the Middle East, Eastern Europe and Africa. The ultimate effects of these events and other socio-political or geopolitical issues could profoundly affect global economies and markets. Whether or not the Portfolio invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

*Additional Market Disruption:* Russia's invasion of Ukraine in February, 2022, the resulting responses by the United States and other countries, and the potential for wider conflict, have increased and may continue to increase volatility and uncertainty in financial markets worldwide. The United States and other countries have imposed broad-ranging economic sanctions on Russia and Russian entities and individuals, and may impose additional sanctions, including on other countries that provide military or economic support to Russia. These sanctions, among other things, restrict companies from doing business with Russia and Russian issuers, and may adversely affect companies with economic or financial exposure to Russia and Russian issuers. The extent and duration of Russia's military actions and the repercussions of such actions are not known. The invasion may widen beyond Ukraine and may escalate, including through retaliatory actions and cyberattacks by Russia and even other countries. These events may result in further and significant market disruptions and may adversely affect regional and global economies including those of Europe and the United States. Certain industries and markets, such as those involving oil, natural gas and other commodities, as well as global supply chains, may be particularly adversely affected. Whether or not the Portfolio invests in securities of issuers located in Russia, Ukraine and adjacent countries or with significant exposure to issuers in these countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

**Managed risk strategy risk:** The Portfolio employs a managed risk strategy. The strategy attempts to stabilize the volatility of the Portfolio around a target volatility level and manage downside exposure during periods of significant market declines but may not work as intended. Because market conditions change, sometimes rapidly and unpredictably, the success of the strategy also will be subject to the sub-adviser's ability to implement the strategy in a timely and efficient manner. The strategy may result in periods of underperformance and may fail to protect against market declines. The strategy may limit the Portfolio's ability to participate in up markets, may cause the Portfolio to underperform its benchmark in up markets, may increase transaction costs at the Portfolio and/or underlying ETF level and may result in substantial losses if it does not work as intended. For example, if the Portfolio has reduced its equity exposure to avoid losses in certain market conditions, and the market rises sharply and quickly, there may be a delay in increasing the Portfolio's equity exposure, causing the Portfolio to forgo gains from the market rebound. Managing the Portfolio pursuant to the strategy may result in the Portfolio not achieving its stated asset mix goal due to unforeseen or unanticipated market conditions. The strategy also serves to reduce the risk to the Transamerica insurance companies that provide guaranteed benefits under certain variable contracts from equity market volatility and to facilitate their provision of those guaranteed benefits. The strategy also may have the effect of limiting the amount of guaranteed benefits. The Portfolio's performance may be lower than similar portfolios that are not subject to a managed risk strategy.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**5. RISK FACTORS (continued)** 

**Model and data risk:** If quantitative models, algorithms or calculations (whether proprietary and developed by the sub-adviser or supplied by third parties) ("Models") or information or data supplied by third parties ("Data") prove to be incorrect or incomplete, any decisions made, in whole or part, in reliance thereon expose the Portfolio to additional risks. Models can be predictive in nature. The use of predictive Models has inherent risks. The success of relying on or otherwise using Models depends on a number of factors, including the validity, accuracy and completeness of the Model's development, implementation and maintenance, the Model's assumptions, factors, algorithms and methodologies, and the accuracy and reliability of the supplied historical or other Data. Models rely on, among other things, correct and complete Data inputs. If incorrect Data is entered into even a well-founded Model, the resulting information will be incorrect. However, even if Data is input correctly, Model prices may differ substantially from market prices, especially for securities with complex characteristics. Investments selected with the use of Models may perform differently than expected as a result of the design of the Model, inputs into the Model or other factors. There also can be no assurance that the use of Models will result in effective investment decisions for the Portfolio.

**6. FEES AND OTHER AFFILIATED TRANSACTIONS** 

TST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Transamerica Life Insurance Company ("TLIC"), and Transamerica Financial Life Insurance Company.

TAM, the Portfolio's investment manager, is directly owned by TLIC and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon NV. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon NV, a Netherlands corporation, and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Portfolio's transfer agent. Transamerica Capital, Inc. ("TCI") is the Portfolio's distributor/principal underwriter. TAM, TFS, and TCI are affiliates of Aegon NV.

Certain officers and trustees of the Portfolio are also officers and/or trustees of TAM, TFS and TCI. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Portfolio. The Portfolio does pay non-interested persons (independent trustees), as disclosed in Trustee, CCO and deferred compensation fees within the Statement of Operations.

**Investment management fees**: TAM serves as the Portfolio's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Portfolio pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Portfolio pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
|  Effective November 1, 2022 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First $50 million | 0.3400% |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $50 million up to $250 million | 0.3200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $250 million up to $5 billion | 0.3000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $5 billion up to $7 billion | 0.2900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $7 billion up to $9 billion | 0.2875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $9 billion | 0.2800 |
|  Prior to November 1, 2022 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First $50 million <sup>(A)</sup> | 0.3400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $50 million up to $250 million | 0.3200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $250 million | 0.3000 |

---

(A) *TAM has agreed to voluntarily waive 0.01% of its management fee on the first $50 million in assets.* 

TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses, reorganization expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

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| | | |
|:---|:---|:---|
| | **Operating<br>Expense Limit** | **Operating<br>Expense Limit<br>Effective Through** |
|  Initial Class | 0.37% | May 1, 2023 |
|  Service Class | 0.62 | May 1, 2023 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended December 31, 2022 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Portfolio, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

As of December 31, 2022, there are no amounts available for recapture by TAM.

**Distribution and service fees:** TST has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, TST entered into a distribution agreement with TCI as the Portfolio's distributor.

The Distribution Plan requires the Portfolio to pay distribution fees to TCI as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCI, on behalf of the Portfolio, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Portfolio's shares.

The fee on the Service Class shares is paid to the insurance companies for providing services and account maintenance for the policyholders who invest in the variable insurance products which invest in the Service Class shares. TCI has determined that it will not seek payment for the distribution expenses incurred by the Portfolio with respect to the Initial Class shares before May 1, 2023. Prior to TCI seeking distribution expenses on Initial Class shares, policy and contract owners will be notified in advance. The Portfolio will pay fees relating to Service Class shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Portfolio is authorized under the Distribution Plan to pay fees to TCI based on daily average net assets of each class up to the following annual rates:

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| | |
|:---|:---|
| **Class** | **Rate** |
|  Initial Class | 0.15% |
|  Service Class | 0.25 |

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**Transfer agent costs:** TFS provides transfer agency services under an intercompany agreement with TAM. TFS has outsourced the provision of certain sub-transfer agency services to SS&C Technology Holdings, Inc ("SS&C"). The Portfolio does not pay a separate transfer agent fee to TAM or TFS but does pay certain expenses to SS&C related to applicable sub-transfer agency services. For the year ended December 31, 2022, (i) the expenses paid to SS&C by the Portfolio are referred to as Transfer agent costs and are included within the Statement of Operations and (ii) the expenses payable to SS&C by the Portfolio are referred to as Transfer agent costs within the Statement of Assets and Liabilities.

**Deferred compensation plan:** Effective September 23, 2021, the Board has approved the termination of the deferred compensation plan. Payments will be made to applicable current and former Board members consistent with Section 409A of the Code. Under a non-qualified deferred compensation plan effective January 1, 1996, as amended and restated January 1, 2010, available to the trustees, compensation may be deferred that would otherwise be payable by TST to an independent trustee on a current basis for services rendered as trustee. Deferred compensation amounts will accumulate based on the value of the investment option, as elected by the trustee. Balances pursuant to deferred compensation plan are recorded in Trustees, Chief Compliance Officer ("CCO") and deferred compensation fees within the Statement of Assets and Liabilities. For the year ended December 31, 2022, amounts included in Trustees, CCO and deferred compensation fees within the Statement of Operations reflect total compensation paid to the independent Board members.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

**Brokerage commissions:** The Portfolio incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the year ended December 31, 2022.

**7. PURCHASES AND SALES OF SECURITIES** 

For the year ended December 31, 2022, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

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| | |
|:---|:---|
| **Purchases of Securities** | **Sales of Securities** |
| $4186438347 | $4423030049 |

---

**8. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS** 

The Portfolio has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Portfolio recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Portfolio's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Portfolio's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Portfolio's financial statements. If applicable, the Portfolio recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Portfolio identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Portfolio makes significant investments; however, the Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales and organizational expenses. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. There are no reclassifications in the current year.

As of December 31, 2022, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

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| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross<br>Appreciation** | **Gross<br>(Depreciation)** | **Net Appreciation<br>(Depreciation)** |
| $2122081193 | $11566029 | $(91238540) | $(79672511) |

---

As of December 31, 2022, the Portfolio had no capital loss carryforwards available to offset future realized capital gains. During the year ended December 31, 2022, the Portfolio did not have any capital loss carryforwards utilized or expired.

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2022 and 2021 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** |
| **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of Capital** | **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of Capital** |
| $119170212 | $33193654 | $— | $50670211 | $95324126 | $— |

---

As of December 31, 2022, the tax basis components of distributable earnings are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Capital Loss<br>Carryforwards** | **Late Year<br>Ordinary Loss<br>Deferred** | **Other<br>Temporary<br>Differences** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| $27413772 | $50194276 | $— | $— | $(297) | $(79672511) |

---

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**Report of Independent Registered Public Accounting Firm** 

*To the Shareholders and the Board of Trustees of Transamerica Goldman Sachs Managed Risk — Growth ETF VP* 

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities of Transamerica Goldman Sachs Managed Risk — Growth ETF VP (formerly, Transamerica Managed Risk — Growth ETF VP) (the "Portfolio") (one of the portfolios constituting Transamerica Series Trust (the "Trust")), including the schedule of investments, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the portfolios constituting Transamerica Series Trust) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion** 

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g438566ernst_young.jpg)

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

February 27, 2023

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**Transamerica Goldman Sachs Managed Risk – Growth ETF VP** 

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**SUPPLEMENTAL TAX INFORMATION** 

**(unaudited)** 

For tax purposes, the Portfolio has made a long-term capital gain designation of $33,193,654 for the year ended December 31, 2022.

The amounts which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the U.S. are as follows:

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|:---|:---|
| **Foreign Source Income** | **Foreign Taxes** |
| $8877954 | $740880 |

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**Transamerica International Focus VP** 

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**(unaudited)** 

**MARKET ENVIRONMENT** 

For the fiscal year ended December 31, 2022, international equity markets witnessed a very volatile year. The market sold off in the first nine months before staging a recovery in the fourth quarter. Despite the late rebound, the MSCI EAFE Index still lost 14.01% for the year. Markets were spooked by the outbreak of the Russia-Ukraine war at the end of February, which caused the first downturn. In subsequent months, entrenched higher inflation caused developed market central banks to raise interest rates aggressively. Equity markets fell precipitously in response to heightened recession risks and equity valuation compression. In the fourth quarter, the market became more comfortable with peak inflation and interest rates, as well as the abrupt China re-opening from COVID-19 restrictions. We also witnessed a rotation from growth to value stocks.

All regions fell, with the U.K. outperforming on a relative basis. Developed Europe ex-U.K. fared the worst as the Russia-Ukraine war had the biggest negative impact on the European economy due to weakened domestic demand and higher energy prices. Japan also underperformed because of the weaker yen. All sectors fell except for energy. Expensive sectors, such as information technology, performed the worst as higher-growth stocks suffered the most from multiple deratings.

While the market was more comfortable with inflation trending down, investors remained concerned with slowing corporate profit growth. Uncertainty also remained over the magnitude and duration of a potential global recession. As of period end, the Portfolio was balanced with defensive growth characteristics in consumer-exposed sectors and an overweight in cyclical growth sectors.

**PERFORMANCE** 

For the year ended December 31, 2022, Transamerica International Focus VP, Initial Class returned -20.04%. By comparison, its benchmark, the MSCI EAFE Index, returned -14.01%.

**STRATEGY REVIEW** 

We seek to add value by identifying companies that have demonstrated superior earnings growth, positive business momentum and sustainable profitability while ensuring we do not overpay for these growth characteristics. The value-led market environment was a major headwind for the Portfolio, which underperformed its benchmark, the MSCI EAFE Index, for the fiscal year ended December 31, 2022.

From a regional perspective, Japan detracted most as many of the Portfolio's holdings underperformed, including Tokyo Electron, Lasertec, Taiyo Yuden, Food and Life Companies Ltd., Nidec Corp and Open House. Developed Pacific ex-Japan contributed to performance, led by DBS Group Holdings, a Singaporean bank. DBS continued to execute well with growth and margin expansion across its franchise and solid management of credit risks. The stock also offered an attractive and well-covered dividend. We took profits to risk-manage the position.

Among sectors, holdings in information technology and health care detracted most. Semiconductor company Tokyo Electron Ltd. was the biggest detractor in technology, as the company experienced weakness in demand from China. Despite reporting better-than-expected results in its most recent quarter, the company lowered its full-year guidance. As of period end, we continued to hold the stock on our belief that sentiment had bottomed out. In health care, clinical research company ICON PLC underperformed as the company faced several headwinds including weakness in the biotechnology market, impact from the Russia-Ukraine war, COVID-19 work rolling off, and its floating-rate debt and currency exposures. However, we believe these factors were reflected in the company's attractive valuation as of period end. Energy and consumer discretionary led contributors. An overweight allocation in energy and holdings, such as Equinor ASA and TotalEnergies SE, were positive contributors. In consumer discretionary, Pan Pacific International Holdings Corp., LVMH Moet Hennessy Louis Vuitton SE and Haseko aided performance.

Among individual holdings, building materials company Kingspan Group PLC was the top detractor. While building efficiency continued to be an attractive market, the company's heavy exposure to European/U.K. building activity was a headwind. We trimmed our position to lessen exposure. Tokyo Electron Ltd. also underperformed as discussed above. Lasertec Corp., Taiyo Yuden Co. Ltd. and ICON PLC were also significant detractors. Equinor ASA, a Norwegian oil and gas company, was the top individual contributor. The company has the most leverage to European oil and gas of the major oil and gas producers and continued to benefit from high commodity prices. Equinor ASA chose to return most of its higher profit to shareholders via higher buybacks and distributions. TotalEnergies SE, another energy holding, also benefited from the strong commodity environment. Rio Tinto PLC, ADR, Pan Pacific International Holdings Corp. and DBS Group Holdings Ltd. rounded out the remaining top five contributors.

**Michael E. Brown, CFA** 

**Alfred Li, CFA** 

**Jeff Tiefenbach, CFA** 

**Co-Portfolio Managers** 

**Epoch Investment Partners, Inc.** 

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**Page 1** 

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**(unaudited)** 

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| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  Common Stocks | 97.3% |
|  Other Investment Company | 13.0 |
|  Repurchase Agreement | 0.7 |
|  Net Other Assets (Liabilities) | (11.0) |
|  **Total** | 100.0% |

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*Current and future portfolio holdings are subject to change and risk.* 

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**(unaudited)**![LOGO](g438566g73e19.jpg)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** |
| | **1 Year** | **5 year** | **10 year or<br>Since Inception** | **Inception Date** |
|  Initial Class | (20.04)% | 2.39% | 4.85% | 01/02/1997 |
|  MSCI EAFE Index <sup>(A)</sup> | (14.01)% | 2.03% | 5.16% |  |
|  Service Class | (20.29)% | 2.14% | 4.59% | 05/01/2003 |

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*<sup>(A)</sup> The MSCI EAFE Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada.* 

The Portfolio's benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Year or Since Inception calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or the redemption of Portfolio shares. The Portfolio's investment return and net asset value will fluctuate. Investors' shares when redeemed may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month end. Portfolio performance is net of investment fees and Portfolio expenses, but not product charges, which, if included, would significantly lower the performance quoted.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of previously waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Investing internationally, globally, or in emerging markets exposes investors to additional risks and expenses such as changes in currency rates, foreign taxation, differences in auditing and other financial standards not associated with investing domestically.

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**DISCLOSURE OF EXPENSES** 

**(unaudited)** 

**SHAREHOLDER EXPENSES** 

Portfolio shareholders may incur two types of costs: (i) transaction costs, including brokerage commissions on purchases and sales of portfolio shares; and (ii) ongoing costs, including management fees, and other portfolio expenses.

The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other portfolios.

The example is based on an investment of $1,000 invested at July 1, 2022, and held for the entire six-month period until December 31, 2022.

**ACTUAL EXPENSES** 

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

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES** 

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Portfolio shares. Therefore, the information under the heading "Hypothetical Expenses" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different portfolios. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries, or other financial institutions.

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|:---|:---|:---|:---|:---|:---|:---|
| | | **Actual Expenses** | **Actual Expenses** | **Hypothetical Expenses <sup>(A)</sup>** | **Hypothetical Expenses <sup>(A)</sup>** | |
| <br>**Class** |<br>**Beginning<br>Account Value<br>July 1, 2022** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** |<br>**Net Annualized<br>Expense Ratio <sup>(C)</sup>** |
|  Initial Class | $&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;1059.20 | $&nbsp;&nbsp;&nbsp;&nbsp;4.20 | $&nbsp;&nbsp;&nbsp;&nbsp;1021.10 | $&nbsp;&nbsp;&nbsp;&nbsp;4.13 | 0.81% |
|  Service Class | 1000.00 | 1057.10 | 5.50 | 1019.90 | 5.40 | 1.06 |

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

(B) *Expenses are calculated using the Portfolio's net annualized expense ratio, as disclosed in the table, multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (365 days).*

(C) *Net annualized expense ratios are reflective of applicable fee waivers and/or reimbursements and recapture, if any, and are based on the most recent six-months which may differ from the net expense ratio displayed in the Financial Highlights that covers a twelve-month period.*

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**SCHEDULE OF INVESTMENTS** 

**At December 31, 2022** 

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|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS - 97.3%** | **COMMON STOCKS - 97.3%** | **COMMON STOCKS - 97.3%** |
| **Australia - 4.6%** | **Australia - 4.6%** | **Australia - 4.6%** |
|  Computershare Ltd. | 439800 | $7845273 |
|  National Australia Bank Ltd. | 430096 | 8802497 |
|  |  | 16647770 |
| **Austria - 1.2%** | **Austria - 1.2%** | **Austria - 1.2%** |
|  Erste Group Bank AG | 131816 | 4218961 |
| **China - 6.4%** | **China - 6.4%** | **China - 6.4%** |
|  Airtac International Group | 160602 | 4864748 |
|  ANTA Sports Products Ltd. | 429600 | 5630435 |
|  Ganfeng Lithium Group Co. Ltd., H Shares <sup>(A) (B)</sup> | 662800 | 4950546 |
|  Zijin Mining Group Co. Ltd., H Shares | 5564000 | 7541797 |
|  |  | 22987526 |
| **Denmark - 2.8%** | **Denmark - 2.8%** | **Denmark - 2.8%** |
|  Novo Nordisk AS, Class B | 76472 | 10325724 |
| **Finland - 2.0%** | **Finland - 2.0%** | **Finland - 2.0%** |
|  Neste OYJ | 154031 | 7093241 |
| **France - 12.3%** | **France - 12.3%** | **France - 12.3%** |
|  LVMH Moet Hennessy Louis Vuitton SE | 10854 | 7899526 |
|  Sanofi | 127300 | 12242337 |
|  TotalEnergies SE <sup>(B)</sup> | 218146 | 13695612 |
|  Vinci SA | 107010 | 10686258 |
|  |  | 44523733 |
| **Germany - 4.3%** | **Germany - 4.3%** | **Germany - 4.3%** |
|  Bayerische Motoren Werke AG | 98334 | 8776711 |
|  Merck KGaA | 35770 | 6926657 |
|  |  | 15703368 |
| **Ireland - 5.3%** | **Ireland - 5.3%** | **Ireland - 5.3%** |
|  ICON PLC <sup>(C)</sup> | 35526 | 6900925 |
|  Kingspan Group PLC <sup>(B)</sup> | 110106 | 5961506 |
|  Smurfit Kappa Group PLC | 167190 | 6185150 |
|  |  | 19047581 |
| **Israel - 3.8%** | **Israel - 3.8%** | **Israel - 3.8%** |
|  Bank Leumi Le-Israel BM | 788969 | 6571170 |
|  Nice Ltd., ADR <sup>(B) (C)</sup> | 36790 | 7074717 |
|  |  | 13645887 |
| **Italy - 0.9%** | **Italy - 0.9%** | **Italy - 0.9%** |
|  Interpump Group SpA <sup>(B)</sup> | 75015 | 3385438 |
| **Japan - 14.4%** | **Japan - 14.4%** | **Japan - 14.4%** |
|  Asahi Group Holdings Ltd. <sup>(B)</sup> | 117500 | 3687766 |
|  ITOCHU Corp. <sup>(B)</sup> | 422900 | 13359825 |
|  Lasertec Corp. | 30000 | 4970664 |
|  Open House Group Co. Ltd. | 148300 | 5446556 |
|  Pan Pacific International Holdings Corp. <sup>(B)</sup> | 543100 | 10151054 |
|  Taiyo Yuden Co. Ltd. | 208800 | 6093447 |
|  Tokyo Electron Ltd. | 27800 | 8235782 |
|  |  | 51945094 |
| **Netherlands - 2.9%** | **Netherlands - 2.9%** | **Netherlands - 2.9%** |
|  Wolters Kluwer NV <sup>(B)</sup> | 99079 | 10368334 |
| **Norway - 5.9%** | **Norway - 5.9%** | **Norway - 5.9%** |
|  DNB Bank ASA | 460507 | 9140289 |
|  Equinor ASA | 337949 | 12135642 |
|  |  | 21275931 |

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| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Republic of Korea - 1.3%** | **Republic of Korea - 1.3%** | **Republic of Korea - 1.3%** |
|  Samsung Electronics Co. Ltd. | 109244 | $4795073 |
| **Singapore - 2.8%** | **Singapore - 2.8%** | **Singapore - 2.8%** |
|  DBS Group Holdings Ltd. | 394900 | 10000753 |
| **Sweden - 2.5%** | **Sweden - 2.5%** | **Sweden - 2.5%** |
|  Epiroc AB, Class A | 102190 | 1859229 |
|  Epiroc AB, Class B | 449773 | 7226212 |
|  |  | 9085441 |
| **Switzerland - 5.7%** | **Switzerland - 5.7%** | **Switzerland - 5.7%** |
|  Lonza Group AG | 13375 | 6554061 |
|  Roche Holding AG | 28726 | 9024932 |
|  Swiss Life Holding AG | 9674 | 4988442 |
|  |  | 20567435 |
| **Taiwan - 3.2%** | **Taiwan - 3.2%** | **Taiwan - 3.2%** |
|  E Ink Holdings, Inc. | 839000 | 4394886 |
|  Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 95916 | 7144782 |
|  |  | 11539668 |
| **United Kingdom - 15.0%** | **United Kingdom - 15.0%** | **United Kingdom - 15.0%** |
|  Ashtead Group PLC | 76686 | 4375891 |
|  Beazley PLC | 527107 | 4330087 |
|  British American Tobacco PLC | 236352 | 9376485 |
|  Compass Group PLC | 330258 | 7655915 |
|  Diageo PLC | 214898 | 9482735 |
|  Legal & General Group PLC | 3156886 | 9522211 |
|  Rio Tinto PLC, ADR <sup>(B)</sup> | 131874 | 9389429 |
|  |  | 54132753 |
|  **Total Common Stocks <br>(Cost $328,229,782)** | **Total Common Stocks <br>(Cost $328,229,782)** | 351289711 |
| **OTHER INVESTMENT COMPANY - 13.0%** | **OTHER INVESTMENT COMPANY - 13.0%** | **OTHER INVESTMENT COMPANY - 13.0%** |
| **Securities Lending Collateral - 13.0%** | **Securities Lending Collateral - 13.0%** | **Securities Lending Collateral - 13.0%** |
|  State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 4.29% <sup>(D)</sup> | 46802135 | 46802135 |
|  **Total Other Investment Company <br>(Cost $46,802,135)** | **Total Other Investment Company <br>(Cost $46,802,135)** | 46802135 |
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 0.7%** | **REPURCHASE AGREEMENT - 0.7%** | **REPURCHASE AGREEMENT - 0.7%** |
|  Fixed Income Clearing Corp., 1.80% <sup>(D)</sup>, dated 12/30/2022, to be repurchased at $2,384,761 on 01/03/2023. Collateralized by a U.S. Government Obligation, 2.75%, due 02/15/2024, and with a value of $2,432,005. | $2384285 | 2384285 |
|  **Total Repurchase Agreement <br>(Cost $2,384,285)** | **Total Repurchase Agreement <br>(Cost $2,384,285)** | 2384285 |
|  **Total Investments <br>(Cost $377,416,202)** | **Total Investments <br>(Cost $377,416,202)** | 400476131 |
|  **Net Other Assets (Liabilities) - (11.0)%** |  | (39611716) |
|  **Net Assets - 100.0%** |  | **$360864415** |

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

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**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

**INVESTMENTS BY INDUSTRY (unaudited):** 

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|:---|:---|:---|
| **Industry** | **Percentage of<br>Total Investments** | **Value** |
|  Banks | 9.7% | $38733670 |
|  Pharmaceuticals | 9.6 | 38519650 |
|  Oil, Gas & Consumable Fuels | 8.2 | 32924495 |
|  Metals & Mining | 5.5 | 21881772 |
|  Semiconductors & Semiconductor Equipment | 5.1 | 20351228 |
|  Insurance | 4.7 | 18840740 |
|  Machinery | 4.3 | 17335627 |
|  Textiles, Apparel & Luxury Goods | 3.4 | 13529961 |
|  Life Sciences Tools & Services | 3.4 | 13454986 |
|  Trading Companies & Distributors | 3.3 | 13359825 |
|  Beverages | 3.3 | 13170501 |
|  Construction & Engineering | 2.7 | 10686258 |
|  Electronic Equipment, Instruments & Components | 2.6 | 10488333 |
|  Professional Services | 2.6 | 10368334 |
|  Multiline Retail | 2.5 | 10151054 |
|  Tobacco | 2.3 | 9376485 |
|  Automobiles | 2.2 | 8776711 |
|  IT Services | 1.9 | 7845273 |
|  Hotels, Restaurants & Leisure | 1.9 | 7655915 |
|  Software | 1.8 | 7074717 |
|  Containers & Packaging | 1.5 | 6185150 |
|  Building Products | 1.5 | 5961506 |
|  Household Durables | 1.4 | 5446556 |
|  Technology Hardware, Storage & Peripherals | 1.2 | 4795073 |
|  Commercial Services & Supplies | 1.1 | 4375891 |
|  **Investments** | **87.7** | **351289711** |
|  Short-Term Investments | 12.3 | 49186420 |
|  **Total Investments** | **100.0%** | $**400476131** |

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**INVESTMENT VALUATION:** 

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**Valuation Inputs <sup>(E)</sup>** 

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|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Common Stocks | $30509853 | $320779858 | $— | $351289711 |
|  Other Investment Company | 46802135 |  |  | 46802135 |
|  Repurchase Agreement |  | 2384285 |  | 2384285 |
|  **Total Investments** | $**77311988** | $**323164143** | $**—** | $**400476131** |

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**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *Security is exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Security may be resold as transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2022, the value of the 144A security is $4,950,546, representing 1.4% of the Portfolio's net assets.* 

(B) *All or a portion of the securities are on loan. The total value of all securities on loan is $61,107,328, collateralized by cash collateral of $46,802,135 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $16,973,645. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.* 

(C) *Non-income producing securities.* 

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

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**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

**FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):** 

(D) *Rates disclosed reflect the yields at December 31, 2022.* 

(E) *There were no transfers in or out of Level 3 during the year ended December 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

**PORTFOLIO ABBREVIATION:** 

*ADR* *American Depositary Receipt*

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

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**STATEMENT OF ASSETS AND LIABILITIES** 

**At December 31, 2022** 

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|:---|:---|
|  **Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value (cost $375,031,917) <br>(including securities loaned of $61,107,328) | $398091846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreement, at value (cost $2,384,285) | 2384285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value (cost $4,571,029) | 4602685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables and other assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 19318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest sold | 7000173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 257381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax reclaims | 1109561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 1445 |
|  Total assets | 413466932 |
|  **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral received upon return of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities on loan | 46802135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables and other liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest redeemed | 5457752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 239398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 21444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 3189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 18450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 17405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 2095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 35967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 4275 |
|  Total liabilities | 52602517 |
|  **Net assets** | $360864415 |
|  **Net assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital stock ($0.01 par value) | $462357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 338360983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) | 22041075 |
|  **Net assets** | $360864415 |
|  **Net assets by class:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | $262221162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 98643253 |
|  **Shares outstanding:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 33372266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 12863445 |
|  **Net asset value and offering price per share:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | $7.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 7.67 |

---

**STATEMENT OF OPERATIONS** 

**For the year ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $13047692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 31302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 173842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withholding taxes on foreign income | (1334808) |
|  Total investment income | 11918028 |
|  **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 3010883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 269628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 4043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 16276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 29570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 72864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 21439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 6775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance fees | 738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 45304 |
|  Total expenses | 3477520 |
|  **Net investment income (loss)** | 8440508 |
|  **Net realized gain (loss) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (2360168) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (772308) |
|  Net realized gain (loss) | (3132476) |
|  **Net change in unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp;&nbsp;&nbsp;(102037778) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Translation of assets and liabilities denominated in foreign currencies | (18568) |
|  Net change in unrealized appreciation (depreciation) | (102056346) |
|  Net realized and change in unrealized gain (loss) | (105188822) |
|  **Net increase (decrease) in net assets resulting from operations** | $(96748314) |

---

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

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**Page 8** 

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**STATEMENT OF CHANGES IN NET ASSETS** 

**For the years ended:** 

---

| | | |
|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2021** |
|  **From operations:** | **From operations:** | **From operations:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $&nbsp;&nbsp;&nbsp;&nbsp;8440508 | $&nbsp;&nbsp;&nbsp;&nbsp;8389172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (3132476) | 30039160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (102056346) | 14073506 |
|  Net increase (decrease) in net assets resulting from operations | (96748314) | 52501838 |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (23277787) | (4592029) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (8715632) | (1394786) |
|  Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (31993419) | (5986815) |
|  **Capital share transactions:** | **Capital share transactions:** | **Capital share transactions:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 25992513 | 8518793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 3824263 | 14190642 |
|  | 29816776 | 22709435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 23277787 | 4592029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 8715632 | 1394786 |
|  | 31993419 | 5986815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (51990909) | (73710493) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (15161424) | (19182669) |
|  | (67152333) | (92893162) |
|  Net increase (decrease) in net assets resulting from capital share transactions | (5342138) | (64196912) |
|  **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp;&nbsp;(134083871) | (17681889) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 494948286 | 512630175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $360864415 | $494948286 |
|  **Capital share transactions - shares:** | **Capital share transactions - shares:** | **Capital share transactions - shares:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 3349728 | 823586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 461136 | 1385314 |
|  | 3810864 | 2208900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 3027020 | 441541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 1160537 | 137147 |
|  | 4187557 | 578688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (6182705) | (7050223) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (1828334) | (1882949) |
|  | (8011039) | (8933172) |
|  Net increase (decrease) in shares outstanding: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 194043 | (5785096) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (206661) | (360488) |
|  | (12618) | (6145584) |

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

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**Page 9** 

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**FINANCIAL HIGHLIGHTS** 

**For a share outstanding during the years indicated:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $10.77 | $9.84 | $8.32 | $8.01 | $9.91 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(A)</sup> | 0.19 | 0.18 | 0.12 | 0.18 | 0.15 |
|  Net realized and unrealized gain (loss) | (2.36) | 0.88 | 1.59 | 1.81 | (1.88) |
|  Total investment operations | (2.17) | 1.06 | 1.71 | 1.99 | (1.73) |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income | (0.27) | (0.13) | (0.19) | (0.15) | (0.12) |
|  Net realized gains | (0.47) |  |  | (1.53) | (0.05) |
|  Total dividends and/or distributions to shareholders | (0.74) | (0.13) | (0.19) | (1.68) | (0.17) |
|  **Net asset value, end of year** | $7.86 | $10.77 | $9.84 | $8.32 | $8.01 |
|  **Total return** | (20.04)% | 10.82% | 20.90% | 27.68% | (17.70)% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;262221 | $&nbsp;&nbsp;&nbsp;&nbsp;357374 | $&nbsp;&nbsp;&nbsp;&nbsp;383396 | $&nbsp;&nbsp;&nbsp;&nbsp;365486 | $&nbsp;&nbsp;&nbsp;&nbsp;346289 |
|  Expenses to average net assets | 0.82% | 0.83% | 0.82% | 0.82% | 0.93% |
|  Net investment income (loss) to average net assets | 2.23% | 1.71% | 1.46% | 2.10% | 1.60% |
|  Portfolio turnover rate | 36% | 20% | 30% | 26% | 131% |

---

(A) *Calculated based on average number of shares outstanding.* 

**For a share outstanding during the years indicated:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $10.53 | $9.62 | $8.14 | $7.86 | $9.73 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(A)</sup> | 0.17 | 0.15 | 0.09 | 0.15 | 0.13 |
|  Net realized and unrealized gain (loss) | (2.32) | 0.87 | 1.56 | 1.78 | (1.86) |
|  Total investment operations | (2.15) | 1.02 | 1.65 | 1.93 | (1.73) |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income | (0.24) | (0.11) | (0.17) | (0.12) | (0.09) |
|  Net realized gains | (0.47) |  |  | (1.53) | (0.05) |
|  Total dividends and/or distributions to shareholders | (0.71) | (0.11) | (0.17) | (1.65) | (0.14) |
|  **Net asset value, end of year** | $7.67 | $10.53 | $9.62 | $8.14 | $7.86 |
|  **Total return** | (20.29)% | 10.63% | 20.58% | 27.40% | (17.95)% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;98643 | $&nbsp;&nbsp;&nbsp;&nbsp;137574 | $&nbsp;&nbsp;&nbsp;&nbsp;129234 | $&nbsp;&nbsp;&nbsp;&nbsp;114566 | $&nbsp;&nbsp;&nbsp;&nbsp;95537 |
|  Expenses to average net assets | 1.07% | 1.08% | 1.07% | 1.07% | 1.18% |
|  Net investment income (loss) to average net assets | 1.98% | 1.45% | 1.18% | 1.83% | 1.42% |
|  Portfolio turnover rate | 36% | 20% | 30% | 26% | 131% |

---

(A) *Calculated based on average number of shares outstanding.* 

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

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**Page 10** 

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**NOTES TO FINANCIAL STATEMENTS** 

**At December 31, 2022** 

**1. ORGANIZATION** 

Transamerica Series Trust ("TST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). TST applies investment company accounting and reporting guidance. TST serves as a funding vehicle for variable life insurance, variable annuity, and group annuity products. Transamerica International Focus VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers two classes of shares, Initial Class and Service Class.

The only shareholders of the Portfolio are affiliated insurance company separate accounts and affiliated asset allocation portfolios. Contract holders of the variable life and annuity contracts are not shareholders of the Portfolio. For ease of reference, shareholders and contract holders are collectively referred to in this report as "shareholders."

This report must be accompanied or preceded by the Portfolio's current prospectus, which contains additional information about the Portfolio, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Portfolio pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Portfolio. TAM supervises the Portfolio's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Portfolio.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of a Portfolio without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Portfolio and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Portfolio employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending portfolio combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Portfolio's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Portfolio; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for a Portfolio; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Portfolio's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; oversight of other service providers to the Portfolio, such as the custodian, the transfer agent, the Portfolio's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Portfolio; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Portfolio, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Portfolio. The Portfolio pays certain fees and expenses to State Street for sub-administration services which are not administrative

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**Page 11** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**1. ORGANIZATION (continued)** 

services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the year ended December 31, 2022, (i) the expenses paid to State Street for sub-administration services by the Portfolio are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Portfolio are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES** 

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

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

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

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

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Portfolio is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

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

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Portfolio with broker/dealers with which TST has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Portfolio. In no event will commissions, paid by the Portfolio, be used to pay expenses that would otherwise be borne by any other portfolios within TST, or by any other party.

There were no commissions recaptured during the year ended December 31, 2022 by the Portfolio.

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**Page 12** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**2. SIGNIFICANT ACCOUNTING POLICIES (continued)** 

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

**3. INVESTMENT VALUATION** 

Effective September 8, 2022, TAM has been designated as the Portfolio's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Portfolio's Board of Trustees. The net asset value of the Portfolio is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

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

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

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

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Portfolio's investments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Portfolio's investments at December 31, 2022, is disclosed within the Investment Valuation section of the Schedule of Investments.

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

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

*Equity securities:* Securities are stated at the last reported sales price or closing price on the day of valuation taken from the primary exchange where the security is principally traded. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Equities traded on inactive markets or valued by reference to similar instruments are generally categorized in Level 2 or Level 3 if inputs are unobservable.

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

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

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**Page 13** 

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**Transamerica International Focus VP** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**3. INVESTMENT VALUATION (continued)** 

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

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

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

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the year ended December 31, 2022, the Portfolio has not utilized the program.

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

Repurchase agreements are subject to netting agreements, which are agreements between the Portfolio and its counterparties that provide for the net settlement of all transactions and collateral with the Portfolio, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at December 31, 2022.

Repurchase agreements at December 31, 2022, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**Securities lending:** The Portfolio may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Portfolio pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Portfolio to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Portfolio may experience delays in recovery of the loaned securities or delays in access to collateral, or the Portfolio may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government and irrevocable letters of credit issued by banks as collateral. The initial collateral received by the Portfolio is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower.

The Portfolio receives compensation for lending securities from interest or dividends earned on the cash, U.S. Government securities and irrevocable letters of credit held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust—Government Money Market Portfolio.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)** 

The value of loaned securities and related cash and non-cash collateral outstanding at December 31, 2022, if any, are shown on a gross basis within the Schedule of Investments.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of December 31, 2022.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
| | **Overnight and<br>Continuous** | **Less Than<br>30 Days** | **Between<br>30 & 90 Days** | **Greater Than<br>90 Days** | **Total** |
|  Securities Lending Transactions |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $46802135 | $— | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;46802135 |
|  **Total Borrowings** | $**46802135** | $**—** | $**—** | $**—** | $**46802135** |

---

**5. RISK FACTORS** 

Investing in the Portfolio involves certain key risks related to the Portfolio's trading activity. Please reference the Portfolio's prospectus for a more complete discussion of the following risk(s), as well as other risks of investing in the Portfolio.

**Market risk:** The market prices of the Portfolio's securities and other assets may go up or down, sometimes sharply and unpredictably, due to general market conditions, overall economic trends or events, inflation, changes in interest rates, government actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by wars, tariffs, trade disputes or other factors, political developments, investor sentiment, the global and domestic effects of a pandemic or other health emergency, and other factors that may or may not be related to the issuer of the security or other asset. The market prices of securities and other assets also may go down due to events or conditions that affect particular sectors, industries, issuers, or geographies. Adverse market conditions may be prolonged and may not have the same impact on all types of securities or other assets. If the value of the Portfolio's securities and assets fall, the value of your investment will go down. The Portfolio may experience a substantial or complete loss on any individual security or asset.

Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, the imposition of economic sanctions, public health events (such as the spread of infectious disease), wars, terrorism, cybersecurity events, technology and data interruptions, natural disasters, and other circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. In the past decade, financial markets throughout the world have experienced increased volatility and decreased liquidity. These conditions may continue or worsen. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down. Securities markets may also be susceptible to market manipulation or other fraudulent trade practices, which could disrupt the orderly functioning of these markets or adversely affect the value of securities traded in these markets, including the Portfolio's securities.

The pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in economic downturns throughout the world, severe losses, particularly to some sectors of the economy and individual issuers, and reduced liquidity of many instruments. There also have been significant disruptions to business operations, including business closures; strained healthcare systems; disruptions to supply chains and employee availability; large fluctuations in consumer demand; and widespread uncertainty regarding the duration and long-term effects of the pandemic. Economic downturns may be prolonged, and political and social instability, continued volatility and decreased liquidity in the securities markets may result. Developing or emerging market countries may be more impacted by the pandemic.

The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic. These and other government intervention into the economy and financial markets may not work as intended. In addition, government actions to mitigate the economic impact of the pandemic have resulted in large expansion of government deficits and debt, the long-term consequences of which are not known. Rates of inflation have recently risen, which could adversely affect economies and markets. The pandemic could continue to adversely affect the value and liquidity of the Portfolio's investments.

*Europe:* A number of countries in Europe have experienced severe economic and financial difficulties; and financial markets in Europe and elsewhere have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen or spread within or outside Europe. Responses to the financial problems by European governments, central banks and others may not

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**5. RISK FACTORS (continued)** 

work, may result in conflicts and social unrest and may limit future growth and economic recovery or have other unintended consequences. In January, 2020, through "Brexit," the United Kingdom withdrew from the European Union. The ramifications of Brexit are unknown, and the implications of possible political, regulatory, economic, and market outcomes could be significant. The United Kingdom has one of the largest economies in Europe and is a major trading partner with European Union countries and the United States. Brexit may create additional and substantial economic stresses for the United Kingdom, including a contraction of the United Kingdom's economy, decreased trade, capital outflows, devaluation of the British pound, and a decrease in business and consumer spending and investment. The negative impact on not only the United Kingdom and European Union economies but also the broader global economy could be significant. A number of countries in Europe have suffered terror attacks, and additional attacks may occur in the future. Europe has also been struggling with mass migration from the Middle East, Eastern Europe and Africa. The ultimate effects of these events and other socio-political or geopolitical issues could profoundly affect global economies and markets. Whether or not the Portfolio invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

*Additional Market Disruption:* Russia's invasion of Ukraine in February, 2022, the resulting responses by the United States and other countries, and the potential for wider conflict, have increased and may continue to increase volatility and uncertainty in financial markets worldwide. The United States and other countries have imposed broad-ranging economic sanctions on Russia and Russian entities and individuals, and may impose additional sanctions, including on other countries that provide military or economic support to Russia. These sanctions, among other things, restrict companies from doing business with Russia and Russian issuers, and may adversely affect companies with economic or financial exposure to Russia and Russian issuers. The extent and duration of Russia's military actions and the repercussions of such actions are not known. The invasion may widen beyond Ukraine and may escalate, including through retaliatory actions and cyberattacks by Russia and even other countries. These events may result in further and significant market disruptions and may adversely affect regional and global economies including those of Europe and the United States. Certain industries and markets, such as those involving oil, natural gas and other commodities, as well as global supply chains, may be particularly adversely affected. Whether or not the Portfolio invests in securities of issuers located in Russia, Ukraine and adjacent countries or with significant exposure to issuers in these countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

**Growth stocks risk:** Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth securities typically fall. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "value" stocks.

**Foreign investment risk:** Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the Portfolio's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable or unsuccessful government actions, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers.

**6. FEES AND OTHER AFFILIATED TRANSACTIONS** 

TST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Transamerica Life Insurance Company ("TLIC"), and Transamerica Financial Life Insurance Company.

TAM, the Portfolio's investment manager, is directly owned by TLIC and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon NV. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon NV, a Netherlands corporation, and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Portfolio's transfer agent. Transamerica Capital, Inc. ("TCI") is the Portfolio's distributor/principal underwriter. TAM, TFS, and TCI are affiliates of Aegon NV.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

Certain officers and trustees of the Portfolio are also officers and/or trustees of TAM, TFS and TCI. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Portfolio. The Portfolio does pay non-interested persons (independent trustees), as disclosed in Trustee, CCO and deferred compensation fees within the Statement of Operations.

**Investment management fees:** TAM serves as the Portfolio's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Portfolio pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Portfolio pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
|  First $500 million | 0.770% |
|  Over $500 million up to $1 billion | 0.760 |
|  Over $1 billion up to $2 billion | 0.710 |
|  Over $2 billion up to $3 billion | 0.695 |
|  Over $3 billion | 0.680 |

---

TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses, reorganization expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| | **Operating<br>Expense Limit** | **Operating<br>Expense Limit**<br> **Effective Through** |
|  Effective May 1, 2022 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 0.88% | May 1, 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Class | 1.13 | May 1, 2023 |
|  Prior to May 1, 2022 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 0.89 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Class | 1.14 |  |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended December 31, 2022 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Portfolio, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

As of December 31, 2022, there are no amounts available for recapture by TAM.

**Distribution and service fees:** TST has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, TST entered into a distribution agreement with TCI as the Portfolio's distributor.

The Distribution Plan requires the Portfolio to pay distribution fees to TCI as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCI, on behalf of the Portfolio, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Portfolio's shares.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

The fee on the Service Class shares is paid to the insurance companies for providing services and account maintenance for the policyholders who invest in the variable insurance products which invest in the Service Class shares. TCI has determined that it will not seek payment for the distribution expenses incurred by the Portfolio with respect to the Initial Class shares before May 1, 2023. Prior to TCI seeking distribution expenses on Initial Class shares, policy and contract owners will be notified in advance. The Portfolio will pay fees relating to Service Class shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Portfolio is authorized under the Distribution Plan to pay fees to TCI based on daily average net assets of each class up to the following annual rates:

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| | |
|:---|:---|
| **Class** | **Rate** |
|  Initial Class | 0.15% |
|  Service Class | 0.25 |

---

**Transfer agent costs:** TFS provides transfer agency services under an intercompany agreement with TAM. TFS has outsourced the provision of certain sub-transfer agency services to SS&C Technology Holdings, Inc ("SS&C"). The Portfolio does not pay a separate transfer agent fee to TAM or TFS but does pay certain expenses to SS&C related to applicable sub-transfer agency services. For the year ended December 31, 2022, (i) the expenses paid to SS&C by the Portfolio are referred to as Transfer agent costs and are included within the Statement of Operations and (ii) the expenses payable to SS&C by the Portfolio are referred to as Transfer agent costs within the Statement of Assets and Liabilities.

**Deferred compensation plan:** Effective September 23, 2021, the Board has approved the termination of the deferred compensation plan. Payments will be made to applicable current and former Board members consistent with Section 409A of the Code. Under a non-qualified deferred compensation plan effective January 1, 1996, as amended and restated January 1, 2010, available to the trustees, compensation may be deferred that would otherwise be payable by TST to an independent trustee on a current basis for services rendered as trustee. Deferred compensation amounts will accumulate based on the value of the investment option, as elected by the trustee. Balances pursuant to deferred compensation plan are recorded in Trustees, Chief Compliance Officer ("CCO") and deferred compensation fees within the Statement of Assets and Liabilities. For the year ended December 31, 2022, amounts included in Trustees, CCO and deferred compensation fees within the Statement of Operations reflect total compensation paid to the independent Board members.

**Brokerage commissions:** The Portfolio incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the year ended December 31, 2022.

**7. PURCHASES AND SALES OF SECURITIES** 

For the year ended December 31, 2022, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

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| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $137025217 | $— | $166340895 | $— |

---

**8. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS** 

The Portfolio has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Portfolio recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Portfolio's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Portfolio's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Portfolio's financial statements. If applicable, the Portfolio recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Portfolio identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Portfolio makes significant investments; however, the Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**8. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)** 

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. There are no reclassifications in the current year.

As of December 31, 2022, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

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| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross<br>Appreciation** | **Gross<br>(Depreciation)** | **Net Appreciation<br>(Depreciation)** |
| $382433867 | $39736583 | $(21694319) | $18042264 |

---

As of December 31, 2022, the capital loss carryforwards available to offset future realized capital gains are as follows:

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| | |
|:---|:---|
| **Unlimited** | **Unlimited** |
| **Short-Term** | **Long-Term** |
| $2787149 | $130724 |

---

During the year ended December 31, 2022, the Portfolio did not have any capital loss carryforwards utilized or expired.

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2022 and 2021 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** |
| **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of Capital** | **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of Capital** |
| $11421614 | $20571805 | $— | $5986815 | $— | $— |

---

As of December 31, 2022, the tax basis components of distributable earnings are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Capital Loss<br>Carryforwards** | **Late Year<br>Ordinary Loss<br>Deferred** | **Other<br>Temporary<br>Differences** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| $6909248 | $— | $(2917873) | $— | $— | $18049700 |

---

**9. NEW ACCOUNTING PRONOUNCEMENT** 

In June 2022, the Financial Accounting Standards Board issued Accounting Standards Update No. 2022-03 ("ASU 2022-03"), "Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions" ("Topic 820"). ASU 2022-03 clarifies the guidance in Topic 820, related to the measurement of the fair value of an equity security subject to contractual sale restrictions, where it eliminates the need to apply a discount to fair value of these securities, and introduces disclosure requirements related to such equity securities. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. Management is currently evaluating the implications, if any, of the additional requirements and its impact on the Portfolio's financial statements.

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**Report of Independent Registered Public Accounting Firm** 

*To the Shareholders and the Board of Trustees of Transamerica International Focus VP* 

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities of Transamerica International Focus VP (the "Portfolio") (one of the portfolios constituting Transamerica Series Trust (the "Trust")), including the schedule of investments, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the portfolios constituting Transamerica Series Trust) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion** 

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g438566ernst_young.jpg)

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

February 27, 2023

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**SUPPLEMENTAL TAX INFORMATION** 

**(unaudited)** 

For tax purposes, the Portfolio has made a long-term capital gain designation of $20,571,805 for the year ended December 31, 2022.

The amounts which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the U.S. are as follows:

---

| | |
|:---|:---|
| **Foreign Source Income** | **Foreign Taxes** |
| $9570173 | $755568 |

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**(unaudited)** 

**MARKET ENVIRONMENT** 

The year 2022 began with an improvement in the COVID-19 health situation, but investors' moods soured rapidly as the Federal Reserve ("Fed") realized it was behind the curve in fighting inflation. High and rising inflation was exacerbated by spiking energy and commodities prices following Russia's invasion of Ukraine. Coupled with a tight labor market, unabating inflationary pressure finally provoked what many viewed as an overdue policy pivot from the Fed. The Fed sought to regain the credibility it had lost for erroneously viewing inflation as transitory with an aggressive reduction in liquidity, both through rate hikes and a faster-than-expected reduction in the size of its balance sheet. In total, the Fed raised interest rates by 4.25% in 2022. In June, year-over-year headline inflation peaked at 9.1% – a 40-year high – before cooling energy and goods prices initiated a downward trend that saw headline inflation back down to 6.5% by December.

Excluding the energy sector, which experienced a strong gain based on generally higher commodities prices, equities finished the year with significant losses. More defensive sectors such as utilities and consumer staples fared better than higher-growth segments of the economy as valuation multiples contracted, and the economic growth outlook deteriorated.

**PERFORMANCE** 

For the year ended December 31, 2022, Transamerica Janus Balanced VP, Initial Class returned -16.51%. By comparison, its primary, secondary and additional benchmarks, the S&P 500<sup>®</sup> Index, the Bloomberg US Aggregate Bond Index and the Transamerica Janus Balanced VP Blended Benchmark, returned -18.11%, -13.01% and -15.52%, respectively.

**STRATEGY REVIEW** 

The Portfolio outperformed its primary benchmark, the S&P 500<sup>®</sup> Index, for the fiscal year ended December 31, 2022, but underperformed its blended benchmark, consisting of the S&P 500<sup>®</sup> Index (55%) and the Bloomberg U.S. Aggregate Bond Index (45%). The Portfolio's equity-to-fixed income allocation ended December at approximately 56% equity, 43% fixed income and a small allocation to cash.

The Portfolio's equity allocation outperformed the S&P 500<sup>®</sup> Index during the fiscal year. Stock selection drove relative performance, particularly in the consumer discretionary sector. Stock selection was also additive to performance in the industrials, financials, and communication services sectors.

Insurance company Progressive Corp. was among the largest contributors to relative results. After facing inflation earlier than the rest of the economy, the insurance industry focused on raising prices, which improved the outlook for margins. Progressive Corp. also demonstrated better growth than its peers, aided by its direct-to-consumer business model.

Pharmaceutical company Eli Lilly & Co. also aided relative performance. The more defensive nature of health-care stocks generally held up better than the market. Additionally, the company reported strong results and continued to have success with its product portfolio and pipeline, including treatments for diabetes and a new therapy for obesity that demonstrated efficacy in clinical trials.

Detracting from relative results was sector positioning, including an underweight allocation to the energy sector and lack of exposure to utilities – the two best-performing benchmark sectors during the period.

Semiconductor equipment manufacturer Lam Research Corp. led relative detractors. Fears of a broad economic slowdown hurt overall expectations for its market. As a result of these lowered assumptions, particularly in the memory segment of the market, estimates for Lam Research Corp.'s business declined.

Adobe, Inc. also weighed on relative results. Our concerns around the company's valuation led us to reduce the position throughout the period. The evolving competitive landscape, potential end-market weakness, and Adobe Inc.'s roughly $20 billion acquisition of Figma led us to sell the position by year end.

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**Page 1** 

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**(unaudited)** 

**STRATEGY REVIEW (continued)** 

The Portfolio's fixed income allocation underperformed the Bloomberg U.S. Aggregate Bond Index. While we reduced the Portfolio's spread risk exposure, we generally maintained more spread risk versus the benchmark, and this detracted as spreads widened over the period.

As the year progressed and the possibility of an economic slowdown increased, we continued to improve overall credit quality. While we reduced our out-of-index exposure to corporate high-yield bonds, the sector detracted on an asset allocation basis. Security selection within investment-grade corporates further detracted, particularly within financials. Despite relative underperformance, we continue to prefer financials over industrials within investment-grade corporates, given financials were trading more attractively than industrials. Security selection within MBS contributed to performance.

As we reduced the Portfolio's exposure to corporates, we added to its overweight to securitized sectors, particularly within MBS, as we believe spreads on securitized assets widened to levels that better reflect the risk of an economic slowdown or recession. In contrast, corporate spreads continued to trade near their long-term averages, and, in our opinion, were pricing in either a low probability of recession, or an extremely shallow recession.

The Portfolio's overall interest rate risk positioning contributed, helping to offset relative underperformance. Treasury rates rode the proverbial roller coaster during the period, and we actively managed duration amid the volatility. We ended the year marginally short duration versus the benchmark. We believed the overall interest rate positioning continued to balance the opposing forces of high inflation and a hawkish Fed with the growing likelihood of a recession.

**Jeremiah Buckley, CFA** 

**Michael Keough** 

**Greg Wilensky, CFA** 

**Co-Portfolio Managers** 

**Janus Henderson Investors US LLC** 

------

---

| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  Common Stocks | 56.4% |
|  U.S. Government Agency Obligations | 13.9 |
|  U.S. Government Obligations | 13.2 |
|  Corporate Debt Securities | 8.2 |
|  Other Investment Company | 5.9 |
|  Repurchase Agreement | 4.7 |
|  Mortgage-Backed Securities | 4.5 |
|  Asset-Backed Securities | 3.4 |
|  Net Other Assets (Liabilities) | (10.2) |
|  **Total** | 100.0% |

---

*Current and future portfolio holdings are subject to change and risk.* 

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**(unaudited)**![LOGO](g438566g33s77.jpg)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Initial Class | (16.51)% | 6.26% | 7.91% | 07/01/2009 |
|  S&P 500<sup>®</sup> Index <sup>(A)</sup> | (18.11)% | 9.42% | 12.56% |  |
|  Bloomberg US Aggregate Bond Index <sup>(B)</sup> | (13.01)% | 0.02% | 1.06% |  |
|  Transamerica Janus Balanced VP Blended Benchmark <sup>(A) (B) (C)</sup> | (15.52)% | 5.49% | 7.51% |  |
|  Service Class | (16.77)% | 5.98% | 7.64% | 07/01/2009 |

---

<sup>(A)</sup> *The S&P 500<sup>®</sup> Index is a market-capitalization weighted index of 500 large U.S. companies with common stock listed on the NYSE or NASDAQ.* 

<sup>(B)</sup> *The Bloomberg US Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities.* 

<sup>(C)</sup> *The Transamerica Janus Balanced VP Blended Benchmark is composed of the following benchmarks: 55% S&P 500<sup>®</sup> Index and 45% Bloomberg US Aggregate Bond Index.* 

The Portfolio's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Year or Since Inception calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or the redemption of Portfolio shares. The Portfolio's investment return and net asset value will fluctuate. Investors' shares when redeemed may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month end. Portfolio performance is net of investment fees and Portfolio expenses, but not product charges, which, if included, would significantly lower the performance quoted.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of previously waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Growth stocks can be volatile and experience sharp price declines and certain types of stocks can be extremely volatile and subject to greater price swings than the broader market.

Fixed income securities are subject to risks including credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk and liquidity risk. The value of fixed income securities generally goes down when interest rates rise, and therefore the value of your investment in the Portfolio may also go down.

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**DISCLOSURE OF EXPENSES** 

**(unaudited)** 

**SHAREHOLDER EXPENSES** 

Portfolio shareholders may incur two types of costs: (i) transaction costs, including brokerage commissions on purchases and sales of portfolio shares; and (ii) ongoing costs, including management fees, and other portfolio expenses.

The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other portfolios.

The example is based on an investment of $1,000 invested at July 1, 2022, and held for the entire six-month period until December 31, 2022.

**ACTUAL EXPENSES** 

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

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES** 

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Portfolio shares. Therefore, the information under the heading "Hypothetical Expenses" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different portfolios. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries, or other financial institutions.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Actual Expenses** | **Actual Expenses** | **Hypothetical Expenses <sup>(A)</sup>** | **Hypothetical Expenses <sup>(A)</sup>** | |
| <br>**Class** |<br>**Beginning<br>Account Value<br>July 1, 2022** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** |<br>**Net Annualized<br>Expense Ratio <sup>(C)</sup>** |
|  Initial Class | $&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;1008.30 | $&nbsp;&nbsp;&nbsp;&nbsp;3.64 | $&nbsp;&nbsp;&nbsp;&nbsp;1021.60 | $&nbsp;&nbsp;&nbsp;&nbsp;3.67 | 0.72% |
|  Service Class | 1000.00 | 1006.40 | 4.91 | 1020.30 | 4.94 | 0.97 |

---

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

(B) *Expenses are calculated using the Portfolio's net annualized expense ratio, as disclosed in the table, multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (365 days).*

(C) *Net annualized expense ratios are reflective of applicable fee waivers and/or reimbursements and recapture, if any, and are based on the most recent six-months which may differ from the net expense ratio displayed in the Financial Highlights that covers a twelve-month period.*

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**SCHEDULE OF INVESTMENTS** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS - 56.4%** | **COMMON STOCKS - 56.4%** | **COMMON STOCKS - 56.4%** |
| **Aerospace & Defense - 1.2%** | **Aerospace & Defense - 1.2%** | **Aerospace & Defense - 1.2%** |
|  General Dynamics Corp. | 31401 | $7790902 |
|  L3 Harris Technologies, Inc. | 18592 | 3871040 |
|  |  | 11661942 |
| **Air Freight & Logistics - 1.3%** | **Air Freight & Logistics - 1.3%** | **Air Freight & Logistics - 1.3%** |
|  United Parcel Service, Inc., Class B | 71988 | 12514394 |
| **Banks - 2.3%** | **Banks - 2.3%** | **Banks - 2.3%** |
|  Bank of America Corp. | 324676 | 10753269 |
|  JPMorgan Chase & Co. | 77139 | 10344340 |
|  |  | 21097609 |
| **Beverages - 1.4%** | **Beverages - 1.4%** | **Beverages - 1.4%** |
|  Constellation Brands, Inc., Class A | 17870 | 4141373 |
|  Monster Beverage Corp. <sup>(A)</sup> | 83995 | 8528012 |
|  |  | 12669385 |
| **Biotechnology - 1.3%** | **Biotechnology - 1.3%** | **Biotechnology - 1.3%** |
|  AbbVie, Inc. | 76672 | 12390962 |
| **Building Products - 0.4%** | **Building Products - 0.4%** | **Building Products - 0.4%** |
|  Trane Technologies PLC | 24627 | 4139552 |
| **Capital Markets - 2.7%** | **Capital Markets - 2.7%** | **Capital Markets - 2.7%** |
|  Charles Schwab Corp. | 57366 | 4776293 |
|  CME Group, Inc. | 34617 | 5821195 |
|  Goldman Sachs Group, Inc. | 15355 | 5272600 |
|  Morgan Stanley | 107955 | 9178334 |
|  |  | 25048422 |
| **Chemicals - 0.9%** | **Chemicals - 0.9%** | **Chemicals - 0.9%** |
|  Corteva, Inc. | 82776 | 4865573 |
|  Sherwin-Williams Co. | 13485 | 3200395 |
|  |  | 8065968 |
| **Consumer Finance - 1.0%** | **Consumer Finance - 1.0%** | **Consumer Finance - 1.0%** |
|  American Express Co. | 60974 | 9008909 |
| **Electrical Equipment - 0.3%** | **Electrical Equipment - 0.3%** | **Electrical Equipment - 0.3%** |
|  Rockwell Automation, Inc. | 12028 | 3098052 |
| **Electronic Equipment, Instruments & Components - 0.7%** | **Electronic Equipment, Instruments & Components - 0.7%** | **Electronic Equipment, Instruments & Components - 0.7%** |
|  Corning, Inc. | 62562 | 1998230 |
|  TE Connectivity Ltd. | 39431 | 4526679 |
|  |  | 6524909 |
| **Entertainment - 0.8%** | **Entertainment - 0.8%** | **Entertainment - 0.8%** |
|  Walt Disney Co. <sup>(A)</sup> | 82318 | 7151788 |
| **Food & Staples Retailing - 1.2%** | **Food & Staples Retailing - 1.2%** | **Food & Staples Retailing - 1.2%** |
|  Costco Wholesale Corp. | 11725 | 5352462 |
|  Sysco Corp. | 75384 | 5763107 |
|  |  | 11115569 |
| **Food Products - 0.5%** | **Food Products - 0.5%** | **Food Products - 0.5%** |
|  Hershey Co. | 20124 | 4660115 |
| **Health Care Equipment & Supplies - 2.0%** | **Health Care Equipment & Supplies - 2.0%** | **Health Care Equipment & Supplies - 2.0%** |
|  Abbott Laboratories | 73120 | 8027845 |
|  Edwards Lifesciences Corp. <sup>(A)</sup> | 31391 | 2342082 |
|  Intuitive Surgical, Inc. <sup>(A)</sup> | 8906 | 2363207 |
|  Medtronic PLC | 30352 | 2358957 |
|  Stryker Corp. | 16336 | 3993989 |
|  |  | 19086080 |
| **Health Care Providers & Services - 2.2%** | **Health Care Providers & Services - 2.2%** | **Health Care Providers & Services - 2.2%** |
|  UnitedHealth Group, Inc. | 39497 | 20940519 |

---

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| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Hotels, Restaurants & Leisure - 3.4%** | **Hotels, Restaurants & Leisure - 3.4%** | **Hotels, Restaurants & Leisure - 3.4%** |
|  Booking Holdings, Inc. <sup>(A)</sup> | 1855 | $3738344 |
|  Hilton Worldwide Holdings, Inc. | 67603 | 8542315 |
|  McDonald's Corp. | 42362 | 11163658 |
|  Starbucks Corp. | 78627 | 7799799 |
|  |  | 31244116 |
| **Household Products - 0.9%** | **Household Products - 0.9%** | **Household Products - 0.9%** |
|  Procter & Gamble Co. | 57667 | 8740011 |
| **Industrial Conglomerates - 0.8%** | **Industrial Conglomerates - 0.8%** | **Industrial Conglomerates - 0.8%** |
|  Honeywell International, Inc. | 35117 | 7525573 |
| **Insurance - 1.4%** | **Insurance - 1.4%** | **Insurance - 1.4%** |
|  Progressive Corp. | 101785 | 13202532 |
| **Interactive Media & Services - 1.9%** | **Interactive Media & Services - 1.9%** | **Interactive Media & Services - 1.9%** |
|  Alphabet, Inc., Class C <sup>(A)</sup> | 199994 | 17745468 |
| **Internet & Direct Marketing Retail - 0.7%** | **Internet & Direct Marketing Retail - 0.7%** | **Internet & Direct Marketing Retail - 0.7%** |
|  Amazon.com, Inc. <sup>(A)</sup> | 83436 | 7008624 |
| **IT Services - 3.3%** | **IT Services - 3.3%** | **IT Services - 3.3%** |
|  Accenture PLC, Class A | 28553 | 7619082 |
|  Cognizant Technology Solutions Corp., Class A | 61085 | 3493451 |
|  Mastercard, Inc., Class A | 56071 | 19497569 |
|  |  | 30610102 |
| **Leisure Products - 0.3%** | **Leisure Products - 0.3%** | **Leisure Products - 0.3%** |
|  Hasbro, Inc. | 44848 | 2736176 |
| **Life Sciences Tools & Services - 1.0%** | **Life Sciences Tools & Services - 1.0%** | **Life Sciences Tools & Services - 1.0%** |
|  Thermo Fisher Scientific, Inc. | 17619 | 9702607 |
| **Machinery - 1.7%** | **Machinery - 1.7%** | **Machinery - 1.7%** |
|  Deere & Co. | 28669 | 12292120 |
|  Parker-Hannifin Corp. | 11730 | 3413430 |
|  |  | 15705550 |
| **Media - 1.1%** | **Media - 1.1%** | **Media - 1.1%** |
|  Comcast Corp., Class A | 285417 | 9981032 |
| **Multiline Retail - 0.9%** | **Multiline Retail - 0.9%** | **Multiline Retail - 0.9%** |
|  Dollar General Corp. | 35375 | 8711094 |
| **Oil, Gas & Consumable Fuels - 1.2%** | **Oil, Gas & Consumable Fuels - 1.2%** | **Oil, Gas & Consumable Fuels - 1.2%** |
|  Chevron Corp. | 9542 | 1712694 |
|  ConocoPhillips | 81663 | 9636234 |
|  |  | 11348928 |
| **Personal Products - 0.2%** | **Personal Products - 0.2%** | **Personal Products - 0.2%** |
|  Estee Lauder Cos., Inc., Class A | 6732 | 1670277 |
| **Pharmaceuticals - 3.1%** | **Pharmaceuticals - 3.1%** | **Pharmaceuticals - 3.1%** |
|  Eli Lilly & Co. | 36640 | 13404378 |
|  Merck & Co., Inc. | 98434 | 10921252 |
|  Zoetis, Inc. | 29711 | 4354147 |
|  |  | 28679777 |
| **Real Estate Management & Development - 0.3%** | **Real Estate Management & Development - 0.3%** | **Real Estate Management & Development - 0.3%** |
|  CBRE Group, Inc., Class A <sup>(A)</sup> | 30656 | 2359286 |
| **Road & Rail - 0.2%** | **Road & Rail - 0.2%** | **Road & Rail - 0.2%** |
|  Union Pacific Corp. | 9944 | 2059104 |
| **Semiconductors & Semiconductor Equipment - 3.4%** | **Semiconductors & Semiconductor Equipment - 3.4%** | **Semiconductors & Semiconductor Equipment - 3.4%** |
|  Advanced Micro Devices, Inc. <sup>(A)</sup> | 50189 | 3250742 |
|  KLA Corp. | 9955 | 3753334 |
|  Lam Research Corp. | 22660 | 9523998 |
|  NVIDIA Corp. | 52074 | 7610094 |

---

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

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**Page 5** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
|  Texas Instruments, Inc. | 43605 | $7204418 |
|  |  | 31342586 |
| **Software - 4.6%** | **Software - 4.6%** | **Software - 4.6%** |
|  Cadence Design Systems, Inc. <sup>(A)</sup> | 12883 | 2069525 |
|  Microsoft Corp. | 168490 | 40407272 |
|  |  | 42476797 |
| **Specialty Retail - 1.9%** | **Specialty Retail - 1.9%** | **Specialty Retail - 1.9%** |
|  Home Depot, Inc. | 30409 | 9604987 |
|  TJX Cos., Inc. | 98142 | 7812103 |
|  |  | 17417090 |
| **Technology Hardware, Storage & Peripherals - 2.7%** | **Technology Hardware, Storage & Peripherals - 2.7%** | **Technology Hardware, Storage & Peripherals - 2.7%** |
|  Apple, Inc. | 193271 | 25111701 |
| **Textiles, Apparel & Luxury Goods - 1.2%** | **Textiles, Apparel & Luxury Goods - 1.2%** | **Textiles, Apparel & Luxury Goods - 1.2%** |
|  NIKE, Inc., Class B | 92477 | 10820734 |
|  **Total Common Stocks <br>(Cost $401,520,470)** | **Total Common Stocks <br>(Cost $401,520,470)** | 525373340 |
|  | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES - 3.4%** | **ASSET-BACKED SECURITIES - 3.4%** | **ASSET-BACKED SECURITIES - 3.4%** |
|  ACC Auto Trust <br>Series 2022-A, Class A, <br>4.58%, 07/15/2026 <sup>(B)</sup> | $304249 | 299005 |
|  ACM Auto Trust <br>Series 2022-1A, Class A, <br>3.23%, 04/20/2029 <sup>(B)</sup> | 107822 | 107545 |
|  Affirm Asset Securitization Trust <br>Series 2021-B, Class A, <br>1.03%, 08/17/2026 <sup>(B)</sup> | 565000 | 535852 |
|  Aqua Finance Trust <br>Series 2021-A, Class A, <br>1.54%, 07/17/2046 <sup>(B)</sup> | 249990 | 228659 |
|  ARES LX CLO Ltd. <br>Series 2021-60A, Class A, <br>3-Month LIBOR + 1.12%, <br>5.31% <sup>(C)</sup>, 07/18/2034 <sup>(B)</sup> | 250000 | 243175 |
|  Arivo Acceptance Auto Loan Receivables Trust <br>Series 2022-1A, Class A, <br>3.93%, 05/15/2028 <sup>(B)</sup> | 284584 | 276327 |
| Barings CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-3A, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month LIBOR + 0.95%, <br>5.19% <sup>(C)</sup>, 07/20/2029 <sup>(B)</sup> | 404144 | 400956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3A, Class A1R, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month LIBOR + 1.07%, <br>5.31% <sup>(C)</sup>, 04/20/2031 <sup>(B)</sup> | 926000 | 912823 |
|  Carvana Auto Receivables Trust <br>Series 2021-P4, Class A2, <br>0.82%, 04/10/2025 | 230644 | 228383 |
| CBAM Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-11RA, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month LIBOR + 1.18%, <br>5.42% <sup>(C)</sup>, 01/20/2035 <sup>(B)</sup> | 1210000 | 1177983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-11RA, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month LIBOR + 1.75%, <br>5.99% <sup>(C)</sup>, 01/20/2035 <sup>(B)</sup> | 308466 | 293259 |

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| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
| Cedar Funding XI CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-11A, Class A1R, <br>3-Month LIBOR + 1.05%, <br>5.79% <sup>(C)</sup>, 05/29/2032 <sup>(B)</sup> | $250000 | $245159 |
|  CF Hippolyta Issuer LLC<br>Series 2021-1A, Class A1,<br>1.53%, 03/15/2061 <sup>(B)</sup> | 786121 | 680453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class B1,<br>1.98%, 03/15/2061 <sup>(B)</sup> | 296937 | 247824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A , Class A1,<br>5.97%, 08/15/2062 <sup>(B)</sup> | 889057 | 869936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A , Class A2,<br>6.11%, 08/15/2062 <sup>(B)</sup> | 2084991 | 1961435 |
| CIFC Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-3A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month LIBOR + 1.10%, <br>5.29% <sup>(C)</sup>, 07/18/2031 <sup>(B)</sup> | 416000 | 409299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month LIBOR + 1.05%, <br>5.13% <sup>(C)</sup>, 07/15/2033 <sup>(B)</sup> | 812993 | 800240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-7A, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month LIBOR + 1.13%, <br>5.45% <sup>(C)</sup>, 01/23/2035 <sup>(B)</sup> | 375000 | 365353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-7A, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month LIBOR + 1.60%, <br>5.92% <sup>(C)</sup>, 01/23/2035 <sup>(B)</sup> | 250874 | 239546 |
|  Conn's Receivables Funding LLC <br>Series 2021-A, Class A, <br>1.05%, 05/15/2026 <sup>(B)</sup> | 530 | 529 |
|  Consumer Loan Underlying Bond CLUB Credit Trust <br>Series 2019-P2, Class C, <br>4.41%, 10/15/2026 <sup>(B)</sup> | 253758 | 252280 |
|  CP EF Asset Securitization I LLC <br>Series 2021-1A, Class A, <br>5.96%, 04/15/2030 <sup>(B)</sup> | 365066 | 359108 |
|  Diamond Infrastructure Funding LLC <br>Series 2021-1A, Class A, <br>1.76%, 04/15/2049 <sup>(B)</sup> | 821000 | 673372 |
|  Domino's Pizza Master Issuer LLC <br>Series 2018-1A, Class A2I, <br>4.12%, 07/25/2048 <sup>(B)</sup> | 757440 | 716815 |
| Elmwood CLO II Ltd.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A, Class AR, <br>3-Month LIBOR + 1.15%, <br>5.39% <sup>(C)</sup>, 04/20/2034 <sup>(B)</sup> | 339000 | 330981 |
|  Exeter Automobile Receivables Trust<br>Series 2019-1A, Class E,<br>5.20%, 01/15/2026 <sup>(B)</sup> | 380000 | 376751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class D,<br>1.08%, 11/16/2026 | 562000 | 525482 |
|  Foursight Capital Automobile Receivables Trust <br>Series 2021-1, Class B, <br>0.87%, 01/15/2026 <sup>(B)</sup> | 295000 | 289914 |
|  FREED ABS Trust <br>Series 2022-3FP, Class A, <br>4.50%, 08/20/2029 <sup>(B)</sup> | 283652 | 282726 |

---

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 6** 

------

##### [**Table of Contents**](#toc)
**Transamerica Janus Balanced VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  HPS Loan Management Ltd. <br>Series 2021-16A, Class B, <br>3-Month LIBOR + 1.70%, <br>6.02% <sup>(C)</sup>, 01/23/2035 <sup>(B)</sup> | $250000 | $237628 |
| JPMorgan Chase Bank NA-CACLN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class B,<br>0.88%, 09/25/2028 <sup>(B)</sup> | 153926 | 148795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class B,<br>0.89%, 12/26/2028 <sup>(B)</sup> | 331459 | 316775 |
|  LAD Auto Receivables Trust<br>Series 2021-1A, Class A,<br>1.30%, 08/17/2026 <sup>(B)</sup> | 278092 | 270251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A, Class A,<br>5.21%, 06/15/2027 <sup>(B)</sup> | 860809 | 847051 |
|  Lendbuzz Securitization Trust <br>Series 2022-1A, Class A, <br>4.22%, 05/17/2027 <sup>(B)</sup> | 725955 | 694781 |
|  Libra Solutions LLC<br>Series 2022-1A, Class A,<br>4.75%, 05/15/2034 <sup>(B)</sup> | 259134 | 254213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2A , Class A,<br>6.85%, 10/15/2034 <sup>(B)</sup> | 264532 | 263127 |
|  LL ABS Trust <br>Class A,Series 2022-2A, <br>6.63%, 05/15/2030 <sup>(B)</sup> | 264932 | 263963 |
|  Logan CLO II Ltd. <br>Series 2021-2A, Class A, <br>3-Month LIBOR + 1.15%, <br>5.39% <sup>(C)</sup>, 01/20/2035 <sup>(B)</sup> | 582571 | 565809 |
|  Madison Park Funding XXXV Ltd. <br>Series 2019-35A, Class A1R, <br>3-Month LIBOR + 0.99%, <br>5.23% <sup>(C)</sup>, 04/20/2032 <sup>(B)</sup> | 250000 | 245699 |
|  Mercury Financial Credit Card Master Trust <br>Series 2021-1A, Class A, <br>1.54%, 03/20/2026 <sup>(B)</sup> | 688000 | 656390 |
|  New Economy Assets Phase 1 Sponsor LLC <br>Series 2021-1, Class B1, <br>2.41%, 10/20/2061 <sup>(B)</sup> | 353000 | 290358 |
| NRZ Excess Spread-Collateralized Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-PLS1, Class A,<br>3.84%, 12/25/2025 <sup>(B)</sup> | 200744 | 183031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FHT1, Class A,<br>3.10%, 07/25/2026 <sup>(B)</sup> | 476040 | 415767 |
|  Oak Street Investment Grade Net Lease Fund<br>Series 2020-1A, Class A1, <br>1.85%, 11/20/2050 <sup>(B)</sup> | 684205 | 607796 |
|  Octagon Investment Partners 48 Ltd. <br>Series 2020-3A, Class AR, <br>3-Month LIBOR + 1.15%, <br>5.39% <sup>(C)</sup>, 10/20/2034 <sup>(B)</sup> | 351000 | 341448 |
|  Pagaya AI Debt Trust <br>Series 2022-1, Class A, <br>2.03%, 10/15/2029 <sup>(B)</sup> | 380217 | 365080 |
|  PRPM LLC <br>Series 2020-4, Class A1, <br>2.95% <sup>(C)</sup>, 10/25/2025 <sup>(B)</sup> | 488143 | 470946 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  Regatta XXIII Funding Ltd. <br>Series 2021-4A, Class B, <br>3-Month LIBOR + 1.70%, <br>5.94% <sup>(C)</sup>, 01/20/2035 <sup>(B)</sup> | $264465 | $252002 |
| Santander Bank Auto Credit-Linked Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Class B,<br>5.28%, 05/15/2032 <sup>(B)</sup> | 588356 | 574394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B, Class A2,<br>5.59%, 08/16/2032 <sup>(B)</sup> | 225922 | 225163 |
|  Santander Bank NA-SBCLN <br>Series 2021-1A, Class B, <br>1.83%, 12/15/2031 <sup>(B)</sup> | 157739 | 151718 |
|  Santander Drive Auto Receivables Trust <br>Series 2020-3, Class D, <br>1.64%, 11/16/2026 | 1359000 | 1302892 |
|  Sound Point CLO XXII Ltd. <br>Series 2019-1A, Class AR, <br>3-Month LIBOR + 1.08%, <br>5.32% <sup>(C)</sup>, 01/20/2032 <sup>(B)</sup> | 1088000 | 1064810 |
|  Tesla Auto Lease Trust<br>Series 2021-B, Class A3,<br>0.60%, 09/22/2025 <sup>(B)</sup> | 394000 | 371249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B, Class B,<br>0.91%, 09/22/2025 <sup>(B)</sup> | 202000 | 188481 |
|  Theorem Funding Trust <br>Series 2021-1A, Class A, <br>1.21%, 12/15/2027 <sup>(B)</sup> | 369964 | 364014 |
|  THL Credit Wind River CLO Ltd. <br>Series 2019-1A , Class AR, <br>3-Month LIBOR + 1.16%, <br>5.40% <sup>(C)</sup>, 07/20/2034 <sup>(B)</sup> | 314000 | 304513 |
|  TPI RE-REMIC Trust, Principal Only STRIPS <br>Series 2022-FRR1, Class AK34, <br>Zero Coupon, 07/25/2046 <sup>(B)</sup> | 292000 | 280732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FRR1, Class AK33, <br>Zero Coupon, 07/25/2046 <sup>(B)</sup> | 355000 | 341300 |
|  Tricolor Auto Securitization Trust <br>Series 2022-1A, Class A, <br>3.30%, 02/18/2025 <sup>(B)</sup> | 87268 | 86324 |
|  Upstart Securitization Trust<br>Series 2021-4, Class A,<br>0.84%, 09/20/2031 <sup>(B)</sup> | 254683 | 246538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-5, Class A,<br>1.31%, 11/20/2031 <sup>(B)</sup> | 170724 | 163426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class A,<br>3.12%, 03/20/2032 <sup>(B)</sup> | 710564 | 684709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2, Class A,<br>4.37%, 05/20/2032 <sup>(B)</sup> | 1029339 | 1006334 |
|  Vantage Data Centers Issuer LLC <br>Series 2020-1A, Class A2, <br>1.65%, 09/15/2045 <sup>(B)</sup> | 925000 | 816465 |
|  Vantage Data Centers LLC <br>Series 2020-2A, Class A2, <br>1.99%, 09/15/2045 <sup>(B)</sup> | 596000 | 490431 |
|  VCAT LLC <br>Series 2021-NPL1, Class A1, <br>2.29% <sup>(C)</sup>, 12/26/2050 <sup>(B)</sup> | 146260 | 138076 |

---

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 7** 

------

##### [**Table of Contents**](#toc)
**Transamerica Janus Balanced VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  Westgate Resorts LLC <br>Series 2022-1A, Class A, <br>1.79%, 08/20/2036 <sup>(B)</sup> | $224386 | $211477 |
|  Westlake Automobile Receivables Trust <br>Series 2020-1A, Class D, <br>2.80%, 06/16/2025 <sup>(B)</sup> | 615000 | 603596 |
|  **Total Asset-Backed Securities <br>(Cost $33,144,453)** | **Total Asset-Backed Securities <br>(Cost $33,144,453)** | 31638722 |
| **CORPORATE DEBT SECURITIES - 8.2%** | **CORPORATE DEBT SECURITIES - 8.2%** | **CORPORATE DEBT SECURITIES - 8.2%** |
| **Aerospace & Defense - 0.0% <sup>(D)</sup>** | **Aerospace & Defense - 0.0% <sup>(D)</sup>** | **Aerospace & Defense - 0.0% <sup>(D)</sup>** |
|  General Dynamics Corp. <br>3.50%, 04/01/2027 | 402000 | 384404 |
| **Air Freight & Logistics - 0.1%** | **Air Freight & Logistics - 0.1%** | **Air Freight & Logistics - 0.1%** |
| GXO Logistics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 07/15/2026 | 554000 | 474911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 07/15/2031 | 122000 | 90377 |
|  |  | 565288 |
| **Banks - 2.7%** | **Banks - 2.7%** | **Banks - 2.7%** |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 06/14/2028, 2.09% <sup>(C)</sup>, 06/14/2029 | 916000 | 772403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 04/29/2030, 2.59% <sup>(C)</sup>, 04/29/2031 | 1063000 | 868287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 04/24/2027, 3.71% <sup>(C)</sup>, 04/24/2028 | 652000 | 604233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 03/05/2028, 3.97% <sup>(C)</sup>, 03/05/2029 | 456000 | 421480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 04/27/2027, 4.38% <sup>(C)</sup>, 04/27/2028 | 1348000 | 1290980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 06/01/2023 <sup>(E)</sup>,<br>5.20% <sup>(C)</sup> | 173000 | 167637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 11/10/2027, 6.20% <sup>(C)</sup>, 11/10/2028 | 1219000 | 1256856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 09/05/2024 <sup>(E)</sup>,<br>6.25% <sup>(C)</sup> | 993000 | 953638 |
|  Bank of Montreal <br>Fixed until 01/10/2032, 3.09% <sup>(C)</sup>, 01/10/2037 | 2205000 | 1672891 |
| BNP Paribas SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 01/20/2027, 2.59% <sup>(C)</sup>, 01/20/2028 <sup>(B)</sup> | 616000 | 542640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 01/20/2032, 3.13% <sup>(C)</sup>, 01/20/2033 <sup>(B)</sup> <sup>(F)</sup> | 525000 | 415945 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 01/10/2027, 3.89% <sup>(C)</sup>, 01/10/2028 | 1369000 | 1281572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 03/31/2030, 4.41% <sup>(C)</sup>, 03/31/2031 | 893000 | 822299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 05/15/2023 <sup>(E)</sup>,<br>5.35% <sup>(C)</sup> | 478000 | 465765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 05/15/2025 <sup>(E)</sup>,<br>5.95% <sup>(C)</sup> | 496000 | 453220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 05/15/2024 <sup>(E)</sup>,<br>6.30% <sup>(C)</sup> | 109000 | 102814 |
|  Commonwealth Bank of Australia <br>3.78%, 03/14/2032 <sup>(B)</sup> | 966000 | 798959 |
|  First Republic Bank <br>4.63%, 02/13/2047 | 385000 | 300727 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 05/13/2030, 2.96% <sup>(C)</sup>, 05/13/2031 | $949000 | $784209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 01/25/2032, 2.96% <sup>(C)</sup>, 01/25/2033 | 1283000 | 1046341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 06/14/2029, 4.57% <sup>(C)</sup>, 06/14/2030 | 755000 | 712169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 02/01/2025 <sup>(E)</sup>,<br>4.60% <sup>(C)</sup> | 414000 | 364838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 08/01/2024 <sup>(E)</sup>,<br>5.00% <sup>(C)</sup> | 392000 | 358653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 09/14/2032, 5.72% <sup>(C)</sup>, 09/14/2033 | 1614000 | 1587112 |
| Mitsubishi UFJ Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 07/18/2024, 4.79% <sup>(C)</sup>, 07/18/2025 | 654000 | 647748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 07/20/2027, 5.02% <sup>(C)</sup>, 07/20/2028 <sup>(F)</sup> | 1067000 | 1043079 |
|  National Australia Bank Ltd. <br>2.99%, 05/21/2031 <sup>(B)</sup> | 1103000 | 866184 |
|  Nordea Bank Abp <br>5.38%, 09/22/2027 <sup>(B)</sup> | 1253000 | 1260847 |
| SVB Financial Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 05/15/2026 <sup>(E)</sup>,<br>4.00% <sup>(C)</sup> | 239000 | 157745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 02/15/2031 <sup>(E)</sup>,<br>4.10% <sup>(C)</sup> | 1033000 | 591208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 11/15/2026 <sup>(E)</sup>,<br>4.25% <sup>(C)</sup> | 1337000 | 877137 |
| US Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 11/03/2031,<br>2.49% <sup>(C)</sup>, 11/03/2036 | 857000 | 654390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 07/22/2032,<br>4.97% <sup>(C)</sup>, 07/22/2033 | 235000 | 223719 |
|  Westpac Banking Corp. <br>Fixed until 11/15/2030,<br>2.67% <sup>(C)</sup>, 11/15/2035 | 841000 | 626089 |
|  |  | 24993814 |
| **Beverages - 0.1%** | **Beverages - 0.1%** | **Beverages - 0.1%** |
| Diageo Capital PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 09/29/2025 | 200000 | 183567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 04/29/2030 | 606000 | 499211 |
|  |  | 682778 |
| **Biotechnology - 0.1%** | **Biotechnology - 0.1%** | **Biotechnology - 0.1%** |
| CSL Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 04/27/2027 <sup>(B)</sup> | 270000 | 258666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 04/27/2029 <sup>(B)</sup> | 529000 | 499707 |
|  |  | 758373 |
| **Capital Markets - 1.2%** | **Capital Markets - 1.2%** | **Capital Markets - 1.2%** |
|  Ares Capital Corp. <br>2.88%, 06/15/2027 <sup>(F)</sup> | 823000 | 698559 |
|  Charles Schwab Corp. <br>Fixed until 12/01/2030 <sup>(E)</sup>,<br>4.00% <sup>(C)</sup> | 501000 | 399523 |
|  Goldman Sachs Group, Inc. <br>3.50%, 04/01/2025 | 1486000 | 1429758 |

---

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 8** 

------

##### [**Table of Contents**](#toc)
**Transamerica Janus Balanced VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Capital Markets (continued)** | **Capital Markets (continued)** | **Capital Markets (continued)** |
| Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 05/04/2026, 1.59% <sup>(C)</sup>, 05/04/2027 | $632000 | $555066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 02/13/2031, 1.79% <sup>(C)</sup>, 02/13/2032 | 1104000 | 832470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 04/28/2025, 2.19% <sup>(C)</sup>, 04/28/2026 | 990000 | 920670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 07/21/2031, 2.24% <sup>(C)</sup>, 07/21/2032 | 1203000 | 922794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 09/16/2031, 2.48% <sup>(C)</sup>, 09/16/2036 | 1298000 | 944412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 01/21/2032, 2.94% <sup>(C)</sup>, 01/21/2033 | 1894000 | 1537541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 09/08/2026 | 79000 | 76770 |
| MSCI, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 09/01/2030 <sup>(B)</sup> | 992000 | 824600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/15/2031 <sup>(B)</sup> | 962000 | 799831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/2029 <sup>(B)</sup> | 88000 | 76651 |
| OWL Rock Core Income Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 02/08/2027 | 113000 | 102030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 09/16/2027 <sup>(B)</sup> | 678000 | 676783 |
|  |  | 10797458 |
| **Consumer Finance - 0.1%** | **Consumer Finance - 0.1%** | **Consumer Finance - 0.1%** |
| American Express Co. <br>Fixed until 02/26/2032,<br>4.99% <sup>(C)</sup>, 05/26/2033 <sup>(F)</sup> | 817000 | 787944 |
| **Diversified Financial Services - 0.3%** | **Diversified Financial Services - 0.3%** | **Diversified Financial Services - 0.3%** |
| AerCap Ireland Capital DAC / AerCap Global<br>Aviation Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/29/2028 | 655000 | 549859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/15/2027 | 774000 | 720032 |
| Rocket Mortgage LLC / Rocket Mortgage<br>Co-Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 10/15/2026 <sup>(B)</sup> | 510000 | 439253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/01/2029 <sup>(B)</sup> | 443000 | 351050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/01/2031 <sup>(B)</sup> | 575000 | 438882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/2033 <sup>(B)</sup> | 476000 | 355505 |
|  |  | 2854581 |
| **Diversified Telecommunication Services - 0.0% <sup>(D)</sup>** | **Diversified Telecommunication Services - 0.0% <sup>(D)</sup>** | **Diversified Telecommunication Services - 0.0% <sup>(D)</sup>** |
| AT&T, Inc.<br>3.65%, 09/15/2059 | 109000 | 73327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 12/01/2057 | 378000 | 262869 |
|  |  | 336196 |
| **Electric Utilities - 0.2%** | **Electric Utilities - 0.2%** | **Electric Utilities - 0.2%** |
| Duke Energy Corp. <br>4.30%, 03/15/2028 | 643000 | 619880 |
|  Duquesne Light Holdings, Inc. <br>2.78%, 01/07/2032 <sup>(B)</sup> | 642000 | 503878 |
|  NRG Energy, Inc. <br>3.38%, 02/15/2029 <sup>(B)</sup> | 938000 | 753560 |
|  |  | 1877318 |
| **Electronic Equipment, Instruments & Components - 0.1%** | **Electronic Equipment, Instruments & Components - 0.1%** | **Electronic Equipment, Instruments & Components - 0.1%** |
| Trimble, Inc.<br>4.75%, 12/01/2024 | 853000 | 843637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 06/15/2028 | 426000 | 409173 |
|  |  | 1252810 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Equity Real Estate Investment Trusts - 0.2%** | **Equity Real Estate Investment Trusts - 0.2%** | **Equity Real Estate Investment Trusts - 0.2%** |
| Agree LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/15/2028 | $630000 | $517281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 06/15/2033 | 197000 | 148866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 10/01/2030 | 313000 | 254863 |
|  Equinix, Inc. <br>2.15%, 07/15/2030 | 533000 | 425195 |
|  Sun Communities Operating LP <br>2.70%, 07/15/2031 | 898000 | 711174 |
|  |  | 2057379 |
| **Food Products - 0.1%** | **Food Products - 0.1%** | **Food Products - 0.1%** |
| JBS USA LUX SA / JBS USA Food Co. / JBS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; USA Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/2032 <sup>(B)</sup> | 695000 | 531745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 01/15/2032 <sup>(B)</sup> | 500000 | 405000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/2030 <sup>(B)</sup> | 375000 | 356820 |
|  Mondelez International, Inc. <br>2.75%, 04/13/2030 | 68000 | 58733 |
|  |  | 1352298 |
| **Health Care Equipment & Supplies - 0.4%** | **Health Care Equipment & Supplies - 0.4%** | **Health Care Equipment & Supplies - 0.4%** |
| GE HealthCare Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 11/15/2027 <sup>(B)</sup> | 933000 | 945704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.86%, 03/15/2030 <sup>(B)</sup> | 1114000 | 1142654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.91%, 11/22/2032 <sup>(B)</sup> <sup>(F)</sup> | 1603000 | 1666340 |
|  |  | 3754698 |
| **Health Care Providers & Services - 0.5%** | **Health Care Providers & Services - 0.5%** | **Health Care Providers & Services - 0.5%** |
| Centene Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 07/15/2028 | 919000 | 774921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/15/2030 | 491000 | 402497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/15/2027 | 2255000 | 2116938 |
| HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 09/01/2026 | 187000 | 185087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 09/01/2028 | 264000 | 262842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/15/2026 - 02/01/2029 | 650000 | 652113 |
|  UnitedHealth Group, Inc. <br>5.25%, 02/15/2028 | 412000 | 421834 |
|  |  | 4816232 |
| **Hotels, Restaurants & Leisure - 0.0% <sup>(D)</sup>** | **Hotels, Restaurants & Leisure - 0.0% <sup>(D)</sup>** | **Hotels, Restaurants & Leisure - 0.0% <sup>(D)</sup>** |
| GLP Capital LP / GLP Financing II, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 01/15/2029 | 73000 | 69072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 04/15/2026 | 333000 | 326782 |
|  |  | 395854 |
| **Insurance - 0.4%** | **Insurance - 0.4%** | **Insurance - 0.4%** |
| Athene Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 10/04/2031 <sup>(B)</sup> | 1416000 | 1085443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.72%, 01/07/2029 <sup>(B)</sup> | 800000 | 661993 |
| Brown & Brown, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/17/2032 | 291000 | 253133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 03/17/2052 | 845000 | 686607 |
|  Prudential Financial, Inc. <br>Fixed until 07/01/2030, 3.70% <sup>(C)</sup>, 10/01/2050 | 1066000 | 899587 |
|  |  | 3586763 |
| **IT Services - 0.3%** | **IT Services - 0.3%** | **IT Services - 0.3%** |
| Global Payments, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 01/15/2027 | 570000 | 498111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 11/15/2031 | 566000 | 448519 |

---

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 9** 

------

##### [**Table of Contents**](#toc)
**Transamerica Janus Balanced VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** |
| Global Payments, Inc. (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 04/01/2026 | $513000 | $500109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 08/15/2029 | 832000 | 805424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 08/15/2032 | 378000 | 361346 |
|  |  | 2613509 |
| **Leisure Products - 0.2%** | **Leisure Products - 0.2%** | **Leisure Products - 0.2%** |
| Hasbro, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 11/19/2029 | 1442000 | 1284906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 05/15/2044 <sup>(F)</sup> | 422000 | 361290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 03/15/2040 | 347000 | 341418 |
|  |  | 1987614 |
| **Life Sciences Tools & Services - 0.1%** | **Life Sciences Tools & Services - 0.1%** | **Life Sciences Tools & Services - 0.1%** |
|  Illumina, Inc. <br>5.80%, 12/12/2025 | 483000 | 486716 |
| **Media - 0.1%** | **Media - 0.1%** | **Media - 0.1%** |
|  Charter Communications Operating LLC / Charter Communications Operating Capital <br>6.48%, 10/23/2045 | 221000 | 200145 |
|  Comcast Corp. <br>3.75%, 04/01/2040 | 307000 | 254657 |
|  Fox Corp. <br>4.03%, 01/25/2024 | 362000 | 357905 |
|  |  | 812707 |
| **Metals & Mining - 0.0% <sup>(D)</sup>** | **Metals & Mining - 0.0% <sup>(D)</sup>** | **Metals & Mining - 0.0% <sup>(D)</sup>** |
|  Reliance Steel & Aluminum Co. <br>4.50%, 04/15/2023 | 396000 | 395931 |
| **Oil, Gas & Consumable Fuels - 0.4%** | **Oil, Gas & Consumable Fuels - 0.4%** | **Oil, Gas & Consumable Fuels - 0.4%** |
| Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 06/15/2028 | 78000 | 75557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 02/15/2028 | 603000 | 597066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 02/15/2033 | 603000 | 589951 |
| EQT Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.68%, 10/01/2025 | 738000 | 734915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 04/01/2028 | 318000 | 316272 |
|  Hess Midstream Operations LP <br>5.13%, 06/15/2028 <sup>(B)</sup> | 460000 | 425505 |
|  Southwestern Energy Co. <br>4.75%, 02/01/2032 | 619000 | 528991 |
|  |  | 3268257 |
| **Personal Products - 0.1%** | **Personal Products - 0.1%** | **Personal Products - 0.1%** |
|  GSK Consumer Healthcare Capital US LLC <br>3.38%, 03/24/2027 | 554000 | 516539 |
| **Pharmaceuticals - 0.1%** | **Pharmaceuticals - 0.1%** | **Pharmaceuticals - 0.1%** |
|  Royalty Pharma PLC <br>3.55%, 09/02/2050 | 782000 | 503453 |
| **Professional Services - 0.0% <sup>(D)</sup>** | **Professional Services - 0.0% <sup>(D)</sup>** | **Professional Services - 0.0% <sup>(D)</sup>** |
|  CoStar Group, Inc. <br>2.80%, 07/15/2030 <sup>(B)</sup> | 497000 | 407107 |
| **Semiconductors & Semiconductor Equipment - 0.3%** | **Semiconductors & Semiconductor Equipment - 0.3%** | **Semiconductors & Semiconductor Equipment - 0.3%** |
|  Analog Devices, Inc. <br>2.95%, 04/01/2025 | 534000 | 513111 |
| Marvell Technology, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 04/15/2026 | 732000 | 647262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/22/2028 | 378000 | 360910 |
|  Microchip Technology, Inc. <br>2.67%, 09/01/2023 | 946000 | 928330 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
|  TSMC Arizona Corp. <br>3.88%, 04/22/2027 | $669000 | $644028 |
|  |  | 3093641 |
| **Software - 0.0% <sup>(D)</sup>** | **Software - 0.0% <sup>(D)</sup>** | **Software - 0.0% <sup>(D)</sup>** |
|  Workday, Inc. <br>3.50%, 04/01/2027 | 372000 | 348240 |
| **Trading Companies & Distributors - 0.1%** | **Trading Companies & Distributors - 0.1%** | **Trading Companies & Distributors - 0.1%** |
| Air Lease Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 08/15/2026 | 817000 | 710608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/2030 | 412000 | 344934 |
|  |  | 1055542 |
|  **Total Corporate Debt Securities <br>(Cost $87,694,223)** | **Total Corporate Debt Securities <br>(Cost $87,694,223)** | 76743444 |
| **MORTGAGE-BACKED SECURITIES - 4.5%** | **MORTGAGE-BACKED SECURITIES - 4.5%** | **MORTGAGE-BACKED SECURITIES - 4.5%** |
|  280 Park Avenue Mortgage Trust <br>Series 2017-280P, Class A, <br>1-Month LIBOR + 0.88%, <br>5.12% <sup>(C)</sup>, 09/15/2034 <sup>(B)</sup> | 592515 | 577577 |
| Angel Oak Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-5, Class A1,<br>2.59% <sup>(C)</sup>, 10/25/2049 <sup>(B)</sup> | 85228 | 80886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-6, Class A1,<br>2.62% <sup>(C)</sup>, 11/25/2059 <sup>(B)</sup> | 73591 | 70000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3, Class A2,<br>2.41% <sup>(C)</sup>, 04/25/2065 <sup>(B)</sup> | 176050 | 157734 |
| Bayview MSR Opportunity Master Fund<br>Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-5, Class AF, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month SOFR Average + 0.85%, <br>4.37% <sup>(C)</sup>, 11/25/2051 <sup>(B)</sup> | 712360 | 648044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2, Class A1,<br>3.00% <sup>(C)</sup>, 12/25/2051 <sup>(B)</sup> | 1380382 | 1152512 |
|  BBCMS Mortgage Trust <br>Series 2017-DELC, Class A, <br>1-Month LIBOR + 0.98%, <br>5.29% <sup>(C)</sup>, 08/15/2036 <sup>(B)</sup> | 422000 | 414551 |
|  BBCMS Trust <br>Series 2015-SRCH, Class A2, <br>4.20%, 08/10/2035 <sup>(B)</sup> | 715000 | 665944 |
|  BPR Trust <br>Series 2022-OANA, Class A, <br>1-Month Term SOFR + 1.90%, <br>6.23% <sup>(C)</sup>, 04/15/2037 <sup>(B)</sup> | 1387000 | 1353708 |
| BX Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-XL, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month Term SOFR + 1.03%, <br>5.37% <sup>(C)</sup>, 10/15/2036 <sup>(B)</sup> | 1074797 | 1061546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-XL, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month Term SOFR + 1.19%, <br>5.53% <sup>(C)</sup>, 10/15/2036 <sup>(B)</sup> | 317900 | 312296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-VKNG, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month Term SOFR + 1.04%, <br>5.38% <sup>(C)</sup>, 10/15/2037 <sup>(B)</sup> | 131194 | 128023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-VINO, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 0.65%, <br>4.97% <sup>(C)</sup>, 05/15/2038 <sup>(B)</sup> | 186000 | 179058 |

---

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 10** 

------

##### [**Table of Contents**](#toc)
**Transamerica Janus Balanced VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| BX Commercial Mortgage Trust (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-VOLT, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 0.95%, <br>5.27% <sup>(C)</sup>, 09/15/2036 <sup>(B)</sup> | $733000 | $691025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-VOLT, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 1.65%, <br>5.97% <sup>(C)</sup>, 09/15/2036 <sup>(B)</sup> | 770000 | 720391 |
| BX Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.08% <sup>(C)</sup>, 04/15/2039 <sup>(B)</sup> | 830000 | 764434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OC11, Class B, 3.61%, 12/09/2041 <sup>(B)</sup> | 242000 | 198849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OC11, Class C, 3.86%, 12/09/2041 <sup>(B)</sup> | 481000 | 397232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-LBA, Class AJV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 0.80%, <br>5.12% <sup>(C)</sup>, 02/15/2036 <sup>(B)</sup> | 820000 | 779400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-LBA, Class AV, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 0.80%, <br>5.12% <sup>(C)</sup>, 02/15/2036 <sup>(B)</sup> | 932000 | 885854 |
|  BXP Trust<br>Series 2017-GM, Class A, <br>3.38%, 06/13/2039 <sup>(B)</sup> | 324000 | 288716 |
|  Chase Mortgage Finance Corp. <br>Series 2021-CL1, Class M1, <br>1-Month SOFR Average + 1.20%, <br>5.13% <sup>(C)</sup>, 02/25/2050 <sup>(B)</sup> | 728363 | 659710 |
|  CIM Trust <br>Series 2021-NR1, Class A1, <br>2.57% <sup>(C)</sup>, 07/25/2055 <sup>(B)</sup> | 425610 | 404008 |
| Cold Storage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-ICE5, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 0.90%, <br>5.22% <sup>(C)</sup>, 11/15/2037 <sup>(B)</sup> | 1316224 | 1279869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-ICE5, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 1.30%, <br>5.62% <sup>(C)</sup>, 11/15/2037 <sup>(B)</sup> | 585862 | 567107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-ICE5, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 1.65%, <br>5.97% <sup>(C)</sup>, 11/15/2037 <sup>(B)</sup> | 587828 | 568641 |
| COLT Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2, Class A1,<br>1.85% <sup>(C)</sup>, 03/25/2065 <sup>(B)</sup> | 17290 | 16908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3, Class A1,<br>1.51% <sup>(C)</sup>, 04/27/2065 <sup>(B)</sup> | 62277 | 58211 |
| Credit Suisse Mortgage Capital Certificates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-ICE4, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 0.98%, <br>5.30% <sup>(C)</sup>, 05/15/2036 <sup>(B)</sup> | 1320000 | 1305436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-ICE4, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 1.43%, <br>5.75% <sup>(C)</sup>, 05/15/2036 <sup>(B)</sup> | 282000 | 276350 |
|  CSMC Trust <br>Series 2021-WEHO, Class A, <br>1-Month LIBOR + 3.97%, <br>8.29% <sup>(C)</sup>, 04/15/2023 <sup>(B)</sup> | 583899 | 557570 |
| Extended Stay America Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ESH, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 1.08%, <br>5.40% <sup>(C)</sup>, 07/15/2038 <sup>(B)</sup> | 418786 | 406704 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| Extended Stay America Trust (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ESH, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 1.38%, <br>5.70% <sup>(C)</sup>, 07/15/2038 <sup>(B)</sup> | $269429 | $258952 |
|  Flagstar Mortgage Trust <br>Series 2021-13IN, Class A2, <br>3.00% <sup>(C)</sup>, 12/30/2051 <sup>(B)</sup> | 2222414 | 1855543 |
|  GCAT Trust <br>Series 2022-INV1, Class A1, <br>3.00% <sup>(C)</sup>, 12/25/2051 <sup>(B)</sup> | 1833003 | 1530415 |
| Great Wolf Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-WOLF, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 1.03%, <br>5.35% <sup>(C)</sup>, 12/15/2036 <sup>(B)</sup> | 526000 | 510775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-WOLF, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 1.33%, <br>5.65% <sup>(C)</sup>, 12/15/2036 <sup>(B)</sup> | 258000 | 248678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-WOLF, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 1.63%, <br>5.95% <sup>(C)</sup>, 12/15/2036 <sup>(B)</sup> | 287000 | 274001 |
| JPMorgan Chase Commercial Mortgage<br>Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-ACE, Class A, 3.29%, 01/10/2037 <sup>(B)</sup> | 845000 | 783562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-ACE, Class B, 3.64%, 01/10/2037 <sup>(B)</sup> | 580000 | 525684 |
| Life Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BMR, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 0.70%, <br>5.02% <sup>(C)</sup>, 03/15/2038 <sup>(B)</sup> | 1278844 | 1238323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BMR, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 1.10%, <br>5.42% <sup>(C)</sup>, 03/15/2038 <sup>(B)</sup> | 740177 | 703490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-BMR2, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month Term SOFR + 1.30%, <br>5.63% <sup>(C)</sup>, 05/15/2039 <sup>(B)</sup> | 886000 | 863803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-BMR2, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month Term SOFR + 1.79%, <br>6.13% <sup>(C)</sup>, 05/15/2039 <sup>(B)</sup> | 257000 | 248952 |
| Med Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MDLN, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 1.80%, <br>6.12% <sup>(C)</sup>, 11/15/2038 <sup>(B)</sup> | 216000 | 205211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MDLN, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 2.00%, <br>6.32% <sup>(C)</sup>, 11/15/2038 <sup>(B)</sup> | 219000 | 206918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MDLN, Class E, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 3.15%, <br>7.47% <sup>(C)</sup>, 11/15/2038 <sup>(B)</sup> | 972000 | 901320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MDLN, Class F, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 4.00%, <br>8.32% <sup>(C)</sup>, 11/15/2038 <sup>(B)</sup> | 611000 | 561978 |
| Mello Mortgage Capital Acceptance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV2, Class A11, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month SOFR Average + 0.95%, <br>4.47% <sup>(C)</sup>, 08/25/2051 <sup>(B)</sup> | 515253 | 470920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV3, Class A11, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month SOFR Average + 0.95%, <br>4.47% <sup>(C)</sup>, 10/25/2051 <sup>(B)</sup> | 636476 | 581712 |

---

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 11** 

------

##### [**Table of Contents**](#toc)
**Transamerica Janus Balanced VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| Mello Mortgage Capital<br>Acceptance (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV4, Class A3,<br>2.50% <sup>(C)</sup>, 12/25/2051 <sup>(B)</sup> | $418081 | $336196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-INV1, Class A2,<br>3.00% <sup>(C)</sup>, 03/25/2052 <sup>(B)</sup> | 1242431 | 1037333 |
| MHC Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MHC, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 0.80%, <br>5.12% <sup>(C)</sup>, 04/15/2038 <sup>(B)</sup> | 1345085 | 1304486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MHC, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 1.35%, <br>5.67% <sup>(C)</sup>, 04/15/2038 <sup>(B)</sup> | 759271 | 725720 |
|  New Residential Mortgage Loan Trust <br>Series 2018-2A, Class A1, <br>4.50% <sup>(C)</sup>, 02/25/2058 <sup>(B)</sup> | 118979 | 114346 |
| OBX Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV3, Class A3,<br>2.50% <sup>(C)</sup>, 10/25/2051 <sup>(B)</sup> | 441081 | 354691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-INV1, Class A1,<br>3.00% <sup>(C)</sup>, 12/25/2051 <sup>(B)</sup> | 1390554 | 1162742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-INV1, Class A18,<br>3.00% <sup>(C)</sup>, 12/25/2051 <sup>(B)</sup> | 590382 | 470046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oceanview Mortgage Trust <br>Series 2022-1, Class A1, <br>3.00% <sup>(C)</sup>, 12/25/2051 <sup>(B)</sup> | 742116 | 621650 |
| PRPM LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-10, Class A1,<br>2.49% <sup>(C)</sup>, 10/25/2026 <sup>(B)</sup> | 721540 | 667926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-9, Class A1,<br>2.36% <sup>(C)</sup>, 10/25/2026 <sup>(B)</sup> | 630114 | 567877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2, Class A1,<br>5.00% <sup>(C)</sup>, 03/25/2027 <sup>(B)</sup> | 1045501 | 989190 |
|  RCKT Mortgage Trust <br>Series 2021-3, Class A21, <br>1-Month SOFR Average + 0.80%, <br>4.32% <sup>(C)</sup>, 07/25/2051 <sup>(B)</sup> | 464178 | 421060 |
|  Sequoia Mortgage Trust<br>Series 2013-5, Class A1,<br>2.50% <sup>(C)</sup>, 05/25/2043 <sup>(B)</sup> | 113591 | 95170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2, Class A19,<br>3.50% <sup>(C)</sup>, 03/25/2050 <sup>(B)</sup> | 52777 | 43869 |
|  SMRT Commercial Mortgage Trust <br>Series 2022-MINI, Class A, <br>1-Month Term SOFR + 1.00%, <br>5.34% <sup>(C)</sup>, 01/15/2039 <sup>(B)</sup> | 451000 | 435177 |
|  Spruce Hill Mortgage Loan Trust<br>Series 2020-SH1, Class A1,<br>2.52% <sup>(C)</sup>, 01/28/2050 <sup>(B)</sup> | 7302 | 7210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SH1, Class A2,<br>2.62% <sup>(C)</sup>, 01/28/2050 <sup>(B)</sup> | 40892 | 40366 |
| SREIT Trust <br>Series 2021-MFP, Class A, <br>1-Month LIBOR + 0.73%, <br>5.05% <sup>(C)</sup>, 11/15/2038 <sup>(B)</sup> | 100000 | 96175 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| TPI RE-REMIC Trust, Principal Only STRIPS<br>Series 2022-FRR1, Class AK35, <br>Zero Coupon, 08/25/2046 <sup>(B)</sup> | $396000 | $378397 |
| UWM Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV1, Class A9, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month SOFR Average + 0.90%, <br>4.42% <sup>(C)</sup>, 08/25/2051 <sup>(B)</sup> | 620298 | 562814 |
|  SREIT Trust <br>Series 2021-MFP, Class A, <br>1-Month LIBOR + 0.73%, <br>5.05% <sup>(C)</sup>, 11/15/2038 <sup>(B)</sup> (continued) | 100000 | 96175 |
|  TPI RE-REMIC Trust, Principal Only STRIPS<br>Series 2022-FRR1, Class AK35, <br>Zero Coupon, 08/25/2046 <sup>(B)</sup> (continued) | 396000 | 378397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV4, Class A3,<br>2.50% <sup>(C)</sup>, 12/25/2051 <sup>(B)</sup> | 322808 | 257953 |
| VASA Trust <br>Series 2021-VASA, Class A, <br>1-Month LIBOR + 0.90%, <br>5.22% <sup>(C)</sup>, 07/15/2039 <sup>(B)</sup> | 425000 | 391910 |
| VMC Finance LLC <br>Series 2021-HT1, Class A, <br>1-Month LIBOR + 1.65%, <br>5.99% <sup>(C)</sup>, 01/18/2037 <sup>(B)</sup> | 454238 | 438456 |
| Wells Fargo Commercial Mortgage Trust <br>Series 2021-SAVE, Class A, <br>1-Month LIBOR + 1.15%, <br>5.47% <sup>(C)</sup>, 02/15/2040 <sup>(B)</sup> | 414514 | 387302 |
|  **Total Mortgage-Backed Securities <br>(Cost $45,094,044)** | **Total Mortgage-Backed Securities <br>(Cost $45,094,044)** | 41506593 |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS - 13.9%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 13.9%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 13.9%** |
| Federal Home Loan Mortgage Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/01/2033 - 03/01/2052 | 3316359 | 2933639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/01/2031 - 03/01/2052 | 2085071 | 1934046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/2042 - 07/01/2052 | 4597100 | 4238992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/2047 - 08/01/2052 | 2312310 | 2199695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/01/2048 - 10/01/2052 | 6915083 | 6696882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2048 - 10/01/2052 | 1954293 | 1951904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/01/2052 - 11/01/2052 | 2189178 | 2226095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/01/2040 | 42751 | 44736 |
| Federal Home Loan Mortgage Corp. STACR<br>REMIC Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month SOFR Average + 0.85%, <br>4.78% <sup>(C)</sup>, 11/25/2041 <sup>(B)</sup> | 525102 | 516030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month SOFR Average + 0.95%, <br>4.88% <sup>(C)</sup>, 12/25/2041 <sup>(B)</sup> | 934406 | 886583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month SOFR Average + 1.30%, <br>5.23% <sup>(C)</sup>, 02/25/2042 <sup>(B)</sup> | 203222 | 199857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month SOFR Average + 2.00%, <br>5.93% <sup>(C)</sup>, 04/25/2042 <sup>(B)</sup> | 189903 | 188954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month SOFR Average + 2.00%, <br>5.93% <sup>(C)</sup>, 12/25/2050 <sup>(B)</sup> | 749013 | 743824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month SOFR Average + 2.10%, <br>6.03% <sup>(C)</sup>, 03/25/2042 <sup>(B)</sup> | 423821 | 418400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month SOFR Average + 2.15%, <br>6.08% <sup>(C)</sup>, 09/25/2042 <sup>(B)</sup> | 155420 | 155515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month SOFR Average + 2.25%, <br>6.18% <sup>(C)</sup>, 08/25/2033 <sup>(B)</sup> | 1117000 | 1052027 |

---

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 12** 

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##### [**Table of Contents**](#toc)
**Transamerica Janus Balanced VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| Federal Home Loan Mortgage Corp. STACR<br>REMIC Trust (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month SOFR Average + 2.30%, <br>6.23% <sup>(C)</sup>, 08/25/2042 <sup>(B)</sup> | $272869 | $272554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month SOFR Average + 2.95%, <br>6.88% <sup>(C)</sup>, 06/25/2042 <sup>(B)</sup> | 608299 | 615441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 3.10%, <br>7.49% <sup>(C)</sup>, 03/25/2050 <sup>(B)</sup> | 217051 | 220060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 3.15%, <br>7.54% <sup>(C)</sup>, 09/25/2050 <sup>(B)</sup> | 3849 | 3851 |
| Federal Home Loan Mortgage Corp. STACR<br>Trust <br>1-Month LIBOR + 1.95%, <br>6.34% <sup>(C)</sup>, 10/25/2049 <sup>(B)</sup> | 17596 | 17596 |
| Federal Home Loan Mortgage Corp.<br>Structured Agency Credit Risk Debt Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month SOFR Average + 2.30%, <br>6.23% <sup>(C)</sup>, 08/25/2033 <sup>(B)</sup> | 471336 | 465989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month SOFR Average + 2.60%, <br>6.53% <sup>(C)</sup>, 11/25/2050 <sup>(B)</sup> | 839759 | 837994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month SOFR Average + 2.65%, <br>6.58% <sup>(C)</sup>, 07/25/2042 <sup>(B)</sup> | 306824 | 308343 |
| Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/01/2034 - 03/01/2052 | 9835253 | 8458748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/01/2034 - 06/01/2057 | 10521992 | 9451702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/01/2045 - 08/01/2056 | 11616450 | 10731189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/2047 - 07/01/2052 | 8661052 | 8236222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/01/2042 - 12/01/2052 | 4946515 | 4798460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2044 - 11/01/2052 | 1417433 | 1416325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/01/2052 - 11/01/2052 | 3403301 | 3442232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/01/2037 | 1976 | 2067 |
| Federal National Mortgage Association<br>Connecticut Avenue Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month SOFR Average + 1.65%, <br>5.58% <sup>(C)</sup>, 12/25/2041 <sup>(B)</sup> | 464000 | 437640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month SOFR Average + 1.90%, <br>5.83% <sup>(C)</sup>, 04/25/2042 <sup>(B)</sup> | 449599 | 445337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month SOFR Average + 2.00%, <br>5.93% <sup>(C)</sup>, 11/25/2041 <sup>(B)</sup> | 1446000 | 1344868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month SOFR Average + 2.00%, <br>5.93% <sup>(C)</sup>, 03/25/2042 <sup>(B)</sup> | 409395 | 407944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month SOFR Average + 2.10%, <br>6.03% <sup>(C)</sup>, 03/25/2042 <sup>(B)</sup> | 958603 | 951937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month SOFR Average + 2.50%, <br>6.44% <sup>(C)</sup>, 09/25/2042 <sup>(B)</sup> | 890455 | 885847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month SOFR Average + 2.55%, <br>6.48% <sup>(C)</sup>, 07/25/2042 <sup>(B)</sup> | 240425 | 241180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 2.10%, <br>6.49% <sup>(C)</sup>, 10/25/2039 <sup>(B)</sup> | 51443 | 51315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 2.15%, <br>6.54% <sup>(C)</sup>, 09/25/2031 <sup>(B)</sup> | 48680 | 48561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month SOFR Average + 2.75%, <br>6.68% <sup>(C)</sup>, 05/25/2042 <sup>(B)</sup> | 301667 | 305424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 2.30%, <br>6.69% <sup>(C)</sup>, 08/25/2031 <sup>(B)</sup> | 16443 | 16423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 2.40%, <br>6.79% <sup>(C)</sup>, 04/25/2031 <sup>(B)</sup> | 76555 | 76365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month SOFR Average + 3.00%, <br>6.93% <sup>(C)</sup>, 01/25/2042 <sup>(B)</sup> | 527000 | 496556 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| Federal National Mortgage Association<br>Connecticut Avenue Securities<br>Trust (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month SOFR Average + 3.00%, <br>6.93% <sup>(C)</sup>, 04/25/2042 <sup>(B)</sup> | $376000 | $363969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 4.30%, <br>8.69% <sup>(C)</sup>, 02/25/2025 | 199425 | 202916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 4.90%, <br>9.29% <sup>(C)</sup>, 11/25/2024 | 37194 | 38163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 5.00%, <br>9.39% <sup>(C)</sup>, 07/25/2025 | 178043 | 180700 |
|  Federal National Mortgage Association REMIC <br>3.00%, 05/25/2048 - 11/25/2049 | 1117176 | 1005930 |
| Government National Mortgage<br>Association |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, TBA <sup>(G)</sup> | 4316930 | 3746273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/20/2051 - 08/20/2051 | 3879670 | 3478303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, TBA <sup>(G)</sup> | 2873262 | 2643308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/2045 - 05/20/2048 | 1500489 | 1444496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, TBA <sup>(G)</sup> | 3427941 | 3247308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/2046 - 05/20/2048 | 764902 | 758472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, TBA <sup>(G)</sup> | 2272259 | 2206221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/20/2048 | 201937 | 201506 |
| Uniform Mortgage-Backed Security |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, TBA <sup>(G)</sup> | 2273799 | 2024569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, TBA <sup>(G)</sup> | 1092478 | 979752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, TBA <sup>(G)</sup> | 4028468 | 3553591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, TBA <sup>(G)</sup> | 10493383 | 9545358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, TBA <sup>(G)</sup> | 800000 | 751095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, TBA <sup>(G)</sup> | 2523627 | 2430963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, TBA <sup>(G)</sup> | 4381987 | 4321050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, TBA <sup>(G)</sup> | 5076199 | 5092427 |
|  **Total U.S. Government Agency Obligations <br>(Cost $135,576,181)** | **Total U.S. Government Agency Obligations <br>(Cost $135,576,181)** | 129591719 |
| **U.S. GOVERNMENT OBLIGATIONS - 13.2%** | **U.S. GOVERNMENT OBLIGATIONS - 13.2%** | **U.S. GOVERNMENT OBLIGATIONS - 13.2%** |
| **U.S. Treasury - 13.2%** | **U.S. Treasury - 13.2%** | **U.S. Treasury - 13.2%** |
| U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 08/15/2041 | 10993000 | 7578729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/15/2041 | 3134000 | 2254154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 02/15/2042 | 4850000 | 3729574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/15/2052 <sup>(F)</sup> | 24217000 | 20137949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/2042 <sup>(F)</sup> | 20742000 | 20440593 |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 08/31/2028 | 7450700 | 6375587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/30/2027 <sup>(F)</sup> | 11324900 | 11281547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/30/2029 | 5812000 | 5786572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 09/30/2027 - 11/15/2032 | 44091600 | 44722329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/30/2024 <sup>(F)</sup> | 315000 | 315172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/2025 | 362000 | 364489 |
|  **Total U.S. Government Obligations <br>(Cost $128,819,717)** | **Total U.S. Government Obligations <br>(Cost $128,819,717)** | 122986695 |

---

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 13** 

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##### [**Table of Contents**](#toc)
**Transamerica Janus Balanced VP** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **OTHER INVESTMENT COMPANY - 5.9%** | **OTHER INVESTMENT COMPANY - 5.9%** | **OTHER INVESTMENT COMPANY - 5.9%** |
| **Securities Lending Collateral - 5.9%** | **Securities Lending Collateral - 5.9%** | **Securities Lending Collateral - 5.9%** |
|  State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 4.29% <sup>(H)</sup> | 54672043 | $54672043 |
|  **Total Other Investment Company <br>(Cost $54,672,043)** | **Total Other Investment Company <br>(Cost $54,672,043)** | 54672043 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 4.7%** | **REPURCHASE AGREEMENT - 4.7%** | **REPURCHASE AGREEMENT - 4.7%** |
|  Fixed Income Clearing Corp., 1.80% <sup>(H)</sup>, dated 12/30/2022, to be repurchased at $44,089,928 on 01/03/2023. Collateralized by a U.S. Government Obligation, 4.77%, due 12/28/2023, and with a value of $44,962,747. | $44081112 | $44081112 |
|  **Total Repurchase Agreement <br>(Cost $44,081,112)** | **Total Repurchase Agreement <br>(Cost $44,081,112)** | 44081112 |
|  **Total Investments <br>(Cost $930,602,243)** | **Total Investments <br>(Cost $930,602,243)** | 1026593668 |
|  **Net Other Assets (Liabilities) - (10.3)%** | **Net Other Assets (Liabilities) - (10.3)%** | (94630241) |
|  **Net Assets - 100.0%** |  | **$931963427** |

---

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(I)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Common Stocks | $525373340 | $— | $— | $525373340 |
|  Asset-Backed Securities |  | 31638722 |  | 31638722 |
|  Corporate Debt Securities |  | 76743444 |  | 76743444 |
|  Mortgage-Backed Securities |  | 41506593 |  | 41506593 |
|  U.S. Government Agency Obligations |  | 129591719 |  | 129591719 |
|  U.S. Government Obligations |  | 122986695 |  | 122986695 |
|  Other Investment Company | 54672043 |  |  | 54672043 |
|  Repurchase Agreement |  | 44081112 |  | 44081112 |
|  **Total Investments** | $**580045383** | $**446548285** | $**—** | $**1026593668** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *Non-income producing securities.* 

(B) *Securities are exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2022, the total value of 144A securities is $101,556,194, representing 10.9% of the Portfolio's net assets.* 

(C) *Floating or variable rate securities. The rates disclosed are as of December 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.* 

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

(E) *Perpetual maturity. The date displayed is the next call date.* 

(F) *All or a portion of the securities are on loan. The total value of all securities on loan is $55,117,450, collateralized by cash collateral of $54,672,043 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $1,563,158. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.* 

(G) *When-issued, delayed-delivery and/or forward commitment (including TBAs) securities. Securities to be settled and delivered after December 31, 2022. Securities may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.* 

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 14** 

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##### [**Table of Contents**](#toc)
**Transamerica Janus Balanced VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

**FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):** 

(H) *Rates disclosed reflect the yields at December 31, 2022.* 

(I) *There were no transfers in or out of Level 3 during the year ended December 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

**PORTFOLIO ABBREVIATIONS:** 

---

| | |
|:---|:---|
| *LIBOR* | *London Interbank Offered Rate* |
| *SOFR* | *Secured Overnight Financing Rate* |
| *STACR* | *Structured Agency Credit Risk* |
| *STRIPS* | *Separate Trading of Registered Interest and Principal of Securities* |
| *TBA* | *To Be Announced* |

---

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 15** 

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##### [**Table of Contents**](#toc)
**Transamerica Janus Balanced VP** 

------

**STATEMENT OF ASSETS AND LIABILITIES** 

**At December 31, 2022** 

---

| | |
|:---|:---|
|  **Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value (cost $886,521,131) <br>(including securities loaned of $55,117,450) | $982512556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreement, at value (cost $44,081,112) | 44081112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | 39351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables and other assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 40084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest sold | 6126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 412861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 2279026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 3430 |
|  Total assets | 1029374581 |
|  **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral received upon return of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities on loan | 54672043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables and other liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; When-issued, delayed-delivery, forward and TBA commitments purchased | 41196660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest redeemed | 659012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 556200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 199783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 1116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 7341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 28854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 31375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 5725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 43052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 9993 |
|  Total liabilities | 97411154 |
|  **Net assets** | $931963427 |
|  **Net assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital stock ($0.01 par value) | $646258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 799718387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) | 131598782 |
|  **Net assets** | $&nbsp;&nbsp;&nbsp;&nbsp;931963427 |
|  **Net assets by class:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | $12537220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 919426207 |
|  **Shares outstanding:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 852933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 63772868 |
|  **Net asset value and offering price per share:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | $14.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 14.42 |

---

**STATEMENT OF OPERATIONS** 

**For the year ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $7848262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 12670516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 108621 |
|  Total investment income | 20627399 |
|  **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 7408241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 2584928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 10949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 43979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 52452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 127939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 58804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 1366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 51588 |
|  Total expenses | 10340246 |
|  **Net investment income (loss)** | 10287153 |
|  **Net realized gain (loss) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 27973319 |
|  **Net change in unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (246857423) |
|  Net realized and change in unrealized gain (loss) | (218884104) |
|  **Net increase (decrease) in net assets resulting from operations** | $&nbsp;&nbsp;&nbsp;&nbsp;(208596951) |

---

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

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| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 16** 

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**STATEMENT OF CHANGES IN NET ASSETS** 

**For the years ended:** 

---

| | | |
|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2021** |
|  **From operations:** | **From operations:** | **From operations:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $10287153 | $7712011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 27973319 | 123891144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (246857423) | 48428145 |
|  Net increase (decrease) in net assets resulting from operations | (208596951) | 180031300 |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (1753209) | (819605) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (129678654) | (66394965) |
|  Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (131431863) | (67214570) |
|  **Capital share transactions:** | **Capital share transactions:** | **Capital share transactions:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 1020609 | 1176406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 16299018 | 27424195 |
|  | 17319627 | 28600601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 1753209 | 819605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 129678654 | 66394965 |
|  | 131431863 | 67214570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (1539866) | (2175076) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (155301073) | (148670314) |
|  | (156840939) | (150845390) |
|  Net increase (decrease) in net assets resulting from capital share transactions | (8089449) | (55030219) |
|  **Net increase (decrease) in net assets** | (348118263) | 57786511 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;1280081690 | 1222295179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $931963427 | $&nbsp;&nbsp;&nbsp;&nbsp;1280081690 |
|  **Capital share transactions - shares:** | **Capital share transactions - shares:** | **Capital share transactions - shares:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 59024 | 60911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 979125 | 1454150 |
|  | 1038149 | 1515061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 114141 | 42009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 8599380 | 3461677 |
|  | 8713521 | 3503686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (93332) | (111377) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (9383161) | (7771337) |
|  | (9476493) | (7882714) |
|  Net increase (decrease) in shares outstanding: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 79833 | (8457) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 195344 | (2855510) |
|  | 275177 | (2863967) |

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

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**Page 17** 

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 **FINANCIAL HIGHLIGHTS**<br>**For a share outstanding during the years indicated:**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $20.24 | $18.48 | $17.08 | $14.87 | $15.45 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(A)</sup> | 0.21 | 0.17 | 0.24 | 0.29 | 0.27 |
|  Net realized and unrealized gain (loss) | (3.46) | 2.70 | 2.18 | 2.93 | (0.20) |
|  Total investment operations | (3.25) | 2.87 | 2.42 | 3.22 | 0.07 |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income | (0.20) | (0.27) | (0.30) | (0.27) | (0.27) |
|  Net realized gains | (2.09) | (0.84) | (0.72) | (0.74) | (0.38) |
|  Total dividends and/or distributions to shareholders | (2.29) | (1.11) | (1.02) | (1.01) | (0.65) |
|  **Net asset value, end of year** | $14.70 | $20.24 | $18.48 | $17.08 | $14.87 |
|  **Total return** | &nbsp;&nbsp;&nbsp;&nbsp;(16.51)% | 15.71% | 14.59% | &nbsp;&nbsp;&nbsp;&nbsp;22.08% | 0.22% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;12537 | $&nbsp;&nbsp;&nbsp;&nbsp;15647 | $&nbsp;&nbsp;&nbsp;&nbsp;14443 | $&nbsp;&nbsp;&nbsp;&nbsp;13443 | $&nbsp;&nbsp;&nbsp;&nbsp;10813 |
|  Expenses to average net assets | 0.74% | 0.75% | 0.76% | 0.76% | 0.76% |
|  Net investment income (loss) to average net assets | 1.24% | 0.86% | 1.41% | 1.80% | 1.73% |
|  Portfolio turnover rate | 90% | 65% | 86% | 87% | 105% |

---

(A) *Calculated based on average number of shares outstanding.* 

**For a share outstanding during the years indicated:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $19.89 | $18.18 | $16.82 | $14.66 | $15.25 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(A)</sup> | 0.16 | 0.12 | 0.19 | 0.25 | 0.23 |
|  Net realized and unrealized gain (loss) | (3.39) | 2.65 | 2.15 | 2.88 | (0.21) |
|  Total investment operations | (3.23) | 2.77 | 2.34 | 3.13 | 0.02 |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income | (0.15) | (0.22) | (0.26) | (0.23) | (0.23) |
|  Net realized gains | (2.09) | (0.84) | (0.72) | (0.74) | (0.38) |
|  Total dividends and/or distributions to shareholders | (2.24) | (1.06) | (0.98) | (0.97) | (0.61) |
|  **Net asset value, end of year** | $14.42 | $19.89 | $18.18 | $16.82 | $14.66 |
|  **Total return** | (16.77)% | 15.44% | 14.31% | 21.77% | (0.06)% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;919426 | $&nbsp;&nbsp;&nbsp;&nbsp;1264435 | $&nbsp;&nbsp;&nbsp;&nbsp;1207852 | $&nbsp;&nbsp;&nbsp;&nbsp;1111765 | $&nbsp;&nbsp;&nbsp;&nbsp;933714 |
|  Expenses to average net assets | 0.99% | 1.00% | 1.01% | 1.01% | 1.01% |
|  Net investment income (loss) to average net assets | 0.98% | 0.61% | 1.16% | 1.56% | 1.49% |
|  Portfolio turnover rate | 90% | 65% | 86% | 87% | 105% |

---

(A) *Calculated based on average number of shares outstanding.* 

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

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|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 18** 

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**Transamerica Janus Balanced VP** 

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**NOTES TO FINANCIAL STATEMENTS** 

**At December 31, 2022** 

**1. ORGANIZATION** 

Transamerica Series Trust ("TST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). TST applies investment company accounting and reporting guidance. TST serves as a funding vehicle for variable life insurance, variable annuity, and group annuity products. Transamerica Janus Balanced VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers two classes of shares, Initial Class and Service Class.

The only shareholders of the Portfolio are affiliated insurance company separate accounts and affiliated asset allocation portfolios. Contract holders of the variable life and annuity contracts are not shareholders of the Portfolio. For ease of reference, shareholders and contract holders are collectively referred to in this report as "shareholders."

This report must be accompanied or preceded by the Portfolio's current prospectus, which contains additional information about the Portfolio, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Portfolio pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Portfolio. TAM supervises the Portfolio's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Portfolio.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of a Portfolio without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Portfolio and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Portfolio employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending portfolio combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Portfolio's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Portfolio; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for a Portfolio; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Portfolio's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; oversight of other service providers to the Portfolio, such as the custodian, the transfer agent, the Portfolio's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Portfolio; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Portfolio, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Portfolio. The Portfolio pays certain fees and expenses to State Street for sub-administration services which are not administrative

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**Page 19** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**1. ORGANIZATION (continued)** 

services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the year ended December 31, 2022, (i) the expenses paid to State Street for sub-administration services by the Portfolio are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Portfolio are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES** 

In preparing the Portfolio's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures.

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

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Portfolio is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Portfolio with broker/dealers with which TST has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Portfolio. In no event will commissions, paid by the Portfolio, be used to pay expenses that would otherwise be borne by any other portfolios within TST, or by any other party.

Commissions recaptured are included within Net realized gain (loss) within the Statement of Operations. For the year ended December 31, 2022, commissions recaptured are $133.

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

**3. INVESTMENT VALUATION** 

Effective September 8, 2022, TAM has been designated as the Portfolio's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Portfolio's Board of Trustees. The net asset value of the Portfolio is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

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

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

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

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|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 20** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**3. INVESTMENT VALUATION (continued)** 

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Portfolio's investments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Portfolio's investments at December 31, 2022, is disclosed within the Investment Valuation section of the Schedule of Investments.

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

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

*Equity securities:* Securities are stated at the last reported sales price or closing price on the day of valuation taken from the primary exchange where the security is principally traded. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Equities traded on inactive markets or valued by reference to similar instruments are generally categorized in Level 2 or Level 3 if inputs are unobservable.

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

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

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

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

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

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**3. INVESTMENT VALUATION (continued)** 

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

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

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

**4. SECURITIES AND OTHER INVESTMENTS** 

**Real estate investment trusts ("REITs"):** REITs are pooled investment vehicles which invest primarily in income producing real estate, or real estate related loans or interests. Distributions received by REITs are classified at management's estimate of the dividend income, return of capital and capital gains. Estimates are based on information available at year-end, which includes the previous fiscal year's classification. The actual amounts of dividend income, return of capital, and capital gains are only determined by each REIT after the fiscal year end and may differ from the estimated amounts. Upon notification from the REITs, some of the distributions received may be re-classified and recorded as a return of capital or capital gains. There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

REITs held at December 31, 2022, if any, are identified within the Schedule of Investments.

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

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

TBA commitments are entered into to purchase or sell securities for a fixed price at a future date, typically not to exceed 45 days. TBAs are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased declines, or the value of the security sold increases, prior to settlement date, in addition to the risk of decline in the value of a Portfolio's other assets. Unsettled TBA commitments are valued at the current value of the underlying securities. TBA collateral requirements are typically calculated by netting the mark-to-market amount for each transaction and comparing that amount to the value of the collateral currently pledged by a Portfolio and the counterparty. Cash collateral that has been pledged to cover the obligations of a Portfolio and cash collateral received from the counterparty, if any, is reported separately in the Statement of Assets and Liabilities as Cash collateral pledged at broker for TBA commitments or Cash collateral at broker for TBA commitments, respectively. Non-cash collateral pledged by a Portfolio, if any, is disclosed within the Schedule of Investments. Typically, a Portfolio is permitted to sell, re-pledge or use the collateral it receives; however, the counterparty is not permitted. To the extent amounts due to a Portfolio are not fully collateralized, contractually or otherwise, a Portfolio bears the risk of loss from counterparty non-performance.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**4. SECURITIES AND OTHER INVESTMENTS (continued)** 

When-issued, delayed-delivery, forward and TBA commitment transactions held at December 31, 2022, if any, are identified within the Schedule of Investments. Open trades, if any, are reflected as When-issued, delayed-delivery, forward and TBA commitments purchased or sold within the Statement of Assets and Liabilities.

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

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

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the year ended December 31, 2022, the Portfolio has not utilized the program.

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

Repurchase agreements are subject to netting agreements, which are agreements between the Portfolio and its counterparties that provide for the net settlement of all transactions and collateral with the Portfolio, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at December 31, 2022.

Repurchase agreements at December 31, 2022, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**Securities lending:** The Portfolio may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Portfolio pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Portfolio to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Portfolio may experience delays in recovery of the loaned securities or delays in access to collateral, or the Portfolio may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government and irrevocable letters of credit issued by banks as collateral. The initial collateral received by the Portfolio is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower.

The Portfolio receives compensation for lending securities from interest or dividends earned on the cash, U.S. Government securities and irrevocable letters of credit held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust – Government Money Market Portfolio.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)** 

The value of loaned securities and related cash and non-cash collateral outstanding at December 31, 2022, if any, are shown on a gross basis within the Schedule of Investments.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of December 31, 2022.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
| | **Overnight and<br>Continuous** | **Less Than<br>30 Days** | **Between<br>30 & 90 Days** | **Greater Than<br>90 Days** | **Total** |
|  Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Debt Securities | $2371807 | $— | $— | $— | $2371807 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Obligations | 52300236 |  |  |  | 52300236 |
|  Total Securities Lending Transactions | $54672043 | $— | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;54672043 |
|  **Total Borrowings** | $**54672043** | $**—** | $**—** | $**—** | $**54672043** |

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**6. RISK FACTORS** 

Investing in the Portfolio involves certain key risks related to the Portfolio's trading activity. Please reference the Portfolio's prospectus for a more complete discussion of the following risk(s), as well as other risks of investing in the Portfolio.

**Market risk:** The market prices of the Portfolio's securities and other assets may go up or down, sometimes sharply and unpredictably, due to general market conditions, overall economic trends or events, inflation, changes in interest rates, government actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by wars, tariffs, trade disputes or other factors, political developments, investor sentiment, the global and domestic effects of a pandemic or other health emergency, and other factors that may or may not be related to the issuer of the security or other asset. The market prices of securities and other assets also may go down due to events or conditions that affect particular sectors, industries, issuers, or geographies. Adverse market conditions may be prolonged and may not have the same impact on all types of securities or other assets. If the value of the Portfolio's securities and assets fall, the value of your investment will go down. The Portfolio may experience a substantial or complete loss on any individual security or asset.

Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, the imposition of economic sanctions, public health events (such as the spread of infectious disease), wars, terrorism, cybersecurity events, technology and data interruptions, natural disasters, and other circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. In the past decade, financial markets throughout the world have experienced increased volatility and decreased liquidity. These conditions may continue or worsen. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down. Securities markets may also be susceptible to market manipulation or other fraudulent trade practices, which could disrupt the orderly functioning of these markets or adversely affect the value of securities traded in these markets, including the Portfolio's securities.

The pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in economic downturns throughout the world, severe losses, particularly to some sectors of the economy and individual issuers, and reduced liquidity of many instruments. There also have been significant disruptions to business operations, including business closures; strained healthcare systems; disruptions to supply chains and employee availability; large fluctuations in consumer demand; and widespread uncertainty regarding the duration and long-term effects of the pandemic. Economic downturns may be prolonged, and political and social instability, continued volatility and decreased liquidity in the securities markets may result. Developing or emerging market countries may be more impacted by the pandemic.

The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic. These and other government intervention into the economy and financial markets may not work as intended. In addition, government actions to mitigate the economic impact of the pandemic have resulted in large expansion of government deficits and debt, the long-term consequences of which are not known. Rates of inflation have recently risen, which could adversely affect economies and markets. The pandemic could continue to adversely affect the value and liquidity of the Portfolio's investments.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. RISK FACTORS (continued)** 

*Europe:* A number of countries in Europe have experienced severe economic and financial difficulties; and financial markets in Europe and elsewhere have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen or spread within or outside Europe. Responses to the financial problems by European governments, central banks and others may not work, may result in conflicts and social unrest and may limit future growth and economic recovery or have other unintended consequences. In January, 2020, through "Brexit," the United Kingdom withdrew from the European Union. The ramifications of Brexit are unknown, and the implications of possible political, regulatory, economic, and market outcomes could be significant. The United Kingdom has one of the largest economies in Europe and is a major trading partner with European Union countries and the United States. Brexit may create additional and substantial economic stresses for the United Kingdom, including a contraction of the United Kingdom's economy, decreased trade, capital outflows, devaluation of the British pound, and a decrease in business and consumer spending and investment. The negative impact on not only the United Kingdom and European Union economies but also the broader global economy could be significant. A number of countries in Europe have suffered terror attacks, and additional attacks may occur in the future. Europe has also been struggling with mass migration from the Middle East, Eastern Europe and Africa. The ultimate effects of these events and other socio-political or geopolitical issues could profoundly affect global economies and markets. Whether or not the Portfolio invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

*Additional Market Disruption:* Russia's invasion of Ukraine in February, 2022, the resulting responses by the United States and other countries, and the potential for wider conflict, have increased and may continue to increase volatility and uncertainty in financial markets worldwide. The United States and other countries have imposed broad-ranging economic sanctions on Russia and Russian entities and individuals, and may impose additional sanctions, including on other countries that provide military or economic support to Russia. These sanctions, among other things, restrict companies from doing business with Russia and Russian issuers, and may adversely affect companies with economic or financial exposure to Russia and Russian issuers. The extent and duration of Russia's military actions and the repercussions of such actions are not known. The invasion may widen beyond Ukraine and may escalate, including through retaliatory actions and cyberattacks by Russia and even other countries. These events may result in further and significant market disruptions and may adversely affect regional and global economies including those of Europe and the United States. Certain industries and markets, such as those involving oil, natural gas and other commodities, as well as global supply chains, may be particularly adversely affected. Whether or not the Portfolio invests in securities of issuers located in Russia, Ukraine and adjacent countries or with significant exposure to issuers in these countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

**Asset class allocation risk:** The Portfolio's investment performance is significantly impacted by the Portfolio's asset class allocation and reallocation from time to time. The sub-adviser's decisions whether and when to tactically overweight or underweight asset classes, create and apply formulas for de-risking or ending de-risking and select a mix of underlying portfolios may not produce the desired results. These actions may be unsuccessful in maximizing return and/or avoiding investment losses. The value of your investment may decrease if the sub-adviser's judgment about the attractiveness, value or market trends affecting a particular asset class is incorrect. The Portfolio's balance between equity and debt securities limits its potential for capital appreciation relative to an all-stock fund and contributes to greater volatility relative to an all-bond fund.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The value of equity securities fluctuates based on real or perceived changes in a company's financial condition, factors affecting a particular industry or industries, and overall market, economic and political conditions. If the market prices of the equity securities owned by the Portfolio fall, the value of your investment in the Portfolio will decline. The Portfolio may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**LIBOR risk:** Many financial instruments, financings or other transactions to which the Portfolio may be a party use or may use a floating rate based on the London Interbank Offered Rate ("LIBOR"). The UK Financial Conduct Authority and LIBOR's administrator announced that the use of LIBOR will be phased out; most LIBOR rates are no longer published as of the end of 2021 and a majority of U.S. dollar LIBOR rates will no longer be published after June 30, 2023. It is possible that a subset of LIBOR rates may be published after these dates on a "synthetic" basis, but any such publications would be considered non-representative of the underlying market. There remains uncertainty regarding the nature of any replacement rate and the impact of the transition from LIBOR on the Portfolio, issuers of instruments in which the Portfolio invests, and financial markets generally. As such, the potential effect of a transition away from LIBOR on the Portfolio or the Portfolio's investments cannot yet be determined.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**7. FEES AND OTHER AFFILIATED TRANSACTIONS** 

TST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Transamerica Life Insurance Company ("TLIC"), and Transamerica Financial Life Insurance Company.

TAM, the Portfolio's investment manager, is directly owned by TLIC and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon NV. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon NV, a Netherlands corporation, and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Portfolio's transfer agent. Transamerica Capital, Inc. ("TCI") is the Portfolio's distributor/principal underwriter. TAM, TFS, and TCI are affiliates of Aegon NV.

Certain officers and trustees of the Portfolio are also officers and/or trustees of TAM, TFS and TCI. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Portfolio. The Portfolio does pay non-interested persons (independent trustees), as disclosed in Trustee, CCO and deferred compensation fees within the Statement of Operations.

**Investment management fees:** TAM serves as the Portfolio's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Portfolio pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Portfolio pays a management fee to TAM based on daily average net assets at the following rates:

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| | |
|:---|:---|
| **Breakpoints** | **Rate** |
|  Effective August 1, 2022 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First $250 million | 0.735% |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $250 million up to $500 million | 0.705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $500 million up to $1 billion | 0.650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $1 billion | 0.630 |
|  Prior to August 1, 2022 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First $250 million | 0.760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $250 million up to $500 million | 0.730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $500 million up to $1 billion | 0.705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $1 billion up to $1.25 billion | 0.680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $1.25 billion | 0.630 |

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TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses, reorganization expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

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| | | |
|:---|:---|:---|
| | **Operating**<br> **Expense Limit** | **Operating<br>Expense Limit**<br> **Effective Through** |
|  Effective May 1, 2022 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 0.81% | May 1, 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Class | 1.05 | May 1, 2023 |
|  Prior to May 1, 2022 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Class | 1.06 |  |

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TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended December 31, 2022 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Portfolio, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

As of December 31, 2022, there are no amounts available for recapture by TAM.

**Distribution and service fees:** TST has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, TST entered into a distribution agreement with TCI as the Portfolio's distributor.

The Distribution Plan requires the Portfolio to pay distribution fees to TCI as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCI, on behalf of the Portfolio, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Portfolio's shares.

The fee on the Service Class shares is paid to the insurance companies for providing services and account maintenance for the policyholders who invest in the variable insurance products which invest in the Service Class shares. TCI has determined that it will not seek payment for the distribution expenses incurred by the Portfolio with respect to the Initial Class shares before May 1, 2023. Prior to TCI seeking distribution expenses on Initial Class shares, policy and contract owners will be notified in advance. The Portfolio will pay fees relating to Service Class shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Portfolio is authorized under the Distribution Plan to pay fees to TCI based on daily average net assets of each class up to the following annual rates:

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| | |
|:---|:---|
| **Class** | **Rate** |
|  Initial Class | 0.15% |
|  Service Class | 0.25 |

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**Transfer agent costs:** TFS provides transfer agency services under an intercompany agreement with TAM. TFS has outsourced the provision of certain sub-transfer agency services to SS&C Technology Holdings, Inc ("SS&C"). The Portfolio does not pay a separate transfer agent fee to TAM or TFS but does pay certain expenses to SS&C related to applicable sub-transfer agency services. For the year ended December 31, 2022, (i) the expenses paid to SS&C by the Portfolio are referred to as Transfer agent costs and are included within the Statement of Operations and (ii) the expenses payable to SS&C by the Portfolio are referred to as Transfer agent costs within the Statement of Assets and Liabilities.

**Deferred compensation plan:** Effective September 23, 2021, the Board has approved the termination of the deferred compensation plan. Payments will be made to applicable current and former Board members consistent with Section 409A of the Code. Under a non-qualified deferred compensation plan effective January 1, 1996, as amended and restated January 1, 2010, available to the trustees, compensation may be deferred that would otherwise be payable by TST to an independent trustee on a current basis for services rendered as trustee. Deferred compensation amounts will accumulate based on the value of the investment option, as elected by the trustee. Balances pursuant to deferred compensation plan are recorded in Trustees, Chief Compliance Officer ("CCO") and deferred compensation fees within the Statement of Assets and Liabilities. For the year ended December 31, 2022, amounts included in Trustees, CCO and deferred compensation fees within the Statement of Operations reflect total compensation paid to the independent Board members.

**Brokerage commissions:** The Portfolio incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the year ended December 31, 2022.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**8. PURCHASES AND SALES OF SECURITIES** 

For the year ended December 31, 2022, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

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| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $255775343 | $649122242 | $425504471 | $594614495 |

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**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS** 

The Portfolio has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Portfolio recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Portfolio's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Portfolio's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Portfolio's financial statements. If applicable, the Portfolio recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Portfolio identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Portfolio makes significant investments; however, the Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales and premium amortization adjustments. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. There are no reclassifications in the current year.

As of December 31, 2022, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

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| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross<br>Appreciation** | **Gross<br>(Depreciation)** | **Net Appreciation<br>(Depreciation)** |
| $932936980 | $139355565 | $(45698877) | $93656688 |

---

As of December 31, 2022, the Portfolio had no capital loss carryforwards available to offset future realized capital gains. During the year ended December 31, 2022, the Portfolio did not have any capital loss carryforwards utilized or expired.

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)** 

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2022 and 2021 are as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** |
| **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of Capital** | **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of Capital** |
| $14569913 | $116861950 | $— | $27019804 | $40194766 | $— |

---

As of December 31, 2022, the tax basis components of distributable earnings are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Capital Loss<br>Carryforwards** | **Late Year<br>Ordinary Loss<br>Deferred** | **Other<br>Temporary<br>Differences** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| $10619664 | $27322430 | $— | $— | $— | $93656688 |

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**Transamerica Janus Balanced VP** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**10. NEW ACCOUNTING PRONOUNCEMENTS** 

In June 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2022-03 ("ASU 2022-03"), "Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions" ("Topic 820"). ASU 2022-03 clarifies the guidance in Topic 820, related to the measurement of the fair value of an equity security subject to contractual sale restrictions, where it eliminates the need to apply a discount to fair value of these securities, and introduces disclosure requirements related to such equity securities. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. Management is currently evaluating the implications, if any, of the additional requirements and its impact on the Portfolio's financial statements.

In December 2022, FASB issued Accounting Standards Update No. 2022-06 ("ASU 2022-06"), "Reference Rate Reform (Topic 848)". ASU 2022-06 is an update of ASU 2020-04, which is in response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR, regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The ASU 2022-06 update clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The amendments in this update are effective immediately through December 31, 2024, for all entities. Management does not expect ASU 2022-06 to have a material impact on the financial statements.

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**Report of Independent Registered Public Accounting Firm** 

*To the Shareholders and the Board of Trustees of Transamerica Janus Balanced VP* 

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities of Transamerica Janus Balanced VP (the "Portfolio") (one of the portfolios constituting Transamerica Series Trust (the "Trust")), including the schedule of investments, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the portfolios constituting Transamerica Series Trust) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion** 

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g438566ernst_young.jpg)

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

February 27, 2023

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**SUPPLEMENTAL TAX INFORMATION** 

**(unaudited)** 

For tax purposes, the Portfolio has made a long-term capital gain designation of $116,861,950 for the year ended December 31, 2022.

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**Transamerica Janus Mid-Cap Growth VP** 

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**(unaudited)** 

**MARKET ENVIRONMENT** 

Equities declined during the fiscal year ended December 31, 2022 as soaring inflation, rising interest rates, and recession fears led to market turbulence. Equities faced volatility early in 2022 as supply constraints, geopolitical uncertainty, and surging commodity prices weighed on investor sentiment, especially in the aftermath of the Russian invasion of Ukraine. Expectations for more restrictive U.S. Federal Reserve ("Fed") policy also triggered a sell-off in higher-valuation growth stocks. The Fed raised interest rates in March but moved more aggressively in May and then a series of consecutive rate hikes between June and November. The Fed opted for a smaller rate increase in December, raising hopes for a slower pace of monetary tightening in 2023. These hopes, along with some signs of moderating inflation, led markets to regain some ground in the fourth quarter of 2022. However, stocks still ended the year with broad-based declines, due in part to signs of slowing growth and downward revisions to corporate earnings forecasts. Against this backdrop, the Russell Midcap<sup>®</sup> Growth Index, the benchmark, underperformed the broader mid-cap equity market for the 12-month period.

For several years we have warned about imbalances in the mid-cap growth market, as a focus on revenue growth often eclipsed concerns over profitability or valuation. We believed this dynamic was unsustainable, and we remained highly skeptical of stocks where we saw a disconnect between valuation and earnings growth. As interest rates started to rise in 2022, investors paid more attention to profitability, valuation, and balance sheet strength. This led to a sell-off in many speculative growth stocks, especially for companies with high debt levels or ongoing funding requirements that may be harder to meet in a tighter capital markets environment.

**PERFORMANCE** 

For the year ended December 31, 2022, Transamerica Janus Mid-Cap Growth VP, Initial Class returned -16.72%. By comparison, its benchmark, the Russell Midcap<sup>®</sup> Growth Index, returned -26.72%.

**STRATEGY REVIEW** 

Transamerica Janus Mid-Cap Growth VP (the "Portfolio") outperformed its benchmark for the 12-month period ended December 31, 2022.

During this challenging period, we were reassured that the Portfolio performed more defensively, mitigating declines relative to the benchmark index. Our stock selection lifted relative performance, especially in the information technology and financial services sectors. Our lack of exposure to energy and consumer staples stocks detracted.

A renewed focus on fundamentals benefited several of our long-term holdings. LPL Financial Holdings, Inc., a top contributor, provides a full-service, technology-enabled investment platform that helps financial advisors serve their clients and improve their practices. The company's revenue growth continued to expand as it has signed new advisors to its network. It also benefited from higher interest rates due to the float income it earns on client accounts.

Additionally, we benefited from our investments in W. R. Berkley Corp. and Intact Financial Corp., two property and casualty insurers with strong competitive positions, differentiated products and healthy balance sheets. W.R. Berkley Corp. complements its property and casualty business with specialized insurance products that are less vulnerable to competitive price pressures. Intact Financial has taken advantage of its leading market position in Canada to realize economies of scale and deliver a track record of high and stable returns.

Conversely, Catalent, Inc., was a notable detractor. Catalent, Inc. has become a leading provider of contract drug development and production services by producing therapies more cost effectively than biopharmaceutical companies. Catalent, Inc. was tapped to produce several COVID-19 vaccines, a business that provided a revenue tailwind in recent years. Catalent, Inc. had expected this tailwind to slow in 2022, but the drop-off in vaccine demand was steeper than expected due to lower uptake of booster shots. As a result, Catalent, Inc. issued weaker-than- expected guidance, leading to a sell-off in the stock. Given the continued strong growth trends for Catalent, Inc.'s other businesses, we believed this decline was out of line with long-term fundamentals. While we trimmed the position, we remained invested in Catalent, Inc. at period end due to its diversified market opportunities, strong competitive positioning, and innovations in areas such as gene therapy.

CarMax, Inc. was another detractor. This multichannel used car retailer saw its business slow as weaker discretionary consumer spending affected vehicle sales. Additionally, rising interest rates pressured returns from its automotive finance business. While we reduced our position, we have continued to see long-term potential for the company's multichannel strategy, as consumers have become more comfortable buying and selling cars online.

Online furniture retailer Wayfair, Inc., Class A was a prominent detractor, as the company faced business headwinds due to supply chain disruptions, a cooling housing market, and a weaker outlook for big-ticket consumer spending. Despite these near-term challenges, we held onto a reduced position in Wayfair, Inc., Class A due to our confidence in its management team and long-term business opportunity.

**Brian Demain, CFA** 

**Cody Wheaton, CFA** 

**Co-Portfolio Managers** 

**Janus Henderson Investors US LLC** 

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**Page 1** 

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**(unaudited)** 

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| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  Common Stocks | 96.2% |
|  Repurchase Agreement | 3.9 |
|  Other Investment Company | 2.4 |
|  Net Other Assets (Liabilities) | (2.5) |
|  **Total** | 100.0% |

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*Current and future portfolio holdings are subject to change and risk.* 

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**(unaudited)**![LOGO](g438566g86v48.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Initial Class | (16.72)% | 9.48% | 10.14% | 03/01/1993 |
|  Russell Midcap<sup>®</sup> Growth Index <sup>(A)</sup> | (26.72)% | 7.64% | 11.41% |  |
|  Service Class | (16.93)% | 9.20% | 9.86% | 05/01/2003 |

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<sup>(A)</sup> *The Russell Midcap<sup>®</sup> Growth Index measures the performance of the mid-cap growth segment of the U.S. equity universe, and is comprised of Russell Midcap<sup>®</sup> Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell Midcap<sup>®</sup> Index measures the performance of the mid-cap segment of the U.S. equity universe.* 

The Portfolio's benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Year or Since Inception calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or the redemption of Portfolio shares. The Portfolio's investment return and net asset value will fluctuate. Investors' shares when redeemed may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month end. Portfolio performance is net of investment fees and Portfolio expenses, but not product charges, which, if included, would significantly lower the performance quoted.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of previously waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Investing in small- and medium-size companies involves greater risk than is customarily associated with more established companies. The securities of small and mid capitalization companies are subject to higher volatility than larger, more established companies.

Growth stocks can be volatile and experience sharp price declines and certain types of stocks, especially technology stocks, can be extremely volatile and subject to greater price swings than the broader market.

Russell<sup>®</sup> and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.

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**DISCLOSURE OF EXPENSES** 

**(unaudited)** 

**SHAREHOLDER EXPENSES** 

Portfolio shareholders may incur two types of costs: (i) transaction costs, including brokerage commissions on purchases and sales of portfolio shares; and (ii) ongoing costs, including management fees, and other portfolio expenses.

The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other portfolios.

The example is based on an investment of $1,000 invested at July 1, 2022, and held for the entire six-month period until December 31, 2022.

**ACTUAL EXPENSES** 

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

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES** 

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Portfolio shares. Therefore, the information under the heading "Hypothetical Expenses" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different portfolios. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries, or other financial institutions.

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|:---|:---|:---|:---|:---|:---|:---|
| | | **Actual Expenses** | **Actual Expenses** | **Hypothetical Expenses <sup>(A)</sup>** | **Hypothetical Expenses <sup>(A)</sup>** | |
| <br>**Class** |<br>**Beginning<br>Account Value<br>July 1, 2022** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** |<br>**Net Annualized<br>Expense Ratio <sup>(C)</sup>** |
|  Initial Class | $&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;1048.20 | $&nbsp;&nbsp;&nbsp;&nbsp;4.13 | $&nbsp;&nbsp;&nbsp;&nbsp;1021.20 | $&nbsp;&nbsp;&nbsp;&nbsp;4.08 | 0.80% |
|  Service Class | 1000.00 | 1046.60 | 5.42 | 1019.90 | 5.35 | 1.05 |

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

(B) *Expenses are calculated using the Portfolio's net annualized expense ratio, as disclosed in the table, multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (365 days).*

(C) *Net annualized expense ratios are reflective of applicable fee waivers and/or reimbursements and recapture, if any, and are based on the most recent six-months which may differ from the net expense ratio displayed in the Financial Highlights that covers a twelve-month period.*

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**SCHEDULE OF INVESTMENTS** 

**At December 31, 2022** 

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|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS - 96.2%** | **COMMON STOCKS - 96.2%** | **COMMON STOCKS - 96.2%** |
| **Aerospace & Defense - 1.8%** | **Aerospace & Defense - 1.8%** | **Aerospace & Defense - 1.8%** |
|  L3 Harris Technologies, Inc. | 77153 | $16064026 |
| **Airlines - 0.9%** | **Airlines - 0.9%** | **Airlines - 0.9%** |
|  Ryanair Holdings PLC, ADR <sup>(A)</sup> | 107584 | 8042980 |
| **Auto Components - 0.5%** | **Auto Components - 0.5%** | **Auto Components - 0.5%** |
|  Visteon Corp. <sup>(A)</sup> | 36886 | 4825795 |
| **Biotechnology - 3.4%** | **Biotechnology - 3.4%** | **Biotechnology - 3.4%** |
|  Abcam PLC, ADR <sup>(A)</sup> | 156599 | 2436680 |
|  Argenx SE, ADR <sup>(A)</sup> | 11282 | 4273960 |
|  Ascendis Pharma AS, ADR <sup>(A)</sup> | 55191 | 6740477 |
|  BioMarin Pharmaceutical, Inc. <sup>(A)</sup> | 92943 | 9618671 |
|  Sarepta Therapeutics, Inc. <sup>(A)</sup> | 59063 | 7653384 |
|  |  | 30723172 |
| **Capital Markets - 4.6%** | **Capital Markets - 4.6%** | **Capital Markets - 4.6%** |
|  Cboe Global Markets, Inc. | 46717 | 5861582 |
|  Charles Schwab Corp. | 134819 | 11225030 |
|  LPL Financial Holdings, Inc. | 93690 | 20252967 |
|  MSCI, Inc. | 9671 | 4498659 |
|  |  | 41838238 |
| **Chemicals - 0.8%** | **Chemicals - 0.8%** | **Chemicals - 0.8%** |
|  Corteva, Inc. | 117653 | 6915643 |
| **Commercial Services & Supplies - 2.5%** | **Commercial Services & Supplies - 2.5%** | **Commercial Services & Supplies - 2.5%** |
|  Cimpress PLC <sup>(A)</sup> | 96194 | 2655916 |
|  Rentokil Initial PLC | 243994 | 1498481 |
|  Rentokil Initial PLC, ADR | 322216 | 9927475 |
|  Ritchie Bros Auctioneers, Inc. | 154533 | 8936644 |
|  |  | 23018516 |
| **Containers & Packaging - 1.0%** | **Containers & Packaging - 1.0%** | **Containers & Packaging - 1.0%** |
|  Sealed Air Corp. | 185398 | 9247652 |
| **Diversified Consumer Services - 0.4%** | **Diversified Consumer Services - 0.4%** | **Diversified Consumer Services - 0.4%** |
|  Frontdoor, Inc. <sup>(A)</sup> | 183882 | 3824746 |
| **Electric Utilities - 0.7%** | **Electric Utilities - 0.7%** | **Electric Utilities - 0.7%** |
|  Alliant Energy Corp. | 115951 | 6401655 |
| **Electrical Equipment - 2.5%** | **Electrical Equipment - 2.5%** | **Electrical Equipment - 2.5%** |
|  Regal Rexnord Corp. | 33096 | 3970858 |
|  Sensata Technologies Holding PLC | 474458 | 19158614 |
|  |  | 23129472 |
| **Electronic Equipment, Instruments & Components - 8.1%** | **Electronic Equipment, Instruments & Components - 8.1%** | **Electronic Equipment, Instruments & Components - 8.1%** |
|  Flex Ltd. <sup>(A)</sup> | 856656 | 18383838 |
|  National Instruments Corp. | 345070 | 12733083 |
|  TE Connectivity Ltd. | 201063 | 23082032 |
|  Teledyne Technologies, Inc. <sup>(A)</sup> | 49013 | 19600789 |
|  |  | 73799742 |
| **Equity Real Estate Investment Trusts - 1.5%** | **Equity Real Estate Investment Trusts - 1.5%** | **Equity Real Estate Investment Trusts - 1.5%** |
|  Lamar Advertising Co., Class A | 144618 | 13651939 |
| **Health Care Equipment & Supplies - 9.3%** | **Health Care Equipment & Supplies - 9.3%** | **Health Care Equipment & Supplies - 9.3%** |
|  Boston Scientific Corp. <sup>(A)</sup> | 632220 | 29252820 |
|  Cooper Cos., Inc. | 27925 | 9233960 |
|  DENTSPLY SIRONA, Inc. | 215663 | 6866710 |
|  ICU Medical, Inc. <sup>(A)</sup> | 68788 | 10832734 |
|  STERIS PLC | 50664 | 9357134 |
|  Teleflex, Inc. | 77962 | 19461654 |
|  |  | 85005012 |
| **Hotels, Restaurants & Leisure - 2.6%** | **Hotels, Restaurants & Leisure - 2.6%** | **Hotels, Restaurants & Leisure - 2.6%** |
|  Aramark | 350581 | 14493018 |

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| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** |
|  Entain PLC | 592109 | $9459697 |
|  |  | 23952715 |
| **Insurance - 5.9%** | **Insurance - 5.9%** | **Insurance - 5.9%** |
|  Intact Financial Corp. <sup>(B)</sup> | 177108 | 25494919 |
|  Ryan Specialty Holdings, Inc. <sup>(A)</sup> <sup>(B)</sup> | 169468 | 7034617 |
|  W.R. Berkley Corp. | 289519 | 21010394 |
|  |  | 53539930 |
| **Interactive Media & Services - 0.6%** | **Interactive Media & Services - 0.6%** | **Interactive Media & Services - 0.6%** |
|  Ziff Davis, Inc. <sup>(A)</sup> | 67761 | 5359895 |
| **Internet & Direct Marketing Retail - 0.0% <sup>(C)</sup>** | **Internet & Direct Marketing Retail - 0.0% <sup>(C)</sup>** | **Internet & Direct Marketing Retail - 0.0% <sup>(C)</sup>** |
|  Wayfair, Inc., Class A <sup>(A)</sup> <sup>(B)</sup> | 13067 | 429774 |
| **IT Services - 11.3%** | **IT Services - 11.3%** | **IT Services - 11.3%** |
|  Amdocs Ltd. | 276462 | 25130396 |
|  Broadridge Financial Solutions, Inc., ADR | 87236 | 11700965 |
|  Fidelity National Information Services, Inc. | 151667 | 10290606 |
|  Global Payments, Inc. | 101947 | 10125376 |
|  GoDaddy, Inc., Class A <sup>(A)</sup> | 294812 | 22057834 |
|  WEX, Inc. <sup>(A)</sup> | 144647 | 23671481 |
|  |  | 102976658 |
| **Life Sciences Tools & Services - 3.6%** | **Life Sciences Tools & Services - 3.6%** | **Life Sciences Tools & Services - 3.6%** |
|  Avantor, Inc. <sup>(A)</sup> | 479607 | 10114912 |
|  Illumina, Inc. <sup>(A)</sup> | 35469 | 7171832 |
|  PerkinElmer, Inc. | 64580 | 9055408 |
|  Waters Corp. <sup>(A)</sup> | 18751 | 6423717 |
|  |  | 32765869 |
| **Machinery - 3.5%** | **Machinery - 3.5%** | **Machinery - 3.5%** |
|  Ingersoll Rand, Inc. | 344927 | 18022436 |
|  Westinghouse Air Brake Technologies Corp. | 141468 | 14119921 |
|  |  | 32142357 |
| **Media - 1.9%** | **Media - 1.9%** | **Media - 1.9%** |
|  Liberty Media Corp. - Liberty Formula One, Class C <sup>(A)</sup> | 288085 | 17221721 |
| **Multiline Retail - 0.4%** | **Multiline Retail - 0.4%** | **Multiline Retail - 0.4%** |
|  Dollar Tree, Inc. <sup>(A)</sup> | 27749 | 3924819 |
| **Pharmaceuticals - 1.3%** | **Pharmaceuticals - 1.3%** | **Pharmaceuticals - 1.3%** |
|  Catalent, Inc. <sup>(A)</sup> | 166684 | 7502447 |
|  Elanco Animal Health, Inc. <sup>(A)</sup> | 333429 | 4074502 |
|  |  | 11576949 |
| **Professional Services - 0.1%** | **Professional Services - 0.1%** | **Professional Services - 0.1%** |
|  Upwork, Inc. <sup>(A)</sup> | 98261 | 1025845 |
| **Road & Rail - 3.0%** | **Road & Rail - 3.0%** | **Road & Rail - 3.0%** |
|  JB Hunt Transport Services, Inc. | 122459 | 21351951 |
|  TFI International, Inc. | 59567 | 5970996 |
|  |  | 27322947 |
| **Semiconductors & Semiconductor Equipment - 9.4%** | **Semiconductors & Semiconductor Equipment - 9.4%** | **Semiconductors & Semiconductor Equipment - 9.4%** |
|  KLA Corp. | 25967 | 9790338 |
|  Lam Research Corp. | 15865 | 6668059 |
|  Microchip Technology, Inc. | 222881 | 15657390 |
|  NXP Semiconductors NV | 98338 | 15540354 |
|  ON Semiconductor Corp. <sup>(A)</sup> | 613015 | 38233746 |
|  |  | 85889887 |
| **Software - 9.8%** | **Software - 9.8%** | **Software - 9.8%** |
|  Atlassian Corp., Class A <sup>(A)</sup> | 27159 | 3494820 |
|  Ceridian HCM Holding, Inc. <sup>(A)</sup> | 189170 | 12135256 |

---

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 5** 

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**Transamerica Janus Mid-Cap Growth VP** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
|  Constellation Software, Inc. <sup>(B)</sup> | 18616 | $29064608 |
|  Dynatrace, Inc. <sup>(A)</sup> | 141869 | 5433583 |
|  Nice Ltd., ADR <sup>(A)</sup> <sup>(B)</sup> | 74667 | 14358464 |
|  SS&C Technologies Holdings, Inc. | 431686 | 22473573 |
|  Topicus.com, Inc. <sup>(A)</sup> <sup>(B)</sup> | 48407 | 2541546 |
|  |  | 89501850 |
| **Specialty Retail - 2.2%** | **Specialty Retail - 2.2%** | **Specialty Retail - 2.2%** |
|  Burlington Stores, Inc. <sup>(A)</sup> | 42844 | 8687049 |
|  CarMax, Inc. <sup>(A)</sup> <sup>(B)</sup> | 186301 | 11343868 |
|  |  | 20030917 |
| **Textiles, Apparel & Luxury Goods - 1.1%** | **Textiles, Apparel & Luxury Goods - 1.1%** | **Textiles, Apparel & Luxury Goods - 1.1%** |
|  Gildan Activewear, Inc. <sup>(B)</sup> | 362276 | 9926362 |
| **Trading Companies & Distributors - 1.5%** | **Trading Companies & Distributors - 1.5%** | **Trading Companies & Distributors - 1.5%** |
|  Ferguson PLC | 105527 | 13398763 |
|  **Total Common Stocks <br>(Cost $816,147,812)** | **Total Common Stocks <br>(Cost $816,147,812)** | 877475846 |
| **OTHER INVESTMENT COMPANY - 2.4%** | **OTHER INVESTMENT COMPANY - 2.4%** | **OTHER INVESTMENT COMPANY - 2.4%** |
| **Securities Lending Collateral - 2.4%** | **Securities Lending Collateral - 2.4%** | **Securities Lending Collateral - 2.4%** |
|  State Street Navigator Securities Lending<br>Trust - Government Money Market<br>Portfolio, 4.29% <sup>(D)</sup> | 21397751 | 21397751 |
|  **Total Other Investment Company <br>(Cost $21,397,751)** | **Total Other Investment Company <br>(Cost $21,397,751)** | 21397751 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 3.9%** | **REPURCHASE AGREEMENT - 3.9%** | **REPURCHASE AGREEMENT - 3.9%** |
|  Fixed Income Clearing Corp., 1.80% <sup>(D)</sup>, dated 12/30/2022, to be repurchased at $35,787,171 on 01/03/2023. Collateralized by a U.S. Government Obligation, 4.77%, due 12/28/2023, and with a value of $36,495,704. | $35780015 | $35780015 |
|  **Total Repurchase Agreement <br>(Cost $35,780,015)** | **Total Repurchase Agreement <br>(Cost $35,780,015)** | 35780015 |
|  **Total Investments <br>(Cost $873,325,578)** | **Total Investments <br>(Cost $873,325,578)** | 934653612 |
|  **Net Other Assets (Liabilities) - (2.5)%** |  | (22512919) |
|  **Net Assets - 100.0%** |  | **$912140693** |

---

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(E)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Common Stocks | $866517668 | $10958178 | $— | $877475846 |
|  Other Investment Company | 21397751 |  |  | 21397751 |
|  Repurchase Agreement |  | 35780015 |  | 35780015 |
|  **Total Investments** | $**887915419** | $**46738193** | $**—** | $**934653612** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *Non-income producing securities.* 

(B) *All or a portion of the securities are on loan. The total value of all securities on loan is $36,212,837, collateralized by cash collateral of $21,397,751 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $16,184,191. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.* 

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

(D) *Rates disclosed reflect the yields at December 31, 2022.* 

(E) *There were no transfers in or out of Level 3 during the year ended December 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

**PORTFOLIO ABBREVIATION:** 

*ADR* *American Depositary Receipt*

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 6** 

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**STATEMENT OF ASSETS AND LIABILITIES** 

**At December 31, 2022** 

---

| | |
|:---|:---|
|  **Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value (cost $837,545,563) <br>(including securities loaned of $36,212,837) | $898873597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreement, at value (cost $35,780,015) | 35780015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value (cost $110,000) | 110231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables and other assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 3597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest sold | 55494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 419308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 3578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax reclaims | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 3405 |
|  Total assets | 935249542 |
|  **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral received upon return of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities on loan | 21397751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables and other liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 438755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest redeemed | 421333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 621929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 42567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 1068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 6639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 18359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 16890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 5375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 127917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 10266 |
|  Total liabilities | 23108849 |
|  **Net assets** | $&nbsp;&nbsp;&nbsp;&nbsp;912140693 |
|  **Net assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital stock ($0.01 par value) | $294977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 680376043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) | 231469673 |
|  **Net assets** | $912140693 |
|  **Net assets by class:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | $715712195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 196428498 |
|  **Shares outstanding:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 22759903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 6737817 |
|  **Net asset value and offering price per share:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | $31.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 29.15 |

---

**STATEMENT OF OPERATIONS** 

**For the year ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $8072381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 183072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 55581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withholding taxes on foreign income | (198503) |
|  Total investment income | 8112531 |
|  **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 7818334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 543970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 10256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 41519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 38421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 76413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 55414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 55068 |
|  Total expenses | 8639395 |
|  **Net investment income (loss)** | (526864) |
|  **Net realized gain (loss) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 170538861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (8552) |
|  Net realized gain (loss) | 170530309 |
|  **Net change in unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (383779313) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Translation of assets and liabilities denominated in foreign currencies | (2101) |
|  Net change in unrealized appreciation (depreciation) | (383781414) |
|  Net realized and change in unrealized gain (loss) | (213251105) |
|  **Net increase (decrease) in net assets resulting from operations** | $&nbsp;&nbsp;&nbsp;&nbsp;(213777969) |

---

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 7** 

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**STATEMENT OF CHANGES IN NET ASSETS** 

**For the years ended:** 

---

| | | |
|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2021** |
|  **From operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(526864) | $(738091) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 170530309 | 153331564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (383781414) | 39428754 |
|  Net increase (decrease) in net assets resulting from operations | (213777969) | 192022227 |
|  **Dividends and/or distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (115377850) | (113893397) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (34478702) | (34451734) |
|  Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;(149856552) | (148345131) |
|  **Capital share transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 4749482 | 256466304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 5916572 | 17872433 |
|  | 10666054 | 274338737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 115377850 | 113893397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 34478702 | 34451734 |
|  | 149856552 | 148345131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (280527139) | (117592196) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (36051106) | (35153380) |
|  | (316578245) | (152745576) |
|  Net increase (decrease) in net assets resulting from capital share transactions | (156055639) | 269938292 |
|  **Net increase (decrease) in net assets** | (519690160) | 313615388 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;1431830853 | 1118215465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $912140693 | $&nbsp;&nbsp;&nbsp;&nbsp;1431830853 |
|  **Capital share transactions - shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 126470 | 5922840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 173331 | 418809 |
|  | 299801 | 6341649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 3519764 | 2661683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 1133422 | 855519 |
|  | 4653186 | 3517202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (6944652) | (2635122) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (1055039) | (828794) |
|  | (7999691) | (3463916) |
| Net increase (decrease) in shares outstanding: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (3298418) | 5949401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 251714 | 445534 |
|  | (3046704) | 6394935 |

---

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 8** 

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**FINANCIAL HIGHLIGHTS** 

**For a share outstanding during the years indicated:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $44.53 | $43.28 | $39.58 | $30.58 | $32.30 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(A)</sup> | (0.00)<sup>(B)</sup> | (0.01) | 0.02 | 0.03 | 0.06 |
|  Net realized and unrealized gain (loss) | (7.20) | 7.25 | 6.95 | 11.04 | (0.25) |
|  Total investment operations | (7.20) | 7.24 | 6.97 | 11.07 | (0.19) |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income |  | (0.13) | (0.09) | (0.03) | (0.02) |
|  Net realized gains | (5.88) | (5.86) | (3.18) | (2.04) | (1.51) |
|  Total dividends and/or distributions to shareholders | (5.88) | (5.99) | (3.27) | (2.07) | (1.53) |
|  **Net asset value, end of year** | $31.45 | $44.53 | $43.28 | $39.58 | $30.58 |
|  **Total return** | (16.72)% | 17.30% | 19.20% | 36.71% | (1.22)% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;715712 | $&nbsp;&nbsp;&nbsp;&nbsp;1160263 | $&nbsp;&nbsp;&nbsp;&nbsp;870326 | $&nbsp;&nbsp;&nbsp;&nbsp;983244 | $&nbsp;&nbsp;&nbsp;&nbsp;810104 |
|  Expenses to average net assets | 0.81% | 0.82% | 0.83% | 0.83% | 0.83% |
|  Net investment income (loss) to average net assets | (0.00)%<sup>(C)</sup> | (0.03)% | 0.06% | 0.09% | 0.19% |
|  Portfolio turnover rate | 17% | 25% | 15% | 10% | 18% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Rounds to less than $0.01 or $(0.01).* 

(C) *Rounds to less than 0.01% or (0.01)%.* 

**For a share outstanding during the years indicated:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $41.87 | $41.04 | $37.71 | $29.27 | $31.03 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(A)</sup> | (0.08) | (0.07) | (0.07) | (0.06) | (0.02) |
|  Net realized and unrealized gain (loss) | (6.76) | 6.80 | 6.59 | 10.54 | (0.23) |
|  Total investment operations | (6.84) | 6.73 | 6.52 | 10.48 | (0.25) |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income |  | (0.04) | (0.01) |  |  |
|  Net realized gains | (5.88) | (5.86) | (3.18) | (2.04) | (1.51) |
|  Total dividends and/or distributions to shareholders | (5.88) | (5.90) | (3.19) | (2.04) | (1.51) |
|  **Net asset value, end of year** | $29.15 | $41.87 | $41.04 | $37.71 | $29.27 |
|  **Total return** | (16.93)% | 16.99% | 18.93% | 36.33% | (1.46)% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;196429 | $&nbsp;&nbsp;&nbsp;&nbsp;271568 | $&nbsp;&nbsp;&nbsp;&nbsp;247889 | $&nbsp;&nbsp;&nbsp;&nbsp;196136 | $&nbsp;&nbsp;&nbsp;&nbsp;126054 |
|  Expenses to average net assets | 1.06% | 1.07% | 1.08% | 1.08% | 1.08% |
|  Net investment income (loss) to average net assets | (0.24)% | (0.16)% | (0.20)% | (0.16)% | (0.07)% |
|  Portfolio turnover rate | 17% | 25% | 15% | 10% | 18% |

---

(A) *Calculated based on average number of shares outstanding.* 

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 9** 

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**Transamerica Janus Mid-Cap Growth VP** 

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**NOTES TO FINANCIAL STATEMENTS** 

**At December 31, 2022** 

**1. ORGANIZATION** 

Transamerica Series Trust ("TST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). TST applies investment company accounting and reporting guidance. TST serves as a funding vehicle for variable life insurance, variable annuity, and group annuity products. Transamerica Janus Mid-Cap Growth VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers two classes of shares, Initial Class and Service Class.

The only shareholders of the Portfolio are affiliated insurance company separate accounts and affiliated asset allocation portfolios. Contract holders of the variable life and annuity contracts are not shareholders of the Portfolio. For ease of reference, shareholders and contract holders are collectively referred to in this report as "shareholders."

This report must be accompanied or preceded by the Portfolio's current prospectus, which contains additional information about the Portfolio, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Portfolio pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Portfolio. TAM supervises the Portfolio's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Portfolio.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of a Portfolio without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Portfolio and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Portfolio employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending portfolio combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Portfolio's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Portfolio; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for a Portfolio; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Portfolio's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; oversight of other service providers to the Portfolio, such as the custodian, the transfer agent, the Portfolio's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Portfolio; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Portfolio, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Portfolio. The Portfolio pays certain fees and expenses to State Street for sub-administration services which are not administrative

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**1. ORGANIZATION (continued)** 

services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the year ended December 31, 2022, (i) the expenses paid to State Street for sub-administration services by the Portfolio are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Portfolio are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES** 

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

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

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

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

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Portfolio is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

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

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Portfolio with broker/dealers with which TST has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Portfolio. In no event will commissions, paid by the Portfolio, be used to pay expenses that would otherwise be borne by any other portfolios within TST, or by any other party.

Commissions recaptured are included within Net realized gain (loss) within the Statement of Operations. For the year ended December 31, 2022, commissions recaptured are $671.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**2. SIGNIFICANT ACCOUNTING POLICIES (continued)** 

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

**3. INVESTMENT VALUATION** 

Effective September 8, 2022, TAM has been designated as the Portfolio's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Portfolio's Board of Trustees. The net asset value of the Portfolio is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

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

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

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

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Portfolio's investments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Portfolio's investments at December 31, 2022, is disclosed within the Investment Valuation section of the Schedule of Investments.

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

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

*Equity securities:* Securities are stated at the last reported sales price or closing price on the day of valuation taken from the primary exchange where the security is principally traded. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Equities traded on inactive markets or valued by reference to similar instruments are generally categorized in Level 2 or Level 3 if inputs are unobservable.

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

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

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**3. INVESTMENT VALUATION (continued)** 

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

**4. SECURITIES AND OTHER INVESTMENTS** 

**Real estate investment trusts ("REITs"):** REITs are pooled investment vehicles which invest primarily in income producing real estate, or real estate related loans or interests. Distributions received by REITs are classified at management's estimate of the dividend income, return of capital and capital gains. Estimates are based on information available at year-end, which includes the previous fiscal year's classification. The actual amounts of dividend income, return of capital, and capital gains are only determined by each REIT after the fiscal year end and may differ from the estimated amounts. Upon notification from the REITs, some of the distributions received may be re-classified and recorded as a return of capital or capital gains. There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

REITs held at December 31, 2022, if any, are identified within the Schedule of Investments.

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

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

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the year ended December 31, 2022, the Portfolio has not utilized the program.

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

Repurchase agreements are subject to netting agreements, which are agreements between the Portfolio and its counterparties that provide for the net settlement of all transactions and collateral with the Portfolio, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at December 31, 2022.

Repurchase agreements at December 31, 2022, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**Securities lending:** The Portfolio may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Portfolio pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Portfolio to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Portfolio may experience delays in recovery of the loaned securities or delays in

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)** 

access to collateral, or the Portfolio may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government and irrevocable letters of credit issued by banks as collateral. The initial collateral received by the Portfolio is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower.

The Portfolio receives compensation for lending securities from interest or dividends earned on the cash, U.S. Government securities and irrevocable letters of credit held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust—Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at December 31, 2022, if any, are shown on a gross basis within the Schedule of Investments.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of December 31, 2022.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
| | **Overnight and<br>Continuous** | **Less Than<br>30 Days** | **Between<br>30 & 90 Days** | **Greater Than<br>90 Days** | **Total** |
|  Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $21397751 | $— | $— | $— | $21397751 |
|  **Total Borrowings** | $**21397751** | $**—** | $**—** | $**—** | $**21397751** |

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**6. RISK FACTORS** 

Investing in the Portfolio involves certain key risks related to the Portfolio's trading activity. Please reference the Portfolio's prospectus for a more complete discussion of the following risk(s), as well as other risks of investing in the Portfolio.

**Market risk:** The market prices of the Portfolio's securities and other assets may go up or down, sometimes sharply and unpredictably, due to general market conditions, overall economic trends or events, inflation, changes in interest rates, government actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by wars, tariffs, trade disputes or other factors, political developments, investor sentiment, the global and domestic effects of a pandemic or other health emergency, and other factors that may or may not be related to the issuer of the security or other asset. The market prices of securities and other assets also may go down due to events or conditions that affect particular sectors, industries, issuers, or geographies. Adverse market conditions may be prolonged and may not have the same impact on all types of securities or other assets. If the value of the Portfolio's securities and assets fall, the value of your investment will go down. The Portfolio may experience a substantial or complete loss on any individual security or asset.

Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, the imposition of economic sanctions, public health events (such as the spread of infectious disease), wars, terrorism, cybersecurity events, technology and data interruptions, natural disasters, and other circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. In the past decade, financial markets throughout the world have experienced increased volatility and decreased liquidity. These conditions may continue or worsen. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down. Securities markets may also be susceptible to market manipulation or other fraudulent trade practices, which could disrupt the orderly functioning of these markets or adversely affect the value of securities traded in these markets, including the Portfolio's securities.

The pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in economic downturns throughout the world, severe losses, particularly to some sectors of the economy and individual issuers, and reduced liquidity of many instruments. There also have been significant disruptions to business operations, including business closures; strained healthcare systems; disruptions to supply chains and employee availability; large fluctuations in consumer demand; and widespread uncertainty regarding

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. RISK FACTORS (continued)** 

the duration and long-term effects of the pandemic. Economic downturns may be prolonged, and political and social instability, continued volatility and decreased liquidity in the securities markets may result. Developing or emerging market countries may be more impacted by the pandemic.

The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic. These and other government intervention into the economy and financial markets may not work as intended. In addition, government actions to mitigate the economic impact of the pandemic have resulted in large expansion of government deficits and debt, the long-term consequences of which are not known. Rates of inflation have recently risen, which could adversely affect economies and markets. The pandemic could continue to adversely affect the value and liquidity of the Portfolio's investments.

*Europe:* A number of countries in Europe have experienced severe economic and financial difficulties; and financial markets in Europe and elsewhere have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen or spread within or outside Europe. Responses to the financial problems by European governments, central banks and others may not work, may result in conflicts and social unrest and may limit future growth and economic recovery or have other unintended consequences. In January, 2020, through "Brexit," the United Kingdom withdrew from the European Union. The ramifications of Brexit are unknown, and the implications of possible political, regulatory, economic, and market outcomes could be significant. The United Kingdom has one of the largest economies in Europe and is a major trading partner with European Union countries and the United States. Brexit may create additional and substantial economic stresses for the United Kingdom, including a contraction of the United Kingdom's economy, decreased trade, capital outflows, devaluation of the British pound, and a decrease in business and consumer spending and investment. The negative impact on not only the United Kingdom and European Union economies but also the broader global economy could be significant. A number of countries in Europe have suffered terror attacks, and additional attacks may occur in the future. Europe has also been struggling with mass migration from the Middle East, Eastern Europe and Africa. The ultimate effects of these events and other socio-political or geopolitical issues could profoundly affect global economies and markets. Whether or not the Portfolio invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

*Additional Market Disruption:* Russia's invasion of Ukraine in February, 2022, the resulting responses by the United States and other countries, and the potential for wider conflict, have increased and may continue to increase volatility and uncertainty in financial markets worldwide. The United States and other countries have imposed broad-ranging economic sanctions on Russia and Russian entities and individuals, and may impose additional sanctions, including on other countries that provide military or economic support to Russia. These sanctions, among other things, restrict companies from doing business with Russia and Russian issuers, and may adversely affect companies with economic or financial exposure to Russia and Russian issuers. The extent and duration of Russia's military actions and the repercussions of such actions are not known. The invasion may widen beyond Ukraine and may escalate, including through retaliatory actions and cyberattacks by Russia and even other countries. These events may result in further and significant market disruptions and may adversely affect regional and global economies including those of Europe and the United States. Certain industries and markets, such as those involving oil, natural gas and other commodities, as well as global supply chains, may be particularly adversely affected. Whether or not the Portfolio invests in securities of issuers located in Russia, Ukraine and adjacent countries or with significant exposure to issuers in these countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

**Growth stocks risk:** Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth securities typically fall. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "value" stocks.

**Medium capitalization companies risk:** The Portfolio will be exposed to additional risks as a result of its investments in the securities of medium capitalization companies. Investing in medium capitalization companies involves greater risk than is customarily associated with more established companies. The prices of securities of medium capitalization companies generally are more volatile and are more likely to be adversely affected by changes in earnings results and investor expectations or poor economic or market conditions. Securities of medium capitalization companies may underperform larger capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

**7. FEES AND OTHER AFFILIATED TRANSACTIONS** 

TST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Transamerica Life Insurance Company ("TLIC"), and Transamerica Financial Life Insurance Company.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

TAM, the Portfolio's investment manager, is directly owned by TLIC and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon NV. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon NV, a Netherlands corporation, and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Portfolio's transfer agent. Transamerica Capital, Inc. ("TCI") is the Portfolio's distributor/principal underwriter. TAM, TFS, and TCI are affiliates of Aegon NV.

Certain officers and trustees of the Portfolio are also officers and/or trustees of TAM, TFS and TCI. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Portfolio. The Portfolio does pay non-interested persons (independent trustees), as disclosed in Trustee, CCO and deferred compensation fees within the Statement of Operations.

**Investment management fees:** TAM serves as the Portfolio's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Portfolio pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Portfolio pays a management fee to TAM based on daily average net assets at the following rates:

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| **Breakpoints** | **Rate** |
|  First $500 million | 0.805% |
|  Over $500 million up to $1 billion | 0.770 |
|  Over $1 billion | 0.750 |

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TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses, reorganization expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

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| | | |
|:---|:---|:---|
| | **Operating<br>Expense Limit** | **Operating<br>Expense Limit**<br> **Effective Through** |
|  Initial Class | 0.88% | May 1, 2023 |
|  Service Class | 1.13 | May 1, 2023 |

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TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended December 31, 2022 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Portfolio, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

As of December 31, 2022, there are no amounts available for recapture by TAM.

**Distribution and service fees:** TST has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, TST entered into a distribution agreement with TCI as the Portfolio's distributor.

The Distribution Plan requires the Portfolio to pay distribution fees to TCI as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCI, on behalf of the Portfolio, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Portfolio's shares.

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**Page 16** 

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**Transamerica Janus Mid-Cap Growth VP** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

The fee on the Service Class shares is paid to the insurance companies for providing services and account maintenance for the policyholders who invest in the variable insurance products which invest in the Service Class shares. TCI has determined that it will not seek payment for the distribution expenses incurred by the Portfolio with respect to the Initial Class shares before May 1, 2023. Prior to TCI seeking distribution expenses on Initial Class shares, policy and contract owners will be notified in advance. The Portfolio will pay fees relating to Service Class shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Portfolio is authorized under the Distribution Plan to pay fees to TCI based on daily average net assets of each class up to the following annual rates:

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| | |
|:---|:---|
| **Class** | **Rate** |
|  Initial Class | 0.15% |
|  Service Class | 0.25 |

---

**Transfer agent costs:** TFS provides transfer agency services under an intercompany agreement with TAM. TFS has outsourced the provision of certain sub-transfer agency services to SS&C Technology Holdings, Inc ("SS&C"). The Portfolio does not pay a separate transfer agent fee to TAM or TFS but does pay certain expenses to SS&C related to applicable sub-transfer agency services. For the year ended December 31, 2022, (i) the expenses paid to SS&C by the Portfolio are referred to as Transfer agent costs and are included within the Statement of Operations and (ii) the expenses payable to SS&C by the Portfolio are referred to as Transfer agent costs within the Statement of Assets and Liabilities.

**Deferred compensation plan:** Effective September 23, 2021, the Board has approved the termination of the deferred compensation plan. Payments will be made to applicable current and former Board members consistent with Section 409A of the Code. Under a non-qualified deferred compensation plan effective January 1, 1996, as amended and restated January 1, 2010, available to the trustees, compensation may be deferred that would otherwise be payable by TST to an independent trustee on a current basis for services rendered as trustee. Deferred compensation amounts will accumulate based on the value of the investment option, as elected by the trustee. Balances pursuant to deferred compensation plan are recorded in Trustees, Chief Compliance Officer ("CCO") and deferred compensation fees within the Statement of Assets and Liabilities. For the year ended December 31, 2022, amounts included in Trustees, CCO and deferred compensation fees within the Statement of Operations reflect total compensation paid to the independent Board members.

**Brokerage commissions:** The Portfolio incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the year ended December 31, 2022.

**8. PURCHASES AND SALES OF SECURITIES** 

For the year ended December 31, 2022, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

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| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $161161003 | $— | $451743142 | $— |

---

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS** 

The Portfolio has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Portfolio recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Portfolio's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Portfolio's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Portfolio's financial statements. If applicable, the Portfolio recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Portfolio identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Portfolio makes significant investments; however, the Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

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**Page 17** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)** 

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. The primary permanent differences are due to net operating losses. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. These permanent reclassifications are as follows:

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| | |
|:---|:---|
| **Paid-in Capital** | **Total Distributable Earnings** |
| $(629707) | $629707 |

---

As of December 31, 2022, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross<br>Appreciation** | **Gross<br>(Depreciation)** | **Net Appreciation<br>(Depreciation)** |
| $874349759 | $143608891 | $(83305038) | $60303853 |

---

As of December 31, 2022, the Portfolio had no capital loss carryforwards available to offset future realized capital gains. During the year ended December 31, 2022, the Portfolio did not have any capital loss carryforwards utilized or expired.

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2022 and 2021 are as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** |
| **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of Capital** | **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of Capital** |
| $1048193 | $148808359 | $— | $2726814 | $145618317 | $— |

---

As of December 31, 2022, the tax basis components of distributable earnings are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Capital Loss<br>Carryforwards** | **Late Year<br>Ordinary Loss<br>Deferred** | **Other<br>Temporary<br>Differences** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| $— | $171166432 | $— | $— | $— | $60303241 |

---

**10. NEW ACCOUNTING PRONOUNCEMENT** 

In June 2022, the Financial Accounting Standards Board issued Accounting Standards Update No. 2022-03 ("ASU 2022-03"), "Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions" ("Topic 820"). ASU 2022-03 clarifies the guidance in Topic 820, related to the measurement of the fair value of an equity security subject to contractual sale restrictions, where it eliminates the need to apply a discount to fair value of these securities, and introduces disclosure requirements related to such equity securities. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. Management is currently evaluating the implications, if any, of the additional requirements and its impact on the Portfolio's financial statements.

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**Page 18** 

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**Report of Independent Registered Public Accounting Firm** 

*To the Shareholders and the Board of Trustees of Transamerica Janus Mid-Cap Growth VP* 

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities of Transamerica Janus Mid-Cap Growth VP (the "Portfolio") (one of the portfolios constituting Transamerica Series Trust (the "Trust")), including the schedule of investments, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the portfolios constituting Transamerica Series Trust) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion** 

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g438566ernst_young.jpg)

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

February 27, 2023

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**SUPPLEMENTAL TAX INFORMATION** 

**(unaudited)** 

For tax purposes, the Portfolio has made a long-term capital gain designation of $148,808,359 for the year ended December 31, 2022.

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**Page 20** 

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**Transamerica JPMorgan Asset Allocation – Conservative VP** 

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**(unaudited)** 

**MARKET ENVIRONMENT** 

Both equity and fixed income markets faced headwinds in 2022. The war in Ukraine and central banks' battle against inflation were the main sources of bond and equity markets' struggles. However, the final quarter of the year brought some relief. Arguably, the most painful move in markets in 2022 was the sharp decline in government bond prices. The unusually large sell-off in government bonds, alongside falling stock prices, made for a challenging environment for multi-asset investors. This was caused by global central banks raising interest rates more than many investors had expected at the beginning of the year due to runaway inflation.

Global equities returned 9.77% over the fourth quarter, based on the MSCI World Index in U.S. Dollar terms, and finished 2022 down -18.14%. Value stocks significantly outperformed growth stocks, both during the fourth quarter and the full year. This can largely be explained by the high starting valuations for many technology stocks, some revenue growth disappointments, and the effect of rising interest rates, all of which pressured high growth stocks. One part of the world where few would argue that a lot of bad news had already been priced in was China. The MSCI China Index was down substantially from its 2021 peak and down -21.93% in 2022. That is despite a 34% rally from the lows in October, as China began to move beyond its zero COVID policy.

Global fixed income returns were negative for 2022, as a tighter monetary policy drove interest rates higher through year end. The 10-year U.S. Treasury yield finished the year at 3.88%, up 236 basis points ("bps") from where it started the year. The 30-year U.S. Treasury finished the year at 3.97%, up 207 bps from where it started the year. As a result, U.S. 10-year and 30-year Treasury returns were down -16.33% and -33.29%, respectively, in 2022, per the Bloomberg U.S. Treasury Bellwether 10-year and 30-year indices. Overall, U.S. fixed income markets were up 1.87% over the fourth quarter, according to the Bloomberg U.S. Aggregate Bond Index, but finished the full year with a loss of -13.01%, the worst decline in decades.

**PERFORMANCE** 

For the year ended December 31, 2022, Transamerica JPMorgan Asset Allocation – Conservative VP, Initial Class returned -15.35%. By comparison, its primary and secondary benchmarks, the Bloomberg US Aggregate Bond Index and the Wilshire 5000 Total Market Index<sup>SM</sup>, returned -13.01% and -20.15%, respectively.

**STRATEGY REVIEW** 

The Portfolio is a fund of funds that seeks to achieve its investment objective by investing its assets primarily in a mix of underlying Transamerica funds.

The Portfolio's strategic asset allocation, tactical asset allocation and the Risk Management Framework ("RMF") contributed positively during the period. Underlying fund selection was a detractor.

The Portfolio began 2022 with the RMF suggesting de-risking based on volatility and momentum signals. The Portfolio came into 2022 with approximately 44% of the Portfolio in equities, and by year end, this was down to 18%, spread across regions. Fixed income also came down, from 43% at the beginning of the year, to 29% by year end. Most of the rest of the allocation was to cash and cash equivalents to finish the fiscal year. The overall reduction in equities contributed to performance, though this positioning detracted from performance in July and November during shorter term rallies. The biggest change in equity positioning in 2022 was the reduction in U.S. large cap exposure.

The Portfolio was tactically short developed markets government bonds, primarily German and Japanese government bonds, for much of 2022, which contributed to relative performance. Portfolio de-risking and some tactical positioning was primarily implemented utilizing derivatives, such as futures.

Underlying fund performance was a detractor from returns over the one-year period. The worst performing holding during the period was Transamerica Morgan Stanley Capital Growth VP, while the best performing was Transamerica Janus Mid-Cap Growth VP.

**Michael Feser, CFA** 

**Jeff Geller, CFA** 

**Grace Koo** 

**Co-Portfolio Managers** 

**J.P. Morgan Investment Management Inc.** 

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**Page 1** 

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**Transamerica JPMorgan Asset Allocation – Conservative VP** 

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**(unaudited)** 

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| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  U.S. Fixed Income Funds | 31.7% |
|  U.S. Equity Funds | 23.7 |
|  International Equity Funds | 14.8 |
|  Repurchase Agreement | 10.3 |
|  U.S. Mixed Allocation Fund | 7.6 |
|  International Alternative Fund | 6.5 |
|  U.S. Government Obligations | 3.0 |
|  U.S. Alternative Fund | 2.2 |
|  Net Other Assets (Liabilities) ^ | 0.2 |
|  **Total** | 100.0% |

---

*Current* *and future portfolio holdings are subject to change and risk.* 

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

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**(unaudited)**![LOGO](g438566g55b98.jpg)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Initial Class | (15.35)% | 1.79% | 3.52% | 05/01/2002 |
|  Bloomberg US Aggregate Bond Index <sup>(A)</sup> | (13.01)% | 0.02% | 1.06% |  |
|  Wilshire 5000 Total Market Index<sup>SM (B)</sup> | (20.15)% | 8.42% | 11.87% |  |
|  Service Class | (15.61)% | 1.51% | 3.25% | 05/01/2003 |

---

<sup>(A)</sup> *The Bloomberg US Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities.* 

<sup>(B)</sup> *The Wilshire 5000 Total Market Index<sup>SM</sup> measures the performance of most U.S. domiciled public securities with readily available price data. Companies in the index are weighted by available float and market-capitalization.* 

The Portfolio's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Year or Since Inception calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or the redemption of Portfolio shares. The Portfolio's investment return and net asset value will fluctuate. Investors' shares when redeemed may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month end. Portfolio performance is net of investment fees and Portfolio expenses, but not product charges, which, if included, would significantly lower the performance quoted.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of previously waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Tactical asset allocation is an investment strategy that actively adjusts a portfolio's asset allocation. The Portfolio's tactical asset management discipline may not work as intended. The Portfolio may not achieve its objective and may not perform as well as other funds using other asset management styles.

Fixed income securities are subject to risks including credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk and liquidity risk.

The ability of the Portfolio to achieve its objective depends largely on the performance of the underlying portfolios in which it invests. Each underlying portfolio's performance, in turn, depends on the particular securities in which that underlying portfolio invests. Total expenses associated with the Portfolio may be higher than with other mutual funds.

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**DISCLOSURE OF EXPENSES** 

**(unaudited)** 

**SHAREHOLDER EXPENSES** 

Portfolio shareholders may incur two types of costs: (i) transaction costs, including brokerage commissions on purchases and sales of portfolio shares; and (ii) ongoing costs, including management fees, and other portfolio expenses.

The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other portfolios.

The example is based on an investment of $1,000 invested at July 1, 2022, and held for the entire six-month period until December 31, 2022.

**ACTUAL EXPENSES** 

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

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES** 

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Portfolio shares. Therefore, the information under the heading "Hypothetical Expenses" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different portfolios. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries, or other financial institutions.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Actual Expenses** | **Actual Expenses** | **Hypothetical Expenses <sup>(A)</sup>** | **Hypothetical Expenses <sup>(A)</sup>** | |
| <br>**Class** |<br>**Beginning<br>Account Value<br>July 1, 2022** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** |<br>**Net Annualized<br>Expense Ratio <sup>(C)</sup> <sup>(D)</sup>** |
|  Initial Class | $&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;982.30 | $&nbsp;&nbsp;&nbsp;&nbsp;0.80 | $&nbsp;&nbsp;&nbsp;&nbsp;1024.40 | $&nbsp;&nbsp;&nbsp;&nbsp;0.82 | 0.16% |
|  Service Class | 1000.00 | 979.60 | 2.05 | 1023.10 | 2.09 | 0.41 |

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

(B) *Expenses are calculated using the Portfolio's net annualized expense ratio, as disclosed in the table, multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (365 days).*

(C) *Net annualized expense ratios, as disclosed in the table, do not include the expenses of the underlying investments in which the Portfolio invests. The net annualized expense ratios, as stated in the fee table of the Portfolio's Prospectus, may differ from the expense ratios disclosed in this report.*

(D) *Net annualized expense ratios are reflective of applicable fee waivers and/or reimbursements and recapture, if any, and are based on the most recent six-months which may differ from the net expense ratio displayed in the Financial Highlights that covers a twelve-month period.*

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**SCHEDULE OF INVESTMENTS** 

**At December 31, 2022** 

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| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **INVESTMENT COMPANIES - 86.5%** | **INVESTMENT COMPANIES - 86.5%** | **INVESTMENT COMPANIES - 86.5%** |
| **International Alternative Fund - 6.5%** | **International Alternative Fund - 6.5%** | **International Alternative Fund - 6.5%** |
|  Transamerica Unconstrained Bond <sup>(A)</sup> | 6949114 | $60596274 |
| **International Equity Funds - 14.8%** | **International Equity Funds - 14.8%** | **International Equity Funds - 14.8%** |
|  Transamerica Emerging Markets Opportunities <sup>(A)</sup> | 6503093 | 48513073 |
|  Transamerica International Equity <sup>(A)</sup> | 2068537 | 37150924 |
|  Transamerica International Focus <sup>(A)</sup> | 4655565 | 35382294 |
|  Transamerica International Small Cap Value <sup>(A)</sup> | 1269979 | 15760436 |
|  |  | 136806727 |
| **U.S. Alternative Fund - 2.2%** | **U.S. Alternative Fund - 2.2%** | **U.S. Alternative Fund - 2.2%** |
|  Transamerica BlackRock Global Real Estate Securities VP <sup>(A)</sup> | 2230798 | 20344875 |
| **U.S. Equity Funds - 23.7%** | **U.S. Equity Funds - 23.7%** | **U.S. Equity Funds - 23.7%** |
|  Transamerica Janus Mid-Cap Growth VP <sup>(A)</sup> | 117916 | 3708461 |
|  Transamerica JPMorgan Enhanced Index VP <sup>(A)</sup> | 1075019 | 21253130 |
|  Transamerica JPMorgan Mid Cap Value VP <sup>(A)</sup> | 886928 | 12966883 |
|  Transamerica Large Cap Value <sup>(A)</sup> | 6910703 | 84656117 |
|  Transamerica Mid Cap Growth <sup>(A)</sup> | 1413743 | 9712416 |
|  Transamerica Mid Cap Value Opportunities <sup>(A)</sup> | 598344 | 6204828 |
|  Transamerica Small Cap Value <sup>(A)</sup> | 4060181 | 21640765 |
|  Transamerica T. Rowe Price Small Cap VP <sup>(A)</sup> | 18325 | 179222 |
|  Transamerica WMC US Growth VP <sup>(A)</sup> | 2308603 | 59885156 |
|  |  | 220206978 |
| **U.S. Fixed Income Funds - 31.7%** | **U.S. Fixed Income Funds - 31.7%** | **U.S. Fixed Income Funds - 31.7%** |
|  Transamerica Core Bond <sup>(A)</sup> | 32605904 | 279758660 |
|  Transamerica Floating Rate <sup>(A)</sup> | 527615 | 4706329 |

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| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **U.S. Fixed Income Funds (continued)** | **U.S. Fixed Income Funds (continued)** | **U.S. Fixed Income Funds (continued)** |
|  Transamerica High Yield Bond <sup>(A)</sup> | 1180748 | $9162603 |
|  |  | 293627592 |
| **U.S. Mixed Allocation Fund - 7.6%** | **U.S. Mixed Allocation Fund - 7.6%** | **U.S. Mixed Allocation Fund - 7.6%** |
|  Transamerica Aegon Bond VP <sup>(A)</sup> | 7699699 | 70683232 |
|  **Total Investment Companies <br>(Cost $929,538,133)** | **Total Investment Companies <br>(Cost $929,538,133)** | 802265678 |
|  | **Principal** | **Value** |
| **U.S. GOVERNMENT OBLIGATIONS - 3.0%** | **U.S. GOVERNMENT OBLIGATIONS - 3.0%** | **U.S. GOVERNMENT OBLIGATIONS - 3.0%** |
| **U.S. Treasury - 3.0%** | **U.S. Treasury - 3.0%** | **U.S. Treasury - 3.0%** |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 01/31/2023 <sup>(B)</sup> | $27615700 | 27532475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 01/31/2024 <sup>(B)</sup> | 510000 | 489421 |
|  **Total U.S. Government Obligations <br>(Cost $28,076,992)** | **Total U.S. Government Obligations <br>(Cost $28,076,992)** | 28021896 |
| **REPURCHASE AGREEMENT - 10.3%** | **REPURCHASE AGREEMENT - 10.3%** | **REPURCHASE AGREEMENT - 10.3%** |
|  Fixed Income Clearing Corp., 1.80% <sup>(C)</sup>, dated 12/30/2022, to be repurchased at $95,786,352 on 01/03/2023. Collateralized by a U.S. Government Obligation, 2.75%, due 02/15/2024, and with a value of $97,682,590. | 95767199 | 95767199 |
|  **Total Repurchase Agreement <br>(Cost $95,767,199)** |  | 95767199 |
|  **Total Investments <br>(Cost $1,053,382,324)** |  | 926054773 |
|  **Net Other Assets (Liabilities) - 0.2%** |  | 1698676 |
|  **Net Assets - 100.0%** |  | **$927753449** |

---

**FUTURES CONTRACTS:** 

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Long Futures Contracts** | **Long Futures Contracts** | **Long Futures Contracts** | **Long Futures Contracts** | **Long Futures Contracts** | **Long Futures Contracts** | **Long Futures Contracts** |
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  10-Year U.S. Treasury Notes | 115 | 03/22/2023 | $12950476 | $12914141 | $— | $(36335) |
|  30-Year U.S. Treasury Bonds | 246 | 03/22/2023 | &nbsp;&nbsp;&nbsp;&nbsp;31154122 | &nbsp;&nbsp;&nbsp;&nbsp;30834562 |  | (319560) |
|  CAD Currency | 100 | 03/14/2023 | 7384690 | 7392000 | 7310 |  |
|  FTSE 100 Index | 108 | 03/17/2023 | 9819712 | 9748103 |  | (71609) |
|  S&P/TSX 60 Index | 44 | 03/16/2023 | 7886927 | 7603486 |  | (283441) |
|  TOPIX Index | 200 | 03/09/2023 | 29656736 | 28825053 |  | (831683) |
|  U.S. Treasury Ultra Bonds | 382 | 03/22/2023 | 51941778 | 51307375 |  | (634403) |
|  **Total** |  |  |  |  | $**7310** | $**(2177031)** |
| **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** |
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  5-Year U.S. Treasury Notes | (1081) | 03/31/2023 | $(116799588) | $(116671993) | $127595 | $— |
|  E-Mini Russell 2000<sup>®</sup> Index | (286) | 03/17/2023 | (26286568) | (25323870) | 962698 |  |
|  German Euro Bund | (110) | 03/08/2023 | (16663779) | (15652433) | &nbsp;&nbsp;&nbsp;&nbsp;1011346 |  |
|  German Euro Schatz | (1068) | 03/08/2023 | &nbsp;&nbsp;&nbsp;&nbsp;(122005402) | &nbsp;&nbsp;&nbsp;&nbsp;(120520367) | 1485035 |  |
|  MSCI EAFE Index | (895) | 03/17/2023 | (91059492) | (87235650) | 3823842 |  |

---

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 5** 

------

##### [**Table of Contents**](#toc)
**Transamerica JPMorgan Asset Allocation – Conservative VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

**FUTURES CONTRACTS (continued):** 

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Short Futures Contracts (continued)** | **Short Futures Contracts (continued)** | **Short Futures Contracts (continued)** | **Short Futures Contracts (continued)** | **Short Futures Contracts (continued)** | **Short Futures Contracts (continued)** | **Short Futures Contracts (continued)** |
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  MSCI Emerging Markets Index | (470) | 03/17/2023 | $(23332697) | $(22545900) | $786797 | $— |
|  S&P 500<sup>®</sup> E-Mini Index | (642) | 03/17/2023 | &nbsp;&nbsp;&nbsp;&nbsp;(129211753) | &nbsp;&nbsp;&nbsp;&nbsp;(123938100) | 5273653 |  |
|  **Total** |  |  |  |  | $**13470966** | $**—** |
|  **Total Futures Contracts** |  |  |  |  | $**13478276** | $**(2177031)** |

---

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(D)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Investment Companies | $802265678 | $— | $— | $802265678 |
|  U.S. Government Obligations |  | 28021896 |  | 28021896 |
|  Repurchase Agreement |  | 95767199 |  | 95767199 |
|  **Total Investments** | $**802265678** | $**123789095** | $**—** | $**926054773** |
|  **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** |
|  Futures Contracts <sup>(E)</sup> | $13478276 | $— | $— | $13478276 |
|  **Total Other Financial Instruments** | $**13478276** | $**—** | $**—** | $**13478276** |
|  **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** |
|  **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** |
|  Futures Contracts <sup>(E)</sup> | $(2177031) | $— | $— | $(2177031) |
|  **Total Other Financial Instruments** | $**(2177031)** | $**—** | $**—** | $**(2177031)** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *Affiliated investment in the Class I2 shares of Transamerica Funds and/or affiliated investment in the Initial Class shares of Transamerica Series Trust. The Portfolio's transactions and earnings are as follows:*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Investments** | **Value<br>December 31,<br>2021** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Value<br>December 31,<br>2022** | **Shares as of<br>December 31,<br>2022** | **Dividend<br>Income** | **Net Capital<br>Gain<br>Distributions** |
|  Transamerica BlackRock Global Real Estate Securities VP | $73149068 | $1568750 | $(33290576) | $(11316347) | $(9766020) | $20344875 | 2230798 | $1568750 | $— |
|  Transamerica Core Bond | &nbsp;&nbsp;&nbsp;&nbsp;147062390 | &nbsp;&nbsp;&nbsp;&nbsp;160968642 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;(28272372) | &nbsp;&nbsp;&nbsp;&nbsp;279758660 | &nbsp;&nbsp;&nbsp;&nbsp;32605904 | &nbsp;&nbsp;&nbsp;&nbsp;5461494 |  |
|  Transamerica Core Bond II | 130981533 | 32544346 | &nbsp;&nbsp;&nbsp;&nbsp;(143562104) | &nbsp;&nbsp;&nbsp;&nbsp;(21140248) | 1176473 |  |  | 2532298 |  |
|  Transamerica Emerging Markets Opportunities | 64307233 | 1341789 |  |  | (17135949) | 48513073 | 6503093 | 1341789 |  |
|  Transamerica Floating Rate | 26549077 | 745784 | (20987000) | (1383545) | (217987) | 4706329 | 527615 | 745784 |  |
|  Transamerica High Yield Bond | 43967425 | 1219970 | (29408000) | (3175409) | (3441383) | 9162603 | 1180748 | 1219970 |  |
|  Transamerica International Equity | 46923120 | 417056 | (3462062) | 511859 | (7239049) | 37150924 | 2068537 | 417056 |  |
|  Transamerica International Focus | 46917788 | 643223 | (2308041) | 684454 | (10555130) | 35382294 | 4655565 | 643223 |  |
|  Transamerica International Small Cap Value | 19071735 | 553534 |  |  | (3864833) | 15760436 | 1269979 | 122368 | 431166 |

---

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 6** 

------

##### [**Table of Contents**](#toc)
**Transamerica JPMorgan Asset Allocation – Conservative VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

**FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Investments** | **Value<br>December 31,<br>2021** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Value<br>December 31,<br>2022** | **Shares as of<br>December 31,<br>2022** | **Dividend<br>Income** | **Net Capital<br>Gain<br>Distributions** |
|  Transamerica Janus Mid-Cap Growth VP | $34391714 | $587468 | $(27782700) | $(1733244) | $(1754777) | $3708461 | 117916 | $4120 | $583348 |
|  Transamerica JPMorgan Enhanced Index VP | 38432563 | 4213553 | (9773293) | (370342) | (11249351) | 21253130 | 1075019 | 670173 | 3543380 |
|  Transamerica JPMorgan Mid Cap Value VP | 14129953 | 2566870 |  |  | (3729940) | 12966883 | 886928 | 316314 | 2250556 |
|  Transamerica Large Cap Value | 125868020 | 5819466 | (31176864) | 7023980 | (22878485) | 84656117 | 6910703 | 1258654 | 4560812 |
|  Transamerica Mid Cap Growth | 14278806 |  |  |  | (4566390) | 9712416 | 1413743 |  |  |
|  Transamerica Mid Cap Value Opportunities | 6642994 | 409083 |  |  | (847249) | 6204828 | 598344 | 71290 | 337793 |
|  Transamerica Morgan Stanley Capital Growth VP | 60584290 | 7113172 | &nbsp;&nbsp;&nbsp;&nbsp;(29302115) | (44264814) | 5869467 |  |  | 907231 | 6205941 |
|  Transamerica PIMCO Total Return VP | 119788644 | 2002319 | (35536395) | (2781661) | (12789675) | 70683232 | 7699699 | 2002319 |  |
|  Transamerica Short-Term Bond | 4269770 |  | (4252860) | 52847 | (69757) |  |  | 3232 |  |
|  Transamerica Small Cap Value | 28126187 | 3872966 | (3233670) | (1119692) | (6005026) | 21640765 | 4060181 | 502645 | 3370321 |
|  Transamerica T. Rowe Price Small Cap VP | 230918 | 63574 |  |  | (115270) | 179222 | 18325 | 5173 | 58401 |
|  Transamerica Unconstrained Bond | 136173712 | 1322871 | (66933460) | (4177369) | (5789480) | 60596274 | 6949114 | 1322871 |  |
|  Transamerica WMC US Growth VP | 56805879 | 34018119 |  |  | (30938842) | 59885156 | 2308603 | 1224954 | 10383716 |
| **Total** | $**1238652819** | $**261992555** | $**(441009140)** | $**(83189531)** | $**(174181025)** | $**802265678** | **83080814** | $**22341708** | $**31725434** |

---

(B) *All or a portion of these securities have been segregated by the custodian as collateral to cover margin requirements for open futures contracts. The total value of such securities is $22,234,700.* 

(C) *Rate disclosed reflects the yield at December 31, 2022.* 

(D) *There were no transfers in or out of Level 3 during the year ended December 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

(E) *Derivative instruments are valued at unrealized appreciation (depreciation).* 

**CURRENCY ABBREVIATION:** 

*CAD* *Canadian Dollar*

**PORTFOLIO ABBREVIATIONS:** 

---

| | |
|:---|:---|
| *EAFE* | *Europe, Australasia and Far East* |
| *FTSE* | *Financial Times Stock Exchange* |
| *Schatz* | *Bundesschatzanweisungen (German Federal Government 2-Year Securities)* |
| *TOPIX* | *Tokyo Price Index* |
| *TSX* | *Toronto Stock Exchange* |

---

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 7** 

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##### [**Table of Contents**](#toc)
**Transamerica JPMorgan Asset Allocation – Conservative VP** 

------

**STATEMENT OF ASSETS AND LIABILITIES** 

**At December 31, 2022** 

---

| | |
|:---|:---|
|  **Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments, at value (cost $929,538,133) | $802265678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments, at value (cost $28,076,992) | 28021896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreement, at value (cost $95,767,199) | 95767199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables and other assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest sold | 13551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from affiliated investments | 277351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 25890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin receivable on futures contracts | 2459657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 4045 |
|  Total assets | 928835267 |
|  **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables and other liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 277350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest redeemed | 422548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 97799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 163082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 1120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 9335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 16324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 12933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 5813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 65428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 10086 |
|  Total liabilities | 1081818 |
|  **Net assets** | $927753449 |
|  **Net assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital stock ($0.01 par value) | $1140322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp;1071271649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) | (144658522) |
|  **Net assets** | $927753449 |
|  **Net assets by class:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | $169834319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 757919130 |
|  **Shares outstanding:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 20619192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 93412958 |
|  **Net asset value and offering price per share:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | $8.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 8.11 |

---

**STATEMENT OF OPERATIONS** 

**For the year ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income from affiliated investments | $22341708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income from unaffiliated investments | 846188 |
|  Total investment income | 23187896 |
|  **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 1288538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 2153913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 10947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 44280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 43055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 62518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 58317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 46039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 64323 |
|  Total expenses | 3771930 |
|  **Net investment income (loss)** | 19415966 |
|  **Net realized gain (loss) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | (83189531) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments | 3521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions received from affiliated investment companies | 31725434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 2408252 |
|  Net realized gain (loss) | (49052324) |
|  **Net change in unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | (174181025) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments | (53438) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 13574244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Translation of assets and liabilities denominated in foreign currencies | (24742) |
|  Net change in unrealized appreciation (depreciation) | (160684961) |
|  Net realized and change in unrealized gain (loss) | (209737285) |
|  **Net increase (decrease) in net assets resulting from operations** | $&nbsp;&nbsp;&nbsp;&nbsp;(190321319) |

---

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 8** 

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##### [**Table of Contents**](#toc)
**Transamerica JPMorgan Asset Allocation – Conservative VP** 

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**STATEMENT OF CHANGES IN NET ASSETS** 

**For the years ended:** 

---

| | | |
|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2021** |
|  **From operations:** | **From operations:** | **From operations:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $19415966 | $55833068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (49052324) | 101957612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (160684961) | (82718349) |
|  Net increase (decrease) in net assets resulting from operations | (190321319) | 75072331 |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (27909997) | (10038188) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (125113949) | (40497010) |
|  Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (153023946) | (50535198) |
|  **Capital share transactions:** | **Capital share transactions:** | **Capital share transactions:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 15317059 | 22410526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 12617561 | 17481387 |
|  | 27934620 | 39891913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 27909997 | 10038188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 125113949 | 40497010 |
|  | 153023946 | 50535198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (39117291) | (62266642) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (137444461) | (144873677) |
|  | (176561752) | (207140319) |
|  Net increase (decrease) in net assets resulting from capital share transactions | 4396814 | (116713208) |
|  **Net increase (decrease) in net assets** | (338948451) | (92176075) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;1266701900 | &nbsp;&nbsp;&nbsp;&nbsp;1358877975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $927753449 | $1266701900 |
|  **Capital share transactions - shares:** | **Capital share transactions - shares:** | **Capital share transactions - shares:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 1550965 | 1933096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 1229597 | 1539621 |
|  | 2780562 | 3472717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 3322619 | 872128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 15110380 | 3561742 |
|  | 18432999 | 4433870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (4038515) | (5395941) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (14527823) | (12695225) |
|  | (18566338) | (18091166) |
|  Net increase (decrease) in shares outstanding: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 835069 | (2590717) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 1812154 | (7593862) |
|  | 2647223 | (10184579) |

---

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 9** 

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##### [**Table of Contents**](#toc)
**Transamerica JPMorgan Asset Allocation – Conservative VP** 

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**FINANCIAL HIGHLIGHTS** 

**For a share outstanding during the years indicated:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $11.50 | $11.30 | $10.66 | $9.97 | $11.06 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(A)</sup> | 0.20 | 0.50 | 0.27 | 0.25 | 0.26 |
|  Net realized and unrealized gain (loss) | (1.93) | 0.16 | 0.91 | 1.12 | (0.69) |
|  Total investment operations | (1.73) | 0.66 | 1.18 | 1.37 | (0.43) |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income | (0.58) | (0.28) | (0.27) | (0.28) | (0.20) |
|  Net realized gains | (0.95) | (0.18) | (0.27) | (0.40) | (0.46) |
|  Total dividends and/or distributions to shareholders | (1.53) | (0.46) | (0.54) | (0.68) | (0.66) |
|  **Net asset value, end of year** | $8.24 | $11.50 | $11.30 | $10.66 | $9.97 |
|  **Total return** | (15.35)% | 5.90% | 11.47% | 13.90% | (3.98)% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;169834 | $&nbsp;&nbsp;&nbsp;&nbsp;227524 | $&nbsp;&nbsp;&nbsp;&nbsp;252776 | $&nbsp;&nbsp;&nbsp;&nbsp;239261 | $&nbsp;&nbsp;&nbsp;&nbsp;224325 |
|  Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.15% | 0.15% | 0.15% | 0.15% | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.15% | 0.15% | 0.15% | 0.15% | 0.15 %<sup>(C)</sup> |
|  Net investment income (loss) to average net assets | 2.06% | 4.36% | 2.52% | 2.39% | 2.45% |
|  Portfolio turnover rate | 24% | 25% | 30% | 9% | 12% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Does not include expenses of the underlying investments in which the Portfolio invests.* 

(C) *Waiver and/or reimbursement rounds to less than 0.01%.* 

**For a share outstanding during the years indicated:** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $11.34 | $11.15 | $10.52 | $9.85 | $10.94 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(A)</sup> | 0.17 | 0.47 | 0.23 | 0.22 | 0.23 |
|  Net realized and unrealized gain (loss) | (1.91) | 0.16 | 0.91 | 1.10 | (0.69) |
|  Total investment operations | (1.74) | 0.63 | 1.14 | 1.32 | (0.46) |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income | (0.54) | (0.26) | (0.24) | (0.25) | (0.17) |
|  Net realized gains | (0.95) | (0.18) | (0.27) | (0.40) | (0.46) |
|  Total dividends and/or distributions to shareholders | (1.49) | (0.44) | (0.51) | (0.65) | (0.63) |
|  **Net asset value, end of year** | $8.11 | $11.34 | $11.15 | $10.52 | $9.85 |
|  **Total return** | (15.61)% | 5.63% | 11.25% | 13.55% | (4.28)% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;757919 | $&nbsp;&nbsp;&nbsp;&nbsp;1039178 | $&nbsp;&nbsp;&nbsp;&nbsp;1106102 | $&nbsp;&nbsp;&nbsp;&nbsp;1119128 | $&nbsp;&nbsp;&nbsp;&nbsp;1033425 |
|  Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.40% | 0.40% | 0.40% | 0.40% | 0.40 %<sup>(C)</sup> |
|  Net investment income (loss) to average net assets | 1.80% | 4.14% | 2.25% | 2.13% | 2.20% |
|  Portfolio turnover rate | 24% | 25% | 30% | 9% | 12% |

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(A) *Calculated based on average number of shares outstanding.* 

(B) *Does not include expenses of the underlying investments in which the Portfolio invests.* 

(C) *Waiver and/or reimbursement rounds to less than 0.01%.* 

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

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**NOTES TO FINANCIAL STATEMENTS** 

**At December 31, 2022** 

**1. ORGANIZATION** 

Transamerica Series Trust ("TST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). TST applies investment company accounting and reporting guidance. TST serves as a funding vehicle for variable life insurance, variable annuity, and group annuity products. Transamerica JPMorgan Asset Allocation – Conservative VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers two classes of shares, Initial Class and Service Class.

The only shareholders of the Portfolio are affiliated insurance company separate accounts and affiliated asset allocation portfolios. Contract holders of the variable life and annuity contracts are not shareholders of the Portfolio. For ease of reference, shareholders and contract holders are collectively referred to in this report as "shareholders."

This report must be accompanied or preceded by the Portfolio's current prospectus, which contains additional information about the Portfolio, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Portfolio pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Portfolio. TAM supervises the Portfolio's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Portfolio.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of a Portfolio without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Portfolio and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Portfolio employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending portfolio combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Portfolio's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Portfolio; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for a Portfolio; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Portfolio's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; oversight of other service providers to the Portfolio, such as the custodian, the transfer agent, the Portfolio's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Portfolio; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Portfolio, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Portfolio. The Portfolio pays certain fees and expenses to State Street for sub-administration services which are not administrative

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**1. ORGANIZATION (continued)** 

services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the year ended December 31, 2022, (i) the expenses paid to State Street for sub-administration services by the Portfolio are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Portfolio are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES** 

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

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

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

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

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Interest income, if any, is accrued as earned. Dividend income and capital gain distributions from underlying investments, if any, are recorded on the ex-dividend date. Income or short-term capital gain distributions received from underlying investments, if any, are recorded as Dividend income from investments within the Statement of Operations. Long-term capital gain distributions received from underlying investments, if any, are recorded as Net realized gain (loss) on Capital gain distributions received from investments within the Statement of Operations.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

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

**3. INVESTMENT VALUATION** 

Effective September 8, 2022, TAM has been designated as the Portfolio's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Portfolio's Board of Trustees. The net asset value of the Portfolio is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

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

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

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**3. INVESTMENT VALUATION (continued)** 

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

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Portfolio's investments and derivative instruments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Portfolio's investments at December 31, 2022, is disclosed within the Investment Valuation section of the Schedule of Investments.

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

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

*Investment companies:* Certain investment companies are valued at the NAV as the practical expedient. These investment companies are not included within the fair value hierarchy. Certain other investment companies are valued at the actively traded NAV and no valuation adjustments are applied. These investment companies are categorized in Level 1 of the fair value hierarchy.

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

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

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

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

The Portfolio may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Portfolio invests borrowing proceeds in other securities, the Portfolio will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Portfolio may borrow on a secured or on an unsecured basis. If the Portfolio enters into a secured borrowing arrangement, a portion of the Portfolio's assets will be used as collateral. The 1940 Act requires the Portfolio to maintain asset coverage of at least 300% of the amount of its

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)** 

borrowings. Asset coverage means the ratio that the value of the Portfolio's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Portfolio may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the year ended December 31, 2022, the Portfolio has not utilized the program.

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

Repurchase agreements are subject to netting agreements, which are agreements between the Portfolio and its counterparties that provide for the net settlement of all transactions and collateral with the Portfolio, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at December 31, 2022.

Repurchase agreements at December 31, 2022, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**5. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS** 

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

**Market Risk Factors:** In pursuit of the Portfolio's investment strategies, the Portfolio may seek to use derivatives to increase or decrease its exposure to certain market risks, including:

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

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

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

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

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

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

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

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

The Portfolio's exposure to market risk factors and certain other associated risks are summarized by derivative type as follows:

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

Open futures contracts at December 31, 2022, if any, are listed within the Schedule of Investments. Variation margin, if applicable, is shown in Variation margin receivable or payable on futures contracts within the Statement of Assets and Liabilities.

The following is a summary of the location and the Portfolio's fair values of derivative investments disclosed, if any, within the Statement of Assets and Liabilities, categorized by primary market risk exposure as of December 31, 2022.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| **Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  Futures contracts: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) <sup>(A) (B)</sup> | $2623976 | $7310 | $10846990 | $— | $— | $13478276 |
|  **Total** | $**2623976** | $**7310** | $**10846990** | $**—** | $**—** | $**13478276** |
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  Futures contracts: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) <sup>(A) (B)</sup> | $(990298) | $— | $(1186733) | $— | $— | $(2177031) |
|  **Total** | $**(990298)** | $**—** | $**(1186733)** | $**—** | $**—** | $**(2177031)** |

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

(B) *Included within unrealized appreciation (depreciation) on futures contracts as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.* 

The following is a summary of the location and the effect of derivative investments, if any, within the Statement of Operations, categorized by primary market risk exposure as of December 31, 2022.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** |
| **Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  Futures contracts | $(12634327) | $(425738) | $15468317 | $— | $— | $2408252 |
|  **Total** | $**(12634327)** | $**(425738)** | $**15468317** | $**—** | $**—** | $**2408252** |

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** |
| **Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  Futures contracts | $2348169 | $123306 | $11102769 | $— | $— | $13574244 |
|  **Total** | $**2348169** | $**123306** | $**11102769** | $**—** | $**—** | $**13574244** |

---

The following is a summary of the ending monthly average volume on derivative activity during the year ended December 31, 2022.

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| | |
|:---|:---|
|  **Futures contracts:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts – long | $183888227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts – short | &nbsp;&nbsp;&nbsp;&nbsp;(475193630) |

---

*Collateral requirements:* Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (futures contracts, exchange-traded options, and exchange-traded swap agreements) while collateral terms are contract specific for OTC derivatives (forward foreign currency exchange contracts, OTC options, and OTC swap agreements). For OTC derivatives, under standard derivatives agreements, the Portfolio may be required to pledge collateral on derivatives to a counterparty if the Portfolio is in a net liability position, and receive collateral if in a net positive position. For financial reporting purposes, cash collateral that has been pledged by the Portfolio to cover obligations, if any, is reported in Cash collateral at broker within the Statement of Assets and Liabilities. Cash collateral that has been received by the Portfolio from a counterparty, if any, is reported separately in Cash collateral pledged at custodian and/or broker within the Statement of Assets and Liabilities. Non-cash collateral pledged to the Portfolio, if any, is disclosed within the Schedule of Investments.

Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold before a transfer has been made. Typically a counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The Portfolio generally does not use non-cash collateral that it receives but may, absent default or certain other circumstances, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty.

To the extent amounts due to the Portfolio from its counterparties are not fully collateralized, contractually or otherwise, the Portfolio bears the risk of loss from counterparty non-performance. Additionally, to the extent the Portfolio has delivered collateral to a counterparty, the Portfolio bears the risk of loss from a counterparty in the event the counterparty fails to return such collateral. Counterparties may immediately terminate derivatives contracts if the Portfolio fails to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages. Collateral may not be required for all derivative contracts.

**6. RISK FACTORS** 

Investing in the Portfolio involves certain key risks related to the Portfolio's trading activity. Please reference the Portfolio's prospectus for a more complete discussion of the following risk(s), as well as other risks of investing in the Portfolio.

**Market risk:** The market prices of the Portfolio's securities and other assets may go up or down, sometimes sharply and unpredictably, due to general market conditions, overall economic trends or events, inflation, changes in interest rates, government actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by wars, tariffs, trade disputes or other factors, political developments, investor sentiment, the global and domestic effects of a pandemic or other health emergency, and other factors that may or may not be related to the issuer of the security or other asset. The market prices of securities and other assets also may go down due to events or conditions that affect particular sectors, industries, issuers, or geographies. Adverse market conditions may be prolonged and may not have the same impact on all types of securities or other assets. If the value of the Portfolio's securities and assets fall, the value of your investment will go down. The Portfolio may experience a substantial or complete loss on any individual security or asset.

Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, the imposition of economic sanctions, public health events (such as the spread of infectious disease), wars, terrorism, cybersecurity events, technology and data interruptions, natural disasters, and other circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. In the past decade, financial markets throughout the world have experienced increased volatility and decreased liquidity. These conditions may continue or worsen. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down. Securities markets may also be susceptible to market

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. RISK FACTORS (continued)** 

manipulation or other fraudulent trade practices, which could disrupt the orderly functioning of these markets or adversely affect the value of securities traded in these markets, including the Portfolio's securities.

The pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in economic downturns throughout the world, severe losses, particularly to some sectors of the economy and individual issuers, and reduced liquidity of many instruments. There also have been significant disruptions to business operations, including business closures; strained healthcare systems; disruptions to supply chains and employee availability; large fluctuations in consumer demand; and widespread uncertainty regarding the duration and long-term effects of the pandemic. Economic downturns may be prolonged, and political and social instability, continued volatility and decreased liquidity in the securities markets may result. Developing or emerging market countries may be more impacted by the pandemic.

The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic. These and other government intervention into the economy and financial markets may not work as intended. In addition, government actions to mitigate the economic impact of the pandemic have resulted in large expansion of government deficits and debt, the long-term consequences of which are not known. Rates of inflation have recently risen, which could adversely affect economies and markets. The pandemic could continue to adversely affect the value and liquidity of the Portfolio's investments.

*Europe:* A number of countries in Europe have experienced severe economic and financial difficulties; and financial markets in Europe and elsewhere have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen or spread within or outside Europe. Responses to the financial problems by European governments, central banks and others may not work, may result in conflicts and social unrest and may limit future growth and economic recovery or have other unintended consequences. In January, 2020, through "Brexit," the United Kingdom withdrew from the European Union. The ramifications of Brexit are unknown, and the implications of possible political, regulatory, economic, and market outcomes could be significant. The United Kingdom has one of the largest economies in Europe and is a major trading partner with European Union countries and the United States. Brexit may create additional and substantial economic stresses for the United Kingdom, including a contraction of the United Kingdom's economy, decreased trade, capital outflows, devaluation of the British pound, and a decrease in business and consumer spending and investment. The negative impact on not only the United Kingdom and European Union economies but also the broader global economy could be significant. A number of countries in Europe have suffered terror attacks, and additional attacks may occur in the future. Europe has also been struggling with mass migration from the Middle East, Eastern Europe and Africa. The ultimate effects of these events and other socio-political or geopolitical issues could profoundly affect global economies and markets. Whether or not the Portfolio invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

*Additional Market Disruption:* Russia's invasion of Ukraine in February, 2022, the resulting responses by the United States and other countries, and the potential for wider conflict, have increased and may continue to increase volatility and uncertainty in financial markets worldwide. The United States and other countries have imposed broad-ranging economic sanctions on Russia and Russian entities and individuals, and may impose additional sanctions, including on other countries that provide military or economic support to Russia. These sanctions, among other things, restrict companies from doing business with Russia and Russian issuers, and may adversely affect companies with economic or financial exposure to Russia and Russian issuers. The extent and duration of Russia's military actions and the repercussions of such actions are not known. The invasion may widen beyond Ukraine and may escalate, including through retaliatory actions and cyberattacks by Russia and even other countries. These events may result in further and significant market disruptions and may adversely affect regional and global economies including those of Europe and the United States. Certain industries and markets, such as those involving oil, natural gas and other commodities, as well as global supply chains, may be particularly adversely affected. Whether or not the Portfolio invests in securities of issuers located in Russia, Ukraine and adjacent countries or with significant exposure to issuers in these countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

**Asset allocation risk:** The Portfolio's investment performance is significantly impacted by the Portfolio's asset allocation and reallocation from time to time. The sub-adviser's decisions whether and when to tactically overweight or underweight asset classes, create and apply formulas for de-risking or ending de-risking and select a mix of underlying portfolios may not produce the desired results. These actions may be unsuccessful in maximizing return and/or avoiding investment losses. The value of your investment may decrease if the sub-adviser's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying portfolio or other issuer is incorrect. The sub-adviser may favor an asset class that performs poorly relative to other asset classes. The available underlying portfolios selected by the sub-adviser may underperform the market or similar portfolios.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. RISK FACTORS (continued)** 

**Fixed-income securities risk:** Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the Portfolio falls, the value of your investment will go down. The Portfolio may lose its entire investment in the fixed-income securities of an issuer.

**Risk management framework risk:** The Portfolio is subject to a multi-factor risk management framework that is intended to reduce equity exposure under certain market conditions. This framework may impose a maximum equity exposure limit for the Portfolio in response to individual asset class momentum signals and a portfolio level volatility signal. The framework is intended to improve the Portfolio's absolute and risk-adjusted returns but may notwork as intended. The framework may result in the Portfolio not achieving its stated asset mix goal or may cause the Portfolio to underperform, possibly significantly. Because market conditions change, sometimes rapidly and unpredictably, the success of the framework also will be subject to the sub-adviser's ability to implement the framework in a timely and efficient manner. The framework may result in periods of underperformance, may fail to protect against market declines, may limit the Portfolio's ability to participate in up markets, may cause the Portfolio to underperform its benchmark in rising markets, may increase transaction costs at the portfolio and/or underlying portfolio level and may result in substantial losses if it does not work as intended. For example, if the Portfolio has reduced its equity exposure to avoid losses in certain market conditions, and the market rises sharply and quickly, there may be a delay in increasing the Portfolio's equity exposure, causing the Portfolio to forgo gains from the market rebound. The framework incorporates quantitative models and signals. If those models or signals prove to be flawed or for other reasons do not produce the desired results, any decisions made in reliance thereon may expose the Portfolio to additional risks and losses. The use of models has inherent risks, and the success of relying on or otherwise using a model depends, among other things, on the accuracy and completeness of the model's development, implementation and maintenance; on the model's assumptions and methodologies; and on the accuracy and reliability of the inputs and output of the model. The framework also serves to reduce the risk to the Transamerica insurance companies that provide guaranteed benefits under certain variable contracts from equity market volatility and to facilitate their provision of those guaranteed benefits. The framework also may have the effect of limiting the amount of guaranteed benefits. The Portfolio's performance may be lower than similar portfolios that are not subject to a risk management framework. The use of derivatives in connection with the framework may expose the Portfolio to different and potentially greater risks than if it had only invested in underlying portfolios.

**7. FEES AND OTHER AFFILIATED TRANSACTIONS** 

TST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Transamerica Life Insurance Company ("TLIC"), and Transamerica Financial Life Insurance Company.

TAM, the Portfolio's investment manager, is directly owned by TLIC and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon NV. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon NV, a Netherlands corporation, and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Portfolio's transfer agent. Transamerica Capital, Inc. ("TCI") is the Portfolio's distributor/principal underwriter. TAM, TFS, and TCI are affiliates of Aegon NV.

Certain officers and trustees of the Portfolio are also officers and/or trustees of TAM, TFS and TCI. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Portfolio. The Portfolio does pay non-interested persons (independent trustees), as disclosed in Trustee, CCO and deferred compensation fees within the Statement of Operations.

**Investment management fees:** TAM serves as the Portfolio's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Portfolio pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

The Portfolio pays a management fee to TAM based on daily average net assets at the following rates:

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| | |
|:---|:---|
| **Breakpoints** | **Rate** |
|  First $10 billion | 0.1225% |
|  Over $10 billion | 0.1025 |

---

TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses, reorganization expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

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| | | |
|:---|:---|:---|
| | **Operating<br>Expense Limit** | **Operating<br>Expense Limit<br>Effective Through** |
|  Initial Class | 0.25% | May 1, 2023 |
|  Service Class | 0.50 | May 1, 2023 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended December 31, 2022 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Portfolio, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

As of December 31, 2022, there are no amounts available for recapture by TAM.

**Distribution and service fees:** TST has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, TST entered into a distribution agreement with TCI as the Portfolio's distributor.

The Distribution Plan requires the Portfolio to pay distribution fees to TCI as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCI, on behalf of the Portfolio, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Portfolio's shares.

The fee on the Service Class shares is paid to the insurance companies for providing services and account maintenance for the policyholders who invest in the variable insurance products which invest in the Service Class shares. TCI has determined that it will not seek payment for the distribution expenses incurred by the Portfolio with respect to the Initial Class shares before May 1, 2023. Prior to TCI seeking distribution expenses on Initial Class shares, policy and contract owners will be notified in advance. The Portfolio will pay fees relating to Service Class shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Portfolio is authorized under the Distribution Plan to pay fees to TCI based on daily average net assets of each class up to the following annual rates:

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| | |
|:---|:---|
| **Class** | **Rate** |
|  Initial Class | 0.15% |
|  Service Class | 0.25 |

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**Transfer agent costs:** TFS provides transfer agency services under an intercompany agreement with TAM. TFS has outsourced the provision of certain sub-transfer agency services to SS&C Technology Holdings, Inc ("SS&C"). The Portfolio does not pay a separate transfer agent fee to TAM or TFS but does pay certain expenses to SS&C related to applicable sub-transfer agency services. For the

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

year ended December 31, 2022, (i) the expenses paid to SS&C by the Portfolio are referred to as Transfer agent costs and are included within the Statement of Operations and (ii) the expenses payable to SS&C by the Portfolio are referred to as Transfer agent costs within the Statement of Assets and Liabilities.

**Deferred compensation plan:** Effective September 23, 2021, the Board has approved the termination of the deferred compensation plan. Payments will be made to applicable current and former Board members consistent with Section 409A of the Code. Under a non-qualified deferred compensation plan effective January 1, 1996, as amended and restated January 1, 2010, available to the trustees, compensation may be deferred that would otherwise be payable by TST to an independent trustee on a current basis for services rendered as trustee. Deferred compensation amounts will accumulate based on the value of the investment option, as elected by the trustee. Balances pursuant to deferred compensation plan are recorded in Trustees, Chief Compliance Officer ("CCO") and deferred compensation fees within the Statement of Assets and Liabilities. For the year ended December 31, 2022, amounts included in Trustees, CCO and deferred compensation fees within the Statement of Operations reflect total compensation paid to the independent Board members.

**Brokerage commissions:** The Portfolio incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the year ended December 31, 2022.

**8. PURCHASES AND SALES OF SECURITIES** 

For the year ended December 31, 2022, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

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| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $207928644 | $25910014 | $441009139 | $23906860 |

---

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS** 

The Portfolio has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Portfolio recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Portfolio's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Portfolio's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Portfolio's financial statements. If applicable, the Portfolio recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Portfolio identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Portfolio makes significant investments; however, the Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales and futures contracts mark-to-market. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. There are no reclassification in the current year.

As of December 31, 2022, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

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| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross<br>Appreciation** | **Gross<br>(Depreciation)** | **Net Appreciation<br>(Depreciation)** |
| $1055510842 | $3511322 | $(134082515) | $(130571193) |

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)** 

As of December 31, 2022, the capital loss carryforwards available to offset future realized capital gains are as follows:

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| | |
|:---|:---|
| **Unlimited** | **Unlimited** |
| **Short-Term** | **Long-Term** |
| $4025562 | $27842603 |

---

During the year ended December 31, 2022, the Portfolio did not have any capital loss carryforwards utilized or expired.

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2022 and 2021 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** |
| **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of Capital** | **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of Capital** |
| $74552368 | $78471578 | $— | $29781446 | $20753752 | $— |

---

As of December 31, 2022, the tax basis components of distributable earnings are as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Capital Loss<br>Carryforwards** | **Late Year<br>Ordinary Loss<br>Deferred** | **Other<br>Temporary<br>Differences** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| $17807297 | $— | $(31868165) | $— | $— | $(130597654) |

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**Report of Independent Registered Public Accounting Firm** 

*To the Shareholders and the Board of Trustees of Transamerica JPMorgan Asset Allocation — Conservative VP* 

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities of Transamerica JPMorgan Asset Allocation — Conservative VP (the "Portfolio") (one of the portfolios constituting Transamerica Series Trust (the "Trust")), including the schedule of investments, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the portfolios constituting Transamerica Series Trust) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion** 

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g438566ernst_young.jpg)

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

February 27, 2023

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**SUPPLEMENTAL TAX INFORMATION** 

**(unaudited)** 

For tax purposes, the Portfolio has made a long-term capital gain designation of $78,471,578 for the year ended December 31, 2022.

The amounts which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the U.S. are as follows:

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| | |
|:---|:---|
| **Foreign Source Income** | **Foreign Taxes** |
| $1220480 | $312071 |

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**(unaudited)** 

**MARKET ENVIRONMENT** 

Both equity and fixed income markets faced headwinds in 2022. The war in Ukraine and central banks' battle against inflation were the main sources of bond and equity markets' struggles. However, the final quarter of the year brought some relief. Arguably, the most painful move in markets in 2022 was the sharp decline in government bond prices. The unusually large sell-off in government bonds, alongside falling stock prices, made for a challenging environment for multi-asset investors. This was caused by global central banks raising interest rates more than many investors had expected at the beginning of the year due to runaway inflation.

Global equities returned 9.77% over the fourth quarter, based on the MSCI World Index in U.S. Dollar terms, and finished 2022 down -18.14%. Value stocks significantly outperformed growth stocks, both during the fourth quarter and the full year. This can largely be explained by the high starting valuations for many technology stocks, some revenue growth disappointments, and the effect of rising interest rates, all of which pressured high growth stocks. One part of the world where few would argue that a lot of bad news had already been priced in was China. The MSCI China Index was down substantially from its 2021 peak and down -21.93% in 2022. That is despite a 34% rally from the lows in October, as China began to move beyond its zero COVID policy.

Global fixed income returns were negative for 2022, as a tighter monetary policy drove interest rates higher through year end. The 10-year U.S. Treasury yield finished the year at 3.88%, up 236 basis points ("bps") from where it started the year. The 30-year U.S. Treasury finished the year at 3.97%, up 207 bps from where it started the year. As a result, U.S. 10-year and 30-year Treasury returns were down -16.33% and -33.29%, respectively, in 2022, per the Bloomberg U.S. Treasury Bellwether 10-year and 30-year indices. Overall, U.S. fixed income markets were up 1.87% over the fourth quarter, according to the Bloomberg U.S. Aggregate Bond Index, but finished the full year with a loss of -13.01%, the worst decline in decades.

**PERFORMANCE** 

For the year ended December 31, 2022, Transamerica JPMorgan Asset Allocation – Growth VP, Initial Class returned -22.57%. By comparison, its benchmark, the Wilshire 5000 Total Market Index<sup>SM</sup>, returned -20.15%.

**STRATEGY REVIEW** 

The Portfolio is a fund of funds that seeks to achieve its investment objective by investing its assets primarily in a mix of underlying Transamerica funds.

The Portfolio's strategic asset allocation contributed positively to performance during the period. Underlying fund selection and tactical asset allocation detracted.

The Portfolio came into 2022 with 109% of the Portfolio in equities (offset by futures). This came down over the year as the portfolio managers reduced risk to end 2022 at approximately 91% equities and 9% cash.

The overall reduction in equities during 2022 contributed to performance, though this positioning detracted in July and November during shorter term rallies. The biggest change in equity positioning in 2022 was the reduction in U.S. large cap exposure. This tactical positioning was primarily implemented utilizing derivatives, such as futures.

Underlying fund performance was a detractor from returns over the fiscal year. The worst performing holding during the period was Transamerica Morgan Stanley Capital Growth VP, while the best performing holding was Transamerica Janus Mid-Cap Growth VP.

**Michael Feser, CFA** 

**Jeff Geller, CFA** 

**Grace Koo** 

**Co-Portfolio Managers** 

**J.P. Morgan Investment Management Inc.** 

------

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| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  U.S. Equity Funds | 58.9% |
|  International Equity Funds | 33.4 |
|  U.S. Government Obligations | 2.9 |
|  U.S. Alternative Fund | 2.6 |
|  Repurchase Agreement | 2.1 |
|  Net Other Assets (Liabilities) ^ | 0.1 |
|  **Total** | 100.0% |

---

*Current and future portfolio holdings are subject to change and risk.* 

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

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| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 1** 

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**Transamerica JPMorgan Asset Allocation – Growth VP** 

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**(unaudited)**![LOGO](g438566g67d69.jpg)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Initial Class | (22.57)% | 5.47% | 8.23% | 05/01/2002 |
|  Wilshire 5000 Total Market Index<sup>SM (A)</sup> | (20.15)% | 8.42% | 11.87% |  |
|  Service Class | (22.74)% | 5.21% | 7.95% | 05/01/2003 |

---

*<sup>(A)</sup> The Wilshire 5000 Total Market Index<sup>SM</sup> measures the performance of most U.S. domiciled public securities with readily available price data. Companies in the index are weighted by available float and market-capitalization.* 

The Portfolio's benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Year or Since Inception calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or the redemption of Portfolio shares. The Portfolio's investment return and net asset value will fluctuate. Investors' shares when redeemed may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month end. Portfolio performance is net of investment fees and Portfolio expenses, but not product charges, which, if included, would significantly lower the performance quoted.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of previously waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Asset allocation, an investing strategy of dividing money among many types of investments, can help investors manage risk but cannot guarantee a profit or guard against loss.

The ability of the Portfolio to achieve its objective depends largely on the performance of the underlying portfolios in which it invests. Each underlying portfolio's performance, in turn, depends on the particular securities in which that underlying portfolio invests. Total expenses associated with the Portfolio may be higher than with other mutual funds.

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**Page 2** 

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**Transamerica JPMorgan Asset Allocation – Growth VP** 

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**DISCLOSURE OF EXPENSES** 

**(unaudited)** 

**SHAREHOLDER EXPENSES** 

Portfolio shareholders may incur two types of costs: (i) transaction costs, including brokerage commissions on purchases and sales of portfolio shares; and (ii) ongoing costs, including management fees, and other portfolio expenses.

The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other portfolios.

The example is based on an investment of $1,000 invested at July 1, 2022, and held for the entire six-month period until December 31, 2022.

**ACTUAL EXPENSES** 

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

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES** 

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Portfolio shares. Therefore, the information under the heading "Hypothetical Expenses" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different portfolios. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries, or other financial institutions.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Actual Expenses** | **Actual Expenses** | **Hypothetical Expenses <sup>(A)</sup>** | **Hypothetical Expenses <sup>(A)</sup>** | |
| <br>**Class** |<br>**Beginning<br>Account Value<br>July 1, 2022** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** |<br>**Net Annualized<br>Expense Ratio <sup>(C) (D)</sup>** |
|  Initial Class | $1000.00 | $1006.40 | $0.76 | $1024.40 | $0.77 | 0.15% |
|  Service Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1005.50 | &nbsp;&nbsp;&nbsp;&nbsp;2.02 | &nbsp;&nbsp;&nbsp;&nbsp;1023.20 | &nbsp;&nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 |

---

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

(B) *Expenses are calculated using the Portfolio's net annualized expense ratio, as disclosed in the table, multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (365 days).*

(C) *Net annualized expense ratios, as disclosed in the table, do not include the expenses of the underlying investments in which the Portfolio invests. The net annualized expense ratios, as stated in the fee table of the Portfolio's Prospectus, may differ from the expense ratios disclosed in this report.*

(D) *Net annualized expense ratios are reflective of applicable fee waivers and/or reimbursements and recapture, if any, and are based on the most recent six-months which may differ from the net expense ratio displayed in the Financial Highlights that covers a twelve-month period.*

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**Page 3** 

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**SCHEDULE OF INVESTMENTS** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **INVESTMENT COMPANIES - 94.9%** | **INVESTMENT COMPANIES - 94.9%** | **INVESTMENT COMPANIES - 94.9%** |
| **International Equity Funds - 33.4%** | **International Equity Funds - 33.4%** | **International Equity Funds - 33.4%** |
|  Transamerica Emerging Markets Opportunities <sup>(A)</sup> | 10579799 | $78925297 |
|  Transamerica International Equity <sup>(A)</sup> | 4986277 | 89553540 |
|  Transamerica International Focus <sup>(A)</sup> | 11656668 | 88590678 |
|  Transamerica International Small Cap Value <sup>(A)</sup> | 2813882 | 34920279 |
|  |  | 291989794 |
| **U.S. Alternative Fund - 2.6%** | **U.S. Alternative Fund - 2.6%** | **U.S. Alternative Fund - 2.6%** |
|  Transamerica BlackRock Global Real Estate Securities VP <sup>(A)</sup> | 2487741 | 22688201 |
| **U.S. Equity Funds - 58.9%** | **U.S. Equity Funds - 58.9%** | **U.S. Equity Funds - 58.9%** |
|  Transamerica Janus Mid-Cap Growth VP <sup>(A)</sup> | 783153 | 24630172 |
|  Transamerica JPMorgan Enhanced Index VP <sup>(A)</sup> | 9042295 | 178766163 |
|  Transamerica JPMorgan Mid Cap Value VP <sup>(A)</sup> | 1569225 | 22942065 |
|  Transamerica Large Cap Value <sup>(A)</sup> | 8549788 | 104734908 |
|  Transamerica Mid Cap Growth <sup>(A)</sup> | 2985176 | 20508156 |
|  Transamerica Mid Cap Value Opportunities <sup>(A)</sup> | 2125041 | 22036677 |
|  Transamerica Small Cap Value <sup>(A)</sup> | 7334305 | 39091844 |
|  Transamerica T. Rowe Price Small Cap VP <sup>(A)</sup> | 976473 | 9549903 |
|  Transamerica WMC US Growth VP <sup>(A)</sup> | 3607984 | 93591109 |
|  |  | 515850997 |
|  **Total Investment Companies <br>(Cost $980,660,589)** | **Total Investment Companies <br>(Cost $980,660,589)** | 830528992 |

---

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| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **U.S. GOVERNMENT OBLIGATIONS - 2.9%** | **U.S. GOVERNMENT OBLIGATIONS - 2.9%** | **U.S. GOVERNMENT OBLIGATIONS - 2.9%** |
| **U.S. Treasury - 2.9%** | **U.S. Treasury - 2.9%** | **U.S. Treasury - 2.9%** |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 01/31/2023 <sup>(B)</sup> | $23755000 | $23683410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 01/31/2024 <sup>(B)</sup> | 1600000 | 1535438 |
|  **Total U.S. Government Obligations <br>(Cost $25,272,851)** | **Total U.S. Government Obligations <br>(Cost $25,272,851)** | 25218848 |
| **REPURCHASE AGREEMENT - 2.1%** | **REPURCHASE AGREEMENT - 2.1%** | **REPURCHASE AGREEMENT - 2.1%** |
|  Fixed Income Clearing Corp., 1.80% <sup>(C)</sup>, dated 12/30/2022, to be repurchased at $18,095,733 on 01/03/2023. Collateralized by a U.S. Government Obligation, 2.75%, due 02/15/2024, and with a value of $18,453,996. | 18092115 | 18092115 |
|  **Total Repurchase Agreement <br>(Cost $18,092,115)** | **Total Repurchase Agreement <br>(Cost $18,092,115)** | 18092115 |
|  **Total Investments <br>(Cost $1,024,025,555)** | **Total Investments <br>(Cost $1,024,025,555)** | 873839955 |
|  **Net Other Assets (Liabilities) - 0.1%** |  | 1147871 |
|  **Net Assets - 100.0%** |  | **$874987826** |

---

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** |
| **Long Futures Contracts** | | | | | | |
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  CAD Currency | 296 | 03/14/2023 | $21858682 | $21880320 | $21638 | $— |
|  FTSE 100 Index | 102 | 03/17/2023 | 9274173 | 9206542 |  | (67631) |
|  S&P 500<sup>®</sup> E-Mini Index | 235 | 03/17/2023 | &nbsp;&nbsp;&nbsp;&nbsp;47299590 | &nbsp;&nbsp;&nbsp;&nbsp;45366750 |  | (1932840) |
|  S&P/TSX 60 Index | 126 | 03/16/2023 | 22585291 | 21773619 |  | (811672) |
|  TOPIX Index | 130 | 03/09/2023 | 19276878 | 18736284 |  | (540594) |
|  **Total** |  |  |  |  | $**21638** | $**(3352737)** |
| **Short Futures Contracts** |  |  |  |  |  |  |
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  E-Mini Russell 2000<sup>®</sup> Index | (324) | 03/17/2023 | $(29779190) | $(28688580) | $1090610 | $— |
|  EURO STOXX 50<sup>®</sup> Index | (373) | 03/17/2023 | &nbsp;&nbsp;&nbsp;&nbsp;(15888679) | &nbsp;&nbsp;&nbsp;&nbsp;(15112659) | 776020 |  |
|  MSCI EAFE Index | (834) | 03/17/2023 | (84928958) | (81289980) | 3638978 |  |
|  MSCI Emerging Markets Index | (120) | 03/17/2023 | (5960107) | (5756400) | 203707 |  |
|  **Total** |  |  |  |  | $**5709315** | $**—** |
|  **Total Futures Contracts** |  |  |  |  | $**5730953** | $**(3352737)** |

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

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**Page 4** 

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**Transamerica JPMorgan Asset Allocation – Growth VP** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(D)</sup>** 

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Investment Companies | $830528992 | $— | $— | $830528992 |
|  U.S. Government Obligations |  | 25218848 |  | 25218848 |
|  Repurchase Agreement |  | 18092115 |  | 18092115 |
|  **Total** | $**830528992** | $**43310963** | $**—** | $**873839955** |
|  **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** |
|  Futures Contracts <sup>(E)</sup> | $5730953 | $— | $— | $5730953 |
|  **Total Other Financial Instruments** | $**5730953** | $**—** | $**—** | $**5730953** |
|  **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** |
|  **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** |
|  Futures Contracts <sup>(E)</sup> | $(3352737) | $— | $— | $(3352737) |
|  **Total Other Financial Instruments** | $**(3352737)** | $**—** | $**—** | $**(3352737)** |

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**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *Affiliated investment in the Class I2 shares of Transamerica Funds, and a liquidating trust of a former Transamerica Fund and/or affiliated investment in the Initial Class shares of Transamerica Series Trust. The Portfolio's transactions and earnings are as follows:* 

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Investments** | **Value<br>December 31,<br>2021** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Value<br>December 31,<br>2022** | **Shares as of<br>December 31,<br>2022** | **Dividend<br>Income** | **Net Capital<br>Gain<br>Distributions** |
|  Transamerica BlackRock Global Real Estate Securities VP | $68504660 | $1602133 | $(26426811) | $(5589470) | $(15402311) | $22688201 | 2487741 | $1602133 | $— |
|  Transamerica Emerging Markets Opportunities | 104620614 | 2182939 |  |  | (27878256) | 78925297 | 10579799 | 2182940 |  |
|  Transamerica International Equity | 104181207 | 1005326 |  |  | (15632993) | 89553540 | 4986277 | 1005327 |  |
|  Transamerica International Focus | 111030261 | 1610511 |  |  | (24050094) | 88590678 | 11656668 | 1610511 |  |
|  Transamerica International Small Cap Value | 42257099 | 1226461 |  |  | (8563281) | 34920279 | 2813882 | 271129 | 955331 |
|  Transamerica Janus Mid-Cap Growth VP | 43878471 | 3901737 | (13274700) | 2333992 | (12209328) | 24630172 | 783153 | 27361 | 3874375 |
|  Transamerica JPMorgan Enhanced Index VP | 127355916 | 104810871 |  |  | (53400624) | 178766163 | 9042295 | 3817876 | 20186080 |
|  Transamerica JPMorgan Mid Cap Value VP | 24999862 | 4541514 |  |  | (6599311) | 22942065 | 1569225 | 559647 | 3981868 |
|  Transamerica Large Cap Value | 214105845 | 7473442 | (91498286) | 10121694 | (35467787) | 104734908 | 8549788 | 1830893 | 5642548 |
|  Transamerica Mid Cap Growth | 30150273 |  |  |  | (9642117) | 20508156 | 2985176 |  |  |
|  Transamerica Mid Cap Value Opportunities | 26486396 | 1452874 | (2981168) | 396678 | (3318103) | 22036677 | 2125041 | 253191 | 1199683 |
|  Transamerica Morgan Stanley Capital Growth VP | 87567123 | 6126182 | (48168444) | (39404679) | (6120182) |  |  | 781347 | 5344835 |
|  Transamerica Small Cap Value | 51024675 | 6996120 | (5972149) | (1500676) | (11456126) | 39091844 | 7334305 | 907977 | 6088143 |
|  Transamerica T. Rowe Price Small Cap VP | 25639893 | 3387533 | (12199399) | 765398 | (8043522) | 9549903 | 976473 | 275607 | 3111927 |
|  Transamerica WMC US Growth VP | 115689255 | 37454820 | (3000332) | 1190191 | (57742825) | 93591109 | 3607984 | 1914412 | 16228119 |
| **Total** | $**1177491550** | $**183772463** | $**(203521289)** | $**(31686872)** | $**(295526860)** | $**830528992** | **69497807** | $**17040351** | $**66612909** |

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

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**Page 5** 

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**Transamerica JPMorgan Asset Allocation – Growth VP** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

**FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):** 

(B) *All or a portion of these securities have been segregated as collateral to cover margin requirements for open futures contracts. The total value of such securities is $11,187,709.* 

(C) *Rate disclosed reflects the yield at December 31, 2022.* 

(D) *There were no transfers in or out of Level 3 during the year ended December 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

(E) *Derivative instruments are valued at unrealized appreciation (depreciation).* 

**CURRENCY ABBREVIATION:** 

*CAD* *Canadian Dollar*

**PORTFOLIO ABBREVIATIONS:** 

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| | |
|:---|:---|
| *EAFE* | *Europe, Australasia and Far East* |
| *FTSE* | *Financial Times Stock Exchange* |
| *STOXX* | *Deutsche Börse Group & SIX Group Index* |
| *TOPIX* | *Tokyo Price Index* |
| *TSX* | *Toronto Stock Exchange* |

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

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**Page 6** 

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**Transamerica JPMorgan Asset Allocation – Growth VP** 

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**STATEMENT OF ASSETS AND LIABILITIES** 

**At December 31, 2022** 

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| | |
|:---|:---|
|  **Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments, at value (cost $980,660,589) | $830528992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments, at value (cost $25,272,851) | 25218848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreement, at value (cost $18,092,115) | 18092115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | 389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables and other assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest sold | 1589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 20094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin receivable on futures contracts | 1522089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 3155 |
|  Total assets | 875387271 |
|  **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables and other liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest redeemed | 156974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 92560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 54063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 1029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 7198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 15898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 13777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 5292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 43446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 9208 |
|  Total liabilities | 399445 |
|  **Net assets** | $874987826 |
|  **Net assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital stock ($0.01 par value) | $990075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 998782760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) | (124785009) |
|  **Net assets** | $&nbsp;&nbsp;&nbsp;&nbsp;874987826 |
|  **Net assets by class:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | $624659923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 250327903 |
|  **Shares outstanding:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 70353100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 28654374 |
|  **Net asset value and offering price per share:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | $8.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 8.74 |

---

**STATEMENT OF OPERATIONS** 

**For the year ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income from affiliated investments | $17040351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income from unaffiliated investments | 332096 |
|  Total investment income | 17372447 |
|  **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 1192687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 704305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 10108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 40608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 41556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 59139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 54019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 62823 |
|  Total expenses | 2165245 |
|  **Net investment income (loss)** | 15207202 |
|  **Net realized gain (loss) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | (31686872) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments | 118395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions received from affiliated investment companies | 66612909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (24746367) |
|  Net realized gain (loss) | 10298065 |
|  **Net change in unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | (295526860) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments | (52475) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (1006684) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Translation of assets and liabilities denominated in foreign currencies | 141820 |
|  Net change in unrealized appreciation (depreciation) | (296444199) |
|  Net realized and change in unrealized gain (loss) | (286146134) |
|  **Net increase (decrease) in net assets resulting from operations** | $&nbsp;&nbsp;&nbsp;&nbsp;(270938932) |

---

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

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**Page 7** 

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**Transamerica JPMorgan Asset Allocation – Growth VP** 

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**STATEMENT OF CHANGES IN NET ASSETS** 

**For the years ended:** 

---

| | | |
|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2021** |
|  **From operations:** | **From operations:** | **From operations:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $15207202 | $57457199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 10298065 | 199454691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (296444199) | (38074803) |
|  Net increase (decrease) in net assets resulting from operations | (270938932) | 218837087 |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (179502473) | (69216574) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (73212646) | (26864714) |
|  Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (252715119) | (96081288) |
|  **Capital share transactions:** | **Capital share transactions:** | **Capital share transactions:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 10243184 | 18853327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 12077134 | 13762540 |
|  | 22320318 | 32615867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 179502473 | 69216574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 73212646 | 26864714 |
|  | 252715119 | 96081288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (56530677) | (143833350) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (36125049) | (52639786) |
|  | (92655726) | (196473136) |
|  Net increase (decrease) in net assets resulting from capital share transactions | 182379711 | (67775981) |
|  **Net increase (decrease) in net assets** | (341274340) | 54979818 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;1216262166 | &nbsp;&nbsp;&nbsp;&nbsp;1161282348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $874987826 | $1216262166 |
|  **Capital share transactions - shares:** | **Capital share transactions - shares:** | **Capital share transactions - shares:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 849887 | 1200437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 1088817 | 901893 |
|  | 1938704 | 2102330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 19405673 | 4518053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 8036514 | 1775592 |
|  | 27442187 | 6293645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (4851592) | (9292975) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (3297845) | (3423850) |
|  | (8149437) | (12716825) |
|  Net increase (decrease) in shares outstanding: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 15403968 | (3574485) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 5827486 | (746365) |
|  | 21231454 | (4320850) |

---

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

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**Page 8** 

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##### [**Table of Contents**](#toc)
**Transamerica JPMorgan Asset Allocation – Growth VP** 

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**FINANCIAL HIGHLIGHTS** 

**For a share outstanding during the years indicated:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $15.70 | $14.19 | $12.54 | $11.19 | $13.63 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(A)</sup> | 0.19 | 0.73 | 0.26 | 0.21 | 0.22 |
|  Net realized and unrealized gain (loss) | (3.59) | 2.03 | 2.61 | 2.54 | (1.49) |
|  Total investment operations | (3.40) | 2.76 | 2.87 | 2.75 | (1.27) |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income | (0.79) | (0.27) | (0.21) | (0.22) | (0.26) |
|  Net realized gains | (2.63) | (0.98) | (1.01) | (1.18) | (0.91) |
|  Total dividends and/or distributions to shareholders | (3.42) | (1.25) | (1.22) | (1.40) | (1.17) |
|  **Net asset value, end of year** | $8.88 | $15.70 | $14.19 | $12.54 | $11.19 |
|  **Total return** | (22.57)% | 19.64% | 24.74% | 26.05% | (10.39)% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;624660 | $&nbsp;&nbsp;&nbsp;&nbsp;862525 | $&nbsp;&nbsp;&nbsp;&nbsp;830510 | $&nbsp;&nbsp;&nbsp;&nbsp;721535 | $&nbsp;&nbsp;&nbsp;&nbsp;614229 |
|  Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.15% | 0.15% | 0.16% | 0.15% | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.15% | 0.15% | 0.16% | 0.15% | 0.15 %<sup>(C)</sup> |
|  Net investment income (loss) to average net assets | 1.64% | 4.68% | 2.17% | 1.74% | 1.63% |
|  Portfolio turnover rate | 13% | 22% | 49% | 12% | 24% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Does not include expenses of the underlying investments in which the Portfolio invests.* 

(C) *Waiver and/or reimbursement rounds to less than 0.01%.* 

**For a share outstanding during the years indicated:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $15.50 | $14.03 | $12.42 | $11.09 | $13.52 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(A)</sup> | 0.16 | 0.69 | 0.23 | 0.18 | 0.18 |
|  Net realized and unrealized gain (loss) | (3.55) | 2.00 | 2.58 | 2.52 | (1.47) |
|  Total investment operations | (3.39) | 2.69 | 2.81 | 2.70 | (1.29) |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income | (0.74) | (0.24) | (0.19) | (0.19) | (0.23) |
|  Net realized gains | (2.63) | (0.98) | (1.01) | (1.18) | (0.91) |
|  Total dividends and/or distributions to shareholders | (3.37) | (1.22) | (1.20) | (1.37) | (1.14) |
|  **Net asset value, end of year** | $8.74 | $15.50 | $14.03 | $12.42 | $11.09 |
|  **Total return** | (22.74)% | 19.35% | 24.36% | 25.86% | (10.70)% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;250328 | $&nbsp;&nbsp;&nbsp;&nbsp;353737 | $&nbsp;&nbsp;&nbsp;&nbsp;330772 | $&nbsp;&nbsp;&nbsp;&nbsp;284695 | $&nbsp;&nbsp;&nbsp;&nbsp;232319 |
|  Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.40% | 0.40% | 0.41% | 0.40% | 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.40% | 0.40% | 0.41% | 0.40% | 0.40% |
|  Net investment income (loss) to average net assets | 1.38% | 4.49% | 1.93% | 1.50% | 1.37% |
|  Portfolio turnover rate | 13% | 22% | 49% | 12% | 24% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Does not include expenses of the underlying investments in which the Portfolio invests.* 

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

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| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 9** 

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**Transamerica JPMorgan Asset Allocation – Growth VP** 

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**NOTES TO FINANCIAL STATEMENTS** 

**At December 31, 2022** 

**1. ORGANIZATION** 

Transamerica Series Trust ("TST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). TST applies investment company accounting and reporting guidance. TST serves as a funding vehicle for variable life insurance, variable annuity, and group annuity products. Transamerica JPMorgan Asset Allocation – Growth VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers two classes of shares, Initial Class and Service Class.

The only shareholders of the Portfolio are affiliated insurance company separate accounts and affiliated asset allocation portfolios. Contract holders of the variable life and annuity contracts are not shareholders of the Portfolio. For ease of reference, shareholders and contract holders are collectively referred to in this report as "shareholders."

This report must be accompanied or preceded by the Portfolio's current prospectus, which contains additional information about the Portfolio, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Portfolio pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Portfolio. TAM supervises the Portfolio's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Portfolio.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of a Portfolio without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Portfolio and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Portfolio employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending portfolio combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Portfolio's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Portfolio; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for a Portfolio; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Portfolio's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; oversight of other service providers to the Portfolio, such as the custodian, the transfer agent, the Portfolio's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Portfolio; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Portfolio, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Portfolio. The Portfolio pays certain fees and expenses to State Street for sub-administration services which are not administrative

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**Page 10** 

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##### [**Table of Contents**](#toc)
**Transamerica JPMorgan Asset Allocation – Growth VP** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**1. ORGANIZATION (continued)** 

services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the year ended December 31, 2022, (i) the expenses paid to State Street for sub-administration services by the Portfolio are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Portfolio are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES** 

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

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

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

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

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Interest income, if any, is accrued as earned. Dividend income and capital gain distributions from underlying investments, if any, are recorded on the ex-dividend date. Income or short-term capital gain distributions received from underlying investments, if any, are recorded as Dividend income from investments within the Statement of Operations. Long-term capital gain distributions received from underlying investments, if any, are recorded as Net realized gain (loss) on Capital gain distributions received from investments within the Statement of Operations.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

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

**3. INVESTMENT VALUATION** 

Effective September 8, 2022, TAM has been designated as the Portfolio's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Portfolio's Board of Trustees. The net asset value of the Portfolio is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

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

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

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**Page 11** 

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**Transamerica JPMorgan Asset Allocation – Growth VP** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**3. INVESTMENT VALUATION (continued)** 

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

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Portfolio's investments and derivative instruments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Portfolio's investments at December 31, 2022, is disclosed within the Investment Valuation section of the Schedule of Investments.

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

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

*Investment companies:* Certain investment companies are valued at the NAV as the practical expedient. These investment companies are not included within the fair value hierarchy. Certain other investment companies are valued at the actively traded NAV and no valuation adjustments are applied. These investment companies are categorized in Level 1 of the fair value hierarchy.

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

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

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

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

The Portfolio may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Portfolio invests borrowing proceeds in other securities, the Portfolio will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Portfolio may borrow on a secured or on an unsecured basis. If the Portfolio enters into a secured borrowing arrangement, a portion of the Portfolio's assets will be used as collateral. The 1940 Act requires the Portfolio to maintain asset coverage of at least 300% of the amount of its

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)** 

borrowings. Asset coverage means the ratio that the value of the Portfolio's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Portfolio may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the year ended December 31, 2022, the Portfolio has not utilized the program.

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

Repurchase agreements are subject to netting agreements, which are agreements between the Portfolio and its counterparties that provide for the net settlement of all transactions and collateral with the Portfolio, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at December 31, 2022.

Repurchase agreements at December 31, 2022, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**5. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS** 

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

**Market Risk Factors:** In pursuit of the Portfolio's investment strategies, the Portfolio may seek to use derivatives to increase or decrease its exposure to certain market risks, including:

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

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

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

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

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

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

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

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

The Portfolio's exposure to market risk factors and certain other associated risks are summarized by derivative type as follows:

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

Open futures contracts at December 31, 2022, if any, are listed within the Schedule of Investments. Variation margin, if applicable, is shown in Variation margin receivable or payable on futures contracts within the Statement of Assets and Liabilities.

The following is a summary of the location and the Portfolio's fair values of derivative investments disclosed, if any, within the Statement of Assets and Liabilities, categorized by primary market risk exposure as of December 31, 2022.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| **Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  Futures contracts: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) <sup>(A) (B)</sup> | $— | $21638 | $&nbsp;&nbsp;&nbsp;&nbsp;5709315 | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;5730953 |
|  **Total** | $**—** | $**21638** | $**5709315** | $**—** | $**—** | $**5730953** |
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  Futures contracts: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) <sup>(A) (B)</sup> | $— | $— | $(3352737) | $— | $— | $(3352737) |
|  **Total** | $**—** | $**—** | $**(3352737)** | $**—** | $**—** | $**(3352737)** |

---

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

(B) *Included within unrealized appreciation (depreciation) on futures contracts as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.* 

The following is a summary of the location and the effect of derivative investments, if any, within the Statement of Operations, categorized by primary market risk exposure as of December 31, 2022.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** |
| **Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  Futures contracts | $— | $&nbsp;&nbsp;&nbsp;&nbsp;(1090132) | $(23656235) | $— | $— | $(24746367) |
|  **Total** | $**—** | $**(1090132)** | $**(23656235)** | $**—** | $**—** | $**(24746367)** |

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** |
| **Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  Futures contracts | $— | $156683 | $&nbsp;&nbsp;&nbsp;&nbsp;(1163367) | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;(1006684) |
|  **Total** | $**—** | $**156683** | $**(1163367)** | $**—** | $**—** | $**(1006684)** |

---

The following is a summary of the ending monthly average volume on derivative activity during the year ended December 31, 2022.

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| | |
|:---|:---|
|  **Futures contracts:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts – long | $230988545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts – short | &nbsp;&nbsp;&nbsp;&nbsp;(204918489) |

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*Collateral requirements:* Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (futures contracts, exchange-traded options, and exchange-traded swap agreements) while collateral terms are contract specific for OTC derivatives (forward foreign currency exchange contracts, OTC options, and OTC swap agreements). For OTC derivatives, under standard derivatives agreements, the Portfolio may be required to pledge collateral on derivatives to a counterparty if the Portfolio is in a net liability position, and receive collateral if in a net positive position. For financial reporting purposes, cash collateral that has been pledged by the Portfolio to cover obligations, if any, is reported in Cash collateral at broker within the Statement of Assets and Liabilities. Cash collateral that has been received by the Portfolio from a counterparty, if any, is reported separately in Cash collateral pledged at custodian and/or broker within the Statement of Assets and Liabilities. Non-cash collateral pledged to the Portfolio, if any, is disclosed within the Schedule of Investments.

Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold before a transfer has been made. Typically a counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The Portfolio generally does not use non-cash collateral that it receives but may, absent default or certain other circumstances, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty.

To the extent amounts due to the Portfolio from its counterparties are not fully collateralized, contractually or otherwise, the Portfolio bears the risk of loss from counterparty non-performance. Additionally, to the extent the Portfolio has delivered collateral to a counterparty, the Portfolio bears the risk of loss from a counterparty in the event the counterparty fails to return such collateral. Counterparties may immediately terminate derivatives contracts if the Portfolio fails to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages. Collateral may not be required for all derivative contracts.

**6. RISK FACTORS** 

Investing in the Portfolio involves certain key risks related to the Portfolio's trading activity. Please reference the Portfolio's prospectus for a more complete discussion of the following risk(s), as well as other risks of investing in the Portfolio.

**Market risk:** The market prices of the Portfolio's securities and other assets may go up or down, sometimes sharply and unpredictably, due to general market conditions, overall economic trends or events, inflation, changes in interest rates, government actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by wars, tariffs, trade disputes or other factors, political developments, investor sentiment, the global and domestic effects of a pandemic or other health emergency, and other factors that may or may not be related to the issuer of the security or other asset. The market prices of securities and other assets also may go down due to events or conditions that affect particular sectors, industries, issuers, or geographies. Adverse market conditions may be prolonged and may not have the same impact on all types of securities or other assets. If the value of the Portfolio's securities and assets fall, the value of your investment will go down. The Portfolio may experience a substantial or complete loss on any individual security or asset.

Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, the imposition of economic sanctions, public health events (such as the spread of infectious disease), wars, terrorism, cybersecurity events, technology and data interruptions, natural disasters, and other circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. In the past decade, financial markets throughout the world have experienced increased volatility and decreased liquidity. These conditions may continue or worsen. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. RISK FACTORS (continued)** 

affected, the value and liquidity of the Portfolio's investments may go down. Securities markets may also be susceptible to market manipulation or other fraudulent trade practices, which could disrupt the orderly functioning of these markets or adversely affect the value of securities traded in these markets, including the Portfolio's securities.

The pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in economic downturns throughout the world, severe losses, particularly to some sectors of the economy and individual issuers, and reduced liquidity of many instruments. There also have been significant disruptions to business operations, including business closures; strained healthcare systems; disruptions to supply chains and employee availability; large fluctuations in consumer demand; and widespread uncertainty regarding the duration and long-term effects of the pandemic. Economic downturns may be prolonged, and political and social instability, continued volatility and decreased liquidity in the securities markets may result. Developing or emerging market countries may be more impacted by the pandemic.

The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic. These and other government intervention into the economy and financial markets may not work as intended. In addition, government actions to mitigate the economic impact of the pandemic have resulted in large expansion of government deficits and debt, the long-term consequences of which are not known. Rates of inflation have recently risen, which could adversely affect economies and markets. The pandemic could continue to adversely affect the value and liquidity of the Portfolio's investments.

*Europe:* A number of countries in Europe have experienced severe economic and financial difficulties; and financial markets in Europe and elsewhere have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen or spread within or outside Europe. Responses to the financial problems by European governments, central banks and others may not work, may result in conflicts and social unrest and may limit future growth and economic recovery or have other unintended consequences. In January, 2020, through "Brexit," the United Kingdom withdrew from the European Union. The ramifications of Brexit are unknown, and the implications of possible political, regulatory, economic, and market outcomes could be significant. The United Kingdom has one of the largest economies in Europe and is a major trading partner with European Union countries and the United States. Brexit may create additional and substantial economic stresses for the United Kingdom, including a contraction of the United Kingdom's economy, decreased trade, capital outflows, devaluation of the British pound, and a decrease in business and consumer spending and investment. The negative impact on not only the United Kingdom and European Union economies but also the broader global economy could be significant. A number of countries in Europe have suffered terror attacks, and additional attacks may occur in the future. Europe has also been struggling with mass migration from the Middle East, Eastern Europe and Africa. The ultimate effects of these events and other socio-political or geopolitical issues could profoundly affect global economies and markets. Whether or not the Portfolio invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

*Additional Market Disruption:* Russia's invasion of Ukraine in February, 2022, the resulting responses by the United States and other countries, and the potential for wider conflict, have increased and may continue to increase volatility and uncertainty in financial markets worldwide. The United States and other countries have imposed broad-ranging economic sanctions on Russia and Russian entities and individuals, and may impose additional sanctions, including on other countries that provide military or economic support to Russia. These sanctions, among other things, restrict companies from doing business with Russia and Russian issuers, and may adversely affect companies with economic or financial exposure to Russia and Russian issuers. The extent and duration of Russia's military actions and the repercussions of such actions are not known. The invasion may widen beyond Ukraine and may escalate, including through retaliatory actions and cyberattacks by Russia and even other countries. These events may result in further and significant market disruptions and may adversely affect regional and global economies including those of Europe and the United States. Certain industries and markets, such as those involving oil, natural gas and other commodities, as well as global supply chains, may be particularly adversely affected. Whether or not the Portfolio invests in securities of issuers located in Russia, Ukraine and adjacent countries or with significant exposure to issuers in these countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

**Asset allocation risk:** The Portfolio's investment performance is significantly impacted by the Portfolio's asset allocation and reallocation from time to time. The sub-adviser's decisions whether and when to tactically overweight or underweight asset classes, create and apply formulas for de-risking or ending de-risking and select a mix of underlying portfolios may not produce the desired results. These actions may be unsuccessful in maximizing return and/or avoiding investment losses. The value of your investment may decrease if the sub-adviser's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying portfolio or other issuer is incorrect. The sub-adviser may favor an asset class that performs poorly relative to other asset classes. The available underlying portfolios selected by the sub-adviser may underperform the market or similar portfolios.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. RISK FACTORS (continued)** 

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The value of equity securities fluctuates based on real or perceived changes in a company's financial condition, factors affecting a particular industry or industries, and overall market, economic and political conditions. If the market prices of the equity securities owned by the Portfolio fall, the value of your investment in the Portfolio will decline. The Portfolio may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Risk management framework risk:** The Portfolio is subject to a multi-factor risk management framework that is intended to reduce equity exposure under certain market conditions. This framework may impose a maximum equity exposure limit for the Portfolio in response to individual asset class momentum signals and a portfolio level volatility signal. The framework is intended to improve the Portfolio's absolute and risk-adjusted returns but may notwork as intended. The framework may result in the Portfolio not achieving its stated asset mix goal or may cause the Portfolio to underperform, possibly significantly. Because market conditions change, sometimes rapidly and unpredictably, the success of the framework also will be subject to the sub-adviser's ability to implement the framework in a timely and efficient manner. The framework may result in periods of underperformance, may fail to protect against market declines, may limit the Portfolio's ability to participate in up markets, may cause the Portfolio to underperform its benchmark in rising markets, may increase transaction costs at the portfolio and/or underlying portfolio level and may result in substantial losses if it does not work as intended. For example, if the Portfolio has reduced its equity exposure to avoid losses in certain market conditions, and the market rises sharply and quickly, there may be a delay in increasing the Portfolio's equity exposure, causing the Portfolio to forgo gains from the market rebound. The framework incorporates quantitative models and signals. If those models or signals prove to be flawed or for other reasons do not produce the desired results, any decisions made in reliance thereon may expose the Portfolio to additional risks and losses. The use of models has inherent risks, and the success of relying on or otherwise using a model depends, among other things, on the accuracy and completeness of the model's development, implementation and maintenance; on the model's assumptions and methodologies; and on the accuracy and reliability of the inputs and output of the model. The framework also serves to reduce the risk to the Transamerica insurance companies that provide guaranteed benefits under certain variable contracts from equity market volatility and to facilitate their provision of those guaranteed benefits. The framework also may have the effect of limiting the amount of guaranteed benefits. The Portfolio's performance may be lower than similar portfolios that are not subject to a risk management framework. The use of derivatives in connection with the framework may expose the Portfolio to different and potentially greater risks than if it had only invested in underlying portfolios.

**7. FEES AND OTHER AFFILIATED TRANSACTIONS** 

TST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Transamerica Life Insurance Company ("TLIC"), and Transamerica Financial Life Insurance Company.

TAM, the Portfolio's investment manager, is directly owned by TLIC and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon NV. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon NV, a Netherlands corporation, and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Portfolio's transfer agent. Transamerica Capital, Inc. ("TCI") is the Portfolio's distributor/principal underwriter. TAM, AUIM, TFS, and TCI are affiliates of Aegon NV.

Certain officers and trustees of the Portfolio are also officers and/or trustees of TAM, TFS and TCI. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Portfolio. The Portfolio does pay non-interested persons (independent trustees), as disclosed in Trustee, CCO and deferred compensation fees within the Statement of Operations.

**Investment management fees:** TAM serves as the Portfolio's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Portfolio pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Portfolio pays a management fee to TAM based on daily average net assets at the following rates:

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| **Breakpoints** | **Rate** |
|  First $10 billion | 0.1225% |
|  Over $10 billion | 0.1025 |

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses, reorganization expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

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| | | |
|:---|:---|:---|
| | **Operating<br>Expense Limit** | **Operating<br>Expense Limit<br>Effective Through** |
|  Initial Class | 0.25% | May 1, 2023 |
|  Service Class | 0.50 | May 1, 2023 |

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TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended December 31, 2022 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Portfolio, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

As of December 31, 2022, there are no amounts available for recapture by TAM.

**Distribution and service fees:** TST has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, TST entered into a distribution agreement with TCI as the Portfolio's distributor.

The Distribution Plan requires the Portfolio to pay distribution fees to TCI as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCI, on behalf of the Portfolio, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Portfolio's shares.

The fee on the Service Class shares is paid to the insurance companies for providing services and account maintenance for the policyholders who invest in the variable insurance products which invest in the Service Class shares. TCI has determined that it will not seek payment for the distribution expenses incurred by the Portfolio with respect to the Initial Class shares before May 1, 2023. Prior to TCI seeking distribution expenses on Initial Class shares, policy and contract owners will be notified in advance. The Portfolio will pay fees relating to Service Class shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Portfolio is authorized under the Distribution Plan to pay fees to TCI based on daily average net assets of each class up to the following annual rates:

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| | |
|:---|:---|
| **Class** | **Rate** |
|  Initial Class | 0.15% |
|  Service Class | 0.25 |

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**Transfer agent costs:** TFS provides transfer agency services under an intercompany agreement with TAM. TFS has outsourced the provision of certain sub-transfer agency services to SS&C Technology Holdings, Inc ("SS&C"). The Portfolio does not pay a separate transfer agent fee to TAM or TFS but does pay certain expenses to SS&C related to applicable sub-transfer agency services. For the year ended December 31, 2022, (i) the expenses paid to SS&C by the Portfolio are referred to as Transfer agent costs and are included within the Statement of Operations and (ii) the expenses payable to SS&C by the Portfolio are referred to as Transfer agent costs within the Statement of Assets and Liabilities.

**Deferred compensation plan:** Effective September 23, 2021, the Board has approved the termination of the deferred compensation plan. Payments will be made to applicable current and former Board members consistent with Section 409A of the Code. Under a non-qualified deferred compensation plan effective January 1, 1996, as amended and restated January 1, 2010, available to the

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**Transamerica JPMorgan Asset Allocation – Growth VP** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

trustees, compensation may be deferred that would otherwise be payable by TST to an independent trustee on a current basis for services rendered as trustee. Deferred compensation amounts will accumulate based on the value of the investment option, as elected by the trustee. Balances pursuant to deferred compensation plan are recorded in Trustees, Chief Compliance Officer ("CCO") and deferred compensation fees within the Statement of Assets and Liabilities. For the year ended December 31, 2022, amounts included in Trustees, CCO and deferred compensation fees within the Statement of Operations reflect total compensation paid to the independent Board members.

**Brokerage commissions:** The Portfolio incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the year ended December 31, 2022.

**8. PURCHASES AND SALES OF SECURITIES** 

For the year ended December 31, 2022, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

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| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $100119203 | $28757273 | $203521288 | $31539137 |

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**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS** 

The Portfolio has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Portfolio recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Portfolio's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Portfolio's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Portfolio's financial statements. If applicable, the Portfolio recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Portfolio identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Portfolio makes significant investments; however, the Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales and futures contracts mark-to-market. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. There are no reclassifications in the current year.

As of December 31, 2022, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

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| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross<br>Appreciation** | **Gross<br>(Depreciation)** | **Net Appreciation<br>(Depreciation)** |
| $1025513685 | $8670830 | $(161696825) | $(153025995) |

---

As of December 31, 2022, the Portfolio had no capital loss carryforwards available to offset future realized capital gains. During the year ended December 31, 2022, the Portfolio did not have any capital loss carryforwards utilized or expired.

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**Page 19** 

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**Transamerica JPMorgan Asset Allocation – Growth VP** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)** 

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2022 and 2021 are as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** |
| **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of Capital** | **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of Capital** |
| $97273737 | $155441382 | $— | $46187552 | $49893736 | $— |

---

As of December 31, 2022, the tax basis components of distributable earnings are as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary Income** | **Undistributed<br>Long-Term Capital<br>Gain** | **Capital Loss<br>Carryforwards** | **Late Year<br>Ordinary Loss<br>Deferred** | **Other Temporary<br>Differences** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| $15172851 | $12957025 | $— | $— | $— | $(152914885) |

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**Page 20** 

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**Report of Independent Registered Public Accounting Firm** 

*To the Shareholders and the Board of Trustees of Transamerica JPMorgan Asset Allocation — Growth VP* 

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities of Transamerica JPMorgan Asset Allocation — Growth VP (the "Portfolio") (one of the portfolios constituting Transamerica Series Trust (the "Trust")), including the schedule of investments, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the portfolios constituting Transamerica Series Trust) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion** 

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures.. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g438566ernst_young.jpg)

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

February 27, 2023

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**SUPPLEMENTAL TAX INFORMATION** 

**(unaudited)** 

For tax purposes, the Portfolio has made a long-term capital gain designation of $155,441,382 for the year ended December 31, 2022.

The amounts which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the U.S. are as follows:

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| | |
|:---|:---|
| **Foreign Source Income** | **Foreign Taxes** |
| $2597534 | $628935 |

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**Transamerica JPMorgan Asset Allocation – Moderate Growth VP** 

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**(unaudited)** 

**MARKET ENVIRONMENT** 

Both equity and fixed income markets faced headwinds in 2022. The war in Ukraine and central banks' battle against inflation were the main sources of bond and equity markets' struggles. However, the final quarter of the year brought some relief. Arguably, the most painful move in markets in 2022 was the sharp decline in government bond prices. The unusually large sell-off in government bonds, alongside falling stock prices, made for a challenging environment for multi-asset investors. This was caused by global central banks raising interest rates more than many investors had expected at the beginning of the year due to runaway inflation.

Global equities returned 9.77% over the fourth quarter, based on the MSCI World Index in U.S. Dollar terms, and finished 2022 down -18.14%. Value stocks significantly outperformed growth stocks, both during the fourth quarter and the full year. This can largely be explained by the high starting valuations for many technology stocks, some revenue growth disappointments, and the effect of rising interest rates, all of which pressured high growth stocks. One part of the world where few would argue that a lot of bad news had already been priced in was China. The MSCI China Index was down substantially from its 2021 peak and down -21.93% in 2022. That is despite a 34% rally from the lows in October, as China began to move beyond its zero COVID policy.

Global fixed income returns were negative for 2022, as a tighter monetary policy drove interest rates higher through year end. The 10-year U.S. Treasury yield finished the year at 3.88%, up 236 basis points ("bps") from where it started the year. The 30-year U.S. Treasury finished the year at 3.97%, up 207 bps from where it started the year. As a result, U.S. 10-year and 30-year Treasury returns were down -16.33% and -33.29%, respectively, in 2022, per the Bloomberg U.S. Treasury Bellwether 10-year and 30-year indices. Overall, U.S. fixed income markets were up 1.87% over the fourth quarter, according to the Bloomberg U.S. Aggregate Bond Index, but finished the full year with a loss of -13.01%, the worst decline in decades.

**PERFORMANCE** 

For the year ended December 31, 2022, Transamerica JPMorgan Asset Allocation – Moderate Growth VP, Initial Class returned -17.35%. By comparison, its primary and secondary benchmarks, the Wilshire 5000 Total Market Index<sup>SM</sup> and the Bloomberg US Aggregate Bond Index, returned -20.15% and -13.01%, respectively.

**STRATEGY REVIEW** 

The Portfolio is a fund of funds that seeks to achieve its investment objective by investing its assets primarily in a mix of underlying Transamerica funds.

The Portfolio's strategic asset allocation and tactical asset allocation contributed positively to performance during the fiscal year. Underlying fund selection and the Risk Management Framework ("RMF") detracted.

The Portfolio began 2022 with the RMF suggesting de-risking based on volatility and momentum signals. The Portfolio came into 2022 with approximately 79% of the Portfolio in equities, and by year end, this was down to approximately 50%, spread across regions. The overall reduction in equities contributed to performance, though this positioning detracted in July and November during shorter term rallies. The biggest change in equity positioning over the year was the reduction in U.S. large cap exposure.

The Portfolio was tactically short developed markets government bonds, primarily German and Japanese government bonds, for much of 2022, which contributed to relative performance. Portfolio de-risking and some tactical positioning was primarily implemented utilizing derivatives, such as futures.

Underlying fund performance was a detractor from returns over the fiscal year. The worst performing holding during the period was Transamerica Morgan Stanley Capital Growth VP, while the best performing holding was Transamerica International Small Cap Value.

**Michael Feser, CFA** 

**Jeff Geller, CFA** 

**Grace Koo** 

**Co-Portfolio Managers** 

**J.P. Morgan Investment Management Inc.** 

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**Transamerica JPMorgan Asset Allocation – Moderate Growth VP** 

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**(unaudited)** 

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| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  U.S. Equity Funds | 46.9% |
|  International Equity Funds | 26.0 |
|  U.S. Fixed Income Funds | 7.0 |
|  Repurchase Agreement | 6.7 |
|  International Alternative Funds | 6.5 |
|  U.S. Government Obligations | 3.3 |
|  U.S. Alternative Fund | 2.1 |
|  U.S. Mixed Allocation Fund | 1.2 |
|  Net Other Assets (Liabilities) ^ | 0.3 |
|  **Total** | 100.0% |

---

*Current and future portfolio holdings are subject to change and risk.* 

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

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**Transamerica JPMorgan Asset Allocation – Moderate Growth VP** 

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**(unaudited)**![LOGO](g438566g44u92.jpg)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Initial Class | (17.35)% | 3.86% | 6.32% | 05/01/2002 |
|  Wilshire 5000 Total Market Index<sup>SM</sup> <sup>(A)</sup> | (20.15)% | 8.42% | 11.87% |  |
|  Bloomberg US Aggregate Bond Index <sup>(B)</sup> | (13.01)% | 0.02% | 1.06% |  |
|  Service Class | (17.53)% | 3.61% | 6.06% | 05/01/2003 |

---

<sup>(A)</sup> *The Wilshire 5000 Total Market Index<sup>SM</sup> measures the performance of most U.S. domiciled public securities with readily available price data. Companies in the index are weighted by available float and market-capitalization.* 

<sup>(B)</sup> *The Bloomberg US Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities.* 

The Portfolio's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Year or Since Inception calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or the redemption of Portfolio shares. The Portfolio's investment return and net asset value will fluctuate. Investors' shares when redeemed may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month end. Portfolio performance is net of investment fees and Portfolio expenses, but not product charges, which, if included, would significantly lower the performance quoted.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of previously waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Tactical asset allocation is an investment strategy that actively adjusts a portfolio's asset allocation. The Portfolio's tactical asset management discipline may not work as intended. The Portfolio may not achieve its objective and may not perform as well as other funds using other asset management styles.

Fixed income securities are subject to risks including credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk and liquidity risk.

The ability of the Portfolio to achieve its objective depends largely on the performance of the underlying portfolios in which it invests. Each underlying portfolio's performance, in turn, depends on the particular securities in which that underlying portfolio invests. Total expenses associated with the Portfolio may be higher than with other mutual funds.

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**DISCLOSURE OF EXPENSES** 

**(unaudited)** 

**SHAREHOLDER EXPENSES** 

Portfolio shareholders may incur two types of costs: (i) transaction costs, including brokerage commissions on purchases and sales of portfolio shares; and (ii) ongoing costs, including management fees, and other portfolio expenses.

The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other portfolios.

The example is based on an investment of $1,000 invested at July 1, 2022, and held for the entire six-month period until December 31, 2022.

**ACTUAL EXPENSES** 

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

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES** 

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Portfolio shares. Therefore, the information under the heading "Hypothetical Expenses" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different portfolios. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries, or other financial institutions.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Actual Expenses** | **Actual Expenses** | **Hypothetical Expenses <sup>(A)</sup>** | **Hypothetical Expenses <sup>(A)</sup>** | |
| <br>**Class** |<br>**Beginning<br>Account Value<br>July 1, 2022** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** |<br>**Net Annualized<br>Expense Ratio <sup>(C) (D)</sup>** |
|  Initial Class | $&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;999.90 | $&nbsp;&nbsp;&nbsp;&nbsp;0.76 | $&nbsp;&nbsp;&nbsp;&nbsp;1024.40 | $&nbsp;&nbsp;&nbsp;&nbsp;0.77 | 0.15% |
|  Service Class | 1000.00 | 999.10 | 2.02 | 1023.20 | 2.04 | 0.40 |

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

(B) *Expenses are calculated using the Portfolio's net annualized expense ratio, as disclosed in the table, multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (365 days).*

(C) *Net annualized expense ratios, as disclosed in the table, do not include the expenses of the underlying investments in which the Portfolio invests. The net annualized expense ratios, as stated in the fee table of the Portfolio's Prospectus, may differ from the expense ratios disclosed in this report.*

(D) *Net annualized expense ratios are reflective of applicable fee waivers and/or reimbursements and recapture, if any, and are based on the most recent six-months which may differ from the net expense ratio displayed in the Financial Highlights that covers a twelve-month period.*

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**SCHEDULE OF INVESTMENTS** 

**At December 31, 2022** 

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| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **INVESTMENT COMPANIES - 89.7%** | **INVESTMENT COMPANIES - 89.7%** | **INVESTMENT COMPANIES - 89.7%** |
| **International Alternative Funds - 6.5%** | **International Alternative Funds - 6.5%** | **International Alternative Funds - 6.5%** |
|  Transamerica Global Allocation Liquidating Trust <sup>(A)</sup> <sup>(B)</sup> <sup>(C)</sup> <sup>(D)</sup> | 11961 | $33114 |
|  Transamerica Unconstrained Bond <sup>(C)</sup> | 26879290 | 234387410 |
|  |  | 234420524 |
| **International Equity Funds - 26.0%** | **International Equity Funds - 26.0%** | **International Equity Funds - 26.0%** |
|  Transamerica Emerging Markets Opportunities <sup>(C)</sup> | 41623060 | 310508027 |
|  Transamerica International Equity <sup>(C)</sup> | 12975758 | 233044610 |
|  Transamerica International Focus <sup>(C)</sup> | 36282665 | 275748252 |
|  Transamerica International Small Cap Value <sup>(C)</sup> | 8817336 | 109423145 |
|  |  | 928724034 |
| **U.S. Alternative Fund - 2.1%** | **U.S. Alternative Fund - 2.1%** | **U.S. Alternative Fund - 2.1%** |
|  Transamerica BlackRock Global Real Estate Securities VP <sup>(C)</sup> | 8423598 | 76823211 |
| **U.S. Equity Funds - 46.9%** | **U.S. Equity Funds - 46.9%** | **U.S. Equity Funds - 46.9%** |
|  Transamerica Janus Mid-Cap Growth VP <sup>(C)</sup> | 2766832 | 87016880 |
|  Transamerica JPMorgan Enhanced Index VP <sup>(C)</sup> | 37604039 | 743431851 |
|  Transamerica JPMorgan Mid Cap Value VP <sup>(C)</sup> | 5327835 | 77892954 |
|  Transamerica Large Cap Value <sup>(C)</sup> | 25876174 | 316983127 |
|  Transamerica Mid Cap Growth <sup>(C)</sup> | 7938232 | 54535656 |
|  Transamerica Mid Cap Value Opportunities <sup>(C)</sup> | 5109781 | 52988425 |
|  Transamerica Small Cap Value <sup>(C)</sup> | 22893034 | 122019871 |
|  Transamerica T. Rowe Price Small Cap VP <sup>(C)</sup> | 40750 | 398531 |
|  Transamerica WMC US Growth VP <sup>(C)</sup> | 8568157 | 222257996 |
|  |  | 1677525291 |
| **U.S. Fixed Income Funds - 7.0%** | **U.S. Fixed Income Funds - 7.0%** | **U.S. Fixed Income Funds - 7.0%** |
|  Transamerica Core Bond <sup>(C)</sup> | 14146474 | 121376750 |
|  Transamerica Floating Rate <sup>(C)</sup> | 2018287 | 18003120 |

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| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **U.S. Fixed Income Funds (continued)** | **U.S. Fixed Income Funds (continued)** | **U.S. Fixed Income Funds (continued)** |
|  Transamerica High Yield Bond <sup>(C)</sup> | 14357542 | $111414523 |
|  |  | 250794393 |
| **U.S. Mixed Allocation Fund - 1.2%** | **U.S. Mixed Allocation Fund - 1.2%** | **U.S. Mixed Allocation Fund - 1.2%** |
|  Transamerica Aegon Bond VP <sup>(C)</sup> | 4531741 | 41601379 |
|  **Total Investment Companies <br>(Cost $3,695,227,484)** | **Total Investment Companies <br>(Cost $3,695,227,484)** | 3209888832 |
|  | **Principal** | **Value** |
| **U.S. GOVERNMENT OBLIGATIONS - 3.3%** | **U.S. GOVERNMENT OBLIGATIONS - 3.3%** | **U.S. GOVERNMENT OBLIGATIONS - 3.3%** |
| **U.S. Treasury - 3.3%** | **U.S. Treasury - 3.3%** | **U.S. Treasury - 3.3%** |
|  U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 01/31/2023 <sup>(E)</sup> | $113415100 | 113073304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 01/31/2024 <sup>(E)</sup> | 4800000 | 4606313 |
|  **Total U.S. Government Obligations <br>(Cost $117,904,366)** | **Total U.S. Government Obligations <br>(Cost $117,904,366)** | 117679617 |
| **REPURCHASE AGREEMENT - 6.7%** | **REPURCHASE AGREEMENT - 6.7%** | **REPURCHASE AGREEMENT - 6.7%** |
|  Fixed Income Clearing Corp., 1.80% <sup>(F)</sup>, dated 12/30/2022, to be repurchased at $238,595,122 on 01/03/2023. Collateralized by a U.S. Government Obligation, 4.77%, due 12/28/2023, and with a value of $243,318,440. | 238547412 | 238547412 |
|  **Total Repurchase Agreement <br>(Cost $238,547,412)** | **Total Repurchase Agreement <br>(Cost $238,547,412)** | 238547412 |
|  **Total Investments <br>(Cost $4,051,679,262)** | **Total Investments <br>(Cost $4,051,679,262)** | 3566115861 |
|  **Net Other Assets (Liabilities) - 0.3%** | **Net Other Assets (Liabilities) - 0.3%** | 10113055 |
|  **Net Assets - 100.0%** |  | **$3576228916** |

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**FUTURES CONTRACTS:** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Long Futures Contracts** | | | | | | |
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  30-Year U.S. Treasury Bonds | 500 | 03/22/2023 | $63321388 | $62671875 | $— | $(649513) |
|  CAD Currency | 806 | 03/14/2023 | 59520602 | 59579520 | 58918 |  |
|  FTSE 100 Index | 828 | 03/17/2023 | 75284462 | 74735458 |  | (549004) |
|  S&P/TSX 60 Index | 353 | 03/16/2023 | 63274663 | 61000694 |  | (2273969) |
|  TOPIX Index | 775 | 03/09/2023 | &nbsp;&nbsp;&nbsp;&nbsp;114919851 | &nbsp;&nbsp;&nbsp;&nbsp;111697082 |  | (3222769) |
|  U.S. Treasury Ultra Bonds | 1401 | 03/22/2023 | 190498503 | 188171812 |  | (2326691) |
|  **Total** |  |  |  |  | $**58918** | $**(9021946)** |
| **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** |
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  5-Year U.S. Treasury Notes | (2756) | 03/31/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;(297779519) | $(297454220) | $325299 | $— |
|  E-Mini Russell 2000<sup>®</sup> Index | (1518) | 03/17/2023 | (139521014) | &nbsp;&nbsp;&nbsp;&nbsp;(134411310) | &nbsp;&nbsp;&nbsp;&nbsp;5109704 |  |
|  German Euro Bund | (716) | 03/08/2023 | (108466060) | (101883114) | 6582946 |  |

---

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 5** 

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##### [**Table of Contents**](#toc)
**Transamerica JPMorgan Asset Allocation – Moderate Growth VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

**FUTURES CONTRACTS (continued):** 

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Short Futures Contracts (continued)** | **Short Futures Contracts (continued)** | **Short Futures Contracts (continued)** | **Short Futures Contracts (continued)** | **Short Futures Contracts (continued)** | **Short Futures Contracts (continued)** | **Short Futures Contracts (continued)** |
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  MSCI EAFE Index | (3994) | 03/17/2023 | $(406544374) | $(389295180) | $17249194 | $— |
|  MSCI Emerging Markets Index | (2106) | 03/17/2023 | (104575586) | (101024820) | 3550766 |  |
|  S&P 500<sup>®</sup> E-Mini Index | (2637) | 03/17/2023 | &nbsp;&nbsp;&nbsp;&nbsp;(530734258) | &nbsp;&nbsp;&nbsp;&nbsp;(509072850) | 21661408 |  |
|  **Total** |  |  |  |  | $**54479317** | $**—** |
|  **Total Futures Contracts** |  |  |  |  | $**54538235** | $**(9021946)** |

---

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(G)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Investment Companies | $3209855718 | $— | $— | $3209855718 |
|  U.S. Government Obligations |  | 117679617 |  | 117679617 |
|  Repurchase Agreement |  | 238547412 |  | 238547412 |
|  **Total** | $**3209855718** | $**356227029** | $**—** | $**3566082747** |
|  Investment Companies Measured at Net Asset Value <sup>(B)</sup> |  |  |  | 33114 |
|  **Total Investments** |  |  |  | $**3566115861** |
|  **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** |
|  Futures Contracts <sup>(H)</sup> | $54538235 | $— | $— | $54538235 |
|  **Total Other Financial Instruments** | $**54538235** | $**—** | $**—** | $**54538235** |
|  **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** |
|  **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** |
|  Futures Contracts <sup>(H)</sup> | $(9021946) | $— | $— | $(9021946) |
|  **Total Other Financial Instruments** | $**(9021946)** | $**—** | $**—** | $**(9021946)** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *Restricted security. At December 31, 2022, the value of such security held by the Portfolio is as follows:* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Description** | **Acquisition<br>Date** | **Acquisition<br>Cost** | **Value** | **Value as Percentage<br>of Net Assets** |
|  Investment Companies | Transamerica Global Allocation Liquidating Trust | 07/31/2014 | $&nbsp;&nbsp;&nbsp;&nbsp;123058 | $&nbsp;&nbsp;&nbsp;&nbsp;33114 | 0.0 %<sup>(I)</sup> |

---

(B) *Certain investments are measured at fair value using the net asset value per share, or its equivalent, practical expedient and have not been classified in the fair value levels. The fair value amount presented is intended to permit reconciliation to the Total Investments amount presented within the Schedule of Investments.* 

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 6** 

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**Transamerica JPMorgan Asset Allocation – Moderate Growth VP** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

**FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):** 

(C) *Affiliated investment in the Class I2 shares of Transamerica Funds, and a liquidating trust of a former Transamerica Fund and/or affiliated investment in the Initial Class shares of Transamerica Series Trust. The Portfolio's transactions and earnings are as follows:* 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Investments** | **Value<br>December 31,<br>2021** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Value<br>December 31,<br>2022** | **Shares as of<br>December 31,<br>2022** | **Dividend<br>Income** | **Net Capital<br>Gain<br>Distributions** |
|  Transamerica Aegon Bond VP | $48850099 | $1178486 | $— | $— | $(8427206) | $41601379 | 4531741 | $1178487 | $— |
|  Transamerica BlackRock Global Real Estate Securities VP | 274664309 | 6392392 | (119309460) | (27709954) | (57214076) | 76823211 | 8423598 | 6392392 |  |
|  Transamerica Core Bond | 73307371 | 60973870 |  |  | (12904491) | 121376750 | 14146474 | 2432592 |  |
|  Transamerica Core Bond II | 72792781 | 1089153 | (64996487) | (9408770) | 523323 |  |  | 1089153 |  |
|  Transamerica Emerging Markets Opportunities | 411598582 | 8588124 |  |  | (109678679) | 310508027 | 41623060 | 8588124 |  |
|  Transamerica Floating Rate | 100895905 | 2837718 | (79643630) | (5250469) | (836404) | 18003120 | 2018287 | 2837719 |  |
|  Transamerica Global Allocation Liquidating Trust | 27541 |  |  |  | 5573 | 33114 | 11961 |  |  |
|  Transamerica High Yield Bond | 299815320 | 9846130 | (152196000) | (18158736) | (27892191) | 111414523 | 14357542 | 9846131 |  |
|  Transamerica International Equity | 292542941 | 2616155 | (21810898) | 5301775 | (45605363) | 233044610 | 12975758 | 2616155 |  |
|  Transamerica International Focus | 355453874 | 5012894 | (9768462) | 2143580 | (77093634) | 275748252 | 36282665 | 5012893 |  |
|  Transamerica International Small Cap Value | 132413167 | 3843128 |  |  | (26833150) | 109423145 | 8817336 | 849587 | 2993541 |
|  Transamerica Janus Mid-Cap Growth VP | 161869023 | 13784595 | (53254501) | 8404500 | (43786737) | 87016880 | 2766832 | 96668 | 13687926 |
|  Transamerica JPMorgan Enhanced Index VP | 803265583 | 243047700 | (43392511) | 13960355 | (273449276) | 743431851 | 37604039 | 15877339 | 83947514 |
|  Transamerica JPMorgan Mid Cap Value VP | 93742027 | 15419362 | (8783954) | 1739336 | (24223817) | 77892954 | 5327835 | 1900116 | 13519246 |
|  Transamerica Large Cap Value | 480319768 | 21716812 | (127837943) | 14791849 | (72007359) | 316983127 | 25876174 | 4639482 | 17077329 |
|  Transamerica Mid Cap Growth | 80176147 |  |  |  | (25640491) | 54535656 | 7938232 |  |  |
|  Transamerica Mid Cap Value Opportunities | 65533700 | 3493519 | (8862634) | 999545 | (8175705) | 52988425 | 5109781 | 608813 | 2884705 |
|  Transamerica Morgan Stanley Capital Growth VP | 226765100 | 25887959 | (107384891) | (103408040) | (41860128) |  |  | 3301810 | 22586148 |
|  Transamerica Small Cap Value | 156197605 | 21837434 | (16016388) | (2484201) | (37514579) | 122019871 | 22893034 | 2834124 | 19003311 |
|  Transamerica T. Rowe Price Small Cap VP | 48929626 | 141367 | (44314884) | 2842785 | (7200363) | 398531 | 40750 | 11502 | 129865 |
|  Transamerica Unconstrained Bond | 353870970 | 4297632 | (96813290) | (10788821) | (16179081) | 234387410 | 26879290 | 4297633 |  |
|  Transamerica WMC US Growth VP | 222574492 | 124950231 | (9633948) | 2816626 | (118449405) | 222257996 | 8568157 | 4546301 | 38538162 |
| **Total** | $**4755605931** | $**576954661** | $**(964019881)** | $**(124208640)** | $**(1034443239)** | $**3209888832** | **286192546** | $**78957021** | $**214367747** |

---

(D) *Non-income producing security.* 

(E) *All or a portion of these securities have been segregated by the custodian as collateral to cover margin requirements for open futures contracts. The total value of such securities is $94,375,222.* 

(F) *Rate disclosed reflects the yield at December 31, 2022.* 

(G) *There were no transfers in or out of Level 3 during the year ended December 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

(H) *Derivative instruments are valued at unrealized appreciation (depreciation).* 

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

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 7** 

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**Transamerica JPMorgan Asset Allocation – Moderate Growth VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

**CURRENCY ABBREVIATION:** 

*CAD* *Canadian Dollar*

**PORTFOLIO ABBREVIATIONS:** 

---

| | |
|:---|:---|
| *EAFE* | *Europe, Australasia and Far East* |
| *FTSE* | *Financial Times Stock Exchange* |
| *TOPIX* | *Tokyo Price Index* |
| *TSX* | *Toronto Stock Exchange* |

---

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 8** 

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##### [**Table of Contents**](#toc)
**Transamerica JPMorgan Asset Allocation – Moderate Growth VP** 

------

**STATEMENT OF ASSETS AND LIABILITIES** 

**At December 31, 2022** 

---

| | |
|:---|:---|
|  **Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments, at value (cost $3,695,227,484) | $3209888832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments, at value (cost $117,904,366)  | 117679617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreement, at value (cost $238,547,412) | 238547412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables and other assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest sold | 137832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from affiliated investments | 1430565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 100758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin receivable on futures contracts | 12111478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 14386 |
|  Total assets | 3579910880 |
|  **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables and other liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 1430565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest redeemed | 981242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 376688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 598030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 4261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 32346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 28455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 41264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 21855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 132368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 34890 |
|  Total liabilities | 3681964 |
|  **Net assets** | $3576228916 |
|  **Net assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital stock ($0.01 par value) | $3790584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 3856859325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) | (284420993) |
|  **Net assets** | $&nbsp;&nbsp;&nbsp;&nbsp;3576228916 |
|  **Net assets by class:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | $796606479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 2779622437 |
|  **Shares outstanding:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 83036134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 296022268 |
|  **Net asset value and offering price per share:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | $9.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 9.39 |

---

**STATEMENT OF OPERATIONS** 

**For the year ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income from affiliated investments | $78957021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income from unaffiliated investments | 2630333 |
|  Total investment income | 81587354 |
|  **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 4891295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 7807358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 41577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 167306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 100262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 181043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 221707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 65437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 243915 |
|  Total expenses | 13719900 |
|  **Net investment income (loss)** | 67867454 |
|  **Net realized gain (loss) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | (124208640) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments | 219617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions received from affiliated investment companies | 214367747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 2962434 |
|  Net realized gain (loss) | 93341158 |
|  **Net change in unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;(1034443239) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments | (218841) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 45947231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Translation of assets and liabilities denominated in foreign currencies | (54544) |
|  Net change in unrealized appreciation (depreciation) | (988769393) |
|  Net realized and change in unrealized gain (loss) | (895428235) |
|  **Net increase (decrease) in net assets resulting from operations** | $(827560781) |

---

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 9** 

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**Transamerica JPMorgan Asset Allocation – Moderate Growth VP** 

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**STATEMENT OF CHANGES IN NET ASSETS** 

**For the years ended:** 

---

| | | |
|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2021** |
|  **From operations:** | **From operations:** | **From operations:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $67867454 | $205622820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 93341158 | 561084876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (988769393) | (120615698) |
|  Net increase (decrease) in net assets resulting from operations | (827560781) | 646091998 |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (164872511) | (50910986) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (591064844) | (173500824) |
|  Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (755937355) | (224411810) |
|  **Capital share transactions:** | **Capital share transactions:** | **Capital share transactions:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 17364185 | 21161192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 21698496 | 18197111 |
|  | 39062681 | 39358303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 164872511 | 50910986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 591064844 | 173500824 |
|  | 755937355 | 224411810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (92032640) | (182121773) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (425871345) | (546435481) |
|  | (517903985) | (728557254) |
|  Net increase (decrease) in net assets resulting from capital share transactions | 277096051 | (464787141) |
|  **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp;&nbsp;(1306402085) | (43106953) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 4882631001 | 4925737954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $3576228916 | $&nbsp;&nbsp;&nbsp;&nbsp;4882631001 |
|  **Capital share transactions - shares:** | **Capital share transactions - shares:** | **Capital share transactions - shares:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 1544732 | 1486866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 1848286 | 1330130 |
|  | 3393018 | 2816996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 16840910 | 3582758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 61633456 | 12419529 |
|  | 78474366 | 16002287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (7825723) | (12803219) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (37328423) | (39149515) |
|  | (45154146) | (51952734) |
|  Net increase (decrease) in shares outstanding: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 10559919 | (7733595) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 26153319 | (25399856) |
|  | 36713238 | (33133451) |

---

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 10** 

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**Transamerica JPMorgan Asset Allocation – Moderate Growth VP** 

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**FINANCIAL HIGHLIGHTS** 

**For a share outstanding during the years indicated:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $14.47 | $13.30 | $12.44 | $11.61 | $13.44 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(A)</sup> | 0.22 | 0.61 | 0.29 | 0.24 | 0.27 |
|  Net realized and unrealized gain (loss) | (2.68) | 1.23 | 1.46 | 1.96 | (1.14) |
|  Total investment operations | (2.46) | 1.84 | 1.75 | 2.20 | (0.87) |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income | (0.68) | (0.31) | (0.25) | (0.28) | (0.25) |
|  Net realized gains | (1.74) | (0.36) | (0.64) | (1.09) | (0.71) |
|  Total dividends and/or distributions to shareholders | (2.42) | (0.67) | (0.89) | (1.37) | (0.96) |
|  **Net asset value, end of year** | $9.59 | $14.47 | $13.30 | $12.44 | $11.61 |
|  **Total return** | (17.35)% | 13.95% | 15.07% | 20.01% | (7.07)% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;796606 | $&nbsp;&nbsp;&nbsp;&nbsp;1048517 | $&nbsp;&nbsp;&nbsp;&nbsp;1066427 | $&nbsp;&nbsp;&nbsp;&nbsp;998736 | $&nbsp;&nbsp;&nbsp;&nbsp;901440 |
|  Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.15% | 0.15% | 0.15% | 0.14% | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.15% | 0.15% | 0.15% | 0.14% | 0.15 %<sup>(C)</sup> |
|  Net investment income (loss) to average net assets | 1.91% | 4.26% | 2.44% | 1.99% | 2.03% |
|  Portfolio turnover rate | 10% | 21% | 28% | 10% | 18% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Does not include expenses of the underlying investments in which the Portfolio invests.* 

(C) *Waiver and/or reimbursement rounds to less than 0.01%.* 

**For a share outstanding during the years indicated:** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $14.21 | $13.07 | $12.25 | $11.44 | $13.26 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(A)</sup> | 0.19 | 0.57 | 0.26 | 0.21 | 0.23 |
|  Net realized and unrealized gain (loss) | (2.63) | 1.21 | 1.42 | 1.94 | (1.12) |
|  Total investment operations | (2.44) | 1.78 | 1.68 | 2.15 | (0.89) |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income | (0.64) | (0.28) | (0.22) | (0.25) | (0.22) |
|  Net realized gains | (1.74) | (0.36) | (0.64) | (1.09) | (0.71) |
|  Total dividends and/or distributions to shareholders | (2.38) | (0.64) | (0.86) | (1.34) | (0.93) |
|  **Net asset value, end of year** | $9.39 | $14.21 | $13.07 | $12.25 | $11.44 |
|  **Total return** | (17.53)% | 13.70% | 14.66% | 19.79% | (7.32)% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;2779623 | $&nbsp;&nbsp;&nbsp;&nbsp;3834114 | $&nbsp;&nbsp;&nbsp;&nbsp;3859311 | $&nbsp;&nbsp;&nbsp;&nbsp;3804109 | $&nbsp;&nbsp;&nbsp;&nbsp;3611548 |
|  Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.40% | 0.40% | 0.40% | 0.39% | 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.40% | 0.40% | 0.40% | 0.39% | 0.40 %<sup>(C)</sup> |
|  Net investment income (loss) to average net assets | 1.64% | 4.05% | 2.17% | 1.72% | 1.77% |
|  Portfolio turnover rate | 10% | 21% | 28% | 10% | 18% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Does not include expenses of the underlying investments in which the Portfolio invests.* 

(C) *Waiver and/or reimbursement rounds to less than 0.01%.* 

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

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**NOTES TO FINANCIAL STATEMENTS** 

**At December 31, 2022** 

**1. ORGANIZATION** 

Transamerica Series Trust ("TST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). TST applies investment company accounting and reporting guidance. TST serves as a funding vehicle for variable life insurance, variable annuity, and group annuity products. Transamerica JPMorgan Asset Allocation – Moderate Growth VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers two classes of shares, Initial Class and Service Class.

The only shareholders of the Portfolio are affiliated insurance company separate accounts and affiliated asset allocation portfolios. Contract holders of the variable life and annuity contracts are not shareholders of the Portfolio. For ease of reference, shareholders and contract holders are collectively referred to in this report as "shareholders."

This report must be accompanied or preceded by the Portfolio's current prospectus, which contains additional information about the Portfolio, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Portfolio pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Portfolio. TAM supervises the Portfolio's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Portfolio.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of a Portfolio without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Portfolio and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Portfolio employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending portfolio combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Portfolio's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Portfolio; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for a Portfolio; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Portfolio's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; oversight of other service providers to the Portfolio, such as the custodian, the transfer agent, the Portfolio's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Portfolio; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Portfolio, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Portfolio. The Portfolio pays certain fees and expenses to State Street for sub-administration services which are not administrative

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**Transamerica JPMorgan Asset Allocation – Moderate Growth VP** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**1. ORGANIZATION (continued)** 

services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the year ended December 31, 2022, (i) the expenses paid to State Street for sub-administration services by the Portfolio are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Portfolio are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES** 

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

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

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

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

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Interest income, if any, is accrued as earned. Dividend income and capital gain distributions from underlying investments, if any, are recorded on the ex-dividend date. Income or short-term capital gain distributions received from underlying investments, if any, are recorded as Dividend income from investments within the Statement of Operations. Long-term capital gain distributions received from underlying investments, if any, are recorded as Net realized gain (loss) on Capital gain distributions received from investments within the Statement of Operations.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

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

**3. INVESTMENT VALUATION** 

Effective September 8, 2022, TAM has been designated as the Portfolio's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Portfolio's Board of Trustees. The net asset value of the Portfolio is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

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

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

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**3. INVESTMENT VALUATION (continued)** 

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

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Portfolio's investments and derivative instruments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Portfolio's investments at December 31, 2022, is disclosed within the Investment Valuation section of the Schedule of Investments.

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

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

*Investment companies:* Certain investment companies are valued at the NAV as the practical expedient. These investment companies are not included within the fair value hierarchy. Certain other investment companies are valued at the actively traded NAV and no valuation adjustments are applied. These investment companies are categorized in Level 1 of the fair value hierarchy.

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

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

*Restricted securities:* Restricted securities for which quotations are not readily available are valued at fair value. Restricted securities issued by publicly traded companies are generally valued at a discount to similar publicly traded securities. Restricted securities issued by nonpublic entities may be valued by reference to comparable public entities and/or fundamental data relating to the issuer. Depending on the relative significance of observable valuation inputs, these instruments may be classified in either Level 2 or Level 3 of the fair value hierarchy.

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

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**Transamerica JPMorgan Asset Allocation – Moderate Growth VP** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**4. SECURITIES AND OTHER INVESTMENTS** 

**Restricted securities:** The Portfolio may invest in unregulated restricted securities. Restricted securities are subject to legal or contractual restrictions on resale. Restricted securities generally may be resold in transactions exempt from registration under the Securities Act of 1933.

Restricted securities held at December 31, 2022, if any, are identified within the Schedule of Investments.

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

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

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the year ended December 31, 2022, the Portfolio has not utilized the program.

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

Repurchase agreements are subject to netting agreements, which are agreements between the Portfolio and its counterparties that provide for the net settlement of all transactions and collateral with the Portfolio, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at December 31, 2022.

Repurchase agreements at December 31, 2022, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS** 

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

**Market Risk Factors:** In pursuit of the Portfolio's investment strategies, the Portfolio may seek to use derivatives to increase or decrease its exposure to certain market risks, including:

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

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

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

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**Transamerica JPMorgan Asset Allocation – Moderate Growth VP** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

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

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

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

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

The Portfolio's exposure to market risk factors and certain other associated risks are summarized by derivative type as follows:

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

Open futures contracts at December 31, 2022, if any, are listed within the Schedule of Investments. Variation margin, if applicable, is shown in Variation margin receivable or payable on futures contracts within the Statement of Assets and Liabilities.

The following is a summary of the location and the Portfolio's fair values of derivative investments disclosed, if any, within the Statement of Assets and Liabilities, categorized by primary market risk exposure as of December 31, 2022.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| **Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  Futures contracts: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) <sup>(A) (B)</sup> | $6908245 | $58918 | $47571072 | $— | $— | $54538235 |
|  **Total** | $**6908245** | $**58918** | $**47571072** | $**—** | $**—** | $**54538235** |

---

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  Futures contracts: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) <sup>(A) (B)</sup> | $(2976204) | $— | $(6045742) | $— | $— | $(9021946) |
|  **Total** | $**(2976204)** | $**—** | $**(6045742)** | $**—** | $**—** | $**(9021946)** |

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

(B) *Included within unrealized appreciation (depreciation) on futures contracts as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.* 

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**Transamerica JPMorgan Asset Allocation – Moderate Growth VP** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

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

The following is a summary of the location and the effect of derivative investments, if any, within the Statement of Operations, categorized by primary market risk exposure as of December 31, 2022.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** |
| **Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  Futures contracts | $(5811658) | $(3737487) | $12511579 | $— | $— | $2962434 |
|  **Total** | $**(5811658)** | $**(3737487)** | $**12511579** | $**—** | $**—** | $**2962434** |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** |
| **Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  Futures contracts | $7415210 | $550817 | $37981204 | $— | $— | $45947231 |
|  **Total** | $**7415210** | $**550817** | $**37981204** | $**—** | $**—** | $**45947231** |

---

The following is a summary of the ending monthly average volume on derivative activity during the year ended December 31, 2022.

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| | |
|:---|:---|
|  **Futures contracts:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts – long | $706046591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts – short | &nbsp;&nbsp;&nbsp;&nbsp;(1797503611) |

---

*Collateral requirements:* Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (futures contracts, exchange-traded options, and exchange-traded swap agreements) while collateral terms are contract specific for OTC derivatives (forward foreign currency exchange contracts, OTC options, and OTC swap agreements). For OTC derivatives, under standard derivatives agreements, the Portfolio may be required to pledge collateral on derivatives to a counterparty if the Portfolio is in a net liability position, and receive collateral if in a net positive position. For financial reporting purposes, cash collateral that has been pledged by the Portfolio to cover obligations, if any, is reported in Cash collateral at broker within the Statement of Assets and Liabilities. Cash collateral that has been received by the Portfolio from a counterparty, if any, is reported separately in Cash collateral pledged at custodian and/or broker within the Statement of Assets and Liabilities. Non-cash collateral pledged to the Portfolio, if any, is disclosed within the Schedule of Investments.

Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold before a transfer has been made. Typically a counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The Portfolio generally does not use non-cash collateral that it receives but may, absent default or certain other circumstances, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty.

To the extent amounts due to the Portfolio from its counterparties are not fully collateralized, contractually or otherwise, the Portfolio bears the risk of loss from counterparty non-performance. Additionally, to the extent the Portfolio has delivered collateral to a counterparty, the Portfolio bears the risk of loss from a counterparty in the event the counterparty fails to return such collateral. Counterparties may immediately terminate derivatives contracts if the Portfolio fails to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages. Collateral may not be required for all derivative contracts.

**7. RISK FACTORS** 

Investing in the Portfolio involves certain key risks related to the Portfolio's trading activity. Please reference the Portfolio's prospectus for a more complete discussion of the following risk(s), as well as other risks of investing in the Portfolio.

**Market risk:** The market prices of the Portfolio's securities and other assets may go up or down, sometimes sharply and unpredictably, due to general market conditions, overall economic trends or events, inflation, changes in interest rates, government actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by wars, tariffs, trade disputes or other factors, political developments, investor sentiment, the global and domestic effects of a pandemic or other health emergency, and other factors that may or may not be related to the issuer of the security or other asset. The market prices of securities and other assets also may go down due to events or conditions that affect particular sectors, industries, issuers, or geographies. Adverse market conditions may be prolonged and may not have the same impact on all types of securities or other assets. If the value of the Portfolio's securities and assets fall, the value of your investment will go down. The Portfolio may experience a substantial or complete loss on any individual security or asset.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**7. RISK FACTORS (continued)** 

Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, the imposition of economic sanctions, public health events (such as the spread of infectious disease), wars, terrorism, cybersecurity events, technology and data interruptions, natural disasters, and other circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. In the past decade, financial markets throughout the world have experienced increased volatility and decreased liquidity. These conditions may continue or worsen. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down. Securities markets may also be susceptible to market manipulation or other fraudulent trade practices, which could disrupt the orderly functioning of these markets or adversely affect the value of securities traded in these markets, including the Portfolio's securities.

The pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in economic downturns throughout the world, severe losses, particularly to some sectors of the economy and individual issuers, and reduced liquidity of many instruments. There also have been significant disruptions to business operations, including business closures; strained healthcare systems; disruptions to supply chains and employee availability; large fluctuations in consumer demand; and widespread uncertainty regarding the duration and long-term effects of the pandemic. Economic downturns may be prolonged, and political and social instability, continued volatility and decreased liquidity in the securities markets may result. Developing or emerging market countries may be more impacted by the pandemic.

The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic. These and other government intervention into the economy and financial markets may not work as intended. In addition, government actions to mitigate the economic impact of the pandemic have resulted in large expansion of government deficits and debt, the long-term consequences of which are not known. Rates of inflation have recently risen, which could adversely affect economies and markets. The pandemic could continue to adversely affect the value and liquidity of the Portfolio's investments.

*Europe:* A number of countries in Europe have experienced severe economic and financial difficulties; and financial markets in Europe and elsewhere have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen or spread within or outside Europe. Responses to the financial problems by European governments, central banks and others may not work, may result in conflicts and social unrest and may limit future growth and economic recovery or have other unintended consequences. In January, 2020, through "Brexit," the United Kingdom withdrew from the European Union. The ramifications of Brexit are unknown, and the implications of possible political, regulatory, economic, and market outcomes could be significant. The United Kingdom has one of the largest economies in Europe and is a major trading partner with European Union countries and the United States. Brexit may create additional and substantial economic stresses for the United Kingdom, including a contraction of the United Kingdom's economy, decreased trade, capital outflows, devaluation of the British pound, and a decrease in business and consumer spending and investment. The negative impact on not only the United Kingdom and European Union economies but also the broader global economy could be significant. A number of countries in Europe have suffered terror attacks, and additional attacks may occur in the future. Europe has also been struggling with mass migration from the Middle East, Eastern Europe and Africa. The ultimate effects of these events and other socio-political or geopolitical issues could profoundly affect global economies and markets. Whether or not the Portfolio invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

*Additional Market Disruption:* Russia's invasion of Ukraine in February, 2022, the resulting responses by the United States and other countries, and the potential for wider conflict, have increased and may continue to increase volatility and uncertainty in financial markets worldwide. The United States and other countries have imposed broad-ranging economic sanctions on Russia and Russian entities and individuals, and may impose additional sanctions, including on other countries that provide military or economic support to Russia. These sanctions, among other things, restrict companies from doing business with Russia and Russian issuers, and may adversely affect companies with economic or financial exposure to Russia and Russian issuers. The extent and duration of Russia's military actions and the repercussions of such actions are not known. The invasion may widen beyond Ukraine and may escalate, including through retaliatory actions and cyberattacks by Russia and even other countries. These events may result in further and significant market disruptions and may adversely affect regional and global economies including those of Europe and the United States. Certain industries and markets, such as those involving oil, natural gas and other commodities, as well as global supply chains, may be particularly adversely affected. Whether or not the Portfolio invests in securities of issuers located in Russia, Ukraine and adjacent countries or with significant exposure to issuers in these countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**7. RISK FACTORS (continued)** 

**Asset allocation risk:** The Portfolio's investment performance is significantly impacted by the Portfolio's asset allocation and reallocation from time to time. The sub-adviser's decisions whether and when to tactically overweight or underweight asset classes, create and apply formulas for de-risking or ending de-risking and select a mix of underlying portfolios may not produce the desired results. These actions may be unsuccessful in maximizing return and/or avoiding investment losses. The value of your investment may decrease if the sub-adviser's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying portfolio or other issuer is incorrect. The sub-adviser may favor an asset class that performs poorly relative to other asset classes. The available underlying portfolios selected by the sub-adviser may underperform the market or similar portfolios.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The value of equity securities fluctuates based on real or perceived changes in a company's financial condition, factors affecting a particular industry or industries, and overall market, economic and political conditions. If the market prices of the equity securities owned by the Portfolio fall, the value of your investment in the Portfolio will decline. The Portfolio may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Risk management framework risk:** The Portfolio is subject to a multi-factor risk management framework that is intended to reduce equity exposure under certain market conditions. This framework may impose a maximum equity exposure limit for the Portfolio in response to individual asset class momentum signals and a portfolio level volatility signal. The framework is intended to improve the Portfolio's absolute and risk-adjusted returns but may notwork as intended. The framework may result in the Portfolio not achieving its stated asset mix goal or may cause the Portfolio to underperform, possibly significantly. Because market conditions change, sometimes rapidly and unpredictably, the success of the framework also will be subject to the sub-adviser's ability to implement the framework in a timely and efficient manner. The framework may result in periods of underperformance, may fail to protect against market declines, may limit the Portfolio's ability to participate in up markets, may cause the Portfolio to underperform its benchmark in rising markets, may increase transaction costs at the portfolio and/or underlying portfolio level and may result in substantial losses if it does not work as intended. For example, if the Portfolio has reduced its equity exposure to avoid losses in certain market conditions, and the market rises sharply and quickly, there may be a delay in increasing the Portfolio's equity exposure, causing the Portfolio to forgo gains from the market rebound. The framework incorporates quantitative models and signals. If those models or signals prove to be flawed or for other reasons do not produce the desired results, any decisions made in reliance thereon may expose the Portfolio to additional risks and losses. The use of models has inherent risks, and the success of relying on or otherwise using a model depends, among other things, on the accuracy and completeness of the model's development, implementation and maintenance; on the model's assumptions and methodologies; and on the accuracy and reliability of the inputs and output of the model. The framework also serves to reduce the risk to the Transamerica insurance companies that provide guaranteed benefits under certain variable contracts from equity market volatility and to facilitate their provision of those guaranteed benefits. The framework also may have the effect of limiting the amount of guaranteed benefits. The Portfolio's performance may be lower than similar portfolios that are not subject to a risk management framework. The use of derivatives in connection with the framework may expose the Portfolio to different and potentially greater risks than if it had only invested in underlying portfolios.

**8. FEES AND OTHER AFFILIATED TRANSACTIONS** 

TST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Transamerica Life Insurance Company ("TLIC"), and Transamerica Financial Life Insurance Company.

TAM, the Portfolio's investment manager, is directly owned by TLIC and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon NV. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon NV, a Netherlands corporation, and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Portfolio's transfer agent. Transamerica Capital, Inc. ("TCI") is the Portfolio's distributor/principal underwriter. TAM, TFS, and TCI are affiliates of Aegon NV.

Certain officers and trustees of the Portfolio are also officers and/or trustees of TAM, TFS and TCI. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Portfolio. The Portfolio does pay non-interested persons (independent trustees), as disclosed in Trustee, CCO and deferred compensation fees within the Statement of Operations.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

**Investment management fees**: TAM serves as the Portfolio's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Portfolio pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Portfolio pays a management fee to TAM based on daily average net assets at the following rates:

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| | |
|:---|:---|
| **Breakpoints** | **Rate** |
|  First $10 billion | 0.1225% |
|  Over $10 billion | 0.1025 |

---

TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses, reorganization expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

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| | | |
|:---|:---|:---|
| | **Operating**<br> **Expense Limit** | **Operating**<br> **Expense Limit<br>Effective Through** |
|  Initial Class | 0.25% | May 1, 2023 |
|  Service Class | 0.50 | May 1, 2023 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended December 31, 2022 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Portfolio, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

As of December 31, 2022, there are no amounts available for recapture by TAM.

**Distribution and service fees:** TST has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, TST entered into a distribution agreement with TCI as the Portfolio's distributor.

The Distribution Plan requires the Portfolio to pay distribution fees to TCI as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCI, on behalf of the Portfolio, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Portfolio's shares.

The fee on the Service Class shares is paid to the insurance companies for providing services and account maintenance for the policyholders who invest in the variable insurance products which invest in the Service Class shares. TCI has determined that it will not seek payment for the distribution expenses incurred by the Portfolio with respect to the Initial Class shares before May 1, 2023. Prior to TCI seeking distribution expenses on Initial Class shares, policy and contract owners will be notified in advance. The Portfolio will pay fees relating to Service Class shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Portfolio is authorized under the Distribution Plan to pay fees to TCI based on daily average net assets of each class up to the following annual rates:

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| | |
|:---|:---|
| **Class** | **Rate** |
|  Initial Class | 0.15% |
|  Service Class | 0.25 |

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

**Transfer agent costs:** TFS provides transfer agency services under an intercompany agreement with TAM. TFS has outsourced the provision of certain sub-transfer agency services to SS&C Technology Holdings, Inc ("SS&C"). The Portfolio does not pay a separate transfer agent fee to TAM or TFS but does pay certain expenses to SS&C related to applicable sub-transfer agency services. For the year ended December 31, 2022, (i) the expenses paid to SS&C by the Portfolio are referred to as Transfer agent costs and are included within the Statement of Operations and (ii) the expenses payable to SS&C by the Portfolio are referred to as Transfer agent costs within the Statement of Assets and Liabilities.

**Deferred compensation plan:** Effective September 23, 2021, the Board has approved the termination of the deferred compensation plan. Payments will be made to applicable current and former Board members consistent with Section 409A of the Code. Under a non-qualified deferred compensation plan effective January 1, 1996, as amended and restated January 1, 2010, available to the trustees, compensation may be deferred that would otherwise be payable by TST to an independent trustee on a current basis for services rendered as trustee. Deferred compensation amounts will accumulate based on the value of the investment option, as elected by the trustee. Balances pursuant to deferred compensation plan are recorded in Trustees, Chief Compliance Officer ("CCO") and deferred compensation fees within the Statement of Assets and Liabilities. For the year ended December 31, 2022, amounts included in Trustees, CCO and deferred compensation fees within the Statement of Operations reflect total compensation paid to the independent Board members.

**Brokerage commissions:** The Portfolio incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the year ended December 31, 2022.

**9. PURCHASES AND SALES OF SECURITIES** 

For the year ended December 31, 2022, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

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| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $283629894 | $102332804 | $964019881 | $113953670 |

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**10. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS** 

The Portfolio has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Portfolio recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Portfolio's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Portfolio's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Portfolio's financial statements. If applicable, the Portfolio recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Portfolio identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Portfolio makes significant investments; however, the Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales and futures contracts mark-to-market. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. There are no reclassifications in the current year.

As of December 31, 2022, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

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| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross<br>Appreciation** | **Gross<br>(Depreciation)** | **Net Appreciation<br>(Depreciation)** |
| $4061125252 | $68331816 | $(568837945) | $(500506129) |

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**10. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)** 

As of December 31, 2022, the Portfolio had no capital loss carryforwards available to offset future realized capital gains. During the year ended December 31, 2022, the Portfolio did not have any capital loss carryforwards utilized or expired.

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2022 and 2021 are as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** |
| **Ordinary**<br> **Income** | **Long-Term<br>Capital Gain** | **Return of Capital** | **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of Capital** |
| $245341032 | $510596323 | $— | $99776070 | $124635740 | $— |

---

As of December 31, 2022, the tax basis components of distributable earnings are as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Capital Loss<br>Carryforwards** | **Late Year<br>Ordinary Loss<br>Deferred** | **Other<br>Temporary<br>Differences** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| $68221551 | $147900465 | $— | $— | $— | $(500543009) |

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**Report of Independent Registered Public Accounting Firm** 

*To the Shareholders and the Board of Trustees of Transamerica JPMorgan Asset Allocation — Moderate Growth VP* 

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities of Transamerica JPMorgan Asset Allocation — Moderate Growth VP (the "Portfolio") (one of the portfolios constituting Transamerica Series Trust (the "Trust")), including the schedule of investments, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the portfolios constituting Transamerica Series Trust) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion** 

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g438566ernst_young.jpg)

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

February 27, 2023

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**SUPPLEMENTAL TAX INFORMATION** 

**(unaudited)** 

For tax purposes, the Portfolio has made a long-term capital gain designation of $510,596,323 for the year ended December 31, 2022.

The amounts which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the U.S. are as follows:

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| | |
|:---|:---|
| **Foreign Source Income** | **Foreign Taxes** |
| $8360390 | $2094868 |

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**(unaudited)** 

**MARKET ENVIRONMENT** 

Both equity and fixed income markets faced headwinds in 2022. The war in Ukraine and central banks' battle against inflation were the main sources of bond and equity markets' struggles. However, the final quarter of the year brought some relief. Arguably, the most painful move in markets in 2022 was the sharp decline in government bond prices. The unusually large sell-off in government bonds, alongside falling stock prices, made for a challenging environment for multi-asset investors. This was caused by global central banks raising interest rates more than many investors had expected at the beginning of the year due to runaway inflation.

Global equities returned 9.77% over the fourth quarter, based on the MSCI World Index in U.S. Dollar terms, and finished 2022 down -18.14%. Value stocks significantly outperformed growth stocks, both during the fourth quarter and the full year. This can largely be explained by the high starting valuations for many technology stocks, some revenue growth disappointments, and the effect of rising interest rates, all of which pressured high growth stocks. One part of the world where few would argue that a lot of bad news had already been priced in was China. The MSCI China Index was down substantially from its 2021 peak and down -21.93% in 2022. That is despite a 34% rally from the lows in October, as China began to move beyond its zero COVID policy.

Global fixed income returns were negative for 2022, as a tighter monetary policy drove interest rates higher through year end. The 10-year U.S. Treasury yield finished the year at 3.88%, up 236 basis points ("bps") from where it started the year. The 30-year U.S. Treasury finished the year at 3.97%, up 207 bps from where it started the year. As a result, U.S. 10-year and 30-year Treasury returns were down -16.33% and -33.29%, respectively, in 2022, per the Bloomberg U.S. Treasury Bellwether 10-year and 30-year indices. Overall, U.S. fixed income markets were up 1.87% over the fourth quarter, according to the Bloomberg U.S. Aggregate Bond Index, but finished the full year with a loss of -13.01%, the worst decline in decades.

**PERFORMANCE** 

For the year ended December 31, 2022, Transamerica JPMorgan Asset Allocation – Moderate VP, Initial Class returned -16.08%. By comparison, its primary and secondary benchmarks, the Wilshire 5000 Total Market Index<sup>SM</sup> and the Bloomberg US Aggregate Bond Index, returned -20.15% and -13.01%, respectively.

**STRATEGY REVIEW** 

The Portfolio is a fund of funds that seeks to achieve its investment objective by investing its assets primarily in a mix of underlying Transamerica funds.

The Portfolio's strategic asset allocation and tactical asset allocation contributed positively to performance during the period. Underlying fund selection and the Risk Management Framework ("RMF") detracted.

The Portfolio began 2022 with the RMF suggesting de-risking based on volatility and momentum signals. The Portfolio came into 2022 with 59% of the Portfolio in equities, and by year end, this was down to 30%, spread across regions. The overall reduction in equities contributed to performance, though this positioning detracted in July and November during shorter term rallies. The biggest change in equity positioning in 2022 was the reduction in U.S. large cap exposure.

The Portfolio was tactically short developed markets government bonds, primarily German and Japanese government bonds, for much of 2022, which contributed to relative performance. Portfolio de-risking and some tactical positioning was primarily implemented utilizing derivatives such as futures.

Underlying fund performance was a detractor from returns over the fiscal year. The worst performing holding during the period was Transamerica Morgan Stanley Capital Growth VP, while the best performing holding was Transamerica Janus Mid-Cap Growth VP.

**Michael Feser, CFA** 

**Jeff Geller, CFA** 

**Grace Koo** 

**Co-Portfolio Managers** 

**J.P. Morgan Investment Management Inc.** 

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**(unaudited)** 

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| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  U.S. Equity Funds | 34.3% |
|  U.S. Fixed Income Funds | 20.7 |
|  International Equity Funds | 19.5 |
|  Repurchase Agreement | 8.7 |
|  International Alternative Funds | 6.5 |
|  U.S. Mixed Allocation Fund | 4.4 |
|  U.S. Government Obligations | 3.4 |
|  U.S. Alternative Fund | 2.2 |
|  Net Other Assets (Liabilities) ^ | 0.3 |
|  **Total** | 100.0% |

---

*Current and future portfolio holdings are subject to change and risk.* 

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

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**Page 2** 

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**(unaudited)**![LOGO](g438566g14a36.jpg)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Initial Class | (16.08)% | 2.65% | 4.80% | 05/01/2002 |
|  Wilshire 5000 Total Market Index<sup>SM</sup> <sup>(A)</sup> | (20.15)% | 8.42% | 11.87% |  |
|  Bloomberg US Aggregate Bond Index <sup>(B)</sup> | (13.01)% | 0.02% | 1.06% |  |
|  Service Class | (16.25)% | 2.41% | 4.55% | 05/01/2003 |

---

<sup>(A)</sup> *The Wilshire 5000 Total Market Index<sup>SM</sup> measures the performance of most U.S. domiciled public securities with readily available price data. Companies in the index are weighted by available float and market-capitalization.* 

<sup>(B)</sup> *The Bloomberg US Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities.* 

The Portfolio's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Year or Since Inception calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or the redemption of Portfolio shares. The Portfolio's investment return and net asset value will fluctuate. Investors' shares when redeemed may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month end. Portfolio performance is net of investment fees and Portfolio expenses, but not product charges, which, if included, would significantly lower the performance quoted.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of previously waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Tactical asset allocation is an investment strategy that actively adjusts a portfolio's asset allocation. The Portfolio's tactical asset management discipline may not work as intended. The Portfolio may not achieve its objective and may not perform as well as other funds using other asset management styles.

Fixed income securities are subject to risks including credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk and liquidity risk.

The ability of the Portfolio to achieve its objective depends largely on the performance of the underlying portfolios in which it invests. Each underlying portfolio's performance, in turn, depends on the particular securities in which that underlying portfolio invests. Total expenses associated with the Portfolio may be higher than with other mutual funds.

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**Page 3** 

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**DISCLOSURE OF EXPENSES** 

**(unaudited)** 

**SHAREHOLDER EXPENSES** 

Portfolio shareholders may incur two types of costs: (i) transaction costs, including brokerage commissions on purchases and sales of portfolio shares; and (ii) ongoing costs, including management fees, and other portfolio expenses.

The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other portfolios.

The example is based on an investment of $1,000 invested at July 1, 2022, and held for the entire six-month period until December 31, 2022.

**ACTUAL EXPENSES** 

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

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES** 

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Portfolio shares. Therefore, the information under the heading "Hypothetical Expenses" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different portfolios. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries, or other financial institutions.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Actual Expenses** | **Actual Expenses** | **Hypothetical Expenses <sup>(A)</sup>** | **Hypothetical Expenses <sup>(A)</sup>** | |
| <br>**Class** | <br>**Beginning<br>Account Value<br>July 1, 2022** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** | <br>**Net Annualized<br>Expense Ratio <sup>(C) (D)</sup>** |
|  Initial Class | $&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;986.60 | $&nbsp;&nbsp;&nbsp;&nbsp;0.75 | $&nbsp;&nbsp;&nbsp;&nbsp;1024.40 | $&nbsp;&nbsp;&nbsp;&nbsp;0.77 | 0.15% |
|  Service Class | 1000.00 | 985.70 | 2.00 | 1023.20 | 2.04 | 0.40 |

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

(B) *Expenses are calculated using the Portfolio's net annualized expense ratio, as disclosed in the table, multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (365 days).*

(C) *Net annualized expense ratios, as disclosed in the table, do not include the expenses of the underlying investments in which the Portfolio invests. The net annualized expense ratios, as stated in the fee table of the Portfolio's Prospectus, may differ from the expense ratios disclosed in this report.*

(D) *Net annualized expense ratios are reflective of applicable fee waivers and/or reimbursements and recapture, if any, and are based on the most recent six-months which may differ from the net expense ratio displayed in the Financial Highlights that covers a twelve-month period.*

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**Page 4** 

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**SCHEDULE OF INVESTMENTS** 

**At December 31, 2022** 

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| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **INVESTMENT COMPANIES - 87.6%** | **INVESTMENT COMPANIES - 87.6%** | **INVESTMENT COMPANIES - 87.6%** |
| **International Alternative Funds - 6.5%** | **International Alternative Funds - 6.5%** | **International Alternative Funds - 6.5%** |
|  Transamerica Global Allocation Liquidating Trust <sup>(A)</sup> <sup>(B)</sup> <sup>(C)</sup> <sup>(D)</sup> | 6235 | $17263 |
|  Transamerica Unconstrained Bond <sup>(D)</sup> | 39530654 | 344707306 |
|  |  | 344724569 |
| **International Equity Funds - 19.5%** | **International Equity Funds - 19.5%** | **International Equity Funds - 19.5%** |
|  Transamerica Emerging Markets Opportunities <sup>(D)</sup> | 46759304 | 348824408 |
|  Transamerica International Equity <sup>(D)</sup> | 15739767 | 282686219 |
|  Transamerica International Focus <sup>(D)</sup> | 38569037 | 293124683 |
|  Transamerica International Small Cap Value <sup>(D)</sup> | 9359627 | 116152975 |
|  |  | 1040788285 |
| **U.S. Alternative Fund - 2.2%** | **U.S. Alternative Fund - 2.2%** | **U.S. Alternative Fund - 2.2%** |
|  Transamerica BlackRock Global Real Estate Securities VP <sup>(D)</sup> | 12702389 | 115845790 |
| **U.S. Equity Funds - 34.3%** | **U.S. Equity Funds - 34.3%** | **U.S. Equity Funds - 34.3%** |
|  Transamerica Janus Mid-Cap Growth VP <sup>(D)</sup> | 1175529 | 36970375 |
|  Transamerica JPMorgan Enhanced Index VP <sup>(D)</sup> | 30820743 | 609326093 |
|  Transamerica JPMorgan Mid Cap Value VP <sup>(D)</sup> | 4861235 | 71071254 |
|  Transamerica Large Cap Value <sup>(D)</sup> | 38849725 | 475909132 |
|  Transamerica Mid Cap Growth <sup>(D)</sup> | 12164962 | 83573289 |
|  Transamerica Mid Cap Value Opportunities <sup>(D)</sup> | 7826635 | 81162204 |
|  Transamerica Small Cap Value <sup>(D)</sup> | 25801485 | 137521914 |
|  Transamerica T. Rowe Price Small Cap VP <sup>(D)</sup> | 34093 | 333429 |
|  Transamerica WMC US Growth VP <sup>(D)</sup> | 12930718 | 335422820 |
|  |  | 1831290510 |
| **U.S. Fixed Income Funds - 20.7%** | **U.S. Fixed Income Funds - 20.7%** | **U.S. Fixed Income Funds - 20.7%** |
|  Transamerica Core Bond <sup>(D)</sup> | 113487430 | 973722151 |
|  Transamerica Floating Rate <sup>(D)</sup> | 3022554 | 26961180 |

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| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** | **INVESTMENT COMPANIES (continued)** |
| **U.S. Fixed Income Funds (continued)** | **U.S. Fixed Income Funds (continued)** | **U.S. Fixed Income Funds (continued)** |
|  Transamerica High Yield Bond <sup>(D)</sup> | 13889372 | $107781527 |
|  |  | 1108464858 |
| **U.S. Mixed Allocation Fund - 4.4%** | **U.S. Mixed Allocation Fund - 4.4%** | **U.S. Mixed Allocation Fund - 4.4%** |
|  Transamerica Aegon Bond VP <sup>(D)</sup> | 25682523 | 235765557 |
|  **Total Investment Companies <br>(Cost $5,281,179,713)** | **Total Investment Companies <br>(Cost $5,281,179,713)** | 4676879569 |
|  | **Principal** | **Value** |
| **U.S. GOVERNMENT OBLIGATIONS - 3.4%** | **U.S. GOVERNMENT OBLIGATIONS - 3.4%** | **U.S. GOVERNMENT OBLIGATIONS - 3.4%** |
| **U.S. Treasury - 3.4%** | **U.S. Treasury - 3.4%** | **U.S. Treasury - 3.4%** |
|  U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 01/31/2023 <sup>(E)</sup> | $176103800 | 175573081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 01/31/2024 <sup>(E)</sup> | 5985000 | 5743496 |
|  **Total U.S. Government Obligations <br>(Cost $181,654,528)** | **Total U.S. Government Obligations <br>(Cost $181,654,528)** | 181316577 |
| **REPURCHASE AGREEMENT - 8.7%** | **REPURCHASE AGREEMENT - 8.7%** | **REPURCHASE AGREEMENT - 8.7%** |
|  Fixed Income Clearing Corp., 1.80% <sup>(F)</sup>, dated 12/30/2022, to be repurchased at $464,746,902 on 01/03/2023. Collateralized by U.S. Government Obligations, 0.13% - 2.75%, due 01/15/2024 - 02/15/2024, and with a total value of $473,757,680. | 464468221 | 464468221 |
|  **Total Repurchase Agreement <br>(Cost $464,468,221)** | **Total Repurchase Agreement <br>(Cost $464,468,221)** | 464468221 |
|  **Total Investments <br>(Cost $5,927,302,462)** | **Total Investments <br>(Cost $5,927,302,462)** | 5322664367 |
|  **Net Other Assets (Liabilities) - 0.3%** | **Net Other Assets (Liabilities) - 0.3%** | 18664258 |
|  **Net Assets - 100.0%** |  | **$5341328625** |

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**FUTURES CONTRACTS:** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Long Futures Contracts** | **Long Futures Contracts** | **Long Futures Contracts** | **Long Futures Contracts** | **Long Futures Contracts** | **Long Futures Contracts** | **Long Futures Contracts** |
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  30-Year U.S. Treasury Bonds | 1213 | 03/22/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;153617686 | $&nbsp;&nbsp;&nbsp;&nbsp;152041969 | $— | $(1575717) |
|  CAD Currency | 860 | 03/14/2023 | 63508335 | 63571200 | 62865 |  |
|  FTSE 100 Index | 1231 | 03/17/2023 | 111926534 | 111110324 |  | (816210) |
|  S&P/TSX 60 Index | 375 | 03/16/2023 | 67218127 | 64802437 |  | (2415690) |
|  TOPIX Index | 1151 | 03/09/2023 | 170674514 | 165888182 |  | (4786332) |
|  U.S. Treasury Ultra Bonds | 2183 | 03/22/2023 | 296829598 | 293204187 |  | (3625411) |
|  **Total** |  |  |  |  | $**62865** | $**(13219360)** |
| **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** |
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  5-Year U.S. Treasury Notes | (3731) | 03/31/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;(403126046) | $&nbsp;&nbsp;&nbsp;&nbsp;(402685666) | $440380 | $— |
|  E-Mini Russell 2000<sup>®</sup> Index | (1688) | 03/17/2023 | (155145895) | (149463960) | 5681935 |  |
|  German Euro Bund | (1064) | 03/08/2023 | (161184199) | (151401721) | 9782478 |  |
|  MSCI EAFE Index | (5947) | 03/17/2023 | (605367815) | (579654090) | &nbsp;&nbsp;&nbsp;&nbsp;25713725 |  |

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

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**Page 5** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

**FUTURES CONTRACTS (continued):** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Short Futures Contracts (continued)** | **Short Futures Contracts (continued)** | **Short Futures Contracts (continued)** | **Short Futures Contracts (continued)** | **Short Futures Contracts (continued)** | **Short Futures Contracts (continued)** | **Short Futures Contracts (continued)** |
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  MSCI Emerging Markets Index | (2611) | 03/17/2023 | $(129641745) | $(125249670) | $4392075 | $— |
|  S&P 500<sup>®</sup> E-Mini Index | (4555) | 03/17/2023 | &nbsp;&nbsp;&nbsp;&nbsp;(916759405) | &nbsp;&nbsp;&nbsp;&nbsp;(879342750) | 37416655 |  |
|  **Total** |  |  |  |  | $**83427248** | $**—** |
|  **Total Futures Contracts** |  |  |  |  | $**83490113** | $**(13219360)** |

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**INVESTMENT VALUATION:** 

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**Valuation Inputs <sup>(G)</sup>** 

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Investment Companies | $4676862306 | $— | $— | $4676862306 |
|  U.S. Government Obligations |  | 181316577 |  | 181316577 |
|  Repurchase Agreement |  | 464468221 |  | 464468221 |
|  **Total** | $**4676862306** | $**645784798** | $**—** | $**5322647104** |
|  Investment Companies Measured at Net Asset Value <sup>(C)</sup> |  |  |  | 17263 |
|  **Total Investments** |  |  |  | $**5322664367** |
|  **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** |
|  Futures Contracts <sup>(H)</sup> | $83490113 | $— | $— | $83490113 |
|  **Total Other Financial Instruments** | $**83490113** | $**—** | $**—** | $**83490113** |
|  **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** |
|  **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** |
|  Futures Contracts <sup>(H)</sup> | $(13219360) | $— | $— | $(13219360) |
|  **Total Other Financial Instruments** | $**(13219360)** | $**—** | $**—** | $**(13219360)** |

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**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *Non-income producing security.* 

(B) *Restricted security. At December 31, 2022, the value of such security held by the Portfolio is as follows:* 

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|:---|:---|:---|:---|:---|:---|
| **Investments** | **Description** | **Acquisition<br>Date** | **Acquisition<br>Cost** | **Value** | **Value as<br>Percentage of<br>Net Assets** |
|  Investment Companies | Transamerica Global Allocation Liquidating Trust | 07/31/2014 | $&nbsp;&nbsp;&nbsp;&nbsp;64152 | $&nbsp;&nbsp;&nbsp;&nbsp;17263 | 0.0 %<sup>(I)</sup> |

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(C) *Certain investments are measured at fair value using the net asset value per share, or its equivalent, practical expedient and have not been classified in the fair value levels. The fair value amount presented is intended to permit reconciliation to the Total Investments amount presented within the Schedule of Investments.* 

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

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**Page 6** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

**FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):** 

(D) *Affiliated investment in the Class I2 shares of Transamerica Funds, and a liquidating trust of a former Transamerica Fund and/or affiliated investment in the Initial Class shares of Transamerica Series Trust. The Portfolio's transactions and earnings are as follows:* 

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Investments** | **Value<br>December 31,<br>2021** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Value<br>December 31,<br>2022** | **Shares as of<br>December 31,<br>2022** | **Dividend<br>Income** | **Net Capital<br>Gain<br>Distributions** |
|  Transamerica Aegon Bond VP | $317753213 | $6678782 | $(38529370) | $(3411718) | $(46725350) | $235765557 | 25682523 | $6678782 | $— |
|  Transamerica BlackRock Global Real Estate Securities VP | 405235112 | 9224273 | (175585236) | (67781037) | (55247322) | 115845790 | 12702389 | 9224273 |  |
|  Transamerica Core Bond | 589685257 | 519327509 | (34081120) | (3314374) | (97895121) | 973722151 | 113487430 | 19172945 |  |
|  Transamerica Core Bond II | 363931147 | 211633725 | (506524483) | (72529893) | 3489504 |  |  | 8810927 |  |
|  Transamerica Emerging Markets Opportunities | 462389436 | 9647889 |  |  | (123212917) | 348824408 | 46759304 | 9647889 |  |
|  Transamerica Floating Rate | 146925641 | 4126453 | (115231830) | (7592531) | (1266553) | 26961180 | 3022554 | 4126453 |  |
|  Transamerica Global Allocation Liquidating Trust | 14357 |  |  |  | 2906 | 17263 | 6235 |  |  |
|  Transamerica High Yield Bond | 364841417 | 11114145 | (212664000) | (30598271) | (24911764) | 107781527 | 13889372 | 11114145 |  |
|  Transamerica International Equity | 352849873 | 3173431 | (24602795) | 6176244 | (54910534) | 282686219 | 15739767 | 3173431 |  |
|  Transamerica International Focus | 388607494 | 5328784 | (19566434) | 3799147 | (85044308) | 293124683 | 38569037 | 5328784 |  |
|  Transamerica International Small Cap Value | 140556947 | 4079492 |  |  | (28483464) | 116152975 | 9359627 | 901840 | 3177652 |
|  Transamerica Janus Mid-Cap Growth VP | 190620243 | 5856584 | (135698100) | 7200841 | (31009193) | 36970375 | 1175529 | 41071 | 5815513 |
|  Transamerica JPMorgan Enhanced Index VP | 774352302 | 81817704 | (26824958) | 8924461 | (228943416) | 609326093 | 30820743 | 13013266 | 68804438 |
|  Transamerica JPMorgan Mid Cap Value VP | 77446016 | 14068967 |  |  | (20443729) | 71071254 | 4861235 | 1733708 | 12335259 |
|  Transamerica Large Cap Value | 711873664 | 32300156 | (185422909) | 33786290 | (116628069) | 475909132 | 38849725 | 6660757 | 25639399 |
|  Transamerica Mid Cap Growth | 122866117 |  |  |  | (39292828) | 83573289 | 12164962 |  |  |
|  Transamerica Mid Cap Value Opportunities | 96564278 | 5351010 | (9638124) | 1000413 | (12115373) | 81162204 | 7826635 | 932517 | 4418493 |
|  Transamerica Morgan Stanley Capital Growth VP | 323191571 | 39330855 | (157041752) | (159564877) | (45915797) |  |  | 5016349 | 34314506 |
|  Transamerica Small Cap Value | 175064085 | 24611777 | (16981821) | (6052060) | (39120067) | 137521914 | 25801485 | 3194186 | 21417591 |
|  Transamerica T. Rowe Price Small Cap VP | 19288344 | 118273 | (17256588) | 618027 | (2434627) | 333429 | 34093 | 9622 | 108651 |
|  Transamerica Unconstrained Bond | 639653825 | 6885499 | (254180880) | (23588911) | (24062227) | 344707306 | 39530654 | 6885499 |  |
|  Transamerica WMC US Growth VP | 313067834 | 204886973 | (13149178) | 2379857 | (171762666) | 335422820 | 12930718 | 6861095 | 58160242 |
| **Total** | $**6976778173** | $**1199562281** | $**(1942979578)** | $**(310548392)** | $**(1245932915)** | $**4676879569** | **453214017** | $**122527539** | $**234191744** |

---

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 7** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

**FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):** 

(E) *All or a portion of these securities have been segregated by the custodian as collateral to cover margin requirements for open futures contracts. The total value of such securities is $141,375,919.* 

(F) *Rate disclosed reflects the yield at December 31, 2022.* 

(G) *There were no transfers in or out of Level 3 during the year ended December 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

(H) *Derivative instruments are valued at unrealized appreciation (depreciation).* 

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

**CURRENCY ABBREVIATION:** 

*CAD* *Canadian Dollar*

**PORTFOLIO ABBREVIATIONS:** 

---

| | |
|:---|:---|
| *BOBL* | *Bundesobligationen (German Federal Government Securities)* |
| *EAFE* | *Europe, Australasia and Far East* |
| *FTSE* | *Financial Times Stock Exchange* |
| *TOPIX* | *Tokyo Price Index* |
| *TSX* | *Toronto Stock Exchange* |

---

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 8** 

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**Transamerica JPMorgan Asset Allocation – Moderate VP** 

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**STATEMENT OF ASSETS AND LIABILITIES** 

**At December 31, 2022** 

---

| | |
|:---|:---|
|  **Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments, at value (cost $5,281,179,713) | $4676879569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments, at value (cost $181,654,528) | 181316577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreement, at value (cost $464,468,221) | 464468221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables and other assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest sold | 6820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from affiliated investments | 1841858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 160482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin receivable on futures contracts | 20788813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 20406 |
|  Total assets | 5345482746 |
|  **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables and other liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 1841858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest redeemed | 288654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 562155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 1060939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 6393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 44807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 36778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 39181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 32550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 188884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 51922 |
|  Total liabilities | 4154121 |
|  **Net assets** | $5341328625 |
|  **Net assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital stock ($0.01 par value) | $5622036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 5824704195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) | (488997606) |
|  **Net assets** | $5341328625 |
|  **Net assets by class:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | $402195368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | &nbsp;&nbsp;&nbsp;&nbsp;4939133257 |
|  **Shares outstanding:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 41581493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 520622091 |
|  **Net asset value and offering price per share:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | $9.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 9.49 |

---

**STATEMENT OF OPERATIONS** 

**For the year ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income from affiliated investments | $122527539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income from unaffiliated investments | 4621967 |
|  Total investment income | 127149506 |
|  **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 7278587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 13737184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 61995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 250013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 133621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 204308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 330630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 147162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 351490 |
|  Total expenses | 22494990 |
|  **Net investment income (loss)** | 104654516 |
|  **Net realized gain (loss) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | (310548392) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments | 74371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions received from affiliated investment companies | 234191744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 11206329 |
|  Net realized gain (loss) | (65075948) |
|  **Net change in unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | (1245932915) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments | (329372) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 80452330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Translation of assets and liabilities denominated in foreign currencies | 18405 |
|  Net change in unrealized appreciation (depreciation) | (1165791552) |
|  Net realized and change in unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(1230867500) |
|  **Net increase (decrease) in net assets resulting from operations** | $(1126212984) |

---

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 9** 

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**STATEMENT OF CHANGES IN NET ASSETS** 

**For the years ended:** 

---

| | | |
|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2021** |
|  **From operations:** | **From operations:** | **From operations:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $104654516 | $298905611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (65075948) | 596803905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (1165791552) | (268365563) |
|  Net increase (decrease) in net assets resulting from operations | (1126212984) | 627343953 |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (66604487) | (14949345) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (820996558) | (157241078) |
|  Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (887601045) | (172190423) |
|  **Capital share transactions:** | **Capital share transactions:** | **Capital share transactions:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 11680652 | 15126605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 9124152 | 48104340 |
|  | 20804804 | 63230945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 66604487 | 14949345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 820996558 | 157241078 |
|  | 887601045 | 172190423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (64768198) | (121428148) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (611645345) | (678139658) |
|  | (676413543) | (799567806) |
|  Net increase (decrease) in net assets resulting from capital share transactions | 231992306 | (564146438) |
|  **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp;&nbsp;(1781821723) | (108992908) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 7123150348 | 7232143256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $5341328625 | $&nbsp;&nbsp;&nbsp;&nbsp;7123150348 |
|  **Capital share transactions - shares:** | **Capital share transactions - shares:** | **Capital share transactions - shares:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 1041985 | 1132721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 808250 | 3673569 |
|  | 1850235 | 4806290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 6748175 | 1101647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 84726167 | 11778358 |
|  | 91474342 | 12880005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (5656704) | (8996399) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (55100243) | (51187009) |
|  | (60756947) | (60183408) |
|  Net increase (decrease) in shares outstanding: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 2133456 | (6762031) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 30434174 | (35735082) |
|  | 32567630 | (42497113) |

---

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 10** 

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**FINANCIAL HIGHLIGHTS** 

**For a share outstanding during the years indicated:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $13.66 | $12.83 | $12.02 | $11.18 | $12.62 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(A)</sup> | 0.23 | 0.56 | 0.25 | 0.26 | 0.27 |
|  Net realized and unrealized gain (loss) | (2.39) | 0.62 | 1.20 | 1.54 | (0.88) |
|  Total investment operations | (2.16) | 1.18 | 1.45 | 1.80 | (0.61) |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income | (0.64) | (0.26) | (0.27) | (0.27) | (0.22) |
|  Net realized gains | (1.19) | (0.09) | (0.37) | (0.69) | (0.61) |
|  Total dividends and/or distributions to shareholders | (1.83) | (0.35) | (0.64) | (0.96) | (0.83) |
|  **Net asset value, end of year** | $9.67 | $13.66 | $12.83 | $12.02 | $11.18 |
|  **Total return** | (16.08)% | 9.18% | 12.60% | 16.42% | (5.13)% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;402196 | $&nbsp;&nbsp;&nbsp;&nbsp;539029 | $&nbsp;&nbsp;&nbsp;&nbsp;593022 | $&nbsp;&nbsp;&nbsp;&nbsp;575923 | $&nbsp;&nbsp;&nbsp;&nbsp;548520 |
|  Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.15% | 0.14% | 0.15% | 0.14% | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.15% | 0.14% | 0.15% | 0.14% | 0.15 %<sup>(C)</sup> |
|  Net investment income (loss) to average net assets | 1.99% | 4.19% | 2.12% | 2.19% | 2.20% |
|  Portfolio turnover rate | 18% | 18% | 27% | 11% | 14% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Does not include expenses of the underlying investments in which the Portfolio invests.* 

(C) *Waiver and/or reimbursement rounds to less than 0.01%.* 

**For a share outstanding during the years indicated:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $13.43 | $12.62 | $11.83 | $11.03 | $12.45 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(A)</sup> | 0.19 | 0.54 | 0.22 | 0.23 | 0.24 |
|  Net realized and unrealized gain (loss) | (2.33) | 0.59 | 1.18 | 1.50 | (0.86) |
|  Total investment operations | (2.14) | 1.13 | 1.40 | 1.73 | (0.62) |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income | (0.61) | (0.23) | (0.24) | (0.24) | (0.19) |
|  Net realized gains | (1.19) | (0.09) | (0.37) | (0.69) | (0.61) |
|  Total dividends and/or distributions to shareholders | (1.80) | (0.32) | (0.61) | (0.93) | (0.80) |
|  **Net asset value, end of year** | $9.49 | $13.43 | $12.62 | $11.83 | $11.03 |
|  **Total return** | (16.25)% | 8.93% | 12.28% | 16.18% | (5.35)% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;4939133 | $&nbsp;&nbsp;&nbsp;&nbsp;6584121 | $&nbsp;&nbsp;&nbsp;&nbsp;6639121 | $&nbsp;&nbsp;&nbsp;&nbsp;6148828 | $&nbsp;&nbsp;&nbsp;&nbsp;5349342 |
|  Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.40% | 0.39% | 0.40% | 0.39% | 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.40% | 0.39% | 0.40% | 0.39% | 0.40 %<sup>(C)</sup> |
|  Net investment income (loss) to average net assets | 1.74% | 4.07% | 1.89% | 1.97% | 1.98% |
|  Portfolio turnover rate | 18% | 18% | 27% | 11% | 14% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Does not include expenses of the underlying investments in which the Portfolio invests.* 

(C) *Waiver and/or reimbursement rounds to less than 0.01%.* 

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

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 11** 

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**Transamerica JPMorgan Asset Allocation – Moderate VP** 

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**NOTES TO FINANCIAL STATEMENTS** 

**At December 31, 2022** 

**1. ORGANIZATION** 

Transamerica Series Trust ("TST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). TST applies investment company accounting and reporting guidance. TST serves as a funding vehicle for variable life insurance, variable annuity, and group annuity products. Transamerica JPMorgan Asset Allocation—Moderate VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers two classes of shares, Initial Class and Service Class.

The only shareholders of the Portfolio are affiliated insurance company separate accounts and affiliated asset allocation portfolios. Contract holders of the variable life and annuity contracts are not shareholders of the Portfolio. For ease of reference, shareholders and contract holders are collectively referred to in this report as "shareholders."

This report must be accompanied or preceded by the Portfolio's current prospectus, which contains additional information about the Portfolio, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Portfolio pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Portfolio. TAM supervises the Portfolio's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Portfolio.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of a Portfolio without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Portfolio and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Portfolio employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending portfolio combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Portfolio's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Portfolio; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for a Portfolio; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Portfolio's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; oversight of other service providers to the Portfolio, such as the custodian, the transfer agent, the Portfolio's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Portfolio; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Portfolio, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Portfolio. The Portfolio pays certain fees and expenses to State Street for sub-administration services which are not administrative

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| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 12** 

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**Transamerica JPMorgan Asset Allocation – Moderate VP** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**1. ORGANIZATION (continued)** 

services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the year ended December 31, 2022, (i) the expenses paid to State Street for sub-administration services by the Portfolio are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Portfolio are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES** 

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

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

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

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

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Interest income, if any, is accrued as earned. Dividend income and capital gain distributions from underlying investments, if any, are recorded on the ex-dividend date. Income or short-term capital gain distributions received from underlying investments, if any, are recorded as Dividend income from investments within the Statement of Operations. Long-term capital gain distributions received from underlying investments, if any, are recorded as Net realized gain (loss) on Capital gain distributions received from investments within the Statement of Operations.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

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

**3. INVESTMENT VALUATION** 

Effective September 8, 2022, TAM has been designated as the Portfolio's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Portfolio's Board of Trustees. The net asset value of the Portfolio is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

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

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

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**3. INVESTMENT VALUATION (continued)** 

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

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Portfolio's investments and derivative instruments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Portfolio's investments at December 31, 2022, is disclosed within the Investment Valuation section of the Schedule of Investments.

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

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

*Investment companies:* Certain investment companies are valued at the NAV as the practical expedient. These investment companies are not included within the fair value hierarchy. Certain other investment companies are valued at the actively traded NAV and no valuation adjustments are applied. These investment companies are categorized in Level 1 of the fair value hierarchy.

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

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

*Restricted securities:* Restricted securities for which quotations are not readily available are valued at fair value. Restricted securities issued by publicly traded companies are generally valued at a discount to similar publicly traded securities. Restricted securities issued by nonpublic entities may be valued by reference to comparable public entities and/or fundamental data relating to the issuer. Depending on the relative significance of observable valuation inputs, these instruments may be classified in either Level 2 or Level 3 of the fair value hierarchy.

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

**4. SECURITIES AND OTHER INVESTMENTS** 

**Restricted securities:** The Portfolio may invest in unregulated restricted securities. Restricted securities are subject to legal or contractual restrictions on resale. Restricted securities generally may be resold in transactions exempt from registration under the Securities Act of 1933.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**4. SECURITIES AND OTHER INVESTMENTS (continued)** 

Restricted securities held at December 31, 2022, if any, are identified within the Schedule of Investments.

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

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

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the year ended December 31, 2022, the Portfolio has not utilized the program.

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

Repurchase agreements are subject to netting agreements, which are agreements between the Portfolio and its counterparties that provide for the net settlement of all transactions and collateral with the Portfolio, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at December 31, 2022.

Repurchase agreements at December 31, 2022, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS** 

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

**Market Risk Factors:** In pursuit of the Portfolio's investment strategies, the Portfolio may seek to use derivatives to increase or decrease its exposure to certain market risks, including:

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

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

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

*Credit risk:* Credit risk relates to the ability of the issuer of a financial instrument to make further principal or interest payments on an obligation or commitment that it has to the Portfolio.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)** 

*Commodity risk:* Commodity risk relates to the change in value of commodities or commodity indices as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

The Portfolio is also exposed to additional risks from investing in derivatives, such as liquidity and counterparty credit risk. Liquidity risk is the risk that the Portfolio will be unable to sell or close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligations to the Portfolio. Investing in derivatives may also involve greater risks than investing directly in the underlying assets, such as losses in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

The Portfolio's exposure to market risk factors and certain other associated risks are summarized by derivative type as follows:

**Futures contracts:** The Portfolio is subject to equity and commodity risk, interest rate risk, and foreign exchange rate risk in the normal course of pursuing its investment objective. The Portfolio uses futures contracts to gain exposure to, or hedge against, changes in the value of equities and commodities, interest rates, or foreign currencies. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date. Upon entering into such contracts, the Portfolio is required to deposit with the broker, either in cash or in securities, an initial margin in an amount equal to a certain percentage of the contract amount. Subsequent payments (variation margin) are paid or received by the Portfolio, depending on the daily fluctuations in the value of the contract, and are recorded for financial statement purposes as unrealized gains or losses by the Portfolio. Upon entering into such contracts, the Portfolio bears the risk of equity and commodity prices, interest rates, or exchange rates moving unexpectedly, in which case, the Portfolio may not achieve the anticipated benefits of the futures contracts and may realize losses. With futures, there is minimal counterparty credit risk to the Portfolio since futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange.

Open futures contracts at December 31, 2022, if any, are listed within the Schedule of Investments. Variation margin, if applicable, is shown in Variation margin receivable or payable on futures contracts within the Statement of Assets and Liabilities.

The following is a summary of the location and the Portfolio's fair values of derivative investments disclosed, if any, within the Statement of Assets and Liabilities, categorized by primary market risk exposure as of December 31, 2022.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| **Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  Futures contracts: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) <sup>(A) (B)</sup> | $10222858 | $62865 | $&nbsp;&nbsp;&nbsp;&nbsp;73204390 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;83490113 |
|  **Total** | $**10222858** | $**62865** | $**73204390** | $**—** | $**—** | $**83490113** |
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  Futures contracts: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) <sup>(A) (B)</sup> | $(5201128) | $— | $&nbsp;&nbsp;&nbsp;&nbsp;(8018232) | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;(13219360) |
|  **Total** | $**(5201128)** | $**—** | $**(8018232)** | $**—** | $**—** | $**(13219360)** |

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(A) *May include exchange-traded derivatives which are not subject to a master netting arrangement, or another similar arrangement.* 

(B) *Included within unrealized appreciation (depreciation) on futures contracts as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.* 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)** 

The following is a summary of the location and the effect of derivative investments, if any, within the Statement of Operations, categorized by primary market risk exposure as of December 31, 2022.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** |
| **Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  Futures contracts | $(37166320) | $(4282589) | $52655238 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $11206329 |
|  **Total** | $**(37166320)** | $**(4282589)** | $**52655238** | $**—** | $**—** | $**11206329** |
| **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** |
| **Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  Futures contracts | $8579853 | $743546 | $71128931 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $80452330 |
|  **Total** | $**8579853** | $**743546** | $**71128931** | $**—** | $**—** | $**80452330** |

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The following is a summary of the ending monthly average volume on derivative activity during the year ended December 31, 2022.

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| | |
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| **Futures contracts:** | |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $1003471423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | &nbsp;&nbsp;&nbsp;&nbsp;(2628102504) |

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*Collateral requirements:* Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (futures contracts, exchange-traded options, and exchange-traded swap agreements) while collateral terms are contract specific for OTC derivatives (forward foreign currency exchange contracts, OTC options, and OTC swap agreements). For OTC derivatives, under standard derivatives agreements, the Portfolio may be required to pledge collateral on derivatives to a counterparty if the Portfolio is in a net liability position, and receive collateral if in a net positive position. For financial reporting purposes, cash collateral that has been pledged by the Portfolio to cover obligations, if any, is reported in Cash collateral at broker within the Statement of Assets and Liabilities. Cash collateral that has been received by the Portfolio from a counterparty, if any, is reported separately in Cash collateral pledged at custodian and/or broker within the Statement of Assets and Liabilities. Non-cash collateral pledged to the Portfolio, if any, is disclosed within the Schedule of Investments.

Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold before a transfer has been made. Typically a counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The Portfolio generally does not use non-cash collateral that it receives but may, absent default or certain other circumstances, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty.

To the extent amounts due to the Portfolio from its counterparties are not fully collateralized, contractually or otherwise, the Portfolio bears the risk of loss from counterparty non-performance. Additionally, to the extent the Portfolio has delivered collateral to a counterparty, the Portfolio bears the risk of loss from a counterparty in the event the counterparty fails to return such collateral. Counterparties may immediately terminate derivatives contracts if the Portfolio fails to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages. Collateral may not be required for all derivative contracts.

**7. RISK FACTORS** 

Investing in the Portfolio involves certain key risks related to the Portfolio's trading activity. Please reference the Portfolio's prospectus for a more complete discussion of the following risk(s), as well as other risks of investing in the Portfolio.

**Market risk:** The market prices of the Portfolio's securities and other assets may go up or down, sometimes sharply and unpredictably, due to general market conditions, overall economic trends or events, inflation, changes in interest rates, government actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by wars, tariffs, trade disputes or other factors, political developments, investor sentiment, the global and domestic effects of a pandemic or other health emergency, and other factors that may or may not be related to the issuer of the security or other asset. The market prices of securities and other assets also may go down due to events or conditions that affect particular sectors, industries, issuers, or geographies. Adverse market conditions may be prolonged and may not have the same impact on all types of securities or other assets. If the value of the Portfolio's securities and assets fall, the value of your investment will go down. The Portfolio may experience a substantial or complete loss on any individual security or asset.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**7. RISK FACTORS (continued)** 

Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, the imposition of economic sanctions, public health events (such as the spread of infectious disease), wars, terrorism, cybersecurity events, technology and data interruptions, natural disasters, and other circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. In the past decade, financial markets throughout the world have experienced increased volatility and decreased liquidity. These conditions may continue or worsen. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down. Securities markets may also be susceptible to market manipulation or other fraudulent trade practices, which could disrupt the orderly functioning of these markets or adversely affect the value of securities traded in these markets, including the Portfolio's securities.

The pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in economic downturns throughout the world, severe losses, particularly to some sectors of the economy and individual issuers, and reduced liquidity of many instruments. There also have been significant disruptions to business operations, including business closures; strained healthcare systems; disruptions to supply chains and employee availability; large fluctuations in consumer demand; and widespread uncertainty regarding the duration and long-term effects of the pandemic. Economic downturns may be prolonged, and political and social instability, continued volatility and decreased liquidity in the securities markets may result. Developing or emerging market countries may be more impacted by the pandemic.

The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic. These and other government intervention into the economy and financial markets may not work as intended. In addition, government actions to mitigate the economic impact of the pandemic have resulted in large expansion of government deficits and debt, the long-term consequences of which are not known. Rates of inflation have recently risen, which could adversely affect economies and markets. The pandemic could continue to adversely affect the value and liquidity of the Portfolio's investments.

*Europe:* A number of countries in Europe have experienced severe economic and financial difficulties; and financial markets in Europe and elsewhere have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen or spread within or outside Europe. Responses to the financial problems by European governments, central banks and others may not work, may result in conflicts and social unrest and may limit future growth and economic recovery or have other unintended consequences. In January, 2020, through "Brexit," the United Kingdom withdrew from the European Union. The ramifications of Brexit are unknown, and the implications of possible political, regulatory, economic, and market outcomes could be significant. The United Kingdom has one of the largest economies in Europe and is a major trading partner with European Union countries and the United States. Brexit may create additional and substantial economic stresses for the United Kingdom, including a contraction of the United Kingdom's economy, decreased trade, capital outflows, devaluation of the British pound, and a decrease in business and consumer spending and investment. The negative impact on not only the United Kingdom and European Union economies but also the broader global economy could be significant. A number of countries in Europe have suffered terror attacks, and additional attacks may occur in the future. Europe has also been struggling with mass migration from the Middle East, Eastern Europe and Africa. The ultimate effects of these events and other socio-political or geopolitical issues could profoundly affect global economies and markets. Whether or not the Portfolio invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

*Additional Market Disruption:* Russia's invasion of Ukraine in February, 2022, the resulting responses by the United States and other countries, and the potential for wider conflict, have increased and may continue to increase volatility and uncertainty in financial markets worldwide. The United States and other countries have imposed broad-ranging economic sanctions on Russia and Russian entities and individuals, and may impose additional sanctions, including on other countries that provide military or economic support to Russia. These sanctions, among other things, restrict companies from doing business with Russia and Russian issuers, and may adversely affect companies with economic or financial exposure to Russia and Russian issuers. The extent and duration of Russia's military actions and the repercussions of such actions are not known. The invasion may widen beyond Ukraine and may escalate, including through retaliatory actions and cyberattacks by Russia and even other countries. These events may result in further and significant market disruptions and may adversely affect regional and global economies including those of Europe and the United States. Certain industries and markets, such as those involving oil, natural gas and other commodities, as well as global supply chains, may be particularly adversely affected. Whether or not the Portfolio invests in securities of issuers located in Russia, Ukraine and adjacent countries or with significant exposure to issuers in these countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

**Asset allocation risk:** The Portfolio's investment performance is significantly impacted by the Portfolio's asset allocation and reallocation from time to time. The sub-adviser's decisions whether and when to tactically overweight or underweight asset classes, create and apply

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**7. RISK FACTORS (continued)** 

formulas for de-risking or ending de-risking and select a mix of underlying portfolios may not produce the desired results. These actions may be unsuccessful in maximizing return and/or avoiding investment losses. The value of your investment may decrease if the sub-adviser's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying portfolio or other issuer is incorrect. The sub-adviser may favor an asset class that performs poorly relative to other asset classes. The available underlying portfolios selected by the sub-adviser may underperform the market or similar portfolios.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The value of equity securities fluctuates based on real or perceived changes in a company's financial condition, factors affecting a particular industry or industries, and overall market, economic and political conditions. If the market prices of the equity securities owned by the Portfolio fall, the value of your investment in the Portfolio will decline. The Portfolio may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Risk management framework risk:** The Portfolio is subject to a multi-factor risk management framework that is intended to reduce equity exposure under certain market conditions. This framework may impose a maximum equity exposure limit for the Portfolio in response to individual asset class momentum signals and a portfolio level volatility signal. The framework is intended to improve the Portfolio's absolute and risk-adjusted returns but may notwork as intended. The framework may result in the Portfolio not achieving its stated asset mix goal or may cause the Portfolio to underperform, possibly significantly. Because market conditions change, sometimes rapidly and unpredictably, the success of the framework also will be subject to the sub-adviser's ability to implement the framework in a timely and efficient manner. The framework may result in periods of underperformance, may fail to protect against market declines, may limit the Portfolio's ability to participate in up markets, may cause the Portfolio to underperform its benchmark in rising markets, may increase transaction costs at the portfolio and/or underlying portfolio level and may result in substantial losses if it does not work as intended. For example, if the Portfolio has reduced its equity exposure to avoid losses in certain market conditions, and the market rises sharply and quickly, there may be a delay in increasing the Portfolio's equity exposure, causing the Portfolio to forgo gains from the market rebound. The framework incorporates quantitative models and signals. If those models or signals prove to be flawed or for other reasons do not produce the desired results, any decisions made in reliance thereon may expose the Portfolio to additional risks and losses. The use of models has inherent risks, and the success of relying on or otherwise using a model depends, among other things, on the accuracy and completeness of the model's development, implementation and maintenance; on the model's assumptions and methodologies; and on the accuracy and reliability of the inputs and output of the model. The framework also serves to reduce the risk to the Transamerica insurance companies that provide guaranteed benefits under certain variable contracts from equity market volatility and to facilitate their provision of those guaranteed benefits. The framework also may have the effect of limiting the amount of guaranteed benefits. The Portfolio's performance may be lower than similar portfolios that are not subject to a risk management framework. The use of derivatives in connection with the framework may expose the Portfolio to different and potentially greater risks than if it had only invested in underlying portfolios.

**8. FEES AND OTHER AFFILIATED TRANSACTIONS** 

TST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Transamerica Life Insurance Company ("TLIC"), and Transamerica Financial Life Insurance Company.

TAM, the Portfolio's investment manager, is directly owned by TLIC and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon NV. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon NV, a Netherlands corporation, and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Portfolio's transfer agent. Transamerica Capital, Inc. ("TCI") is the Portfolio's distributor/principal underwriter. TAM, TFS, and TCI are affiliates of Aegon NV.

Certain officers and trustees of the Portfolio are also officers and/or trustees of TAM, TFS and TCI. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Portfolio. The Portfolio does pay non-interested persons (independent trustees), as disclosed in Trustee, CCO and deferred compensation fees within the Statement of Operations.

**Investment management fees:** TAM serves as the Portfolio's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Portfolio pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

The Portfolio pays a management fee to TAM based on daily average net assets at the following rates:

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| | |
|:---|:---|
| **Breakpoints** | **Rate** |
|  First $10 billion | 0.1225% |
|  Over $10 billion | 0.1025 |

---

TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses, reorganization expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

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| | | |
|:---|:---|:---|
| | **Operating<br>Expense Limit** | **Operating<br>Expense Limit<br>Effective Through** |
|  Initial Class | 0.25% | May 1, 2023 |
|  Service Class | 0.50 | May 1, 2023 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended December 31, 2022 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Portfolio, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

As of December 31, 2022, there are no amounts available for recapture by TAM.

**Distribution and service fees:** TST has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, TST entered into a distribution agreement with TCI as the Portfolio's distributor.

The Distribution Plan requires the Portfolio to pay distribution fees to TCI as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCI, on behalf of the Portfolio, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Portfolio's shares.

The fee on the Service Class shares is paid to the insurance companies for providing services and account maintenance for the policyholders who invest in the variable insurance products which invest in the Service Class shares. TCI has determined that it will not seek payment for the distribution expenses incurred by the Portfolio with respect to the Initial Class shares before May 1, 2023. Prior to TCI seeking distribution expenses on Initial Class shares, policy and contract owners will be notified in advance. The Portfolio will pay fees relating to Service Class shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Portfolio is authorized under the Distribution Plan to pay fees to TCI based on daily average net assets of each class up to the following annual rates:

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| | |
|:---|:---|
| **Class** | **Rate** |
|  Initial Class | 0.15% |
|  Service Class | 0.25 |

---

**Transfer agent costs:** TFS provides transfer agency services under an intercompany agreement with TAM. TFS has outsourced the provision of certain sub-transfer agency services to SS&C Technology Holdings, Inc ("SS&C"). The Portfolio does not pay a separate transfer agent fee to TAM or TFS but does pay certain expenses to SS&C related to applicable sub-transfer agency services. For the year ended December 31, 2022, (i) the expenses paid to SS&C by the Portfolio are referred to as Transfer agent costs and are included within the Statement of Operations and (ii) the expenses payable to SS&C by the Portfolio are referred to as Transfer agent costs within the Statement of Assets and Liabilities.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

**Deferred compensation plan:** Effective September 23, 2021, the Board has approved the termination of the deferred compensation plan. Payments will be made to applicable current and former Board members consistent with Section 409A of the Code. Under a non-qualified deferred compensation plan effective January 1, 1996, as amended and restated January 1, 2010, available to the trustees, compensation may be deferred that would otherwise be payable by TST to an independent trustee on a current basis for services rendered as trustee. Deferred compensation amounts will accumulate based on the value of the investment option, as elected by the trustee. Balances pursuant to deferred compensation plan are recorded in Trustees, Chief Compliance Officer ("CCO") and deferred compensation fees within the Statement of Assets and Liabilities. For the year ended December 31, 2022, amounts included in Trustees, CCO and deferred compensation fees within the Statement of Operations reflect total compensation paid to the independent Board members.

**Brokerage commissions:** The Portfolio incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the year ended December 31, 2022.

**9. PURCHASES AND SALES OF SECURITIES** 

For the year ended December 31, 2022, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

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| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $842842998 | $141320827 | $1942979578 | $126551349 |

---

**10. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS** 

The Portfolio has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Portfolio recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Portfolio's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Portfolio's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Portfolio's financial statements. If applicable, the Portfolio recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Portfolio identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Portfolio makes significant investments; however, the Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales and futures contracts mark-to-market. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. There are no reclassifications in the current year.

As of December 31, 2022, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

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| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross<br>Appreciation** | **Gross<br>(Depreciation)** | **Net Appreciation<br>(Depreciation)** |
| $5939677111 | $69554387 | $(693769153) | $(624214766) |

---

As of December 31, 2022, the Portfolio had no capital loss carryforwards available to offset future realized capital gains. During the year ended December 31, 2022, the Portfolio did not have any capital loss carryforwards utilized or expired.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**10. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)** 

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2022 and 2021 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** |
| **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of Capital** | **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of Capital** |
| $349244946 | $538356099 | $— | $125255666 | $46934757 | $— |

---

As of December 31, 2022, the tax basis components of distributable earnings are as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Capital Loss<br>Carryforwards** | **Late Year<br>Ordinary Loss<br>Deferred** | **Other<br>Temporary<br>Differences** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| $95721043 | $39498829 | $— | $— | $— | $(624217478) |

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**Report of Independent Registered Public Accounting Firm** 

*To the Shareholders and the Board of Trustees of Transamerica JPMorgan Asset Allocation — Moderate VP* 

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities of Transamerica JPMorgan Asset Allocation — Moderate VP (the "Portfolio") (one of the portfolios constituting Transamerica Series Trust (the "Trust")), including the schedule of investments, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the portfolios constituting Transamerica Series Trust) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion** 

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g438566ernst_young.jpg)

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

February 27, 2023

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**SUPPLEMENTAL TAX INFORMATION** 

**(unaudited)** 

For tax purposes, the Portfolio has made a long-term capital gain designation of $538,356,099 for the year ended December 31, 2022.

The amounts which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the U.S. are as follows:

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| | |
|:---|:---|
| **Foreign Source Income** | **Foreign Taxes** |
| $9333130 | $2352319 |

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**Transamerica JPMorgan Enhanced Index VP** 

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**(unaudited)** 

**MARKET ENVIRONMENT** 

The S&P 500<sup>®</sup> Index ("S&P 500<sup>®</sup>" or "Index") faced its worst year since 2008, returning -18.11% for the year ended December 31, 2022. Communication services and consumer discretionary were the worst performing sectors in 2022, while energy and utilities were the only sectors posting positive returns for the year.

After three years of strength, equity markets were whiplashed with bouts of volatility, beginning with geopolitical tensions leading to the Russia-Ukraine war. As a result, rising oil and gas prices led to energy sector strength while pressuring manufacturing costs and already stressed global supply chains. Moreover, concerns over high inflation and a shrinking economy in April 2022 further tested equity markets. Developed equity markets saw the worst first half in over two decades. The U.S. Federal Reserve hiked rates by a cumulative 4.25% in 2022, in an attempt to curb record high inflation. The Consumer Price Index peaked at 9.1% in June 2022 and trended downward to 7.1% in November 2022. Corporate America battled high interest rates, contraction in manufacturing and dampened consumer sentiment. Finally, earnings forecasts for 2023 witnessed sharp cuts towards the end of 2022 as recession fears mounted.

Large cap stocks, represented by the S&P 500<sup>®</sup>, outperformed small caps, as measured by the Russell 2000<sup>®</sup> Index, while the mid cap stocks of the Russell Midcap<sup>®</sup> Index outperformed both large and small caps. Value outperformed growth by a wide margin, as the Russell 3000<sup>®</sup> Value Index returned -7.99% and the Russell 3000<sup>®</sup> Growth Index returned -28.97%.

**PERFORMANCE** 

For the year ended December 31, 2022, Transamerica JPMorgan Enhanced Index VP, Initial Class returned -18.35%. By comparison, its benchmark, the S&P 500<sup>®</sup> Index, returned -18.11%.

**STRATEGY REVIEW** 

For the 12-month period ended December 31, 2022, Transamerica JPMorgan Enhanced Index VP (the "Portfolio") underperformed its benchmark, the S&P 500<sup>®</sup> Index. Stock selection in the pharmaceutical/medical technology and insurance sectors added value, while stock selection in the technology and media sectors detracted from benchmark relative performance.

On the positive side, within financials, the underweight to PayPal Holdings, Inc. contributed to performance this year. PayPal Holdings, Inc. was negatively affected by both increasing digital wallet competition and slowing e-commerce growth. In the third quarter, PayPal Holdings, Inc. disclosed that its core-branded checkout button grew at slower than expected rates, suggesting market share loss, particularly to Apple Pay and buy-now-pay-later. The Portfolio remains underweight as we believe longer-term competitive pressure will result in deteriorating revenue growth and fundamentals. Within industrial cyclicals, our overweight in Deere & Co. served as a contributor to performance in 2022. Deere & Co. outperformed despite supply chain issues given strong pricing, sustained demand amidst tight supply, and strong farmer incomes and crop prices. Notably, Deere & Co. reported its fourth quarter results had stronger than anticipated volumes and price realization. Deere & Co.'s fiscal year 2023 outlook was also more bullish than anticipated with sustained strength in pricing and large volumes. We remain overweight Deere & Co. as we think they are uniquely positioned to leverage precision agriculture to meaningfully enhance farmer productivity.

On the negative side, within pharmaceutical/medical technology, our overweight in Baxter International, Inc. detracted from performance after lowered earnings guidance disappointed the market. The company saw an outsized negative impact from macro pressures that included supply chain difficulties, higher oil prices, and foreign exchange headwinds. These factors combined with overly optimistic expectations led to disappointing quarterly earnings per share results and multiple fiscal year 2022 earnings per share guidance reductions. We believe the current street and company expectations for earnings per share have been properly reset and the macro pressures facing Baxter International, Inc. are easing. We remain overweight the name. In technology, an overweight in Seagate Technology Holdings PLC hurt relative portfolio performance. The stock was under pressure during the year after management cut its earnings and revenue forecasts, citing a worsening macroeconomic backdrop. As with the broader semiconductor industry, Seagate Technology Holdings PLC experienced the impact of an inventory correction that was deeper and longer than expected. We remain confident in the company's prospects for growth in its storage product lines. Seagate Technology Holdings PLC continues to look relatively attractive, and we remain comfortable with our overweight position.

**Tim Snyder, CFA** 

**Ralph Zingone, CFA** 

**Co-Portfolio Managers** 

**J.P. Morgan Investment Management Inc.** 

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**Page 1** 

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**(unaudited)** 

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| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  Common Stocks | 97.8% |
|  Repurchase Agreement | 1.2 |
|  Net Other Assets (Liabilities) | 1 |
|  **Total** | 100.0% |

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*Current and future portfolio holdings are subject to change and risk.* 

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**Transamerica JPMorgan Enhanced Index VP** 

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**(unaudited)**![LOGO](g438566g56o59.jpg)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Initial Class | (18.35)% | 9.47% | 12.36% | 05/02/1997 |
|  S&P 500<sup>®</sup> Index <sup>(A)</sup> | (18.11)% | 9.42% | 12.56% |  |
|  Service Class | (18.55)% | 9.20% | 12.08% | 05/01/2003 |

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<sup>(A)</sup> *The S&P 500<sup>®</sup> Index is a market-capitalization weighted index of 500 large U.S. companies with common stock listed on the NYSE or NASDAQ.* 

The Portfolio's benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Year or Since Inception calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or the redemption of Portfolio shares. The Portfolio's investment return and net asset value will fluctuate. Investors' shares when redeemed may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month end. Portfolio performance is net of investment fees and Portfolio expenses, but not product charges, which, if included, would significantly lower the performance quoted.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of previously waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Growth stocks can be volatile and experience sharp price declines and certain types of stocks, especially technology stocks, can be extremely volatile and subject to greater price swings than the broader market.

Fixed-income securities are subject to risks including credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk and liquidity risk. The value of fixed income securities generally goes down when interest rates rise, and therefore the value of your investment in the Portfolio may also go down.

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**DISCLOSURE OF EXPENSES** 

**(unaudited)** 

**SHAREHOLDER EXPENSES** 

Portfolio shareholders may incur two types of costs: (i) transaction costs, including brokerage commissions on purchases and sales of portfolio shares; and (ii) ongoing costs, including management fees, and other portfolio expenses.

The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other portfolios.

The example is based on an investment of $1,000 invested at July 1, 2022, and held for the entire six-month period until December 31, 2022.

**ACTUAL EXPENSES** 

The information in the table below provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = $8.60), then multiply the result by the number in the appropriate column for your share class titled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES** 

The information in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratios and assumed rates of return of 5% per year before expenses, which are not the Portfolio's actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Portfolio versus other portfolios. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other portfolios.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Portfolio shares. Therefore, the information under the heading "Hypothetical Expenses" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different portfolios. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries, or other financial institutions.

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|:---|:---|:---|:---|:---|:---|:---|
| | | **Actual Expenses** | **Actual Expenses** | **Hypothetical Expenses <sup>(A)</sup>** | **Hypothetical Expenses <sup>(A)</sup>** | |
| <br>**Class** | <br>**Beginning<br>Account Value<br>July 1, 2022** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** | <br>**Net Annualized<br>Expense Ratio <sup>(C)</sup>** |
|  Initial Class | $&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;1020.00 | $&nbsp;&nbsp;&nbsp;&nbsp;3.16 | $&nbsp;&nbsp;&nbsp;&nbsp;1022.10 | $&nbsp;&nbsp;&nbsp;&nbsp;3.16 | 0.62% |
|  Service Class | 1000.00 | 1018.60 | 4.43 | 1020.80 | 4.43 | 0.87 |

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(A) *5% return per year before expenses.*

(B) *Expenses are calculated using the Portfolio's net annualized expense ratio, as disclosed in the table, multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (365 days).*

(C) *Net annualized expense ratios are reflective of applicable fee waivers and/or reimbursements and recapture, if any, and are based on the most recent six-months which may differ from the net expense ratio displayed in the Financial Highlights that covers a twelve-month period.*

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 4** 

------

##### [**Table of Contents**](#toc)
**Transamerica JPMorgan Enhanced Index VP** 

------

**SCHEDULE OF INVESTMENTS** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS - 97.8%** | **COMMON STOCKS - 97.8%** | **COMMON STOCKS - 97.8%** |
| **Aerospace & Defense - 1.5%** | **Aerospace & Defense - 1.5%** | **Aerospace & Defense - 1.5%** |
|  General Dynamics Corp. | 9770 | $2424035 |
|  Howmet Aerospace, Inc. | 26960 | 1062493 |
|  Raytheon Technologies Corp. | 192772 | 19454550 |
|  Textron, Inc. | 102040 | 7224432 |
|  |  | 30165510 |
| **Air Freight & Logistics - 1.0%** | **Air Freight & Logistics - 1.0%** | **Air Freight & Logistics - 1.0%** |
|  United Parcel Service, Inc., Class B | 106958 | 18593579 |
| **Airlines - 0.1%** | **Airlines - 0.1%** | **Airlines - 0.1%** |
|  Southwest Airlines Co. <sup>(A)</sup> | 43813 | 1475184 |
| **Auto Components - 0.1%** | **Auto Components - 0.1%** | **Auto Components - 0.1%** |
|  Magna International, Inc. <sup>(B)</sup> | 52149 | 2929731 |
| **Automobiles - 1.0%** | **Automobiles - 1.0%** | **Automobiles - 1.0%** |
|  Rivian Automotive, Inc., Class A <sup>(A)</sup> <sup>(B)</sup> | 18081 | 333233 |
|  Tesla, Inc. <sup>(A)</sup> | 158051 | 19468722 |
|  |  | 19801955 |
| **Banks - 3.9%** | **Banks - 3.9%** | **Banks - 3.9%** |
|  Bank of America Corp. | 484740 | 16054589 |
|  Citigroup, Inc. | 114614 | 5183991 |
|  Fifth Third Bancorp | 196881 | 6459666 |
|  SVB Financial Group <sup>(A)</sup> | 5815 | 1338264 |
|  Truist Financial Corp. | 256496 | 11037023 |
|  US Bancorp | 364939 | 15914990 |
|  Wells Fargo & Co. | 501187 | 20694011 |
|  |  | 76682534 |
| **Beverages - 2.1%** | **Beverages - 2.1%** | **Beverages - 2.1%** |
|  Coca-Cola Co. | 384312 | 24446086 |
|  Constellation Brands, Inc., Class A | 36268 | 8405109 |
|  PepsiCo, Inc. | 48910 | 8836081 |
|  |  | 41687276 |
| **Biotechnology - 3.2%** | **Biotechnology - 3.2%** | **Biotechnology - 3.2%** |
|  AbbVie, Inc. | 176624 | 28544205 |
|  Biogen, Inc. <sup>(A)</sup> | 23804 | 6591804 |
|  BioMarin Pharmaceutical, Inc. <sup>(A)</sup> | 18606 | 1925535 |
|  Neurocrine Biosciences, Inc. <sup>(A)</sup> | 17289 | 2064998 |
|  Regeneron Pharmaceuticals, Inc. <sup>(A)</sup> | 16895 | 12189573 |
|  Sarepta Therapeutics, Inc. <sup>(A)</sup> | 14270 | 1849107 |
|  Vertex Pharmaceuticals, Inc. <sup>(A)</sup> | 35245 | 10178051 |
|  |  | 63343273 |
| **Building Products - 0.9%** | **Building Products - 0.9%** | **Building Products - 0.9%** |
|  Masco Corp. | 93816 | 4378393 |
|  Trane Technologies PLC | 76568 | 12870315 |
|  |  | 17248708 |
| **Capital Markets - 1.6%** | **Capital Markets - 1.6%** | **Capital Markets - 1.6%** |
|  Ameriprise Financial, Inc. | 16540 | 5150060 |
|  CME Group, Inc. | 49180 | 8270109 |
|  Morgan Stanley | 99025 | 8419105 |
|  Raymond James Financial, Inc. | 46540 | 4972799 |
|  State Street Corp. | 51231 | 3973989 |
|  |  | 30786062 |
| **Chemicals - 2.0%** | **Chemicals - 2.0%** | **Chemicals - 2.0%** |
|  Air Products & Chemicals, Inc. | 12791 | 3942954 |
|  Celanese Corp. | 13223 | 1351919 |
|  DuPont de Nemours, Inc. | 52655 | 3613713 |
|  Eastman Chemical Co. | 69859 | 5689317 |
|  Linde PLC | 49718 | 16217017 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
|  PPG Industries, Inc. | 62373 | $7842781 |
|  |  | 38657701 |
| **Commercial Services & Supplies - 0.1%** | **Commercial Services & Supplies - 0.1%** | **Commercial Services & Supplies - 0.1%** |
|  Cintas Corp. | 6064 | 2738624 |
| **Communications Equipment - 0.2%** | **Communications Equipment - 0.2%** | **Communications Equipment - 0.2%** |
|  Motorola Solutions, Inc. | 17806 | 4588784 |
| **Construction Materials - 0.2%** | **Construction Materials - 0.2%** | **Construction Materials - 0.2%** |
|  Martin Marietta Materials, Inc. | 8890 | 3004553 |
| **Consumer Finance - 1.5%** | **Consumer Finance - 1.5%** | **Consumer Finance - 1.5%** |
|  American Express Co. | 117680 | 17387220 |
|  Capital One Financial Corp. | 16794 | 1561170 |
|  S&P Global, Inc. | 28634 | 9590672 |
|  |  | 28539062 |
| **Containers & Packaging - 0.1%** | **Containers & Packaging - 0.1%** | **Containers & Packaging - 0.1%** |
|  Avery Dennison Corp. | 14280 | 2584680 |
| **Diversified Financial Services - 2.0%** | **Diversified Financial Services - 2.0%** | **Diversified Financial Services - 2.0%** |
|  Berkshire Hathaway, Inc., Class B <sup>(A)</sup> | 97543 | 30131033 |
|  Intercontinental Exchange, Inc. | 90374 | 9271468 |
|  |  | 39402501 |
| **Diversified Telecommunication Services - 0.0% <sup>(C)</sup>** | **Diversified Telecommunication Services - 0.0% <sup>(C)</sup>** | **Diversified Telecommunication Services - 0.0% <sup>(C)</sup>** |
|  Verizon Communications, Inc. | 12424 | 489506 |
| **Electric Utilities - 1.7%** | **Electric Utilities - 1.7%** | **Electric Utilities - 1.7%** |
|  FirstEnergy Corp. | 68689 | 2880816 |
|  NextEra Energy, Inc. | 271360 | 22685696 |
|  PG&E Corp. <sup>(A)</sup> <sup>(B)</sup> | 461007 | 7495974 |
|  |  | 33062486 |
| **Electrical Equipment - 0.6%** | **Electrical Equipment - 0.6%** | **Electrical Equipment - 0.6%** |
|  Eaton Corp. PLC | 75551 | 11857729 |
| **Electronic Equipment, Instruments & Components - 0.2%** | **Electronic Equipment, Instruments & Components - 0.2%** | **Electronic Equipment, Instruments & Components - 0.2%** |
|  Corning, Inc. | 52550 | 1678447 |
|  TE Connectivity Ltd. | 19810 | 2274188 |
|  |  | 3952635 |
| **Energy Equipment & Services - 0.2%** | **Energy Equipment & Services - 0.2%** | **Energy Equipment & Services - 0.2%** |
|  Baker Hughes Co. | 106690 | 3150556 |
| **Entertainment - 0.7%** | **Entertainment - 0.7%** | **Entertainment - 0.7%** |
|  Netflix, Inc. <sup>(A)</sup> | 36023 | 10622462 |
|  Walt Disney Co. <sup>(A)</sup> | 34563 | 3002834 |
|  |  | 13625296 |
| **Equity Real Estate Investment Trusts - 2.6%** | **Equity Real Estate Investment Trusts - 2.6%** | **Equity Real Estate Investment Trusts - 2.6%** |
|  Camden Property Trust | 15941 | 1783479 |
|  Equinix, Inc. | 8892 | 5824527 |
|  Equity LifeStyle Properties, Inc. | 54765 | 3537819 |
|  Host Hotels & Resorts, Inc. | 51778 | 831037 |
|  Prologis, Inc. | 121802 | 13730739 |
|  SBA Communications Corp. | 33715 | 9450652 |
|  Sun Communities, Inc. | 31735 | 4538105 |
|  UDR, Inc. | 114383 | 4430054 |
|  Ventas, Inc. | 150308 | 6771375 |
|  |  | 50897787 |
| **Food & Staples Retailing - 0.7%** | **Food & Staples Retailing - 0.7%** | **Food & Staples Retailing - 0.7%** |
|  Costco Wholesale Corp. | 31850 | 14539525 |
| **Food Products - 0.4%** | **Food Products - 0.4%** | **Food Products - 0.4%** |
|  Hershey Co. | 10770 | 2494009 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 5** 

------

##### [**Table of Contents**](#toc)
**Transamerica JPMorgan Enhanced Index VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Food Products (continued)** | **Food Products (continued)** | **Food Products (continued)** |
|  Mondelez International, Inc., Class A | 94346 | $6288161 |
|  |  | 8782170 |
| **Health Care Equipment & Supplies - 2.6%** | **Health Care Equipment & Supplies - 2.6%** | **Health Care Equipment & Supplies - 2.6%** |
|  Abbott Laboratories | 94711 | 10398321 |
|  Baxter International, Inc. | 129311 | 6590982 |
|  Boston Scientific Corp. <sup>(A)</sup> | 202901 | 9388229 |
|  Dexcom, Inc. <sup>(A)</sup> | 23300 | 2638492 |
|  Intuitive Surgical, Inc. <sup>(A)</sup> | 44068 | 11693444 |
|  Medtronic PLC | 95585 | 7428866 |
|  Zimmer Biomet Holdings, Inc. | 21379 | 2725822 |
|  |  | 50864156 |
| **Health Care Providers & Services - 3.7%** | **Health Care Providers & Services - 3.7%** | **Health Care Providers & Services - 3.7%** |
|  Centene Corp. <sup>(A)</sup> | 107433 | 8810580 |
|  CVS Health Corp. | 13830 | 1288818 |
|  Elevance Health, Inc. | 25058 | 12854002 |
|  Humana, Inc. | 9084 | 4652734 |
|  McKesson Corp. | 14676 | 5505261 |
|  UnitedHealth Group, Inc. | 72747 | 38569005 |
|  |  | 71680400 |
| **Hotels, Restaurants & Leisure - 2.4%** | **Hotels, Restaurants & Leisure - 2.4%** | **Hotels, Restaurants & Leisure - 2.4%** |
|  Booking Holdings, Inc. <sup>(A)</sup> | 5755 | 11597936 |
|  Chipotle Mexican Grill, Inc. <sup>(A)</sup> | 6160 | 8546938 |
|  Domino's Pizza, Inc. | 6060 | 2099184 |
|  Expedia Group, Inc. <sup>(A)</sup> | 48162 | 4218991 |
|  Marriott International, Inc., Class A | 39520 | 5884133 |
|  McDonald's Corp. | 42392 | 11171564 |
|  Royal Caribbean Cruises Ltd. <sup>(A)</sup> <sup>(B)</sup> | 12683 | 626921 |
|  Yum! Brands, Inc. | 26790 | 3431263 |
|  |  | 47576930 |
| **Household Durables - 0.5%** | **Household Durables - 0.5%** | **Household Durables - 0.5%** |
|  Lennar Corp., Class A | 67279 | 6088750 |
|  PulteGroup, Inc. | 10070 | 458487 |
|  Toll Brothers, Inc. | 45612 | 2276951 |
|  |  | 8824188 |
| **Household Products - 1.9%** | **Household Products - 1.9%** | **Household Products - 1.9%** |
|  Colgate-Palmolive Co. | 150390 | 11849228 |
|  Kimberly-Clark Corp. | 51911 | 7046919 |
|  Procter & Gamble Co. | 125579 | 19032753 |
|  |  | 37928900 |
| **Industrial Conglomerates - 1.2%** | **Industrial Conglomerates - 1.2%** | **Industrial Conglomerates - 1.2%** |
|  Honeywell International, Inc. | 106922 | 22913385 |
| **Insurance - 2.1%** | **Insurance - 2.1%** | **Insurance - 2.1%** |
|  Aon PLC, Class A | 14360 | 4310010 |
|  Globe Life, Inc. | 24550 | 2959503 |
|  Progressive Corp. | 130579 | 16937402 |
|  Prudential Financial, Inc. | 22492 | 2237054 |
|  Travelers Cos., Inc. | 73033 | 13692957 |
|  |  | 40136926 |
| **Interactive Media & Services - 4.5%** | **Interactive Media & Services - 4.5%** | **Interactive Media & Services - 4.5%** |
|  Alphabet, Inc., Class A <sup>(A)</sup> | 436790 | 38537982 |
|  Alphabet, Inc., Class C <sup>(A)</sup> | 318150 | 28229450 |
|  Meta Platforms, Inc., Class A <sup>(A)</sup> | 162607 | 19568126 |
|  ZoomInfo Technologies, Inc. <sup>(A)</sup> | 48303 | 1454403 |
|  |  | 87789961 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Internet & Direct Marketing Retail - 2.5%** | **Internet & Direct Marketing Retail - 2.5%** | **Internet & Direct Marketing Retail - 2.5%** |
|  Amazon.com, Inc. <sup>(A)</sup> | 584500 | $49098000 |
| **IT Services - 4.3%** | **IT Services - 4.3%** | **IT Services - 4.3%** |
|  Accenture PLC, Class A | 64543 | 17222654 |
|  Affirm Holdings, Inc. <sup>(A)</sup> <sup>(B)</sup> | 68020 | 657753 |
|  Block, Inc. <sup>(A)</sup> | 16410 | 1031204 |
|  FleetCor Technologies, Inc. <sup>(A)</sup> | 36330 | 6673095 |
|  Mastercard, Inc., Class A | 93500 | 32512755 |
|  Visa, Inc., Class A | 122408 | 25431486 |
|  |  | 83528947 |
| **Life Sciences Tools & Services - 1.8%** | **Life Sciences Tools & Services - 1.8%** | **Life Sciences Tools & Services - 1.8%** |
|  Danaher Corp. | 44177 | 11725459 |
|  Thermo Fisher Scientific, Inc. | 42415 | 23357517 |
|  |  | 35082976 |
| **Machinery - 2.0%** | **Machinery - 2.0%** | **Machinery - 2.0%** |
|  Deere & Co. | 38074 | 16324608 |
|  Dover Corp. | 31990 | 4331766 |
|  Ingersoll Rand, Inc. | 23672 | 1236862 |
|  Otis Worldwide Corp. | 93499 | 7321907 |
|  Parker-Hannifin Corp. | 35149 | 10228359 |
|  |  | 39443502 |
| **Media - 1.2%** | **Media - 1.2%** | **Media - 1.2%** |
|  Charter Communications, Inc., Class A <sup>(A)</sup> | 26227 | 8893576 |
|  Comcast Corp., Class A | 426347 | 14909354 |
|  |  | 23802930 |
| **Metals & Mining - 0.3%** | **Metals & Mining - 0.3%** | **Metals & Mining - 0.3%** |
|  Freeport-McMoRan, Inc. | 71586 | 2720268 |
|  Nucor Corp. <sup>(B)</sup> | 22150 | 2919591 |
|  |  | 5639859 |
| **Multi-Utilities - 1.4%** | **Multi-Utilities - 1.4%** | **Multi-Utilities - 1.4%** |
|  Ameren Corp. | 59711 | 5309502 |
|  CenterPoint Energy, Inc. | 199557 | 5984714 |
|  Public Service Enterprise Group, Inc. | 112292 | 6880131 |
|  Sempra Energy | 64040 | 9896742 |
|  |  | 28071089 |
| **Multiline Retail - 0.2%** | **Multiline Retail - 0.2%** | **Multiline Retail - 0.2%** |
|  Target Corp. | 20570 | 3065753 |
| **Oil, Gas & Consumable Fuels - 5.0%** | **Oil, Gas & Consumable Fuels - 5.0%** | **Oil, Gas & Consumable Fuels - 5.0%** |
|  Chevron Corp. | 47791 | 8578007 |
|  ConocoPhillips | 175778 | 20741804 |
|  Coterra Energy, Inc. | 137670 | 3382552 |
|  Diamondback Energy, Inc. | 86644 | 11851166 |
|  EOG Resources, Inc. | 94810 | 12279791 |
|  Exxon Mobil Corp. | 334900 | 36939470 |
|  Phillips 66 | 28904 | 3008328 |
|  |  | 96781118 |
| **Pharmaceuticals - 4.2%** | **Pharmaceuticals - 4.2%** | **Pharmaceuticals - 4.2%** |
|  Bristol-Myers Squibb Co. | 276217 | 19873813 |
|  Eli Lilly & Co. | 61330 | 22436967 |
|  Johnson & Johnson | 107529 | 18994998 |
|  Merck & Co., Inc. | 133054 | 14762341 |
|  Pfizer, Inc. | 133169 | 6823580 |
|  |  | 82891699 |
| **Professional Services - 0.4%** | **Professional Services - 0.4%** | **Professional Services - 0.4%** |
|  Booz Allen Hamilton Holding Corp. | 17835 | 1864114 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 6** 

------

##### [**Table of Contents**](#toc)
**Transamerica JPMorgan Enhanced Index VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** |
|  Leidos Holdings, Inc. | 52040 | $5474088 |
|  |  | 7338202 |
| **Road & Rail - 1.2%** | **Road & Rail - 1.2%** | **Road & Rail - 1.2%** |
|  CSX Corp. | 124360 | 3852673 |
|  Norfolk Southern Corp. | 41733 | 10283846 |
|  Uber Technologies, Inc. <sup>(A)</sup> | 61050 | 1509766 |
|  Union Pacific Corp. | 35213 | 7291556 |
|  |  | 22937841 |
| **Semiconductors & Semiconductor Equipment - 5.6%** | **Semiconductors & Semiconductor Equipment - 5.6%** | **Semiconductors & Semiconductor Equipment - 5.6%** |
|  Advanced Micro Devices, Inc. <sup>(A)</sup> | 169905 | 11004747 |
|  Analog Devices, Inc. | 94934 | 15572024 |
|  Broadcom, Inc. | 6350 | 3550475 |
|  Lam Research Corp. | 34509 | 14504133 |
|  Microchip Technology, Inc. | 76250 | 5356562 |
|  Micron Technology, Inc. | 34382 | 1718412 |
|  NVIDIA Corp. | 126443 | 18478380 |
|  NXP Semiconductors NV | 90259 | 14263630 |
|  QUALCOMM, Inc. | 23239 | 2554896 |
|  Teradyne, Inc. | 30790 | 2689507 |
|  Texas Instruments, Inc. | 125013 | 20654648 |
|  |  | 110347414 |
| **Software - 8.3%** | **Software - 8.3%** | **Software - 8.3%** |
|  Adobe, Inc. <sup>(A)</sup> | 43190 | 14534731 |
|  Cadence Design Systems, Inc. <sup>(A)</sup> | 15780 | 2534899 |
|  DocuSign, Inc. <sup>(A)</sup> | 39700 | 2200174 |
|  Fortinet, Inc. <sup>(A)</sup> | 40960 | 2002534 |
|  Intuit, Inc. | 30826 | 11998096 |
|  Microsoft Corp. | 493598 | 118374672 |
|  Oracle Corp. | 66029 | 5397210 |
|  Salesforce, Inc. <sup>(A)</sup> | 9145 | 1212536 |
|  Workday, Inc., Class A <sup>(A)</sup> | 25864 | 4327823 |
|  |  | 162582675 |
| **Specialty Retail - 3.7%** | **Specialty Retail - 3.7%** | **Specialty Retail - 3.7%** |
|  AutoNation, Inc. <sup>(A)</sup> | 25970 | 2786581 |
|  AutoZone, Inc. <sup>(A)</sup> | 3789 | 9344356 |
|  Best Buy Co., Inc. | 87821 | 7044122 |
|  Burlington Stores, Inc. <sup>(A)</sup> | 18118 | 3673606 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Specialty Retail (continued)** | **Specialty Retail (continued)** | **Specialty Retail (continued)** |
|  Home Depot, Inc. | 37629 | $11885496 |
|  Lowe's Cos., Inc. | 101602 | 20243182 |
|  O'Reilly Automotive, Inc. <sup>(A)</sup> | 10201 | 8609950 |
|  TJX Cos., Inc. | 79027 | 6290549 |
|  Ulta Beauty, Inc. <sup>(A)</sup> | 3210 | 1505715 |
|  |  | 71383557 |
| **Technology Hardware, Storage & Peripherals - 6.3%** | **Technology Hardware, Storage & Peripherals - 6.3%** | **Technology Hardware, Storage & Peripherals - 6.3%** |
|  Apple, Inc. | 898824 | 116784202 |
|  Seagate Technology Holdings PLC | 113858 | 5990070 |
|  |  | 122774272 |
| **Textiles, Apparel & Luxury Goods - 0.6%** | **Textiles, Apparel & Luxury Goods - 0.6%** | **Textiles, Apparel & Luxury Goods - 0.6%** |
|  NIKE, Inc., Class B | 96387 | 11278243 |
| **Tobacco - 0.8%** | **Tobacco - 0.8%** | **Tobacco - 0.8%** |
|  Altria Group, Inc. | 141778 | 6480673 |
|  Philip Morris International, Inc. | 91049 | 9215069 |
|  |  | 15695742 |
| **Wireless Telecommunication Services - 0.5%** | **Wireless Telecommunication Services - 0.5%** | **Wireless Telecommunication Services - 0.5%** |
|  T-Mobile US, Inc. <sup>(A)</sup> | 67770 | 9487800 |
|  **Total Common Stocks <br>(Cost $1,715,952,862)** | **Total Common Stocks <br>(Cost $1,715,952,862)** | 1911533872 |
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 1.2%** | **REPURCHASE AGREEMENT - 1.2%** | **REPURCHASE AGREEMENT - 1.2%** |
|  Fixed Income Clearing Corp., 1.80% <sup>(D)</sup>, dated 12/30/2022, to be repurchased at $23,353,858 on 01/03/2023. Collateralized by a U.S. Government Obligation, 4.77%, due 12/28/2023, and with a value of $23,816,192. | $23349188 | 23349188 |
|  **Total Repurchase Agreement <br>(Cost $23,349,188)** | **Total Repurchase Agreement <br>(Cost $23,349,188)** | 23349188 |
|  **Total Investments <br>(Cost $1,739,302,050)** | **Total Investments <br>(Cost $1,739,302,050)** | 1934883060 |
|  **Net Other Assets (Liabilities) - 1.0%** |  | 19791051 |
|  **Net Assets - 100.0%** |  | **$1954674111** |

---

**FUTURES CONTRACTS:** 

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Long Futures Contracts** | **Long Futures Contracts** | **Long Futures Contracts** | **Long Futures Contracts** | **Long Futures Contracts** | **Long Futures Contracts** | **Long Futures Contracts** |
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  S&P 500<sup>®</sup> E-Mini Index | 213 | 03/17/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;41819599 | $&nbsp;&nbsp;&nbsp;&nbsp;41119650 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;(699949) |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 7** 

------

##### [**Table of Contents**](#toc)
**Transamerica JPMorgan Enhanced Index VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(E)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Common Stocks | $1911533872 | $— | $— | $1911533872 |
|  Repurchase Agreement |  | 23349188 |  | 23349188 |
|  **Total Investments** | $**1911533872** | $**23349188** | $**—** | $**1934883060** |
|  **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** |
|  **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** |
|  Futures Contracts <sup>(F)</sup> | $(699949) | $— | $— | $(699949) |
|  **Total Other Financial Instruments** | $**(699949)** | $**—** | $**—** | $**(699949)** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *Non-income producing securities.* 

(B) *All or a portion of the securities are on loan. The total value of all securities on loan is $14,141,584, collateralized by non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $14,520,223. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.* 

(C) *Percentage rounds to less than 0.1% or (0.1)%.* 

(D) *Rate disclosed reflects the yield at December 31, 2022.* 

(E) *There were no transfers in or out of Level 3 during the year ended December 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

(F) *Derivative instruments are valued at unrealized appreciation (depreciation).* 

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 8** 

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**Transamerica JPMorgan Enhanced Index VP** 

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**STATEMENT OF ASSETS AND LIABILITIES** 

**At December 31, 2022** 

---

| | |
|:---|:---|
|  **Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value (cost $1,715,952,862) <br>(including securities loaned of $14,141,584) | $1911533872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreement, at value (cost $23,349,188) | 23349188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | 56908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral pledged at broker for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 1514000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables and other assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 20122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 1991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest sold | 17512668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 1945637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 2335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 5914 |
|  Total assets | 1955942635 |
|  **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables and other liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest redeemed | 35395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 1000218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 22118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 2304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 10811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 22633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 32390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 10710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 20861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 18699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin payable on futures contracts | 92385 |
|  Total liabilities | 1268524 |
|  **Net assets** | $&nbsp;&nbsp;&nbsp;&nbsp;1954674111 |
|  **Net assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital stock ($0.01 par value) | $989200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 1639914619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) | 313770292 |
|  **Net assets** | $1954674111 |
|  **Net assets by class:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | $1852967817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 101706294 |
|  **Shares outstanding:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 93743877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 5176097 |
|  **Net asset value and offering price per share:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | $19.77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 19.65 |

---

**STATEMENT OF OPERATIONS** 

**For the year ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $30971158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 203768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 9356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withholding taxes on foreign income | (53632) |
|  Total investment income | 31130650 |
|  **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 12083773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 278872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 21468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 86586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 55947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 140271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 116738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 46926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 91462 |
|  Total expenses | 12922043 |
|  **Net investment income (loss)** | 18208607 |
|  **Net realized gain (loss) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 115671835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (6227959) |
|  Net realized gain (loss) | 109443876 |
|  **Net change in unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (551673162) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (769688) |
|  Net change in unrealized appreciation (depreciation) | (552442850) |
|  Net realized and change in unrealized gain (loss) | (442998974) |
|  **Net increase (decrease) in net assets resulting from operations** | $&nbsp;&nbsp;&nbsp;&nbsp;(424790367) |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 9** 

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**STATEMENT OF CHANGES IN NET ASSETS** 

**For the years ended:** 

---

| | | |
|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2021** |
|  **From operations:** | **From operations:** | **From operations:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $18208607 | $13271095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 109443876 | 249307328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (552442850) | 257865262 |
|  Net increase (decrease) in net assets resulting from operations | (424790367) | 520443685 |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (248501127) | (249859707) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (13827083) | (14777277) |
|  Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (262328210) | (264636984) |
|  **Capital share transactions:** | **Capital share transactions:** | **Capital share transactions:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 263253088 | 444479217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 15850220 | 11709229 |
|  | 279103308 | 456188446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 248501127 | 249859707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 13827083 | 14777277 |
|  | 262328210 | 264636984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (116008982) | (356616004) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (24794766) | (22649638) |
|  | (140803748) | (379265642) |
|  Net increase (decrease) in net assets resulting from capital share transactions | 400627770 | 341559788 |
|  **Net increase (decrease) in net assets** | (286490807) | 597366489 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;2241164918 | 1643798429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $1954674111 | $&nbsp;&nbsp;&nbsp;&nbsp;2241164918 |
|  **Capital share transactions - shares:** | **Capital share transactions - shares:** | **Capital share transactions - shares:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 10755250 | 16511340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 671760 | 440823 |
|  | 11427010 | 16952163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 11694171 | 9680733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 654072 | 575215 |
|  | 12348243 | 10255948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (4810782) | (13636676) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (1074367) | (864620) |
|  | (5885149) | (14501296) |
|  Net increase (decrease) in shares outstanding: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 17638639 | 12555397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 251465 | 151418 |
|  | 17890104 | 12706815 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 10** 

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**FINANCIAL HIGHLIGHTS** 

**For a share outstanding during the years indicated:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $27.67 | $24.07 | $22.01 | $19.30 | $21.68 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(A)</sup> | 0.21 | 0.18 | 0.22 | 0.23 | 0.23 |
|  Net realized and unrealized gain (loss) | (5.08) | 6.83 | 3.98 | 5.41 | (1.38) |
|  Total investment operations | (4.87) | 7.01 | 4.20 | 5.64 | (1.15) |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income | (0.16) | (0.22) | (0.33) | (0.27) | (0.25) |
|  Net realized gains | (2.87) | (3.19) | (1.81) | (2.66) | (0.98) |
|  Total dividends and/or distributions to shareholders | (3.03) | (3.41) | (2.14) | (2.93) | (1.23) |
|  **Net asset value, end of year** | $19.77 | $27.67 | $24.07 | $22.01 | $19.30 |
|  **Total return** | (18.35)% | 30.12% | 20.16% | 31.03% | (6.01)% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;1852968 | $&nbsp;&nbsp;&nbsp;&nbsp;2105664 | $&nbsp;&nbsp;&nbsp;&nbsp;1529426 | $&nbsp;&nbsp;&nbsp;&nbsp;2060400 | $&nbsp;&nbsp;&nbsp;&nbsp;1821768 |
|  Expenses to average net assets | Expenses to average net assets | Expenses to average net assets | Expenses to average net assets | Expenses to average net assets | Expenses to average net assets |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.62% | 0.62% | 0.65% | 0.69% | 0.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.62% | 0.62% | 0.65% | 0.69% | 0.69 %<sup>(B)</sup> |
|  Net investment income (loss) to average net assets | 0.91% | 0.68% | 1.03% | 1.08% | 1.08% |
|  Portfolio turnover rate | 33% | 40% | 45% | 39% | 52% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Waiver and/or reimbursement rounds to less than 0.01%.* 

**For a share outstanding during the years indicated:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $27.51 | $23.96 | $21.93 | $19.24 | $21.62 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(A)</sup> | 0.15 | 0.11 | 0.17 | 0.18 | 0.18 |
|  Net realized and unrealized gain (loss) | (5.04) | 6.79 | 3.95 | 5.39 | (1.38) |
|  Total investment operations | (4.89) | 6.90 | 4.12 | 5.57 | (1.20) |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income | (0.10) | (0.16) | (0.28) | (0.22) | (0.20) |
|  Net realized gains | (2.87) | (3.19) | (1.81) | (2.66) | (0.98) |
|  Total dividends and/or distributions to shareholders | (2.97) | (3.35) | (2.09) | (2.88) | (1.18) |
|  **Net asset value, end of year** | $19.65 | $27.51 | $23.96 | $21.93 | $19.24 |
|  **Total return** | (18.55)% | 29.79% | 19.86% | 30.69% | (6.25)% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;101706 | $&nbsp;&nbsp;&nbsp;&nbsp;135501 | $&nbsp;&nbsp;&nbsp;&nbsp;114372 | $&nbsp;&nbsp;&nbsp;&nbsp;92928 | $&nbsp;&nbsp;&nbsp;&nbsp;68434 |
|  Expenses to average net assets | Expenses to average net assets | Expenses to average net assets | Expenses to average net assets | Expenses to average net assets | Expenses to average net assets |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.87% | 0.87% | 0.90% | 0.94% | 0.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.87% | 0.87% | 0.90% | 0.94% | 0.94 %<sup>(B)</sup> |
|  Net investment income (loss) to average net assets | 0.65% | 0.43% | 0.77% | 0.83% | 0.83% |
|  Portfolio turnover rate | 33% | 40% | 45% | 39% | 52% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Waiver and/or reimbursement rounds to less than 0.01%.* 

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 11** 

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**NOTES TO FINANCIAL STATEMENTS** 

**At December 31, 2022** 

**1. ORGANIZATION** 

Transamerica Series Trust ("TST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). TST applies investment company accounting and reporting guidance. TST serves as a funding vehicle for variable life insurance, variable annuity, and group annuity products. Transamerica JPMorgan Enhanced Index VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers two classes of shares, Initial Class and Service Class.

The only shareholders of the Portfolio are affiliated insurance company separate accounts and affiliated asset allocation portfolios. Contract holders of the variable life and annuity contracts are not shareholders of the Portfolio. For ease of reference, shareholders and contract holders are collectively referred to in this report as "shareholders."

This report must be accompanied or preceded by the Portfolio's current prospectus, which contains additional information about the Portfolio, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Portfolio pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Portfolio. TAM supervises the Portfolio's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Portfolio.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of a Portfolio without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Portfolio and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Portfolio employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending portfolio combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Portfolio's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Portfolio; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for a Portfolio; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Portfolio's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; oversight of other service providers to the Portfolio, such as the custodian, the transfer agent, the Portfolio's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Portfolio; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Portfolio, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Portfolio. The Portfolio pays certain fees and expenses to State Street for sub-administration services which are not administrative

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 12** 

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**Transamerica JPMorgan Enhanced Index VP** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**1. ORGANIZATION (continued)** 

services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the year ended December 31, 2022, (i) the expenses paid to State Street for sub-administration services by the Portfolio are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Portfolio are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES** 

In preparing the Portfolio's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Portfolio.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Portfolio is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Foreign taxes:** The Portfolio may be subject to taxes imposed by the countries in which it invests, with respect to its investments in issuers existing or operating in such countries. The Portfolio may also be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Portfolio accrues such taxes and recoveries as applicable when the related income or capital gains are earned or unrealized, and based upon the current interpretation of tax rules and regulations that exist in the markets in which the Portfolio invests. Some countries require governmental approval for the repatriation of investment income, capital, or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions of foreign capital remittances abroad.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Portfolio with broker/dealers with which TST has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Portfolio. In no event will commissions, paid by the Portfolio, be used to pay expenses that would otherwise be borne by any other portfolios within TST, or by any other party.

Commissions recaptured are included within Net realized gain (loss) within the Statement of Operations. For the year ended December 31, 2022, commissions recaptured are $10,017.

**Indemnification:** In the normal course of business, the Portfolio enters into contracts that contain a variety of representations that provide general indemnifications. The Portfolio's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio and/or its affiliates that have not yet occurred. However, based on experience, the Portfolio expects the risk of loss to be remote.

**3. INVESTMENT VALUATION** 

Effective September 8, 2022, TAM has been designated as the Portfolio's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Portfolio's Board of Trustees. The net asset value of the Portfolio is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

TAM utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels ("Levels") of inputs of the fair value hierarchy are defined as follows:

Level 1—Unadjusted quoted prices in active markets for identical securities.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**3. INVESTMENT VALUATION (continued)** 

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Portfolio's investments and derivative instruments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Portfolio's investments at December 31, 2022, is disclosed within the Investment Valuation section of the Schedule of Investments.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

**Fair value measurements:** Descriptions of the valuation techniques applied to the Portfolio's significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

*Equity securities:* Securities are stated at the last reported sales price or closing price on the day of valuation taken from the primary exchange where the security is principally traded. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Equities traded on inactive markets or valued by reference to similar instruments are generally categorized in Level 2 or Level 3 if inputs are unobservable.

*Foreign equity securities:* Securities in which the primary trading market closes at the same time or after the NYSE, are valued based on quotations from the primary market in which they are traded and are categorized in Level 1. Because many foreign securities markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect the events that occur after that close. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, or ETFs and the movement of certain indices of securities based on a statistical analysis of their historical relationship; such valuations generally are categorized in Level 2.

*Repurchase agreements:* Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

*Derivative instruments:* Centrally cleared or listed derivatives that are actively traded are valued based on quoted prices from the exchange and are categorized in Level 1 of the fair value hierarchy. Over-the-counter ("OTC") derivative contracts include forward, swap, swaption, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices. Depending on the product and the terms of the transaction, the fair value of the OTC derivative products are modeled taking into account the counterparties' creditworthiness and using a series of techniques, including simulation models. Many pricing models do not entail material subjectivity because the methodologies employed do not necessitate significant judgments and the pricing inputs are observed from actively quoted markets, as is the case of interest rate swap and option contracts. The majority of OTC derivative products valued by the Portfolio using pricing models fall into this category and are categorized within Level 2 of the fair value hierarchy or Level 3 if inputs are unobservable.

**4. SECURITIES AND OTHER INVESTMENTS** 

**Real estate investment trusts ("REITs"):** REITs are pooled investment vehicles which invest primarily in income producing real estate, or real estate related loans or interests. Distributions received by REITs are classified at management's estimate of the dividend

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**4. SECURITIES AND OTHER INVESTMENTS (continued)** 

income, return of capital and capital gains. Estimates are based on information available at year-end, which includes the previous fiscal year's classification. The actual amounts of dividend income, return of capital, and capital gains are only determined by each REIT after the fiscal year end and may differ from the estimated amounts. Upon notification from the REITs, some of the distributions received may be re-classified and recorded as a return of capital or capital gains. There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

The Portfolio may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Portfolio invests borrowing proceeds in other securities, the Portfolio will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Portfolio may borrow on a secured or on an unsecured basis. If the Portfolio enters into a secured borrowing arrangement, a portion of the Portfolio's assets will be used as collateral. The 1940 Act requires the Portfolio to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Portfolio's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Portfolio may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the year ended December 31, 2022, the Portfolio has not utilized the program.

**Repurchase agreements:** In a repurchase agreement, the Portfolio purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Portfolio's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Portfolio will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Portfolio and its counterparties that provide for the net settlement of all transactions and collateral with the Portfolio, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at December 31, 2022.

Repurchase agreements at December 31, 2022, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**Securities lending:** The Portfolio may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Portfolio pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Portfolio to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Portfolio may experience delays in recovery of the loaned securities or delays in access to collateral, or the Portfolio may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government and irrevocable letters of credit issued by banks as collateral. The initial collateral received by the Portfolio is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower.

The Portfolio receives compensation for lending securities from interest or dividends earned on the cash, U.S. Government securities and irrevocable letters of credit held as collateral, less associated fees and expenses. Such income is reflected in Net income from

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)** 

securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust—Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at December 31, 2022, if any, are shown on a gross basis within the Schedule of Investments.

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS** 

The Portfolio's investment strategies allow the Portfolio to use various types of derivative contracts, including option contracts, swap agreements, futures contracts, and forward foreign currency contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or OTC.

**Market Risk Factors:** In pursuit of the Portfolio's investment strategies, the Portfolio may seek to use derivatives to increase or decrease its exposure to certain market risks, including:

*Interest rate risk:* Interest rate risk relates to the fluctuations in the value of fixed income securities due to changes in the prevailing levels of market interest rates.

*Foreign exchange rate risk:* Foreign exchange rate risk relates to fluctuations in the value of an asset or liability due to changes in the currency exchange rates.

*Equity risk:* Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

*Credit risk:* Credit risk relates to the ability of the issuer of a financial instrument to make further principal or interest payments on an obligation or commitment that it has to the Portfolio.

*Commodity risk:* Commodity risk relates to the change in value of commodities or commodity indices as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

The Portfolio is also exposed to additional risks from investing in derivatives, such as liquidity and counterparty credit risk. Liquidity risk is the risk that the Portfolio will be unable to sell or close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligations to the Portfolio. Investing in derivatives may also involve greater risks than investing directly in the underlying assets, such as losses in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

The Portfolio's exposure to market risk factors and certain other associated risks are summarized by derivative type as follows:

**Futures contracts:** The Portfolio is subject to equity and commodity risk, interest rate risk, and foreign exchange rate risk in the normal course of pursuing its investment objective. The Portfolio uses futures contracts to gain exposure to, or hedge against, changes in the value of equities and commodities, interest rates, or foreign currencies. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date. Upon entering into such contracts, the Portfolio is required to deposit with the broker, either in cash or in securities, an initial margin in an amount equal to a certain percentage of the contract amount. Subsequent payments (variation margin) are paid or received by the Portfolio, depending on the daily fluctuations in the value of the contract, and are recorded for financial statement purposes as unrealized gains or losses by the Portfolio. Upon entering into such contracts, the Portfolio bears the risk of equity and commodity prices, interest rates, or exchange rates moving unexpectedly, in which case, the Portfolio may not achieve the anticipated benefits of the futures contracts and may realize losses. With futures, there is minimal counterparty credit risk to the Portfolio since futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange.

Open futures contracts at December 31, 2022, if any, are listed within the Schedule of Investments. Variation margin, if applicable, is shown in Variation margin receivable or payable on futures contracts within the Statement of Assets and Liabilities.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)** 

The following is a summary of the location and the Portfolio's fair values of derivative investments disclosed, if any, within the Statement of Assets and Liabilities, categorized by primary market risk exposure as of December 31, 2022.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  Futures contracts: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) <sup>(A) (B)</sup> | $— | $— | $(699949) | $— | $— | $(699949) |
|  **Total** | $**—** | $**—** | $**(699949)** | $**—** | $**—** | $**(699949)** |

---

(A) *May include exchange-traded derivatives which are not subject to a master netting arrangement, or another similar arrangement.* 

(B) *Included within unrealized appreciation (depreciation) on futures contracts as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.* 

The following is a summary of the location and the effect of derivative investments, if any, within the Statement of Operations, categorized by primary market risk exposure as of December 31, 2022.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** |
| **Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  Futures contracts | $— | $— | $(6227959) | $— | $— | $(6227959) |
|  **Total** | $**—** | $**—** | $**(6227959)** | $**—** | $**—** | $**(6227959)** |
| **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** |
| **Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  Futures contracts | $— | $— | $(769688) | $— | $— | $(769688) |
|  **Total** | $**—** | $**—** | $**(769688)** | $**—** | $**—** | $**(769688)** |

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The following is a summary of the ending monthly average volume on derivative activity during the year ended December 31, 2022.

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|  **Futures contracts:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $&nbsp;&nbsp;&nbsp;&nbsp;30260790 |

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**7. RISK FACTORS** 

Investing in the Portfolio involves certain key risks related to the Portfolio's trading activity. Please reference the Portfolio's prospectus for a more complete discussion of the following risk(s), as well as other risks of investing in the Portfolio.

**Market risk:** The market prices of the Portfolio's securities and other assets may go up or down, sometimes sharply and unpredictably, due to general market conditions, overall economic trends or events, inflation, changes in interest rates, government actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by wars, tariffs, trade disputes or other factors, political developments, investor sentiment, the global and domestic effects of a pandemic or other health emergency, and other factors that may or may not be related to the issuer of the security or other asset. The market prices of securities and other assets also may go down due to events or conditions that affect particular sectors, industries, issuers, or geographies. Adverse market conditions may be prolonged and may not have the same impact on all types of securities or other assets. If the value of the Portfolio's securities and assets fall, the value of your investment will go down. The Portfolio may experience a substantial or complete loss on any individual security or asset.

Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, the imposition of economic sanctions, public health events (such as the spread of infectious disease), wars,

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**7. RISK FACTORS (continued)** 

terrorism, cybersecurity events, technology and data interruptions, natural disasters, and other circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. In the past decade, financial markets throughout the world have experienced increased volatility and decreased liquidity. These conditions may continue or worsen. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down. Securities markets may also be susceptible to market manipulation or other fraudulent trade practices, which could disrupt the orderly functioning of these markets or adversely affect the value of securities traded in these markets, including the Portfolio's securities.

The pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in economic downturns throughout the world, severe losses, particularly to some sectors of the economy and individual issuers, and reduced liquidity of many instruments. There also have been significant disruptions to business operations, including business closures; strained healthcare systems; disruptions to supply chains and employee availability; large fluctuations in consumer demand; and widespread uncertainty regarding the duration and long-term effects of the pandemic. Economic downturns may be prolonged, and political and social instability, continued volatility and decreased liquidity in the securities markets may result. Developing or emerging market countries may be more impacted by the pandemic.

The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic. These and other government intervention into the economy and financial markets may not work as intended. In addition, government actions to mitigate the economic impact of the pandemic have resulted in large expansion of government deficits and debt, the long-term consequences of which are not known. Rates of inflation have recently risen, which could adversely affect economies and markets. The pandemic could continue to adversely affect the value and liquidity of the Portfolio's investments.

*Europe:* A number of countries in Europe have experienced severe economic and financial difficulties; and financial markets in Europe and elsewhere have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen or spread within or outside Europe. Responses to the financial problems by European governments, central banks and others may not work, may result in conflicts and social unrest and may limit future growth and economic recovery or have other unintended consequences. In January, 2020, through "Brexit," the United Kingdom withdrew from the European Union. The ramifications of Brexit are unknown, and the implications of possible political, regulatory, economic, and market outcomes could be significant. The United Kingdom has one of the largest economies in Europe and is a major trading partner with European Union countries and the United States. Brexit may create additional and substantial economic stresses for the United Kingdom, including a contraction of the United Kingdom's economy, decreased trade, capital outflows, devaluation of the British pound, and a decrease in business and consumer spending and investment. The negative impact on not only the United Kingdom and European Union economies but also the broader global economy could be significant. A number of countries in Europe have suffered terror attacks, and additional attacks may occur in the future. Europe has also been struggling with mass migration from the Middle East, Eastern Europe and Africa. The ultimate effects of these events and other socio-political or geopolitical issues could profoundly affect global economies and markets. Whether or not the Portfolio invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

*Additional Market Disruption:* Russia's invasion of Ukraine in February, 2022, the resulting responses by the United States and other countries, and the potential for wider conflict, have increased and may continue to increase volatility and uncertainty in financial markets worldwide. The United States and other countries have imposed broad-ranging economic sanctions on Russia and Russian entities and individuals, and may impose additional sanctions, including on other countries that provide military or economic support to Russia. These sanctions, among other things, restrict companies from doing business with Russia and Russian issuers, and may adversely affect companies with economic or financial exposure to Russia and Russian issuers. The extent and duration of Russia's military actions and the repercussions of such actions are not known. The invasion may widen beyond Ukraine and may escalate, including through retaliatory actions and cyberattacks by Russia and even other countries. These events may result in further and significant market disruptions and may adversely affect regional and global economies including those of Europe and the United States. Certain industries and markets, such as those involving oil, natural gas and other commodities, as well as global supply chains, may be particularly adversely affected. Whether or not the Portfolio invests in securities of issuers located in Russia, Ukraine and adjacent countries or with significant exposure to issuers in these countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The value of equity securities fluctuates based on real or perceived changes in a company's financial condition, factors affecting a particular industry or industries, and overall market,

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**7. RISK FACTORS (continued)** 

economic and political conditions. If the market prices of the equity securities owned by the Portfolio fall, the value of your investment in the Portfolio will decline. The Portfolio may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Large capitalization companies risk:** The Portfolio's investments in larger, more established companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.

**8. FEES AND OTHER AFFILIATED TRANSACTIONS** 

TST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Transamerica Life Insurance Company ("TLIC"), and Transamerica Financial Life Insurance Company.

TAM, the Portfolio's investment manager, is directly owned by TLIC and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon NV. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon NV, a Netherlands corporation, and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Portfolio's transfer agent. Transamerica Capital, Inc. ("TCI") is the Portfolio's distributor/principal underwriter. TAM, TFS, and TCI are affiliates of Aegon NV.

Certain officers and trustees of the Portfolio are also officers and/or trustees of TAM, TFS and TCI. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Portfolio. The Portfolio does pay non-interested persons (independent trustees), as disclosed in Trustee, CCO and deferred compensation fees within the Statement of Operations.

**Investment management fees:** TAM serves as the Portfolio's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Portfolio pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Portfolio pays a management fee to TAM based on daily average net assets at the following rates:

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| | |
|:---|:---|
| **Breakpoints** | **Rate** |
|  First $1 billion | 0.60% |
|  Over $1 billion up to $2 billion | 0.59 |
|  Over $2 billion up to $3 billion | 0.56 |
|  Over $3 billion up to $4 billion | 0.52 |
|  Over $4 billion | 0.46 |

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TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses, reorganization expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

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| | | |
|:---|:---|:---|
| | **Operating<br>Expense Limit** | **Operating**<br> **Expense Limit**<br> **Effective Through** |
|  Effective May 1, 2022 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 0.67% | May 1, 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Class | 0.96 | May 1, 2023 |
|  Prior to May 1, 2022 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 0.71 |  |

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TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended December 31, 2022 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Portfolio, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

As of December 31, 2022, there are no amounts available for recapture by TAM.

**Distribution and service fees:** TST has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, TST entered into a distribution agreement with TCI as the Portfolio's distributor.

The Distribution Plan requires the Portfolio to pay distribution fees to TCI as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCI, on behalf of the Portfolio, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Portfolio's shares.

The fee on the Service Class shares is paid to the insurance companies for providing services and account maintenance for the policyholders who invest in the variable insurance products which invest in the Service Class shares. TCI has determined that it will not seek payment for the distribution expenses incurred by the Portfolio with respect to the Initial Class shares before May 1, 2023. Prior to TCI seeking distribution expenses on Initial Class shares, policy and contract owners will be notified in advance. The Portfolio will pay fees relating to Service Class shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Portfolio is authorized under the Distribution Plan to pay fees to TCI based on daily average net assets of each class up to the following annual rates:

---

| | |
|:---|:---|
| **Class** | **Rate** |
|  Initial Class | 0.15% |
|  Service Class | 0.25 |

---

**Transfer agent costs:** TFS provides transfer agency services under an intercompany agreement with TAM. TFS has outsourced the provision of certain sub-transfer agency services to SS&C Technology Holdings, Inc ("SS&C"). The Portfolio does not pay a separate transfer agent fee to TAM or TFS but does pay certain expenses to SS&C related to applicable sub-transfer agency services. For the year ended December 31, 2022, (i) the expenses paid to SS&C by the Portfolio are referred to as Transfer agent costs and are included within the Statement of Operations and (ii) the expenses payable to SS&C by the Portfolio are referred to as Transfer agent costs within the Statement of Assets and Liabilities.

**Deferred compensation plan:** Effective September 23, 2021, the Board has approved the termination of the deferred compensation plan. Payments will be made to applicable current and former Board members consistent with Section 409A of the Code. Under a non-qualified deferred compensation plan effective January 1, 1996, as amended and restated January 1, 2010, available to the trustees, compensation may be deferred that would otherwise be payable by TST to an independent trustee on a current basis for services rendered as trustee. Deferred compensation amounts will accumulate based on the value of the investment option, as elected by the trustee. Balances pursuant to deferred compensation plan are recorded in Trustees, Chief Compliance Officer ("CCO") and deferred compensation fees within the Statement of Assets and Liabilities. For the year ended December 31, 2022, amounts included in Trustees, CCO and deferred compensation fees within the Statement of Operations reflect total compensation paid to the independent Board members.

**Brokerage commissions:** The Portfolio incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the year ended December 31, 2022.

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**Page 20** 

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**Transamerica JPMorgan Enhanced Index VP** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**9. PURCHASES AND SALES OF SECURITIES** 

For the year ended December 31, 2022, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

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| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $780953090 | $— | $664174040 | $— |

---

**10. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS** 

The Portfolio has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Portfolio recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Portfolio's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Portfolio's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Portfolio's financial statements. If applicable, the Portfolio recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Portfolio identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Portfolio makes significant investments; however, the Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales and futures contracts mark-to-market. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. There are no reclassifications in the current year.

As of December 31, 2022, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross<br>Appreciation** | **Gross<br>(Depreciation)** | **Net Appreciation<br>(Depreciation)** |
| $1745536938 | $313557622 | $(124211500) | $189346122 |

---

As of December 31, 2022, the Portfolio had no capital loss carryforwards available to offset future realized capital gains. During the year ended December 31, 2022, the Portfolio did not have any capital loss carryforwards utilized or expired.

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2022 and 2021 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** |
| **Ordinary**<br> **Income** | **Long-Term<br>Capital Gain** | **Return of Capital** | **Ordinary**<br> **Income** | **Long-Term<br>Capital Gain** | **Return of Capital** |
| $41464407 | $220863803 | $— | $20878989 | $243757995 | $— |

---

As of December 31, 2022, the tax basis components of distributable earnings are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Capital Loss<br>Carryforwards** | **Late Year<br>Ordinary Loss<br>Deferred** | **Other**<br> **Temporary<br>Differences** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| $18404708 | $106019462 | $— | $— | $— | $189346122 |

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**Transamerica JPMorgan Enhanced Index VP** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**11. NEW ACCOUNTING PRONOUNCEMENT** 

In June 2022, the Financial Accounting Standards Board issued Accounting Standards Update No. 2022-03 ("ASU 2022-03"), "Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions" ("Topic 820"). ASU 2022-03 clarifies the guidance in Topic 820, related to the measurement of the fair value of an equity security subject to contractual sale restrictions, where it eliminates the need to apply a discount to fair value of these securities, and introduces disclosure requirements related to such equity securities. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. Management is currently evaluating the implications, if any, of the additional requirements and its impact on the Portfolio's financial statements.

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**Report of Independent Registered Public Accounting Firm** 

*To the Shareholders and the Board of Trustees of Transamerica JPMorgan Enhanced Index VP* 

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities of Transamerica JPMorgan Enhanced Index VP (the "Portfolio") (one of the portfolios constituting Transamerica Series Trust (the "Trust")), including the schedule of investments, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the portfolios constituting Transamerica Series Trust) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion** 

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g438566ernst_young.jpg)

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

February 27, 2023

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**SUPPLEMENTAL TAX INFORMATION** 

**(unaudited)** 

For tax purposes, the Portfolio has made a long-term capital gain designation of $220,863,803 for the year ended December 31, 2022.

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**Page 24** 

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**Transamerica JPMorgan International Moderate Growth VP** 

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**(unaudited)** 

**MARKET ENVIRONMENT** 

Both equity and fixed income markets faced headwinds in 2022. The war in Ukraine and central banks' battle against inflation were the main sources of bond and equity markets' struggles. However, the final quarter of the year brought some relief. Arguably, the most painful move in markets in 2022 was the sharp decline in government bond prices. The unusually large sell-off in government bonds, alongside falling stock prices, made for a challenging environment for multi-asset investors. This was caused by global central banks raising interest rates more than many investors had expected at the beginning of the year due to runaway inflation.

Global equities returned 9.77% over the fourth quarter, based on the MSCI World Index in U.S. Dollar terms, and finished 2022 down -18.14%. Value stocks significantly outperformed growth stocks, both during the fourth quarter and the full year. This can largely be explained by the high starting valuations for many technology stocks, some revenue growth disappointments, and the effect of rising interest rates, all of which pressured high growth stocks. One part of the world where few would argue that a lot of bad news had already been priced in was China. The MSCI China Index was down substantially from its 2021 peak and down -21.93% in 2022. That is despite a 34% rally from the lows in October, as China began to move beyond its zero COVID policy.

Global fixed income returns were negative for 2022, as a tighter monetary policy drove interest rates higher through year end. The 10-year U.S. Treasury yield finished the year at 3.88%, up 236 basis points ("bps") from where it started the year. The 30-year U.S. Treasury finished the year at 3.97%, up 207 bps from where it started the year. As a result, U.S. 10-year and 30-year Treasury returns were down -16.33% and -33.29%, respectively, in 2022, per the Bloomberg U.S. Treasury Bellwether 10-year and 30-year indices. Overall, U.S. fixed income markets were up 1.87% over the fourth quarter, according to the Bloomberg U.S. Aggregate Bond Index, but finished the full year with a loss of -13.01%, the worst decline in decades.

**PERFORMANCE** 

For the year ended December 31, 2022, Transamerica JPMorgan International Moderate Growth VP, Initial Class returned -17.28%. By comparison, its primary and secondary benchmarks, the MSCI World Index ex-U.S. and the Bloomberg US Aggregate Bond Index, returned -13.82% and -13.01%, respectively.

**STRATEGY REVIEW** 

The Portfolio is a fund of funds that seeks to achieve its investment objective by investing its assets primarily in a mix of underlying Transamerica funds.

The Portfolio's tactical asset allocation decisions contributed positively to performance during the period. The strategic asset allocation and underlying fund selection detracted.

The Portfolio began 2022 with the Risk Management Framework suggesting de-risking based on volatility and momentum signals. The Portfolio came into 2022 with approximately 79% of the Portfolio in equities, and by year end, this was down to 58%, spread across regions. The overall reduction in equities contributed to performance, though this positioning detracted in July and November during shorter term rallies. The biggest change in the Portfolio's equity positioning over the year was the reduction in broad developed market international equity exposure.

The Portfolio was tactically short developed markets government bonds, primarily German and Japanese government bonds for much of the year, which contributed to performance. Portfolio de-risking and some tactical positioning was primarily implemented utilizing derivatives, such as futures.

Underlying fund performance was a detractor from returns over the fiscal year. The worst performing holding during the period was Transamerica Morgan Stanley Capital Growth VP, while the best performing holding was Transamerica Janus Mid-Cap Growth VP.

**Michael Feser, CFA** 

**Jeff Geller, CFA** 

**Grace Koo** 

**Co-Portfolio Managers** 

**J.P. Morgan Investment Management Inc.** 

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**Page 1** 

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**Transamerica JPMorgan International Moderate Growth VP** 

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**(unaudited)** 

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| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  International Equity Funds | 62.3% |
|  U.S. Equity Funds | 8.5 |
|  Repurchase Agreement | 8.5 |
|  International Alternative Fund | 6.5 |
|  U.S. Fixed Income Funds | 6.4 |
|  U.S. Government Obligations | 4.7 |
|  U.S. Alternative Fund | 2.1 |
|  U.S. Mixed Allocation Fund | 0.7 |
|  Net Other Assets (Liabilities) ^ | 0.3 |
|  **Total** | 100.0% |

---

*Current and future portfolio holdings are subject to change and risk.* 

^ *The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral.* 

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**Transamerica JPMorgan International Moderate Growth VP** 

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**(unaudited)**![LOGO](g438566g72y37.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Initial Class | (17.28)% | 1.57% | 3.93% | 05/01/2006 |
|  MSCI World Index ex-U.S. <sup>(A)</sup> | (13.82)% | 2.32% | 5.11% |  |
|  Bloomberg US Aggregate Bond Index <sup>(B)</sup> | (13.01)% | 0.02% | 1.06% |  |
|  Service Class | (17.42)% | 1.33% | 3.68% | 05/01/2006 |

---

<sup>(A)</sup> *The MSCI World Index ex-U.S. captures large and mid-cap representation across developed markets countries, excluding the U.S.* 

<sup>(B)</sup> *The Bloomberg US Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities.* 

The Portfolio's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Year or Since Inception calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or the redemption of Portfolio shares. The Portfolio's investment return and net asset value will fluctuate. Investors' shares when redeemed may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month end. Portfolio performance is net of investment fees and Portfolio expenses, but not product charges, which, if included, would significantly lower the performance quoted.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of previously waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Asset allocation, an investing strategy of dividing money among many types of investments, can help investors manage risk but cannot guarantee a profit or guard against loss.

Investing internationally, globally, or in emerging markets exposes investors to additional risks and expenses such as changes in currency rates, foreign taxation, differences in auditing and other financial standards not associated with investing domestically.

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**Transamerica JPMorgan International Moderate Growth VP** 

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**DISCLOSURE OF EXPENSES** 

**(unaudited)** 

**SHAREHOLDER EXPENSES** 

Portfolio shareholders may incur two types of costs: (i) transaction costs, including brokerage commissions on purchases and sales of portfolio shares; and (ii) ongoing costs, including management fees, and other portfolio expenses.

The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other portfolios.

The example is based on an investment of $1,000 invested at July 1, 2022, and held for the entire six-month period until December 31, 2022.

**ACTUAL EXPENSES** 

The information in the table below provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = $8.60), then multiply the result by the number in the appropriate column for your share class titled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES** 

The information in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratios and assumed rates of return of 5% per year before expenses, which are not the Portfolio's actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Portfolio versus other portfolios. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other portfolios.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Portfolio shares. Therefore, the information under the heading "Hypothetical Expenses" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different portfolios. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries, or other financial institutions.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Actual Expenses** | **Actual Expenses** | **Hypothetical Expenses <sup>(A)</sup>** | **Hypothetical Expenses <sup>(A)</sup>** | |
| <br>**Class** |<br>**Beginning<br>Account Value<br>July 1, 2022** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** |<br>**Net Annualized<br>Expense Ratio <sup>(C) (D)</sup>** |
|  Initial Class | $&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;1004.50 | $&nbsp;&nbsp;&nbsp;&nbsp;0.81 | $&nbsp;&nbsp;&nbsp;&nbsp;1024.40 | $&nbsp;&nbsp;&nbsp;&nbsp;0.82 | 0.16% |
|  Service Class | 1000.00 | 1004.10 | 2.02 | 1023.20 | 2.04 | 0.40 |

---

(A) *5% return per year before expenses.*

(B) *Expenses are calculated using the Portfolio's net annualized expense ratio, as disclosed in the table, multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (365 days).*

(C) *Net annualized expense ratios, as disclosed in the table, do not include the expenses of the underlying investments in which the Portfolio invests. The net annualized expense ratios, as stated in the fee table of the Portfolio's Prospectus, may differ from the expense ratios disclosed in this report.*

(D) *Net annualized expense ratios are reflective of applicable fee waivers and/or reimbursements and recapture, if any, and are based on the most recent six-months which may differ from the net expense ratio displayed in the Financial Highlights that covers a twelve-month period.*

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**SCHEDULE OF INVESTMENTS** 

**At December 31, 2022** 

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| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **INVESTMENT COMPANIES - 86.5%** | **INVESTMENT COMPANIES - 86.5%** | **INVESTMENT COMPANIES - 86.5%** |
| **International Alternative Fund - 6.5%** | **International Alternative Fund - 6.5%** | **International Alternative Fund - 6.5%** |
|  Transamerica Unconstrained Bond <sup>(A)</sup> | 3259549 | $28423263 |
| **International Equity Funds - 62.3%** | **International Equity Funds - 62.3%** | **International Equity Funds - 62.3%** |
|  Transamerica Emerging Markets Opportunities <sup>(A)</sup> | 1903145 | 14197459 |
|  Transamerica International Equity <sup>(A)</sup> | 4438075 | 79707826 |
|  Transamerica International Focus <sup>(A)</sup> | 16442162 | 124960428 |
|  Transamerica International Small Cap Value <sup>(A)</sup> | 4317023 | 53574255 |
|  |  | 272439968 |
| **U.S. Alternative Fund - 2.1%** | **U.S. Alternative Fund - 2.1%** | **U.S. Alternative Fund - 2.1%** |
|  Transamerica BlackRock Global Real Estate Securities VP <sup>(A)</sup> | 1016442 | 9269949 |
| **U.S. Equity Funds - 8.5%** | **U.S. Equity Funds - 8.5%** | **U.S. Equity Funds - 8.5%** |
|  Transamerica Large Cap Value <sup>(A)</sup> | 1632500 | 19998131 |
|  Transamerica WMC US Growth VP <sup>(A)</sup> | 663729 | 17217140 |
|  |  | 37215271 |
| **U.S. Fixed Income Funds - 6.4%** | **U.S. Fixed Income Funds - 6.4%** | **U.S. Fixed Income Funds - 6.4%** |
|  Transamerica Core Bond <sup>(A)</sup> | 1403049 | 12038156 |
|  Transamerica Floating Rate <sup>(A)</sup> | 243981 | 2176309 |
|  Transamerica High Yield Bond <sup>(A)</sup> | 1787571 | 13871553 |
|  |  | 28086018 |
| **U.S. Mixed Allocation Fund - 0.7%** | **U.S. Mixed Allocation Fund - 0.7%** | **U.S. Mixed Allocation Fund - 0.7%** |
|  Transamerica Aegon Bond VP <sup>(A)</sup> | 298056 | 2736155 |
|  **Total Investment Companies <br>(Cost $397,603,385)** | **Total Investment Companies <br>(Cost $397,603,385)** | 378170624 |

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| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **U.S. GOVERNMENT OBLIGATIONS - 4.7%** | **U.S. GOVERNMENT OBLIGATIONS - 4.7%** | **U.S. GOVERNMENT OBLIGATIONS - 4.7%** |
| **U.S. Treasury - 4.7%** | **U.S. Treasury - 4.7%** | **U.S. Treasury - 4.7%** |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 01/31/2023 <sup>(B)</sup> | $18531800 | $18475951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 01/31/2024 <sup>(B)</sup> | 2370000 | 2274367 |
|  **Total U.S. Government Obligations <br>(Cost $20,788,506)** | **Total U.S. Government Obligations <br>(Cost $20,788,506)** | 20750318 |
| **REPURCHASE AGREEMENT - 8.5%** | **REPURCHASE AGREEMENT - 8.5%** | **REPURCHASE AGREEMENT - 8.5%** |
|  Fixed Income Clearing Corp., 1.80% <sup>(C)</sup>, dated 12/30/2022, to be repurchased at $37,048,759 on 01/03/2023. Collateralized by a U.S. Government Obligation, 4.77%, due 12/28/2023, and with a value of $37,782,255. | 37041351 | 37041351 |
|  **Total Repurchase Agreement <br>(Cost $37,041,351)** | **Total Repurchase Agreement <br>(Cost $37,041,351)** | 37041351 |
|  **Total Investments <br>(Cost $455,433,242)** | **Total Investments <br>(Cost $455,433,242)** | 435962293 |
|  **Net Other Assets (Liabilities) - 0.3%** |  | 1502773 |
|  **Net Assets - 100.0%** |  | **$437465066** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** | **FUTURES CONTRACTS:** |
| **Long Futures Contracts** | **Long Futures Contracts** | **Long Futures Contracts** | **Long Futures Contracts** | **Long Futures Contracts** | **Long Futures Contracts** | **Long Futures Contracts** |
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  30-Year U.S. Treasury Bonds | 93 | 03/22/2023 | $11777778 | $11656969 | $— | $(120809) |
|  CAD Currency | 480 | 03/14/2023 | &nbsp;&nbsp;&nbsp;&nbsp;35446513 | &nbsp;&nbsp;&nbsp;&nbsp;35481600 | 35087 |  |
|  FTSE 100 Index | 100 | 03/17/2023 | 9092326 | 9026021 |  | (66305) |
|  S&P/TSX 60 Index | 203 | 03/16/2023 | 36387412 | 35079719 |  | &nbsp;&nbsp;&nbsp;&nbsp;(1307693) |
|  TOPIX Index | 125 | 03/09/2023 | 18535460 | 18015658 |  | (519802) |
|  U.S. Treasury Ultra Bonds | 173 | 03/22/2023 | 23523373 | 23236063 |  | (287310) |
|  **Total** |  |  |  |  | $**35087** | $**(2301919)** |
| **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** |
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  5-Year U.S. Treasury Notes | (394) | 03/31/2023 | $(42570798) | $(42524297) | $46501 | $— |
|  EURO STOXX 50<sup>®</sup> Index | (137) | 03/17/2023 | (5835455) | (5550762) | 284693 |  |
|  German Euro Bund | (87) | 03/08/2023 | &nbsp;&nbsp;&nbsp;&nbsp;(13179535) | &nbsp;&nbsp;&nbsp;&nbsp;(12379652) | 799883 |  |
|  MSCI EAFE Index | (844) | 03/17/2023 | (86053303) | (82264680) | 3788623 |  |
|  MSCI Emerging Markets Index | (24) | 03/17/2023 | (1194040) | (1151280) | 42760 |  |
|  S&P 500<sup>®</sup> E-Mini Index | (191) | 03/17/2023 | (38441503) | (36872550) | 1568953 |  |
|  **Total** |  |  |  |  | $**6531413** | $**—** |
|  **Total Futures Contracts** |  |  |  |  | $**6566500** | $**(2301919)** |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 5** 

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##### [**Table of Contents**](#toc)
**Transamerica JPMorgan International Moderate Growth VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(D)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Investment Companies | $378170624 | $— | $— | $378170624 |
|  U.S. Government Obligations |  | 20750318 |  | 20750318 |
|  Repurchase Agreement |  | 37041351 |  | 37041351 |
|  **Total Investments** | $**378170624** | $**57791669** | $**—** | $**435962293** |
|  **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** |
|  Futures Contracts <sup>(E)</sup> | $6566500 | $— | $— | $6566500 |
|  **Total Other Financial Instruments** | $**6566500** | $**—** | $**—** | $**6566500** |
|  **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** |
|  **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** |
|  Futures Contracts <sup>(E)</sup> | $(2301919) | $— | $— | $(2301919) |
|  **Total Other Financial Instruments** | $**(2301919)** | $**—** | $**—** | $**(2301919)** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *Affiliated investment in the Class I2 shares of Transamerica Funds and/or affiliated investment in the Initial Class shares of Transamerica Series Trust. The Portfolio's transactions and earnings are as follows:* 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Investments** | **Value<br>December 31,<br>2021** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Value<br>December 31,<br>2022** | **Shares as of<br>December 31,<br>2022** | **Dividend<br>Income** | **Net Capital<br>Gain<br>Distributions** |
|  Transamerica Aegon Bond VP | $3212909 | $77511 | $— | $— | $(554265) | $2736155 | 298056 | $77510 | $— |
|  Transamerica BlackRock Global Real Estate Securities VP | 34991816 | 683253 | (16805221) | (4587494) | (5012405) | 9269949 | 1016442 | 683252 |  |
|  Transamerica Core Bond | 9276879 | 6331074 | (2188665) | (112469) | (1268663) | 12038156 | 1403049 | 244024 |  |
|  Transamerica Core Bond II | 9172705 | 118410 | (8268050) | (1099076) | 76011 |  |  | 118410 |  |
|  Transamerica Emerging Markets Opportunities | 18819655 | 392677 |  |  | (5014873) | 14197459 | 1903145 | 392678 |  |
|  Transamerica Floating Rate | 12724082 | 357736 | (10137541) | (668666) | (99302) | 2176309 | 243981 | 357735 |  |
|  Transamerica High Yield Bond | 35307729 | 1176977 | (17214258) | (1101270) | (4297625) | 13871553 | 1787571 | 1176976 |  |
|  Transamerica International Equity | &nbsp;&nbsp;&nbsp;&nbsp;114821204 | 894798 | (19022244) | 1140956 | (18126888) | 79707826 | 4438075 | 894799 |  |
|  Transamerica International Focus | 171807260 | 2271686 | (12719410) | 1331123 | (37730231) | &nbsp;&nbsp;&nbsp;&nbsp;124960428 | 16442162 | 2271685 |  |
|  Transamerica International Small Cap Value | 73129423 | 1881618 | (6514393) | 12788 | (14935181) | 53574255 | 4317023 | 415964 | 1465656 |
|  Transamerica Large Cap Value | 18508234 | 8438958 | (4055287) | 766199 | (3659973) | 19998131 | 1632500 | 258432 | 1077391 |
|  Transamerica Morgan Stanley Capital Growth VP | 16578605 |  | (10776377) | (3837939) | (1964289) |  |  |  |  |
|  Transamerica Small Cap Value | 7178079 |  | (6975199) | (1436327) | 1233447 |  |  |  |  |
|  Transamerica Unconstrained Bond | 64595120 | 623925 | (32072380) | (3262967) | (1460435) | 28423263 | 3259549 | 623925 |  |
|  Transamerica WMC US Growth VP |  | 23476009 |  |  | (6258869) | 17217140 | 663729 | 352177 | 2985346 |
| **Total** | $**590123700** | $**46724632** | $**(146749025)** | $**(12855142)** | $**(99073541)** | $**378170624** | **37405282** | $**7867567** | $**5528393** |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 6** 

------

##### [**Table of Contents**](#toc)
**Transamerica JPMorgan International Moderate Growth VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

**FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):** 

(B) *All or a portion of these securities have been segregated by the custodian as collateral to cover margin requirements for open futures contracts. The total value of such securities is $13,649,506.* 

(C) *Rate disclosed reflects the yield at December 31, 2022.* 

(D) *There were no transfers in or out of Level 3 during the year ended December 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

(E) *Derivative instruments are valued at unrealized appreciation (depreciation).* 

**CURRENCY ABBREVIATION:** 

*CAD* *Canadian Dollar*

**PORTFOLIO ABBREVIATIONS:** 

---

| | |
|:---|:---|
| *EAFE* | *Europe, Australasia and Far East* |
| *FTSE* | *Financial Times Stock Exchange* |
| *STOXX* | *Deutsche Börse Group & SIX Group Index* |
| *TOPIX* | *Tokyo Price Index* |
| *TSX* | *Toronto Stock Exchange* |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 7** 

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##### [**Table of Contents**](#toc)
**Transamerica JPMorgan International Moderate Growth VP** 

------

**STATEMENT OF ASSETS AND LIABILITIES** 

**At December 31, 2022** 

---

| | |
|:---|:---|
|  **Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments, at value (cost $397,603,385) | $&nbsp;&nbsp;&nbsp;&nbsp;378170624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments, at value (cost $20,788,506) | 20750318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreement, at value (cost $37,041,351) | 37041351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | 344298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables and other assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest sold | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from affiliated investments | 175142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 22076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin receivable on futures contracts | 1548704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 1881 |
|  Total assets | 438054530 |
|  **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables and other liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 175142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest redeemed | 199366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 46002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 90807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 4372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 14201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 13213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 2685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 38017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 5146 |
|  Total liabilities | 589464 |
|  **Net assets** | $437465066 |
|  **Net assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital stock ($0.01 par value) | $518449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 460056077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) | (23109460) |
|  **Net assets** | $437465066 |
|  **Net assets by class:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | $14445265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 423019801 |
|  **Shares outstanding:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 1692921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 50151944 |
|  **Net asset value and offering price per share:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | $8.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 8.43 |

---

**STATEMENT OF OPERATIONS** 

**For the year ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income from affiliated investments | $7867567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income from unaffiliated investments | 467003 |
|  Total investment income | 8334570 |
|  **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 600320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 1186667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 5077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 20452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 33028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 57209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 26983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 45417 |
|  Total expenses | 1975153 |
|  **Net investment income (loss)** | 6359417 |
|  **Net realized gain (loss) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | (12855142) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments | (8138) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions received from affiliated investment companies | 5528393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (6411036) |
|  Net realized gain (loss) | (13745923) |
|  **Net change in unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | (99073541) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments | (37462) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 3523464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Translation of assets and liabilities denominated in foreign currencies | 22717 |
|  Net change in unrealized appreciation (depreciation) | (95564822) |
|  Net realized and change in unrealized gain (loss) | (109310745) |
|  **Net increase (decrease) in net assets resulting from operations** | $&nbsp;&nbsp;&nbsp;&nbsp;(102951328) |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 8** 

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##### [**Table of Contents**](#toc)
**Transamerica JPMorgan International Moderate Growth VP** 

------

**STATEMENT OF CHANGES IN NET ASSETS** 

**For the years ended:** 

---

| | | |
|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2021** |
|  **From operations:** | **From operations:** | **From operations:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $6359417 | $23085608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (13745923) | 49832029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (95564822) | (17384233) |
|  Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;(102951328) | 55533404 |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (2064422) | (277004) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (61768096) | (7993406) |
|  Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (63832518) | (8270410) |
|  **Capital share transactions:** | **Capital share transactions:** | **Capital share transactions:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 782657 | 1644681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 1772240 | 3250581 |
|  | 2554897 | 4895262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 2064422 | 277004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 61768096 | 7993406 |
|  | 63832518 | 8270410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (1435235) | (1910986) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (69018691) | (91361882) |
|  | (70453926) | (93272868) |
|  Net increase (decrease) in net assets resulting from capital share transactions | (4066511) | (80107196) |
|  **Net increase (decrease) in net assets** | (170850357) | (32844202) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 608315423 | &nbsp;&nbsp;&nbsp;&nbsp;641159625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $437465066 | $608315423 |
|  **Capital share transactions - shares:** | **Capital share transactions - shares:** | **Capital share transactions - shares:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 78893 | 138916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 185861 | 279686 |
|  | 264754 | 418602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 242873 | 23161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 7344601 | 675119 |
|  | 7587474 | 698280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (145843) | (160543) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (7058315) | (7792446) |
|  | (7204158) | (7952989) |
|  Net increase (decrease) in shares outstanding: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 175923 | 1534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 472147 | (6837641) |
|  | 648070 | (6836107) |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 9** 

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##### [**Table of Contents**](#toc)
**Transamerica JPMorgan International Moderate Growth VP** 

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**FINANCIAL HIGHLIGHTS** 

**For a share outstanding during the years indicated:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $12.01 | $11.16 | $9.98 | $9.48 | $11.11 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(A)</sup> | 0.15 | 0.47 | 0.16 | 0.24 | 0.22 |
|  Net realized and unrealized gain (loss) | (2.23) | 0.56 | 1.29 | 1.34 | (1.48) |
|  Total investment operations | (2.08) | 1.03 | 1.45 | 1.58 | (1.26) |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income | (0.53) | (0.18) | (0.27) | (0.24) | (0.26) |
|  Net realized gains | (0.87) |  | (0.00)<sup>(B)</sup> | (0.84) | (0.11) |
|  Total dividends and/or distributions to shareholders | (1.40) | (0.18) | (0.27) | (1.08) | (0.37) |
|  **Net asset value, end of year** | $8.53 | $12.01 | $11.16 | $9.98 | $9.48 |
|  **Total return** | (17.28)% | 9.25% | 14.90% | 17.77% | (11.58)% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;14445 | $&nbsp;&nbsp;&nbsp;&nbsp;18219 | $&nbsp;&nbsp;&nbsp;&nbsp;16919 | $&nbsp;&nbsp;&nbsp;&nbsp;15762 | $&nbsp;&nbsp;&nbsp;&nbsp;14506 |
|  Expenses to average net assets <sup>(C)</sup> | Expenses to average net assets <sup>(C)</sup> | Expenses to average net assets <sup>(C)</sup> | Expenses to average net assets <sup>(C)</sup> | Expenses to average net assets <sup>(C)</sup> | Expenses to average net assets <sup>(C)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.16% | 0.16% | 0.16% | 0.16% | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.16% | 0.16% | 0.16% | 0.16% | 0.16 %<sup>(D)</sup> |
|  Net investment income (loss) to average net assets | 1.58% | 3.99% | 1.69% | 2.43% | 2.03% |
|  Portfolio turnover rate | 11% | 19% | 19% | 17% | 21% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Rounds to less than $0.01 or $(0.01).* 

(C) *Does not include expenses of the underlying investments in which the Portfolio invests.* 

(D) *Waiver and/or reimbursement rounds to less than 0.01%.* 

**For a share outstanding during the years indicated:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $11.88 | $11.05 | $9.88 | $9.38 | $11.01 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(A)</sup> | 0.13 | 0.42 | 0.13 | 0.21 | 0.19 |
|  Net realized and unrealized gain (loss) | (2.21) | 0.56 | 1.28 | 1.34 | (1.48) |
|  Total investment operations | (2.08) | 0.98 | 1.41 | 1.55 | (1.29) |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income | (0.50) | (0.15) | (0.24) | (0.21) | (0.23) |
|  Net realized gains | (0.87) |  | (0.00)<sup>(B)</sup> | (0.84) | (0.11) |
|  Total dividends and/or distributions to shareholders | (1.37) | (0.15) | (0.24) | (1.05) | (0.34) |
|  **Net asset value, end of year** | $8.43 | $11.88 | $11.05 | $9.88 | $9.38 |
|  **Total return** | (17.42)% | 9.01% | 14.54% | 17.61% | (11.91)% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;423020 | $&nbsp;&nbsp;&nbsp;&nbsp;590096 | $&nbsp;&nbsp;&nbsp;&nbsp;624241 | $&nbsp;&nbsp;&nbsp;&nbsp;624312 | $&nbsp;&nbsp;&nbsp;&nbsp;603193 |
|  Expenses to average net assets <sup>(C)</sup> | Expenses to average net assets <sup>(C)</sup> | Expenses to average net assets <sup>(C)</sup> | Expenses to average net assets <sup>(C)</sup> | Expenses to average net assets <sup>(C)</sup> | Expenses to average net assets <sup>(C)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.41% | 0.41% | 0.41% | 0.41% | 0.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.41% | 0.41% | 0.41% | 0.41% | 0.41 %<sup>(D)</sup> |
|  Net investment income (loss) to average net assets | 1.29% | 3.60% | 1.42% | 2.15% | 1.77% |
|  Portfolio turnover rate | 11% | 19% | 19% | 17% | 21% |

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(A) *Calculated based on average number of shares outstanding.* 

(B) *Rounds to less than $0.01 or $(0.01).* 

(C) *Does not include expenses of the underlying investments in which the Portfolio invests.* 

(D) *Waiver and/or reimbursement rounds to less than 0.01%.* 

***The Notes to Financial Statements are an integral part of this report.***

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**Transamerica JPMorgan International Moderate Growth VP** 

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**NOTES TO FINANCIAL STATEMENTS** 

**At December 31, 2022** 

**1. ORGANIZATION** 

Transamerica Series Trust ("TST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). TST applies investment company accounting and reporting guidance. TST serves as a funding vehicle for variable life insurance, variable annuity, and group annuity products. Transamerica JPMorgan International Moderate Growth VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers two classes of shares, Initial Class and Service Class.

The only shareholders of the Portfolio are affiliated insurance company separate accounts and affiliated asset allocation portfolios. Contract holders of the variable life and annuity contracts are not shareholders of the Portfolio. For ease of reference, shareholders and contract holders are collectively referred to in this report as "shareholders."

This report must be accompanied or preceded by the Portfolio's current prospectus, which contains additional information about the Portfolio, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Portfolio pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Portfolio. TAM supervises the Portfolio's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Portfolio.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of a Portfolio without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Portfolio and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Portfolio employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending portfolio combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Portfolio's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Portfolio; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for a Portfolio; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Portfolio's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; oversight of other service providers to the Portfolio, such as the custodian, the transfer agent, the Portfolio's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Portfolio; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Portfolio, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Portfolio. The Portfolio pays certain fees and expenses to State Street for sub-administration services which are not administrative

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**Transamerica JPMorgan International Moderate Growth VP** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**1. ORGANIZATION (continued)** 

services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the year ended December 31, 2022, (i) the expenses paid to State Street for sub-administration services by the Portfolio are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Portfolio are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES** 

In preparing the Portfolio's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Portfolio.

**Foreign currency denominated investments:** The accounting records of the Portfolio are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the closing exchange rate each day. The cost of foreign securities purchased and any realized gains or losses are translated at the prevailing exchange rates in effect on the date of the respective transaction. The Portfolio combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

Net foreign currency gains and losses resulting from changes in exchange rates include, foreign currency fluctuations between trade date and settlement date of investment security transactions, gains and losses on forward foreign currency contracts, and the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.

Foreign currency denominated assets may involve risks not typically associated with domestic transactions. These risks include revaluation of currencies, adverse fluctuations in foreign currency values, and possible adverse political, social, and economic developments, including those particular to a specific industry, country or region.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Interest income, if any, is accrued as earned. Dividend income and capital gain distributions from underlying investments, if any, are recorded on the ex-dividend date. Income or short-term capital gain distributions received from underlying investments, if any, are recorded as Dividend income from investments within the Statement of Operations. Long-term capital gain distributions received from underlying investments, if any, are recorded as Net realized gain (loss) on Capital gain distributions received from investments within the Statement of Operations.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Portfolio with broker/dealers with which TST has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Portfolio. In no event will commissions, paid by the Portfolio, be used to pay expenses that would otherwise be borne by any other portfolios within TST, or by any other party.

There were no commissions recaptured during the year ended December 31, 2022 by the Portfolio.

**Indemnification:** In the normal course of business, the Portfolio enters into contracts that contain a variety of representations that provide general indemnifications. The Portfolio's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio and/or its affiliates that have not yet occurred. However, based on experience, the Portfolio expects the risk of loss to be remote.

**3. INVESTMENT VALUATION** 

Effective September 8, 2022, TAM has been designated as the Portfolio's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Portfolio's Board of Trustees. The net asset value of the Portfolio is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**3. INVESTMENT VALUATION (continued)** 

TAM utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels ("Levels") of inputs of the fair value hierarchy are defined as follows:

Level 1—Unadjusted quoted prices in active markets for identical securities.

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Portfolio's investments and derivative instruments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Portfolio's investments at December 31, 2022, is disclosed within the Investment Valuation section of the Schedule of Investments.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

**Fair value measurements:** Descriptions of the valuation techniques applied to the Portfolio's significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

*Investment companies:* Certain investment companies are valued at the NAV as the practical expedient. These investment companies are not included within the fair value hierarchy. Certain other investment companies are valued at the actively traded NAV and no valuation adjustments are applied. These investment companies are categorized in Level 1 of the fair value hierarchy.

*U.S. government obligations:* U.S. government obligations are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued by principally using dealer quotations. U.S. government obligations generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

*Repurchase agreements:* Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

*Derivative instruments:* Centrally cleared or listed derivatives that are actively traded are valued based on quoted prices from the exchange and are categorized in Level 1 of the fair value hierarchy. Over-the-counter ("OTC") derivative contracts include forward, swap, swaption, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices. Depending on the product and the terms of the transaction, the fair value of the OTC derivative products are modeled taking into account the counterparties' creditworthiness and using a series of techniques, including simulation models. Many pricing models do not entail material subjectivity because the methodologies employed do not necessitate significant judgments and the pricing inputs are observed from actively quoted markets, as is the case of interest rate swap and option contracts. The majority of OTC derivative products valued by the Portfolio using pricing models fall into this category and are categorized within Level 2 of the fair value hierarchy or Level 3 if inputs are unobservable.

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

The Portfolio may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or

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**Transamerica JPMorgan International Moderate Growth VP** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)** 

instruments. When the Portfolio invests borrowing proceeds in other securities, the Portfolio will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Portfolio may borrow on a secured or on an unsecured basis. If the Portfolio enters into a secured borrowing arrangement, a portion of the Portfolio's assets will be used as collateral. The 1940 Act requires the Portfolio to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Portfolio's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Portfolio may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the year ended December 31, 2022, the Portfolio has not utilized the program.

**Repurchase agreements:** In a repurchase agreement, the Portfolio purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Portfolio's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Portfolio will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Portfolio and its counterparties that provide for the net settlement of all transactions and collateral with the Portfolio, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at December 31, 2022.

Repurchase agreements at December 31, 2022, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**5. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS** 

The Portfolio's investment strategies allow the Portfolio to use various types of derivative contracts, including option contracts, swap agreements, futures contracts, and forward foreign currency contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or OTC.

**Market Risk Factors:** In pursuit of the Portfolio's investment strategies, the Portfolio may seek to use derivatives to increase or decrease its exposure to certain market risks, including:

*Interest rate risk:* Interest rate risk relates to the fluctuations in the value of fixed income securities due to changes in the prevailing levels of market interest rates.

*Foreign exchange rate risk:* Foreign exchange rate risk relates to fluctuations in the value of an asset or liability due to changes in the currency exchange rates.

*Equity risk:* Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

*Credit risk:* Credit risk relates to the ability of the issuer of a financial instrument to make further principal or interest payments on an obligation or commitment that it has to the Portfolio.

*Commodity risk:* Commodity risk relates to the change in value of commodities or commodity indices as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

The Portfolio is also exposed to additional risks from investing in derivatives, such as liquidity and counterparty credit risk. Liquidity risk is the risk that the Portfolio will be unable to sell or close out the derivative in the open market in a timely manner. Counterparty credit

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**Transamerica JPMorgan International Moderate Growth VP** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**5. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)** 

risk is the risk that the counterparty will not be able to fulfill its obligations to the Portfolio. Investing in derivatives may also involve greater risks than investing directly in the underlying assets, such as losses in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

The Portfolio's exposure to market risk factors and certain other associated risks are summarized by derivative type as follows:

**Futures contracts:** The Portfolio is subject to equity and commodity risk, interest rate risk, and foreign exchange rate risk in the normal course of pursuing its investment objective. The Portfolio uses futures contracts to gain exposure to, or hedge against, changes in the value of equities and commodities, interest rates, or foreign currencies. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date. Upon entering into such contracts, the Portfolio is required to deposit with the broker, either in cash or in securities, an initial margin in an amount equal to a certain percentage of the contract amount. Subsequent payments (variation margin) are paid or received by the Portfolio, depending on the daily fluctuations in the value of the contract, and are recorded for financial statement purposes as unrealized gains or losses by the Portfolio. Upon entering into such contracts, the Portfolio bears the risk of equity and commodity prices, interest rates, or exchange rates moving unexpectedly, in which case, the Portfolio may not achieve the anticipated benefits of the futures contracts and may realize losses. With futures, there is minimal counterparty credit risk to the Portfolio since futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange.

Open futures contracts at December 31, 2022, if any, are listed within the Schedule of Investments. Variation margin, if applicable, is shown in Variation margin receivable or payable on futures contracts within the Statement of Assets and Liabilities.

The following is a summary of the location and the Portfolio's fair values of derivative investments disclosed, if any, within the Statement of Assets and Liabilities, categorized by primary market risk exposure as of December 31, 2022.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| **Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  Futures contracts: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) <sup>(A) (B)</sup> | $846384 | $35087 | $5685029 | $— | $— | $6566500 |
|  **Total** | $**846384** | $**35087** | $**5685029** | $**—** | $**—** | $**6566500** |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  Futures contracts: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) <sup>(A) (B)</sup> | $(408120) | $— | $(1893799) | $— | $— | $(2301919) |
|  **Total** | $**(408120)** | $**—** | $**(1893799)** | $**—** | $**—** | $**(2301919)** |

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(A) *May include exchange-traded derivatives which are not subject to a master netting arrangement, or another similar arrangement.* 

(B) *Included within unrealized appreciation (depreciation) on futures contracts as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.* 

The following is a summary of the location and the effect of derivative investments, if any, within the Statement of Operations, categorized by primary market risk exposure as of December 31, 2022.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** |
| **Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  Futures contracts | $(901120) | $(2758350) | $(2751566) | $— | $— | $(6411036) |
|  **Total** | $**(901120)** | $**(2758350)** | $**(2751566)** | $**—** | $**—** | $**(6411036)** |

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**Transamerica JPMorgan International Moderate Growth VP** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**5. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** |
| **Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  Futures contracts | $958293 | $196956 | $2368215 | $— | $— | $3523464 |
|  **Total** | $**958293** | $**196956** | $**2368215** | $**—** | $**—** | $**3523464** |

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The following is a summary of the ending monthly average volume on derivative activity during the year ended December 31, 2022.

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| | |
|:---|:---|
|  **Futures contracts:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $140934749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | &nbsp;&nbsp;&nbsp;&nbsp;(225923507) |

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*Collateral requirements:* Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (futures contracts, exchange-traded options, and exchange-traded swap agreements) while collateral terms are contract specific for OTC derivatives (forward foreign currency exchange contracts, OTC options, and OTC swap agreements). For OTC derivatives, under standard derivatives agreements, the Portfolio may be required to pledge collateral on derivatives to a counterparty if the Portfolio is in a net liability position, and receive collateral if in a net positive position. For financial reporting purposes, cash collateral that has been pledged by the Portfolio to cover obligations, if any, is reported in Cash collateral at broker within the Statement of Assets and Liabilities. Cash collateral that has been received by the Portfolio from a counterparty, if any, is reported separately in Cash collateral pledged at custodian and/or broker within the Statement of Assets and Liabilities. Non-cash collateral pledged to the Portfolio, if any, is disclosed within the Schedule of Investments.

Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold before a transfer has been made. Typically a counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The Portfolio generally does not use non-cash collateral that it receives but may, absent default or certain other circumstances, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty.

To the extent amounts due to the Portfolio from its counterparties are not fully collateralized, contractually or otherwise, the Portfolio bears the risk of loss from counterparty non-performance. Additionally, to the extent the Portfolio has delivered collateral to a counterparty, the Portfolio bears the risk of loss from a counterparty in the event the counterparty fails to return such collateral. Counterparties may immediately terminate derivatives contracts if the Portfolio fails to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages. Collateral may not be required for all derivative contracts.

**6. RISK FACTORS** 

Investing in the Portfolio involves certain key risks related to the Portfolio's trading activity. Please reference the Portfolio's prospectus for a more complete discussion of the following risk(s), as well as other risks of investing in the Portfolio.

**Market risk:** The market prices of the Portfolio's securities and other assets may go up or down, sometimes sharply and unpredictably, due to general market conditions, overall economic trends or events, inflation, changes in interest rates, government actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by wars, tariffs, trade disputes or other factors, political developments, investor sentiment, the global and domestic effects of a pandemic or other health emergency, and other factors that may or may not be related to the issuer of the security or other asset. The market prices of securities and other assets also may go down due to events or conditions that affect particular sectors, industries, issuers, or geographies. Adverse market conditions may be prolonged and may not have the same impact on all types of securities or other assets. If the value of the Portfolio's securities and assets fall, the value of your investment will go down. The Portfolio may experience a substantial or complete loss on any individual security or asset.

Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, the imposition of economic sanctions, public health events (such as the spread of infectious disease), wars, terrorism, cybersecurity events, technology and data interruptions, natural disasters, and other circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. In the past decade, financial markets throughout the world have experienced increased volatility and decreased liquidity. These conditions may continue or worsen. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down. Securities markets may also be susceptible to market

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**Transamerica JPMorgan International Moderate Growth VP** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. RISK FACTORS (continued)** 

manipulation or other fraudulent trade practices, which could disrupt the orderly functioning of these markets or adversely affect the value of securities traded in these markets, including the Portfolio's securities.

The pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in economic downturns throughout the world, severe losses, particularly to some sectors of the economy and individual issuers, and reduced liquidity of many instruments. There also have been significant disruptions to business operations, including business closures; strained healthcare systems; disruptions to supply chains and employee availability; large fluctuations in consumer demand; and widespread uncertainty regarding the duration and long-term effects of the pandemic. Economic downturns may be prolonged, and political and social instability, continued volatility and decreased liquidity in the securities markets may result. Developing or emerging market countries may be more impacted by the pandemic.

The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic. These and other government intervention into the economy and financial markets may not work as intended. In addition, government actions to mitigate the economic impact of the pandemic have resulted in large expansion of government deficits and debt, the long-term consequences of which are not known. Rates of inflation have recently risen, which could adversely affect economies and markets. The pandemic could continue to adversely affect the value and liquidity of the Portfolio's investments.

*Europe:* A number of countries in Europe have experienced severe economic and financial difficulties; and financial markets in Europe and elsewhere have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen or spread within or outside Europe. Responses to the financial problems by European governments, central banks and others may not work, may result in conflicts and social unrest and may limit future growth and economic recovery or have other unintended consequences. In January, 2020, through "Brexit," the United Kingdom withdrew from the European Union. The ramifications of Brexit are unknown, and the implications of possible political, regulatory, economic, and market outcomes could be significant. The United Kingdom has one of the largest economies in Europe and is a major trading partner with European Union countries and the United States. Brexit may create additional and substantial economic stresses for the United Kingdom, including a contraction of the United Kingdom's economy, decreased trade, capital outflows, devaluation of the British pound, and a decrease in business and consumer spending and investment. The negative impact on not only the United Kingdom and European Union economies but also the broader global economy could be significant. A number of countries in Europe have suffered terror attacks, and additional attacks may occur in the future. Europe has also been struggling with mass migration from the Middle East, Eastern Europe and Africa. The ultimate effects of these events and other socio-political or geopolitical issues could profoundly affect global economies and markets. Whether or not the Portfolio invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

*Additional Market Disruption:* Russia's invasion of Ukraine in February, 2022, the resulting responses by the United States and other countries, and the potential for wider conflict, have increased and may continue to increase volatility and uncertainty in financial markets worldwide. The United States and other countries have imposed broad-ranging economic sanctions on Russia and Russian entities and individuals, and may impose additional sanctions, including on other countries that provide military or economic support to Russia. These sanctions, among other things, restrict companies from doing business with Russia and Russian issuers, and may adversely affect companies with economic or financial exposure to Russia and Russian issuers. The extent and duration of Russia's military actions and the repercussions of such actions are not known. The invasion may widen beyond Ukraine and may escalate, including through retaliatory actions and cyberattacks by Russia and even other countries. These events may result in further and significant market disruptions and may adversely affect regional and global economies including those of Europe and the United States. Certain industries and markets, such as those involving oil, natural gas and other commodities, as well as global supply chains, may be particularly adversely affected. Whether or not the Portfolio invests in securities of issuers located in Russia, Ukraine and adjacent countries or with significant exposure to issuers in these countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

**Asset allocation risk:** The Portfolio's investment performance is significantly impacted by the Portfolio's asset allocation and reallocation from time to time. The sub-adviser's decisions whether and when to tactically overweight or underweight asset classes, create and apply formulas for de-risking or ending de-risking and select a mix of underlying portfolios may not produce the desired results. These actions may be unsuccessful in maximizing return and/or avoiding investment losses. The value of your investment may decrease if the sub-adviser's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying portfolio or other issuer is incorrect. The sub-adviser may favor an asset class that performs poorly relative to other asset classes. The available underlying portfolios selected by the sub-adviser may underperform the market or similar portfolios.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. RISK FACTORS (continued)** 

**Foreign investment risk:** Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the Portfolio's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable or unsuccessful government actions, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers.

**Risk management framework risk:** The Portfolio is subject to a multi-factor risk management framework that is intended to reduce equity exposure under certain market conditions. This framework may impose a maximum equity exposure limit for the Portfolio in response to individual asset class momentum signals and a portfolio level volatility signal. The framework is intended to improve the Portfolio's absolute and risk-adjusted returns but may notwork as intended. The framework may result in the Portfolio not achieving its stated asset mix goal or may cause the Portfolio to underperform, possibly significantly. Because market conditions change, sometimes rapidly and unpredictably, the success of the framework also will be subject to the sub-adviser's ability to implement the framework in a timely and efficient manner. The framework may result in periods of underperformance, may fail to protect against market declines, may limit the Portfolio's ability to participate in up markets, may cause the Portfolio to underperform its benchmark in rising markets, may increase transaction costs at the portfolio and/or underlying portfolio level and may result in substantial losses if it does not work as intended. For example, if the Portfolio has reduced its equity exposure to avoid losses in certain market conditions, and the market rises sharply and quickly, there may be a delay in increasing the Portfolio's equity exposure, causing the Portfolio to forgo gains from the market rebound. The framework incorporates quantitative models and signals. If those models or signals prove to be flawed or for other reasons do not produce the desired results, any decisions made in reliance thereon may expose the Portfolio to additional risks and losses. The use of models has inherent risks, and the success of relying on or otherwise using a model depends, among other things, on the accuracy and completeness of the model's development, implementation and maintenance; on the model's assumptions and methodologies; and on the accuracy and reliability of the inputs and output of the model. The framework also serves to reduce the risk to the Transamerica insurance companies that provide guaranteed benefits under certain variable contracts from equity market volatility and to facilitate their provision of those guaranteed benefits. The framework also may have the effect of limiting the amount of guaranteed benefits. The Portfolio's performance may be lower than similar portfolios that are not subject to a risk management framework. The use of derivatives in connection with the framework may expose the Portfolio to different and potentially greater risks than if it had only invested in underlying portfolios.

**7. FEES AND OTHER AFFILIATED TRANSACTIONS** 

TST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Transamerica Life Insurance Company ("TLIC"), and Transamerica Financial Life Insurance Company.

TAM, the Portfolio's investment manager, is directly owned by TLIC and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon NV. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon NV, a Netherlands corporation, and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Portfolio's transfer agent. Transamerica Capital, Inc. ("TCI") is the Portfolio's distributor/principal underwriter. TAM, TFS, and TCI are affiliates of Aegon NV.

Certain officers and trustees of the Portfolio are also officers and/or trustees of TAM, TFS and TCI. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Portfolio. The Portfolio does pay non-interested persons (independent trustees), as disclosed in Trustee, CCO and deferred compensation fees within the Statement of Operations.

**Investment management fees:** TAM serves as the Portfolio's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Portfolio pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

The Portfolio pays a management fee to TAM based on daily average net assets at the following rates:

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| | |
|:---|:---|
| **Breakpoints** | **Rate** |
|  First $10 billion | 0.1225% |
|  Over $10 billion | 0.1025 |

---

TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses, reorganization expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

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| | | |
|:---|:---|:---|
| | **Operating<br>Expense Limit** | **Operating<br>Expense Limit<br>Effective Through** |
|  Initial Class | 0.25% | May 1, 2023 |
|  Service Class | 0.50 | May 1, 2023 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended December 31, 2022 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Portfolio, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

As of December 31, 2022, there are no amounts available for recapture by TAM.

**Distribution and service fees:** TST has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, TST entered into a distribution agreement with TCI as the Portfolio's distributor.

The Distribution Plan requires the Portfolio to pay distribution fees to TCI as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCI, on behalf of the Portfolio, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Portfolio's shares.

The fee on the Service Class shares is paid to the insurance companies for providing services and account maintenance for the policyholders who invest in the variable insurance products which invest in the Service Class shares. TCI has determined that it will not seek payment for the distribution expenses incurred by the Portfolio with respect to the Initial Class shares before May 1, 2023. Prior to TCI seeking distribution expenses on Initial Class shares, policy and contract owners will be notified in advance. The Portfolio will pay fees relating to Service Class shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Portfolio is authorized under the Distribution Plan to pay fees to TCI based on daily average net assets of each class up to the following annual rates:

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| | |
|:---|:---|
| **Class** | **Rate** |
|  Initial Class | 0.15% |
|  Service Class | 0.25 |

---

**Transfer agent costs:** TFS provides transfer agency services under an intercompany agreement with TAM. TFS has outsourced the provision of certain sub-transfer agency services to SS&C Technology Holdings, Inc ("SS&C"). The Portfolio does not pay a separate transfer agent fee to TAM or TFS but does pay certain expenses to SS&C related to applicable sub-transfer agency services. For the

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

year ended December 31, 2022, (i) the expenses paid to SS&C by the Portfolio are referred to as Transfer agent costs and are included within the Statement of Operations and (ii) the expenses payable to SS&C by the Portfolio are referred to as Transfer agent costs within the Statement of Assets and Liabilities.

**Deferred compensation plan:** Effective September 23, 2021, the Board has approved the termination of the deferred compensation plan. Payments will be made to applicable current and former Board members consistent with Section 409A of the Code. Under a non-qualified deferred compensation plan effective January 1, 1996, as amended and restated January 1, 2010, available to the trustees, compensation may be deferred that would otherwise be payable by TST to an independent trustee on a current basis for services rendered as trustee. Deferred compensation amounts will accumulate based on the value of the investment option, as elected by the trustee. Balances pursuant to deferred compensation plan are recorded in Trustees, Chief Compliance Officer ("CCO") and deferred compensation fees within the Statement of Assets and Liabilities. For the year ended December 31, 2022, amounts included in Trustees, CCO and deferred compensation fees within the Statement of Operations reflect total compensation paid to the independent Board members.

**Brokerage commissions:** The Portfolio incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the year ended December 31, 2022.

**8. PURCHASES AND SALES OF SECURITIES** 

For the year ended December 31, 2022, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

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| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $33328673 | $15530838 | $146749025 | $15526143 |

---

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS** 

The Portfolio has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Portfolio recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Portfolio's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Portfolio's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Portfolio's financial statements. If applicable, the Portfolio recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Portfolio identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Portfolio makes significant investments; however, the Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales and futures contracts mark-to-market. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. There are no reclassifications in the current year.

As of December 31, 2022, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

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| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross<br>Appreciation** | **Gross<br>(Depreciation)** | **Net Appreciation<br>(Depreciation)** |
| $456451946 | $9987109 | $(32304257) | $(22317148) |

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)** 

As of December 31, 2022, the capital loss carryforwards available to offset future realized capital gains are as follows:

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| | |
|:---|:---|
| **Unlimited** | **Unlimited** |
| **Short-Term** | **Long-Term** |
| $6389344 | $— |

---

During the year ended December 31, 2022, the Portfolio did not have any capital loss carryforwards utilized or expired.

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2022 and 2021 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** |
| **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of Capital** | **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of Capital** |
| $32064639 | $31767879 | $— | $8270410 | $— | $— |

---

As of December 31, 2022, the tax basis components of distributable earnings are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Capital Loss<br>Carryforwards** | **Late Year<br>Ordinary Loss<br>Deferred** | **Other<br>Temporary<br>Differences** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| $5589099 | $— | $(6389344) | $— | $— | $(22309215) |

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**Report of Independent Registered Public Accounting Firm** 

*To the Shareholders and the Board of Trustees of Transamerica JPMorgan International Moderate Growth VP* 

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities of Transamerica JPMorgan International Moderate Growth VP (the "Portfolio") (one of the portfolios constituting Transamerica Series Trust (the "Trust")), including the schedule of investments, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the portfolios constituting Transamerica Series Trust) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion** 

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g438566ernst_young.jpg)

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

February 27, 2023

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**SUPPLEMENTAL TAX INFORMATION** 

**(unaudited)** 

For tax purposes, the Portfolio has made a long-term capital gain designation of $31,767,879 for the year ended December 31, 2022.

The amounts which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the U.S. are as follows:

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| | |
|:---|:---|
| **Foreign Source Income** | **Foreign Taxes** |
| $2400951 | $479680 |

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**Transamerica JPMorgan Mid Cap Value VP** 

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**(unaudited)** 

**MARKET ENVIRONMENT** 

The S&P 500<sup>®</sup> Index ("S&P 500<sup>®</sup>") faced its worst year since 2008, returning -18.11% for the year ended December 31, 2022. Communication services and consumer discretionary were the worst performing sectors in 2022, while energy and utilities were the only sectors posting positive returns for the year.

After three years of strength, equity markets were whiplashed with bouts of volatility, beginning with geopolitical tensions leading to the Russia-Ukraine war. As a result, rising oil and gas prices led to energy sector strength while pressuring manufacturing costs and already stressed global supply chains. Moreover, concerns over high inflation and a shrinking economy in April 2022 further tested equity markets. Developed equity markets saw the worst first half in over two decades. The U.S. Federal Reserve hiked rates by a cumulative 4.25% in 2022, in an attempt to curb record high inflation. The Consumer Price Index peaked at 9.1% in June 2022 and trended downward to 7.1% in November 2022. Corporate America battled high interest rates, contraction in manufacturing and dampened consumer sentiment. Finally, earnings forecasts for 2023 witnessed sharp cuts towards the end of 2022 as recession fears mounted.

Large cap stocks, represented by the S&P 500<sup>®</sup>, outperformed small caps, as measured by the Russell 2000<sup>®</sup> Index, while the mid cap stocks of the Russell Midcap<sup>®</sup> Index outperformed both large and small caps. Value outperformed growth by a wide margin, as the Russell 3000<sup>®</sup> Value Index returned -7.99% and the Russell 3000<sup>®</sup> Growth Index returned -28.97%.

**PERFORMANCE** 

For the year ended December 31, 2022, Transamerica JPMorgan Mid Cap Value VP, Initial Class returned -8.23%. By comparison, its benchmark, the Russell Midcap<sup>®</sup> Value Index, returned -12.03%.

**STRATEGY REVIEW** 

Transamerica JPMorgan Mid Cap Value VP (the "Portfolio") outperformed its benchmark, the Russell Midcap<sup>®</sup> Value Index, for the 12-month period ended December 31, 2022. Stock selection in technology and financials sectors contributed to the outperformance, while stock selection in communications services and energy sectors detracted from relative performance.

Portfolio holding Motorola Solutions, Inc. contributed to performance after beating earnings estimates and raising guidance in the face of a deteriorating economic outlook. The company's revenue growth accelerated, and operating margins remained more resilient compared to estimates. While we have trimmed the position on its relative strength, we continue to hold a position on the expectation that Motorola Solutions, Inc.'s management team will continue to deliver value through business execution, prudent merger and acquisition activity, and returning capital to shareholders.

Stock selection within communication services hurt performance, with Liberty Broadband Corp., Class C ("Liberty Broadband") being a top detractor. Charter Communications, Inc., Class A, Liberty Broadband's principal holding, continued to struggle with declining residential broadband subscribers. This, and competition from fixed wireless, pressured the stock valuation, yet we feel optimistic in Liberty Broadband's management team's ability to navigate these challenges, as evidenced by their active share buy backs during bouts of volatility. We believe Liberty Broadband's valuation remains inexpensive, and the business has evolved from more of a high growth enterprise to a more mature cash flow generator, which keeps it within the Portfolio.

**Lawrence Playford, CFA** 

**Jonathan K. L. Simon** 

**Co-Portfolio Managers** 

**J.P. Morgan Investment Management Inc.** 

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| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  Common Stocks | 96.9% |
|  Repurchase Agreement | 2.2 |
|  Net Other Assets (Liabilities) | 0.9 |
|  **Total** | 100.0% |

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*Current and future portfolio holdings are subject to change and risk.* 

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**Transamerica JPMorgan Mid Cap Value VP** 

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**(unaudited)**![LOGO](g438566g72p48.jpg)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Initial Class | (8.23)% | 5.99% | 9.90% | 05/03/1999 |
|  Russell Midcap<sup>®</sup> Value Index <sup>(A)</sup> | (12.03)% | 5.72% | 10.11% |  |
|  Service Class | (8.43)% | 5.71% | 9.62% | 05/01/2003 |

---

<sup>(A)</sup> *The Russell Midcap<sup>®</sup> Value Index measures the performance of the mid-cap value segment of the U.S. equity universe, and is comprised of Russell Midcap<sup>®</sup> Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell Midcap<sup>®</sup> Index measures the performance of the mid-cap segment of the U.S. equity universe.* 

The Portfolio's benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Year or Since Inception calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or the redemption of Portfolio shares. The Portfolio's investment return and net asset value will fluctuate. Investors' shares when redeemed may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month end. Portfolio performance is net of investment fees and Portfolio expenses, but not product charges, which, if included, would significantly lower the performance quoted.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of previously waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Investing in small- and medium-size companies involves greater risk than is customarily associated with more established companies. The securities of small- and mid-capitalization companies are subject to higher volatility than larger, more established companies.

Russell<sup>®</sup> and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 2** 

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##### [**Table of Contents**](#toc)
**Transamerica JPMorgan Mid Cap Value VP** 

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**DISCLOSURE OF EXPENSES** 

**(unaudited)** 

**SHAREHOLDER EXPENSES** 

Portfolio shareholders may incur two types of costs: (i) transaction costs, including brokerage commissions on purchases and sales of portfolio shares; and (ii) ongoing costs, including management fees, and other portfolio expenses.

The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other portfolios.

The example is based on an investment of $1,000 invested at July 1, 2022, and held for the entire six-month period until December 31, 2022.

**ACTUAL EXPENSES** 

The information in the table below provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = $8.60), then multiply the result by the number in the appropriate column for your share class titled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES** 

The information in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratios and assumed rates of return of 5% per year before expenses, which are not the Portfolio's actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Portfolio versus other portfolios. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other portfolios.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Portfolio shares. Therefore, the information under the heading "Hypothetical Expenses" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different portfolios. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries, or other financial institutions.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Actual Expenses** | **Actual Expenses** | **Hypothetical Expenses <sup>(A)</sup>** | **Hypothetical Expenses <sup>(A)</sup>** | |
| <br>**Class** |<br>**Beginning<br>Account Value<br>July 1, 2022** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** |<br>**Net Annualized<br>Expense Ratio <sup>(C)</sup>** |
|  Initial Class | $&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;1058.10 | $&nbsp;&nbsp;&nbsp;&nbsp;4.51 | $&nbsp;&nbsp;&nbsp;&nbsp;1020.80 | $&nbsp;&nbsp;&nbsp;&nbsp;4.43 | 0.87% |
|  Service Class | 1000.00 | 1056.30 | 5.80 | 1019.60 | 5.70 | 1.12 |

---

(A) *5% return per year before expenses.*

(B) *Expenses are calculated using the Portfolio's net annualized expense ratio, as disclosed in the table, multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (365 days).*

(C) *Net annualized expense ratios are reflective of applicable fee waivers and/or reimbursements and recapture, if any, and are based on the most recent six-months which may differ from the net expense ratio displayed in the Financial Highlights that covers a twelve-month period.*

---

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|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 3** 

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##### [**Table of Contents**](#toc)
**Transamerica JPMorgan Mid Cap Value VP** 

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**SCHEDULE OF INVESTMENTS** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS - 96.9%** | **COMMON STOCKS - 96.9%** | **COMMON STOCKS - 96.9%** |
| **Airlines - 0.4%** | **Airlines - 0.4%** | **Airlines - 0.4%** |
|  Southwest Airlines Co. <sup>(A)</sup> | 62155 | $2092759 |
| **Banks - 9.0%** | **Banks - 9.0%** | **Banks - 9.0%** |
|  Citizens Financial Group, Inc. | 149283 | 5877272 |
|  Fifth Third Bancorp | 194152 | 6370127 |
|  First Citizens BancShares, Inc., Class A | 4655 | 3530166 |
|  Huntington Bancshares, Inc. | 597031 | 8418137 |
|  M&T Bank Corp. | 58737 | 8520389 |
|  Regions Financial Corp. | 327528 | 7061504 |
|  Zions Bancorp NA | 70171 | 3449606 |
|  |  | 43227201 |
| **Beverages - 1.4%** | **Beverages - 1.4%** | **Beverages - 1.4%** |
|  Constellation Brands, Inc., Class A | 15188 | 3519819 |
|  Keurig Dr. Pepper, Inc. | 90038 | 3210755 |
|  |  | 6730574 |
| **Building Products - 2.0%** | **Building Products - 2.0%** | **Building Products - 2.0%** |
|  Carlisle Cos., Inc. | 19792 | 4663985 |
|  Fortune Brands Innovations, Inc. | 82594 | 4716943 |
|  |  | 9380928 |
| **Capital Markets - 6.0%** | **Capital Markets - 6.0%** | **Capital Markets - 6.0%** |
|  Ameriprise Financial, Inc. | 28342 | 8824849 |
|  Northern Trust Corp. | 53152 | 4703420 |
|  Raymond James Financial, Inc. | 59676 | 6376381 |
|  State Street Corp. | 67122 | 5206654 |
| T. Rowe Price Group, Inc. | 34725 | 3787108 |
|  |  | 28898412 |
| **Chemicals - 1.6%** | **Chemicals - 1.6%** | **Chemicals - 1.6%** |
|  Celanese Corp. | 18977 | 1940209 |
|  RPM International, Inc. | 56601 | 5515767 |
|  |  | 7455976 |
| **Communications Equipment - 1.3%** | **Communications Equipment - 1.3%** | **Communications Equipment - 1.3%** |
|  Motorola Solutions, Inc. | 23785 | 6129632 |
| **Construction Materials - 1.1%** | **Construction Materials - 1.1%** | **Construction Materials - 1.1%** |
|  Martin Marietta Materials, Inc. | 15492 | 5235831 |
| **Consumer Finance - 0.7%** | **Consumer Finance - 0.7%** | **Consumer Finance - 0.7%** |
|  Discover Financial Services | 35831 | 3505347 |
| **Containers & Packaging - 2.6%** | **Containers & Packaging - 2.6%** | **Containers & Packaging - 2.6%** |
|  Ball Corp. | 45033 | 2302988 |
|  Packaging Corp. of America | 34907 | 4464954 |
|  Silgan Holdings, Inc. | 106266 | 5508829 |
|  |  | 12276771 |
| **Distributors - 2.2%** | **Distributors - 2.2%** | **Distributors - 2.2%** |
|  Genuine Parts Co. | 22252 | 3860945 |
|  LKQ Corp. | 122157 | 6524405 |
|  |  | 10385350 |
| **Diversified Financial Services - 0.6%** | **Diversified Financial Services - 0.6%** | **Diversified Financial Services - 0.6%** |
|  Voya Financial, Inc. | 48505 | 2982572 |
| **Electric Utilities - 4.2%** | **Electric Utilities - 4.2%** | **Electric Utilities - 4.2%** |
|  Edison International | 53561 | 3407551 |
|  Entergy Corp. | 64946 | 7306425 |
|  Xcel Energy, Inc. | 131622 | 9228018 |
|  |  | 19941994 |
| **Electrical Equipment - 3.6%** | **Electrical Equipment - 3.6%** | **Electrical Equipment - 3.6%** |
|  Acuity Brands, Inc. | 32190 | 5330986 |
|  AMETEK, Inc. | 41194 | 5755626 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Electrical Equipment (continued)** | **Electrical Equipment (continued)** | **Electrical Equipment (continued)** |
|  Hubbell, Inc. | 26408 | $6197429 |
|  |  | 17284041 |
| **Electronic Equipment, Instruments & Components - 3.8%** | **Electronic Equipment, Instruments & Components - 3.8%** | **Electronic Equipment, Instruments & Components - 3.8%** |
|  Amphenol Corp., Class A | 67027 | 5103436 |
|  CDW Corp. | 35312 | 6306017 |
|  Jabil, Inc. | 44963 | 3066477 |
|  Teledyne Technologies, Inc. <sup>(A)</sup> | 9039 | 3614786 |
|  |  | 18090716 |
| **Equity Real Estate Investment Trusts - 9.5%** | **Equity Real Estate Investment Trusts - 9.5%** | **Equity Real Estate Investment Trusts - 9.5%** |
|  American Homes 4 Rent, Class A | 117564 | 3543379 |
|  AvalonBay Communities, Inc. | 20609 | 3328766 |
|  Boston Properties, Inc. | 38855 | 2625821 |
|  Brixmor Property Group, Inc. | 131045 | 2970790 |
|  Essex Property Trust, Inc. | 9160 | 1941187 |
|  Federal Realty Investment Trust | 20960 | 2117798 |
|  Host Hotels & Resorts, Inc. | 105514 | 1693500 |
|  JBG SMITH Properties | 73078 | 1387020 |
|  Kimco Realty Corp. | 159857 | 3385771 |
|  Mid-America Apartment Communities, Inc. | 13631 | 2139931 |
|  Rayonier, Inc. | 132984 | 4383153 |
|  Regency Centers Corp. | 35947 | 2246688 |
|  Rexford Industrial Realty, Inc. | 37030 | 2023319 |
|  Sun Communities, Inc. | 14634 | 2092662 |
|  Ventas, Inc. | 41606 | 1874350 |
|  Weyerhaeuser Co. | 142339 | 4412509 |
|  WP Carey, Inc. | 44602 | 3485646 |
|  |  | 45652290 |
| **Food & Staples Retailing - 1.4%** | **Food & Staples Retailing - 1.4%** | **Food & Staples Retailing - 1.4%** |
|  Kroger Co. | 72139 | 3215957 |
|  US Foods Holding Corp. <sup>(A)</sup> | 109854 | 3737233 |
|  |  | 6953190 |
| **Food Products - 0.6%** | **Food Products - 0.6%** | **Food Products - 0.6%** |
|  Post Holdings, Inc. <sup>(A)</sup> | 34323 | 3097994 |
| **Gas Utilities - 0.8%** | **Gas Utilities - 0.8%** | **Gas Utilities - 0.8%** |
|  National Fuel Gas Co. | 59213 | 3748183 |
| **Health Care Equipment & Supplies - 1.7%** | **Health Care Equipment & Supplies - 1.7%** | **Health Care Equipment & Supplies - 1.7%** |
|  Globus Medical, Inc., Class A <sup>(A)</sup> | 28162 | 2091592 |
|  Zimmer Biomet Holdings, Inc. | 46895 | 5979112 |
|  |  | 8070704 |
| **Health Care Providers & Services - 5.7%** | **Health Care Providers & Services - 5.7%** | **Health Care Providers & Services - 5.7%** |
|  AmerisourceBergen Corp. | 50259 | 8328419 |
|  Henry Schein, Inc. <sup>(A)</sup> | 88133 | 7039183 |
|  Laboratory Corp. of America Holdings | 37320 | 8788113 |
|  Universal Health Services, Inc., Class B | 22717 | 3200598 |
|  |  | 27356313 |
| **Hotels, Restaurants & Leisure - 1.2%** | **Hotels, Restaurants & Leisure - 1.2%** | **Hotels, Restaurants & Leisure - 1.2%** |
|  Darden Restaurants, Inc. | 23838 | 3297510 |
|  Expedia Group, Inc. <sup>(A)</sup> | 25706 | 2251846 |
|  |  | 5549356 |
| **Household Durables - 1.4%** | **Household Durables - 1.4%** | **Household Durables - 1.4%** |
|  Mohawk Industries, Inc. <sup>(A)</sup> | 29560 | 3021623 |
|  Newell Brands, Inc. | 275202 | 3599642 |
|  |  | 6621265 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 4** 

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##### [**Table of Contents**](#toc)
**Transamerica JPMorgan Mid Cap Value VP** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Household Products - 0.5%** | **Household Products - 0.5%** | **Household Products - 0.5%** |
|  Energizer Holdings, Inc. | 73351 | $2460926 |
| **Insurance - 6.4%** | **Insurance - 6.4%** | **Insurance - 6.4%** |
|  Arch Capital Group Ltd. <sup>(A)</sup> | 86257 | 5415215 |
|  Globe Life, Inc. | 16737 | 2017645 |
|  Hartford Financial Services Group, Inc. | 81282 | 6163614 |
|  Lincoln National Corp. | 51560 | 1583923 |
|  Loews Corp. | 132120 | 7706560 |
|  RenaissanceRe Holdings Ltd. | 14613 | 2692153 |
|  W.R. Berkley Corp. | 68291 | 4955878 |
|  |  | 30534988 |
| **Interactive Media & Services - 0.8%** | **Interactive Media & Services - 0.8%** | **Interactive Media & Services - 0.8%** |
|  IAC, Inc. <sup>(A)</sup> | 81467 | 3617135 |
| **IT Services - 1.7%** | **IT Services - 1.7%** | **IT Services - 1.7%** |
|  FleetCor Technologies, Inc. <sup>(A)</sup> | 22738 | 4176516 |
|  GoDaddy, Inc., Class A <sup>(A)</sup> | 51279 | 3836695 |
|  |  | 8013211 |
| **Machinery - 6.5%** | **Machinery - 6.5%** | **Machinery - 6.5%** |
|  IDEX Corp. | 19873 | 4537602 |
|  ITT, Inc. | 69728 | 5654941 |
|  Lincoln Electric Holdings, Inc. | 40847 | 5901983 |
|  Middleby Corp. <sup>(A)</sup> | 42376 | 5674146 |
|  Snap-on, Inc. | 26244 | 5996492 |
|  Timken Co. | 49685 | 3511239 |
|  |  | 31276403 |
| **Media - 2.0%** | **Media - 2.0%** | **Media - 2.0%** |
|  Liberty Broadband Corp., Class C <sup>(A)</sup> | 58197 | 4438685 |
|  Liberty Media Corp. - Liberty SiriusXM, Class C <sup>(A)</sup> | 127419 | 4985906 |
|  |  | 9424591 |
| **Metals & Mining - 0.4%** | **Metals & Mining - 0.4%** | **Metals & Mining - 0.4%** |
|  Freeport-McMoRan, Inc. | 52574 | 1997812 |
| **Multi-Utilities - 3.6%** | **Multi-Utilities - 3.6%** | **Multi-Utilities - 3.6%** |
|  CMS Energy Corp. | 124979 | 7914920 |
|  Sempra Energy | 11329 | 1750784 |
|  WEC Energy Group, Inc. | 82747 | 7758359 |
|  |  | 17424063 |
| **Multiline Retail - 0.2%** | **Multiline Retail - 0.2%** | **Multiline Retail - 0.2%** |
|  Kohl's Corp. | 37976 | 958894 |
| **Oil, Gas & Consumable Fuels - 2.6%** | **Oil, Gas & Consumable Fuels - 2.6%** | **Oil, Gas & Consumable Fuels - 2.6%** |
|  Coterra Energy, Inc. | 144086 | 3540193 |
|  Diamondback Energy, Inc. | 20159 | 2757348 |
|  Williams Cos., Inc. | 186749 | 6144042 |
|  |  | 12441583 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Personal Products - 0.3%** | **Personal Products - 0.3%** | **Personal Products - 0.3%** |
|  BellRing Brands, Inc. <sup>(A)</sup> | 56697 | $1453711 |
| **Pharmaceuticals - 0.9%** | **Pharmaceuticals - 0.9%** | **Pharmaceuticals - 0.9%** |
|  Jazz Pharmaceuticals PLC <sup>(A)</sup> | 26877 | 4281775 |
| **Real Estate Management & Development - 0.9%** | **Real Estate Management & Development - 0.9%** | **Real Estate Management & Development - 0.9%** |
|  CBRE Group, Inc., Class A <sup>(A)</sup> | 53184 | 4093041 |
| **Software - 1.4%** | **Software - 1.4%** | **Software - 1.4%** |
|  Gen Digital, Inc. | 137600 | 2948768 |
|  Take-Two Interactive Software, Inc. <sup>(A)</sup> | 35780 | 3725771 |
|  |  | 6674539 |
| **Specialty Retail - 2.6%** | **Specialty Retail - 2.6%** | **Specialty Retail - 2.6%** |
|  AutoZone, Inc. <sup>(A)</sup> | 2558 | 6308488 |
|  Bath & Body Works, Inc. | 68969 | 2906354 |
|  Best Buy Co., Inc. | 33378 | 2677249 |
|  Gap, Inc. <sup>(B)</sup> | 49996 | 563955 |
|  |  | 12456046 |
| **Textiles, Apparel & Luxury Goods - 2.7%** | **Textiles, Apparel & Luxury Goods - 2.7%** | **Textiles, Apparel & Luxury Goods - 2.7%** |
|  Carter's, Inc. <sup>(B)</sup> | 51713 | 3858307 |
|  Ralph Lauren Corp. | 41894 | 4426939 |
|  Tapestry, Inc. | 118279 | 4504064 |
|  |  | 12789310 |
| **Thrifts & Mortgage Finance - 0.6%** | **Thrifts & Mortgage Finance - 0.6%** | **Thrifts & Mortgage Finance - 0.6%** |
|  MGIC Investment Corp. | 232862 | 3027206 |
|  **Total Common Stocks <br>(Cost $413,390,748)** | **Total Common Stocks <br>(Cost $413,390,748)** | 463592633 |
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 2.2%** | **REPURCHASE AGREEMENT - 2.2%** | **REPURCHASE AGREEMENT - 2.2%** |
|  Fixed Income Clearing Corp., 1.80% <sup>(C)</sup>, dated 12/30/2022, to be repurchased at $10,468,889 on 01/03/2023. Collateralized by a U.S. Government Obligation, 2.75%, due 02/15/2024, and with a value of $10,676,151. | $10466796 | 10466796 |
|  **Total Repurchase Agreement <br>(Cost $10,466,796)** | **Total Repurchase Agreement <br>(Cost $10,466,796)** | 10466796 |
|  **Total Investments <br>(Cost $423,857,544)** | **Total Investments <br>(Cost $423,857,544)** | 474059429 |
|  **Net Other Assets (Liabilities) - 0.9%** |  | 4324597 |
|  **Net Assets - 100.0%** |  | **$478384026** |

---

***The Notes to Financial Statements are an integral part of this report.***

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|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 5** 

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##### [**Table of Contents**](#toc)
**Transamerica JPMorgan Mid Cap Value VP** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(D)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Common Stocks | $463592633 | $— | $— | $463592633 |
|  Repurchase Agreement |  | 10466796 |  | 10466796 |
|  **Total Investments** | $**463592633** | $**10466796** | $**—** | $**474059429** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *Non-income producing securities.* 

(B) *All or a portion of the securities are on loan. The total value of all securities on loan is $3,643,438, collateralized by non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $3,734,516. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.* 

(C) *Rate disclosed reflects the yield at December 31, 2022.* 

(D) *There were no transfers in or out of Level 3 during the year ended December 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

***The Notes to Financial Statements are an integral part of this report.***

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|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 6** 

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##### [**Table of Contents**](#toc)
**Transamerica JPMorgan Mid Cap Value VP** 

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**STATEMENT OF ASSETS AND LIABILITIES** 

**At December 31, 2022** 

---

| | |
|:---|:---|
|  **Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value (cost $413,390,748) <br>(including securities loaned of $3,643,438) | $&nbsp;&nbsp;&nbsp;&nbsp;463592633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreement, at value (cost $10,466,796) | 10466796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables and other assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest sold | 3914636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 980208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 1047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 1430 |
|  Total assets | 478956765 |
|  **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables and other liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest redeemed | 116314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 344136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 52455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 3009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 15966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 8175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 2653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 23292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 6184 |
|  Total liabilities | 572739 |
|  **Net assets** | $478384026 |
|  **Net assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital stock ($0.01 par value) | $331701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 391459689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) | 86592636 |
|  **Net assets** | $478384026 |
|  **Net assets by class:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | $235756495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 242627531 |
|  **Shares outstanding:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 16128204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 17041861 |
|  **Net asset value and offering price per share:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | $14.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 14.24 |

---

**STATEMENT OF OPERATIONS** 

**For the year ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $9601172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 83705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 1883 |
|  Total investment income | 9686760 |
|  **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 4224472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 658713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 5277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 21219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 28691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 34321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 28257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 13290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 32148 |
|  Total expenses | 5046388 |
|  **Net investment income (loss)** | 4640372 |
|  **Net realized gain (loss) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 33160763 |
|  **Net change in unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (83990222) |
|  Net realized and change in unrealized gain (loss) | (50829459) |
|  **Net increase (decrease) in net assets resulting from operations** | $&nbsp;&nbsp;&nbsp;&nbsp;(46189087) |

---

***The Notes to Financial Statements are an integral part of this report.***

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**Page 7** 

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**STATEMENT OF CHANGES IN NET ASSETS** 

**For the years ended:** 

---

| | | |
|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2021** |
|  **From operations:** | **From operations:** | **From operations:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $4640372 | $2977134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 33160763 | 94029463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (83990222) | 44407354 |
|  Net increase (decrease) in net assets resulting from operations | (46189087) | 141413951 |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (46076031) | (5387312) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (50321450) | (6575062) |
|  Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (96397481) | (11962374) |
|  **Capital share transactions:** | **Capital share transactions:** | **Capital share transactions:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 5240514 | 138509139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 16125066 | 25667621 |
|  | 21365580 | 164176760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 46076031 | 5387312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 50321450 | 6575062 |
|  | 96397481 | 11962374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (11992926) | (144668717) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (46145581) | (50822755) |
|  | (58138507) | &nbsp;&nbsp;&nbsp;&nbsp;(195491472) |
|  Net increase (decrease) in net assets resulting from capital share transactions | 59624554 | (19352338) |
|  **Net increase (decrease) in net assets** | (82962014) | 110099239 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 561346040 | 451246801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $&nbsp;&nbsp;&nbsp;&nbsp;478384026 | $561346040 |
|  **Capital share transactions - shares:** | **Capital share transactions - shares:** | **Capital share transactions - shares:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 342204 | 7857754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 903030 | 1439962 |
|  | 1245234 | 9297716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 3071735 | 286255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 3441960 | 356759 |
|  | 6513695 | 643014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (637682) | (7573514) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (2721570) | (2785093) |
|  | (3359252) | (10358607) |
|  Net increase (decrease) in shares outstanding: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 2776257 | 570495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 1623420 | (988372) |
|  | 4399677 | (417877) |

---

***The Notes to Financial Statements are an integral part of this report.***

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**Page 8** 

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**FINANCIAL HIGHLIGHTS** 

**For a share outstanding during the years indicated:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $19.74 | $15.64 | $16.28 | $14.44 | $16.88 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(A)</sup> | 0.18 | 0.13 | 0.16 | 0.19 | 0.23 |
|  Net realized and unrealized gain (loss) | (1.72) | 4.41 | (0.08) | 3.42 | (2.14) |
|  Total investment operations | (1.54) | 4.54 | 0.08 | 3.61 | (1.91) |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income | (0.15) | (0.14) | (0.18) | (0.24) | (0.15) |
|  Net realized gains | (3.43) | (0.30) | (0.54) | (1.53) | (0.38) |
|  Total dividends and/or distributions to shareholders | (3.58) | (0.44) | (0.72) | (1.77) | (0.53) |
|  **Net asset value, end of year** | $14.62 | $19.74 | $15.64 | $16.28 | $14.44 |
|  **Total return** | (8.23)% | 29.19% | 1.35% | 26.21% | (11.81)% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;235756 | $&nbsp;&nbsp;&nbsp;&nbsp;263545 | $&nbsp;&nbsp;&nbsp;&nbsp;199873 | $&nbsp;&nbsp;&nbsp;&nbsp;230002 | $&nbsp;&nbsp;&nbsp;&nbsp;187476 |
|  Expenses to average net assets | Expenses to average net assets | Expenses to average net assets | Expenses to average net assets | Expenses to average net assets | Expenses to average net assets |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.87% | 0.87% | 0.88% | 0.87% | 0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.87% | 0.87% | 0.88% | 0.87% | 0.87 %<sup>(B)</sup> |
|  Net investment income (loss) to average net assets | 1.05% | 0.68% | 1.14% | 1.15% | 1.35% |
|  Portfolio turnover rate | 15% | 45% | 22% | 14% | 16% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Waiver and/or reimbursement rounds to less than 0.01%.* 

**For a share outstanding during the years indicated:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $19.31 | $15.32 | $15.97 | $14.18 | $16.60 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(A)</sup> | 0.13 | 0.08 | 0.12 | 0.14 | 0.18 |
|  Net realized and unrealized gain (loss) | (1.67) | 4.32 | (0.09) | 3.37 | (2.11) |
|  Total investment operations | (1.54) | 4.40 | 0.03 | 3.51 | (1.93) |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income | (0.10) | (0.11) | (0.14) | (0.19) | (0.11) |
|  Net realized gains | (3.43) | (0.30) | (0.54) | (1.53) | (0.38) |
|  Total dividends and/or distributions to shareholders | (3.53) | (0.41) | (0.68) | (1.72) | (0.49) |
|  **Net asset value, end of year** | $14.24 | $19.31 | $15.32 | $15.97 | $14.18 |
|  **Total return** | (8.43)% | 28.84% | 1.03% | 25.99% | (12.09)% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;242628 | $&nbsp;&nbsp;&nbsp;&nbsp;297801 | $&nbsp;&nbsp;&nbsp;&nbsp;251374 | $&nbsp;&nbsp;&nbsp;&nbsp;258115 | $&nbsp;&nbsp;&nbsp;&nbsp;202973 |
|  Expenses to average net assets | Expenses to average net assets | Expenses to average net assets | Expenses to average net assets | Expenses to average net assets | Expenses to average net assets |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 1.12% | 1.12% | 1.13% | 1.12% | 1.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 1.12% | 1.12% | 1.13% | 1.12% | 1.12 %<sup>(B)</sup> |
|  Net investment income (loss) to average net assets | 0.81% | 0.43% | 0.88% | 0.90% | 1.09% |
|  Portfolio turnover rate | 15% | 45% | 22% | 14% | 16% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Waiver and/or reimbursement rounds to less than 0.01%.* 

***The Notes to Financial Statements are an integral part of this report.***

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**Page 9** 

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**NOTES TO FINANCIAL STATEMENTS** 

**At December 31, 2022** 

**1. ORGANIZATION** 

Transamerica Series Trust ("TST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). TST applies investment company accounting and reporting guidance. TST serves as a funding vehicle for variable life insurance, variable annuity, and group annuity products. Transamerica JPMorgan Mid Cap Value VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers two classes of shares, Initial Class and Service Class.

The only shareholders of the Portfolio are affiliated insurance company separate accounts and affiliated asset allocation portfolios. Contract holders of the variable life and annuity contracts are not shareholders of the Portfolio. For ease of reference, shareholders and contract holders are collectively referred to in this report as "shareholders."

This report must be accompanied or preceded by the Portfolio's current prospectus, which contains additional information about the Portfolio, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Portfolio pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Portfolio. TAM supervises the Portfolio's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Portfolio.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of a Portfolio without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Portfolio and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Portfolio employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending portfolio combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Portfolio's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Portfolio; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for a Portfolio; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Portfolio's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; oversight of other service providers to the Portfolio, such as the custodian, the transfer agent, the Portfolio's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Portfolio; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Portfolio, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Portfolio. The Portfolio pays certain fees and expenses to State Street for sub-administration services which are not administrative

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**Page 10** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**1. ORGANIZATION (continued)** 

services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the year ended December 31, 2022, (i) the expenses paid to State Street for sub-administration services by the Portfolio are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Portfolio are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES** 

In preparing the Portfolio's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Portfolio.

**Security transactions and investment income**: Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Portfolio is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Commission recapture**: The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Portfolio with broker/dealers with which TST has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Portfolio. In no event will commissions, paid by the Portfolio, be used to pay expenses that would otherwise be borne by any other portfolios within TST, or by any other party.

Commissions recaptured are included within Net realized gain (loss) within the Statement of Operations. For the year ended December 31, 2022, commissions recaptured are $4,180.

**Indemnification:** In the normal course of business, the Portfolio enters into contracts that contain a variety of representations that provide general indemnifications. The Portfolio's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio and/or its affiliates that have not yet occurred. However, based on experience, the Portfolio expects the risk of loss to be remote.

**3. INVESTMENT VALUATION** 

Effective September 8, 2022, TAM has been designated as the Portfolio's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Portfolio's Board of Trustees. The net asset value of the Portfolio is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

TAM utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels ("Levels") of inputs of the fair value hierarchy are defined as follows:

Level 1—Unadjusted quoted prices in active markets for identical securities.

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Portfolio's investments.

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**Page 11** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**3. INVESTMENT VALUATION (continued)** 

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Portfolio's investments at December 31, 2022, is disclosed within the Investment Valuation section of the Schedule of Investments.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

**Fair value measurements**: Descriptions of the valuation techniques applied to the Portfolio's significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

*Equity securities:* Securities are stated at the last reported sales price or closing price on the day of valuation taken from the primary exchange where the security is principally traded. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Equities traded on inactive markets or valued by reference to similar instruments are generally categorized in Level 2 or Level 3 if inputs are unobservable.

*Foreign equity securities: S*ecurities in which the primary trading market closes at the same time or after the NYSE, are valued based on quotations from the primary market in which they are traded and are categorized in Level 1. Because many foreign securities markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect the events that occur after that close. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, or ETFs and the movement of certain indices of securities based on a statistical analysis of their historical relationship; such valuations generally are categorized in Level 2.

*Repurchase agreements:* Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

**4. SECURITIES AND OTHER INVESTMENTS** 

**Real estate investment trusts ("REITs"):** REITs are pooled investment vehicles which invest primarily in income producing real estate, or real estate related loans or interests. Distributions received by REITs are classified at management's estimate of the dividend income, return of capital and capital gains. Estimates are based on information available at year-end, which includes the previous fiscal year's classification. The actual amounts of dividend income, return of capital, and capital gains are only determined by each REIT after the fiscal year end and may differ from the estimated amounts. Upon notification from the REITs, some of the distributions received may be re-classified and recorded as a return of capital or capital gains. There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

REITs held at December 31, 2022, if any, are identified within the Schedule of Investments.

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

The Portfolio may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Portfolio invests borrowing proceeds in other securities, the Portfolio will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Portfolio may borrow on a secured or on an unsecured basis. If the Portfolio enters into a secured borrowing arrangement, a portion of the Portfolio's assets will be used as collateral. The 1940 Act requires the Portfolio to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Portfolio's total assets, minus liabilities other than borrowings, bears to

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)** 

the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Portfolio may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the year ended December 31, 2022, the Portfolio has not utilized the program.

**Repurchase agreements:** In a repurchase agreement, the Portfolio purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Portfolio's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Portfolio will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Portfolio and its counterparties that provide for the net settlement of all transactions and collateral with the Portfolio, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at December 31, 2022.

Repurchase agreements at December 31, 2022, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**Securities lending:** The Portfolio may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Portfolio pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Portfolio to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Portfolio may experience delays in recovery of the loaned securities or delays in access to collateral, or the Portfolio may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government and irrevocable letters of credit issued by banks as collateral. The initial collateral received by the Portfolio is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower.

The Portfolio receives compensation for lending securities from interest or dividends earned on the cash, U.S. Government securities and irrevocable letters of credit held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust—Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at December 31, 2022, if any, are shown on a gross basis within the Schedule of Investments.

**6. RISK FACTORS** 

Investing in the Portfolio involves certain key risks related to the Portfolio's trading activity. Please reference the Portfolio's prospectus for a more complete discussion of the following risk(s), as well as other risks of investing in the Portfolio.

**Market risk:** The market prices of the Portfolio's securities and other assets may go up or down, sometimes sharply and unpredictably, due to general market conditions, overall economic trends or events, inflation, changes in interest rates, government actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by wars, tariffs, trade disputes or other factors, political developments, investor sentiment, the global and domestic effects of a pandemic or other health emergency, and other factors that may or may not be related to the issuer of the security or other asset. The market prices of securities

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. RISK FACTORS (continued)** 

and other assets also may go down due to events or conditions that affect particular sectors, industries, issuers, or geographies. Adverse market conditions may be prolonged and may not have the same impact on all types of securities or other assets. If the value of the Portfolio's securities and assets fall, the value of your investment will go down. The Portfolio may experience a substantial or complete loss on any individual security or asset.

Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, the imposition of economic sanctions, public health events (such as the spread of infectious disease), wars, terrorism, cybersecurity events, technology and data interruptions, natural disasters, and other circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. In the past decade, financial markets throughout the world have experienced increased volatility and decreased liquidity. These conditions may continue or worsen. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down. Securities markets may also be susceptible to market manipulation or other fraudulent trade practices, which could disrupt the orderly functioning of these markets or adversely affect the value of securities traded in these markets, including the Portfolio's securities.

The pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in economic downturns throughout the world, severe losses, particularly to some sectors of the economy and individual issuers, and reduced liquidity of many instruments. There also have been significant disruptions to business operations, including business closures; strained healthcare systems; disruptions to supply chains and employee availability; large fluctuations in consumer demand; and widespread uncertainty regarding the duration and long-term effects of the pandemic. Economic downturns may be prolonged, and political and social instability, continued volatility and decreased liquidity in the securities markets may result. Developing or emerging market countries may be more impacted by the pandemic.

The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic. These and other government intervention into the economy and financial markets may not work as intended. In addition, government actions to mitigate the economic impact of the pandemic have resulted in large expansion of government deficits and debt, the long-term consequences of which are not known. Rates of inflation have recently risen, which could adversely affect economies and markets. The pandemic could continue to adversely affect the value and liquidity of the Portfolio's investments.

*Europe:* A number of countries in Europe have experienced severe economic and financial difficulties; and financial markets in Europe and elsewhere have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen or spread within or outside Europe. Responses to the financial problems by European governments, central banks and others may not work, may result in conflicts and social unrest and may limit future growth and economic recovery or have other unintended consequences. In January, 2020, through "Brexit," the United Kingdom withdrew from the European Union. The ramifications of Brexit are unknown, and the implications of possible political, regulatory, economic, and market outcomes could be significant. The United Kingdom has one of the largest economies in Europe and is a major trading partner with European Union countries and the United States. Brexit may create additional and substantial economic stresses for the United Kingdom, including a contraction of the United Kingdom's economy, decreased trade, capital outflows, devaluation of the British pound, and a decrease in business and consumer spending and investment. The negative impact on not only the United Kingdom and European Union economies but also the broader global economy could be significant. A number of countries in Europe have suffered terror attacks, and additional attacks may occur in the future. Europe has also been struggling with mass migration from the Middle East, Eastern Europe and Africa. The ultimate effects of these events and other socio-political or geopolitical issues could profoundly affect global economies and markets. Whether or not the Portfolio invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

*Additional Market Disruption:* Russia's invasion of Ukraine in February, 2022, the resulting responses by the United States and other countries, and the potential for wider conflict, have increased and may continue to increase volatility and uncertainty in financial markets worldwide. The United States and other countries have imposed broad-ranging economic sanctions on Russia and Russian entities and individuals, and may impose additional sanctions, including on other countries that provide military or economic support to Russia. These sanctions, among other things, restrict companies from doing business with Russia and Russian issuers, and may adversely affect companies with economic or financial exposure to Russia and Russian issuers. The extent and duration of Russia's military actions and the repercussions of such actions are not known. The invasion may widen beyond Ukraine and may escalate, including through retaliatory actions and cyberattacks by Russia and even other countries. These events may result in further and significant market disruptions and may adversely affect regional and global economies including those of Europe and the United States. Certain industries and markets, such as those involving oil, natural gas and other commodities, as well as global supply chains, may be

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. RISK FACTORS (continued)** 

particularly adversely affected. Whether or not the Portfolio invests in securities of issuers located in Russia, Ukraine and adjacent countries or with significant exposure to issuers in these countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The value of equity securities fluctuates based on real or perceived changes in a company's financial condition, factors affecting a particular industry or industries, and overall market, economic and political conditions. If the market prices of the equity securities owned by the Portfolio fall, the value of your investment in the Portfolio will decline. The Portfolio may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Medium capitalization companies risk:** The Portfolio will be exposed to additional risks as a result of its investments in the securities of medium capitalization companies. Investing in medium capitalization companies involves greater risk than is customarily associated with more established companies. The prices of securities of medium capitalization companies generally are more volatile and are more likely to be adversely affected by changes in earnings results and investor expectations or poor economic or market conditions. Securities of medium capitalization companies may underperform larger capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

**7. FEES AND OTHER AFFILIATED TRANSACTIONS** 

TST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Transamerica Life Insurance Company ("TLIC"), and Transamerica Financial Life Insurance Company.

TAM, the Portfolio's investment manager, is directly owned by TLIC and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon NV. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon NV, a Netherlands corporation, and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Portfolio's transfer agent. Transamerica Capital, Inc. ("TCI") is the Portfolio's distributor/principal underwriter. TAM, TFS, and TCI are affiliates of Aegon NV.

Certain officers and trustees of the Portfolio are also officers and/or trustees of TAM, TFS and TCI. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Portfolio. The Portfolio does pay non-interested persons (independent trustees), as disclosed in Trustee, CCO and deferred compensation fees within the Statement of Operations.

**Investment management fees:** TAM serves as the Portfolio's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Portfolio pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Portfolio pays a management fee to TAM based on daily average net assets at the following rates:

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| | |
|:---|:---|
| **Breakpoints** | **Rate** |
|  Effective August 1, 2022 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First $100 million | 0.88% |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $100 million up to $550 million | 0.83 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $550 million up to $750 million | 0.79 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $750 million up to $1 billion | 0.77 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $1 billion | 0.76 |
|  Prior to August 1, 2022 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First $100 million | 0.88 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $100 million up to $750 million | 0.83 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $750 million up to $1.5 billion | 0.81 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $1.5 billion | 0.80 |

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses, reorganization expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

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| | | |
|:---|:---|:---|
| | **Operating<br>Expense Limit** | **Operating<br>Expense Limit<br>Effective Through** |
|  Effective May 1, 2022 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 0.93% | May 1, 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Class | 1.17 | May 1, 2023 |
|  Prior to May 1, 2022 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Class | 1.18 |  |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended December 31, 2022 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Portfolio, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

As of December 31, 2022, there are no amounts available for recapture by TAM.

**Distribution and service fees:** TST has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, TST entered into a distribution agreement with TCI as the Portfolio's distributor.

The Distribution Plan requires the Portfolio to pay distribution fees to TCI as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCI, on behalf of the Portfolio, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Portfolio's shares.

The fee on the Service Class shares is paid to the insurance companies for providing services and account maintenance for the policyholders who invest in the variable insurance products which invest in the Service Class shares. TCI has determined that it will not seek payment for the distribution expenses incurred by the Portfolio with respect to the Initial Class shares before May 1, 2023. Prior to TCI seeking distribution expenses on Initial Class shares, policy and contract owners will be notified in advance. The Portfolio will pay fees relating to Service Class shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Portfolio is authorized under the Distribution Plan to pay fees to TCI based on daily average net assets of each class up to the following annual rates:

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| | |
|:---|:---|
| **Class** | **Rate** |
|  Initial Class | 0.15% |
|  Service Class | 0.25 |

---

**Transfer agent costs:** TFS provides transfer agency services under an intercompany agreement with TAM. TFS has outsourced the provision of certain sub-transfer agency services to SS&C Technology Holdings, Inc ("SS&C"). The Portfolio does not pay a separate transfer agent fee to TAM or TFS but does pay certain expenses to SS&C related to applicable sub-transfer agency services. For the year ended December 31, 2022, (i) the expenses paid to SS&C by the Portfolio are referred to as Transfer agent costs and are included within the Statement of Operations and (ii) the expenses payable to SS&C by the Portfolio are referred to as Transfer agent costs within the Statement of Assets and Liabilities.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

**Deferred compensation plan:** Effective September 23, 2021, the Board has approved the termination of the deferred compensation plan. Payments will be made to applicable current and former Board members consistent with Section 409A of the Code. Under a non-qualified deferred compensation plan effective January 1, 1996, as amended and restated January 1, 2010, available to the trustees, compensation may be deferred that would otherwise be payable by TST to an independent trustee on a current basis for services rendered as trustee. Deferred compensation amounts will accumulate based on the value of the investment option, as elected by the trustee. Balances pursuant to deferred compensation plan are recorded in Trustees, Chief Compliance Officer ("CCO") and deferred compensation fees within the Statement of Assets and Liabilities. For the year ended December 31, 2022, amounts included in Trustees, CCO and deferred compensation fees within the Statement of Operations reflect total compensation paid to the independent Board members.

**Brokerage commissions:** The Portfolio incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the year ended December 31, 2022.

**8. PURCHASES AND SALES OF SECURITIES** 

For the year ended December 31, 2022, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

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| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $75998072 | $— | $108009170 | $— |

---

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS** 

The Portfolio has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Portfolio recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Portfolio's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Portfolio's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Portfolio's financial statements. If applicable, the Portfolio recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Portfolio identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Portfolio makes significant investments; however, the Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. There are no reclassifications in the current year.

As of December 31, 2022, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

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| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross<br>Appreciation** | **Gross<br>(Depreciation)** | **Net Appreciation<br>(Depreciation)** |
| $424809880 | $78108562 | $(28859013) | $49249549 |

---

As of December 31, 2022, the Portfolios had no capital loss carryforwards available to offset future realized capital gains. During the year ended December 31, 2022, the Portfolio did not have any capital loss carryforwards utilized or expired.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)** 

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2022 and 2021 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** |
| **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of Capital** | **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of Capital** |
| $11236124 | $85161357 | $— | $3758404 | $8203970 | $— |

---

As of December 31, 2022, the tax basis components of distributable earnings are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Capital Loss<br>Carryforwards** | **Late Year<br>Ordinary Loss<br>Deferred** | **Other<br>Temporary<br>Differences** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| $5558040 | $31785047 | $— | $— | $— | $49249549 |

---

**10. NEW ACCOUNTING PRONOUNCEMENT** 

In June 2022, the Financial Accounting Standards Board issued Accounting Standards Update No. 2022-03 ("ASU 2022-03"), "Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions" ("Topic 820"). ASU 2022-03 clarifies the guidance in Topic 820, related to the measurement of the fair value of an equity security subject to contractual sale restrictions, where it eliminates the need to apply a discount to fair value of these securities, and introduces disclosure requirements related to such equity securities. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. Management is currently evaluating the implications, if any, of the additional requirements and its impact on the Portfolio's financial statements.

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**Report of Independent Registered Public Accounting Firm** 

*To the Shareholders and the Board of Trustees of Transamerica JPMorgan Mid Cap Value VP* 

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities of Transamerica JPMorgan Mid Cap Value VP (the "Portfolio") (one of the portfolios constituting Transamerica Series Trust (the "Trust")), including the schedule of investments, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the portfolios constituting Transamerica Series Trust) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion** 

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g438566ernst_young.jpg)

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

February 27, 2023

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**SUPPLEMENTAL TAX INFORMATION** 

**(unaudited)** 

For tax purposes, the Portfolio has made a long-term capital gain designation of $85,161,357 for the year ended December 31, 2022.

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**Transamerica JPMorgan Tactical Allocation VP** 

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**(unaudited)** 

**MARKET ENVIRONMENT** 

Both equity and fixed income markets faced headwinds in 2022. The war in Ukraine and central banks' battle against inflation were the main sources of bond and equity markets' struggles. However, the final quarter of the year brought some relief. Arguably the most painful move in markets in 2022 was the sharp decline in government bond prices. The unusually large sell-off in government bonds, alongside falling stock prices, made for a challenging environment for multi-asset investors. This was caused by global central banks having to raise interest rates by far more than investors had expected at the beginning of the year due to runaway inflation.

Global equities returned 9.77% over the fourth quarter, based on the MSCI World Index in USD terms, and finished 2022 down -18.14%. Value stocks significantly outperformed growth stocks, both during the year and during the fourth quarter. This can largely be explained by the high starting valuations for many technology stocks, some revenue growth disappointments, and the effect of rising interest rates, all of which pressured high growth stocks. One part of the world where few would argue that a lot of bad news has already been priced in was in China. The MSCI China Index was down substantially from its 2021 peak and down 21.93% in 2022. That is despite a 34% rally off of the recent lows in October, as China began to move beyond its zero COVID policy.

Global fixed income returns were negative for 2022, as a tighter monetary policy drove interest rates higher through year-end. The 10-year U.S. Treasury yield finished the year at 3.88%, up 236 basis points ("bps") from where it started the year. The 30-year U.S. Treasury finished the year at 3.97%, up 207 bps from where it started the year. As a result, U.S. 10-year and 30-year Treasury returns were down 16.33% and 33.29%, respectively, in 2022, as per the Bloomberg U.S. Treasury Bellwether 10-year and 30-year indices. Overall, U.S. fixed income markets were up 1.87% over the fourth quarter, according to the Bloomberg U.S. Aggregate Bond Index. However, it finished the full year with a loss of -13.01%, the worst decline in decades.

**PERFORMANCE** 

For the year ended December 31, 2022, Transamerica JPMorgan Tactical Allocation VP, Initial Class returned -14.80%. By comparison, its primary, secondary and additional benchmarks, the Bloomberg US Aggregate Bond Index, the Russell 3000<sup>®</sup> Index and the Transamerica JPMorgan Tactical Allocation VP Blended Benchmark, returned -13.01%, -19.21% and -14.00%, respectively.

**STRATEGY REVIEW** 

Security selection within the Portfolio as well as the strategic asset allocation contributed positively to performance during the period, while tactical asset allocation detracted. The Portfolio came into 2022 with 32% allocated to equities, which was reduced to 22% by year end. The majority of the change in the equity allocation came from a move to underweight U.S. large cap.

In the non-U.S. part of the Portfolio, positioning moved short Europe and Japanese equities and added slightly to emerging markets at year end. In fixed income, the biggest move was going short German government bonds. This tactical positioning was primarily implemented utilizing derivatives, such as futures.

Underlying fund performance positively contributed to performance over the fiscal year. Underlying fund outperformance was led by the Agency Mortgage-Backed Securities strategy, while the biggest detractor was the underlying Corporate Bond strategy.

**Michael Feser, CFA** 

**Gary Herbert, CFA** 

**Morgan Moriarty, CFA** 

**Co-Portfolio Managers** 

**J.P. Morgan Investment Management Inc.** 

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**Page 1** 

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**Transamerica JPMorgan Tactical Allocation VP** 

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**(unaudited)** 

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| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  U.S. Government Obligations | 30.6% |
|  Common Stocks | 26.7 |
|  Corporate Debt Securities | 20.2 |
|  U.S. Government Agency Obligations | 16.8 |
|  Repurchase Agreement | 3.7 |
|  Other Investment Company | 1 |
|  Asset-Backed Securities | 0.7 |
|  Foreign Government Obligations | 0.3 |
|  Short-Term U.S. Government Obligations | 0.3 |
|  Mortgage-Backed Securities | 0.2 |
|  Preferred Stock | 0.1 |
|  Investment Company | 0.1 |
|  Net Other Assets (Liabilities) ^ | (0.7) |
|  **Total** | 100.0% |

---

*Current and future portfolio holdings are subject to change and risk.* 

^ *The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral.* 

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**Page 2** 

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**(unaudited)**![LOGO](g438566g21x86.jpg)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Initial Class | (14.80)% | 1.80% | 3.38% | 03/01/1994 |
|  Bloomberg US Aggregate Bond Index <sup>(A)</sup> | (13.01)% | 0.02% | 1.06% |  |
|  Russell 3000<sup>®</sup> Index <sup>(B)</sup> | (19.21)% | 8.79% | 12.13% |  |
|  Transamerica JPMorgan Tactical Allocation VP Blended Benchmark <sup>(A) (C) (D)</sup> | (14.00)% | 1.92% | 3.48% |  |
|  Service Class | (15.03)% | 1.55% | 3.13% | 05/01/2003 |

---

<sup>(A)</sup> *The Bloomberg US Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities.* 

<sup>(B)</sup> *The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.* 

<sup>(C)</sup> *The Transamerica JPMorgan Tactical Allocation VP Blended Benchmark is composed of the following benchmarks: 75% Bloomberg US Aggregate Bond Index and 25% MSCI World Index.* 

*<sup>(D)</sup> The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.* 

The Portfolio's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Year or Since Inception calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or the redemption of Portfolio shares. The Portfolio's investment return and net asset value will fluctuate. Investors' shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month end. Portfolio performance is net of investment fees and Portfolio expenses, but not product charges, which, if included, would significantly lower the performance quoted.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of previously waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Tactical asset allocation is an investment strategy that actively adjusts a portfolio's asset allocation. The Portfolio's tactical asset management discipline may not work as intended. The Portfolio may not achieve its objective and may not perform as well as other portfolios using other asset management styles.

Fixed-income securities are subject to risks including credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk and liquidity risk. The value of fixed income securities generally goes down when interest rates rise, and therefore the value of your investment in the Portfolio may also go down. Applying the ESG criteria to its investment analysis for the Portfolio may impact the sub-adviser's investment decisions as to securities of certain issuers and, therefore, the Portfolio may forego some investment opportunities available to portfolios that do not use ESG criteria or that apply different ESG criteria.

Russell<sup>®</sup> and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.

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**Page 3** 

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**DISCLOSURE OF EXPENSES** 

**(unaudited)** 

**SHAREHOLDER EXPENSES** 

Portfolio shareholders may incur two types of costs: (i) transaction costs, including brokerage commissions on purchases and sales of portfolio shares; and (ii) ongoing costs, including management fees, and other portfolio expenses.

The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other portfolios.

The example is based on an investment of $1,000 invested at July 1, 2022, and held for the entire six-month period until December 31, 2022.

**ACTUAL EXPENSES** 

The information in the table below provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = $8.60), then multiply the result by the number in the appropriate column for your share class titled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES** 

The information in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratios and assumed rates of return of 5% per year before expenses, which are not the Portfolio's actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Portfolio versus other portfolios. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other portfolios.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Portfolio shares. Therefore, the information under the heading "Hypothetical Expenses" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different portfolios. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries, or other financial institutions.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Actual Expenses** | **Actual Expenses** | **Hypothetical Expenses <sup>(A)</sup>** | **Hypothetical Expenses <sup>(A)</sup>** | |
| <br>**Class** |<br>**Beginning<br>Account Value<br>July 1, 2022** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** |<br>**Net Annualized<br>Expense Ratio <sup>(C) (D)</sup>** |
|  Initial Class | $&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;976.50 | $&nbsp;&nbsp;&nbsp;&nbsp;3.64 | $&nbsp;&nbsp;&nbsp;&nbsp;1021.50 | $&nbsp;&nbsp;&nbsp;&nbsp;3.72 | 0.73% |
|  Service Class | 1000.00 | 975.30 | 4.88 | 1020.30 | 4.99 | 0.98 |

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(A) *5% return per year before expenses.*

(B) *Expenses are calculated using the Portfolio's net annualized expense ratio, as disclosed in the table, multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (365 days).*

(C) *Net annualized expense ratios, as disclosed in the table, do not include the expenses of the underlying investments in which the Portfolio invests. The net annualized expense ratios, as stated in the fee table of the Portfolio's Prospectus, may differ from the expense ratios disclosed in this report.*

(D) *Net annualized expense ratios are reflective of applicable fee waivers and/or reimbursements and recapture, if any, and are based on the most recent six-months which may differ from the net expense ratio displayed in the Financial Highlights that covers a twelve-month period.*

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**Page 4** 

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**SCHEDULE OF INVESTMENTS** 

**At December 31, 2022** 

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| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES - 0.7%** | **ASSET-BACKED SECURITIES - 0.7%** | **ASSET-BACKED SECURITIES - 0.7%** |
| **Cayman Islands - 0.1%** | **Cayman Islands - 0.1%** | **Cayman Islands - 0.1%** |
|  LFT CRE Ltd. <br>Series 2021-FL1, Class C, <br>1-Month LIBOR + 1.95%, <br>6.27% <sup>(A)</sup>, 06/15/2039 <sup>(B)</sup> | $1420000 | $1331315 |
| **United States - 0.6%** | **United States - 0.6%** | **United States - 0.6%** |
|  American Homes 4 Rent Trust <br>Series 2015-SFR1, Class A, <br>3.47%, 04/17/2052 <sup>(B)</sup> | 214324 | 204222 |
|  Camillo Trust <br>Series 2016-SFR1, <br>5.00%, 12/05/2023 <sup>(B)</sup> | 947436 | 938909 |
|  Consumer Receivables Asset Investment Trust <br>Series 2021-1, Class A1X, <br>3-Month LIBOR + 3.00%, <br>8.21% <sup>(A)</sup>, 03/24/2023 <sup>(B)</sup> | 709299 | 709296 |
|  COOF Securitization Trust Ltd., Interest Only STRIPS <br>Series 2014-1, Class A, <br>2.78% <sup>(A)</sup>, 06/25/2040 <sup>(B)</sup> | 58529 | 3955 |
|  CoreVest American Finance Ltd. <br>Series 2019-3, Class A, <br>2.71%, 10/15/2052 <sup>(B)</sup> | 572595 | 536545 |
|  FTF Funding II LLC <br>Series 2019-1, Class A, <br>Zero Coupon, 08/15/2024 <sup>(C)</sup> | 12509 | 11883 |
|  Goodgreen Trust <br>Series 2017, Class R1, <br>5.00%, 10/20/2051 <sup>(C)</sup> | 757 | 609 |
| KGS-Alpha SBA COOF Trust, Interest<br>Only STRIPS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-2, Class A,<br>0.72% <sup>(A)</sup>, 08/25/2038 <sup>(B)</sup> | 220381 | 3439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-2, Class A,<br>1.62% <sup>(A)</sup>, 03/25/2039 <sup>(B)</sup> | 237093 | 6934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-2, Class A,<br>3.16% <sup>(A)</sup>, 04/25/2040 <sup>(B)</sup> | 114840 | 7279 |
| NRZ Excess Spread-Collateralized Notes<br>Series 2021-FHT1, Class A,<br>3.10%, 07/25/2026 <sup>(B)</sup> | 1892776 | 1653123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FNT2, Class A, 3.23%, 05/25/2026 <sup>(B)</sup> | 820235 | 726890 |
|  P4 SFR Holdco LLC <br>Series 2019-STL, Class A, <br>7.25%, 10/11/2026 <sup>(C)</sup> <sup>(D)</sup> | 1000000 | 962500 |
|  SART <br>Series 2018-1, <br>4.75%, 06/15/2025 | 311383 | 307210 |
|  |  | 6072794 |
|  **Total Asset-Backed Securities <br>(Cost $8,149,888)** | **Total Asset-Backed Securities <br>(Cost $8,149,888)** | 7404109 |
| **CORPORATE DEBT SECURITIES - 20.2%** | **CORPORATE DEBT SECURITIES - 20.2%** | **CORPORATE DEBT SECURITIES - 20.2%** |
| **Australia - 0.1%** | **Australia - 0.1%** | **Australia - 0.1%** |
|  Commonwealth Bank of Australia <br>3.78%, 03/14/2032 <sup>(B)</sup> | 375000 | 310155 |
|  National Australia Bank Ltd. <br>2.33%, 08/21/2030 <sup>(B)</sup> | 415000 | 315938 |

---

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| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Australia (continued)** | **Australia (continued)** | **Australia (continued)** |
|  Santos Finance Ltd. <br>3.65%, 04/29/2031 <sup>(B)</sup> | $378000 | $301710 |
| Westpac Banking Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 11/15/2030,<br>2.67% <sup>(A)</sup>, 11/15/2035 | 300000 | 223337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 11/18/2031,<br>3.02% <sup>(A)</sup>, 11/18/2036 | 329000 | 245975 |
|  |  | 1397115 |
| **Bermuda - 0.0% <sup>(E)</sup>** | **Bermuda - 0.0% <sup>(E)</sup>** | **Bermuda - 0.0% <sup>(E)</sup>** |
|  Triton Container International Ltd. <br>1.15%, 06/07/2024 <sup>(B)</sup> | 291000 | 269380 |
| **Canada - 0.4%** | **Canada - 0.4%** | **Canada - 0.4%** |
|  Air Canada Pass-Through Trust <br>3.75%, 06/15/2029 <sup>(B)</sup> | 801904 | 699364 |
|  Bank of Montreal <br>4.70%, 09/14/2027 <sup>(F)</sup> | 531000 | 526348 |
|  Bank of Nova Scotia <br>Fixed until 02/04/2032,<br>4.59% <sup>(A)</sup>, 05/04/2037 | 218000 | 186649 |
|  Barrick Gold Corp. <br>6.45%, 10/15/2035 | 74000 | 77854 |
| Canadian Pacific Railway Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 03/05/2030 | 475000 | 390480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 12/02/2051 | 152000 | 102849 |
|  Enbridge, Inc. <br>3-Month SOFR Index + 0.63%, <br>4.78% <sup>(A)</sup>, 02/16/2024 | 284000 | 282516 |
|  Fortis, Inc. <br>3.06%, 10/04/2026 | 779000 | 723490 |
|  Manulife Financial Corp. <br>Fixed until 02/24/2027,<br>4.06% <sup>(A)</sup>, 02/24/2032 | 245000 | 223389 |
|  Nutrien Ltd. <br>5.95%, 11/07/2025 | 166000 | 169493 |
|  Rogers Communications, Inc. <br>3.80%, 03/15/2032 <sup>(B)</sup> | 622000 | 538993 |
|  Royal Bank of Canada <br>6.00%, 11/01/2027 | 485000 | 504986 |
|  Suncor Energy, Inc. <br>7.88%, 06/15/2026 | 55000 | 59104 |
|  |  | 4485515 |
| **Cayman Islands - 0.1%** | **Cayman Islands - 0.1%** | **Cayman Islands - 0.1%** |
| Avolon Holdings Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 02/21/2026 <sup>(B)</sup> | 283000 | 243703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 07/01/2024 <sup>(B)</sup> | 717000 | 686865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/01/2026 <sup>(B)</sup> | 400000 | 362694 |
|  |  | 1293262 |
| **Colombia - 0.0% <sup>(E)</sup>** | **Colombia - 0.0% <sup>(E)</sup>** | **Colombia - 0.0% <sup>(E)</sup>** |
|  Ecopetrol SA <br>4.13%, 01/16/2025 | 99000 | 94322 |
| **Denmark - 0.1%** | **Denmark - 0.1%** | **Denmark - 0.1%** |
| Danske Bank AS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 12/20/2024,<br>3.24% <sup>(A)</sup>, 12/20/2025 <sup>(B)</sup> | 564000 | 528134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 04/01/2027,<br>4.30% <sup>(A)</sup>, 04/01/2028 <sup>(B)</sup> | 225000 | 207328 |

---

***The Notes to Financial Statements are an integral part of this report.***

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**Page 5** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

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| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Denmark (continued)** | **Denmark (continued)** | **Denmark (continued)** |
| Danske Bank AS (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 01/12/2024 <sup>(B)</sup> | $430000 | $426555 |
|  |  | 1162017 |
| **Finland - 0.1%** | **Finland - 0.1%** | **Finland - 0.1%** |
| Nordea Bank Abp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 09/13/2028,<br>4.63% <sup>(A)</sup>, 09/13/2033 <sup>(B)</sup> | 270000 | 248699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 09/22/2025 <sup>(B)</sup> | 1185000 | 1178533 |
|  |  | 1427232 |
| **France - 0.5%** | **France - 0.5%** | **France - 0.5%** |
| BPCE SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 10/06/2025,<br>1.65% <sup>(A)</sup>,10/06/2026 <sup>(B)</sup> | 935000 | 831669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 12/02/2026 | 270000 | 251303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 07/21/2024 <sup>(B)</sup> | 715000 | 700116 |
| Credit Agricole SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 10/04/2024 <sup>(B)</sup> | 405000 | 389999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 12/23/2025 <sup>(G)</sup>,<br>8.13% <sup>(A)</sup> <sup>(B)</sup> | 200000 | 202480 |
| Societe Generale SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 12/14/2025,<br>1.49% <sup>(A)</sup>, 12/14/2026 <sup>(B)</sup> | 1200000 | 1043997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 06/09/2026,<br>1.79% <sup>(A)</sup>, 06/09/2027 <sup>(B)</sup> | 700000 | 603881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 10/16/2024 <sup>(B)</sup> | 734000 | 694860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 01/19/2027,<br>2.80% <sup>(A)</sup>, 01/19/2028 <sup>(B)</sup> | 700000 | 613388 |
| TotalEnergies Capital International SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.99%, 06/29/2041 | 519000 | 389629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/29/2050 | 84000 | 59891 |
|  |  | 5781213 |
| **Germany - 0.2%** | **Germany - 0.2%** | **Germany - 0.2%** |
| Deutsche Bank AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 11/24/2025,<br>2.13% <sup>(A)</sup>, 11/24/2026 | 450000 | 397364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 09/18/2023,<br>2.22% <sup>(A)</sup>, 09/18/2024 | 870000 | 840427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 11/16/2026,<br>2.31% <sup>(A)</sup>, 11/16/2027 | 460000 | 390611 |
|  |  | 1628402 |
| **Hong Kong - 0.0%<sup>(E)</sup>** | **Hong Kong - 0.0%<sup>(E)</sup>** | **Hong Kong - 0.0%<sup>(E)</sup>** |
|  AIA Group Ltd. <br>3.60%, 04/09/2029 <sup>(B)</sup> | 265000 | 241573 |
| **Ireland - 0.2%** | **Ireland - 0.2%** | **Ireland - 0.2%** |
| AerCap Ireland Capital DAC / AerCap Global<br>Aviation Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 10/29/2026 | 184000 | 161087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/23/2028 | 150000 | 135117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/15/2025 | 280000 | 283947 |
|  AIB Group PLC <br>Fixed until 04/10/2024,<br>4.26% <sup>(A)</sup>, 04/10/2025 <sup>(B)</sup> | 828000 | 799135 |
|  Bank of Ireland Group PLC <br>Fixed until 09/16/2025,<br>6.25% <sup>(A)</sup>, 09/16/2026 <sup>(B)</sup> | 330000 | 327355 |
|  |  | 1706641 |

---

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| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Italy - 0.1%** | **Italy - 0.1%** | **Italy - 0.1%** |
|  Eni SpA <br>4.25%, 05/09/2029 <sup>(B)</sup> | $206000 | $190943 |
| Intesa Sanpaolo SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 06/01/2041,<br>4.95% <sup>(A)</sup>, 06/01/2042 <sup>(B)</sup> | 310000 | 200042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 11/21/2025 <sup>(B)</sup> | 296000 | 302149 |
|  UniCredit SpA <br>Fixed until 06/03/2026,<br>1.98% <sup>(A)</sup>, 06/03/2027 <sup>(B)</sup> | 480000 | 410577 |
|  |  | 1103711 |
| **Japan - 0.5%** | **Japan - 0.5%** | **Japan - 0.5%** |
| Mitsubishi UFJ Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 07/20/2026,<br>1.54% <sup>(A)</sup>, 07/20/2027 | 760000 | 659699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 10/13/2026,<br>1.64% <sup>(A)</sup>, 10/13/2027 | 615000 | 533337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 07/20/2027,<br>5.02% <sup>(A)</sup>, 07/20/2028 <sup>(F)</sup> | 620000 | 606100 |
|  Mizuho Financial Group, Inc. <br>Fixed until 05/25/2025,<br>2.23% <sup>(A)</sup>, 05/25/2026 | 882000 | 810726 |
|  Nomura Holdings, Inc. <br>1.85%, 07/16/2025 | 415000 | 378531 |
| NTT Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.16%, 04/03/2026 <sup>(B)</sup> | 510000 | 451409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.37%, 07/27/2027 <sup>(B)</sup> | 205000 | 200316 |
| Takeda Pharmaceutical Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 03/31/2030 | 1340000 | 1097320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/26/2028 | 660000 | 655688 |
|  |  | 5393126 |
| **Jersey, Channel Islands - 0.0% <sup>(E)</sup>** | **Jersey, Channel Islands - 0.0% <sup>(E)</sup>** | **Jersey, Channel Islands - 0.0% <sup>(E)</sup>** |
|  Galaxy Pipeline Assets Bidco Ltd. <br>2.94%, 09/30/2040 <sup>(B)</sup> | 289959 | 232807 |
| **Mexico - 0.1%** | **Mexico - 0.1%** | **Mexico - 0.1%** |
|  Coca-Cola Femsa SAB de CV <br>1.85%, 09/01/2032 | 200000 | 150633 |
|  Fomento Economico Mexicano SAB de CV <br>3.50%, 01/16/2050 | 190000 | 133249 |
|  Mexico City Airport Trust <br>5.50%, 07/31/2047 <sup>(B)</sup> | 200000 | 154000 |
|  Petroleos Mexicanos <br>6.50%, 03/13/2027 | 301000 | 274638 |
|  |  | 712520 |
| **Multi-National - 0.2%** | **Multi-National - 0.2%** | **Multi-National - 0.2%** |
|  Broadcom Corp. / Broadcom Cayman Finance Ltd. <br>3.88%, 01/15/2027 | 775000 | 733241 |
|  JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc. <br>5.75%, 04/01/2033 <sup>(B)</sup> | 526000 | 501688 |
| NXP BV / NXP Funding LLC / NXP USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/11/2031 | 400000 | 319635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/11/2041 | 202000 | 141752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/01/2030 | 135000 | 116994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/2033 | 439000 | 415776 |
|  |  | 2229086 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 6** 

------

##### [**Table of Contents**](#toc)
**Transamerica JPMorgan Tactical Allocation VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Netherlands - 0.4%** | **Netherlands - 0.4%** | **Netherlands - 0.4%** |
|  Cooperatieve Rabobank UA <br>3.75%, 07/21/2026 | $960000 | $903852 |
| EDP Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.71%, 01/24/2028 <sup>(B)</sup> | 1015000 | 839180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.30%, 10/11/2027 <sup>(B)</sup> | 330000 | 338929 |
| Enel Finance International NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 07/12/2028 <sup>(B)</sup> | 200000 | 159072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 07/12/2031 <sup>(B)</sup> | 200000 | 146284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/15/2027 <sup>(B)</sup> | 265000 | 251044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2032 <sup>(B)</sup> | 1040000 | 935212 |
|  JT International Financial Services BV <br>6.88%, 10/24/2032 <sup>(B)</sup> | 315000 | 335152 |
| Shell International Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/06/2030 | 551000 | 484285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 08/21/2042 | 102000 | 82566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 08/12/2043 | 17000 | 15406 |
|  |  | 4490982 |
| **Norway - 0.1%** | **Norway - 0.1%** | **Norway - 0.1%** |
|  Aker BP ASA <br>3.10%, 07/15/2031 <sup>(B)</sup> | 930000 | 763437 |
|  DNB Bank ASA <br>Fixed until 10/09/2025,<br>5.90%, 10/09/2026 <sup>(B)</sup> | 830000 | 830791 |
|  |  | 1594228 |
| **Panama - 0.0% <sup>(E)</sup>** | **Panama - 0.0% <sup>(E)</sup>** | **Panama - 0.0% <sup>(E)</sup>** |
|  Banco Nacional de Panama <br>2.50%, 08/11/2030 <sup>(B)</sup> | 300000 | 240450 |
| **Republic of Korea - 0.1%** | **Republic of Korea - 0.1%** | **Republic of Korea - 0.1%** |
| Kia Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 10/16/2026 <sup>(B)</sup> | 220000 | 189228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/21/2026 <sup>(B)</sup> | 440000 | 405618 |
|  |  | 594846 |
| **Saudi Arabia - 0.0% <sup>(E)</sup>** | **Saudi Arabia - 0.0% <sup>(E)</sup>** | **Saudi Arabia - 0.0% <sup>(E)</sup>** |
|  Saudi Arabian Oil Co. <br>1.63%, 11/24/2025 <sup>(B)</sup> | 200000 | 182163 |
| **Singapore - 0.0% <sup>(E)</sup>** | **Singapore - 0.0% <sup>(E)</sup>** | **Singapore - 0.0% <sup>(E)</sup>** |
|  BOC Aviation Ltd. <br>3.50%, 10/10/2024 <sup>(B)</sup> | 200000 | 193060 |
| **Spain - 0.3%** | **Spain - 0.3%** | **Spain - 0.3%** |
|  Banco Bilbao Vizcaya Argentaria SA <br>1.13%, 09/18/2025 | 200000 | 178801 |
| Banco Santander SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 06/30/2023,<br>0.70% <sup>(A)</sup>, 06/30/2024 | 800000 | 778000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 09/14/2026,<br>1.72% <sup>(A)</sup>, 09/14/2027 | 600000 | 513164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 08/18/2025 | 800000 | 792248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.29%, 08/18/2027 | 200000 | 195652 |
|  Telefonica Emisiones SA <br>4.67%, 03/06/2038 | 730000 | 577503 |
|  |  | 3035368 |
| **Switzerland - 0.5%** | **Switzerland - 0.5%** | **Switzerland - 0.5%** |
| Credit Suisse Group AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 09/11/2024,<br>2.59% <sup>(A)</sup>, 09/11/2025 <sup>(B)</sup> | 690000 | 610272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/26/2025 | 350000 | 315237 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Switzerland (continued)** | **Switzerland (continued)** | **Switzerland (continued)** |
| Credit Suisse Group AG (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 06/12/2023,<br>4.21% <sup>(A)</sup>, 06/12/2024 <sup>(B)</sup> <sup>(F)</sup> | $797000 | $777160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 11/15/2032,<br>9.02% <sup>(A)</sup>, 11/15/2033 <sup>(B)</sup> | 740000 | 759904 |
| UBS Group AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 01/30/2026,<br>1.36% <sup>(A)</sup>, 01/30/2027 <sup>(B)</sup> | 340000 | 298081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 02/11/2032,<br>2.75% <sup>(A)</sup>, 02/11/2033 <sup>(B)</sup> | 430000 | 333492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 09/24/2025 <sup>(B)</sup> | 340000 | 330878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 05/12/2025,<br>4.49% <sup>(A)</sup>, 05/12/2026 <sup>(B)</sup> | 250000 | 244525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 08/05/2024,<br>4.49% <sup>(A)</sup>, 08/05/2025 <sup>(B)</sup> <sup>(F)</sup> | 1230000 | 1209487 |
|  |  | 4879036 |
| **United Kingdom - 1.8%** | **United Kingdom - 1.8%** | **United Kingdom - 1.8%** |
|  Anglo American Capital PLC <br>4.00%, 09/11/2027 <sup>(B)</sup> | 250000 | 235901 |
| AstraZeneca PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 08/06/2030 | 647000 | 512767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 09/15/2037 | 102000 | 115876 |
|  BAE Systems PLC <br>3.40%, 04/15/2030 <sup>(B)</sup> | 661000 | 584682 |
| Barclays PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 05/07/2024,<br>3.93% <sup>(A)</sup>, 05/07/2025 | 680000 | 659659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 08/09/2025,<br>5.30% <sup>(A)</sup>, 08/09/2026 | 1042000 | 1035060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 11/02/2027,<br>7.39% <sup>(A)</sup>, 11/02/2028 | 350000 | 364844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.44%, 11/02/2033 | 250000 | 262783 |
|  BAT International Finance PLC <br>4.45%, 03/16/2028 | 626000 | 581574 |
| Diageo Capital PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 10/24/2027 | 211000 | 215790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/24/2033 | 200000 | 209999 |
| HSBC Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 05/24/2024,<br>0.98% <sup>(A)</sup>, 05/24/2025 | 360000 | 333443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 08/17/2028,<br>2.21% <sup>(A)</sup>, 08/17/2029 | 830000 | 673819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 11/22/2026,<br>2.25% <sup>(A)</sup>, 11/22/2027 | 590000 | 511655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 03/10/2025,<br>3.00% <sup>(A)</sup>, 03/10/2026 | 610000 | 573730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 05/18/2023,<br>3.95% <sup>(A)</sup>, 05/18/2024 | 620000 | 615154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 03/13/2027,<br>4.04% <sup>(A)</sup>, 03/13/2028 | 500000 | 461415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 09/12/2025,<br>4.29% <sup>(A)</sup>, 09/12/2026 | 1109000 | 1062871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 06/09/2027,<br>4.76% <sup>(A)</sup>, 06/09/2028 | 575000 | 544287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 08/11/2027,<br>5.21% <sup>(A)</sup>, 08/11/2028 | 600000 | 579719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 08/11/2032,<br>5.40% <sup>(A)</sup>, 08/11/2033 | 736000 | 683816 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 7** 

------

##### [**Table of Contents**](#toc)
**Transamerica JPMorgan Tactical Allocation VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| HSBC Holdings PLC (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 11/03/2025,<br>7.34% <sup>(A)</sup>, 11/03/2026 | $805000 | $838453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 11/03/2027,<br>7.39% <sup>(A)</sup>, 11/03/2028 | 485000 | 508986 |
| Imperial Brands Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 07/26/2024 <sup>(B)</sup> | 404000 | 386379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/26/2026 <sup>(B)</sup> | 612000 | 563139 |
|  Nationwide Building Society <br>3.90%, 07/21/2025 <sup>(B)</sup> | 630000 | 606326 |
| NatWest Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 03/22/2024, 4.27% <sup>(A)</sup>, 03/22/2025 | 910000 | 890160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 11/10/2025, 7.47% <sup>(A)</sup>, 11/10/2026 | 950000 | 989435 |
|  Royalty Pharma PLC <br>3.35%, 09/02/2051 | 253000 | 156318 |
| Santander UK Group Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 03/15/2024, 1.09% <sup>(A)</sup>, 03/15/2025 | 990000 | 925271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 11/21/2025, 6.83% <sup>(A)</sup>, 11/21/2026 | 885000 | 895338 |
| Standard Chartered PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 01/30/2025, 2.82% <sup>(A)</sup>, 01/30/2026 <sup>(B)</sup> | 985000 | 916564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 11/16/2027, 7.77% <sup>(A)</sup>, 11/16/2028 <sup>(B)</sup> | 600000 | 636799 |
|  |  | 19132012 |
| **United States - 14.3%** | **United States - 14.3%** | **United States - 14.3%** |
| 7-Eleven, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/10/2041 <sup>(B)</sup> | 235000 | 156130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 02/10/2051 <sup>(B)</sup> | 279000 | 172154 |
| AbbVie, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 11/21/2039 | 1100000 | 946989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/21/2049 | 94000 | 79222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 11/06/2042 | 194000 | 169143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 05/14/2046 | 293000 | 253409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/14/2035 | 169000 | 157001 |
| Activision Blizzard, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 09/15/2030 | 253000 | 197974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/15/2050 | 682000 | 422134 |
| Advanced Micro Devices, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.92%, 06/01/2032 | 159000 | 148189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.39%, 06/01/2052 <sup>(F)</sup> | 59000 | 52218 |
|  AEP Texas, Inc. <br>4.70%, 05/15/2032 | 172000 | 165483 |
|  AEP Transmission Co. LLC <br>2.75%, 08/15/2051 | 156000 | 99534 |
| AES Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 01/15/2026 | 236000 | 209797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 07/15/2025 <sup>(B)</sup> | 207000 | 195721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 07/15/2030 <sup>(B)</sup> | 166000 | 146412 |
| Aetna, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/15/2047 | 438000 | 338769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 11/15/2042 | 281000 | 230667 |
| Air Lease Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 08/18/2024 | 590000 | 543562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 01/15/2026 | 354000 | 327848 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Air Lease Corp. (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 12/15/2027 | $398000 | $397821 |
| Albemarle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 06/01/2027 | 53000 | 51777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 06/01/2032 <sup>(F)</sup> | 199000 | 188169 |
|  Alexander Funding Trust <br>1.84%, 11/15/2023 <sup>(B)</sup> | 1547000 | 1481873 |
|  Alliant Energy Finance LLC <br>1.40%, 03/15/2026 <sup>(B)</sup> | 82000 | 71230 |
| Altria Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 02/04/2032 | 772000 | 584445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 02/04/2041 | 148000 | 98255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/16/2046 | 55000 | 37041 |
| Amazon.com, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 06/03/2050 | 152000 | 96925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 06/03/2060 | 156000 | 94904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 05/12/2051 | 215000 | 154315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/13/2032 <sup>(F)</sup> | 313000 | 287407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/22/2037 | 712000 | 635142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 04/13/2052 | 150000 | 125310 |
|  Ameren Corp. <br>1.75%, 03/15/2028 | 143000 | 120981 |
|  Ameren Illinois Co. <br>5.90%, 12/01/2052 | 40000 | 43753 |
|  America Movil SAB de CV <br>3.63%, 04/22/2029 | 570000 | 517477 |
| American Airlines Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 01/11/2032 | 51000 | 40524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 07/15/2029 | 101439 | 82761 |
|  American Electric Power Co., Inc. <br>5.95%, 11/01/2032 | 230000 | 240665 |
|  American Tower Corp. <br>2.75%, 01/15/2027 | 553000 | 502009 |
|  American Transmission Systems, Inc. <br>2.65%, 01/15/2032 <sup>(B)</sup> | 329000 | 270931 |
|  American Water Capital Corp. <br>4.00%, 12/01/2046 | 60000 | 46966 |
| Amgen, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 02/21/2030 | 263000 | 221881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 08/15/2041 | 408000 | 284555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/15/2052 | 218000 | 140131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 02/21/2040 | 357000 | 264053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/01/2033 - 02/22/2052 | 276000 | 234971 |
|  Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. <br>4.70%, 02/01/2036 | 1225000 | 1160273 |
| Anheuser-Busch InBev Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 02/01/2044 | 42000 | 37985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 02/01/2036 | 208000 | 197010 |
| Anheuser-Busch InBev Worldwide, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 06/01/2040 | 177000 | 156291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/15/2038 | 332000 | 298240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 04/15/2048 | 122000 | 106862 |
|  Appalachian Power Co. <br>5.80%, 10/01/2035 | 14000 | 13707 |
| Apple, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 02/08/2041 | 207000 | 146742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 05/11/2050 | 125000 | 83395 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 8** 

------

##### [**Table of Contents**](#toc)
**Transamerica JPMorgan Tactical Allocation VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Apple, Inc. (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/05/2051 | $429000 | $285104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 02/08/2061 | 64000 | 40865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 09/11/2049 | 467000 | 333455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/08/2052 | 145000 | 123216 |
|  Arizona Public Service Co. <br>5.05%, 09/01/2041 | 21000 | 18619 |
| AT&T, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 12/01/2033 | 1095000 | 844786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 09/15/2055 | 620000 | 415551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 09/15/2059 | 611000 | 411033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 12/01/2057 | 190000 | 132130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 03/01/2029 | 880000 | 840236 |
|  Atmos Energy Corp. <br>5.45%, 10/15/2032 | 36000 | 37344 |
|  Aviation Capital Group LLC <br>1.95%, 01/30/2026 <sup>(B)</sup> | 143000 | 124685 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 07/23/2030,<br>1.90% <sup>(A)</sup>, 07/23/2031 | 270000 | 207867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 10/24/2030,<br>1.92% <sup>(A)</sup>, 10/24/2031 | 270000 | 206518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 07/21/2031,<br>2.30% <sup>(A)</sup>, 07/21/2032 | 885000 | 684031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 02/04/2027,<br>2.55% <sup>(A)</sup>, 02/04/2028 | 436000 | 387796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 10/20/2031,<br>2.57% <sup>(A)</sup>, 10/20/2032 | 565000 | 444114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 03/11/2031,<br>2.65% <sup>(A)</sup>, 03/11/2032 | 171000 | 137315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 06/19/2040,<br>2.68% <sup>(A)</sup>, 06/19/2041 | 84000 | 56893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 04/22/2031,<br>2.69% <sup>(A)</sup>, 04/22/2032 | 553000 | 444058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 10/22/2029,<br>2.88% <sup>(A)</sup>, 10/22/2030 | 1379000 | 1156780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 10/01/2024,<br>3.09% <sup>(A)</sup>, 10/01/2025 | 136000 | 130272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 12/20/2027,<br>3.42% <sup>(A)</sup>, 12/20/2028 | 1344000 | 1217132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 07/21/2027,<br>3.59% <sup>(A)</sup>, 07/21/2028 | 207000 | 190854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 04/24/2027,<br>3.71% <sup>(A)</sup>, 04/24/2028 | 728000 | 674665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 01/20/2027,<br>3.82% <sup>(A)</sup>, 01/20/2028 | 1851000 | 1728994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 07/22/2025,<br>4.83% <sup>(A)</sup>, 07/22/2026 | 372000 | 367579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 07/22/2032,<br>5.02% <sup>(A)</sup>, 07/22/2033 | 141000 | 134318 |
| BAT Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.56%, 08/15/2027 | 694000 | 633996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.39%, 08/15/2037 | 644000 | 502940 |
|  Berkshire Hathaway Energy Co. <br>4.60%, 05/01/2053 <sup>(B)</sup> | 78000 | 68203 |
| Berkshire Hathaway Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 10/15/2050 | 206000 | 138648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 03/15/2032 | 254000 | 220374 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Berkshire Hathaway Finance Corp.<br>(continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 03/15/2052 | $463000 | $374369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 08/15/2048 | 73000 | 64884 |
|  Bimbo Bakeries USA, Inc. <br>4.00%, 05/17/2051 <sup>(B)</sup> | 200000 | 151591 |
|  Biogen, Inc. <br>2.25%, 05/01/2030 <sup>(F)</sup> | 89000 | 72533 |
| Boeing Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 02/04/2026 | 386000 | 351086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/01/2035 | 76000 | 58174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 05/01/2034 | 241000 | 193471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/01/2031 | 224000 | 197200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/01/2059 | 591000 | 399993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.81%, 05/01/2050 | 164000 | 152689 |
| Boston Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/01/2029 <sup>(B)</sup> | 279000 | 239878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.49%, 02/15/2042 <sup>(B)</sup> | 13000 | 10923 |
| BP Capital Markets America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.72%, 01/12/2032 | 251000 | 211015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.77%, 11/10/2050 | 202000 | 129532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.94%, 06/04/2051 <sup>(F)</sup> | 227000 | 150586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/24/2050 | 137000 | 92180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.54%, 04/06/2027 | 46000 | 43771 |
| Bristol-Myers Squibb Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 11/13/2040 | 73000 | 50536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 11/13/2050 | 793000 | 501563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/15/2052 | 854000 | 660882 |
|  Broadcom Corp. / Broadcom Cayman Finance, Ltd. <br>3.50%, 01/15/2028 | 730000 | 666283 |
| Burlington Northern Santa Fe LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 08/01/2046 | 261000 | 213786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 04/01/2045 | 67000 | 57522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 09/01/2042 | 67000 | 60073 |
| Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 03/03/2025,<br>2.64% <sup>(A)</sup>, 03/03/2026 | 445000 | 417102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 03/01/2029,<br>3.27% <sup>(A)</sup>, 03/01/2030 | 540000 | 462665 |
|  Celanese US Holdings LLC <br>6.05%, 03/15/2025 | 209000 | 208445 |
|  CenterPoint Energy, Inc. <br>2.95%, 03/01/2030 | 144000 | 124107 |
|  CF Industries, Inc. <br>5.15%, 03/15/2034 | 560000 | 532254 |
| Charter Communications Operating LLC /<br>Charter Communications Operating Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 01/15/2029 | 350000 | 282303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/2041 - 03/01/2042 | 969000 | 633663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/01/2051 | 640000 | 391557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 06/01/2052 | 139000 | 87739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 10/23/2035 | 84000 | 82220 |
| Cheniere Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/31/2032 | 1120000 | 890487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/2029 | 84000 | 75582 |
|  Chevron USA, Inc. <br>2.34%, 08/12/2050 | 184000 | 115102 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 9** 

------

##### [**Table of Contents**](#toc)
**Transamerica JPMorgan Tactical Allocation VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Cigna Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 03/15/2040 | $250000 | $189699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/15/2050 | 63000 | 44999 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 06/09/2026,<br>1.46% <sup>(A)</sup>, 06/09/2027 | 814000 | 706928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 01/25/2025,<br>2.01% <sup>(A)</sup>, 01/25/2026 | 836000 | 775301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 06/03/2030,<br>2.57% <sup>(A)</sup>, 06/03/2031 | 257000 | 208476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 11/05/2029,<br>2.98% <sup>(A)</sup>, 11/05/2030 | 650000 | 548028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 10/27/2027,<br>3.52% <sup>(A)</sup>, 10/27/2028 | 1550000 | 1416496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 07/24/2027,<br>3.67% <sup>(A)</sup>, 07/24/2028 | 860000 | 791761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 05/24/2027,<br>4.66% <sup>(A)</sup>, 05/24/2028 | 336000 | 325557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 05/06/2044 | 19000 | 17212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 09/29/2025,<br>5.61% <sup>(A)</sup>, 09/29/2026 | 911000 | 913510 |
|  Coca-Cola Co. <br>1.38%, 03/15/2031 | 241000 | 188913 |
|  Columbia Pipeline Group, Inc. <br>5.80%, 06/01/2045 | 148000 | 143505 |
| Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 08/15/2052 <sup>(F)</sup> | 352000 | 206782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 02/01/2030 | 300000 | 260526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 01/15/2051 | 37000 | 23531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.89%, 11/01/2051 | 291000 | 187987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.94%, 11/01/2056 | 718000 | 447442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 07/15/2036 | 493000 | 401484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/01/2040 | 209000 | 173366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 11/15/2027 | 690000 | 705721 |
| Commonwealth Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 06/15/2046 | 143000 | 109329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/01/2045 | 28000 | 21918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 01/15/2044 | 110000 | 100431 |
|  Connecticut Light & Power Co. <br>4.30%, 04/15/2044 | 206000 | 178057 |
|  ConocoPhillips Co. <br>4.03%, 03/15/2062 | 201000 | 159838 |
|  Constellation Brands, Inc. <br>2.88%, 05/01/2030 | 676000 | 576679 |
|  Constellation Energy Generation LLC <br>5.60%, 06/15/2042 | 350000 | 337564 |
|  Continental Resources, Inc. <br>2.27%, 11/15/2026 <sup>(B)</sup> | 300000 | 259871 |
|  Corebridge Financial, Inc. <br>3.65%, 04/05/2027 <sup>(B)</sup> | 300000 | 280060 |
| Corporate Office Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/15/2029 | 177000 | 136079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/15/2031 | 375000 | 281553 |
|  Coterra Energy, Inc. <br>3.90%, 05/15/2027 | 338000 | 316059 |
|  Cox Communications, Inc. <br>4.80%, 02/01/2035 <sup>(B)</sup> | 194000 | 172670 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
|  Crown Castle, Inc. <br>3.30%, 07/01/2030 | $400000 | $350403 |
| CSX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/15/2051 | 435000 | 266405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/01/2036 | 42000 | 44256 |
| CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/21/2040 | 643000 | 447029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/15/2029 | 177000 | 158758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.78%, 03/25/2038 | 215000 | 196549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 03/25/2048 | 210000 | 189439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 07/20/2045 | 200000 | 181476 |
|  CVS Pass-Through Trust <br>6.20%, 10/10/2025 <sup>(B)</sup> | 36524 | 36462 |
|  Danaher Corp. <br>2.80%, 12/10/2051 | 160000 | 106820 |
| Dell International LLC / EMC Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 12/15/2041 <sup>(B)</sup> | 213000 | 143623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 10/01/2029 | 341000 | 334349 |
|  Delmarva Power & Light Co. <br>4.00%, 06/01/2042 | 37000 | 29182 |
| Devon Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/15/2030 | 678000 | 632908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/15/2028 | 128000 | 129565 |
| Diamondback Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/01/2029 <sup>(F)</sup> | 185000 | 162759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 03/15/2033 | 265000 | 269521 |
| Discovery Communications LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/15/2030 | 68000 | 56273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/20/2028 | 519000 | 461830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/15/2055 | 110000 | 66407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 05/15/2042 | 23000 | 17226 |
| Dominion Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/01/2028 | 470000 | 448238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/01/2033 | 59000 | 58097 |
|  DTE Electric Co. <br>3.70%, 03/15/2045 | 78000 | 62301 |
|  Duke Energy Carolinas LLC <br>4.00%, 09/30/2042 | 182000 | 151549 |
| Duke Energy Florida LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 06/15/2030 | 218000 | 174036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 12/15/2031 | 582000 | 476751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 10/01/2046 | 261000 | 188884 |
| Duke Energy Indiana LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/01/2050 | 425000 | 269685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/15/2046 | 190000 | 147336 |
|  Duke Energy Ohio, Inc. <br>4.30%, 02/01/2049 | 28000 | 22991 |
| Duke Energy Progress LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 08/15/2051 | 274000 | 180939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 04/01/2032 <sup>(F)</sup> | 163000 | 144617 |
|  Duquesne Light Holdings, Inc. <br>3.62%, 08/01/2027 <sup>(B)</sup> | 404000 | 363891 |
|  Edison International <br>4.95%, 04/15/2025 | 267000 | 262759 |
| Electronic Arts, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 02/15/2031 | 460000 | 362681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 02/15/2051 | 155000 | 100776 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 10** 

------

##### [**Table of Contents**](#toc)
**Transamerica JPMorgan Tactical Allocation VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Elevance Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 09/15/2029 | $185000 | $162971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 05/15/2042 | 83000 | 75931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 10/15/2052 | 170000 | 182616 |
| Emera US Finance LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.64%, 06/15/2031 | 320000 | 251336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/15/2046 | 447000 | 347981 |
| Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 05/15/2025 | 373000 | 351759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 09/15/2029 | 228000 | 206489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 02/01/2043 - 03/15/2045 | 321000 | 267448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 04/01/2044 | 181000 | 153711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 02/15/2028 | 181000 | 179219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 02/15/2033 | 220000 | 215239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 10/01/2043 | 76000 | 70572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 02/15/2042 | 67000 | 61755 |
|  Entergy Arkansas LLC <br>4.95%, 12/15/2044 | 73000 | 63720 |
| Entergy Louisiana LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 12/15/2030 | 207000 | 159540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/15/2051 | 398000 | 256767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 01/15/2045 | 530000 | 472767 |
|  Entergy Mississippi LLC <br>3.50%, 06/01/2051 | 56000 | 40388 |
| Entergy Texas, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 09/01/2026 | 186000 | 161844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 03/15/2031 | 399000 | 312447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 12/01/2027 | 42000 | 38735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/2052 | 309000 | 284577 |
| Enterprise Products Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 02/15/2053 | 228000 | 152808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 01/31/2051 | 301000 | 218662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/15/2048 | 19000 | 15270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.55%, 04/15/2038 | 42000 | 47088 |
| EQT Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 10/01/2027 | 268000 | 247481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 02/01/2030 | 150000 | 155568 |
| Evergy Metro, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 06/01/2030 | 179000 | 147700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 10/01/2041 | 46000 | 44150 |
|  Eversource Energy <br>4.60%, 07/01/2027 | 109000 | 107527 |
| Exxon Mobil Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.61%, 10/15/2030 | 65000 | 56897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/16/2039 | 364000 | 280817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 08/16/2049 | 97000 | 70011 |
|  FedEx Corp. <br>3.25%, 05/15/2041 | 169000 | 121402 |
|  Fells Point Funding Trust <br>3.05%, 01/31/2027 <sup>(B)</sup> | 1479000 | 1347905 |
|  FirstEnergy Transmission LLC <br>4.55%, 04/01/2049 <sup>(B)</sup> | 565000 | 460627 |
|  Flex Intermediate Holdco LLC <br>3.36%, 06/30/2031 <sup>(B)</sup> | 379000 | 296728 |
| Florida Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 12/15/2042 | 110000 | 91436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 06/01/2042 | 28000 | 24246 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Freeport-McMoRan, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/01/2028 | $265000 | $244881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/01/2030 | 143000 | 129777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 08/01/2030 | 177000 | 164899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/01/2029 | 519000 | 500731 |
|  General Motors Co. <br>5.15%, 04/01/2038 | 118000 | 102249 |
| General Motors Financial Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 10/15/2028 | 368000 | 305653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/20/2027 | 379000 | 331826 |
|  Gilead Sciences, Inc. <br>2.60%, 10/01/2040 | 439000 | 308276 |
| Glencore Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/01/2030 <sup>(B)</sup> | 80000 | 65142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 04/27/2031 <sup>(B)</sup> | 318000 | 261161 |
| Global Payments, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 05/15/2030 | 483000 | 397240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 08/15/2029 | 193000 | 164395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 08/15/2052 | 250000 | 225963 |
| Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 03/09/2026,<br>1.43% <sup>(A)</sup>, 03/09/2027 | 907000 | 795374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 09/10/2026,<br>1.54% <sup>(A)</sup>, 09/10/2027 | 1173000 | 1013178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 10/21/2026,<br>1.95% <sup>(A)</sup>, 10/21/2027 | 548000 | 479800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 02/24/2027,<br>2.64% <sup>(A)</sup>, 02/24/2028 | 1234000 | 1099515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 03/15/2027,<br>3.62% <sup>(A)</sup>, 03/15/2028 | 1130000 | 1051604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 04/23/2028,<br>3.81% <sup>(A)</sup>, 04/23/2029 | 615000 | 562739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 10/31/2037,<br>4.02% <sup>(A)</sup>, 10/31/2038 | 328000 | 270971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 06/15/2026,<br>4.39% <sup>(A)</sup>, 06/15/2027 | 245000 | 236499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 08/23/2027,<br>4.48% <sup>(A)</sup>, 08/23/2028 | 649000 | 624028 |
|  GSK Consumer Healthcare Capital US LLC <br>3.38%, 03/24/2027 | 350000 | 326333 |
| HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 07/15/2031 <sup>(F)</sup> | 345000 | 269467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/2030 | 557000 | 481856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/2027 | 649000 | 626339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 09/01/2026 | 1387000 | 1372812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/15/2047 | 310000 | 276344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 09/01/2028 | 909000 | 905013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/15/2026 - 02/01/2029 | 238000 | 238916 |
| Home Depot, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 09/15/2031 | 298000 | 238878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 03/15/2051 | 544000 | 327045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 09/15/2051 | 142000 | 93539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/15/2040 | 134000 | 107364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 09/15/2052 <sup>(F)</sup> | 242000 | 233419 |
|  Indianapolis Power & Light Co. <br>5.65%, 12/01/2032 <sup>(B)</sup> | 430000 | 442489 |
| Intel Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 08/12/2051 | 107000 | 69857 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 11** 

------

##### [**Table of Contents**](#toc)
**Transamerica JPMorgan Tactical Allocation VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Intel Corp. (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.73%, 12/08/2047 | $93000 | $70231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 08/05/2052 <sup>(F)</sup> | 550000 | 489364 |
|  Intercontinental Exchange, Inc. <br>4.95%, 06/15/2052 | 154000 | 143577 |
| ITC Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 05/14/2030 <sup>(B)</sup> | 1312000 | 1109803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 09/22/2027 <sup>(B)</sup> | 336000 | 332092 |
| Jersey Central Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/01/2032 <sup>(B)</sup> | 143000 | 115945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 01/15/2026 <sup>(B)</sup> | 182000 | 175677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 06/01/2037 | 54000 | 52990 |
|  JetBlue Pass-Through Trust <br>8.00%, 11/15/2027 | 226619 | 221454 |
|  Johnson & Johnson <br>3.40%, 01/15/2038 | 132000 | 112960 |
| Kansas City Southern |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 11/15/2029 | 320000 | 277218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/01/2050 | 215000 | 154146 |
|  Keurig Dr. Pepper, Inc. <br>3.20%, 05/01/2030 | 536000 | 468311 |
|  Kilroy Realty LP <br>3.45%, 12/15/2024 | 359000 | 343870 |
| Kinder Morgan, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/01/2050 | 447000 | 290082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 02/01/2033 | 183000 | 170288 |
|  KLA Corp. <br>4.95%, 07/15/2052 | 263000 | 246057 |
| Kraft Heinz Foods Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/01/2039 | 491000 | 432877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/01/2049 | 180000 | 156740 |
|  Kroger Co. <br>4.45%, 02/01/2047 | 97000 | 82018 |
|  L3 Harris Technologies, Inc. <br>4.40%, 06/15/2028 | 381000 | 365130 |
|  Leidos, Inc. <br>2.30%, 02/15/2031 | 560000 | 430381 |
| Lockheed Martin Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/15/2036 | 268000 | 256900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/15/2033 | 567000 | 585620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 11/15/2054 | 150000 | 158887 |
|  Louisville Gas & Electric Co. <br>4.65%, 11/15/2043 | 28000 | 24105 |
| Lowe's Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 09/15/2041 | 7000 | 4796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 04/05/2029 | 418000 | 386661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/15/2046 | 480000 | 357925 |
| Marriott International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series FF, <br>4.63%, 06/15/2030 | 309000 | 289141 |
|  Massachusetts Electric Co. <br>1.73%, 11/24/2030 <sup>(B)</sup> | 399000 | 301538 |
|  McDonald's Corp. <br>3.70%, 02/15/2042 | 320000 | 256714 |
| MDC Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/15/2031 | 312000 | 225841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 01/15/2030 | 162000 | 132381 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Merck & Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 12/10/2031 | $346000 | $283588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 06/24/2040 | 169000 | 118280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 12/10/2051 | 323000 | 216871 |
|  Meta Platforms, Inc. <br>3.85%, 08/15/2032 <sup>(H)</sup> | 748000 | 663188 |
|  MetLife, Inc. <br>4.13%, 08/13/2042 | 82000 | 69860 |
| Metropolitan Life Global Funding I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 04/09/2030 <sup>(B)</sup> | 230000 | 201071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 06/30/2027 <sup>(B)</sup> | 580000 | 566132 |
|  Microchip Technology, Inc. <br>0.97%, 02/15/2024 | 333000 | 316322 |
| Microsoft Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.68%, 06/01/2060 | 161000 | 103102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.92%, 03/17/2052 | 169000 | 120720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 08/08/2036 | 151000 | 134302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/15/2042 | 64000 | 53939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 08/08/2046 | 416000 | 356186 |
|  Mid-Atlantic Interstate Transmission LLC <br>4.10%, 05/15/2028 <sup>(B)</sup> | 337000 | 317801 |
|  Mississippi Power Co. <br>3.95%, 03/30/2028 | 118000 | 111040 |
|  Monongahela Power Co. <br>3.55%, 05/15/2027 <sup>(B)</sup> <sup>(F)</sup> | 388000 | 365126 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 10/21/2024,<br>1.16% <sup>(A)</sup>, 10/21/2025 | 517000 | 475195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 07/20/2026,<br>1.51% <sup>(A)</sup>, 07/20/2027 | 683000 | 593442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 05/04/2026,<br>1.59% <sup>(A)</sup>, 05/04/2027 | 1117000 | 981027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 02/13/2031,<br>1.79% <sup>(A)</sup>, 02/13/2032 | 496000 | 374008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 04/28/2031,<br>1.93% <sup>(A)</sup>, 04/28/2032 | 245000 | 185482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 07/21/2031,<br>2.24% <sup>(A)</sup>, 07/21/2032 | 75000 | 57531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 09/16/2031,<br>2.48% <sup>(A)</sup>, 09/16/2036 | 758000 | 551513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 10/20/2031,<br>2.51% <sup>(A)</sup>, 10/20/2032 | 103000 | 80583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 01/22/2030,<br>2.70% <sup>(A)</sup>, 01/22/2031 | 581000 | 481466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 01/25/2051,<br>2.80% <sup>(A)</sup>, 01/25/2052 | 257000 | 159477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 01/24/2028,<br>3.77% <sup>(A)</sup>, 01/24/2029 | 250000 | 229323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 04/20/2027,<br>4.21% <sup>(A)</sup>, 04/20/2028 | 1083000 | 1031545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 10/18/2027,<br>6.30% <sup>(A)</sup>, 10/18/2028 | 505000 | 520272 |
| MPLX LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 03/01/2026 <sup>(F)</sup> | 445000 | 397214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 08/15/2030 | 111000 | 90573 |
| National Retail Properties, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/15/2052 | 123000 | 73785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/15/2027 | 67000 | 60859 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 12** 

------

##### [**Table of Contents**](#toc)
**Transamerica JPMorgan Tactical Allocation VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| National Rural Utilities Cooperative<br>Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 03/15/2031 | $820000 | $607999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 10/30/2025 | 282000 | 285622 |
| Netflix, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 04/15/2028 | 222000 | 214360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/15/2030 <sup>(B)</sup> | 352000 | 328275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/15/2029 <sup>(B)</sup> | 149000 | 144530 |
|  New England Power Co. <br>3.80%, 12/05/2047 <sup>(B)</sup> | 77000 | 58883 |
|  New York & Presbyterian Hospital <br>2.26%, 08/01/2040 | 316000 | 209520 |
| New York Life Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 08/07/2030 <sup>(B)</sup> | 290000 | 222868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 08/01/2031 <sup>(B)</sup> | 274000 | 215491 |
| New York Life Insurance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/15/2050 <sup>(B)</sup> | 105000 | 80914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 05/15/2069 <sup>(B)</sup> | 209000 | 173580 |
|  NextEra Energy Capital Holdings, Inc. <br>5.00%, 07/15/2032 | 154000 | 151670 |
|  Niagara Mohawk Power Corp. <br>4.28%, 12/15/2028 <sup>(B)</sup> | 320000 | 295452 |
| NiSource, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 09/01/2029 | 334000 | 290440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 02/01/2042 | 52000 | 48821 |
| Norfolk Southern Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 05/15/2050 | 257000 | 172798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 10/01/2042 | 110000 | 90857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 06/01/2053 | 172000 | 150673 |
|  Northern Natural Gas Co. <br>3.40%, 10/16/2051 <sup>(B)</sup> | 136000 | 92355 |
|  Northern States Power Co. <br>4.50%, 06/01/2052 | 40000 | 36451 |
| Northwestern Mutual Life Insurance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 09/30/2047 <sup>(B)</sup> | 140000 | 107573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.06%, 03/30/2040 <sup>(B)</sup> | 340000 | 349193 |
|  NRG Energy, Inc. <br>3.75%, 06/15/2024 <sup>(B)</sup> | 563000 | 542455 |
|  Office Properties Income Trust <br>2.65%, 06/15/2026 | 746000 | 578823 |
|  Ohio Edison Co. <br>5.50%, 01/15/2033 <sup>(B)</sup> | 145000 | 144104 |
|  Ohio Power Co. <br>2.90%, 10/01/2051 | 257000 | 168745 |
|  OhioHealth Corp. <br>2.30%, 11/15/2031 | 450000 | 361490 |
|  ONEOK, Inc. <br>6.10%, 11/15/2032 | 291000 | 292814 |
| Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 03/25/2028 | 354000 | 307164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 03/25/2031 | 371000 | 308687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 04/01/2030 | 294000 | 251908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/01/2040 - 04/01/2050 | 1064000 | 777666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 07/15/2036 | 113000 | 92891 |
|  Ovintiv, Inc. <br>6.50%, 02/01/2038 | 230000 | 229012 |
| Pacific Gas & Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 11/15/2023 | 372000 | 360010 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Pacific Gas & Electric Co. (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 04/15/2042 | $388000 | $290210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/01/2040 | 267760 | 210310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 07/01/2030 | 445000 | 404681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 06/15/2043 | 228000 | 173206 |
| PacifiCorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 09/15/2030 | 648000 | 558774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 06/15/2052 | 113000 | 74394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 03/15/2051 | 398000 | 287710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/15/2049 | 191000 | 157416 |
| Paramount Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 05/19/2032 | 19000 | 15606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 07/01/2042 | 67000 | 49893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 03/30/2027,<br>6.38% <sup>(A)</sup>, 03/30/2062 | 127000 | 103807 |
|  PECO Energy Co. <br>2.80%, 06/15/2050 | 313000 | 207174 |
|  Pernod Ricard International Finance LLC <br>1.63%, 04/01/2031 <sup>(B)</sup> | 270000 | 208385 |
|  Pfizer, Inc. <br>2.70%, 05/28/2050 | 149000 | 101544 |
| Philip Morris International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 05/01/2030 | 508000 | 412244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/21/2042 | 295000 | 225311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/17/2032 | 305000 | 311882 |
|  Phillips 66 <br>2.15%, 12/15/2030 | 363000 | 291309 |
|  Phillips 66 Co. <br>3.15%, 12/15/2029 <sup>(B)</sup> | 450000 | 393261 |
|  Piedmont Healthcare, Inc. <br>2.04%, 01/01/2032 | 600000 | 463666 |
|  Pine Street Trust I <br>4.57%, 02/15/2029 <sup>(B)</sup> <sup>(F)</sup> | 325000 | 301260 |
|  Pioneer Natural Resources Co. <br>1.90%, 08/15/2030 | 489000 | 384194 |
|  Prologis LP <br>2.13%, 10/15/2050 | 110000 | 61529 |
|  Protective Life Global Funding <br>4.71%, 07/06/2027 <sup>(B)</sup> | 575000 | 558835 |
|  Prudential Financial, Inc. <br>3.70%, 03/13/2051 | 131000 | 100777 |
| Public Service Co. of Colorado |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 01/15/2051 | 156000 | 101304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/15/2044 | 220000 | 188556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/2052 | 145000 | 130906 |
|  Public Service Electric & Gas Co. <br>2.70%, 05/01/2050 | 187000 | 121817 |
|  Public Service Enterprise Group, Inc. <br>5.85%, 11/15/2027 | 1047000 | 1079074 |
|  Puget Energy, Inc. <br>2.38%, 06/15/2028 | 161000 | 137162 |
|  Qorvo, Inc. <br>4.38%, 10/15/2029 | 510000 | 450962 |
|  QUALCOMM, Inc. <br>6.00%, 05/20/2053 | 365000 | 390226 |
| Raytheon Technologies Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 03/15/2032 | 308000 | 250392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 07/01/2050 | 129000 | 91048 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 13** 

------

##### [**Table of Contents**](#toc)
**Transamerica JPMorgan Tactical Allocation VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Raytheon Technologies Corp. (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/01/2046 | $143000 | $111064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 11/16/2028 | 1346000 | 1290878 |
| Regency Centers LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 09/15/2029 | 232000 | 195243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/15/2030 | 290000 | 253702 |
|  Regeneron Pharmaceuticals, Inc. <br>1.75%, 09/15/2030 | 937000 | 727992 |
|  Roche Holdings, Inc. <br>2.08%, 12/13/2031 <sup>(B)</sup> | 1525000 | 1245086 |
|  Rockwell Automation, Inc. <br>2.80%, 08/15/2061 | 215000 | 128685 |
| Roper Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 09/15/2027 | 270000 | 228663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 09/15/2029 | 1119000 | 971825 |
| S&P Global, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 08/15/2060 | 219000 | 120011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/01/2032 <sup>(B)</sup> | 200000 | 171151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/01/2029 <sup>(B)</sup> | 368000 | 351981 |
| Sabine Pass Liquefaction LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/15/2028 | 704000 | 662863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/15/2030 | 433000 | 402416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/2027 | 272000 | 267029 |
| San Diego Gas & Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 08/15/2051 | 261000 | 177771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.32%, 04/15/2050 | 93000 | 66612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 04/01/2042 | 54000 | 44644 |
|  SART <br>4.75%, 07/15/2024 <sup>(C)</sup> | 251249 | 244968 |
|  Schlumberger Holdings Corp. <br>3.90%, 05/17/2028 <sup>(B)</sup> | 249000 | 232409 |
|  Smithfield Foods, Inc. <br>3.00%, 10/15/2030 <sup>(B)</sup> | 851000 | 648432 |
| Southern California Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 02/01/2051 | 236000 | 151851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 02/01/2045 | 195000 | 140533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 12/01/2041 | 37000 | 27933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/01/2048 | 110000 | 88326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 11/01/2027 | 290000 | 299035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 11/01/2032 | 400000 | 424739 |
|  Southern California Gas Co. <br>6.35%, 11/15/2052 | 150000 | 164969 |
| Southern Co. Gas Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/15/2031 | 316000 | 243026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 09/30/2051 | 291000 | 189928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/15/2026 | 30000 | 27959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 09/15/2032 | 713000 | 703450 |
|  Southern Power Co. <br>5.15%, 09/15/2041 | 392000 | 356172 |
|  Southwestern Electric Power Co. <br>3.90%, 04/01/2045 | 102000 | 78036 |
|  Sprint Capital Corp. <br>6.88%, 11/15/2028 | 390000 | 405595 |
|  Starbucks Corp. <br>3.75%, 12/01/2047 | 188000 | 143472 |
|  State Street Corp. <br>Fixed until 11/04/2027,<br>5.82%<sup>(A)</sup>, 11/04/2028 | 225000 | 232715 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 02/15/2028 | $295000 | $253850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 02/15/2029 | 1376000 | 1165366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/15/2029 | 633000 | 557458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/15/2031 | 280000 | 241693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/15/2030 | 744000 | 675708 |
| Take-Two Interactive Software, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 04/14/2025 | 254000 | 244619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/14/2027 | 163000 | 153614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/14/2032 <sup>(F)</sup> | 100000 | 88832 |
|  Target Corp. <br>4.50%, 09/15/2032 <sup>(F)</sup> | 349000 | 340379 |
| Teachers Insurance & Annuity Association<br>of America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 09/15/2024,<br>4.38% <sup>(A)</sup>, 09/15/2054 <sup>(B)</sup> | 84000 | 80379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.85%, 12/16/2039 <sup>(B)</sup> | 370000 | 409271 |
|  Tennessee Gas Pipeline Co. LLC <br>2.90%, 03/01/2030 <sup>(B)</sup> | 97000 | 81502 |
|  Time Warner Cable Enterprises LLC <br>8.38%, 07/15/2033 | 220000 | 245166 |
| Time Warner Cable LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/2042 | 93000 | 68421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/15/2040 | 93000 | 81429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.55%, 05/01/2037 | 67000 | 64045 |
|  TJX Cos., Inc. <br>3.88%, 04/15/2030 | 250000 | 233366 |
|  Trustees of Boston University <br>3.17%, 10/01/2050 | 380000 | 260416 |
|  TSMC Arizona Corp. <br>3.88%, 04/22/2027 | 380000 | 365816 |
|  Tucson Electric Power Co. <br>1.50%, 08/01/2030 | 140000 | 107431 |
|  TWDC Enterprises 18 Corp. <br>3.70%, 12/01/2042 | 102000 | 82721 |
|  UDR, Inc. <br>3.00%, 08/15/2031 | 93000 | 77808 |
| Union Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 03/15/2032 | 279000 | 221552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/15/2030 | 357000 | 314367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/01/2052 | 86000 | 69560 |
| Union Pacific Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 08/15/2039 | 465000 | 386038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 09/15/2037 | 312000 | 264840 |
| United Airlines Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 04/07/2030 | 485556 | 413505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/03/2028 | 172045 | 158457 |
| UnitedHealth Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/15/2040 | 457000 | 333771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 05/15/2041 | 126000 | 95262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/15/2051 | 232000 | 167326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/15/2039 | 637000 | 523346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/15/2052 | 186000 | 172664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/15/2053 | 315000 | 340827 |
|  University of Miami <br>4.06%, 04/01/2052 | 150000 | 122054 |
| Verizon Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.68%, 10/30/2030 | 496000 | 387818 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 14** 

------

##### [**Table of Contents**](#toc)
**Transamerica JPMorgan Tactical Allocation VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Verizon Communications, Inc. (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/20/2031 | $758000 | $589992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 03/22/2028 | 300000 | 260840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.36%, 03/15/2032 | 1158000 | 919232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 03/21/2031 | 148000 | 121917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.27%, 01/15/2036 | 840000 | 756264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.33%, 09/21/2028 | 826000 | 795668 |
|  Virginia Electric & Power Co. <br>2.45%, 12/15/2050 | 598000 | 357745 |
|  Visa, Inc. <br>2.70%, 04/15/2040 | 216000 | 164731 |
| Vistra Operations Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 07/15/2024 <sup>(B)</sup> | 211000 | 202445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 01/30/2027 <sup>(B)</sup> | 23000 | 20995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 07/15/2029 <sup>(B)</sup> | 424000 | 382716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/13/2024 <sup>(B)</sup> | 418000 | 409577 |
| VMware, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 08/15/2031 | 269000 | 204793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 08/21/2027 | 105000 | 98142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 05/15/2030 | 1216000 | 1134548 |
| Walt Disney Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/13/2040 | 243000 | 195534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 01/13/2051 | 172000 | 131757 |
| Warnermedia Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.76%, 03/15/2027 <sup>(B)</sup> | 245000 | 221189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 03/15/2029 <sup>(B)</sup> | 692000 | 599813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.28%, 03/15/2032 <sup>(B)</sup> | 871000 | 718462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 03/15/2042 <sup>(B)</sup> | 644000 | 495120 |
|  WEA Finance LLC <br>2.88%, 01/15/2027 <sup>(B)</sup> | 483000 | 413971 |
| WEC Energy Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/27/2025 | 108000 | 108081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 10/01/2027 | 127000 | 128551 |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 06/02/2027,<br>2.39% <sup>(A)</sup>, 06/02/2028 | 475000 | 419868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 10/30/2024,<br>2.41% <sup>(A)</sup>, 10/30/2025 | 456000 | 431440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 03/02/2032,<br>3.35% <sup>(A)</sup>, 03/02/2033 | 300000 | 253609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 03/24/2027,<br>3.53% <sup>(A)</sup>, 03/24/2028 | 681000 | 631439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 05/22/2027,<br>3.58% <sup>(A)</sup>, 05/22/2028 | 159000 | 147849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 07/25/2027,<br>4.81% <sup>(A)</sup>, 07/25/2028 | 1089000 | 1063368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 07/25/2032,<br>4.90% <sup>(A)</sup>, 07/25/2033 | 490000 | 463967 |
| Welltower, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/15/2032 | 245000 | 192233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 01/15/2030 | 436000 | 369012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/15/2032 | 100000 | 85153 |
| Williams Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 03/15/2031 | 511000 | 414965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 03/04/2044 | 244000 | 222534 |
|  Wisconsin Electric Power Co. <br>3.65%, 12/15/2042 | 28000 | 20784 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| WP Carey, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 02/01/2031 | $220000 | $175855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 02/01/2032 | 338000 | 265058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/01/2026 | 67000 | 64610 |
|  Xilinx, Inc. <br>2.38%, 06/01/2030 | 571000 | 481476 |
|  Zimmer Biomet Holdings, Inc. <br>4.45%, 08/15/2045 | 79000 | 62508 |
| Zoetis, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 08/20/2028 | 215000 | 204575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 02/01/2043 | 191000 | 172617 |
|  |  | 155373366 |
| **Virgin Islands, British - 0.1%** | **Virgin Islands, British - 0.1%** | **Virgin Islands, British - 0.1%** |
| TSMC Global Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 09/28/2027 <sup>(B)</sup> | 375000 | 311584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 04/23/2031 <sup>(B)</sup> | 790000 | 643250 |
|  |  | 954834 |
|  **Total Corporate Debt Securities <br>(Cost $251,790,610)** | **Total Corporate Debt Securities <br>(Cost $251,790,610)** | 219828267 |
| **FOREIGN GOVERNMENT OBLIGATIONS - 0.3%** | **FOREIGN GOVERNMENT OBLIGATIONS - 0.3%** | **FOREIGN GOVERNMENT OBLIGATIONS - 0.3%** |
| **Israel - 0.1%** | **Israel - 0.1%** | **Israel - 0.1%** |
|  Israel Government AID Bonds <br>Zero Coupon, 08/15/2025 | 1000000 | 883796 |
| **Mexico - 0.2%** | **Mexico - 0.2%** | **Mexico - 0.2%** |
| Mexico Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/12/2034 | 417000 | 334147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/11/2028 | 1151000 | 1085934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.77%, 05/24/2061 | 205000 | 129259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/21/2026 | 200000 | 194870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.28%, 08/14/2041 | 200000 | 153848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/31/2050 <sup>(F)</sup> | 265000 | 200818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/08/2044 | 280000 | 225687 |
|  |  | 2324563 |
| **Panama - 0.0% <sup>(E)</sup>** | **Panama - 0.0% <sup>(E)</sup>** | **Panama - 0.0% <sup>(E)</sup>** |
|  Panama Government International Bonds <br>4.50%, 04/16/2050 | 200000 | 150828 |
| **Saudi Arabia - 0.0% <sup>(E)</sup>** | **Saudi Arabia - 0.0% <sup>(E)</sup>** | **Saudi Arabia - 0.0% <sup>(E)</sup>** |
|  Saudi Government International Bonds <br>2.25%, 02/02/2033 <sup>(B)</sup> | 200000 | 162198 |
|  **Total Foreign Government Obligations <br>(Cost $4,075,739)** | **Total Foreign Government Obligations <br>(Cost $4,075,739)** | 3521385 |
| **MORTGAGE-BACKED SECURITIES - 0.2%** | **MORTGAGE-BACKED SECURITIES - 0.2%** | **MORTGAGE-BACKED SECURITIES - 0.2%** |
| **United States - 0.2%** | **United States - 0.2%** | **United States - 0.2%** |
|  Bear Stearns Commercial Mortgage Securities Trust, Interest Only STRIPS <br>Series 2005-PWR8, Class X1, <br>0.72% <sup>(A)</sup>, 06/11/2041 <sup>(B)</sup> <sup>(I)</sup> | 336 | 0 |
|  LB-UBS Commercial Mortgage Trust <br>Series 2006-C6, Class AJ, <br>5.45% <sup>(A)</sup>, 09/15/2039 | 269797 | 117984 |
|  MRCD Mortgage Trust <br>Series 2019-PARK, Class A, <br>2.72%, 12/15/2036 <sup>(B)</sup> | 1230000 | 1131190 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 15** 

------

##### [**Table of Contents**](#toc)
**Transamerica JPMorgan Tactical Allocation VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
|  SREIT Trust <br>Series 2021-MFP, Class A, <br>1-Month LIBOR + 0.73%, <br>5.05% <sup>(A)</sup>, 11/15/2038 <sup>(B)</sup> | $880000 | $846343 |
|  UBS-Barclays Commercial Mortgage Trust, Interest Only STRIPS <br>Series 2012-C2, Class XA, <br>0.52% <sup>(A)</sup>, 05/10/2063 <sup>(B)</sup> | 77483 | 2 |
|  Wachovia Bank Commercial Mortgage Trust, Interest Only STRIPS <br>Series 2006-C24, Class XC, <br>0.00% <sup>(A)</sup>, 03/15/2045 <sup>(B)</sup> <sup>(I)</sup> | 32113 | 0 |
|  **Total Mortgage-Backed Securities <br>(Cost $2,385,813)** | **Total Mortgage-Backed Securities <br>(Cost $2,385,813)** | 2095519 |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS - 16.8%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 16.8%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 16.8%** |
| Federal Home Loan Mortgage Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/01/2050 - 11/01/2051 | 13887039 | 11936888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/2033 - 12/01/2049 | 2248927 | 2004055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/01/2032 - 04/01/2052 | 12051487 | 11215726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12-Month LIBOR + 1.84%, <br>3.78% <sup>(A)</sup>, 07/01/2040 | 19777 | 20009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Year CMT + 2.43%, <br>3.85% <sup>(A)</sup>, 12/01/2031 | 10514 | 10390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2042 - 05/01/2052 | 10745190 | 10196930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Year CMT + 2.25%, <br>4.18% <sup>(A)</sup>, 02/01/2036 | 10415 | 10546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/01/2041 - 07/01/2052 | 7822750 | 7583209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2034 - 07/01/2052 | 3854812 | 3804740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/01/2024 | 997 | 994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 09/01/2037 - 11/01/2037 | 4190 | 4313 |
| Federal Home Loan Mortgage Corp. REMIC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/2023 - 06/15/2025 | 22852 | 22759 |
| &nbsp;&nbsp;&nbsp;&nbsp; (4.44) \* 1-Month LIBOR + 24.43%, <br>5.25% <sup>(A)</sup>, 06/15/2035 | 36064 | 29398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/15/2023 | 15102 | 15042 |
| &nbsp;&nbsp;&nbsp;&nbsp; (3.62) \* 1-Month LIBOR + 27.21%, <br>5.50% <sup>(A)</sup>, 05/15/2041 | 16549 | 15829 |
| &nbsp;&nbsp;&nbsp;&nbsp; (3.67) \* 1-Month LIBOR + 27.50%, <br>5.50% <sup>(A)</sup>, 05/15/2041 | 29052 | 28407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65% <sup>(A)</sup>, 10/15/2038 | 9466 | 9458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 06/15/2035 | 258 | 258 |
| Federal Home Loan Mortgage Corp.<br>REMIC, Interest Only STRIPS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (1.00) \* 1-Month LIBOR + 6.37%, <br>2.05% <sup>(A)</sup>, 10/15/2037 | 146834 | 15162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/2039 | 3992 | 46 |
|  Federal Home Loan Mortgage Corp. REMIC, Principal Only STRIPS <br>09/15/2032 - 01/15/2040 | 102429 | 83296 |
| Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.59%, 11/25/2028 | 314172 | 276470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/01/2050 - 01/01/2052 | 14072923 | 12116993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/2050 - 07/01/2060 | 9908061 | 8811413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/01/2032 - 03/01/2048 | 3118253 | 2909991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/2035 - 05/01/2051 | 6202961 | 5938733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/01/2040 - 09/01/2052 | 9880081 | 9575961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2033 - 07/01/2052 | 4762767 | 4705317 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| Federal National Mortgage<br>Association (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/01/2024 - 01/01/2059 | $6638713 | $6735506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/01/2023 - 01/01/2053 | 5827619 | 5918594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 11/01/2037 | 9679 | 9966 |
| Federal National Mortgage Association<br>REMIC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/25/2025 | 12103 | 11976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/25/2023 - 04/25/2023 | 2138 | 2131 |
| Federal National Mortgage Association<br>REMIC, Interest Only STRIPS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (1.00) \* 1-Month LIBOR + 6.53%, <br>2.14% <sup>(A)</sup>, 01/25/2041 | 134538 | 15345 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1.00) \* 1-Month LIBOR + 6.60%, <br>2.21% <sup>(A)</sup>, 08/25/2035 - 06/25/2036 | 129954 | 11254 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1.00) \* 1-Month LIBOR + 6.70%, <br>2.31% <sup>(A)</sup>, 03/25/2036 | 135162 | 12932 |
|  Federal National Mortgage Association REMIC, Principal Only STRIPS <br>12/25/2034 - 12/25/2043 | 498680 | 377519 |
| Federal National Mortgage Association,<br>Interest Only STRIPS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.94% <sup>(A)</sup>, 11/25/2033 | 3160452 | 282746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.98% <sup>(A)</sup>, 11/25/2028 - 07/25/2030 | 4501110 | 390114 |
|  Federal National Mortgage Association, Principal Only STRIPS <br>09/25/2024 - 08/25/2032 | 10418 | 9154 |
| FREMF Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.58% <sup>(A)</sup>, 11/25/2049 <sup>(B)</sup> | 491000 | 452098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.72% <sup>(A)</sup>, 01/25/2048 <sup>(B)</sup> | 1000000 | 947454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.83% <sup>(A)</sup>, 11/25/2047 <sup>(B)</sup> | 1000000 | 951894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.94% <sup>(A)</sup>, 06/25/2049 <sup>(B)</sup> | 1608000 | 1517484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95% <sup>(A)</sup>, 07/25/2049 <sup>(B)</sup> | 440000 | 437059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.07% <sup>(A)</sup>, 11/25/2047 <sup>(B)</sup> | 455000 | 436920 |
|  FREMF Trust <br>Series 2018-W5FX, Class BFX, <br>3.66% <sup>(A)</sup>, 04/25/2028 <sup>(B)</sup> | 1441000 | 1284151 |
| Government National Mortgage<br>Association |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/20/2050 | 8420626 | 7118110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 06/20/2050 - 09/20/2051 | 10277793 | 8947424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/20/2051 - 01/20/2052 | 21371645 | 19117001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/20/2049 - 03/20/2051 | 1571471 | 1456604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/20/2052 | 7081984 | 6710455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/20/2044 | 465334 | 456186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/20/2048 - 08/20/2052 | 9243050 | 8978051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/20/2052 | 6227928 | 6178109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/20/2052 | 4992154 | 5026809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/15/2024 - 11/20/2052 | 4260702 | 4336762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, TBA <sup>(H)</sup> | 600000 | 609867 |
| Government National Mortgage<br>Association REMIC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 01/20/2063 - 04/20/2063 | 6986 | 6503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 0.55%, <br>3.95% <sup>(A)</sup>, 04/20/2062 | 687 | 674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.97% <sup>(A)</sup>, 11/16/2042 | 78691 | 76342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 0.45%, <br>4.29% <sup>(A)</sup>, 03/20/2060 - 05/20/2062 | 3485 | 3414 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 16** 

------

##### [**Table of Contents**](#toc)
**Transamerica JPMorgan Tactical Allocation VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| Government National Mortgage<br>Association REMIC (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 0.55%, <br>4.39% <sup>(A)</sup>, 07/20/2062 | $293 | $289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 0.65%, <br>4.49% <sup>(A)</sup>, 05/20/2061 | 1304 | 1292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 1.00%, <br>4.84% <sup>(A)</sup>, 12/20/2066 | 256333 | 253786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/20/2041 | 268475 | 270783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.21% <sup>(A)</sup>, 07/20/2060 | 339 | 274 |
| &nbsp;&nbsp;&nbsp;&nbsp; (3.50) \* 1-Month LIBOR + 23.28%, <br>8.04% <sup>(A)</sup>, 04/20/2037 | 19124 | 20277 |
| Government National Mortgage<br>Association REMIC, Interest Only<br>STRIPS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.23% <sup>(A)</sup>, 06/20/2067 | 1600366 | 67084 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1.00) \* 1-Month LIBOR + 6.60%, <br>2.25% <sup>(A)</sup>, 05/20/2041 | 41475 | 2433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/20/2031 | 667 | 51 |
|  Government National Mortgage Association REMIC, Principal Only STRIPS <br>Zero Coupon, 01/20/2038 | 5903 | 4763 |
|  Resolution Funding Corp., Principal Only STRIPS <br>Zero Coupon, 04/15/2030 | 400000 | 291112 |
| Tennessee Valley Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/15/2065 | 264000 | 231241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 09/15/2060 | 155000 | 146153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 04/01/2036 | 874000 | 962551 |
|  Tennessee Valley Authority, Interest Only STRIPS <br>Zero Coupon, 07/15/2028 | 1000000 | 776918 |
|  **Total U.S. Government Agency Obligations <br>(Cost $197,061,849)** | **Total U.S. Government Agency Obligations <br>(Cost $197,061,849)** | 183197948 |
| **U.S. GOVERNMENT OBLIGATIONS - 30.6%** | **U.S. GOVERNMENT OBLIGATIONS - 30.6%** | **U.S. GOVERNMENT OBLIGATIONS - 30.6%** |
| **U.S. Treasury - 30.6%** | **U.S. Treasury - 30.6%** | **U.S. Treasury - 30.6%** |
| U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 05/15/2040 | 17915000 | 11298347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 11/15/2040 | 2100000 | 1375582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 08/15/2041 | 2510000 | 1730429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/15/2051 - 11/15/2051 | 8455000 | 5416289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/15/2051 | 30000 | 19837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 05/15/2041 - 02/15/2052 | 19486000 | 14090675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 05/15/2051 | 2278700 | 1650277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/15/2045 | 840000 | 637284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/15/2043 <sup>(F)</sup> | 2456000 | 2018909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 08/15/2045 - 05/15/2052 | 1065000 | 861933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/15/2052 <sup>(F)</sup> | 785000 | 652777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 02/15/2043 | 1440000 | 1237050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 08/15/2041 | 2100000 | 2004680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/15/2040 | 1225000 | 1202558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/2042 <sup>(F)</sup> | 2625300 | 2587151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/2052 | 912300 | 921708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/15/2040 | 250000 | 261631 |
| U.S. Treasury Bonds, Principal Only<br>STRIPS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 02/15/2023 - 02/15/2035 | 7407000 | 7049588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 05/15/2023 - 11/15/2026 <sup>(F)</sup> | 9155000 | 8745797 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **U.S. GOVERNMENT OBLIGATIONS (continued)** | **U.S. GOVERNMENT OBLIGATIONS (continued)** | **U.S. GOVERNMENT OBLIGATIONS (continued)** |
| **U.S. Treasury (continued)** | **U.S. Treasury (continued)** | **U.S. Treasury (continued)** |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 01/31/2023 <sup>(J)</sup> | $11008000 | $10974825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 09/30/2023 <sup>(J)</sup> | 14220000 | 13747296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 11/30/2025 | 7000000 | 6267461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 01/31/2026 <sup>(F)</sup> | 130000 | 115776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 02/28/2026 | 2665000 | 2377471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 04/30/2026 | 330000 | 295350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 01/31/2024 <sup>(J)</sup> | 1280000 | 1228350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 06/30/2026 | 1993000 | 1784280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 10/31/2026 | 58950000 | 52797094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 03/31/2028 <sup>(F)</sup> | 5420000 | 4720058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 04/30/2028 - 08/15/2031 | 7937200 | 6870997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 10/31/2028 <sup>(F)</sup> | 34110000 | 29506482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/30/2028 | 3760000 | 3272375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 02/15/2026 - 05/15/2031 | 1311800 | 1171879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 12/31/2026 | 130000 | 119179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/30/2024 - 11/15/2026 | 406000 | 381726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/15/2025 <sup>(F)</sup> | 700000 | 661500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 02/29/2024 <sup>(F)</sup> | 2205000 | 2141348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/31/2024 | 14900000 | 14461148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/15/2024 - 02/15/2027 <sup>(F)</sup> | 482000 | 457098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 03/31/2029 | 3250000 | 2961943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/15/2023 - 03/31/2027 | 18916000 | 18159403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 05/31/2027 | 42324000 | 39956501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/31/2023 - 02/15/2024 | 1809000 | 1773199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 04/30/2025 - 05/15/2028 | 530000 | 505063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/15/2025 | 43730000 | 42389061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/30/2029 | 4933600 | 4912015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 09/30/2027 - 11/15/2032 | 4820000 | 4889944 |
|  |  | 332661324 |
| **U.S. Treasury Inflation-Protected Securities - 0.0% <sup>(E)</sup>** | **U.S. Treasury Inflation-Protected Securities - 0.0% <sup>(E)</sup>** | **U.S. Treasury Inflation-Protected Securities - 0.0% <sup>(E)</sup>** |
|  U.S. Treasury Inflation-Protected Indexed Bonds <br>2.50%, 01/15/2029 | 69393 | 72427 |
|  **Total U.S. Government Obligations <br>(Cost $366,030,114)** | **Total U.S. Government Obligations <br>(Cost $366,030,114)** | 332733751 |
|  | **Shares** | **Value** |
| **COMMON STOCKS - 26.7%** | **COMMON STOCKS - 26.7%** | **COMMON STOCKS - 26.7%** |
| **Australia - 0.2%** | **Australia - 0.2%** | **Australia - 0.2%** |
|  BHP Group Ltd. | 39809 | 1236754 |
|  Woodside Energy Group Ltd. <sup>(F)</sup> | 22022 | 531376 |
|  |  | 1768130 |
| **Austria - 0.0% <sup>(E)</sup>** | **Austria - 0.0% <sup>(E)</sup>** | **Austria - 0.0% <sup>(E)</sup>** |
|  Erste Group Bank AG | 12548 | 401617 |
| **Belgium - 0.1%** | **Belgium - 0.1%** | **Belgium - 0.1%** |
|  KBC Group NV | 22931 | 1474752 |
| **Canada - 0.0% <sup>(E)</sup>** | **Canada - 0.0% <sup>(E)</sup>** | **Canada - 0.0% <sup>(E)</sup>** |
|  Fairfax Financial Holdings Ltd. <sup>(F)</sup> | 408 | 242401 |
|  Ritchie Bros Auctioneers, Inc. | 4074 | 235599 |
|  |  | 478000 |
| **Denmark - 0.5%** | **Denmark - 0.5%** | **Denmark - 0.5%** |
|  Carlsberg AS, Class B | 11965 | 1590097 |
|  Coloplast AS, Class B | 3178 | 371471 |
|  Genmab AS <sup>(K)</sup> | 391 | 165534 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 17** 

------

##### [**Table of Contents**](#toc)
**Transamerica JPMorgan Tactical Allocation VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Denmark (continued)** | **Denmark (continued)** | **Denmark (continued)** |
|  Novo Nordisk AS, Class B | 23284 | $3143950 |
|  |  | 5271052 |
| **Finland - 0.2%** | **Finland - 0.2%** | **Finland - 0.2%** |
|  Kone OYJ, Class B | 8024 | 414863 |
|  Nordea Bank Abp | 125970 | 1348206 |
|  |  | 1763069 |
| **France - 1.9%** | **France - 1.9%** | **France - 1.9%** |
|  Air Liquide SA | 3994 | 566060 |
|  Airbus SE | 13576 | 1613389 |
|  AXA SA | 31656 | 882904 |
|  BNP Paribas SA | 13302 | 758233 |
|  Capgemini SE | 3966 | 662071 |
|  Cie Generale des Etablissements Michelin SCA | 58111 | 1616394 |
|  Kering SA | 1399 | 712089 |
|  L'Oreal SA | 2401 | 857402 |
|  LVMH Moet Hennessy Louis Vuitton SE | 7556 | 5499246 |
|  Pernod Ricard SA | 3678 | 723445 |
|  Safran SA | 8010 | 1002507 |
|  Schneider Electric SE | 5165 | 722734 |
|  TotalEnergies SE <sup>(F)</sup> | 29118 | 1828082 |
|  Vinci SA | 35519 | 3547007 |
|  |  | 20991563 |
| **Germany - 0.6%** | **Germany - 0.6%** | **Germany - 0.6%** |
|  adidas AG | 2869 | 391445 |
|  Allianz SE | 5103 | 1097417 |
|  Delivery Hero SE <sup>(B)</sup> <sup>(K)</sup> | 5160 | 247343 |
|  Deutsche Boerse AG | 4224 | 729783 |
|  Deutsche Telekom AG | 36864 | 735475 |
|  Infineon Technologies AG | 15190 | 462275 |
|  Muenchener Rueckversicherungs-<br>Gesellschaft AG | 2650 | 862354 |
|  RWE AG | 45728 | 2035810 |
|  Symrise AG | 4059 | 441665 |
|  |  | 7003567 |
| **Hong Kong - 0.3%** | **Hong Kong - 0.3%** | **Hong Kong - 0.3%** |
|  AIA Group Ltd. | 179600 | 1997230 |
|  Hong Kong Exchanges & Clearing Ltd. | 12300 | 531367 |
|  Techtronic Industries Co. Ltd. | 36500 | 407299 |
|  |  | 2935896 |
| **India - 0.3%** | **India - 0.3%** | **India - 0.3%** |
|  HDFC Bank Ltd., ADR | 41243 | 2821434 |
| **Ireland - 0.2%** | **Ireland - 0.2%** | **Ireland - 0.2%** |
|  Jazz Pharmaceuticals PLC <sup>(K)</sup> | 1512 | 240877 |
|  Linde PLC <sup>(K)</sup> | 1342 | 438792 |
|  Medtronic PLC | 1853 | 144015 |
|  Trane Technologies PLC | 7503 | 1261179 |
|  |  | 2084863 |
| **Israel - 0.0% <sup>(E)</sup>** | **Israel - 0.0% <sup>(E)</sup>** | **Israel - 0.0% <sup>(E)</sup>** |
|  SolarEdge Technologies, Inc. <sup>(K)</sup> | 1258 | 356354 |
| **Japan - 1.5%** | **Japan - 1.5%** | **Japan - 1.5%** |
|  Bridgestone Corp. <sup>(F)</sup> | 18200 | 650535 |
|  Daikin Industries Ltd. | 4600 | 708016 |
|  FANUC Corp. | 5700 | 861471 |
|  Hoya Corp. | 18200 | 1761894 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
|  Keyence Corp. | 4700 | $1841466 |
|  Kyowa Kirin Co. Ltd. | 20400 | 469430 |
|  Makita Corp. <sup>(F)</sup> | 9400 | 220603 |
|  Mitsubishi UFJ Financial Group, Inc. | 70300 | 476202 |
|  Nidec Corp. | 7100 | 369986 |
|  Nippon Telegraph & Telephone Corp. | 36400 | 1043407 |
|  Recruit Holdings Co. Ltd. | 15300 | 486956 |
|  Shin-Etsu Chemical Co. Ltd. | 19400 | 2398392 |
|  SMC Corp. | 1071 | 453567 |
|  Sony Group Corp. | 12700 | 971080 |
|  Sumitomo Mitsui Financial Group, Inc. | 13100 | 528632 |
|  Tokio Marine Holdings, Inc. | 39700 | 855317 |
|  Tokyo Electron Ltd. | 5500 | 1629381 |
|  |  | 15726335 |
| **Luxembourg - 0.0% <sup>(E)</sup>** | **Luxembourg - 0.0% <sup>(E)</sup>** | **Luxembourg - 0.0% <sup>(E)</sup>** |
|  Perimeter Solutions SA <sup>(K)</sup> | 20276 | 185323 |
| **Netherlands - 0.9%** | **Netherlands - 0.9%** | **Netherlands - 0.9%** |
|  ASML Holding NV | 7671 | 4136913 |
|  ING Groep NV | 48908 | 596202 |
|  NXP Semiconductors NV | 24072 | 3804098 |
|  Stellantis NV | 92270 | 1310090 |
|  |  | 9847303 |
| **Republic of Korea - 0.1%** | **Republic of Korea - 0.1%** | **Republic of Korea - 0.1%** |
|  Samsung Electronics Co. Ltd., GDR | 595 | 657475 |
| **Singapore - 0.1%** | **Singapore - 0.1%** | **Singapore - 0.1%** |
|  DBS Group Holdings Ltd. | 47600 | 1205459 |
| **Spain - 0.1%** | **Spain - 0.1%** | **Spain - 0.1%** |
|  Iberdrola SA | 94427 | 1104797 |
| **Sweden - 0.4%** | **Sweden - 0.4%** | **Sweden - 0.4%** |
|  Assa Abloy AB, B Shares | 20961 | 449357 |
|  Atlas Copco AB, A Shares | 46841 | 552583 |
|  Svenska Handelsbanken AB, A Shares | 63312 | 637680 |
|  Volvo AB, B Shares | 166152 | 3001129 |
|  |  | 4640749 |
| **Switzerland - 0.5%** | **Switzerland - 0.5%** | **Switzerland - 0.5%** |
|  Chubb Ltd. | 1344 | 296486 |
|  Garmin Ltd. | 1698 | 156709 |
|  Lonza Group AG | 1064 | 521385 |
|  Nestle SA | 18972 | 2198302 |
|  Roche Holding AG | 5582 | 1753713 |
|  Straumann Holding AG | 1673 | 191066 |
|  |  | 5117661 |
| **Taiwan - 0.2%** | **Taiwan - 0.2%** | **Taiwan - 0.2%** |
|  Taiwan Semiconductor Manufacturing Co.<br>Ltd., ADR | 28526 | 2124902 |
| **United Kingdom - 1.6%** | **United Kingdom - 1.6%** | **United Kingdom - 1.6%** |
|  Anglo American PLC | 17636 | 690056 |
|  AstraZeneca PLC | 32954 | 4469222 |
|  BP PLC | 387862 | 2226834 |
|  Diageo PLC | 100826 | 4449116 |
|  Ferguson PLC | 4782 | 603557 |
|  Haleon PLC <sup>(K)</sup> | 8981 | 35542 |
|  London Stock Exchange Group PLC | 6539 | 564124 |
|  Persimmon PLC | 1462 | 21510 |
|  Prudential PLC | 44405 | 605281 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 18** 

------

##### [**Table of Contents**](#toc)
**Transamerica JPMorgan Tactical Allocation VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
|  RELX PLC | 31690 | $876559 |
|  Rio Tinto PLC | 17507 | 1227152 |
|  Shell PLC | 67208 | 1889901 |
|  |  | 17658854 |
| **United States - 17.0%** | **United States - 17.0%** | **United States - 17.0%** |
|  AbbVie, Inc. | 30505 | 4929913 |
|  Advanced Micro Devices, Inc. <sup>(K)</sup> | 23686 | 1534142 |
|  Alaska Air Group, Inc. <sup>(K)</sup> | 4377 | 187948 |
|  Albertsons Cos., Inc., Class A | 4898 | 101585 |
|  Allegro MicroSystems, Inc. <sup>(K)</sup> | 8359 | 250937 |
|  Alnylam Pharmaceuticals, Inc. <sup>(K)</sup> | 1454 | 345543 |
|  Alphabet, Inc., Class C <sup>(K)</sup> | 16741 | 1485429 |
|  Amazon.com, Inc. <sup>(K)</sup> | 88312 | 7418208 |
|  American Electric Power Co., Inc. | 1596 | 151540 |
|  American Express Co. | 11931 | 1762805 |
|  American Homes 4 Rent, Class A, REIT | 7527 | 226864 |
|  American International Group, Inc. | 1754 | 110923 |
|  AmerisourceBergen Corp. | 2772 | 459348 |
|  AMETEK, Inc. | 3014 | 421116 |
|  Amgen, Inc. | 956 | 251084 |
|  Analog Devices, Inc. | 15329 | 2514416 |
|  Apple Hospitality, Inc., REIT | 7718 | 121790 |
|  Apple, Inc. | 24554 | 3190301 |
|  AptarGroup, Inc. | 3363 | 369863 |
|  Aramark | 6540 | 270364 |
|  Arista Networks, Inc. <sup>(K)</sup> | 1144 | 138824 |
|  Atmos Energy Corp. | 2790 | 312675 |
|  AutoZone, Inc. <sup>(K)</sup> | 159 | 392123 |
|  Axalta Coating Systems Ltd. <sup>(K)</sup> | 16205 | 412741 |
|  Baker Hughes Co. | 42040 | 1241441 |
|  Bank of America Corp. | 136238 | 4512203 |
|  Bath & Body Works, Inc. | 4325 | 182255 |
|  BellRing Brands, Inc. <sup>(K)</sup> | 5471 | 140276 |
|  Berkshire Hathaway, Inc., Class B <sup>(K)</sup> | 2711 | 837428 |
|  Best Buy Co., Inc. | 1660 | 133149 |
|  BJ's Wholesale Club Holdings, Inc. <sup>(K)</sup> | 4894 | 323787 |
|  Black Knight, Inc. <sup>(K)</sup> | 5340 | 329745 |
|  Blackstone, Inc. | 4410 | 327178 |
|  Booking Holdings, Inc. <sup>(K)</sup> | 1173 | 2363923 |
|  Boston Scientific Corp. <sup>(K)</sup> | 64773 | 2997047 |
|  Bright Horizons Family Solutions, Inc. <sup>(K)</sup> | 4958 | 312850 |
|  Bristol-Myers Squibb Co. | 54646 | 3931780 |
|  Brixmor Property Group, Inc., REIT | 10886 | 246786 |
|  Broadridge Financial Solutions, Inc., ADR | 1932 | 259139 |
|  Brunswick Corp. | 4913 | 354129 |
|  Bumble, Inc., Class A <sup>(K)</sup> | 8074 | 169958 |
|  Burlington Stores, Inc. <sup>(K)</sup> | 3420 | 693439 |
|  Capital One Financial Corp. | 6080 | 565197 |
|  Carlisle Cos., Inc. | 793 | 186870 |
|  Carter's, Inc. <sup>(F)</sup> | 2123 | 158397 |
|  Casey's General Stores, Inc. | 1239 | 277970 |
|  Catalent, Inc. <sup>(K)</sup> | 4780 | 215148 |
|  Cboe Global Markets, Inc. | 2562 | 321454 |
|  CBRE Group, Inc., Class A <sup>(K)</sup> | 3121 | 240192 |
|  Centene Corp. <sup>(K)</sup> | 2076 | 170253 |
|  Certara, Inc. <sup>(K)</sup> | 12362 | 198657 |
|  Charles Schwab Corp. | 10342 | 861075 |
|  Charter Communications, Inc., Class A <sup>(K)</sup> | 3901 | 1322829 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
|  Chemed Corp. | 655 | $334332 |
|  Cheniere Energy, Inc. | 2057 | 308468 |
|  Chevron Corp. | 19747 | 3544389 |
|  Cigna Corp. | 730 | 241878 |
|  Cisco Systems, Inc. | 3252 | 154925 |
|  Citigroup, Inc. | 4544 | 205525 |
|  Citizens Financial Group, Inc. | 9710 | 382283 |
|  Clearwater Analytics Holdings, Inc., Class A <sup>(F)</sup> <sup>(K)</sup> | 13717 | 257194 |
|  CME Group, Inc. | 16114 | 2709730 |
|  CNA Financial Corp. | 2524 | 106715 |
|  Cognex Corp. | 6684 | 314883 |
|  Columbia Sportswear Co. | 1746 | 152915 |
|  Commerce Bancshares, Inc. | 3146 | 214148 |
|  CommScope Holding Co., Inc. <sup>(K)</sup> | 6661 | 48958 |
|  Confluent, Inc., Class A <sup>(K)</sup> | 8134 | 180900 |
|  ConocoPhillips | 19320 | 2279760 |
|  Constellation Brands, Inc., Class A | 1471 | 340904 |
|  Cooper Cos., Inc. | 958 | 316782 |
|  Copart, Inc. <sup>(K)</sup> | 6881 | 418984 |
|  Coterra Energy, Inc. | 8246 | 202604 |
|  Crowdstrike Holdings, Inc., Class A <sup>(K)</sup> | 1209 | 127296 |
|  Crown Holdings, Inc. | 3570 | 293490 |
|  CubeSmart, REIT | 8061 | 324455 |
|  Cullen / Frost Bankers, Inc. | 2044 | 273283 |
|  Cushman & Wakefield PLC <sup>(F)</sup> <sup>(K)</sup> | 22859 | 284823 |
|  CVS Health Corp. | 4445 | 414230 |
|  Deere & Co. | 7543 | 3234137 |
|  Definitive Healthcare Corp. <sup>(F)</sup> <sup>(K)</sup> | 12584 | 138298 |
|  Dexcom, Inc. <sup>(K)</sup> | 3070 | 347647 |
|  Dick's Sporting Goods, Inc. | 1823 | 219289 |
|  Dollar General Corp. | 534 | 131497 |
|  Douglas Dynamics, Inc. | 5297 | 191540 |
|  Dover Corp. | 2455 | 332432 |
|  Driven Brands Holdings, Inc. <sup>(K)</sup> | 11517 | 314529 |
|  EastGroup Properties, Inc., REIT | 2959 | 438110 |
|  Eastman Chemical Co. | 8232 | 670414 |
|  Eaton Corp. PLC | 8377 | 1314770 |
|  Edison International | 2591 | 164839 |
|  Eli Lilly & Co. | 1151 | 421082 |
|  Encompass Health Corp. | 7081 | 423515 |
|  Energizer Holdings, Inc. <sup>(F)</sup> | 4327 | 145171 |
|  Entegris, Inc. | 5665 | 371567 |
|  Entergy Corp. | 1386 | 155925 |
|  Envestnet, Inc. <sup>(K)</sup> | 3966 | 244702 |
|  EOG Resources, Inc. | 5992 | 776084 |
|  Equifax, Inc. | 997 | 193777 |
|  Estee Lauder Cos., Inc., Class A | 1172 | 290785 |
|  Evercore, Inc., Class A | 2946 | 321350 |
|  Exact Sciences Corp. <sup>(K)</sup> | 4483 | 221953 |
|  Exelixis, Inc. <sup>(K)</sup> | 8699 | 139532 |
|  FactSet Research Systems, Inc. | 795 | 318962 |
|  Federal Realty Investment Trust, REIT | 1938 | 195816 |
|  FedEx Corp. | 1206 | 208879 |
|  First Advantage Corp. <sup>(K)</sup> | 17016 | 221208 |
|  First Republic Bank | 1547 | 188564 |
|  FleetCor Technologies, Inc. <sup>(K)</sup> | 860 | 157965 |
|  Focus Financial Partners, Inc., Class A <sup>(K)</sup> | 8062 | 300471 |
|  Fortune Brands Innovations, Inc. | 9844 | 562191 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 19** 

------

##### [**Table of Contents**](#toc)
**Transamerica JPMorgan Tactical Allocation VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
|  Freeport-McMoRan, Inc. | 6302 | $239476 |
|  Gap, Inc. <sup>(F)</sup> | 6075 | 68526 |
|  Generac Holdings, Inc. <sup>(K)</sup> | 2118 | 213198 |
|  General Dynamics Corp. | 1107 | 274658 |
|  Global Payments, Inc. | 2262 | 224662 |
|  Guidewire Software, Inc. <sup>(K)</sup> | 3664 | 229220 |
|  Hartford Financial Services Group, Inc. | 2531 | 191926 |
|  Hayward Holdings, Inc. <sup>(F)</sup> <sup>(K)</sup> | 20415 | 191901 |
|  HCA Healthcare, Inc. | 1321 | 316987 |
|  HealthEquity, Inc. <sup>(K)</sup> | 4334 | 267148 |
|  Hillman Solutions Corp. <sup>(F)</sup> <sup>(K)</sup> | 30735 | 221599 |
|  Hilton Worldwide Holdings, Inc. | 2802 | 354061 |
|  Home Depot, Inc. | 407 | 128555 |
|  Honeywell International, Inc. | 1249 | 267661 |
|  Horizon Therapeutics PLC <sup>(K)</sup> | 4951 | 563424 |
|  Hubbell, Inc. | 1122 | 263311 |
|  HubSpot, Inc. <sup>(K)</sup> | 500 | 144565 |
|  IAA, Inc. <sup>(K)</sup> | 6737 | 269480 |
|  IAC, Inc. <sup>(K)</sup> | 4320 | 191808 |
|  ICU Medical, Inc. <sup>(K)</sup> | 1588 | 250078 |
|  IDEX Corp. | 907 | 207095 |
|  Ingersoll Rand, Inc. | 6307 | 329541 |
|  Insulet Corp. <sup>(K)</sup> | 905 | 266423 |
|  International Business Machines Corp. | 1489 | 209785 |
|  Intuit, Inc. | 5882 | 2289392 |
|  Intuitive Surgical, Inc. <sup>(K)</sup> | 6036 | 1601653 |
|  Invesco Ltd. | 2835 | 51002 |
|  ITT, Inc. | 1603 | 130003 |
|  Jack Henry & Associates, Inc. | 1257 | 220679 |
|  JBG SMITH Properties, REIT | 5258 | 99797 |
|  Johnson & Johnson | 2740 | 484021 |
|  Keurig Dr. Pepper, Inc. | 4302 | 153409 |
|  Keysight Technologies, Inc. <sup>(K)</sup> | 1316 | 225128 |
|  Kimco Realty Corp., REIT | 15130 | 320453 |
|  Kinder Morgan, Inc. | 17515 | 316671 |
|  Kinsale Capital Group, Inc. | 905 | 236676 |
|  Knight-Swift Transportation Holdings, Inc. | 4870 | 255237 |
|  Kraft Heinz Co. | 8467 | 344692 |
|  Laboratory Corp. of America Holdings | 1080 | 254318 |
|  Lam Research Corp. | 551 | 231585 |
|  Lamar Advertising Co., Class A, REIT | 1859 | 175490 |
|  Lamb Weston Holdings, Inc. | 3649 | 326075 |
|  Landstar System, Inc. | 1837 | 299247 |
|  LCI Industries | 1384 | 127951 |
|  Leidos Holdings, Inc. | 1451 | 152631 |
|  Lennox International, Inc. | 1360 | 325353 |
|  Liberty Broadband Corp., Class C <sup>(K)</sup> | 2792 | 212946 |
|  Liberty Media Corp. - Liberty SiriusXM, Class C <sup>(K)</sup> | 5812 | 227424 |
|  Lincoln Electric Holdings, Inc. | 2804 | 405150 |
|  LKQ Corp. | 6764 | 361265 |
|  Loews Corp. | 9969 | 581492 |
|  Lowe's Cos., Inc. | 1454 | 289695 |
|  LPL Financial Holdings, Inc. | 1671 | 361220 |
|  Lyft, Inc., Class A <sup>(K)</sup> | 8246 | 90871 |
|  M&T Bank Corp. | 3836 | 556450 |
|  Manhattan Associates, Inc. <sup>(K)</sup> | 2174 | 263924 |
|  Marriott International, Inc., Class A | 16954 | 2524281 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
|  Marsh & McLennan Cos., Inc. | 395 | $65365 |
|  Martin Marietta Materials, Inc. | 1099 | 371429 |
|  Marvell Technology, Inc. | 4578 | 169569 |
|  Mastercard, Inc., Class A | 13643 | 4744080 |
|  McDonald's Corp. | 3936 | 1037254 |
|  McKesson Corp. | 1065 | 399503 |
|  Merck & Co., Inc. | 2514 | 278928 |
|  Meta Platforms, Inc., Class A <sup>(K)</sup> | 19596 | 2358183 |
|  Mettler-Toledo International, Inc. <sup>(K)</sup> | 189 | 273190 |
|  MGIC Investment Corp. | 8912 | 115856 |
|  Microsoft Corp. | 45268 | 10856172 |
|  Mid-America Apartment Communities, Inc., REIT | 3477 | 545854 |
|  Middleby Corp. <sup>(K)</sup> | 1098 | 147022 |
|  Moelis & Co., Class A | 6719 | 257808 |
|  Mohawk Industries, Inc. <sup>(K)</sup> | 2035 | 208018 |
|  Molina Healthcare, Inc. <sup>(K)</sup> | 997 | 329229 |
|  MongoDB, Inc. <sup>(K)</sup> | 939 | 184833 |
|  Morgan Stanley | 5579 | 474327 |
|  MSA Safety, Inc. | 2896 | 417574 |
|  Murphy USA, Inc. | 570 | 159338 |
|  Natera, Inc. <sup>(K)</sup> | 2897 | 116372 |
|  National Retail Properties, Inc., REIT | 7186 | 328831 |
|  National Vision Holdings, Inc. <sup>(F)</sup> <sup>(K)</sup> | 1908 | 73954 |
|  nCino, Inc. <sup>(F)</sup> <sup>(K)</sup> | 8259 | 218368 |
|  Newell Brands, Inc. | 13549 | 177221 |
|  Nexstar Media Group, Inc. | 593 | 103793 |
|  NextEra Energy, Inc. | 32402 | 2708807 |
|  NIKE, Inc., Class B | 23125 | 2705856 |
|  Nordson Corp. | 1270 | 301904 |
|  Norfolk Southern Corp. | 592 | 145881 |
|  Northern Trust Corp. | 2415 | 213703 |
|  Northrop Grumman Corp. | 403 | 219881 |
|  NVIDIA Corp. | 4128 | 603266 |
|  Old Dominion Freight Line, Inc. | 569 | 161471 |
|  Outfront Media, Inc., REIT | 15699 | 260289 |
|  Packaging Corp. of America | 2289 | 292786 |
|  Palo Alto Networks, Inc. <sup>(K)</sup> | 2853 | 398108 |
|  Performance Food Group Co. <sup>(K)</sup> | 7104 | 414803 |
|  PG&E Corp. <sup>(K)</sup> | 13975 | 227233 |
|  Philip Morris International, Inc. | 2373 | 240171 |
|  Phillips 66 | 3222 | 335346 |
|  Planet Fitness, Inc., Class A <sup>(K)</sup> | 4418 | 348138 |
|  PNC Financial Services Group, Inc. | 2618 | 413487 |
|  Pool Corp. | 1293 | 390913 |
|  Post Holdings, Inc. <sup>(K)</sup> | 2757 | 248847 |
|  Power Integrations, Inc. | 5171 | 370864 |
|  Procter & Gamble Co. | 2389 | 362077 |
|  Progressive Corp. | 21068 | 2732730 |
|  Prologis, Inc., REIT | 22021 | 2482427 |
|  Public Service Enterprise Group, Inc. | 2098 | 128544 |
|  Public Storage, REIT | 480 | 134491 |
|  Q2 Holdings, Inc. <sup>(K)</sup> | 6295 | 169147 |
|  QUALCOMM, Inc. | 3295 | 362252 |
|  Quanta Services, Inc. | 4816 | 686280 |
|  QuidelOrtho Corp. <sup>(K)</sup> | 2873 | 246130 |
|  Ralph Lauren Corp. | 1860 | 196546 |
|  Rayonier, Inc., REIT | 7282 | 240015 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 20** 

------

##### [**Table of Contents**](#toc)
**Transamerica JPMorgan Tactical Allocation VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
|  Raytheon Technologies Corp. | 4341 | $438094 |
|  RBC Bearings, Inc. <sup>(K)</sup> | 1357 | 284088 |
|  Regeneron Pharmaceuticals, Inc. <sup>(K)</sup> | 3976 | 2868644 |
|  Reynolds Consumer Products, Inc. <sup>(F)</sup> | 8626 | 258607 |
|  RLI Corp. | 2385 | 313079 |
|  Ross Stores, Inc. | 21060 | 2444434 |
|  Royal Caribbean Cruises Ltd. <sup>(F)</sup> <sup>(K)</sup> | 2859 | 141320 |
|  Royalty Pharma PLC, Class A | 7166 | 283200 |
|  Ryman Hospitality Properties, Inc., REIT | 2335 | 190956 |
|  S&P Global, Inc. | 6209 | 2079642 |
|  ServiceNow, Inc. <sup>(K)</sup> | 796 | 309063 |
|  ServisFirst Bancshares, Inc. | 3416 | 235397 |
|  Signature Bank | 2316 | 266850 |
|  Simpson Manufacturing Co., Inc. | 3034 | 268994 |
|  SS&C Technologies Holdings, Inc. | 5422 | 282269 |
|  StepStone Group, Inc., Class A | 11604 | 292189 |
|  Stericycle, Inc. <sup>(K)</sup> | 5901 | 294401 |
|  STERIS PLC | 1896 | 350172 |
|  Sun Communities, Inc., REIT | 5148 | 736164 |
|  SVB Financial Group <sup>(K)</sup> | 1768 | 406888 |
|  Syneos Health, Inc. <sup>(K)</sup> | 5244 | 192350 |
|  Synopsys, Inc. <sup>(K)</sup> | 1136 | 362713 |
|  Sysco Corp. | 1835 | 140286 |
|  T-Mobile US, Inc. <sup>(K)</sup> | 10287 | 1440180 |
| T. Rowe Price Group, Inc. | 1653 | 180276 |
|  Target Corp. | 7064 | 1052819 |
|  TD SYNNEX Corp. | 1823 | 172656 |
|  Teradyne, Inc. | 2330 | 203525 |
|  Tesla, Inc. <sup>(K)</sup> | 8505 | 1047646 |
|  Texas Instruments, Inc. | 2131 | 352084 |
|  Texas Roadhouse, Inc. | 1841 | 167439 |
|  Thermo Fisher Scientific, Inc. | 758 | 417423 |
|  Thor Industries, Inc. <sup>(F)</sup> | 932 | 70357 |
|  Timken Co. | 1882 | 133001 |
|  Toro Co. | 5681 | 643089 |
|  Tractor Supply Co. | 1306 | 293811 |
|  Trade Desk, Inc., Class A <sup>(K)</sup> | 2956 | 132517 |
|  TransUnion | 5985 | 339649 |
|  Travelers Cos., Inc. | 2311 | 433289 |
|  Truist Financial Corp. | 32594 | 1402520 |
|  Tyler Technologies, Inc. <sup>(K)</sup> | 996 | 321120 |
|  Uber Technologies, Inc. <sup>(K)</sup> | 75242 | 1860735 |
|  Union Pacific Corp. | 10379 | 2149180 |
|  United Parcel Service, Inc., Class B | 12593 | 2189167 |
|  UnitedHealth Group, Inc. | 7786 | 4127981 |
|  US Bancorp | 6499 | 283421 |
|  Vail Resorts, Inc. | 1577 | 375878 |
|  Verizon Communications, Inc. | 9935 | 391439 |
|  Vertex Pharmaceuticals, Inc. <sup>(K)</sup> | 642 | 185397 |
|  Vulcan Materials Co. | 656 | 114872 |
|  Waste Connections, Inc. | 2584 | 342535 |
|  Wells Fargo & Co. | 53112 | 2192994 |
|  Welltower, Inc., REIT | 1535 | 100619 |
|  Wendy's Co. | 14790 | 334698 |
|  West Pharmaceutical Services, Inc. | 1203 | 283126 |
|  Western Alliance Bancorp | 5548 | 330439 |
|  Westrock Co. | 4533 | 159380 |
|  WEX, Inc. <sup>(K)</sup> | 2497 | 408634 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
|  Weyerhaeuser Co., REIT | 11569 | $358639 |
|  Williams Cos., Inc. | 9116 | 299916 |
|  WillScot Mobile Mini Holdings Corp. <sup>(K)</sup> | 10276 | 464167 |
|  Wintrust Financial Corp. | 3634 | 307146 |
|  Wolfspeed, Inc. <sup>(F)</sup> <sup>(K)</sup> | 1796 | 123996 |
|  Woodward, Inc. | 2548 | 246162 |
|  Xcel Energy, Inc. | 4650 | 326011 |
|  Yum! Brands, Inc. | 10740 | 1375579 |
|  Zebra Technologies Corp., Class A <sup>(K)</sup> | 756 | 193846 |
|  Zimmer Biomet Holdings, Inc. | 1291 | 164602 |
|  Zoom Video Communications, Inc., Class A <sup>(K)</sup> | 3439 | 232958 |
|  Zscaler, Inc. <sup>(K)</sup> | 960 | 107424 |
|  |  | 184835767 |
| **Uruguay - 0.0% <sup>(E)</sup>** | **Uruguay - 0.0% <sup>(E)</sup>** | **Uruguay - 0.0% <sup>(E)</sup>** |
|  Globant SA <sup>(K)</sup> | 1201 | 201960 |
|  **Total Common Stocks <br>(Cost $302,089,578)** | **Total Common Stocks <br>(Cost $302,089,578)** | 290656882 |
| **PREFERRED STOCK - 0.1%** | **PREFERRED STOCK - 0.1%** | **PREFERRED STOCK - 0.1%** |
| **Germany - 0.1%** | **Germany - 0.1%** | **Germany - 0.1%** |
|  Volkswagen AG, <br>22.88% <sup>(L)</sup> | 7473 | 931298 |
|  **Total Preferred Stock <br>(Cost $1,193,011)** | **Total Preferred Stock <br>(Cost $1,193,011)** | 931298 |
| **INVESTMENT COMPANY - 0.1%** | **INVESTMENT COMPANY - 0.1%** | **INVESTMENT COMPANY - 0.1%** |
| **United States - 0.1%** | **United States - 0.1%** | **United States - 0.1%** |
|  JPMorgan High Yield Fund | 113638 | 697736 |
|  **Total Investment Company <br>(Cost $814,856)** | **Total Investment Company <br>(Cost $814,856)** | 697736 |
|  | **Principal** | **Value** |
| **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 0.3%** | **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 0.3%** | **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 0.3%** |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.48% <sup>(L)</sup>, 02/23/2023 <sup>(J)</sup> | $237000 | 235574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.69% <sup>(L)</sup>, 02/23/2023 | 50000 | 49699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.73% <sup>(L)</sup>, 02/23/2023 | 60000 | 59639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.36% <sup>(L)</sup>, 02/23/2023 | 110000 | 109338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.74% <sup>(L)</sup>, 02/23/2023 | 177000 | 175935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% <sup>(L)</sup>, 02/23/2023 | 70000 | 69579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.31% <sup>(L)</sup>, 07/13/2023 <sup>(F)</sup> <sup>(J)</sup> | 742000 | 724366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.66% <sup>(L)</sup>, 01/19/2023 | 1360000 | 1357812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.86% <sup>(L)</sup>, 07/13/2023 | 70000 | 68336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.89% <sup>(L)</sup>, 07/13/2023 | 70000 | 68336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13% <sup>(L)</sup>, 02/23/2023 | 35000 | 34789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.16% <sup>(L)</sup>, 02/23/2023 | 40000 | 39759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30% <sup>(L)</sup>, 02/23/2023 | 60000 | 59639 |
|  **Total Short-Term U.S. Government Obligations <br>(Cost $3,060,232)** | **Total Short-Term U.S. Government Obligations <br>(Cost $3,060,232)** | 3052801 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 21** 

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##### [**Table of Contents**](#toc)
**Transamerica JPMorgan Tactical Allocation VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **OTHER INVESTMENT COMPANY - 1.0%** | **OTHER INVESTMENT COMPANY - 1.0%** | **OTHER INVESTMENT COMPANY - 1.0%** |
| **Securities Lending Collateral - 1.0%** | **Securities Lending Collateral - 1.0%** | **Securities Lending Collateral - 1.0%** |
|  State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 4.29% <sup>(L)</sup> | 11494677 | $11494677 |
|  **Total Other Investment Company <br>(Cost $11,494,677)** | **Total Other Investment Company <br>(Cost $11,494,677)** | 11494677 |
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 3.7%** | **REPURCHASE AGREEMENT - 3.7%** | **REPURCHASE AGREEMENT - 3.7%** |
|  Fixed Income Clearing Corp., 1.80% <sup>(L)</sup>, dated 12/30/2022, to be repurchased at $40,290,012 on 01/03/2023. Collateralized by U.S. Government Obligations,<br>0.75% - 2.75%, due 12/31/2023 - 02/15/2024, and with a total value of $41,087,711. | $40281956 | 40281956 |
|  **Total Repurchase Agreement <br>(Cost $40,281,956)** | **Total Repurchase Agreement <br>(Cost $40,281,956)** | 40281956 |
|  **Total Investments <br>(Cost $1,188,428,323)** | **Total Investments <br>(Cost $1,188,428,323)** | 1095896329 |
|  **Net Other Assets (Liabilities) - (0.7)%** | **Net Other Assets (Liabilities) - (0.7)%** | (7254576) |
|  **Net Assets - 100.0%** |  | **$1088641753** |

---

**FUTURES CONTRACTS:** 

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Long Futures Contracts** | **Long Futures Contracts** | **Long Futures Contracts** | **Long Futures Contracts** | **Long Futures Contracts** | **Long Futures Contracts** | **Long Futures Contracts** |
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  2-Year U.S. Treasury Notes | 233 | 03/31/2023 | $47810250 | $47783203 | $— | $(27047) |
|  10-Year U.S. Treasury Notes | 415 | 03/22/2023 | &nbsp;&nbsp;&nbsp;&nbsp;46999969 | &nbsp;&nbsp;&nbsp;&nbsp;46603203 |  | (396766) |
|  10-Year U.S. Treasury Ultra Notes | 188 | 03/22/2023 | 22532324 | 22236875 |  | (295449) |
|  30-Year U.S. Treasury Bonds | 182 | 03/22/2023 | 23033357 | 22812562 |  | (220795) |
|  MSCI EAFE Index | 30 | 03/17/2023 | 2954826 | 2924100 |  | (30726) |
|  MSCI Emerging Markets Index | 231 | 03/17/2023 | 11125703 | 11081070 |  | (44633) |
|  S&P 500<sup>®</sup> E-Mini Index | 159 | 03/17/2023 | 30821621 | 30694950 |  | (126671) |
|  U.S. Treasury Ultra Bonds | 167 | 03/22/2023 | 22466802 | 22430188 |  | (36614) |
|  **Total** |  |  |  |  | $**—** | $**(1178701)** |
| **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** |
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  5-Year U.S. Treasury Notes | (688) | 03/31/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;(74329758) | $&nbsp;&nbsp;&nbsp;&nbsp;(74255625) | $74133 | $— |
|  E-Mini Russell 1000<sup>®</sup> Index | (367) | 03/17/2023 | (33153951) | (32646110) | 507841 |  |
|  E-Mini Russell 2000<sup>®</sup> Index | (83) | 03/17/2023 | (7518576) | (7349235) | 169341 |  |
|  EURO STOXX 50<sup>®</sup> Index | (533) | 03/17/2023 | (22372930) | (21595302) | 777628 |  |
|  German Euro Bund | (333) | 03/08/2023 | (50451202) | (47384185) | 3067017 |  |
|  S&P Midcap 400<sup>®</sup> E-Mini Index | (79) | 03/17/2023 | (19642052) | (19296540) | 345512 |  |
|  S&P/TSX 60 Index | (65) | 03/16/2023 | (11169330) | (11232422) |  | (63092) |
|  TOPIX Index | (77) | 03/09/2023 | (11390752) | (11097646) | 293106 |  |
|  **Total** |  |  |  |  | $**5234578** | $**(63092)** |
|  **Total Futures Contracts** |  |  |  |  | $**5234578** | $**(1241793)** |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 22** 

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##### [**Table of Contents**](#toc)
**Transamerica JPMorgan Tactical Allocation VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

**INVESTMENTS BY INDUSTRY (unaudited):** 

------

---

| | | |
|:---|:---|:---|
| **Industry** | **Percentage of<br>Total Investments** | **Value** |
|  U.S. Government Obligations | 30.4% | $&nbsp;&nbsp;&nbsp;&nbsp;332733751 |
|  U.S. Government Agency Obligations | 16.7 | 183197948 |
|  Banks | 6.8 | 74743583 |
|  Electric Utilities | 2.7 | 29469567 |
|  Oil, Gas & Consumable Fuels | 2.7 | 29465062 |
|  Capital Markets | 2.5 | 27029371 |
|  Semiconductors & Semiconductor Equipment | 2.4 | 26031359 |
|  Software | 2 | 21887910 |
|  Pharmaceuticals | 1.9 | 20652736 |
|  Health Care Providers & Services | 1.7 | 18221330 |
|  Insurance | 1.4 | 15854045 |
|  Biotechnology | 1.2 | 13647552 |
|  Machinery | 1.1 | 12472116 |
|  Hotels, Restaurants & Leisure | 1.1 | 12016846 |
|  Equity Real Estate Investment Trusts | 1.1 | 12009401 |
|  Beverages | 1 | 11365591 |
|  Textiles, Apparel & Luxury Goods | 0.9 | 9816494 |
|  Diversified Telecommunication Services | 0.9 | 9628886 |
|  Road & Rail | 0.9 | 9539550 |
|  Health Care Equipment & Supplies | 0.8 | 9071488 |
|  Aerospace & Defense | 0.8 | 8841905 |
|  Internet & Direct Marketing Retail | 0.8 | 8646837 |
|  IT Services | 0.8 | 8430555 |
|  Asset-Backed Securities | 0.7 | 7404109 |
|  Media | 0.7 | 7154086 |
|  Specialty Retail | 0.6 | 7061561 |
|  Consumer Finance | 0.6 | 6568033 |
|  Chemicals | 0.6 | 6263525 |
|  Wireless Telecommunication Services | 0.5 | 5390725 |
|  Technology Hardware, Storage & Peripherals | 0.5 | 5338525 |
|  Metals & Mining | 0.5 | 5073784 |
|  Food Products | 0.5 | 5009244 |
|  Tobacco | 0.4 | 4912529 |
|  Interactive Media & Services | 0.4 | 4868566 |
|  Construction & Engineering | 0.4 | 4697454 |
|  Diversified Financial Services | 0.4 | 4322768 |
|  Multi-Utilities | 0.4 | 4274398 |
|  Automobiles | 0.4 | 4056486 |
|  Building Products | 0.3 | 3761960 |
|  Foreign Government Obligations | 0.3 | 3521385 |
|  Electrical Equipment | 0.3 | 3433800 |
|  Electronic Equipment, Instruments & Components | 0.3 | 2747979 |
|  Commercial Services & Supplies | 0.2 | 2562482 |
|  Air Freight & Logistics | 0.2 | 2519448 |
|  Auto Components | 0.2 | 2394880 |
|  Entertainment | 0.2 | 2180742 |
|  Professional Services | 0.2 | 2157094 |
|  Mortgage-Backed Securities | 0.2 | 2095519 |
|  Independent Power & Renewable Electricity Producers | 0.2 | 2033803 |
|  Gas Utilities | 0.2 | 1930152 |
|  Household Durables | 0.2 | 1892760 |
|  Airlines | 0.2 | 1804013 |
|  Life Sciences Tools & Services | 0.2 | 1794294 |
|  Food & Staples Retailing | 0.2 | 1705195 |
|  Personal Products | 0.2 | 1650338 |
|  Multiline Retail | 0.1 | 1524695 |
|  Trading Companies & Distributors | 0.1 | 1522286 |
|  Energy Equipment & Services | 0.1 | 1473850 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 23** 

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##### [**Table of Contents**](#toc)
**Transamerica JPMorgan Tactical Allocation VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

**INVESTMENTS BY INDUSTRY (unaudited) (continued):** 

------

---

| | | |
|:---|:---|:---|
| **Industry** | **Percentage of<br>Total Investments** | **Value** |
|  Industrial Conglomerates | 0.1% | $1468149 |
|  Diversified Consumer Services | 0.1 | 1424560 |
|  Containers & Packaging | 0.1 | 1115519 |
|  Household Products | 0.1 | 765855 |
|  Distributors | 0.1 | 752178 |
|  U.S. Fixed Income Funds | 0.1 | 697736 |
|  Leisure Products | 0.1 | 546030 |
|  Real Estate Management & Development | 0.0 <sup>(E)</sup> | 525015 |
|  Construction Materials | 0.0 <sup>(E)</sup> | 486301 |
|  Internet & Catalog Retail | 0.0 <sup>(E)</sup> | 412717 |
|  Communications Equipment | 0.0 <sup>(E)</sup> | 342707 |
|  Health Care Technology | 0.0 <sup>(E)</sup> | 336955 |
|  Transportation Infrastructure | 0.0 <sup>(E)</sup> | 154000 |
|  Thrifts & Mortgage Finance | 0.0 <sup>(E)</sup> | 115856 |
|  Water Utilities | 0.0 <sup>(E)</sup> | 46966 |
|  **Investments** | **95.0** | **1041066895** |
|  Short-Term Investments | 5.0 | 54829434 |
|  **Total Investments** | **100.0%** | $**1095896329** |

---

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(M)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Asset-Backed Securities | $— | $7404109 | $— | $7404109 |
|  Corporate Debt Securities |  | 219828267 |  | 219828267 |
|  Foreign Government Obligations |  | 3521385 |  | 3521385 |
|  Mortgage-Backed Securities |  | 2095519 |  | 2095519 |
|  U.S. Government Agency Obligations |  | 183197948 |  | 183197948 |
|  U.S. Government Obligations |  | 332733751 |  | 332733751 |
|  Common Stocks | 197564579 | 93092303 |  | 290656882 |
|  Preferred Stock |  | 931298 |  | 931298 |
|  Investment Company | 697736 |  |  | 697736 |
|  Short-Term U.S. Government Obligations |  | 3052801 |  | 3052801 |
|  Other Investment Company | 11494677 |  |  | 11494677 |
|  Repurchase Agreement |  | 40281956 |  | 40281956 |
|  **Total Investments** | $**209756992** | $**886139337** | $**—** | $**1095896329** |
|  **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** |
|  Futures Contracts <sup>(N)</sup> | $5234578 | $— | $— | $5234578 |
|  **Total Other Financial Instruments** | $**5234578** | $**—** | $**—** | $**5234578** |
|  **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** |
|  **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** |
|  Futures Contracts <sup>(N)</sup> | $(1241793) | $— | $— | $(1241793) |
|  **Total Other Financial Instruments** | $**(1241793)** | $**—** | $**—** | $**(1241793)** |
| **Transfers** |  |  |  |  |
| **Investments** | **Transfers from<br>Level 1 to Level 3** | **Transfers from<br>Level 3 to Level 1** | **Transfers from<br>Level 2 to Level 3** | **Transfers from<br>Level 3 to Level 2** |
|  Asset-Backed Securities <sup>(D)</sup> | $— | $— | $— | $962500 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 24** 

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##### [**Table of Contents**](#toc)
**Transamerica JPMorgan Tactical Allocation VP** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *Floating or variable rate securities. The rates disclosed are as of December 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.* 

(B) *Securities are exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2022, the total value of 144A securities is $66,811,979, representing 6.1% of the Portfolio's net assets.* 

(C) *Fair valued as determined in good faith in accordance with procedures established by the Board. At December 31, 2022, the total value of securities is $1,219,960, representing 0.1% of the Portfolio's net assets.* 

(D) *Transferred from Level 3 to 2 due to utilizing significant observable inputs. As of prior reporting period the security utilized significant unobservable inputs.* 

(E) *Percentage rounds to less than 0.1% or (0.1)%.* 

(F) *All or a portion of the securities are on loan. The total value of all securities on loan is $36,524,104, collateralized by cash collateral of $11,494,677 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $25,881,158. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.* 

(G) *Perpetual maturity. The date displayed is the next call date.* 

(H) *When-issued, delayed-delivery and/or forward commitment (including TBAs) securities. Securities to be settled and delivered after December 31, 2022. Securities may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.* 

(I) *Rounds to less than $1 or $(1).* 

(J) *All or a portion of these securities have been segregated by the custodian as collateral to cover margin requirements for open futures contracts. The total value of such securities is $11,976,462.* 

(K) *Non-income producing securities.* 

(L) *Rates disclosed reflect the yields at December 31, 2022.* 

(M) *The Portfolio recognized transfers in and out of Level 3 as of December 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

(N) *Derivative instruments are valued at unrealized appreciation (depreciation).* 

**CURRENCY ABBREVIATION:** 

*EUR* *Euro*

**PORTFOLIO ABBREVIATIONS:** 

---

| | |
|:---|:---|
| *ADR* | *American Depositary Receipt* |
| *CMT* | *Constant Maturity Treasury* |
| *EAFE* | *Europe, Australasia and Far East* |
| *GDR* | *Global Depositary Receipt* |
| *LIBOR* | *London Interbank Offered Rate* |
| *REIT* | *Real Estate Investment Trust* |
| *SOFR* | *Secured Overnight Financing Rate* |
| *STOXX* | *Deutsche Börse Group & SIX Group Index* |
| *STRIPS* | *Separate Trading of Registered Interest and Principal of Securities* |
| *TBA* | *To Be Announced* |
| *TOPIX* | *Tokyo Price Index* |
| *TSX* | *Toronto Stock Exchange* |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 25** 

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**Transamerica JPMorgan Tactical Allocation VP** 

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**STATEMENT OF ASSETS AND LIABILITIES** 

**At December 31, 2022** 

---

| | |
|:---|:---|
|  **Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value (cost $1,148,146,367) <br>(including securities loaned of $36,524,104) | $1055614373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreement, at value (cost $40,281,956) | 40281956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | 1540973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value (cost $33,057) | 25740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables and other assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 163999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 9465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest sold | 55992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 347243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 4711048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax reclaims | 311016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin receivable on futures contracts | 2079500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Litigation | 4636 |
|  Total assets | 1105145941 |
|  **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral received upon return of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities on loan | 11494677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables and other liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 2666486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; When-issued, delayed-delivery, forward and TBA commitments purchased | 611625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest redeemed | 411617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 665848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 221275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 1296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 8414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 44767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 67410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 6637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 289623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 14513 |
|  Total liabilities | 16504188 |
|  **Net assets** | $&nbsp;&nbsp;&nbsp;&nbsp;1088641753 |
|  **Net assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital stock ($0.01 par value) | $886608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 1244660077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) | (156904932) |
|  **Net assets** | $1088641753 |
|  **Net assets by class:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | $63612465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 1025029288 |
|  **Shares outstanding:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 5521614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 83139161 |
|  **Net asset value and offering price per share:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | $11.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 12.33 |

---

**STATEMENT OF OPERATIONS** 

**For the year ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $6078522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 21612790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 120884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withholding taxes on foreign income | (351792) |
|  Total investment income | 27460404 |
|  **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 8547064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 2852601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 12654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 51247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 72466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 294940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 67557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 85726 |
|  Total expenses | 11984255 |
|  **Net investment income (loss)** | 15476149 |
|  **Net realized gain (loss) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (59252192) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (19857745) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 70070 |
|  Net realized gain (loss) | (79039867) |
|  **Net change in unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (148941632) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 3769258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Translation of assets and liabilities denominated in foreign currencies | 18467 |
|  Net change in unrealized appreciation (depreciation) | (145153907) |
|  Net realized and change in unrealized gain (loss) | (224193774) |
|  **Net increase (decrease) in net assets resulting from operations** | $&nbsp;&nbsp;&nbsp;&nbsp;(208717625) |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 26** 

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**Transamerica JPMorgan Tactical Allocation VP** 

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**STATEMENT OF CHANGES IN NET ASSETS** 

**For the years ended:** 

---

| | | |
|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2021** |
|  **From operations:** | **From operations:** | **From operations:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $15476149 | $16984578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (79039867) | 129421798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (145153907) | (79752741) |
|  Net increase (decrease) in net assets resulting from operations | (208717625) | 66653635 |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (8927362) | (6450229) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (135286893) | (100202510) |
|  Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (144214255) | (106652739) |
|  **Capital share transactions:** | **Capital share transactions:** | **Capital share transactions:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 3860492 | 6167008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 2931112 | 30091179 |
|  | 6791604 | 36258187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 8927362 | 6450229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 135286893 | 100202510 |
|  | 144214255 | 106652739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (10268595) | (11314187) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (135956789) | (130166062) |
|  | (146225384) | &nbsp;&nbsp;&nbsp;&nbsp;(141480249) |
|  Net increase (decrease) in net assets resulting from capital share transactions | 4780475 | 1430677 |
|  **Net increase (decrease) in net assets** | (348151405) | (38568427) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 1436793158 | 1475361585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $&nbsp;&nbsp;&nbsp;&nbsp;1088641753 | $&nbsp;&nbsp;&nbsp;&nbsp;1436793158 |
|  **Capital share transactions - shares:** | **Capital share transactions - shares:** | **Capital share transactions - shares:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 295166 | 388816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 216681 | 1758353 |
|  | 511847 | 2147169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 750199 | 416412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 10610737 | 6098753 |
|  | 11360936 | 6515165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (771174) | (704573) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (9615663) | (7704932) |
|  | (10386837) | (8409505) |
|  Net increase (decrease) in shares outstanding: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 274191 | 100655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 1211755 | 152174 |
|  | 1485946 | 252829 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 27** 

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##### [**Table of Contents**](#toc)
**Transamerica JPMorgan Tactical Allocation VP** 

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**FINANCIAL HIGHLIGHTS** 

**For a share outstanding during the years indicated:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $15.60 | $16.13 | $15.08 | $13.96 | $15.16 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(A)</sup> | 0.20 | 0.22 | 0.27 | 0.33 | 0.32 |
|  Net realized and unrealized gain (loss) | (2.46) | 0.57 | 1.55 | 1.36 | (0.74) |
|  Total investment operations | (2.26) | 0.79 | 1.82 | 1.69 | (0.42) |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income | (0.27) | (0.31) | (0.38) | (0.37) | (0.34) |
|  Net realized gains | (1.55) | (1.01) | (0.39) | (0.20) | (0.44) |
|  Total dividends and/or distributions to shareholders | (1.82) | (1.32) | (0.77) | (0.57) | (0.78) |
|  **Net asset value, end of year** | $11.52 | $15.60 | $16.13 | $15.08 | $13.96 |
|  **Total return** | (14.80)% | 4.91% | 12.36% | 12.18% | (2.94)% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;63613 | $&nbsp;&nbsp;&nbsp;&nbsp;81871 | $&nbsp;&nbsp;&nbsp;&nbsp;83030 | $&nbsp;&nbsp;&nbsp;&nbsp;79367 | $&nbsp;&nbsp;&nbsp;&nbsp;80793 |
|  Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.75% | 0.77% | 0.78% | 0.77% | 0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.75% | 0.77% | 0.78% | 0.77% | 0.77% |
|  Net investment income (loss) to average net assets | 1.52% | 1.39% | 1.77% | 2.20% | 2.18% |
|  Portfolio turnover rate | 106% | 83% | 73% | 45% | 58% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Does not include expenses of the underlying investments in which the Portfolio invests.* 

**For a share outstanding during the years indicated:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $16.54 | $17.03 | $15.88 | $14.67 | $15.89 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(A)</sup> | 0.18 | 0.19 | 0.25 | 0.30 | 0.30 |
|  Net realized and unrealized gain (loss) | (2.61) | 0.59 | 1.63 | 1.44 | (0.78) |
|  Total investment operations | (2.43) | 0.78 | 1.88 | 1.74 | (0.48) |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income | (0.23) | (0.26) | (0.34) | (0.33) | (0.30) |
|  Net realized gains | (1.55) | (1.01) | (0.39) | (0.20) | (0.44) |
|  Total dividends and/or distributions to shareholders | (1.78) | (1.27) | (0.73) | (0.53) | (0.74) |
|  **Net asset value, end of year** | $12.33 | $16.54 | $17.03 | $15.88 | $14.67 |
|  **Total return** | (15.03)% | 4.63% | 12.10% | 11.91% | (3.19)% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;1025029 | $&nbsp;&nbsp;&nbsp;&nbsp;1354922 | $&nbsp;&nbsp;&nbsp;&nbsp;1392332 | $&nbsp;&nbsp;&nbsp;&nbsp;1308451 | $&nbsp;&nbsp;&nbsp;&nbsp;1234443 |
|  Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 1.00% | 1.02% | 1.03% | 1.02% | 1.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 1.00% | 1.02% | 1.03% | 1.02% | 1.02% |
|  Net investment income (loss) to average net assets | 1.26% | 1.14% | 1.52% | 1.95% | 1.93% |
|  Portfolio turnover rate | 106% | 83% | 73% | 45% | 58% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Does not include expenses of the underlying investments in which the Portfolio invests.* 

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 28** 

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**Transamerica JPMorgan Tactical Allocation VP** 

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**NOTES TO FINANCIAL STATEMENTS** 

**At December 31, 2022** 

**1. ORGANIZATION** 

Transamerica Series Trust ("TST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). TST applies investment company accounting and reporting guidance. TST serves as a funding vehicle for variable life insurance, variable annuity, and group annuity products. Transamerica JPMorgan Tactical Allocation VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers two classes of shares, Initial Class and Service Class.

The only shareholders of the Portfolio are affiliated insurance company separate accounts and affiliated asset allocation portfolios. Contract holders of the variable life and annuity contracts are not shareholders of the Portfolio. For ease of reference, shareholders and contract holders are collectively referred to in this report as "shareholders."

This report must be accompanied or preceded by the Portfolio's current prospectus, which contains additional information about the Portfolio, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Portfolio pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Portfolio. TAM supervises the Portfolio's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Portfolio.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of a Portfolio without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Portfolio and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Portfolio employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending portfolio combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Portfolio's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Portfolio; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for a Portfolio; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Portfolio's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; oversight of other service providers to the Portfolio, such as the custodian, the transfer agent, the Portfolio's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Portfolio; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Portfolio, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Portfolio. The Portfolio pays certain fees and expenses to State Street for sub-administration services which are not administrative

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**1. ORGANIZATION (continued)** 

services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the year ended December 31, 2022, (i) the expenses paid to State Street for sub-administration services by the Portfolio are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Portfolio are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES** 

In preparing the Portfolio's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Portfolio.

**Foreign currency denominated investments:** The accounting records of the Portfolio are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the closing exchange rate each day. The cost of foreign securities purchased and any realized gains or losses are translated at the prevailing exchange rates in effect on the date of the respective transaction. The Portfolio combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

Net foreign currency gains and losses resulting from changes in exchange rates include, foreign currency fluctuations between trade date and settlement date of investment security transactions, gains and losses on forward foreign currency contracts, and the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.

Foreign currency denominated assets may involve risks not typically associated with domestic transactions. These risks include revaluation of currencies, adverse fluctuations in foreign currency values, and possible adverse political, social, and economic developments, including those particular to a specific industry, country or region.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Portfolio is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Foreign taxes:** The Portfolio may be subject to taxes imposed by the countries in which it invests, with respect to its investments in issuers existing or operating in such countries. The Portfolio may also be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Portfolio accrues such taxes and recoveries as applicable when the related income or capital gains are earned or unrealized, and based upon the current interpretation of tax rules and regulations that exist in the markets in which the Portfolio invests. Some countries require governmental approval for the repatriation of investment income, capital, or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions of foreign capital remittances abroad.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Portfolio with broker/dealers with which TST has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Portfolio. In no event will commissions, paid by the Portfolio, be used to pay expenses that would otherwise be borne by any other portfolios within TST, or by any other party.

There were no commissions recaptured during the year ended December 31, 2022 by the Portfolio.

**Indemnification:** In the normal course of business, the Portfolio enters into contracts that contain a variety of representations that provide general indemnifications. The Portfolio's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio and/or its affiliates that have not yet occurred. However, based on experience, the Portfolio expects the risk of loss to be remote.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**3. INVESTMENT VALUATION** 

Effective September 8, 2022, TAM has been designated as the Portfolio's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Portfolio's Board of Trustees. The net asset value of the Portfolio is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

TAM utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels ("Levels") of inputs of the fair value hierarchy are defined as follows:

Level 1—Unadjusted quoted prices in active markets for identical securities.

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Portfolio's investments and derivative instruments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Portfolio's investments at December 31, 2022, is disclosed within the Investment Valuation section of the Schedule of Investments.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

**Fair value measurements:** Descriptions of the valuation techniques applied to the Portfolio's significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

*Asset-backed securities*: The fair value of asset-backed securities is estimated based on models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield, and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized in Level 3.

*Corporate debt securities:* The fair value of corporate debt securities is estimated using various techniques, which consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, fundamental data relating to the issuer, and credit default swap spreads adjusted for any basis difference between cash and derivative instruments. While most corporate debt securities are categorized in Level 2 of the fair value hierarchy, in instances where lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they are categorized in Level 3.

*Foreign government obligations:* Foreign government obligations are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued by principally using dealer quotations. Foreign government obligations generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

*Mortgage-backed securities:* The fair value of mortgage-backed securities is estimated based on models that consider issuer type, coupon, cash flows, mortgage prepayment projection tables and adjustable rate mortgage evaluations that incorporate index data, periodic life caps and the next coupon reset date. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise they are categorized in Level 3.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**3. INVESTMENT VALUATION (continued)** 

*U.S. government agency obligations:* U.S. government agency obligations are comprised of two main categories consisting of agency issued debt and mortgage pass-throughs. Generally, agency issued debt securities are valued in a manner similar to U.S. government obligations. Mortgage pass-throughs include to be announced ("TBA") securities and mortgage pass-through certificates. Generally, TBA securities and mortgage pass-throughs are valued using dealer quotations. Depending on market activity levels and whether quotations or other observable data are used, these securities are typically categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized in Level 3.

*U.S. government obligations:* U.S. government obligations are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued by principally using dealer quotations. U.S. government obligations generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

*Equity securities:* Securities are stated at the last reported sales price or closing price on the day of valuation taken from the primary exchange where the security is principally traded. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Equities traded on inactive markets or valued by reference to similar instruments are generally categorized in Level 2 or Level 3 if inputs are unobservable.

*Foreign equity securities:* Securities in which the primary trading market closes at the same time or after the NYSE, are valued based on quotations from the primary market in which they are traded and are categorized in Level 1. Because many foreign securities markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect the events that occur after that close. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, or ETFs and the movement of certain indices of securities based on a statistical analysis of their historical relationship; such valuations generally are categorized in Level 2.

*Investment companies:* Certain investment companies are valued at the NAV as the practical expedient. These investment companies are not included within the fair value hierarchy. Certain other investment companies are valued at the actively traded NAV and no valuation adjustments are applied. These investment companies are categorized in Level 1 of the fair value hierarchy.

*Short-term notes:* The Portfolio normally values short-term government and U.S. government agency securities using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers and reference data. Certain securities are valued by principally using dealer quotations. Short-term government and U.S. government agency securities generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

*Securities lending collateral:* Securities lending collateral is invested in a money market fund which is valued at the actively traded NAV and no valuation adjustments are applied. Securities lending collateral is categorized in Level 1 of the fair value hierarchy.

*Repurchase agreements:* Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

*Derivative instruments:* Centrally cleared or listed derivatives that are actively traded are valued based on quoted prices from the exchange and are categorized in Level 1 of the fair value hierarchy. Over-the-counter ("OTC") derivative contracts include forward, swap, swaption, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices. Depending on the product and the terms of the transaction, the fair value of the OTC derivative products are modeled taking into account the counterparties' creditworthiness and using a series of techniques, including simulation models. Many pricing models do not entail material subjectivity because the methodologies employed do not necessitate significant judgments and the pricing inputs are observed from actively quoted markets, as is the case of interest rate swap and option contracts. The majority of OTC derivative products valued by the Portfolio using pricing models fall into this category and are categorized within Level 2 of the fair value hierarchy or Level 3 if inputs are unobservable.

**4. SECURITIES AND OTHER INVESTMENTS** 

**Real estate investment trusts ("REITs"):** REITs are pooled investment vehicles which invest primarily in income producing real estate, or real estate related loans or interests. Distributions received by REITs are classified at management's estimate of the dividend income, return of capital and capital gains. Estimates are based on information available at year-end, which includes the previous fiscal year's classification. The actual amounts of dividend income, return of capital, and capital gains are only determined by each REIT after the fiscal year end and may differ from the estimated amounts. Upon notification from the REITs, some of the distributions received may

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**4. SECURITIES AND OTHER INVESTMENTS (continued)** 

be re-classified and recorded as a return of capital or capital gains. There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

REITs held at December 31, 2022, if any, are identified within the Schedule of Investments.

**Treasury inflation-protected securities ("TIPS"):** The Portfolio may invest in TIPS, which are fixed income securities whose principal value is periodically adjusted according to the rate of inflation/deflation. If the index measuring inflation/deflation rises or falls, the principal value of TIPS will be adjusted upward or downward, and consequently the interest payable on these securities (calculated with respect to a larger or smaller principal amount) will be increased or reduced, respectively. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds and notes. For bonds and notes that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

TIPS held at December 31, 2022, if any, are included within the Schedule of Investments. The adjustments, if any, to principal due to inflation/deflation are reflected as increases/decreases to Interest income within the Statement of Operations, with a corresponding adjustment to Investments, at cost within the Statement of Assets and Liabilities.

**When-issued, delayed-delivery, forward, and to be announced ("TBA") commitment transactions:** The Portfolio may purchase or sell securities on a when-issued, delayed-delivery, forward and TBA commitment basis. When-issued and forward commitment transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Portfolio engages in when-issued and forward commitment transactions to obtain an advantageous price and yield at the time of the transaction. The Portfolio engages in when-issued and forward commitment transactions for the purpose of acquiring securities, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Portfolio may be required to pay more at settlement than the security is worth. In addition, the Portfolio is not entitled to any of the interest earned prior to settlement.

Delayed-delivery transactions involve a commitment by the Portfolio to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, the Portfolio will segregate with its custodian either cash, U.S. government securities, or other liquid assets at least equal to the value or purchase commitments until payment is made. When purchasing a security on a delayed-delivery basis, the Portfolio assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations. These transactions also involve a risk to the Portfolio if the other party to the transaction defaults on its obligation to make payment or delivery, and the Portfolio is delayed or prevented from completing the transaction. The Portfolio may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain or loss. When the Portfolio sells a security on a delayed-delivery basis, the Portfolio does not participate in future gains and losses on the security.

TBA commitments are entered into to purchase or sell securities for a fixed price at a future date, typically not to exceed 45 days. TBAs are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased declines, or the value of the security sold increases, prior to settlement date, in addition to the risk of decline in the value of a Portfolio's other assets. Unsettled TBA commitments are valued at the current value of the underlying securities. TBA collateral requirements are typically calculated by netting the mark-to-market amount for each transaction and comparing that amount to the value of the collateral currently pledged by a Portfolio and the counterparty. Cash collateral that has been pledged to cover the obligations of a Portfolio and cash collateral received from the counterparty, if any, is reported separately in the Statement of Assets and Liabilities as Cash collateral pledged at broker for TBA commitments or Cash collateral at broker for TBA commitments, respectively. Non-cash collateral pledged by a Portfolio, if any, is disclosed within the Schedule of Investments. Typically, a Portfolio is permitted to sell, re-pledge or use the collateral it receives; however, the counterparty is not permitted. To the extent amounts due to a Portfolio are not fully collateralized, contractually or otherwise, a Portfolio bears the risk of loss from counterparty non-performance.

When-issued, delayed-delivery, forward and TBA commitment transactions held at December 31, 2022, if any, are identified within the Schedule of Investments. Open trades, if any, are reflected as When-issued, delayed-delivery, forward and TBA commitments purchased or sold within the Statement of Assets and Liabilities.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

The Portfolio may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Portfolio invests borrowing proceeds in other securities, the Portfolio will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Portfolio may borrow on a secured or on an unsecured basis. If the Portfolio enters into a secured borrowing arrangement, a portion of the Portfolio's assets will be used as collateral. The 1940 Act requires the Portfolio to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Portfolio's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Portfolio may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the year ended December 31, 2022, the Portfolio has not utilized the program.

**Repurchase agreements:** In a repurchase agreement, the Portfolio purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Portfolio's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Portfolio will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Portfolio and its counterparties that provide for the net settlement of all transactions and collateral with the Portfolio, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at December 31, 2022.

Repurchase agreements at December 31, 2022, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**Securities lending:** The Portfolio may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Portfolio pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Portfolio to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Portfolio may experience delays in recovery of the loaned securities or delays in access to collateral, or the Portfolio may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government and irrevocable letters of credit issued by banks as collateral. The initial collateral received by the Portfolio is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower.

The Portfolio receives compensation for lending securities from interest or dividends earned on the cash, U.S. Government securities and irrevocable letters of credit held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust—Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at December 31, 2022, if any, are shown on a gross basis within the Schedule of Investments.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)** 

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of December 31, 2022.

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|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
| | **Overnight and<br>Continuous** | **Less Than<br>30 Days** | **Between<br>30 & 90 Days** | **Greater Than<br>90 Days** | **Total** |
|  Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Debt Securities | $2309186 | $— | $— | $— | $2309186 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Obligations | 6785389 |  |  |  | 6785389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | 2400102 |  |  |  | 2400102 |
|  Total Securities Lending Transactions | $11494677 | $— | $— | $— | $11494677 |
|  **Total Borrowings** | $**11494677** | $**—** | $**—** | $**—** | $**11494677** |

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**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS** 

The Portfolio's investment strategies allow the Portfolio to use various types of derivative contracts, including option contracts, swap agreements, futures contracts, and forward foreign currency contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or OTC.

**Market Risk Factors:** In pursuit of the Portfolio's investment strategies, the Portfolio may seek to use derivatives to increase or decrease its exposure to certain market risks, including:

*Interest rate risk:* Interest rate risk relates to the fluctuations in the value of fixed income securities due to changes in the prevailing levels of market interest rates.

*Foreign exchange rate risk:* Foreign exchange rate risk relates to fluctuations in the value of an asset or liability due to changes in the currency exchange rates.

*Equity risk:* Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

*Credit risk:* Credit risk relates to the ability of the issuer of a financial instrument to make further principal or interest payments on an obligation or commitment that it has to the Portfolio.

*Commodity risk:* Commodity risk relates to the change in value of commodities or commodity indices as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

The Portfolio is also exposed to additional risks from investing in derivatives, such as liquidity and counterparty credit risk. Liquidity risk is the risk that the Portfolio will be unable to sell or close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligations to the Portfolio. Investing in derivatives may also involve greater risks than investing directly in the underlying assets, such as losses in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

The Portfolio's exposure to market risk factors and certain other associated risks are summarized by derivative type as follows:

**Futures contracts:** The Portfolio is subject to equity and commodity risk, interest rate risk, and foreign exchange rate risk in the normal course of pursuing its investment objective. The Portfolio uses futures contracts to gain exposure to, or hedge against, changes in the value of equities and commodities, interest rates, or foreign currencies. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date. Upon entering into such contracts, the Portfolio is required to deposit with the broker, either in cash or in securities, an initial margin in an amount equal to a certain percentage of the contract amount. Subsequent payments (variation margin) are paid or received by the Portfolio, depending on the daily fluctuations in the value of the contract, and are recorded for financial statement purposes as unrealized gains or losses by the Portfolio. Upon entering into such contracts, the Portfolio bears the risk of equity and commodity prices, interest rates, or exchange rates moving unexpectedly, in which case, the Portfolio may not achieve the anticipated benefits of the futures contracts and may realize losses. With futures, there is

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)** 

minimal counterparty credit risk to the Portfolio since futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange.

Open futures contracts at December 31, 2022, if any, are listed within the Schedule of Investments.

Variation margin, if applicable, is shown in Variation margin receivable or payable on futures contracts within the Statement of Assets and Liabilities.

The following is a summary of the location and the Portfolio's fair values of derivative investments disclosed, if any, within the Statement of Assets and Liabilities, categorized by primary market risk exposure as of December 31, 2022.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| **Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  Futures contracts: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) <sup>(A) (B)</sup> | $3141150 | $— | $2093428 | $— | $— | $5234578 |
|  **Total** | $**3141150** | $**—** | $**2093428** | $**—** | $**—** | $**5234578** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  Futures contracts: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) <sup>(A) (B)</sup> | $(976671) | $— | $(265122) | $— | $— | $(1241793) |
|  **Total** | $**(976671)** | $**—** | $**(265122)** | $**—** | $**—** | $**(1241793)** |

---

(A) *May include exchange-traded derivatives which are not subject to a master netting arrangement, or another similar arrangement.* 

(B) *Included within unrealized appreciation (depreciation) on futures contracts as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.* 

The following is a summary of the location and the effect of derivative investments, if any, within the Statement of Operations, categorized by primary market risk exposure as of December 31, 2022.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** |
| **Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  Futures contracts | $(15384035) | $(2610295) | $(1863415) | $— | $— | $(19857745) |
|  **Total** | $**(15384035)** | $**(2610295)** | $**(1863415)** | $**—** | $**—** | $**(19857745)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** |
| **Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  Futures contracts | $3054869 | $— | $714389 | $— | $— | $3769258 |
|  **Total** | $**3054869** | $**—** | $**714389** | $**—** | $**—** | $**3769258** |

---

The following is a summary of the ending monthly average volume on derivative activity during the year ended December 31, 2022.

---

| | |
|:---|:---|
|  **Futures contracts:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts – long | $175358229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts – short | &nbsp;&nbsp;&nbsp;&nbsp;(201737966) |

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)** 

*Collateral requirements:* Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (futures contracts, exchange-traded options, and exchange-traded swap agreements) while collateral terms are contract specific for OTC derivatives (forward foreign currency exchange contracts, OTC options, and OTC swap agreements). For OTC derivatives, under standard derivatives agreements, the Portfolio may be required to pledge collateral on derivatives to a counterparty if the Portfolio is in a net liability position, and receive collateral if in a net positive position. For financial reporting purposes, cash collateral that has been pledged by the Portfolio to cover obligations, if any, is reported in Cash collateral at broker within the Statement of Assets and Liabilities. Cash collateral that has been received by the Portfolio from a counterparty, if any, is reported separately in Cash collateral pledged at custodian and/or broker within the Statement of Assets and Liabilities. Non-cash collateral pledged to the Portfolio, if any, is disclosed within the Schedule of Investments.

Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold before a transfer has been made. Typically a counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The Portfolio generally does not use non-cash collateral that it receives but may, absent default or certain other circumstances, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty.

To the extent amounts due to the Portfolio from its counterparties are not fully collateralized, contractually or otherwise, the Portfolio bears the risk of loss from counterparty non-performance. Additionally, to the extent the Portfolio has delivered collateral to a counterparty, the Portfolio bears the risk of loss from a counterparty in the event the counterparty fails to return such collateral. Counterparties may immediately terminate derivatives contracts if the Portfolio fails to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages. Collateral may not be required for all derivative contracts.

**7. RISK FACTORS** 

Investing in the Portfolio involves certain key risks related to the Portfolio's trading activity. Please reference the Portfolio's prospectus for a more complete discussion of the following risk(s), as well as other risks of investing in the Portfolio.

**Market risk:** The market prices of the Portfolio's securities and other assets may go up or down, sometimes sharply and unpredictably, due to general market conditions, overall economic trends or events, inflation, changes in interest rates, government actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by wars, tariffs, trade disputes or other factors, political developments, investor sentiment, the global and domestic effects of a pandemic or other health emergency, and other factors that may or may not be related to the issuer of the security or other asset. The market prices of securities and other assets also may go down due to events or conditions that affect particular sectors, industries, issuers, or geographies. Adverse market conditions may be prolonged and may not have the same impact on all types of securities or other assets. If the value of the Portfolio's securities and assets fall, the value of your investment will go down. The Portfolio may experience a substantial or complete loss on any individual security or asset.

Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, the imposition of economic sanctions, public health events (such as the spread of infectious disease), wars, terrorism, cybersecurity events, technology and data interruptions, natural disasters, and other circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. In the past decade, financial markets throughout the world have experienced increased volatility and decreased liquidity. These conditions may continue or worsen. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down. Securities markets may also be susceptible to market manipulation or other fraudulent trade practices, which could disrupt the orderly functioning of these markets or adversely affect the value of securities traded in these markets, including the Portfolio's securities.

The pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in economic downturns throughout the world, severe losses, particularly to some sectors of the economy and individual issuers, and reduced liquidity of many instruments. There also have been significant disruptions to business operations, including business closures; strained healthcare systems; disruptions to supply chains and employee availability; large fluctuations in consumer demand; and widespread uncertainty regarding the duration and long-term effects of the pandemic. Economic downturns may be prolonged, and political and social instability, continued volatility and decreased liquidity in the securities markets may result. Developing or emerging market countries may be more impacted by the pandemic.

The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic. These and other

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**7. RISK FACTORS (continued)** 

government intervention into the economy and financial markets may not work as intended. In addition, government actions to mitigate the economic impact of the pandemic have resulted in large expansion of government deficits and debt, the long-term consequences of which are not known. Rates of inflation have recently risen, which could adversely affect economies and markets. The pandemic could continue to adversely affect the value and liquidity of the Portfolio's investments.

*Europe:* A number of countries in Europe have experienced severe economic and financial difficulties; and financial markets in Europe and elsewhere have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen or spread within or outside Europe. Responses to the financial problems by European governments, central banks and others may not work, may result in conflicts and social unrest and may limit future growth and economic recovery or have other unintended consequences. In January, 2020, through "Brexit," the United Kingdom withdrew from the European Union. The ramifications of Brexit are unknown, and the implications of possible political, regulatory, economic, and market outcomes could be significant. The United Kingdom has one of the largest economies in Europe and is a major trading partner with European Union countries and the United States. Brexit may create additional and substantial economic stresses for the United Kingdom, including a contraction of the United Kingdom's economy, decreased trade, capital outflows, devaluation of the British pound, and a decrease in business and consumer spending and investment. The negative impact on not only the United Kingdom and European Union economies but also the broader global economy could be significant. A number of countries in Europe have suffered terror attacks, and additional attacks may occur in the future. Europe has also been struggling with mass migration from the Middle East, Eastern Europe and Africa. The ultimate effects of these events and other socio-political or geopolitical issues could profoundly affect global economies and markets. Whether or not the Portfolio invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

*Additional Market Disruption:* Russia's invasion of Ukraine in February, 2022, the resulting responses by the United States and other countries, and the potential for wider conflict, have increased and may continue to increase volatility and uncertainty in financial markets worldwide. The United States and other countries have imposed broad-ranging economic sanctions on Russia and Russian entities and individuals, and may impose additional sanctions, including on other countries that provide military or economic support to Russia. These sanctions, among other things, restrict companies from doing business with Russia and Russian issuers, and may adversely affect companies with economic or financial exposure to Russia and Russian issuers. The extent and duration of Russia's military actions and the repercussions of such actions are not known. The invasion may widen beyond Ukraine and may escalate, including through retaliatory actions and cyberattacks by Russia and even other countries. These events may result in further and significant market disruptions and may adversely affect regional and global economies including those of Europe and the United States. Certain industries and markets, such as those involving oil, natural gas and other commodities, as well as global supply chains, may be particularly adversely affected. Whether or not the Portfolio invests in securities of issuers located in Russia, Ukraine and adjacent countries or with significant exposure to issuers in these countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

**Fixed-income securities risk:** Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the Portfolio falls, the value of your investment will go down. The Portfolio may lose its entire investment in the fixed-income securities of an issuer.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The value of equity securities fluctuates based on real or perceived changes in a company's financial condition, factors affecting a particular industry or industries, and overall market, economic and political conditions. If the market prices of the equity securities owned by the Portfolio fall, the value of your investment in the Portfolio will decline. The Portfolio may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**LIBOR risk:** Many financial instruments, financings or other transactions to which the Portfolio may be a party use or may use a floating rate based on the London Interbank Offered Rate ("LIBOR"). The UK Financial Conduct Authority and LIBOR's administrator announced that the use of LIBOR will be phased out; most LIBOR rates are no longer published as of the end of 2021 and a majority of U.S. dollar LIBOR rates will no longer be published after June 30, 2023. It is possible that a subset of LIBOR rates may be published after these dates on a "synthetic" basis, but any such publications would be considered non-representative of the underlying market.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**7. RISK FACTORS (continued)** 

There remains uncertainty regarding the nature of any replacement rate and the impact of the transition from LIBOR on the Portfolio, issuers of instruments in which the Portfolio invests, and financial markets generally. As such, the potential effect of a transition away from LIBOR on the Portfolio or the Portfolio's investments cannot yet be determined.

**8. FEES AND OTHER AFFILIATED TRANSACTIONS** 

TST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Transamerica Life Insurance Company ("TLIC"), and Transamerica Financial Life Insurance Company.

TAM, the Portfolio's investment manager, is directly owned by TLIC and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon NV. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon NV, a Netherlands corporation, and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Portfolio's transfer agent. Transamerica Capital, Inc. ("TCI") is the Portfolio's distributor/principal underwriter. TAM, TFS, and TCI are affiliates of Aegon NV.

Certain officers and trustees of the Portfolio are also officers and/or trustees of TAM, TFS and TCI. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Portfolio. The Portfolio does pay non-interested persons (independent trustees), as disclosed in Trustee, CCO and deferred compensation fees within the Statement of Operations.

**Investment management fees:** TAM serves as the Portfolio's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Portfolio pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Portfolio pays a management fee to TAM based on daily average net assets at the following rates:

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| | |
|:---|:---|
| **Breakpoints** | **Rate** |
|  First $500 million | 0.730% |
|  Over $500 million up to $750 million | 0.705 |
|  Over $750 million up to $1.5 billion | 0.680 |
|  Over $1.5 billion up to $2.5 billion | 0.670 |
|  Over $2.5 billion | 0.650 |

---

TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses, reorganization expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| | **Operating<br>Expense Limit** | **Operating<br>Expense Limit<br>Effective Through** |
|  Initial Class | 0.82% | May 1, 2023 |
|  Service Class | 1.07 | May 1, 2023 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended December 31, 2022 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Portfolio, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

As of December 31, 2022, there are no amounts available for recapture by TAM.

**Distribution and service fees:** TST has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, TST entered into a distribution agreement with TCI as the Portfolio's distributor.

The Distribution Plan requires the Portfolio to pay distribution fees to TCI as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCI, on behalf of the Portfolio, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Portfolio's shares.

The fee on the Service Class shares is paid to the insurance companies for providing services and account maintenance for the policyholders who invest in the variable insurance products which invest in the Service Class shares. TCI has determined that it will not seek payment for the distribution expenses incurred by the Portfolio with respect to the Initial Class shares before May 1, 2023. Prior to TCI seeking distribution expenses on Initial Class shares, policy and contract owners will be notified in advance. The Portfolio will pay fees relating to Service Class shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Portfolio is authorized under the Distribution Plan to pay fees to TCI based on daily average net assets of each class up to the following annual rates:

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| | |
|:---|:---|
| **Class** | **Rate** |
|  Initial Class | 0.15% |
|  Service Class | 0.25 |

---

**Transfer agent costs:** TFS provides transfer agency services under an intercompany agreement with TAM. TFS has outsourced the provision of certain sub-transfer agency services to SS&C Technology Holdings, Inc ("SS&C"). The Portfolio does not pay a separate transfer agent fee to TAM or TFS but does pay certain expenses to SS&C related to applicable sub-transfer agency services. For the year ended December 31, 2022, (i) the expenses paid to SS&C by the Portfolio are referred to as Transfer agent costs and are included within the Statement of Operations and (ii) the expenses payable to SS&C by the Portfolio are referred to as Transfer agent costs within the Statement of Assets and Liabilities.

**Deferred compensation plan:** Effective September 23, 2021, the Board has approved the termination of the deferred compensation plan. Payments will be made to applicable current and former Board members consistent with Section 409A of the Code. Under a non-qualified deferred compensation plan effective January 1, 1996, as amended and restated January 1, 2010, available to the trustees, compensation may be deferred that would otherwise be payable by TST to an independent trustee on a current basis for services rendered as trustee. Deferred compensation amounts will accumulate based on the value of the investment option, as elected by the trustee. Balances pursuant to deferred compensation plan are recorded in Trustees, Chief Compliance Officer ("CCO") and deferred compensation fees within the Statement of Assets and Liabilities. For the year ended December 31, 2022, amounts included in Trustees, CCO and deferred compensation fees within the Statement of Operations reflect total compensation paid to the independent Board members.

**Brokerage commissions:** The Portfolio incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the year ended December 31, 2022.

**9. PURCHASES AND SALES OF SECURITIES** 

For the year ended December 31, 2022, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

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| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $554471666 | $594088426 | $647918224 | $547325226 |

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**10. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS** 

The Portfolio has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Portfolio recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Portfolio's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Portfolio's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Portfolio's financial statements. If applicable, the Portfolio recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Portfolio identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Portfolio makes significant investments; however, the Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales, futures contracts mark-to-market, premium amortization accruals, capital straddle loss deferral and interest written off. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. There are no reclassifications in the current year.

As of December 31, 2022, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross<br>Appreciation** | **Gross<br>(Depreciation)** | **Net Appreciation<br>(Depreciation)** |
| $1201346344 | $12970457 | $(118190458) | $(105220001) |

---

As of December 31, 2022, the capital loss carryforwards available to offset future realized capital gains are as follows:

---

| | |
|:---|:---|
| **Unlimited** | **Unlimited** |
| **Short-Term** | **Long-Term** |
| $59396019 | $8620149 |

---

During the year ended December 31, 2022, the Portfolio did not have any capital loss carryforwards utilized or expired.

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2022 and 2021 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** |
| **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of Capital** | **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of Capital** |
| $41412839 | $102801416 | $— | $57136087 | $49516652 | $— |

---

As of December 31, 2022, the tax basis components of distributable earnings are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Capital Loss<br>Carryforwards** | **Late Year<br>Ordinary Loss<br>Deferred** | **Other<br>Temporary<br>Differences** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| $16334550 | $— | $(68016168) | $— | $(33077) | $(105190237) |

---

**11. NEW ACCOUNTING PRONOUNCEMENTS** 

In June 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2022-03 ("ASU 2022-03"), "Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions" ("Topic 820"). ASU 2022-03 clarifies the guidance in Topic 820, related to the measurement of the fair value of an equity security subject to contractual sale restrictions, where it

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**11. NEW ACCOUNTING PRONOUNCEMENTS (continued)** 

eliminates the need to apply a discount to fair value of these securities, and introduces disclosure requirements related to such equity securities. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. Management is currently evaluating the implications, if any, of the additional requirements and its impact on the Portfolio's financial statements.

In December 2022, FASB issued Accounting Standards Update No. 2022-06 ("ASU 2022-06"), "Reference Rate Reform (Topic 848)". ASU 2022-06 is an update of ASU 2020-04, which is in response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR, regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The ASU 2022-06 update clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The amendments in this update are effective immediately through December 31, 2024, for all entities. Management does not expect ASU 2022-06 to have a material impact on the financial statements.

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**Report of Independent Registered Public Accounting Firm** 

*To the Shareholders and the Board of Trustees of Transamerica JPMorgan Tactical Allocation VP* 

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities of Transamerica JPMorgan Tactical Allocation VP (the "Portfolio") (one of the portfolios constituting Transamerica Series Trust (the "Trust")), including the schedule of investments, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the portfolios constituting Transamerica Series Trust) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion** 

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g438566ernst_young.jpg)

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

February 27, 2023

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**SUPPLEMENTAL TAX INFORMATION** 

**(unaudited)** 

For tax purposes, the Portfolio has made a long-term capital gain designation of $102,801,416 for the year ended December 31, 2022.

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**(unaudited)** 

**MARKET ENVIRONMENT** 

2022 was a difficult year for financial markets. The Federal Reserve's campaign to combat a historic rise in inflation left investors few hiding places from broadly negative returns across asset classes. The S&P 500<sup>®</sup> Index experienced a significant correction in 2022. Fixed income markets, as reflected in the Bloomberg U.S. Aggregate Bond index, were similarly challenged, as interest rates increased considerably during the year. As of period end, we anticipated continued volatility in financial markets as investors adjust to the path of monetary policy.

**PERFORMANCE** 

For the year ended December 31, 2022, Transamerica Madison Diversified Income VP, Service Class returned -10.38%. By comparison, its primary, secondary and additional benchmarks, the Bloomberg US Aggregate Bond Index, the Russell 1000<sup>®</sup> Index and the Transamerica Madison Diversified Income VP Blended Benchmark, returned -13.01%, -19.13% and -15.18%, respectively.

**STRATEGY REVIEW** 

With a philosophy of seeking to participate in rising markets and protect capital during periods of turbulent market movements, the Portfolio significantly outperformed its blended benchmark (Bloomberg U.S. Aggregate Bond Index, 60%; and Russell 1000<sup>®</sup> Index, 40%) for the fiscal year ended December 31, 2022.

The equity sleeve, which invests in dividend-paying stocks, outperformed the Russell 1000<sup>®</sup> Index by 14.60%. Both sector allocation and stock selection were additive. In sector allocation, an underweight in information technology, the second worst-performing sector in the index, and an overweight in energy, the best-performing, helped performance. Stock selection contributed in all sectors, except energy and utilities.

Within financials, property/casualty insurer Travelers Cos., Inc. was the largest contributor. The company benefited from a strong pricing environment throughout the year. In energy, exploration and production company EOG Resources, Inc. contributed to results, along with oilfield services firm Baker Hughes Co. Within health care, pharmaceutical manufacturer Bristol Myers-Squibb Co. was an outperformer due, in part, to its promising drug pipeline and cheap valuation. Another outperforming stock was Archer-Daniels-Midland Co. in consumer staples. It benefited from strong demand for its agricultural products. On the negative side, gold producer Newmont Corp. was the largest detractor. It was hurt by falling gold prices and rising inflationary costs. In consumer discretionary, media conglomerate Comcast Corp., Class A trailed the index due to concerns about slowing subscriber growth in its cable division. Within health care, medical device manufacturer Medtronic PLC negatively impacted results. The company delayed a key product launch and experienced slowing organic growth. In real estate, tower owner and operator American Tower Corp. was an underperforming stock due to rising interest rates. Another underperformer was industrial parts distributor Fastenal Co., which declined, in part, due to concerns about deteriorating economic growth. We continued to hold all the stocks mentioned above as of period end.

The fixed income sleeve modestly outperformed the Bloomberg U.S. Aggregate Bond Index. Performance was positively impacted by yield-curve positioning, conservative duration positioning, and a relative yield advantage. Performance was negatively impacted as corporate yield spreads relative to Treasuries widened. We added mortgage-backed securities ("MBS") due to better relative valuations. The latter upgraded the sleeve's overall credit quality. MBS staged a comeback in the fourth quarter with spreads tighter, reducing the year's losses. The outlook for MBS was attractive as of period end given the valuation adjustment experienced in 2022. As of period end, we believed with higher yields and most of the existing securities trading below par, MBS could deliver better returns over the next year.

After the credit dislocation during the COVID-19 shutdown, the investment opportunity set became more limited in the investment grade universe. However, with improved valuations we saw increased opportunities to add attractive positions and boost portfolio yields as of period end.

**John Brown, CFA** 

**Drew Justman, CFA** 

**Chris Nisbet, CFA** 

**Allen Olson, CFA** 

**Mike Sanders, CFA** 

**Co-Portfolio Managers** 

**Madison Asset Management, LLC** 

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**(unaudited)** 

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| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  Common Stocks | 40.3% |
|  U.S. Government Obligations | 19.0 |
|  Corporate Debt Securities | 18.8 |
|  U.S. Government Agency Obligations | 15.1 |
|  Asset-Backed Securities | 2.1 |
|  Mortgage-Backed Securities | 2.1 |
|  Repurchase Agreement | 1.9 |
|  Municipal Government Obligations | 0.4 |
|  Other Investment Company | 0.4 |
|  Net Other Assets (Liabilities) | (0.1) |
|  **Total** | 100.0% |

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*Current and future portfolio holdings are subject to change and risk.* 

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**(unaudited)**![LOGO](g438566g02c42.jpg)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Service Class | (10.38)% | 3.55% | 4.89% | 05/01/2011 |
|  Bloomberg US Aggregate Bond Index <sup>(A)</sup> | (13.01)% | 0.02% | 1.06% |  |
|  Russell 1000<sup>®</sup> Index <sup>(B)</sup> | (19.13)% | 9.13% | 12.37% |  |
|  Transamerica Madison Diversified Income VP Blended Benchmark <sup>(A) (B) (C)</sup> | (15.18)% | 3.97% | 5.72% |  |

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<sup>(A)</sup> *The Bloomberg US Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities.* 

<sup>(B)</sup> *The Russell 1000<sup>®</sup> Index measures the performance of the large-cap segment of the U.S. equity universe, and is comprised of approximately 1,000 of the largest securities of the Russell 3000<sup>®</sup> Index based on a combination of market cap and current index membership. The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.* 

<sup>(C)</sup> *The Transamerica Madison Diversified Income VP Blended Benchmark is composed of the following benchmarks: 60% Bloomberg US Aggregate Bond Index and 40% Russell 1000<sup>®</sup> Index.* 

The Portfolio's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Year or Since Inception calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or the redemption of Portfolio shares. The Portfolio's investment return and net asset value will fluctuate. Investors' shares when redeemed may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month end. Portfolio performance is net of investment fees and Portfolio expenses, but not product charges, which, if included, would significantly lower the performance quoted.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of previously waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Growth stocks can be volatile and experience sharp price declines and certain types of stocks can be extremely volatile and subject to greater price swings than the broader market. The market prices of fixed-income securities may go up or down, sometimes rapidly or unpredictably due to general market conditions.

Russell<sup>®</sup> and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.

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**DISCLOSURE OF EXPENSES** 

**(unaudited)** 

**SHAREHOLDER EXPENSES** 

Portfolio shareholders may incur two types of costs: (i) transaction costs, including brokerage commissions on purchases and sales of portfolio shares; and (ii) ongoing costs, including management fees, and other portfolio expenses.

The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other portfolios.

The example is based on an investment of $1,000 invested at July 1, 2022, and held for the entire six-month period until December 31, 2022.

**ACTUAL EXPENSES** 

The information in the table below provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = $8.60), then multiply the result by the number in the appropriate column for your share class titled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES** 

The information in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Portfolio versus other portfolios. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other portfolios.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Portfolio shares. Therefore, the information under the heading "Hypothetical Expenses" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different portfolios. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries, or other financial institutions.

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|:---|:---|:---|:---|:---|:---|:---|
| | | **Actual Expenses** | **Actual Expenses** | **Hypothetical Expenses <sup>(A)</sup>** | **Hypothetical Expenses <sup>(A)</sup>** | |
| <br>**Class** |<br>**Beginning**<br> **Account Value<br>July 1, 2022** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** |<br>**Net Annualized<br>Expense Ratio <sup>(C)</sup>** |
|  Service Class | $&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;999.20 | $&nbsp;&nbsp;&nbsp;&nbsp;5.29 | $&nbsp;&nbsp;&nbsp;&nbsp;1019.90 | $&nbsp;&nbsp;&nbsp;&nbsp;5.35 | 1.05% |

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(A) *5% return per year before expenses.*

(B) *Expenses are calculated using the Portfolio's net annualized expense ratio, as disclosed in the table, multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (365 days).*

(C) *Net annualized expense ratios are reflective of applicable fee waivers and/or reimbursements and recapture, if any, and are based on the most recent six-months which may differ from the net expense ratio displayed in the Financial Highlights that covers a twelve-month period.*

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**SCHEDULE OF INVESTMENTS** 

**At December 31, 2022** 

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| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS - 40.3%** | **COMMON STOCKS - 40.3%** | **COMMON STOCKS - 40.3%** |
| **Banks - 1.7%** | **Banks - 1.7%** | **Banks - 1.7%** |
|  JPMorgan Chase & Co. | 13350 | $1790235 |
|  US Bancorp | 15600 | 680316 |
|  |  | 2470551 |
| **Beverages - 1.4%** | **Beverages - 1.4%** | **Beverages - 1.4%** |
|  Coca-Cola Co. | 16150 | 1027301 |
|  PepsiCo, Inc. | 5500 | 993630 |
|  |  | 2020931 |
| **Capital Markets - 4.1%** | **Capital Markets - 4.1%** | **Capital Markets - 4.1%** |
|  BlackRock, Inc. | 2525 | 1789291 |
|  CME Group, Inc. | 10100 | 1698416 |
|  Morgan Stanley | 17400 | 1479348 |
|  Northern Trust Corp. | 10400 | 920296 |
|  |  | 5887351 |
| **Chemicals - 1.3%** | **Chemicals - 1.3%** | **Chemicals - 1.3%** |
|  Air Products & Chemicals, Inc. | 6000 | 1849560 |
| **Communications Equipment - 1.4%** | **Communications Equipment - 1.4%** | **Communications Equipment - 1.4%** |
|  Cisco Systems, Inc. | 43000 | 2048520 |
| **Electrical Equipment - 0.7%** | **Electrical Equipment - 0.7%** | **Electrical Equipment - 0.7%** |
|  Emerson Electric Co. | 10650 | 1023039 |
| **Energy Equipment & Services - 1.1%** | **Energy Equipment & Services - 1.1%** | **Energy Equipment & Services - 1.1%** |
|  Baker Hughes Co. | 55000 | 1624150 |
| **Equity Real Estate Investment Trusts - 0.8%** | **Equity Real Estate Investment Trusts - 0.8%** | **Equity Real Estate Investment Trusts - 0.8%** |
|  American Tower Corp. | 5700 | 1207602 |
| **Food Products - 1.2%** | **Food Products - 1.2%** | **Food Products - 1.2%** |
|  Archer-Daniels-Midland Co. | 18850 | 1750222 |
| **Health Care Equipment & Supplies - 1.0%** | **Health Care Equipment & Supplies - 1.0%** | **Health Care Equipment & Supplies - 1.0%** |
|  Medtronic PLC | 17800 | 1383416 |
| **Health Care Providers & Services - 1.4%** | **Health Care Providers & Services - 1.4%** | **Health Care Providers & Services - 1.4%** |
|  CVS Health Corp. | 20800 | 1938352 |
| **Hotels, Restaurants & Leisure - 1.4%** | **Hotels, Restaurants & Leisure - 1.4%** | **Hotels, Restaurants & Leisure - 1.4%** |
|  McDonald's Corp. | 4025 | 1060708 |
|  Starbucks Corp. | 9150 | 907680 |
|  |  | 1968388 |
| **Household Products - 0.7%** | **Household Products - 0.7%** | **Household Products - 0.7%** |
|  Procter & Gamble Co. | 6550 | 992718 |
| **Industrial Conglomerates - 1.2%** | **Industrial Conglomerates - 1.2%** | **Industrial Conglomerates - 1.2%** |
|  Honeywell International, Inc. | 8100 | 1735830 |
| **Insurance - 2.5%** | **Insurance - 2.5%** | **Insurance - 2.5%** |
|  Aflac, Inc. | 21300 | 1532322 |
|  Travelers Cos., Inc. | 11000 | 2062390 |
|  |  | 3594712 |
| **IT Services - 1.0%** | **IT Services - 1.0%** | **IT Services - 1.0%** |
|  Automatic Data Processing, Inc. | 3375 | 806153 |
|  Paychex, Inc. | 5900 | 681804 |
|  |  | 1487957 |
| **Machinery - 2.6%** | **Machinery - 2.6%** | **Machinery - 2.6%** |
|  Caterpillar, Inc. | 7650 | 1832634 |
|  PACCAR, Inc. | 18500 | 1830945 |
|  |  | 3663579 |
| **Media - 1.1%** | **Media - 1.1%** | **Media - 1.1%** |
|  Comcast Corp., Class A | 46000 | 1608620 |
| **Metals & Mining - 0.6%** | **Metals & Mining - 0.6%** | **Metals & Mining - 0.6%** |
|  Newmont Corp. | 18500 | 873200 |

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| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Multi-Utilities - 1.2%** | **Multi-Utilities - 1.2%** | **Multi-Utilities - 1.2%** |
|  Dominion Energy, Inc. | 27300 | $1674036 |
| **Multiline Retail - 0.4%** | **Multiline Retail - 0.4%** | **Multiline Retail - 0.4%** |
|  Target Corp. | 3400 | 506736 |
| **Oil, Gas & Consumable Fuels - 3.2%** | **Oil, Gas & Consumable Fuels - 3.2%** | **Oil, Gas & Consumable Fuels - 3.2%** |
|  Chevron Corp. | 9400 | 1687206 |
|  EOG Resources, Inc. | 11050 | 1431196 |
|  Kinder Morgan, Inc. | 85000 | 1536800 |
|  |  | 4655202 |
| **Pharmaceuticals - 3.5%** | **Pharmaceuticals - 3.5%** | **Pharmaceuticals - 3.5%** |
|  Bristol-Myers Squibb Co. | 17600 | 1266320 |
|  Johnson & Johnson | 12400 | 2190460 |
|  Pfizer, Inc. | 29600 | 1516704 |
|  |  | 4973484 |
| **Road & Rail - 0.7%** | **Road & Rail - 0.7%** | **Road & Rail - 0.7%** |
|  Union Pacific Corp. | 4550 | 942169 |
| **Semiconductors & Semiconductor Equipment - 1.5%** | **Semiconductors & Semiconductor Equipment - 1.5%** | **Semiconductors & Semiconductor Equipment - 1.5%** |
|  Analog Devices, Inc. | 3900 | 639717 |
|  Texas Instruments, Inc. | 9300 | 1536546 |
|  |  | 2176263 |
| **Specialty Retail - 1.8%** | **Specialty Retail - 1.8%** | **Specialty Retail - 1.8%** |
|  Home Depot, Inc. | 6400 | 2021504 |
|  Lowe's Cos., Inc. | 3000 | 597720 |
|  |  | 2619224 |
| **Trading Companies & Distributors - 0.8%** | **Trading Companies & Distributors - 0.8%** | **Trading Companies & Distributors - 0.8%** |
|  Fastenal Co. | 22900 | 1083628 |
|  **Total Common Stocks <br>(Cost $51,177,271)** | **Total Common Stocks <br>(Cost $51,177,271)** | 57759440 |
|  | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES - 2.1%** | **ASSET-BACKED SECURITIES - 2.1%** | **ASSET-BACKED SECURITIES - 2.1%** |
|  AmeriCredit Automobile Receivables Trust <br>Series 2018-3, Class C, <br>3.74%, 10/18/2024 | $111385 | 111296 |
|  CCG Receivables Trust <br>Series 2020-1, Class A2, <br>0.54%, 12/14/2027 <sup>(A)</sup> | 114028 | 111812 |
|  Chesapeake Funding II LLC <br>Series 2020-1A, Class A1, <br>0.87%, 08/15/2032 <sup>(A)</sup> | 72037 | 71034 |
|  CNH Equipment Trust <br>Series 2019-A, Class A4, <br>3.22%, 01/15/2026 | 83152 | 83106 |
|  Donlen Fleet Lease Funding 2 LLC <br>Series 2021-2, Class A2, <br>0.56%, 12/11/2034 <sup>(A)</sup> | 275378 | 266108 |
| Enterprise Fleet Financing LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.76%, 10/22/2029 | 350000 | 351786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3, Class A2,<br>2.06%, 05/20/2025 <sup>(A)</sup> | 17520 | 17487 |
|  GM Financial Consumer Automobile Receivables Trust <br>Series 2019-2, Class B, <br>2.87%, 10/16/2024 | 350000 | 349160 |

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***The Notes to Financial Statements are an integral part of this report.***

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**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

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| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
| JPMorgan Chase Bank NA - CACLN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2, Class B,<br>0.84%, 02/25/2028 <sup>(A)</sup> | $160850 | $157042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class B,<br>0.88%, 09/25/2028 <sup>(A)</sup> | 181516 | 175466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class B,<br>0.89%, 12/26/2028 <sup>(A)</sup> | 215513 | 205966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3, Class C,<br>0.86%, 02/26/2029 <sup>(A)</sup> | 199972 | 188126 |
|  Santander Revolving Auto Loan Trust <br>Series 2019-A, Class C, <br>3.00%, 01/26/2032 <sup>(A)</sup> | 350000 | 325099 |
|  Synchrony Credit Card Master Note Trust <br>Series 2018-2, Class C, <br>3.87%, 05/15/2026 | 500000 | 495863 |
|  Verizon Owner Trust <br>Series 2020-A, Class B, <br>1.98%, 07/22/2024 | 150000 | 148569 |
|  **Total Asset-Backed Securities <br>(Cost $3,204,943)** | **Total Asset-Backed Securities <br>(Cost $3,204,943)** | 3057920 |
| **CORPORATE DEBT SECURITIES - 18.8%** | **CORPORATE DEBT SECURITIES - 18.8%** | **CORPORATE DEBT SECURITIES - 18.8%** |
| **Aerospace & Defense - 0.5%** | **Aerospace & Defense - 0.5%** | **Aerospace & Defense - 0.5%** |
| Boeing Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/01/2031 | 200000 | 176071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.81%, 05/01/2050 | 150000 | 139655 |
|  Northrop Grumman Corp. <br>2.93%, 01/15/2025 | 200000 | 191946 |
|  Textron, Inc. <br>2.45%, 03/15/2031 <sup>(B)</sup> | 250000 | 200867 |
|  |  | 708539 |
| **Airlines - 0.2%** | **Airlines - 0.2%** | **Airlines - 0.2%** |
|  Delta Air Lines, Inc. / SkyMiles IP Ltd. <br>4.75%, 10/20/2028 <sup>(A)</sup> | 250000 | 235327 |
| **Banks - 2.6%** | **Banks - 2.6%** | **Banks - 2.6%** |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 03/11/2026,<br>1.66% <sup>(C)</sup>, 03/11/2027 | 200000 | 177011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 06/14/2028,<br>2.09% <sup>(C)</sup>, 06/14/2029 | 300000 | 252970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 03/08/2032,<br>3.85% <sup>(C)</sup>, 03/08/2037 | 250000 | 207666 |
|  Bank of Montreal <br>3.30%, 02/05/2024 | 165000 | 161955 |
|  Citigroup, Inc. <br>Fixed until 05/24/2032,<br>4.91% <sup>(C)</sup>, 05/24/2033 | 200000 | 187914 |
| Fifth Third Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 05/05/2027 | 225000 | 202299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 04/25/2032,<br>4.34% <sup>(C)</sup>, 04/25/2033 | 200000 | 183353 |
|  Huntington Bancshares, Inc. <br>Fixed until 08/15/2031,<br>2.49% <sup>(C)</sup>, 08/15/2036 | 300000 | 216469 |
| Huntington National Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 10/06/2023 | 250000 | 247338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 05/16/2024,<br>4.01% <sup>(C)</sup>, 05/16/2025 | 250000 | 244827 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
|  JPMorgan Chase & Co. <br>Fixed until 02/04/2026,<br>1.04% <sup>(C)</sup>, 02/04/2027 | $500000 | $436101 |
|  PNC Bank NA <br>2.70%, 10/22/2029 | 125000 | 105727 |
|  PNC Financial Services Group, Inc. <br>3.45%, 04/23/2029 | 250000 | 229363 |
|  Toronto-Dominion Bank <br>4.46%, 06/08/2032 | 250000 | 238229 |
|  Truist Bank <br>2.25%, 03/11/2030 | 150000 | 121622 |
|  Truist Financial Corp. <br>Fixed until 03/02/2026,<br>1.27% <sup>(C)</sup>, 03/02/2027 | 300000 | 265967 |
|  Wells Fargo & Co. <br>Fixed until 04/30/2025,<br>2.19% <sup>(C)</sup>, 04/30/2026 | 250000 | 232841 |
|  |  | 3711652 |
| **Beverages - 0.1%** | **Beverages - 0.1%** | **Beverages - 0.1%** |
|  Keurig Dr. Pepper, Inc. <br>3.80%, 05/01/2050 | 200000 | 151330 |
| **Building Products - 0.1%** | **Building Products - 0.1%** | **Building Products - 0.1%** |
|  Carrier Global Corp. <br>3.58%, 04/05/2050 | 100000 | 71804 |
| **Capital Markets - 1.5%** | **Capital Markets - 1.5%** | **Capital Markets - 1.5%** |
|  BlackRock, Inc. <br>2.10%, 02/25/2032 | 350000 | 282637 |
|  Goldman Sachs BDC, Inc. <br>2.88%, 01/15/2026 | 200000 | 183900 |
|  Goldman Sachs Group, Inc. <br>Fixed until 10/21/2026,<br>1.95% <sup>(C)</sup>, 10/21/2027 | 500000 | 437774 |
|  Jefferies Financial Group, Inc. <br>2.63%, 10/15/2031 | 250000 | 191072 |
|  KKR Group Finance Co. VIII LLC <br>3.50%, 08/25/2050 <sup>(A)</sup> | 250000 | 168407 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 04/28/2031,<br>1.93% <sup>(C)</sup>, 04/28/2032 | 250000 | 189268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 04/28/2025,<br>2.19% <sup>(C)</sup>, 04/28/2026 | 125000 | 116246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/27/2026 | 250000 | 241848 |
|  State Street Corp. <br>Fixed until 11/01/2029,<br>3.03% <sup>(C)</sup>, 11/01/2034 | 125000 | 105414 |
|  UBS Group AG <br>Fixed until 08/05/2026,<br>4.70% <sup>(C)</sup>, 08/05/2027 <sup>(A)</sup> | 200000 | 193531 |
|  |  | 2110097 |
| **Chemicals - 0.5%** | **Chemicals - 0.5%** | **Chemicals - 0.5%** |
|  DuPont de Nemours, Inc. <br>4.73%, 11/15/2028 | 175000 | 172883 |
|  International Flavors & Fragrances, Inc. <br>3.47%, 12/01/2050 <sup>(A)</sup> | 500000 | 341289 |
|  LYB International Finance III LLC <br>3.63%, 04/01/2051 | 200000 | 134860 |
|  |  | 649032 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 6** 

------

##### [**Table of Contents**](#toc)
**Transamerica Madison Diversified Income VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Construction & Engineering - 0.3%** | **Construction & Engineering - 0.3%** | **Construction & Engineering - 0.3%** |
|  Quanta Services, Inc. <br>2.90%, 10/01/2030 | $450000 | $371128 |
| **Construction Materials - 0.3%** | **Construction Materials - 0.3%** | **Construction Materials - 0.3%** |
|  Martin Marietta Materials, Inc. <br>3.20%, 07/15/2051 | 250000 | 170079 |
|  Vulcan Materials Co. <br>3.50%, 06/01/2030 | 275000 | 243303 |
|  |  | 413382 |
| **Consumer Finance - 0.5%** | **Consumer Finance - 0.5%** | **Consumer Finance - 0.5%** |
|  American Express Co. <br>5.85%, 11/05/2027 | 250000 | 259996 |
| Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 03/01/2029,<br>3.27% <sup>(C)</sup>, 03/01/2030 | 200000 | 171358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 05/10/2027,<br>4.93% <sup>(C)</sup>, 05/10/2028 | 200000 | 193682 |
|  Synchrony Financial <br>3.70%, 08/04/2026 | 100000 | 92103 |
|  |  | 717139 |
| **Containers & Packaging - 0.2%** | **Containers & Packaging - 0.2%** | **Containers & Packaging - 0.2%** |
| WRKCo, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/15/2033 | 300000 | 239281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 06/01/2028 | 125000 | 115071 |
|  |  | 354352 |
| **Diversified Financial Services - 0.5%** | **Diversified Financial Services - 0.5%** | **Diversified Financial Services - 0.5%** |
| AerCap Ireland Capital DAC / AerCap Global<br>Aviation Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/30/2026 | 350000 | 308312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/15/2027 | 250000 | 232568 |
|  Intercontinental Exchange, Inc. <br>4.60%, 03/15/2033 | 200000 | 191294 |
|  |  | 732174 |
| **Diversified Telecommunication Services - 0.7%** | **Diversified Telecommunication Services - 0.7%** | **Diversified Telecommunication Services - 0.7%** |
| AT&T, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 02/01/2032 | 400000 | 314700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/15/2046 | 75000 | 63821 |
| Verizon Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.33%, 09/21/2028 | 300000 | 288983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 11/01/2034 | 300000 | 275858 |
|  |  | 943362 |
| **Electric Utilities - 0.9%** | **Electric Utilities - 0.9%** | **Electric Utilities - 0.9%** |
|  Berkshire Hathaway Energy Co. <br>1.65%, 05/15/2031 | 200000 | 154800 |
|  Duke Energy Corp. <br>3.75%, 09/01/2046 | 250000 | 186725 |
|  Interstate Power & Light Co. <br>3.50%, 09/30/2049 | 225000 | 161459 |
|  NextEra Energy Capital Holdings, Inc. <br>1.90%, 06/15/2028 | 400000 | 342145 |
|  PECO Energy Co. <br>3.05%, 03/15/2051 | 250000 | 172576 |
|  Wisconsin Electric Power Co. <br>1.70%, 06/15/2028 | 250000 | 212985 |
|  |  | 1230690 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Electronic Equipment, Instruments & Components - 0.2%** | **Electronic Equipment, Instruments & Components - 0.2%** | **Electronic Equipment, Instruments & Components - 0.2%** |
|  TD SYNNEX Corp. <br>2.65%, 08/09/2031 | $150000 | $114025 |
|  Vontier Corp. <br>1.80%, 04/01/2026 | 200000 | 169010 |
|  |  | 283035 |
| **Energy Equipment & Services - 0.2%** | **Energy Equipment & Services - 0.2%** | **Energy Equipment & Services - 0.2%** |
|  Schlumberger Holdings Corp. <br>3.90%, 05/17/2028 <sup>(A)</sup> | 292000 | 272544 |
| **Equity Real Estate Investment Trusts - 0.6%** | **Equity Real Estate Investment Trusts - 0.6%** | **Equity Real Estate Investment Trusts - 0.6%** |
|  Brixmor Operating Partnership LP <br>3.65%, 06/15/2024 | 250000 | 242396 |
|  Healthpeak Properties, Inc. <br>3.25%, 07/15/2026 | 150000 | 141855 |
|  Omega Healthcare Investors, Inc. <br>3.38%, 02/01/2031 | 225000 | 173695 |
|  Public Storage <br>1.95%, 11/09/2028 | 125000 | 106842 |
|  Weyerhaeuser Co. <br>3.38%, 03/09/2033 | 200000 | 167784 |
|  |  | 832572 |
| **Food & Staples Retailing - 0.3%** | **Food & Staples Retailing - 0.3%** | **Food & Staples Retailing - 0.3%** |
| 7-Eleven, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 02/10/2031 <sup>(A)</sup> | 325000 | 248434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/10/2041 <sup>(A)</sup> | 250000 | 166095 |
|  Walgreens Boots Alliance, Inc. <br>3.45%, 06/01/2026 | 88000 | 83755 |
|  |  | 498284 |
| **Food Products - 0.4%** | **Food Products - 0.4%** | **Food Products - 0.4%** |
|  Hormel Foods Corp. <br>1.80%, 06/11/2030 | 150000 | 122262 |
| Mars, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 07/16/2040 <sup>(A)</sup> | 350000 | 238617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 04/01/2049 <sup>(A)</sup> | 300000 | 246742 |
|  |  | 607621 |
| **Health Care Equipment & Supplies - 0.2%** | **Health Care Equipment & Supplies - 0.2%** | **Health Care Equipment & Supplies - 0.2%** |
|  GE HealthCare Technologies, Inc. <br>5.60%, 11/15/2025 <sup>(A)</sup> | 250000 | 251732 |
| **Health Care Providers & Services - 0.9%** | **Health Care Providers & Services - 0.9%** | **Health Care Providers & Services - 0.9%** |
| Cigna Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 10/15/2028 | 50000 | 48316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 12/15/2048 | 100000 | 90768 |
| CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 08/15/2024 | 200000 | 192126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 07/20/2045 | 250000 | 226845 |
|  Health Care Service Corp. A Mutual Legal Reserve Co. <br>2.20%, 06/01/2030 <sup>(A)</sup> | 350000 | 282165 |
| UnitedHealth Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 05/15/2031 <sup>(B)</sup> | 300000 | 250531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 08/15/2049 | 250000 | 197363 |
|  |  | 1288114 |
| **Hotels, Restaurants & Leisure - 0.4%** | **Hotels, Restaurants & Leisure - 0.4%** | **Hotels, Restaurants & Leisure - 0.4%** |
|  Expedia Group, Inc. <br>3.25%, 02/15/2030 | 250000 | 212605 |
|  GLP Capital LP / GLP Financing II, Inc. <br>3.25%, 01/15/2032 | 200000 | 159877 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 7** 

------

##### [**Table of Contents**](#toc)
**Transamerica Madison Diversified Income VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** |
|  McDonald's Corp. <br>4.88%, 12/09/2045 | $250000 | $232680 |
|  |  | 605162 |
| **Insurance - 1.3%** | **Insurance - 1.3%** | **Insurance - 1.3%** |
|  Aflac, Inc. <br>4.75%, 01/15/2049 | 250000 | 223093 |
|  American International Group, Inc. <br>4.75%, 04/01/2048 | 100000 | 89802 |
|  Athene Global Funding <br>1.45%, 01/08/2026 <sup>(A)</sup> <sup>(B)</sup> | 500000 | 438096 |
|  Belrose Funding Trust <br>2.33%, 08/15/2030 <sup>(A)</sup> | 250000 | 189899 |
|  Berkshire Hathaway Finance Corp. <br>3.85%, 03/15/2052 | 200000 | 161715 |
|  Empower Finance 2020 LP <br>3.08%, 09/17/2051 <sup>(A)</sup> | 350000 | 219616 |
|  Five Corners Funding Trust II <br>2.85%, 05/15/2030 <sup>(A)</sup> | 250000 | 210772 |
|  Liberty Mutual Group, Inc. <br>3.95%, 05/15/2060 <sup>(A)</sup> | 100000 | 65848 |
|  Old Republic International Corp. <br>3.85%, 06/11/2051 | 250000 | 172736 |
|  Teachers Insurance & Annuity Association of America <br>3.30%, 05/15/2050 <sup>(A)</sup> | 200000 | 139358 |
|  |  | 1910935 |
| **IT Services - 0.4%** | **IT Services - 0.4%** | **IT Services - 0.4%** |
|  Fiserv, Inc. <br>3.50%, 07/01/2029 | 450000 | 406012 |
|  Western Union Co. <br>2.85%, 01/10/2025 | 150000 | 142915 |
|  |  | 548927 |
| **Machinery - 0.1%** | **Machinery - 0.1%** | **Machinery - 0.1%** |
|  Otis Worldwide Corp. <br>2.57%, 02/15/2030 | 175000 | 147440 |
| **Media - 0.3%** | **Media - 0.3%** | **Media - 0.3%** |
| Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 04/01/2030 | 50000 | 45683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 10/15/2028 | 350000 | 336266 |
|  Discovery Communications LLC <br>5.00%, 09/20/2037 | 125000 | 101075 |
|  |  | 483024 |
| **Oil, Gas & Consumable Fuels - 2.0%** | **Oil, Gas & Consumable Fuels - 2.0%** | **Oil, Gas & Consumable Fuels - 2.0%** |
|  BP Capital Markets America, Inc. <br>3.12%, 05/04/2026 | 200000 | 189811 |
|  ConocoPhillips Co. <br>4.15%, 11/15/2034 | 129000 | 112208 |
|  Eastern Gas Transmission & Storage, Inc. <br>3.00%, 11/15/2029 | 250000 | 216332 |
|  Energy Transfer LP <br>5.25%, 04/15/2029 | 100000 | 96991 |
|  Exxon Mobil Corp. <br>4.11%, 03/01/2046 | 225000 | 191987 |
|  Kinder Morgan, Inc. <br>5.55%, 06/01/2045 | 350000 | 320488 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| Marathon Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 04/01/2028 | $300000 | $277191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 05/01/2025 | 200000 | 197088 |
|  MPLX LP <br>2.65%, 08/15/2030 | 400000 | 326390 |
|  Phillips 66 <br>4.65%, 11/15/2034 | 100000 | 93678 |
|  Pioneer Natural Resources Co. <br>2.15%, 01/15/2031 | 225000 | 179014 |
| Valero Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2052 <sup>(B)</sup> | 100000 | 75482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 06/15/2037 | 250000 | 267153 |
|  Valero Energy Partners LP <br>4.50%, 03/15/2028 | 400000 | 388491 |
|  |  | 2932304 |
| **Pharmaceuticals - 0.4%** | **Pharmaceuticals - 0.4%** | **Pharmaceuticals - 0.4%** |
| Royalty Pharma PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 09/02/2030 | 200000 | 156848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 09/02/2050 | 400000 | 257521 |
|  Zoetis, Inc. <br>3.00%, 09/12/2027 | 250000 | 231480 |
|  |  | 645849 |
| **Road & Rail - 0.2%** | **Road & Rail - 0.2%** | **Road & Rail - 0.2%** |
|  Avolon Holdings Funding Ltd. <br>2.13%, 02/21/2026 <sup>(A)</sup> | 350000 | 301399 |
| **Semiconductors & Semiconductor Equipment - 0.3%** | **Semiconductors & Semiconductor Equipment - 0.3%** | **Semiconductors & Semiconductor Equipment - 0.3%** |
|  Broadcom, Inc. <br>3.19%, 11/15/2036 <sup>(A)</sup> | 9000 | 6485 |
|  Intel Corp. <br>3.73%, 12/08/2047 | 400000 | 302067 |
|  Lam Research Corp. <br>1.90%, 06/15/2030 <sup>(B)</sup> | 150000 | 122584 |
|  |  | 431136 |
| **Software - 0.6%** | **Software - 0.6%** | **Software - 0.6%** |
|  Intuit, Inc. <br>1.65%, 07/15/2030 | 250000 | 201105 |
|  Oracle Corp. <br>3.95%, 03/25/2051 | 250000 | 179245 |
|  Salesforce, Inc. <br>2.90%, 07/15/2051 | 250000 | 165092 |
|  VMware, Inc. <br>2.20%, 08/15/2031 | 250000 | 190328 |
|  Workday, Inc. <br>3.70%, 04/01/2029 | 200000 | 183419 |
|  |  | 919189 |
| **Specialty Retail - 0.5%** | **Specialty Retail - 0.5%** | **Specialty Retail - 0.5%** |
|  Advance Auto Parts, Inc. <br>1.75%, 10/01/2027 | 250000 | 210368 |
|  Home Depot, Inc. <br>3.35%, 04/15/2050 | 125000 | 93084 |
|  Lowe's Cos., Inc. <br>3.00%, 10/15/2050 | 450000 | 288152 |
|  Tractor Supply Co. <br>1.75%, 11/01/2030 | 250000 | 192431 |
|  |  | 784035 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 8** 

------

##### [**Table of Contents**](#toc)
**Transamerica Madison Diversified Income VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Technology Hardware, Storage & Peripherals - 0.4%** | **Technology Hardware, Storage & Peripherals - 0.4%** | **Technology Hardware, Storage & Peripherals - 0.4%** |
| Dell International LLC / EMC Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 12/15/2051 <sup>(A)</sup> | $250000 | $154155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.35%, 07/15/2046 | 19000 | 21766 |
|  HP, Inc. <br>2.65%, 06/17/2031 | 500000 | 390828 |
|  |  | 566749 |
| **Trading Companies & Distributors - 0.2%** | **Trading Companies & Distributors - 0.2%** | **Trading Companies & Distributors - 0.2%** |
|  Air Lease Corp. <br>2.88%, 01/15/2026 | 250000 | 231531 |
|  **Total Corporate Debt Securities <br>(Cost $31,875,091)** | **Total Corporate Debt Securities <br>(Cost $31,875,091)** | 26941590 |
| **MORTGAGE-BACKED SECURITIES - 2.1%** | **MORTGAGE-BACKED SECURITIES - 2.1%** | **MORTGAGE-BACKED SECURITIES - 2.1%** |
|  Bunker Hill Loan Depositary Trust <br>Series 2020-1, Class A1, <br>1.72% <sup>(C)</sup>, 02/25/2055 <sup>(A)</sup> | 131787 | 125534 |
|  CIM Trust <br>Series 2021-J2, Class A4, <br>2.50% <sup>(C)</sup>, 04/25/2051 <sup>(A)</sup> | 303704 | 264153 |
|  GCAT Trust <br>Series 2021-NQM1, Class A1, <br>0.87% <sup>(C)</sup>, 01/25/2066 <sup>(A)</sup> | 184938 | 155458 |
|  GS Mortgage-Backed Securities Corp. Trust <br>Series 2020-PJ6, Class A2, <br>2.50% <sup>(C)</sup>, 05/25/2051 <sup>(A)</sup> | 167960 | 137071 |
| JPMorgan Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A3,<br>2.50% <sup>(C)</sup>, 06/25/2051 <sup>(A)</sup> | 490426 | 394985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3, Class A3,<br>2.50% <sup>(C)</sup>, 07/25/2051 <sup>(A)</sup> | 224999 | 181212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-6, Class A4,<br>2.50% <sup>(C)</sup>, 10/25/2051 <sup>(A)</sup> | 615755 | 528611 |
|  JPMorgan Wealth Management <br>Series 2020-ATR1, Class A3, <br>3.00% <sup>(C)</sup>, 02/25/2050 <sup>(A)</sup> | 119000 | 99557 |
|  PSMC Trust <br>Series 2021-1, Class A11, <br>2.50% <sup>(C)</sup>, 03/25/2051 <sup>(A)</sup> | 367265 | 316207 |
|  RCKT Mortgage Trust <br>Series 2021-6, Class A5, <br>2.50% <sup>(C)</sup>, 12/25/2051 <sup>(A)</sup> | 357013 | 306488 |
|  Sequoia Mortgage Trust <br>Series 2013-7, Class A2, <br>3.00% <sup>(C)</sup>, 06/25/2043 | 228548 | 199853 |
|  Towd Point HE Trust <br>Series 2021-HE1, Class A1, <br>0.92% <sup>(C)</sup>, 02/25/2063 <sup>(A)</sup> | 171817 | 160661 |
|  Wells Fargo Mortgage-Backed Securities Trust <br>Series 2021-INV2, Class A2, <br>2.50% <sup>(C)</sup>, 09/25/2051 <sup>(A)</sup> | 219918 | 177395 |
|  **Total Mortgage-Backed Securities <br>(Cost $3,652,995)** | **Total Mortgage-Backed Securities <br>(Cost $3,652,995)** | 3047185 |
| **MUNICIPAL GOVERNMENT OBLIGATIONS - 0.4%** | **MUNICIPAL GOVERNMENT OBLIGATIONS - 0.4%** | **MUNICIPAL GOVERNMENT OBLIGATIONS - 0.4%** |
| **Massachusetts - 0.0% <sup>(D)</sup>** | **Massachusetts - 0.0% <sup>(D)</sup>** | **Massachusetts - 0.0% <sup>(D)</sup>** |
|  University of Massachusetts Building Authority, Revenue Bonds, <br>6.57%, 05/01/2039 | 35000 | 35029 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** | **MUNICIPAL GOVERNMENT OBLIGATIONS (continued)** |
| **New York - 0.3%** | **New York - 0.3%** | **New York - 0.3%** |
|  Metropolitan Transportation Authority, Revenue Bonds, <br>6.55%, 11/15/2031 | $340000 | $345581 |
| **Oregon - 0.1%** | **Oregon - 0.1%** | **Oregon - 0.1%** |
|  Hillsboro School District No. 1J, General Obligation Limited, <br>4.36%, 06/30/2034 | 200000 | 188566 |
|  **Total Municipal Government Obligations <br>(Cost $656,536)** | **Total Municipal Government Obligations <br>(Cost $656,536)** | 569176 |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS - 15.1%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 15.1%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 15.1%** |
| Federal Home Loan Mortgage Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/01/2041 | 608645 | 519236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/01/2032 - 04/01/2048 | 1216359 | 1076063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/01/2042 - 07/01/2049 | 1362322 | 1227355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/2040 - 05/01/2052 | 2187614 | 2013848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/2033 - 03/01/2047 | 206117 | 200777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/01/2025 - 12/01/2052 | 550431 | 540367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/01/2037 - 11/01/2052 | 769623 | 776427 |
| Federal Home Loan Mortgage Corp.<br>Multifamily Structured Pass-Through<br>Certificates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 08/25/2026 | 500000 | 468942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.98%, 11/25/2025 | 192475 | 185498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.12%, 06/25/2027 | 750000 | 710416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 01/25/2028 | 400000 | 381266 |
|  Federal Home Loan Mortgage Corp. REMIC <br>5.00%, 07/15/2036 | 87504 | 87323 |
|  Federal Home Loan Mortgage Corp. STACR REMIC Trust <br>1-Month SOFR Average + 0.75%, <br>4.68% <sup>(C)</sup>, 10/25/2033 <sup>(A)</sup> | 215888 | 214139 |
| Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.49% <sup>(C)</sup>, 03/25/2023 | 37130 | 36882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 06/01/2031 - 12/01/2047 | 3065450 | 2684342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/01/2028 - 08/01/2048 | 1657527 | 1538105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10% <sup>(C)</sup>, 07/25/2024 | 184300 | 178469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.16% <sup>(C)</sup>, 11/25/2027 | 428390 | 406622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/01/2031 - 06/01/2052 | 1555287 | 1444080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/2035 - 05/01/2052 | 3198552 | 3024356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/01/2039 - 09/01/2052 | 1285563 | 1245374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2052 - 11/01/2052 | 985766 | 972741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/01/2052 | 340732 | 342091 |
| Federal National Mortgage Association<br>REMIC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 09/25/2027 | 375599 | 350947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/25/2031 | 142643 | 137195 |
| FREMF Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.53% <sup>(C)</sup>, 10/25/2046 <sup>(A)</sup> | 500000 | 494151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.72% <sup>(C)</sup>, 01/25/2048 <sup>(A)</sup> | 410000 | 390265 |
| Government National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/15/2042 | 36526 | 34403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/15/2039 | 4851 | 4679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/2040 | 2079 | 2066 |
|  **Total U.S. Government Agency Obligations <br>(Cost $23,599,583)** | **Total U.S. Government Agency Obligations <br>(Cost $23,599,583)** | 21688425 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 9** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **U.S. GOVERNMENT OBLIGATIONS - 19.0%** | **U.S. GOVERNMENT OBLIGATIONS - 19.0%** | **U.S. GOVERNMENT OBLIGATIONS - 19.0%** |
| **U.S. Treasury - 19.0%** | **U.S. Treasury - 19.0%** | **U.S. Treasury - 19.0%** |
| U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/15/2051 | $1500000 | $962754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/15/2050 | 1250000 | 833496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/15/2045 | 1000000 | 758672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 08/15/2042 - 11/15/2042 | 2300000 | 1860312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/2047 | 900000 | 742324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 11/15/2048 | 250000 | 222383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 08/15/2041 | 250000 | 238652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/15/2041 | 500000 | 521250 |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 01/31/2026 <sup>(B)</sup> | 2800000 | 2493641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 09/30/2027 | 1000000 | 844570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 08/15/2030 | 2000000 | 1578985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 11/15/2031 | 2300000 | 1878633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 08/15/2026 | 2500000 | 2281445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/15/2025 <sup>(B)</sup> | 3250000 | 3071250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 03/31/2024 | 1500000 | 1453594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 05/15/2027 | 2565000 | 2395069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 02/15/2029 | 3000000 | 2778750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/15/2028 | 2500000 | 2363379 |
|  **Total U.S. Government Obligations <br>(Cost $31,339,027)** | **Total U.S. Government Obligations <br>(Cost $31,339,027)** | 27279159 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **OTHER INVESTMENT COMPANY - 0.4%** | **OTHER INVESTMENT COMPANY - 0.4%** | **OTHER INVESTMENT COMPANY - 0.4%** |
| **Securities Lending Collateral - 0.4%** | **Securities Lending Collateral - 0.4%** | **Securities Lending Collateral - 0.4%** |
|  State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 4.29% <sup>(E)</sup> | 542410 | $542410 |
|  **Total Other Investment Company <br>(Cost $542,410)** | **Total Other Investment Company <br>(Cost $542,410)** | 542410 |
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 1.9%** | **REPURCHASE AGREEMENT - 1.9%** | **REPURCHASE AGREEMENT - 1.9%** |
|  Fixed Income Clearing Corp., 1.80% <sup>(E)</sup>, dated 12/30/2022, to be repurchased at $2,631,696 on 01/03/2023. Collateralized by a U.S. Government Obligation, 0.75%, due 12/31/2023, and with a value of $2,683,869. | $2631170 | 2631170 |
|  **Total Repurchase Agreement <br>(Cost $2,631,170)** | **Total Repurchase Agreement <br>(Cost $2,631,170)** | 2631170 |
|  **Total Investments <br>(Cost $148,679,026)** | **Total Investments <br>(Cost $148,679,026)** | 143516475 |
|  **Net Other Assets (Liabilities) - (0.1)%** |  | (76131) |
|  **Net Assets - 100.0%** |  | **$143440344** |

---

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(F)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Common Stocks | $57759440 | $— | $— | $57759440 |
|  Asset-Backed Securities |  | 3057920 |  | 3057920 |
|  Corporate Debt Securities |  | 26941590 |  | 26941590 |
|  Mortgage-Backed Securities |  | 3047185 |  | 3047185 |
|  Municipal Government Obligations |  | 569176 |  | 569176 |
|  U.S. Government Agency Obligations |  | 21688425 |  | 21688425 |
|  U.S. Government Obligations |  | 27279159 |  | 27279159 |
|  Other Investment Company | 542410 |  |  | 542410 |
|  Repurchase Agreement |  | 2631170 |  | 2631170 |
|  **Total Investments** | $**58301850** | $**85214625** | $**—** | $**143516475** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *Securities are exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2022, the total value of 144A securities is $9,834,538, representing 6.9% of the Portfolio's net assets.* 

(B) *All or a portion of the securities are on loan. The total value of all securities on loan is $6,410,941, collateralized by cash collateral of $542,410 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $6,000,606. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.* 

(C) *Floating or variable rate securities. The rates disclosed are as of December 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.* 

***The Notes to Financial Statements are an integral part of this report.***

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| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 10** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

**FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):** 

(D) *Percentage rounds to less than 0.1% or (0.1)%.* 

(E) *Rates disclosed reflect the yields at December 31, 2022.* 

(F) *There were no transfers in or out of Level 3 during the year ended December 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

**PORTFOLIO ABBREVIATIONS:** 

*SOFR* *Secured Overnight Financing Rate* <br> *STACR* *Structured Agency Credit Risk*

***The Notes to Financial Statements are an integral part of this report.***

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| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 11** 

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**STATEMENT OF ASSETS AND LIABILITIES** 

**At December 31, 2022** 

---

| | |
|:---|:---|
|  **Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value (cost $146,047,856) <br>(including securities loaned of $6,410,941) | $&nbsp;&nbsp;&nbsp;&nbsp;140885305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreement, at value (cost $2,631,170) | 2631170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables and other assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 153798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 500300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 554 |
|  Total assets | 144171597 |
|  **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral received upon return of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities on loan | 542410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables and other liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest redeemed | 21396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 89584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 30679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 1182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 25105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 8958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 7708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 3241 |
|  Total liabilities | 731253 |
|  **Net assets** | $143440344 |
|  **Net assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital stock ($0.01 par value) | $127040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 139994215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) | 3319089 |
|  **Net assets** | $143440344 |
|  **Shares outstanding** | 12704003 |
|  **Net asset value and offering price per share** | $11.29 |

---

**STATEMENT OF OPERATIONS** 

**For the year ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $1823639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 2359600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 6373 |
|  Total investment income | 4189612 |
|  **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 1115349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 381969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 1595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 6465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 36945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 38778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 8359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 4894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 18705 |
|  Total expenses | 1613059 |
|  **Net investment income (loss)** | 2576553 |
|  **Net realized gain (loss) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 5964623 |
|  **Net change in unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (26299918) |
|  Net realized and change in unrealized gain (loss) | (20335295) |
|  **Net increase (decrease) in net assets resulting from operations** | $&nbsp;&nbsp;&nbsp;&nbsp;(17758742) |

---

***The Notes to Financial Statements are an integral part of this report.***

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| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 12** 

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**STATEMENT OF CHANGES IN NET ASSETS** 

**For the years ended:** 

---

| | | |
|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2021** |
|  **From operations:** | **From operations:** | **From operations:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $2576553 | $2384919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 5964623 | 21730292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (26299918) | (8948093) |
|  Net increase (decrease) in net assets resulting from operations | (17758742) | 15167118 |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions to shareholders | (24055246) | (5268990) |
|  Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (24055246) | (5268990) |
|  **Capital share transactions:** | **Capital share transactions:** | **Capital share transactions:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold | 6072433 | 7679714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions reinvested | 24055246 | 5268990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (20905560) | (56900161) |
|  Net increase (decrease) in net assets resulting from capital share transactions | 9222119 | (43951457) |
|  **Net increase (decrease) in net assets** | (32591869) | (34053329) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 176032213 | 210085542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $&nbsp;&nbsp;&nbsp;&nbsp;143440344 | $&nbsp;&nbsp;&nbsp;&nbsp;176032213 |
|  **Capital share transactions - shares:** | **Capital share transactions - shares:** | **Capital share transactions - shares:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued | 488280 | 527346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested | 2093581 | 355293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1592237) | (3816443) |
|  Net increase (decrease) in shares outstanding | 989624 | (2933804) |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 13** 

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**FINANCIAL HIGHLIGHTS** 

**For a share outstanding during the years indicated:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $15.03 | $14.34 | $13.84 | $12.54 | $13.08 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(A)</sup> | 0.22 | 0.18 | 0.21 | 0.21 | 0.23 |
|  Net realized and unrealized gain (loss) | (1.74) | 0.94 | 0.86 | 1.65 | (0.32) |
|  Total investment operations | (1.52) | 1.12 | 1.07 | 1.86 | (0.09) |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income | (0.23) | (0.24) | (0.23) | (0.21) | (0.19) |
|  Net realized gains | (1.99) | (0.19) | (0.34) | (0.35) | (0.26) |
|  Total dividends and/or distributions to shareholders | (2.22) | (0.43) | (0.57) | (0.56) | (0.45) |
|  **Net asset value, end of year** | $11.29 | $15.03 | $14.34 | $13.84 | $12.54 |
|  **Total return** | (10.38)% | 7.87% | 7.95% | 14.94% | (0.75)% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;143440 | $&nbsp;&nbsp;&nbsp;&nbsp;176032 | $&nbsp;&nbsp;&nbsp;&nbsp;210086 | $&nbsp;&nbsp;&nbsp;&nbsp;185147 | $&nbsp;&nbsp;&nbsp;&nbsp;137727 |
|  Expenses to average net assets | 1.06% | 1.05% | 1.04% | 1.05% | 1.03% |
|  Net investment income (loss) to average net assets | 1.69% | 1.21% | 1.55% | 1.58% | 1.80% |
|  Portfolio turnover rate | 32% | 33% | 40% | 25% | 33% |

---

(A) *Calculated based on average number of shares outstanding.* 

***The Notes to Financial Statements are an integral part of this report.***

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| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 14** 

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**NOTES TO FINANCIAL STATEMENTS** 

**At December 31, 2022** 

**1. ORGANIZATION** 

Transamerica Series Trust ("TST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). TST applies investment company accounting and reporting guidance. TST serves as a funding vehicle for variable life insurance, variable annuity, and group annuity products. Transamerica Madison Diversified Income VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers one class of shares, Service Class.

The only shareholders of the Portfolio are affiliated insurance company separate accounts and affiliated asset allocation portfolios. Contract holders of the variable life and annuity contracts are not shareholders of the Portfolio. For ease of reference, shareholders and contract holders are collectively referred to in this report as "shareholders."

This report must be accompanied or preceded by the Portfolio's current prospectus, which contains additional information about the Portfolio, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Portfolio pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Portfolio. TAM supervises the Portfolio's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Portfolio.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of a Portfolio without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Portfolio and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Portfolio employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending portfolio combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Portfolio's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Portfolio; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for a Portfolio; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Portfolio's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; oversight of other service providers to the Portfolio, such as the custodian, the transfer agent, the Portfolio's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Portfolio; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Portfolio, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Portfolio. The Portfolio pays certain fees and expenses to State Street for sub-administration services which are not administrative

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**1. ORGANIZATION (continued)** 

services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the year ended December 31, 2022, (i) the expenses paid to State Street for sub-administration services by the Portfolio are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Portfolio are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES** 

In preparing the Portfolio's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Portfolio.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Portfolio is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Foreign taxes:** The Portfolio may be subject to taxes imposed by the countries in which it invests, with respect to its investments in issuers existing or operating in such countries. The Portfolio may also be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Portfolio accrues such taxes and recoveries as applicable when the related income or capital gains are earned or unrealized, and based upon the current interpretation of tax rules and regulations that exist in the markets in which the Portfolio invests. Some countries require governmental approval for the repatriation of investment income, capital, or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions of foreign capital remittances abroad.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Portfolio with broker/dealers with which TST has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Portfolio. In no event will commissions, paid by the Portfolio, be used to pay expenses that would otherwise be borne by any other portfolios within TST, or by any other party.

Commissions recaptured are included within Net realized gain (loss) within the Statement of Operations. For the year ended December 31, 2022, commissions recaptured are $5,130.

**Indemnification:** In the normal course of business, the Portfolio enters into contracts that contain a variety of representations that provide general indemnifications. The Portfolio's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio and/or its affiliates that have not yet occurred. However, based on experience, the Portfolio expects the risk of loss to be remote.

**3. INVESTMENT VALUATION** 

Effective September 8, 2022, TAM has been designated as the Portfolio's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Portfolio's Board of Trustees. The net asset value of the Portfolio is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

TAM utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels ("Levels") of inputs of the fair value hierarchy are defined as follows:

Level 1—Unadjusted quoted prices in active markets for identical securities.

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**3. INVESTMENT VALUATION (continued)** 

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Portfolio's investments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels.

The hierarchy classification of inputs used to value the Portfolio's investments at December 31, 2022, is disclosed within the Investment Valuation section of the Schedule of Investments.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

**Fair value measurements:** Descriptions of the valuation techniques applied to the Portfolio's significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

*Equity securities:* Securities are stated at the last reported sales price or closing price on the day of valuation taken from the primary exchange where the security is principally traded. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Equities traded on inactive markets or valued by reference to similar instruments are generally categorized in Level 2 or Level 3 if inputs are unobservable.

*Foreign equity securities:* Securities in which the primary trading market closes at the same time or after the NYSE, are valued based on quotations from the primary market in which they are traded and are categorized in Level 1. Because many foreign securities markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect the events that occur after that close. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, or ETFs and the movement of certain indices of securities based on a statistical analysis of their historical relationship; such valuations generally are categorized in Level 2.

*Asset-backed securities:* The fair value of asset-backed securities is estimated based on models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield, and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized in Level 3.

*Corporate debt securities:* The fair value of corporate debt securities is estimated using various techniques, which consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, fundamental data relating to the issuer, and credit default swap spreads adjusted for any basis difference between cash and derivative instruments. While most corporate debt securities are categorized in Level 2 of the fair value hierarchy, in instances where lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they are categorized in Level 3.

*Mortgage-backed securities:* The fair value of mortgage-backed securities is estimated based on models that consider issuer type, coupon, cash flows, mortgage prepayment projection tables and adjustable rate mortgage evaluations that incorporate index data, periodic life caps and the next coupon reset date. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise they are categorized in Level 3.

*Municipal government obligations:* The fair value of municipal government obligations and variable rate notes is estimated based on models that consider, among other factors, information received from market makers and broker-dealers, current trades, bid-want lists, offerings, market movements, the liquidity of the bond, state of issuance, benchmark yield curves, and bond or note insurance. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise they are categorized in Level 3.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**3. INVESTMENT VALUATION (continued)** 

*U.S. government agency obligations:* U.S. government agency obligations are comprised of two main categories consisting of agency issued debt and mortgage pass-throughs. Generally, agency issued debt securities are valued in a manner similar to U.S. government obligations. Mortgage pass-throughs include to be announced ("TBA") securities and mortgage pass-through certificates. Generally, TBA securities and mortgage pass-throughs are valued using dealer quotations. Depending on market activity levels and whether quotations or other observable data are used, these securities are typically categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized in Level 3.

*U.S. government obligations:* U.S. government obligations are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued by principally using dealer quotations. U.S. government obligations generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

*Securities lending collateral:* Securities lending collateral is invested in a money market fund which is valued at the actively traded NAV and no valuation adjustments are applied. Securities lending collateral is categorized in Level 1 of the fair value hierarchy.

*Repurchase agreements:* Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

**4. SECURITIES AND OTHER INVESTMENTS** 

**Real estate investment trusts ("REITs"):** REITs are pooled investment vehicles which invest primarily in income producing real estate, or real estate related loans or interests. Distributions received by REITs are classified at management's estimate of the dividend income, return of capital and capital gains. Estimates are based on information available at year-end, which includes the previous fiscal year's classification. The actual amounts of dividend income, return of capital, and capital gains are only determined by each REIT after the fiscal year end and may differ from the estimated amounts. Upon notification from the REITs, some of the distributions received may be re-classified and recorded as a return of capital or capital gains. There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

REITs held at December 31, 2022, if any, are identified within the Schedule of Investments.

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

The Portfolio may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Portfolio invests borrowing proceeds in other securities, the Portfolio will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Portfolio may borrow on a secured or on an unsecured basis. If the Portfolio enters into a secured borrowing arrangement, a portion of the Portfolio's assets will be used as collateral. The 1940 Act requires the Portfolio to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Portfolio's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Portfolio may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the year ended December 31, 2022, the Portfolio has not utilized the program.

**Repurchase agreements:** In a repurchase agreement, the Portfolio purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Portfolio's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Portfolio will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)** 

Repurchase agreements are subject to netting agreements, which are agreements between the Portfolio and its counterparties that provide for the net settlement of all transactions and collateral with the Portfolio, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at December 31, 2022.

Repurchase agreements at December 31, 2022, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**Securities lending:** The Portfolio may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Portfolio pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Portfolio to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Portfolio may experience delays in recovery of the loaned securities or delays in access to collateral, or the Portfolio may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government and irrevocable letters of credit issued by banks as collateral. The initial collateral received by the Portfolio is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower.

The Portfolio receives compensation for lending securities from interest or dividends earned on the cash, U.S. Government securities and irrevocable letters of credit held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust—Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at December 31, 2022, if any, are shown on a gross basis within the Schedule of Investments.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of December 31, 2022.

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|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
| | **Overnight and<br>Continuous** | **Less Than<br>30 Days** | **Between<br>30 & 90 Days** | **Greater Than<br>90 Days** | **Total** |
|  Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Debt Securities | $542410 | $— | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;542410 |
|  **Total Borrowings** | $**542410** | $**—** | $**—** | $**—** | $**542410** |

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**6. RISK FACTORS** 

Investing in the Portfolio involves certain key risks related to the Portfolio's trading activity. Please reference the Portfolio's prospectus for a more complete discussion of the following risk(s), as well as other risks of investing in the Portfolio.

**Market risk:** The market prices of the Portfolio's securities and other assets may go up or down, sometimes sharply and unpredictably, due to general market conditions, overall economic trends or events, inflation, changes in interest rates, government actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by wars, tariffs, trade disputes or other factors, political developments, investor sentiment, the global and domestic effects of a pandemic or other health emergency, and other factors that may or may not be related to the issuer of the security or other asset. The market prices of securities and other assets also may go down due to events or conditions that affect particular sectors, industries, issuers, or geographies. Adverse market conditions may be prolonged and may not have the same impact on all types of securities or other assets. If the value of the Portfolio's securities and assets fall, the value of your investment will go down. The Portfolio may experience a substantial or complete loss on any individual security or asset.

Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, the imposition of economic sanctions, public health events (such as the spread of infectious disease), wars,

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. RISK FACTORS (continued)** 

terrorism, cybersecurity events, technology and data interruptions, natural disasters, and other circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. In the past decade, financial markets throughout the world have experienced increased volatility and decreased liquidity. These conditions may continue or worsen. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down. Securities markets may also be susceptible to market manipulation or other fraudulent trade practices, which could disrupt the orderly functioning of these markets or adversely affect the value of securities traded in these markets, including the Portfolio's securities.

The pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in economic downturns throughout the world, severe losses, particularly to some sectors of the economy and individual issuers, and reduced liquidity of many instruments. There also have been significant disruptions to business operations, including business closures; strained healthcare systems; disruptions to supply chains and employee availability; large fluctuations in consumer demand; and widespread uncertainty regarding the duration and long-term effects of the pandemic. Economic downturns may be prolonged, and political and social instability, continued volatility and decreased liquidity in the securities markets may result. Developing or emerging market countries may be more impacted by the pandemic.

The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic. These and other government intervention into the economy and financial markets may not work as intended. In addition, government actions to mitigate the economic impact of the pandemic have resulted in large expansion of government deficits and debt, the long-term consequences of which are not known. Rates of inflation have recently risen, which could adversely affect economies and markets. The pandemic could continue to adversely affect the value and liquidity of the Portfolio's investments.

*Europe:* A number of countries in Europe have experienced severe economic and financial difficulties; and financial markets in Europe and elsewhere have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen or spread within or outside Europe. Responses to the financial problems by European governments, central banks and others may not work, may result in conflicts and social unrest and may limit future growth and economic recovery or have other unintended consequences. In January, 2020, through "Brexit," the United Kingdom withdrew from the European Union. The ramifications of Brexit are unknown, and the implications of possible political, regulatory, economic, and market outcomes could be significant. The United Kingdom has one of the largest economies in Europe and is a major trading partner with European Union countries and the United States. Brexit may create additional and substantial economic stresses for the United Kingdom, including a contraction of the United Kingdom's economy, decreased trade, capital outflows, devaluation of the British pound, and a decrease in business and consumer spending and investment. The negative impact on not only the United Kingdom and European Union economies but also the broader global economy could be significant. A number of countries in Europe have suffered terror attacks, and additional attacks may occur in the future. Europe has also been struggling with mass migration from the Middle East, Eastern Europe and Africa. The ultimate effects of these events and other socio-political or geopolitical issues could profoundly affect global economies and markets. Whether or not the Portfolio invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

*Additional Market Disruption:* Russia's invasion of Ukraine in February, 2022, the resulting responses by the United States and other countries, and the potential for wider conflict, have increased and may continue to increase volatility and uncertainty in financial markets worldwide. The United States and other countries have imposed broad-ranging economic sanctions on Russia and Russian entities and individuals, and may impose additional sanctions, including on other countries that provide military or economic support to Russia. These sanctions, among other things, restrict companies from doing business with Russia and Russian issuers, and may adversely affect companies with economic or financial exposure to Russia and Russian issuers. The extent and duration of Russia's military actions and the repercussions of such actions are not known. The invasion may widen beyond Ukraine and may escalate, including through retaliatory actions and cyberattacks by Russia and even other countries. These events may result in further and significant market disruptions and may adversely affect regional and global economies including those of Europe and the United States. Certain industries and markets, such as those involving oil, natural gas and other commodities, as well as global supply chains, may be particularly adversely affected. Whether or not the Portfolio invests in securities of issuers located in Russia, Ukraine and adjacent countries or with significant exposure to issuers in these countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The value of equity securities fluctuates based on real or perceived changes in a company's financial condition, factors affecting a particular industry or industries, and overall market,

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. RISK FACTORS (continued)** 

economic and political conditions. If the market prices of the equity securities owned by the Portfolio fall, the value of your investment in the Portfolio will decline. The Portfolio may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Fixed-income securities risk:** Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the Portfolio falls, the value of your investment will go down. The Portfolio may lose its entire investment in the fixed-income securities of an issuer.

**7. FEES AND OTHER AFFILIATED TRANSACTIONS** 

TST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Transamerica Life Insurance Company ("TLIC"), and Transamerica Financial Life Insurance Company.

TAM, the Portfolio's investment manager, is directly owned by TLIC and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon NV. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon NV, a Netherlands corporation, and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Portfolio's transfer agent. Transamerica Capital, Inc. ("TCI") is the Portfolio's distributor/principal underwriter. TAM, TFS, and TCI are affiliates of Aegon NV.

Certain officers and trustees of the Portfolio are also officers and/or trustees of TAM, TFS and TCI. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Portfolio. The Portfolio does pay non-interested persons (independent trustees), as disclosed in Trustee, CCO and deferred compensation fees within the Statement of Operations.

**Investment management fees:** TAM serves as the Portfolio's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Portfolio pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Portfolio pays a management fee to TAM based on daily Average Net Assets ("ANA") at the following rates:

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| **Breakpoints** | **Rate** |
|  First $500 million | 0.73% |
|  Over $500 million up to $1 billion | 0.70 |
|  Over $1 billion | 0.68 |

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TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses, reorganization expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

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| | | |
|:---|:---|:---|
| | **Operating<br>Expense Limit** | **Operating<br>Expense Limit<br>Effective Through** |
|  Service Class | 1.09% | May 1, 2023 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into

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**Transamerica Madison Diversified Income VP** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended December 31, 2022 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Portfolio, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

As of December 31, 2022, there are no amounts available for recapture by TAM.

**Distribution and service fees:** TST has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, TST entered into a distribution agreement with TCI as the Portfolio's distributor.

The Distribution Plan requires the Portfolio to pay distribution fees to TCI as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCI, on behalf of the Portfolio, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Portfolio's shares.

The fee on the Service Class shares is paid to the insurance companies for providing services and account maintenance for the policyholders who invest in the variable insurance products which invest in the Service Class shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Portfolio is authorized under the Distribution Plan to pay fees to TCI based on daily average net assets up to an annual fee of 0.25% of Service Class shares.

**Transfer agent costs:** TFS provides transfer agency services under an intercompany agreement with TAM. TFS has outsourced the provision of certain sub-transfer agency services to SS&C Technology Holdings, Inc ("SS&C"). The Portfolio does not pay a separate transfer agent fee to TAM or TFS but does pay certain expenses to SS&C related to applicable sub-transfer agency services. For the year ended December 31, 2022, (i) the expenses paid to SS&C by the Portfolio are referred to as Transfer agent costs and are included within the Statement of Operations and (ii) the expenses payable to SS&C by the Portfolio are referred to as Transfer agent costs within the Statement of Assets and Liabilities.

**Deferred compensation plan:** Effective September 23, 2021, the Board has approved the termination of the deferred compensation plan. Payments will be made to applicable current and former Board members consistent with Section 409A of the Code. Under a non-qualified deferred compensation plan effective January 1, 1996, as amended and restated January 1, 2010, available to the trustees, compensation may be deferred that would otherwise be payable by TST to an independent trustee on a current basis for services rendered as trustee. Deferred compensation amounts will accumulate based on the value of the investment option, as elected by the trustee. Balances pursuant to deferred compensation plan are recorded in Trustees, Chief Compliance Officer ("CCO") and deferred compensation fees within the Statement of Assets and Liabilities. For the year ended December 31, 2022, amounts included in Trustees, CCO and deferred compensation fees within the Statement of Operations reflect total compensation paid to the independent Board members.

**Brokerage commissions:** The Portfolio incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the year ended December 31, 2022.

**8. PURCHASES AND SALES OF SECURITIES** 

For the year ended December 31, 2022, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

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| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $24363882 | $23975084 | $42708930 | $13555170 |

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS** 

The Portfolio has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Portfolio recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Portfolio's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Portfolio's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Portfolio's financial statements. If applicable, the Portfolio recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Portfolio identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Portfolio makes significant investments; however, the Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales and premium amortization accruals. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. There are no reclassifications in the current year.

As of December 31, 2022, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

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| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross<br>Appreciation** | **Gross<br>(Depreciation)** | **Net Appreciation<br>(Depreciation)** |
| $148777145 | $9197320 | $(14457990) | $(5260670) |

---

As of December 31, 2022, the Portfolio had no capital loss carryforwards available to offset future realized capital gains. During the year ended December 31, 2022, the Portfolio did not have any capital loss carryforwards utilized or expired.

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2022 and 2021 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** |
| **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of Capital** | **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of Capital** |
| $5019282 | $19035964 | $— | $3017994 | $2250996 | $— |

---

As of December 31, 2022, the tax basis components of distributable earnings are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Capital Loss<br>Carryforwards** | **Late Year<br>Ordinary Loss<br>Deferred** | **Other<br>Temporary<br>Differences** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| $2936305 | $5643454 | $— | $— | $— | $(5260670) |

---

**10. NEW ACCOUNTING PRONOUNCEMENT** 

In June 2022, the Financial Accounting Standards Board issued Accounting Standards Update No. 2022-03 ("ASU 2022-03"), "Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions" ("Topic 820"). ASU 2022-03 clarifies the guidance in Topic 820, related to the measurement of the fair value of an equity security subject to contractual sale restrictions, where it eliminates the need to apply a discount to fair value of these securities, and introduces disclosure requirements related to such equity securities. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. Management is currently evaluating the implications, if any, of the additional requirements and its impact on the Portfolio's financial statements.

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**Report of Independent Registered Public Accounting Firm** 

*To the Shareholders and the Board of Trustees of Transamerica Madison Diversified Income VP* 

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities of Transamerica Madison Diversified Income VP (the "Portfolio") (one of the portfolios constituting Transamerica Series Trust (the "Trust")), including the schedule of investments, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the portfolios constituting Transamerica Series Trust) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion** 

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g438566ernst_young.jpg)

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

February 27, 2023

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**SUPPLEMENTAL TAX INFORMATION** 

**(unaudited)** 

For dividends paid during the year ended December 31, 2022, the Portfolio designated $19,035,964 of qualified dividend income.

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**Transamerica Market Participation Strategy VP** 

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**(unaudited)** 

**MARKET ENVIRONMENT** 

The year 2022 was characterized by heightened volatility stemming from rising inflation and the corresponding interest rate-hike cycle implemented by the U.S. Federal Reserve ("Fed"). While some components of inflation showed signs of moderating toward year-end, the Fed's target rate increased in December, indicating additional interest rate hikes were likely on the horizon.

U.S. equities experienced their worst full-year performance since the Global Financial Crisis of 2008. Peaking in the first week of the year, equities continued a downward path through the end of the third quarter, before making up some lost ground in the fourth quarter. Bonds had one of the worst years in memory.

**PERFORMANCE** 

For the year ended December 31, 2022, Transamerica Market Participation Strategy VP, Service Class returned -15.30%. By comparison, its primary, secondary and additional benchmarks, the S&P 500<sup>®</sup> Index, the Bloomberg US Government 5-10 Year Index and the Transamerica Market Participation Strategy VP Blended Benchmark, returned -18.11%, -12.58% and -12.63%, respectively.

**STRATEGY REVIEW** 

The Portfolio aims to provide upside participation when the stock market advances, and to seek to reduce downside risk when the stock market declines. Portfolio holdings consist primarily of equity (S&P 500<sup>®</sup> Index) call options and futures, which seek to provide upside participation during periods of market appreciation, and U.S. Treasuries, Treasury futures, and agency bonds, which are used to reduce downside risk.

The Portfolio's strategy typically has an equity exposure around 50% benchmark weight at rebalance, depending on market behavior and our asset allocation outlook. This is accomplished by using a combination of S&P 500<sup>®</sup> Index options and futures. Exchange traded long-term S&P 500<sup>®</sup> FLEX options are used to provide increasing equity exposure when equity markets are rising and reduce exposure when markets are declining – generating the participation curvature that is a key characteristic of the strategy. Additionally, S&P 500<sup>®</sup> Index and U.S. Treasury futures are also used in the Portfolio to manage cash flows and maintain the desired equity and interest rate exposures.

The Portfolio underperformed its blended benchmark (50% S&P 500<sup>®</sup> Index and 50% Bloomberg Intermediate Government Bond Index) for the fiscal year ended December 31, 2022. While the "at-the-money" (i.e., strike price is equal to the underlying price) long-term implied volatility was a mirror image of equities (i.e., rising through the year), falling implied volatility as options held in the Portfolio moved "out of-the-money" (i.e., underlying price is trading below the strike price) hurt option pricing, which along with the usual time decay (i.e., the value of an options contract decreases, or decays, as the expiration of the option draws nearer) contributed negatively to Portfolio performance.

Given that we have about 80% of the Portfolio's holdings in Treasuries and agency bonds and Treasury futures (partially offset by the "short bond" exposure embedded in options), dramatically rising rates had a negative impact.

We adjusted the Portfolio's equity exposure down twice in the second quarter to well below the blended benchmark's 50% exposure, after coming into 2022 at a higher level following the strong equity market of 2021. We kept lower equity exposure through the second half of the year, which helped Portfolio performance as the S&P 500<sup>®</sup> Index Iost value through November. Our bearish outlook resulted in an average equity exposure over the fiscal year of 44%.

We were active in managing targeted duration with the increased volatility in both equities and interest rates. Our shorter duration (average 63%) positioning versus the Bloomberg Intermediate Government Bond Index's duration through the fiscal year helped relative Portfolio performance as interest rates rose. Overall, the interest rate impact was positive on a relative basis, while absolute interest exposure was negative in the weak bond market.

In aggregate, derivative positions detracted from relative performance during the fiscal year.

**Joel Kallman, CFA** 

**Devang Gambhirwala** 

**Marcus M. Perl** 

**Co-Portfolio Managers** 

**PGIM Quantitative Solutions LLC** 

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**(unaudited)** 

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| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  U.S. Government Agency Obligations | 30.8% |
|  Short-Term U.S. Government Obligations | 29.4 |
|  U.S. Government Obligations | 22.5 |
|  Other Investment Company | 14.4 |
|  Over-the-Counter Options Purchased | 9.4 |
|  Foreign Government Obligation | 4.0 |
|  Repurchase Agreement | 3.9 |
|  Net Other Assets (Liabilities) ^ | (14.4) |
|  **Total** | 100.0% |

---

*Current and future portfolio holdings are subject to change and risk.* 

^ *The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral.* 

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**(unaudited)**![LOGO](g438566g15i22.jpg)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Service Class | (15.30)% | 6.11% | 6.37% | 09/17/2012 |
|  S&P 500<sup>®</sup> Index <sup>(A)</sup> | (18.11)% | 9.42% | 12.56% |  |
|  Bloomberg US Government 5-10 Year Index <sup>(B)</sup> | (12.58)% | 0.14% | 0.74% |  |
|  Transamerica Market Participation Strategy VP Blended Benchmark <sup>(A) (C) (D)</sup> | (12.63)% | 5.44% | 7.15% |  |

---

<sup>(A)</sup> *The S&P 500<sup>®</sup> Index is a market-capitalization weighted index of 500 large U.S. companies with common stock listed on the NYSE or NASDAQ.* 

<sup>(B)</sup> *The Bloomberg US Government 5-10 Year Index is comprised of U.S. treasuries and U.S. agency debentures with maturities between 5 and 10 years.* 

<sup>(C)</sup> *The Transamerica Market Participation Strategy VP Blended Benchmark is composed of the following benchmarks: 50% S&P 500<sup>®</sup> Index and 50% Bloomberg Intermediate Government Bond Index.* 

<sup>(D)</sup> *The Bloomberg Intermediate Government Bond Index measures covering issues with remaining maturities of between three and five years.* 

The Portfolio's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Year or Since Inception calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or the redemption of Portfolio shares. The Portfolio's investment return and net asset value will fluctuate. Investors' shares when redeemed may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month end. Portfolio performance is net of investment fees and Portfolio expenses, but not product charges, which, if included, would significantly lower the performance quoted.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of previously waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Asset allocation, an investing strategy of dividing money among many types of investments, can help investors manage risk but cannot guarantee a profit or guard against loss.

Growth stocks can be volatile and experience sharp price declines and certain types of stocks can be extremely volatile and subject to greater price swings than the broader market. The market prices of fixed-income securities may go up or down, sometimes rapidly or unpredictably due to general market conditions.

The Portfolio is classified as "non-diversified," which means it may invest a larger percentage of its assets in one issuer than a diversified Portfolio. To the extent the Portfolio invests its assets in fewer issuers, the Portfolio will be more susceptible to negative events affecting those issuers.

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**DISCLOSURE OF EXPENSES** 

**(unaudited)** 

**SHAREHOLDER EXPENSES** 

Portfolio shareholders may incur two types of costs: (i) transaction costs, including brokerage commissions on purchases and sales of portfolio shares; and (ii) ongoing costs, including management fees, and other portfolio expenses.

The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other portfolios.

The example is based on an investment of $1,000 invested at July 1, 2022, and held for the entire six-month period until December 31, 2022.

**ACTUAL EXPENSES** 

The information in the table below provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = $8.60), then multiply the result by the number in the appropriate column for your share class titled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES** 

The information in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Portfolio versus other portfolios. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other portfolios.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Portfolio shares. Therefore, the information under the heading "Hypothetical Expenses" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different portfolios. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries, or other financial institutions.

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|:---|:---|:---|:---|:---|:---|:---|
| | | **Actual Expenses** | **Actual Expenses** | **Hypothetical Expenses <sup>(A)</sup>** | **Hypothetical Expenses <sup>(A)</sup>** | |
| <br>**Class** |<br>**Beginning<br>Account Value<br>July 1, 2022** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** |<br>**Net Annualized<br>Expense Ratio <sup>(C)</sup>** |
|  Service Class | $&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;991.70 | $&nbsp;&nbsp;&nbsp;&nbsp;4.82 | $&nbsp;&nbsp;&nbsp;&nbsp;1020.40 | $&nbsp;&nbsp;&nbsp;&nbsp;4.89 | 0.96% |

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(A) *5% return per year before expenses.*

(B) *Expenses are calculated using the Portfolio's net annualized expense ratio, as disclosed in the table, multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (365 days).*

(C) *Net annualized expense ratios are reflective of applicable fee waivers and/or reimbursements and recapture, if any, and are based on the most recent six-months which may differ from the net expense ratio displayed in the Financial Highlights that covers a twelve-month period.*

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**SCHEDULE OF INVESTMENTS** 

**At December 31, 2022** 

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| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **FOREIGN GOVERNMENT OBLIGATION - 4.0%** | **FOREIGN GOVERNMENT OBLIGATION - 4.0%** | **FOREIGN GOVERNMENT OBLIGATION - 4.0%** |
| **Supranational - 4.0%** | **Supranational - 4.0%** | **Supranational - 4.0%** |
|  International Bank for Reconstruction & Development <br>0.88%, 07/15/2026 <sup>(A)</sup> | $15000000 | $13355649 |
|  **Total Foreign Government Obligation <br>(Cost $14,872,815)** | **Total Foreign Government Obligation <br>(Cost $14,872,815)** | 13355649 |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS - 30.8%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 30.8%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 30.8%** |
|  Federal Home Loan Bank <br>3.25%, 11/16/2028 <sup>(A)</sup> | 37000000 | 35605031 |
| Federal Home Loan Mortgage Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/12/2025 <sup>(A)</sup> | 5000000 | 4714691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/19/2023 <sup>(A)</sup> | 24000000 | 23797480 |
| Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 04/22/2025 | 25000000 | 22986234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/05/2024 <sup>(A)</sup> | 9500000 | 9274861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 05/15/2029 <sup>(A)</sup> | 6500000 | 7296964 |
|  **Total U.S. Government Agency Obligations <br>(Cost $110,977,144)** | **Total U.S. Government Agency Obligations <br>(Cost $110,977,144)** | 103675261 |
| **U.S. GOVERNMENT OBLIGATIONS - 22.5%** | **U.S. GOVERNMENT OBLIGATIONS - 22.5%** | **U.S. GOVERNMENT OBLIGATIONS - 22.5%** |
| **U.S. Treasury - 22.5%** | **U.S. Treasury - 22.5%** | **U.S. Treasury - 22.5%** |
|  U.S. Treasury Bonds, Principal Only STRIPS <br>Zero Coupon, 02/15/2027 <sup>(A)</sup> | 18000000 | 15222692 |
|  U.S. Treasury Notes <br>1.63%, 10/31/2026 | 66000000 | 60325547 |
|  **Total U.S. Government Obligations <br>(Cost $84,165,370)** | **Total U.S. Government Obligations <br>(Cost $84,165,370)** | 75548239 |
| **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 29.4%** | **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 29.4%** | **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 29.4%** |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.54% <sup>(B)</sup>, 04/27/2023 <sup>(C)</sup> | 70000000 | 69013639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55% <sup>(B)</sup>, 04/27/2023 <sup>(C)</sup> | 30300000 | 29873046 |
|  **Total Short-Term U.S. Government Obligations <br>(Cost $98,881,840)** | **Total Short-Term U.S. Government Obligations <br>(Cost $98,881,840)** | 98886685 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **OTHER INVESTMENT COMPANY - 14.4%** | **OTHER INVESTMENT COMPANY - 14.4%** | **OTHER INVESTMENT COMPANY - 14.4%** |
| **Securities Lending Collateral - 14.4%** | **Securities Lending Collateral - 14.4%** | **Securities Lending Collateral - 14.4%** |
|  State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 4.29% <sup>(B)</sup> | 48405394 | $48405394 |
|  **Total Other Investment Company <br>(Cost $48,405,394)** | **Total Other Investment Company <br>(Cost $48,405,394)** | 48405394 |
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 3.9%** | **REPURCHASE AGREEMENT - 3.9%** | **REPURCHASE AGREEMENT - 3.9%** |
|  Fixed Income Clearing Corp., 1.80% <sup>(B)</sup>, dated 12/30/2022, to be repurchased at $13,121,492 on 01/03/2023. Collateralized by a U.S. Government Obligation, 0.75%, due 12/31/2023, and with a value of $13,381,262. | $13118869 | 13118869 |
|  **Total Repurchase Agreement <br>(Cost $13,118,869)** | **Total Repurchase Agreement <br>(Cost $13,118,869)** | 13118869 |
|  **Total Investments Excluding Options Purchased <br>(Cost $370,421,432)** | **Total Investments Excluding Options Purchased <br>(Cost $370,421,432)** | 352990097 |
|  **Total Options Purchased - 9.4% <br>(Cost $42,564,416)** | **Total Options Purchased - 9.4% <br>(Cost $42,564,416)** | 31679330 |
|  **Total Investments <br>(Cost $412,985,848)** | **Total Investments <br>(Cost $412,985,848)** | 384669427 |
|  **Net Other Assets (Liabilities) - (14.4)%** | **Net Other Assets (Liabilities) - (14.4)%** | (48304213) |
|  **Net Assets - 100.0%** |  | **$336365214** |

---

**OVER-THE-COUNTER OPTIONS PURCHASED:** 

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Exercise<br>Price** | **Expiration<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Number of<br>Contracts** | **Premiums<br>Paid** | **Value** |
|  Call - S&P 500<sup>®</sup> Index - Flexible Exchange Option | GSC | USD | 4450.00 | 08/11/2026 | USD | 105586250 | 275 | $20194772 | $14477551 |
|  Call - S&P 500<sup>®</sup> Index - Flexible Exchange Option | MSC | USD | 4460.00 | 08/12/2027 | USD | 103666500 | 270 | 22369644 | 17201779 |
|  **Total** |  |  |  |  |  |  |  | $**42564416** | $**31679330** |

---

**FUTURES CONTRACTS:** 

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Long Futures Contracts** | **Long Futures Contracts** | **Long Futures Contracts** | **Long Futures Contracts** | **Long Futures Contracts** | **Long Futures Contracts** | **Long Futures Contracts** |
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  2-Year U.S. Treasury Notes | 208 | 03/31/2023 | $42596468 | $&nbsp;&nbsp;&nbsp;&nbsp;42656250 | $&nbsp;&nbsp;&nbsp;&nbsp;59782 | $— |
|  5-Year U.S. Treasury Notes | 223 | 03/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp;24130384 | 24068321 |  | (62063) |
|  10-Year U.S. Treasury Notes | 112 | 03/22/2023 | 12708037 | 12577250 |  | &nbsp;&nbsp;&nbsp;&nbsp;(130787) |

---

***The Notes to Financial Statements are an integral part of this report.***

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|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 5** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

**FUTURES CONTRACTS (continued):** 

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Long Futures Contracts (continued)** | **Long Futures Contracts (continued)** | **Long Futures Contracts (continued)** | **Long Futures Contracts (continued)** | **Long Futures Contracts (continued)** | **Long Futures Contracts (continued)** | **Long Futures Contracts (continued)** |
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  30-Year U.S. Treasury Bonds | 20 | 03/22/2023 | $2549299 | $2506875 | $— | $(42424) |
|  S&P 500<sup>®</sup> E-Mini Index | 196 | 03/17/2023 | &nbsp;&nbsp;&nbsp;&nbsp;39363123 | &nbsp;&nbsp;&nbsp;&nbsp;37837800 |  | (1525323) |
|  **Total Futures Contracts** |  |  |  |  | $**59782** | $**(1760597)** |

---

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(D)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Foreign Government Obligation | $— | $13355649 | $— | $13355649 |
|  U.S. Government Agency Obligations |  | 103675261 |  | 103675261 |
|  U.S. Government Obligations |  | 75548239 |  | 75548239 |
|  Short-Term U.S. Government Obligations |  | 98886685 |  | 98886685 |
|  Other Investment Company | 48405394 |  |  | 48405394 |
|  Repurchase Agreement |  | 13118869 |  | 13118869 |
|  Over-the-Counter Options Purchased | 31679330 |  |  | 31679330 |
|  **Total Investments** | $**80084724** | $**304584703** | $**—** | $**384669427** |
|  **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** |
|  Futures Contracts <sup>(E)</sup>  | $59782 | $— | $— | $59782 |
|  **Total Other Financial Instruments** | $**59782** | $**—** | $**—** | $**59782** |
| **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** |
|  **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** |
|  Futures Contracts <sup>(E)</sup>  | $(1760597) | $— | $— | $(1760597) |
|  **Total Other Financial Instruments** | $**(1760597)** | $**—** | $**—** | $**(1760597)** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *All or a portion of the securities are on loan. The total value of all securities on loan is $47,403,428, collateralized by cash collateral of $48,405,394. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.* 

(B) *Rates disclosed reflect the yields at December 31, 2022.* 

(C) *All or a portion of these securities have been segregated by the custodian as collateral to cover margin requirements for open futures contracts. The total value of such securities is $4,436,591.* 

(D) *There were no transfers in or out of Level 3 during the year ended December 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

(E) *Derivative instruments are valued at unrealized appreciation (depreciation).* 

**COUNTERPARTY ABBREVIATIONS:** 

*GSC* *Goldman Sachs & Co.* <br> *MSC* *Morgan Stanley & Co.*

**PORTFOLIO ABBREVIATION:** 

*STRIPS* *Separate Trading of Registered Interest and Principal of Securities*

***The Notes to Financial Statements are an integral part of this report.***

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| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 6** 

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**STATEMENT OF ASSETS AND LIABILITIES** 

**At December 31, 2022** 

---

| | |
|:---|:---|
|  **Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value (cost $399,866,979) <br>(including securities loaned of $47,403,428) | $&nbsp;&nbsp;&nbsp;&nbsp;371550558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreement, at value (cost $13,118,869) | 13118869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables and other assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 11176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 624968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 1349 |
|  Total assets | 385306920 |
|  **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral received upon return of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities on loan | 48405394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables and other liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest redeemed | 30949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 197920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 72765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 2896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 19123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 7113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 2077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 22854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 4303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin payable on futures contracts | 175903 |
|  Total liabilities | 48941706 |
|  **Net assets** | $336365214 |
|  **Net assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital stock ($0.01 par value) | $373585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 377289327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) | (41297698) |
|  **Net assets** | $336365214 |
|  **Shares outstanding** | 37358476 |
|  **Net asset value and offering price per share** | $9.00 |

---

**STATEMENT OF OPERATIONS** 

**For the year ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | $4837577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 137420 |
|  Total investment income | 4974997 |
|  **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 2579435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 948322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 3965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 15955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 28617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 28810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 21154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 13052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 23932 |
|  Total expenses | 3663242 |
|  **Net investment income (loss)** | 1311755 |
|  **Net realized gain (loss) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (3891660) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (8133529) |
|  Net realized gain (loss) | (12025189) |
|  **Net change in unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (54461784) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (2257628) |
|  Net change in unrealized appreciation (depreciation) | (56719412) |
|  Net realized and change in unrealized gain (loss) | (68744601) |
|  **Net increase (decrease) in net assets resulting from operations** | $&nbsp;&nbsp;&nbsp;&nbsp;(67432846) |

---

***The Notes to Financial Statements are an integral part of this report.***

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| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 7** 

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**STATEMENT OF CHANGES IN NET ASSETS** 

**For the years ended:** 

---

| | | |
|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2021** |
|  **From operations:** | **From operations:** | **From operations:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $1311755 | $172033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (12025189) | 90625084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (56719412) | (27898483) |
|  Net increase (decrease) in net assets resulting from operations | (67432846) | 62898634 |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions to shareholders | (91332307) | (49408410) |
|  Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (91332307) | (49408410) |
|  **Capital share transactions:** | **Capital share transactions:** | **Capital share transactions:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold | 4945019 | 5014600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions reinvested | 91332307 | 49408410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (61496360) | (75256442) |
|  Net increase (decrease) in net assets resulting from capital share transactions | 34780966 | (20833432) |
|  **Net increase (decrease) in net assets** | (123984187) | (7343208) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;460349401 | &nbsp;&nbsp;&nbsp;&nbsp;467692609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $336365214 | $460349401 |
|  **Capital share transactions - shares:** | **Capital share transactions - shares:** | **Capital share transactions - shares:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued | 467812 | 354296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested | 9695574 | 3624975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (5421923) | (5305371) |
|  Net increase (decrease) in shares outstanding | 4741463 | (1326100) |

---

***The Notes to Financial Statements are an integral part of this report.***

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| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 8** 

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**FINANCIAL HIGHLIGHTS** 

**For a share outstanding during the years indicated:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $14.11 | $13.78 | $11.70 | $11.73 | $12.80 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(A)</sup> | 0.04 | 0.01 | 0.07 | 0.12 | 0.11 |
|  Net realized and unrealized gain (loss) | (2.07) | 1.92 | 2.29 | 1.93 | (0.41) |
|  Total investment operations | (2.03) | 1.93 | 2.36 | 2.05 | (0.30) |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income | (0.00)<sup>(B)</sup> | (0.07) | (0.13) | (0.12) | (0.05) |
|  Net realized gains | (3.08) | (1.53) | (0.15) | (1.96) | (0.72) |
|  Total dividends and/or distributions to shareholders | (3.08) | (1.60) | (0.28) | (2.08) | (0.77) |
|  **Net asset value, end of year** | $9.00 | $14.11 | $13.78 | $11.70 | $11.73 |
|  **Total return** | (15.30)% | 14.45% | 20.33% | 18.58% | (2.73)% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;336365 | $&nbsp;&nbsp;&nbsp;&nbsp;460349 | $&nbsp;&nbsp;&nbsp;&nbsp;467693 | $&nbsp;&nbsp;&nbsp;&nbsp;427339 | $&nbsp;&nbsp;&nbsp;&nbsp;412353 |
|  Expenses to average net assets | 0.97% | 0.96% | 0.97% | 0.97% | 0.96% |
|  Net investment income (loss) to average net assets | 0.35% | 0.04% | 0.52% | 1.02% | 0.84% |
|  Portfolio turnover rate | 3% | 72% | 51% | 32% | 42% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Rounds to less than $0.01 or $(0.01).* 

***The Notes to Financial Statements are an integral part of this report.***

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**Page 9** 

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**NOTES TO FINANCIAL STATEMENTS** 

**At December 31, 2022** 

**1. ORGANIZATION** 

Transamerica Series Trust ("TST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). TST applies investment company accounting and reporting guidance. TST serves as a funding vehicle for variable life insurance, variable annuity, and group annuity products. Transamerica Market Participation Strategy VP (the "Portfolio") is a series of TST and is classified as non-diversified under the 1940 Act. The Portfolio currently offers one class of shares, Service Class.

The only shareholders of the Portfolio are affiliated insurance company separate accounts and affiliated asset allocation portfolios. Contract holders of the variable life and annuity contracts are not shareholders of the Portfolio. For ease of reference, shareholders and contract holders are collectively referred to in this report as "shareholders."

This report must be accompanied or preceded by the Portfolio's current prospectus, which contains additional information about the Portfolio, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Portfolio pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Portfolio. TAM supervises the Portfolio's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Portfolio.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of a Portfolio without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Portfolio and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Portfolio employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending portfolio combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Portfolio's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Portfolio; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for a Portfolio; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Portfolio's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; oversight of other service providers to the Portfolio, such as the custodian, the transfer agent, the Portfolio's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Portfolio; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Portfolio, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Portfolio. The Portfolio pays certain fees and expenses to State Street for sub-administration services which are not administrative

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**Page 10** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**1. ORGANIZATION (continued)** 

services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the year ended December 31, 2022, (i) the expenses paid to State Street for sub-administration services by the Portfolio are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Portfolio are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES** 

In preparing the Portfolio's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Portfolio.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Portfolio is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Portfolio with broker/dealers with which TST has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Portfolio. In no event will commissions, paid by the Portfolio, be used to pay expenses that would otherwise be borne by any other portfolios within TST, or by any other party.

There were no commissions recaptured during the year ended December 31, 2022 by the Portfolio.

**Indemnification:** In the normal course of business, the Portfolio enters into contracts that contain a variety of representations that provide general indemnifications. The Portfolio's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio and/or its affiliates that have not yet occurred. However, based on experience, the Portfolio expects the risk of loss to be remote.

**3. INVESTMENT VALUATION** 

Effective September 8, 2022, TAM has been designated as the Portfolio's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Portfolio's Board of Trustees. The net asset value of the Portfolio is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

TAM utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels ("Levels") of inputs of the fair value hierarchy are defined as follows:

Level 1—Unadjusted quoted prices in active markets for identical securities.

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Portfolio's investments and derivative instruments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**3. INVESTMENT VALUATION (continued)** 

share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Portfolio's investments at December 31, 2022, is disclosed within the Investment Valuation section of the Schedule of Investments.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

**Fair value measurements:** Descriptions of the valuation techniques applied to the Portfolio's significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

*Foreign government obligations:* Foreign government obligations are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued by principally using dealer quotations. Foreign government obligations generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

*U.S. government agency obligations:* U.S. government agency obligations are comprised of two main categories consisting of agency issued debt and mortgage pass-throughs. Generally, agency issued debt securities are valued in a manner similar to U.S. government obligations. Mortgage pass-throughs include to be announced ("TBA") securities and mortgage pass-through certificates. Generally, TBA securities and mortgage pass-throughs are valued using dealer quotations. Depending on market activity levels and whether quotations or other observable data are used, these securities are typically categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized in Level 3.

*U.S. government obligations:* U.S. government obligations are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued by principally using dealer quotations. U.S. government obligations generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

*Short-term notes:* The Portfolio normally values short-term government and U.S. government agency securities using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers and reference data. Certain securities are valued by principally using dealer quotations. Short-term government and U.S. government agency securities generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

*Securities lending collateral:* Securities lending collateral is invested in a money market fund which is valued at the actively traded NAV and no valuation adjustments are applied. Securities lending collateral is categorized in Level 1 of the fair value hierarchy.

*Repurchase agreements:* Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

*Derivative instruments:* Centrally cleared or listed derivatives that are actively traded are valued based on quoted prices from the exchange and are categorized in Level 1 of the fair value hierarchy. Over-the-counter ("OTC") derivative contracts include forward, swap, swaption, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices. Depending on the product and the terms of the transaction, the fair value of the OTC derivative products are modeled taking into account the counterparties' creditworthiness and using a series of techniques, including simulation models. Many pricing models do not entail material subjectivity because the methodologies employed do not necessitate significant judgments and the pricing inputs are observed from actively quoted markets, as is the case of interest rate swap and option contracts. The majority of OTC derivative products valued by the Portfolio using pricing models fall into this category and are categorized within Level 2 of the fair value hierarchy or Level 3 if inputs are unobservable.

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

The Portfolio may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)** 

instruments. When the Portfolio invests borrowing proceeds in other securities, the Portfolio will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Portfolio may borrow on a secured or on an unsecured basis. If the Portfolio enters into a secured borrowing arrangement, a portion of the Portfolio's assets will be used as collateral. The 1940 Act requires the Portfolio to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Portfolio's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Portfolio may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the year ended December 31, 2022, the Portfolio has not utilized the program.

**Repurchase agreements:** In a repurchase agreement, the Portfolio purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Portfolio's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Portfolio will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Portfolio and its counterparties that provide for the net settlement of all transactions and collateral with the Portfolio, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at December 31, 2022.

Repurchase agreements at December 31, 2022, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**Securities lending:** The Portfolio may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Portfolio pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Portfolio to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Portfolio may experience delays in recovery of the loaned securities or delays in access to collateral, or the Portfolio may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government and irrevocable letters of credit issued by banks as collateral. The initial collateral received by the Portfolio is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower.

The Portfolio receives compensation for lending securities from interest or dividends earned on the cash, U.S. Government securities and irrevocable letters of credit held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust—Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at December 31, 2022, if any, are shown on a gross basis within the Schedule of Investments.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)** 

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of December 31, 2022.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
| | **Overnight and<br>Continuous** | **Less Than<br>30 Days** | **Between<br>30 & 90 Days** | **Greater Than<br>90 Days** | **Total** |
|  Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Obligations | $1024410 | $— | $— | $— | $1024410 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agency Obligations | 33299125 |  |  |  | 33299125 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Obligations | 14081859 |  |  |  | 14081859 |
|  Total Securities Lending Transactions | $48405394 | $— | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;48405394 |
|  **Total Borrowings** | $**48405394** | $**—** | $**—** | $**—** | $**48405394** |

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**5. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS** 

The Portfolio's investment strategies allow the Portfolio to use various types of derivative contracts, including option contracts, swap agreements, futures contracts, and forward foreign currency contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or OTC.

**Market Risk Factors:** In pursuit of the Portfolio's investment strategies, the Portfolio may seek to use derivatives to increase or decrease its exposure to certain market risks, including:

*Interest rate risk:* Interest rate risk relates to the fluctuations in the value of fixed income securities due to changes in the prevailing levels of market interest rates.

*Foreign exchange rate risk:* Foreign exchange rate risk relates to fluctuations in the value of an asset or liability due to changes in the currency exchange rates.

*Equity risk:* Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

*Credit risk:* Credit risk relates to the ability of the issuer of a financial instrument to make further principal or interest payments on an obligation or commitment that it has to the Portfolio.

*Commodity risk:* Commodity risk relates to the change in value of commodities or commodity indices as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

The Portfolio is also exposed to additional risks from investing in derivatives, such as liquidity and counterparty credit risk. Liquidity risk is the risk that the Portfolio will be unable to sell or close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligations to the Portfolio. Investing in derivatives may also involve greater risks than investing directly in the underlying assets, such as losses in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

The Portfolio's exposure to market risk factors and certain other associated risks are summarized by derivative type as follows:

**Option contracts:** The Portfolio is subject to equity risk, interest rate risk, and foreign exchange rate risk in the normal course of pursuing its investment objective. The Portfolio may enter into option contracts to manage exposure to various market fluctuations. The Portfolio may purchase or write call and put options on securities and derivative instruments in which the Portfolio owns or may invest. Options are valued at the average of the bid and ask price established each day at the close of the board of trade or exchange on which they are traded. Options are marked-to-market daily to reflect the current value of the option. The primary risks associated with options are an imperfect correlation between the change in value of the securities held and the prices of the option contracts, the possibility of an illiquid market, and an inability of the counterparty to meet the contract terms. Options can be traded through an exchange or through privately negotiated arrangements with a dealer in an OTC transaction. Options traded on an exchange are generally cleared through a clearinghouse such as the Options Clearing Corp.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**5. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)** 

*Options on indices:* The Portfolio may purchase or write options on indices. Purchasing or writing an option on indices gives the Portfolio the right, but not the obligation to buy or sell the cash from the underlying index. The exercise of the option will result in a cash transfer and gain or loss depends on the change in the underlying index.

*Purchased options:* Purchasing call options tends to increase exposure to the underlying instrument. Purchasing put options tends to decrease exposure to the underlying instrument. The Portfolio pays premiums, which are included within the Statement of Assets and Liabilities as an investment and subsequently marked-to-market to reflect the current value of the option. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid from options which expire are treated as realized losses. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying instrument to determine the realized gain or loss.

Open option contracts at December 31, 2022, if any, are included within the Schedule of Investments. The value of purchased option contracts, as applicable, is shown in Investments, at value within the Statement of Assets and Liabilities. The value of written option contracts, as applicable, is shown in Written options and swaptions, at value within the Statement of Assets and Liabilities.

**Futures contracts:** The Portfolio is subject to equity and commodity risk, interest rate risk, and foreign exchange rate risk in the normal course of pursuing its investment objective. The Portfolio uses futures contracts to gain exposure to, or hedge against, changes in the value of equities and commodities, interest rates, or foreign currencies. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date. Upon entering into such contracts, the Portfolio is required to deposit with the broker, either in cash or in securities, an initial margin in an amount equal to a certain percentage of the contract amount. Subsequent payments (variation margin) are paid or received by the Portfolio, depending on the daily fluctuations in the value of the contract, and are recorded for financial statement purposes as unrealized gains or losses by the Portfolio. Upon entering into such contracts, the Portfolio bears the risk of equity and commodity prices, interest rates, or exchange rates moving unexpectedly, in which case, the Portfolio may not achieve the anticipated benefits of the futures contracts and may realize losses. With futures, there is minimal counterparty credit risk to the Portfolio since futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange.

Open futures contracts at December 31, 2022, if any, are listed within the Schedule of Investments. Variation margin, if applicable, is shown in Variation margin receivable or payable on futures contracts within the Statement of Assets and Liabilities.

The following is a summary of the location and the Portfolio's fair values of derivative investments disclosed, if any, within the Statement of Assets and Liabilities, categorized by primary market risk exposure as of December 31, 2022.

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|:---|:---|:---|:---|:---|:---|:---|
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| **Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  Purchased options and swaptions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value <sup>(A)</sup> | $— | $— | $31679330 | $— | $— | $31679330 |
|  Futures contracts: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) <sup>(A) (B)</sup> | 59782 |  |  |  |  | 59782 |
|  **Total** | $**59782** | $**—** | $**31679330** | $**—** | $**—** | $**31739112** |
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  Futures contracts: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) <sup>(A) (B)</sup> | $(235274) | $— | $(1525323) | $— | $— | $(1760597) |
|  **Total** | $**(235274)** | $**—** | $**(1525323)** | $**—** | $**—** | $**(1760597)** |

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(A) *May include exchange-traded derivatives which are not subject to a master netting arrangement, or another similar arrangement.* 

(B) *Included within unrealized appreciation (depreciation) on futures contracts as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.* 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**5. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)** 

The following is a summary of the location and the effect of derivative investments, if any, within the Statement of Operations, categorized by primary market risk exposure as of December 31, 2022.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** |
| **Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  Purchased options and swaptions <sup>(A)</sup> | $— | $— | $2070510 | $— | $— | $2070510 |
|  Futures contracts | (5034889) |  | (3098640) |  |  | (8133529) |
|  **Total** | $**(5034889)** | $**—** | $**(1028130)** | $**—** | $**—** | $**(6063019)** |
| **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** |
| **Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  Purchased options and swaptions <sup>(B)</sup> | $— | $— | $(36099696) | $— | $— | $(36099696) |
|  Futures contracts | (598104) |  | (1659524) |  |  | (2257628) |
|  **Total** | $**(598104)** | $**—** | $**(37759220)** | $**—** | $**—** | $**(38357324)** |

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(A) *Included within Net realized gain (loss) on Investments in the Statement of Operations.* 

(B) *Included within Net change in unrealized appreciation (depreciation) on Investments in the Statement of Operations.* 

The following is a summary of the ending monthly average volume on derivative activity during the year ended December 31, 2022.

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| | |
|:---|:---|
|  **Options:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average value of option contracts purchased | $49077407 |
|  **Futures contracts:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts – long | &nbsp;&nbsp;&nbsp;&nbsp;55275448 |

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*Collateral requirements:* Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (futures contracts, exchange-traded options, and exchange-traded swap agreements) while collateral terms are contract specific for OTC derivatives (forward foreign currency exchange contracts, OTC options, and OTC swap agreements). For OTC derivatives, under standard derivatives agreements, the Portfolio may be required to pledge collateral on derivatives to a counterparty if the Portfolio is in a net liability position, and receive collateral if in a net positive position. For financial reporting purposes, cash collateral that has been pledged by the Portfolio to cover obligations, if any, is reported in Cash collateral at broker within the Statement of Assets and Liabilities. Cash collateral that has been received by the Portfolio from a counterparty, if any, is reported separately in Cash collateral pledged at custodian and/or broker within the Statement of Assets and Liabilities. Non-cash collateral pledged to the Portfolio, if any, is disclosed within the Schedule of Investments.

Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold before a transfer has been made. Typically a counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The Portfolio generally does not use non-cash collateral that it receives but may, absent default or certain other circumstances, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty.

To the extent amounts due to the Portfolio from its counterparties are not fully collateralized, contractually or otherwise, the Portfolio bears the risk of loss from counterparty non-performance. Additionally, to the extent the Portfolio has delivered collateral to a counterparty, the Portfolio bears the risk of loss from a counterparty in the event the counterparty fails to return such collateral. Counterparties may immediately terminate derivatives contracts if the Portfolio fails to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages. Collateral may not be required for all derivative contracts.

**6. RISK FACTORS** 

Investing in the Portfolio involves certain key risks related to the Portfolio's trading activity. Please reference the Portfolio's prospectus for a more complete discussion of the following risk(s), as well as other risks of investing in the Portfolio.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. RISK FACTORS (continued)** 

**Market risk:** The market prices of the Portfolio's securities and other assets may go up or down, sometimes sharply and unpredictably, due to general market conditions, overall economic trends or events, inflation, changes in interest rates, government actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by wars, tariffs, trade disputes or other factors, political developments, investor sentiment, the global and domestic effects of a pandemic or other health emergency, and other factors that may or may not be related to the issuer of the security or other asset. The market prices of securities and other assets also may go down due to events or conditions that affect particular sectors, industries, issuers, or geographies. Adverse market conditions may be prolonged and may not have the same impact on all types of securities or other assets. If the value of the Portfolio's securities and assets fall, the value of your investment will go down. The Portfolio may experience a substantial or complete loss on any individual security or asset.

Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, the imposition of economic sanctions, public health events (such as the spread of infectious disease), wars, terrorism, cybersecurity events, technology and data interruptions, natural disasters, and other circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. In the past decade, financial markets throughout the world have experienced increased volatility and decreased liquidity. These conditions may continue or worsen. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down. Securities markets may also be susceptible to market manipulation or other fraudulent trade practices, which could disrupt the orderly functioning of these markets or adversely affect the value of securities traded in these markets, including the Portfolio's securities.

The pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in economic downturns throughout the world, severe losses, particularly to some sectors of the economy and individual issuers, and reduced liquidity of many instruments. There also have been significant disruptions to business operations, including business closures; strained healthcare systems; disruptions to supply chains and employee availability; large fluctuations in consumer demand; and widespread uncertainty regarding the duration and long-term effects of the pandemic. Economic downturns may be prolonged, and political and social instability, continued volatility and decreased liquidity in the securities markets may result. Developing or emerging market countries may be more impacted by the pandemic.

The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic. These and other government intervention into the economy and financial markets may not work as intended. In addition, government actions to mitigate the economic impact of the pandemic have resulted in large expansion of government deficits and debt, the long-term consequences of which are not known. Rates of inflation have recently risen, which could adversely affect economies and markets. The pandemic could continue to adversely affect the value and liquidity of the Portfolio's investments.

*Europe:* A number of countries in Europe have experienced severe economic and financial difficulties; and financial markets in Europe and elsewhere have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen or spread within or outside Europe. Responses to the financial problems by European governments, central banks and others may not work, may result in conflicts and social unrest and may limit future growth and economic recovery or have other unintended consequences. In January, 2020, through "Brexit," the United Kingdom withdrew from the European Union. The ramifications of Brexit are unknown, and the implications of possible political, regulatory, economic, and market outcomes could be significant. The United Kingdom has one of the largest economies in Europe and is a major trading partner with European Union countries and the United States. Brexit may create additional and substantial economic stresses for the United Kingdom, including a contraction of the United Kingdom's economy, decreased trade, capital outflows, devaluation of the British pound, and a decrease in business and consumer spending and investment. The negative impact on not only the United Kingdom and European Union economies but also the broader global economy could be significant. A number of countries in Europe have suffered terror attacks, and additional attacks may occur in the future. Europe has also been struggling with mass migration from the Middle East, Eastern Europe and Africa. The ultimate effects of these events and other socio-political or geopolitical issues could profoundly affect global economies and markets. Whether or not the Portfolio invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

*Additional Market Disruption:* Russia's invasion of Ukraine in February, 2022, the resulting responses by the United States and other countries, and the potential for wider conflict, have increased and may continue to increase volatility and uncertainty in financial markets worldwide. The United States and other countries have imposed broad-ranging economic sanctions on Russia and Russian entities and individuals, and may impose additional sanctions, including on other countries that provide military or economic support to Russia. These sanctions, among other things, restrict companies from doing business with Russia and Russian issuers, and may adversely

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**Transamerica Market Participation Strategy VP** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. RISK FACTORS (continued)** 

affect companies with economic or financial exposure to Russia and Russian issuers. The extent and duration of Russia's military actions and the repercussions of such actions are not known. The invasion may widen beyond Ukraine and may escalate, including through retaliatory actions and cyberattacks by Russia and even other countries. These events may result in further and significant market disruptions and may adversely affect regional and global economies including those of Europe and the United States. Certain industries and markets, such as those involving oil, natural gas and other commodities, as well as global supply chains, may be particularly adversely affected. Whether or not the Portfolio invests in securities of issuers located in Russia, Ukraine and adjacent countries or with significant exposure to issuers in these countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

**Asset class allocation risk:** The Portfolio's investment performance is significantly impacted by the Portfolio's asset class allocation and reallocation from time to time. The sub-adviser's decisions whether and when to tactically overweight or underweight asset classes, create and apply formulas for de-risking or ending de-risking and select a mix of underlying portfolios may not produce the desired results. These actions may be unsuccessful in maximizing return and/or avoiding investment losses. The value of your investment may decrease if the sub-adviser's judgment about the attractiveness, value or market trends affecting a particular asset class is incorrect. The Portfolio's balance between equity and debt securities limits its potential for capital appreciation relative to an all-stock fund and contributes to greater volatility relative to an all-bond fund.

**Tactical asset allocation risk:** Tactical asset allocation is a dynamic investment strategy that actively adjusts a portfolio's asset allocation. The Portfolio's tactical asset management discipline may not work as intended. The Portfolio may not achieve its objective and may not perform as well as other funds using other asset management styles, including those based on fundamental analysis (a method of evaluating a security that entails attempting to measure its intrinsic value by examining related economic, financial and other factors) or strategic asset allocation (a strategy that involves periodically rebalancing the Portfolio in order to maintain a long-term goal for asset allocation). The sub-adviser's evaluations and assumptions in selecting underlying funds or individual securities may be incorrect in view of actual market conditions, and may result in owning securities that underperform other securities.

**Non-diversification risk:** As a "non-diversified" Portfolio, the Portfolio may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund. Investing in a smaller number of issuers will make the Portfolio more susceptible to negative events affecting those issuers.

**7. FEES AND OTHER AFFILIATED TRANSACTIONS** 

TST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Transamerica Life Insurance Company ("TLIC"), and Transamerica Financial Life Insurance Company.

TAM, the Portfolio's investment manager, is directly owned by TLIC and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon NV. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon NV, a Netherlands corporation, and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Portfolio's transfer agent. Transamerica Capital, Inc. ("TCI") is the Portfolio's distributor/principal underwriter. TAM, TFS, and TCI are affiliates of Aegon NV.

Certain officers and trustees of the Portfolio are also officers and/or trustees of TAM, TFS and TCI. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Portfolio. The Portfolio does pay non-interested persons (independent trustees), as disclosed in Trustee, CCO and deferred compensation fees within the Statement of Operations.

**Investment management fees:** TAM serves as the Portfolio's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Portfolio pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

The Portfolio pays a management fee to TAM based on daily average net assets at the following rates:

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| | |
|:---|:---|
| **Breakpoints** | **Rate** |
|  First $500 million | 0.68% |
|  Over $500 million up to $1 billion | 0.65 |
|  Over $1 billion up to $1.5 billion | 0.62 |
|  Over $1.5 billion | 0.60 |

---

TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses, reorganization expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

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| | | |
|:---|:---|:---|
| | **Operating<br>Expense Limit** | **Operating<br>Expense Limit<br>Effective Through** |
|  Service Class | 1.07% | May 1, 2023 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended December 31, 2022 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Portfolio, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

As of December 31, 2022, there are no amounts available for recapture by TAM.

**Distribution and service fees:** TST has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, TST entered into a distribution agreement with TCI as the Portfolio's distributor.

The Distribution Plan requires the Portfolio to pay distribution fees to TCI as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCI, on behalf of the Portfolio, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Portfolio's shares.

The fee on the Service Class shares is paid to the insurance companies for providing services and account maintenance for the policyholders who invest in the variable insurance products which invest in the Service Class shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Portfolio is authorized under the Distribution Plan to pay fees to TCI based on daily average net assets up to an annual fee of 0.25% of Service Class shares.

**Transfer agent costs:** TFS provides transfer agency services under an intercompany agreement with TAM. TFS has outsourced the provision of certain sub-transfer agency services to SS&C Technology Holdings, Inc ("SS&C"). The Portfolio does not pay a separate transfer agent fee to TAM or TFS but does pay certain expenses to SS&C related to applicable sub-transfer agency services. For the year ended December 31, 2022, (i) the expenses paid to SS&C by the Portfolio are referred to as Transfer agent costs and are included within the Statement of Operations and (ii) the expenses payable to SS&C by the Portfolio are referred to as Transfer agent costs within the Statement of Assets and Liabilities.

**Deferred compensation plan:** Effective September 23, 2021, the Board has approved the termination of the deferred compensation plan. Payments will be made to applicable current and former Board members consistent with Section 409A of the Code. Under a non-qualified deferred compensation plan effective January 1, 1996, as amended and restated January 1, 2010, available to the

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

trustees, compensation may be deferred that would otherwise be payable by TST to an independent trustee on a current basis for services rendered as trustee. Deferred compensation amounts will accumulate based on the value of the investment option, as elected by the trustee. Balances pursuant to deferred compensation plan are recorded in Trustees, Chief Compliance Officer ("CCO") and deferred compensation fees within the Statement of Assets and Liabilities. For the year ended December 31, 2022, amounts included in Trustees, CCO and deferred compensation fees within the Statement of Operations reflect total compensation paid to the independent Board members.

**Brokerage commissions:** The Portfolio incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the year ended December 31, 2022.

**8. PURCHASES AND SALES OF SECURITIES** 

For the year ended December 31, 2022, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $— | $9533594 | $26351348 | $85831950 |

---

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS** 

The Portfolio has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Portfolio recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Portfolio's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Portfolio's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Portfolio's financial statements. If applicable, the Portfolio recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Portfolio identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Portfolio makes significant investments; however, the Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, futures contracts mark-to-market. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. There are no reclassifications in the current year.

As of December 31, 2022, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross<br>Appreciation** | **Gross<br>(Depreciation)** | **Net Appreciation<br>(Depreciation)** |
| $412985848 | $4844 | $(28321265) | $(28316421) |

---

As of December 31, 2022, the capital loss carryforwards available to offset future realized capital gains are as follows:

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| | |
|:---|:---|
| **Unlimited** | **Unlimited** |
| **Short-Term** | **Long-Term** |
| $2849377 | $11433440 |

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)** 

During the year ended December 31, 2022, the Portfolio did not have any capital loss carryforwards utilized or expired.

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2022 and 2021 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** |
| **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of Capital** | **Ordinary Income** | **Long-Term<br>Capital Gain** | **Return of Capital** |
| $83756483 | $7575824 | $— | $14998652 | $34409758 | $— |

---

As of December 31, 2022, the tax basis components of distributable earnings are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Capital Loss<br>Carryforwards** | **Late Year<br>Ordinary Loss<br>Deferred** | **Other<br>Temporary<br>Differences** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| $1301540 | $— | $(14282817) | $— | $— | $(28316421) |

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**Report of Independent Registered Public Accounting Firm** 

*To the Shareholders and the Board of Trustees of Transamerica Market Participation Strategy VP* 

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities of Transamerica Market Participation Strategy VP (the "Portfolio") (one of the portfolios constituting Transamerica Series Trust (the "Trust")), including the schedule of investments, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the portfolios constituting Transamerica Series Trust) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion** 

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g438566ernst_young.jpg)

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

February 27, 2023

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**SUPPLEMENTAL TAX INFORMATION** 

**(unaudited)** 

For tax purposes, the Portfolio has made a long-term capital gain designation of $7,575,824 for the year ended December 31, 2022.

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**Transamerica Morgan Stanley Capital Growth VP** 

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**(unaudited)** 

**MARKET ENVIRONMENT** 

Large-cap growth equities, as measured by the Russell 1000<sup>®</sup> Growth Index, declined over the year ended December 31, 2022. Outside of the energy sector's significant outperformance and a small positive return from utilities, all other index sectors had negative performance for the year. Communication services, consumer discretionary and information technology were the bottom performing sectors. Against this backdrop, we continued to focus on bottom-up stock selection and the long-term outlook for companies owned in the portfolio.

Fear and uncertainty due to concerns about inflation, rising interest rates, geopolitical tensions and ongoing effects of the global pandemic continued to weigh on market sentiment, contributing to greater volatility and a continued aversion towards high growth equities. We believe this rotation away from high growth equities was driven primarily by non-fundamental factors.

**PERFORMANCE** 

For the year ended December 31, 2022, Transamerica Morgan Stanley Capital Growth VP, Initial Class returned -59.84%. By comparison, its benchmark, the Russell 1000<sup>®</sup> Growth Index, returned -29.14%.

**STRATEGY REVIEW** 

Transamerica Morgan Stanley Capital Growth VP (the "Portfolio") underperformed its benchmark over the year ended December 31, 2022 largely due to unfavorable stock selection. Sector allocations also detracted to a lesser extent.

Information technology was the largest sector detractor from relative performance, due to our mixed stock selection decisions. Several holdings in the sector impeded relative performance, including Cloudflare, Inc., Class A and Snowflake, Inc., Class A. Despite both companies reporting overall good fundamentals, their shares declined primarily due to the weak market conditions for high growth equities. Cloudflare, Inc., Class A offers a global cloud platform that provides security, performance, and reliability services to the applications of its customers. Snowflake, Inc., Class A operates a cloud data platform that enables customers to consolidate data into a single source and derive business insights. Shopify, Inc., Class A which operates a cloud-based software and services platform that enables merchants to build an ecommerce presence, also underperformed. Its shares underperformed due to slowing growth in ecommerce following a period of heightened demand during the pandemic.

Most other sectors also detracted from relative performance over the period due to our stock selection decisions, including communication services, consumer discretionary, health care, industrials, financials, and materials. Weakness in these sectors was partly offset by strength in Moderna, Inc., Alnylam Pharmaceuticals, Inc. and Twitter, Inc. holdings.

Moderna, Inc., a biotechnology company focused on the development of drugs using messenger RNA technology, has generally benefited from the global pandemic, and resulting demand for both its existing and in-development vaccines. Alnylam Pharmaceuticals, Inc. is a commercial-stage biotechnology company that is the leader in gene silencing technologies with a focus on rare diseases. The company most recently reported strong quarterly results characterized by the much-anticipated trial for the treatment of heart failure and a strong drug pipeline for 2023. Global communications platform Twitter, Inc. was facing some fundamental headwinds, but its shares spiked on the acquisition announcement by Elon Musk. The position in Twitter, Inc. was eliminated to fund other investments that we believe offer a superior risk/reward profile.

Lastly, an overweight in healthcare and an average underweight in consumer discretionary were modestly positive contributors.

The Portfolio may use financial derivatives, including exchange traded and over-the-counter options, futures and other derivatives, for investment purposes to capture market opportunities, or for efficient portfolio management. The Portfolio does not invest extensively or primarily in financial derivatives instruments.

During the fiscal year, the Portfolio utilized derivatives which detracted from performance. The Portfolio had a small, foreign exchange (FX) put option position to hedge against a potential devaluation of Chinese currency. Our thinking is that for a small premium outlay, these FX put options may have a highly asymmetrical risk/reward profile that could hedge against an unexpected devaluation of Chinese currency.

**Dennis P. Lynch** 

**Sam G. Chainani, CFA** 

**Jason C. Yeung, CFA** 

**David S. Cohen** 

**Armistead B. Nash** 

**Alexander T. Norton** 

**Co-Portfolio Managers** 

**Morgan Stanley Investment Management Inc.** 

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**(unaudited)** 

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| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  Common Stocks | 98.2% |
|  Other Investment Company | 5.9 |
|  Repurchase Agreement | 1.7 |
|  Over-the-Counter Foreign Exchange Options Purchased | 0.2 |
|  Net Other Assets (Liabilities) | (6.0) |
|  **Total** | 100.0% |

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*Current and future portfolio holdings are subject to change and risk.* 

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**(unaudited)**![LOGO](g438566g61j52.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Initial Class | (59.84)% | 2.81% | 10.97% | 05/03/1999 |
|  Russell 1000<sup>®</sup> Growth Index <sup>(A)</sup> | (29.14)% | 10.96% | 14.10% |  |
|  Service Class | (59.91)% | 2.57% | 10.71% | 05/01/2003 |

---

<sup>(A)</sup> *The Russell 1000<sup>®</sup> Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe, and is comprised of Russell 1000<sup>®</sup> Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000<sup>®</sup> Index measures the performance of the large-cap segment of the U.S. equity universe.* 

The Portfolio's benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Year or Since Inception calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or the redemption of Portfolio shares. The Portfolio's investment return and net asset value will fluctuate. Investors' shares when redeemed may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month end. Portfolio performance is net of investment fees and Portfolio expenses, but not product charges, which, if included, would significantly lower the performance quoted.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of previously waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Investing internationally, globally, or in emerging markets exposes investors to additional risks and expenses such as changes in currency rates, foreign taxation, differences in auditing and other financial standards not associated with investing domestically.

Value approach carries the risk that the market will not recognize a security's intrinsic value for a long time or that an undervalued stock is actually appropriately priced. Applying the sub-adviser's ESG criteria to its investment analysis for the Portfolio may impact the sub-adviser's investment decisions as to securities of certain issuers and, therefore, the Portfolio may forego some investment opportunities available to portfolios that do not use ESG criteria or that apply different ESG criteria.

Russell<sup>®</sup> and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.

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**DISCLOSURE OF EXPENSES** 

**(unaudited)** 

**SHAREHOLDER EXPENSES** 

Portfolio shareholders may incur two types of costs: (i) transaction costs, including brokerage commissions on purchases and sales of portfolio shares; and (ii) ongoing costs, including management fees, and other portfolio expenses.

The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other portfolios.

The example is based on an investment of $1,000 invested at July 1, 2022, and held for the entire six-month period until December 31, 2022.

**ACTUAL EXPENSES** 

The information in the table below provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = $8.60), then multiply the result by the number in the appropriate column for your share class titled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES** 

The information in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratios and assumed rates of return of 5% per year before expenses, which are not the Portfolio's actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Portfolio versus other portfolios. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other portfolios.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Portfolio shares. Therefore, the information under the heading "Hypothetical Expenses" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different portfolios. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries, or other financial institutions.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Actual Expenses** | **Actual Expenses** | **Hypothetical Expenses <sup>(A)</sup>** | **Hypothetical Expenses <sup>(A)</sup>** | |
| <br>**Class** |<br>**Beginning<br>Account Value<br>July 1, 2022** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** |<br>**Net Annualized<br>Expense Ratio <sup>(C)</sup>** |
|  Initial Class | $&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;926.50 | $&nbsp;&nbsp;&nbsp;&nbsp;3.69 | $&nbsp;&nbsp;&nbsp;&nbsp;1021.40 | $&nbsp;&nbsp;&nbsp;&nbsp;3.87 | 0.76% |
|  Service Class | 1000.00 | 925.90 | 4.90 | 1020.10 | 5.14 | 1.01 |

---

(A) *5% return per year before expenses.*

(B) *Expenses are calculated using the Portfolio's net annualized expense ratio, as disclosed in the table, multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (365 days).*

(C) *Net annualized expense ratios are reflective of applicable fee waivers and/or reimbursements and recapture, if any, and are based on the most recent six-months which may differ from the net expense ratio displayed in the Financial Highlights that covers a twelve-month period.*

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 4** 

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##### [**Table of Contents**](#toc)
**Transamerica Morgan Stanley Capital Growth VP** 

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**SCHEDULE OF INVESTMENTS** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS - 98.2%** | | |
| **Automobiles - 0.3%** | | |
|  Rivian Automotive, Inc., Class A <sup>(A) (B)</sup> | 129926 | $2394536 |
| **Biotechnology - 1.4%** |  |  |
|  Alnylam Pharmaceuticals, Inc. <sup>(A)</sup>  | 8331 | 1979862 |
|  Ginkgo Bioworks Holdings, Inc. <sup>(A)</sup>  | 1738823 | 2938611 |
|  Intellia Therapeutics, Inc. <sup>(A)</sup>  | 79340 | 2768173 |
|  Moderna, Inc. <sup>(A)</sup>  | 6938 | 1246203 |
|  ProKidney Corp. <sup>(A) (B)</sup> | 128814 | 883664 |
|  |  | 9816513 |
| **Capital Markets - 0.4%** |  |  |
|  Coinbase Global, Inc., Class A <sup>(A)</sup>  | 75210 | 2661682 |
| **Commercial Services & Supplies - 0.1%** | **Commercial Services & Supplies - 0.1%** | **Commercial Services & Supplies - 0.1%** |
|  Aurora Innovation, Inc. <sup>(A) (B)</sup> | 900563 | 1089681 |
| **Consumer Finance - 0.1%** |  |  |
|  Upstart Holdings, Inc. <sup>(A) (B)</sup> | 77541 | 1025092 |
| **Entertainment - 5.2%** |  |  |
|  ROBLOX Corp., Class A <sup>(A) (B)</sup> | 1136196 | 32336138 |
|  Sea Ltd., ADR <sup>(A) (B)</sup> | 91552 | 4763451 |
|  |  | 37099589 |
| **Health Care Equipment & Supplies - 0.2%** | **Health Care Equipment & Supplies - 0.2%** | **Health Care Equipment & Supplies - 0.2%** |
|  Dexcom, Inc. <sup>(A)</sup>  | 10057 | 1138855 |
| **Health Care Providers & Services - 3.3%** | **Health Care Providers & Services - 3.3%** | **Health Care Providers & Services - 3.3%** |
|  agilon health, Inc. <sup>(A) (B)</sup> | 1134603 | 18312492 |
|  Guardant Health, Inc. <sup>(A) (B)</sup> | 191954 | 5221149 |
|  |  | 23533641 |
| **Health Care Technology - 1.9%** |  |  |
|  Doximity, Inc., Class A <sup>(A) (B)</sup> | 416515 | 13978243 |
| **Interactive Media & Services - 2.9%** |  |  |
|  ZoomInfo Technologies, Inc. <sup>(A)</sup>  | 682473 | 20549262 |
| **Internet & Direct Marketing Retail - 16.3%** | **Internet & Direct Marketing Retail - 16.3%** | **Internet & Direct Marketing Retail - 16.3%** |
|  Chewy, Inc., Class A <sup>(A) (B)</sup> | 570740 | 21163039 |
|  Coupang, Inc. <sup>(A)</sup>  | 1243137 | 18286546 |
|  DoorDash, Inc., Class A <sup>(A)</sup>  | 659284 | 32186245 |
|  Global-e Online Ltd. <sup>(A) (B)</sup> | 166836 | 3443495 |
|  Grab Holdings Ltd., Class A <sup>(A) (B)</sup> | 4252133 | 13691868 |
|  MercadoLibre, Inc. <sup>(A)</sup>  | 24479 | 20715109 |
|  Wayfair, Inc., Class A <sup>(A) (B)</sup> | 217947 | 7168277 |
|  |  | 116654579 |
| **IT Services - 26.9%** |  |  |
|  Adyen NV <sup>(A) (C)</sup> | 22072 | 30440977 |
|  Affirm Holdings, Inc. <sup>(A) (B)</sup> | 466533 | 4511374 |
|  Block, Inc. <sup>(A)</sup>  | 207912 | 13065190 |
|  Cloudflare, Inc., Class A <sup>(A)</sup>  | 956401 | 43238889 |
|  Shopify, Inc., Class A <sup>(A)</sup>  | 1221209 | 42388165 |
|  Snowflake, Inc., Class A <sup>(A)</sup>  | 413232 | 59315321 |
|  |  | 192959916 |
| **Leisure Products - 0.6%** |  |  |
|  Peloton Interactive, Inc., Class A <sup>(A)</sup>  | 502179 | 3987301 |
| **Life Sciences Tools & Services - 4.4%** |  |  |
|  10X Genomics, Inc., Class A <sup>(A)</sup>  | 356632 | 12995670 |
|  Illumina, Inc. <sup>(A)</sup>  | 91891 | 18580360 |
|  |  | 31576030 |
| **Pharmaceuticals - 7.2%** |  |  |
|  Royalty Pharma PLC, Class A | 1308642 | 51717532 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | | |
| **Road & Rail - 6.6%** | | |
|  Uber Technologies, Inc. <sup>(A)</sup>  | 1912443 | $47294715 |
| **Semiconductors & Semiconductor Equipment - 2.0%** | **Semiconductors & Semiconductor Equipment - 2.0%** | **Semiconductors & Semiconductor Equipment - 2.0%** |
|  ASML Holding NV | 26407 | 14428785 |
| **Software - 18.1%** |  |  |
|  Bill.com Holdings, Inc. <sup>(A) (B)</sup> | 360143 | 39241181 |
|  Datadog, Inc., Class A <sup>(A)</sup>  | 468011 | 34398809 |
|  Gitlab, Inc., Class A <sup>(A) (B)</sup> | 269304 | 12237174 |
|  Trade Desk, Inc., Class A <sup>(A)</sup>  | 980053 | 43935776 |
|  |  | 129812940 |
| **Specialty Retail - 0.3%** |  |  |
|  Carvana Co. <sup>(A) (B)</sup> | 504279 | 2390283 |
|  **Total Common Stocks<br>(Cost $1,283,938,625)** |  | 704109175 |
| **OTHER INVESTMENT COMPANY - 5.9%** | **OTHER INVESTMENT COMPANY - 5.9%** |  |
| **Securities Lending Collateral - 5.9%** |  |  |
|  State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 4.29% <sup>(D)</sup>  | 42626071 | 42626071 |
|  **Total Other Investment Company<br>(Cost $42,626,071)** |  | 42626071 |
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 1.7%** |  |  |
|  Fixed Income Clearing Corp., 1.80%<sup>(D)</sup>, dated 12/30/2022, to be repurchased at $12,338,585 on 01/03/2023. Collateralized by a U.S. Government Obligation, 4.77%, due 12/28/2023, and with a value of $12,582,882. | $12336118 | 12336118 |
|  **Total Repurchase Agreement<br>(Cost $12,336,118)** | **Total Repurchase Agreement<br>(Cost $12,336,118)** | 12336118 |
|  **Total Investments Excluding Options Purchased<br>(Cost $1,338,900,814)** | **Total Investments Excluding Options Purchased<br>(Cost $1,338,900,814)** | 759071364 |
|  **Total Options Purchased - 0.2%<br>(Cost $2,070,393)** | **Total Options Purchased - 0.2%<br>(Cost $2,070,393)** | 1320838 |
|  **Total Investments<br>(Cost $1,340,971,207)** | **Total Investments<br>(Cost $1,340,971,207)** | 760392202 |
|  **Net Other Assets (Liabilities) - (6.0)%** |  | (43145455) |
|  **Net Assets - 100.0%** |  | **$717246747** |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 5** 

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##### [**Table of Contents**](#toc)
**Transamerica Morgan Stanley Capital Growth VP** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

**OVER-THE-COUNTER FOREIGN EXCHANGE OPTIONS PURCHASED:** 

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Exercise<br>Price** | **Expiration<br>Date** | **Notional Amount/<br>Number of Contracts** | **Notional Amount/<br>Number of Contracts** | **Premiums<br>Paid** | **Value** |
|  Put - USD vs. CNH | JPM | USD | 7.53 | 07/21/2023 | USD | 205423910 | $&nbsp;&nbsp;&nbsp;&nbsp;1019930 | $592032 |
|  Put - USD vs. CNH | SCB | USD | 7.57 | 08/23/2023 | USD | 233319925 | 1041540 | 724458 |
|  Put - USD vs. CNH | GSI | USD | 7.87 | 10/09/2023 | USD | 1853398 | 8923 | 4348 |
|  **Total** |  |  |  |  |  |  | $**2070393** | $**1320838** |

---

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(E)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** |  |  |  |  |
|  **Investments** |  |  |  |  |
|  Common Stocks | $673668198 | $30440977 | $— | $704109175 |
|  Other Investment Company | 42626071 |  |  | 42626071 |
|  Repurchase Agreement |  | 12336118 |  | 12336118 |
|  Over-the-Counter Foreign Exchange Options Purchased |  | 1320838 |  | 1320838 |
|  **Total Investments** | $**716294269** | $**44097933** | $**—** | $**760392202** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *Non-income producing securities.* 

(B) *All or a portion of the securities are on loan. The total value of all securities on loan is $109,516,233, collateralized by cash collateral of $42,626,071 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $69,932,381. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.* 

(C) *Security is exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Security may be resold as transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2022, the value of the 144A security is $30,440,977, representing 4.2% of the Portfolio's net assets.* 

(D) *Rates disclosed reflect the yields at December 31, 2022.* 

(E) *There were no transfers in or out of Level 3 during the year ended December 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

**CURRENCY ABBREVIATIONS:** 

*CNH* *Chinese Yuan Renminbi (offshore)* <br> *USD* *United States Dollar*

**COUNTERPARTY ABBREVIATIONS:** 

---

| | |
|:---|:---|
| *GSI* | *Goldman Sachs International* |
| *JPM* | *JPMorgan Chase Bank, N.A.* |
| *SCB* | *Standard Chartered Bank* |

---

**PORTFOLIO ABBREVIATION:** 

*ADR* *American Depositary Receipt*

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 6** 

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##### [**Table of Contents**](#toc)
**Transamerica Morgan Stanley Capital Growth VP** 

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**STATEMENT OF ASSETS AND LIABILITIES** 

**At December 31, 2022** 

---

| | |
|:---|:---|
|  **Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value (cost $1,328,635,089) (including securities loaned of $109,516,233) | $748056084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreement, at value (cost $12,336,118) | 12336118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value (cost $3,119) | 3211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables and other assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 55549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest sold | 1997053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 1234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 6764 |
|  Total assets | 762456013 |
|  **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral received upon return of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities on loan | 42626071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral at broker for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OTC derivatives <sup>(A)</sup> | 1641000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables and other liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest redeemed | 95405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 612280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 86569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 1058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 23449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 21759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 17463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 7848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 65798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 10566 |
|  Total liabilities | 45209266 |
|  **Net assets** | $717246747 |
|  **Net assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital stock ($0.01 par value) | $2116375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp;1637550574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) | (922420202) |
|  **Net assets** | $717246747 |
|  **Net assets by class:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | $326843922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 390402825 |
|  **Shares outstanding:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 86325574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 125311916 |
|  **Net asset value and offering price per share:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | $3.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 3.12 |

---

(A) *OTC derivatives may include swaps, options and/or swaptions and forward foreign currency contracts.* 

**STATEMENT OF OPERATIONS** 

**For the year ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $1696022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 125437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 850357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withholding taxes on foreign income | (75195) |
|  Total investment income | 2596621 |
|  **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 9141536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 1316039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 11899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 46937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 45428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 87649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 63537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 37826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 98962 |
|  Total expenses before waiver and/or reimbursement and recapture | 10849813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses waived and/or reimbursed: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (91885) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (90551) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recapture of previously waived and/or reimbursed fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 80692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 82232 |
|  Net expenses | 10830301 |
|  **Net investment income (loss)** | (8233680) |
|  **Net realized gain (loss) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (355140393) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (61820) |
|  Net realized gain (loss) | (355202213) |
|  **Net change in unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (1082384294) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Translation of assets and liabilities denominated in foreign currencies | 80226 |
|  Net change in unrealized appreciation (depreciation) | (1082304068) |
|  Net realized and change in unrealized gain (loss) | (1437506281) |
|  **Net increase (decrease) in net assets resulting from operations** | $&nbsp;&nbsp;&nbsp;&nbsp;(1445739961) |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 7** 

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##### [**Table of Contents**](#toc)
**Transamerica Morgan Stanley Capital Growth VP** 

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**STATEMENT OF CHANGES IN NET ASSETS** 

**For the years ended:** 

---

| | | |
|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2021** |
|  **From operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(8233680) | $(22230664) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (355202213) | 753327371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (1082304068) | (688500994) |
|  Net increase (decrease) in net assets resulting from operations | (1445739961) | 42595713 |
|  **Dividends and/or distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (366839878) | (508545840) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (357174136) | (277018189) |
|  Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (724014014) | (785564029) |
|  **Capital share transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 14763018 | 120848693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 79696514 | 110241887 |
|  | 94459532 | 231090580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 366839878 | 508545840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 357174136 | 277018189 |
|  | 724014014 | 785564029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (424251140) | (548679168) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (58910077) | (148902782) |
|  | (483161217) | (697581950) |
|  Net increase (decrease) in net assets resulting from capital share transactions | 335312329 | 319072659 |
|  **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp;&nbsp;(1834441646) | (423895657) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 2551688393 | 2975584050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $717246747 | $&nbsp;&nbsp;&nbsp;&nbsp;2551688393 |
|  **Capital share transactions - shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 1754322 | 3320077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 8198290 | 3037195 |
|  | 9952612 | 6357272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 76107858 | 15099342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 89968296 | 8700320 |
|  | 166076154 | 23799662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (47034320) | (14393442) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (6534187) | (4189873) |
|  | (53568507) | (18583315) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in shares outstanding: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 30827860 | 4025977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 91632399 | 7547642 |
|  | 122460259 | 11573619 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 8** 

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**Transamerica Morgan Stanley Capital Growth VP** 

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**FINANCIAL HIGHLIGHTS** 

**For a share outstanding during the years indicated:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $29.23 | $38.86 | $18.46 | $16.20 | $18.06 |
|  **Investment operations:** |  |  |  |  |  |
|  Net investment income (loss) <sup>(A)</sup>  | (0.06) | (0.25) | (0.19) | (0.13) | (0.09) |
|  Net realized and unrealized gain (loss) | (15.27) | 1.48 | 21.70 | 4.00 | 1.81 |
|  Total investment operations | (15.33) | 1.23 | 21.51 | 3.87 | 1.72 |
|  **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
|  Net realized gains | (10.11) | (10.86) | (1.11) | (1.61) | (3.58) |
|  **Net asset value, end of year** | $3.79 | $29.23 | $38.86 | $18.46 | $16.20 |
|  **Total return** | (59.84)% | (0.53)% | 117.87% | 23.74% | 6.68% |
|  **Ratio and supplemental data:** |  |  |  |  |  |
|  Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;326844 | $&nbsp;&nbsp;&nbsp;&nbsp;1621984 | $&nbsp;&nbsp;&nbsp;&nbsp;2000396 | $&nbsp;&nbsp;&nbsp;&nbsp;1316457 | $&nbsp;&nbsp;&nbsp;&nbsp;262181 |
|  Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.76% | 0.72% | 0.73% | 0.82% | 0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.76 %<sup>(B)</sup> | 0.72% | 0.73% | 0.82% | 0.87% |
|  Net investment income (loss) to average net assets | (0.56)% | (0.66)% | (0.70)% | (0.68)% | (0.48)% |
|  Portfolio turnover rate | 37% | 59% | 52% | 209% | 50% |

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(A) *Calculated based on average number of shares outstanding.* 

(B) *Waiver and/or reimbursement rounds to less than 0.01%.* 

**For a share outstanding during the years indicated:** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $27.60 | $37.32 | $17.80 | $15.70 | $17.63 |
|  **Investment operations:** |  |  |  |  |  |
|  Net investment income (loss) <sup>(A)</sup>  | (0.06) | (0.32) | (0.26) | (0.16) | (0.14) |
|  Net realized and unrealized gain (loss) | (14.31) | 1.46 | 20.89 | 3.87 | 1.79 |
|  Total investment operations | (14.37) | 1.14 | 20.63 | 3.71 | 1.65 |
|  **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
|  Net realized gains | (10.11) | (10.86) | (1.11) | (1.61) | (3.58) |
|  **Net asset value, end of year** | $3.12 | $27.60 | $37.32 | $17.80 | $15.70 |
|  **Total return** | (59.91)% | (0.83)% | 117.29% | 23.47% | 6.44% |
|  **Ratio and supplemental data:** |  |  |  |  |  |
|  Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;390403 | $&nbsp;&nbsp;&nbsp;&nbsp;929704 | $&nbsp;&nbsp;&nbsp;&nbsp;975188 | $&nbsp;&nbsp;&nbsp;&nbsp;407389 | $&nbsp;&nbsp;&nbsp;&nbsp;121507 |
|  Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 1.01% | 0.97% | 0.98% | 1.07% | 1.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 1.01 %<sup>(B)</sup> | 0.97% | 0.98% | 1.07% | 1.12% |
|  Net investment income (loss) to average net assets | (0.80)% | (0.91)% | (0.96)% | (0.90)% | (0.73)% |
|  Portfolio turnover rate | 37% | 59% | 52% | 209% | 50% |

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(A) *Calculated based on average number of shares outstanding.* 

(B) *Waiver and/or reimbursement rounds to less than 0.01%.* 

***The Notes to Financial Statements are an integral part of this report.***

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##### [**Table of Contents**](#toc)
**Transamerica Morgan Stanley Capital Growth VP** 

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**NOTES TO FINANCIAL STATEMENTS** 

**At December 31, 2022** 

**1. ORGANIZATION** 

Transamerica Series Trust ("TST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). TST applies investment company accounting and reporting guidance. TST serves as a funding vehicle for variable life insurance, variable annuity, and group annuity products. Transamerica Morgan Stanley Capital Growth VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers two classes of shares, Initial Class and Service Class.

The only shareholders of the Portfolio are affiliated insurance company separate accounts and affiliated asset allocation portfolios. Contract holders of the variable life and annuity contracts are not shareholders of the Portfolio. For ease of reference, shareholders and contract holders are collectively referred to in this report as "shareholders."

This report must be accompanied or preceded by the Portfolio's current prospectus, which contains additional information about the Portfolio, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Portfolio pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Portfolio. TAM supervises the Portfolio's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Portfolio.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations.

TAM may, in the future, determine to provide all aspects of the day-to-day management of a Portfolio without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Portfolio and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Portfolio employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending portfolio combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Portfolio's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Portfolio; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for a Portfolio; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Portfolio's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; oversight of other service providers to the Portfolio, such as the custodian, the transfer agent, the Portfolio's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Portfolio; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Portfolio, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office

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**Page 10** 

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##### [**Table of Contents**](#toc)
**Transamerica Morgan Stanley Capital Growth VP** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**1. ORGANIZATION (continued)** 

space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Portfolio. The Portfolio pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the year ended December 31, 2022, (i) the expenses paid to State Street for sub-administration services by the Portfolio are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Portfolio are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES** 

In preparing the Portfolio's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Portfolio.

**Foreign currency denominated investments:** The accounting records of the Portfolio are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the closing exchange rate each day. The cost of foreign securities purchased and any realized gains or losses are translated at the prevailing exchange rates in effect on the date of the respective transaction. The Portfolio combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

Net foreign currency gains and losses resulting from changes in exchange rates include, foreign currency fluctuations between trade date and settlement date of investment security transactions, gains and losses on forward foreign currency contracts, and the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.

Foreign currency denominated assets may involve risks not typically associated with domestic transactions. These risks include revaluation of currencies, adverse fluctuations in foreign currency values, and possible adverse political, social, and economic developments, including those particular to a specific industry, country or region.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Portfolio is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Foreign taxes:** The Portfolio may be subject to taxes imposed by the countries in which it invests, with respect to its investments in issuers existing or operating in such countries. The Portfolio may also be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Portfolio accrues such taxes and recoveries as applicable when the related income or capital gains are earned or unrealized, and based upon the current interpretation of tax rules and regulations that exist in the markets in which the Portfolio invests. Some countries require governmental approval for the repatriation of investment income, capital, or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions of foreign capital remittances abroad.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Portfolio with broker/dealers with which TST has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Portfolio. In no event will commissions, paid by the Portfolio, be used to pay expenses that would otherwise be borne by any other portfolios within TST, or by any other party.

There were no commissions recaptured during the year ended December 31, 2022 by the Portfolio.

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**Page 11** 

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##### [**Table of Contents**](#toc)
**Transamerica Morgan Stanley Capital Growth VP** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**2. SIGNIFICANT ACCOUNTING POLICIES (continued)** 

**Indemnification:** In the normal course of business, the Portfolio enters into contracts that contain a variety of representations that provide general indemnifications. The Portfolio's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio and/or its affiliates that have not yet occurred. However, based on experience, the Portfolio expects the risk of loss to be remote.

**3. INVESTMENT VALUATION** 

Effective September 8, 2022, TAM has been designated as the Portfolio's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Portfolio's Board of Trustees. The net asset value of the Portfolio is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

TAM utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels ("Levels") of inputs of the fair value hierarchy are defined as follows:

Level 1—Unadjusted quoted prices in active markets for identical securities.

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Portfolio's investments and derivative instruments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Portfolio's investments at December 31, 2022, is disclosed within the Investment Valuation section of the Schedule of Investments.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

**Fair value measurements:** Descriptions of the valuation techniques applied to the Portfolio's significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

*Equity securities:* Securities are stated at the last reported sales price or closing price on the day of valuation taken from the primary exchange where the security is principally traded. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Equities traded on inactive markets or valued by reference to similar instruments are generally categorized in Level 2 or Level 3 if inputs are unobservable.

*Foreign equity securities: Securities* in which the primary trading market closes at the same time or after the NYSE, are valued based on quotations from the primary market in which they are traded and are categorized in Level 1. Because many foreign securities markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect the events that occur after that close. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, or ETFs and the movement of certain indices of securities based on a statistical analysis of their historical relationship; such valuations generally are categorized in Level 2.

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**Transamerica Morgan Stanley Capital Growth VP** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**3. INVESTMENT VALUATION (continued)** 

*Securities lending collateral:* Securities lending collateral is invested in a money market fund which is valued at the actively traded NAV and no valuation adjustments are applied. Securities lending collateral is categorized in Level 1 of the fair value hierarchy.

*Repurchase agreements:* Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

*Derivative instruments:* Centrally cleared or listed derivatives that are actively traded are valued based on quoted prices from the exchange and are categorized in Level 1 of the fair value hierarchy. Over-the-counter ("OTC") derivative contracts include forward, swap, swaption, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices. Depending on the product and the terms of the transaction, the fair value of the OTC derivative products are modeled taking into account the counterparties' creditworthiness and using a series of techniques, including simulation models. Many pricing models do not entail material subjectivity because the methodologies employed do not necessitate significant judgments and the pricing inputs are observed from actively quoted markets, as is the case of interest rate swap and option contracts. The majority of OTC derivative products valued by the Portfolio using pricing models fall into this category and are categorized within Level 2 of the fair value hierarchy or Level 3 if inputs are unobservable.

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

The Portfolio may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Portfolio invests borrowing proceeds in other securities, the Portfolio will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Portfolio may borrow on a secured or on an unsecured basis. If the Portfolio enters into a secured borrowing arrangement, a portion of the Portfolio's assets will be used as collateral. The 1940 Act requires the Portfolio to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Portfolio's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Portfolio may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the year ended December 31, 2022, the Portfolio has not utilized the program.

**Repurchase agreements:** In a repurchase agreement, the Portfolio purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Portfolio's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Portfolio will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Portfolio and its counterparties that provide for the net settlement of all transactions and collateral with the Portfolio, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at December 31, 2022.

Repurchase agreements at December 31, 2022, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**Securities lending:** The Portfolio may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Portfolio pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Portfolio to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Portfolio may experience delays in recovery of the loaned securities or delays in

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**Page 13** 

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**Transamerica Morgan Stanley Capital Growth VP** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)** 

access to collateral, or the Portfolio may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government and irrevocable letters of credit issued by banks as collateral. The initial collateral received by the Portfolio is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower.

The Portfolio receives compensation for lending securities from interest or dividends earned on the cash, U.S. Government securities and irrevocable letters of credit held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust – Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at December 31, 2022, if any, are shown on a gross basis within the Schedule of Investments.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of December 31, 2022.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
| | **Overnight and<br>Continuous** | **Less Than<br>30 Days** | **Between<br>30 & 90 Days** | **Greater Than<br>90 Days** | **Total** |
|  Securities Lending Transactions |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $42626071 | $— | $— | $— | $42626071 |
|  **Total Borrowings** | $**42626071** | $**—** | $**—** | $**—** | $**42626071** |

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**5. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS** 

The Portfolio's investment strategies allow the Portfolio to use various types of derivative contracts, including option contracts, swap agreements, futures contracts, and forward foreign currency contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or OTC.

**Market Risk Factors:** In pursuit of the Portfolio's investment strategies, the Portfolio may seek to use derivatives to increase or decrease its exposure to certain market risks, including:

*Interest rate risk:* Interest rate risk relates to the fluctuations in the value of fixed income securities due to changes in the prevailing levels of market interest rates.

*Foreign exchange rate risk:* Foreign exchange rate risk relates to fluctuations in the value of an asset or liability due to changes in the currency exchange rates.

*Equity risk:* Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

*Credit risk:* Credit risk relates to the ability of the issuer of a financial instrument to make further principal or interest payments on an obligation or commitment that it has to the Portfolio.

*Commodity risk:* Commodity risk relates to the change in value of commodities or commodity indices as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

The Portfolio is also exposed to additional risks from investing in derivatives, such as liquidity and counterparty credit risk. Liquidity risk is the risk that the Portfolio will be unable to sell or close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligations to the Portfolio. Investing in derivatives may also involve greater risks than investing directly in the underlying assets, such as losses in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

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**Transamerica Morgan Stanley Capital Growth VP** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**5. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)** 

The Portfolio's exposure to market risk factors and certain other associated risks are summarized by derivative type as follows:

**Option contracts:** The Portfolio is subject to equity risk, interest rate risk, and foreign exchange rate risk in the normal course of pursuing its investment objective. The Portfolio may enter into option contracts to manage exposure to various market fluctuations. The Portfolio may purchase or write call and put options on securities and derivative instruments in which the Portfolio owns or may invest. Options are valued at the average of the bid and ask price established each day at the close of the board of trade or exchange on which they are traded. Options are marked-to-market daily to reflect the current value of the option. The primary risks associated with options are an imperfect correlation between the change in value of the securities held and the prices of the option contracts, the possibility of an illiquid market, and an inability of the counterparty to meet the contract terms. Options can be traded through an exchange or through privately negotiated arrangements with a dealer in an OTC transaction. Options traded on an exchange are generally cleared through a clearinghouse such as the Options Clearing Corp.

*Purchased options:* Purchasing call options tends to increase exposure to the underlying instrument. Purchasing put options tends to decrease exposure to the underlying instrument. The Portfolio pays premiums, which are included within the Statement of Assets and Liabilities as an investment and subsequently marked-to-market to reflect the current value of the option. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid from options which expire are treated as realized losses. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying instrument to determine the realized gain or loss.

*Options on foreign currency:* The Portfolio may purchase or write foreign currency options. Purchasing or writing options on foreign currency gives the Portfolio the right, but not the obligation to buy or sell the currency and will specify the amount of currency and a rate of exchange that may be exercised by a specified date.

Open option contracts at December 31, 2022, if any, are included within the Schedule of Investments.

The following is a summary of the location and the Portfolio's fair values of derivative investments disclosed, if any, within the Statement of Assets and Liabilities, categorized by primary market risk exposure as of December 31, 2022.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| **Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>contracts** | **Total** |
|  Purchased options and swaptions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value <sup>(A)</sup> | $— | $1320838 | $— | $— | $— | $1320838 |
|  **Total** | $**—** | $**1320838** | $**—** | $**—** | $**—** | $**1320838** |

---

(A) *May include exchange-traded derivatives which are not subject to a master netting arrangement, or another similar arrangement.* 

The following is a summary of the location and the effect of derivative investments, if any, within the Statement of Operations, categorized by primary market risk exposure as of December 31, 2022.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** |
| **Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  Purchased options and swaptions <sup>(A)</sup> | $— | $(13598730) | $— | $— | $— | $(13598730) |
|  **Total** | $**—** | $**(13598730)** | $**—** | $**—** | $**—** | $**(13598730)** |
| **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** |
| **Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  Purchased options and swaptions <sup>(B)</sup> | $— | $11015217 | $— | $— | $— | $11015217 |
|  **Total** | $**—** | $**11015217** | $**—** | $**—** | $**—** | $**11015217** |

---

(A) *Included within Net realized gain (loss) on Investments in the Statement of Operations.* 

(B) *Included within Net change in unrealized appreciation (depreciation) on Investments in the Statement of Operations.* 

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**Page 15** 

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##### [**Table of Contents**](#toc)
**Transamerica Morgan Stanley Capital Growth VP** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**5. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)** 

The following is a summary of the ending monthly average volume on derivative activity during the year ended December 31, 2022.

---

| | |
|:---|:---|
|  **Options:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average value of option contracts purchased | $&nbsp;&nbsp;&nbsp;&nbsp;3001701 |

---

The Portfolio typically enters into International Swaps and Derivatives Association, Inc. Master Agreements ("ISDA Master Agreements") or similar master agreements (collectively, "Master Agreements") with its contract counterparties for certain OTC derivatives in order to, among other things, reduce credit risk to counterparties.

ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Portfolio typically may offset with the counterparty certain OTC derivative financial instruments payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default, termination and/or potential deterioration in the credit quality of the counterparty.

Various Master Agreements govern the terms of certain transactions with counterparties and typically attempt to reduce the counterparty risk associated with such transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Cross- termination provisions under Master Agreements typically provide that a default in connection with one transaction between the Portfolio and a counterparty gives the non-defaulting party the right to terminate any other transactions in place with the defaulting party to create one single net payment due to/due from the defaulting party and may be a feature in certain Master Agreements. In the event the Portfolio exercises its right to terminate a Master Agreement after a counterparty experiences a termination event as defined in the Master Agreement, the return of collateral with market value in excess of the Portfolio's net liability may be delayed or denied.

*Collateral requirements:* Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (futures contracts, exchange-traded options, and exchange-traded swap agreements) while collateral terms are contract specific for OTC derivatives (forward foreign currency exchange contracts, OTC options, and OTC swap agreements). For OTC derivatives, under standard derivatives agreements, the Portfolio may be required to pledge collateral on derivatives to a counterparty if the Portfolio is in a net liability position, and receive collateral if in a net positive position. For financial reporting purposes, cash collateral that has been pledged by the Portfolio to cover obligations, if any, is reported in Cash collateral at broker within the Statement of Assets and Liabilities. Cash collateral that has been received by the Portfolio from a counterparty, if any, is reported separately in Cash collateral pledged at custodian and/or broker within the Statement of Assets and Liabilities. Non-cash collateral pledged to the Portfolio, if any, is disclosed within the Schedule of Investments.

Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold before a transfer has been made. Typically a counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The Portfolio generally does not use non-cash collateral that it receives but may, absent default or certain other circumstances, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty.

To the extent amounts due to the Portfolio from its counterparties are not fully collateralized, contractually or otherwise, the Portfolio bears the risk of loss from counterparty non-performance. Additionally, to the extent the Portfolio has delivered collateral to a counterparty, the Portfolio bears the risk of loss from a counterparty in the event the counterparty fails to return such collateral. Counterparties may immediately terminate derivatives contracts if the Portfolio fails to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages. Collateral may not be required for all derivative contracts.

The following is a summary of the Portfolio OTC derivative assets and liabilities by counterparty net of amounts available for offset under a master netting agreement and net of the related collateral received/pledged by the Portfolio as of December 31, 2022. For financial reporting purposes, the Portfolio does not offset assets and liabilities that are subject to a master netting agreement or similar arrangement on the Statement of Assets and Liabilities. See the Repurchase agreement section within the notes for offsetting and collateral information pertaining to repurchase agreements that are subject to master netting agreements.

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**Page 16** 

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##### [**Table of Contents**](#toc)
**Transamerica Morgan Stanley Capital Growth VP** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**5. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Gross Amounts of<br>Assets<br>Presented within<br>Statement of<br>Assets and<br>Liabilities <sup>(A)</sup>** | **Gross Amounts Not Offset<br>within Statement of<br>Assets and Liabilities** | **Gross Amounts Not Offset<br>within Statement of<br>Assets and Liabilities** | | **Gross Amounts of<br>Liabilities<br>Presented within<br>Statement of<br>Assets and<br>Liabilities <sup>(A)</sup>** | **Gross Amounts Not Offset<br>within Statement of<br>Assets and Liabilities** | **Gross Amounts Not Offset<br>within Statement of<br>Assets and Liabilities** | |
| <br>**Counterparty** | **Gross Amounts of<br>Assets<br>Presented within<br>Statement of<br>Assets and<br>Liabilities <sup>(A)</sup>** | **Financial<br>Instruments** | **Collateral<br>Received <sup>(B)</sup>** |<br>**Net<br>receivable** | **Gross Amounts of<br>Liabilities<br>Presented within<br>Statement of<br>Assets and<br>Liabilities <sup>(A)</sup>** | **Financial<br>Instruments** | **Collateral<br>Pledged <sup>(B)</sup>** |<br>**Net<br>Payable** |
|  | **Assets** | **Assets** | **Assets** | **Assets** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
|  Goldman Sachs International | $4348 | $— | $(4348) | $— | $— | $— | $— | $— |
|  JPMorgan Chase Bank, N.A. | 592032 |  | (592032) |  |  |  |  |  |
|  Standard Chartered Bank | 724458 |  | (724458) |  |  |  |  |  |
|  **Total** | $**1320838** | $**—** | $**(1320838)** | $**—** | $**—** | $**—** | $**—** | $**—** |

---

(A) *Absent an event of default or early termination, OTC derivative assets and liabilities are presented gross and not offset within the Statement of Assets and Liabilities.* 

(B) *In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.* 

**6. RISK FACTORS** 

Investing in the Portfolio involves certain key risks related to the Portfolio's trading activity. Please reference the Portfolio's prospectus for a more complete discussion of the following risk(s), as well as other risks of investing in the Portfolio.

**Market risk:** The market prices of the Portfolio's securities and other assets may go up or down, sometimes sharply and unpredictably, due to general market conditions, overall economic trends or events, inflation, changes in interest rates, government actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by wars, tariffs, trade disputes or other factors, political developments, investor sentiment, the global and domestic effects of a pandemic or other health emergency, and other factors that may or may not be related to the issuer of the security or other asset. The market prices of securities and other assets also may go down due to events or conditions that affect particular sectors, industries, issuers, or geographies. Adverse market conditions may be prolonged and may not have the same impact on all types of securities or other assets. If the value of the Portfolio's securities and assets fall, the value of your investment will go down. The Portfolio may experience a substantial or complete loss on any individual security or asset.

Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, the imposition of economic sanctions, public health events (such as the spread of infectious disease), wars, terrorism, cybersecurity events, technology and data interruptions, natural disasters, and other circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. In the past decade, financial markets throughout the world have experienced increased volatility and decreased liquidity. These conditions may continue or worsen. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down. Securities markets may also be susceptible to market manipulation or other fraudulent trade practices, which could disrupt the orderly functioning of these markets or adversely affect the value of securities traded in these markets, including the Portfolio's securities.

The pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in economic downturns throughout the world, severe losses, particularly to some sectors of the economy and individual issuers, and reduced liquidity of many instruments. There also have been significant disruptions to business operations, including business closures; strained healthcare systems; disruptions to supply chains and employee availability; large fluctuations in consumer demand; and widespread uncertainty regarding the duration and long-term effects of the pandemic. Economic downturns may be prolonged, and political and social instability, continued volatility and decreased liquidity in the securities markets may result. Developing or emerging market countries may be more impacted by the pandemic.

The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic. These and other government intervention into the economy and financial markets may not work as intended. In addition, government actions to mitigate the economic impact of the pandemic have resulted in large expansion of government deficits and debt, the long-term consequences of which are not known. Rates of inflation have recently risen, which could adversely affect economies and markets. The pandemic could continue to adversely affect the value and liquidity of the Portfolio's investments.

*Europe:* A number of countries in Europe have experienced severe economic and financial difficulties; and financial markets in Europe and elsewhere have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen or

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**Page 17** 

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##### [**Table of Contents**](#toc)
**Transamerica Morgan Stanley Capital Growth VP** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. RISK FACTORS (continued)** 

spread within or outside Europe. Responses to the financial problems by European governments, central banks and others may not work, may result in conflicts and social unrest and may limit future growth and economic recovery or have other unintended consequences. In January, 2020, through "Brexit," the United Kingdom withdrew from the European Union. The ramifications of Brexit are unknown, and the implications of possible political, regulatory, economic, and market outcomes could be significant. The United Kingdom has one of the largest economies in Europe and is a major trading partner with European Union countries and the United States. Brexit may create additional and substantial economic stresses for the United Kingdom, including a contraction of the United Kingdom's economy, decreased trade, capital outflows, devaluation of the British pound, and a decrease in business and consumer spending and investment. The negative impact on not only the United Kingdom and European Union economies but also the broader global economy could be significant. A number of countries in Europe have suffered terror attacks, and additional attacks may occur in the future. Europe has also been struggling with mass migration from the Middle East, Eastern Europe and Africa. The ultimate effects of these events and other socio-political or geopolitical issues could profoundly affect global economies and markets. Whether or not the Portfolio invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

*Additional Market Disruption:* Russia's invasion of Ukraine in February, 2022, the resulting responses by the United States and other countries, and the potential for wider conflict, have increased and may continue to increase volatility and uncertainty in financial markets worldwide. The United States and other countries have imposed broad-ranging economic sanctions on Russia and Russian entities and individuals, and may impose additional sanctions, including on other countries that provide military or economic support to Russia. These sanctions, among other things, restrict companies from doing business with Russia and Russian issuers, and may adversely affect companies with economic or financial exposure to Russia and Russian issuers. The extent and duration of Russia's military actions and the repercussions of such actions are not known. The invasion may widen beyond Ukraine and may escalate, including through retaliatory actions and cyberattacks by Russia and even other countries. These events may result in further and significant market disruptions and may adversely affect regional and global economies including those of Europe and the United States. Certain industries and markets, such as those involving oil, natural gas and other commodities, as well as global supply chains, may be particularly adversely affected. Whether or not the Portfolio invests in securities of issuers located in Russia, Ukraine and adjacent countries or with significant exposure to issuers in these countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

**Growth stocks risk:** Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth securities typically fall. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "value" stocks.

**Foreign investment risk:** Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the Portfolio's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable or unsuccessful government actions, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers.

**7. FEES AND OTHER AFFILIATED TRANSACTIONS** 

TST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Transamerica Life Insurance Company ("TLIC"), and Transamerica Financial Life Insurance Company.

TAM, the Portfolio's investment manager, is directly owned by TLIC and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon NV. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon NV, a Netherlands corporation, and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Portfolio's transfer agent. Transamerica Capital, Inc. ("TCI") is the Portfolio's distributor/principal underwriter. TAM, TFS, and TCI are affiliates of Aegon NV.

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**Page 18** 

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##### [**Table of Contents**](#toc)
**Transamerica Morgan Stanley Capital Growth VP** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

Certain officers and trustees of the Portfolio are also officers and/or trustees of TAM, TFS and TCI. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Portfolio. The Portfolio does pay non-interested persons (independent trustees), as disclosed in Trustee, CCO and deferred compensation fees within the Statement of Operations.

**Investment management fees:** TAM serves as the Portfolio's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Portfolio pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Portfolio pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoint** | **Rate** |
|  First $750 million | 0.755% |
|  Over $750 million up to $1.5 billion | 0.715 |
|  Over $1.5 billion up to $3 billion | 0.645 |
|  Over $3 billion up to $5 billion | 0.630 |
|  Over $5 billion up to $7 billion | 0.570 |
|  Over $7 billion | 0.550 |

---

TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses, reorganization expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| | **Operating<br>Expense Limit** | **Operating<br>Expense Limit<br>Effective Through** |
|  Initial Class | 0.76% | May 1, 2023 |
|  Service Class | 1.01 | May 1, 2023 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended December 31, 2022 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Portfolio, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

For the 36-month period ended December 31, 2022, the balances available for recapture by TAM for the Portfolio are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Amounts Available** | **Amounts Available** | **Amounts Available** | |
| <br>**Class** | **2020** | **2021** | **2022** |<br>**Total** |
|  Initial Class | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;11193 | $&nbsp;&nbsp;&nbsp;&nbsp;11193 |
|  Service Class |  |  | 8319 | 8319 |

---

**Distribution and service fees:** TST has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, TST entered into a distribution agreement with TCI as the Portfolio's distributor.

The Distribution Plan requires the Portfolio to pay distribution fees to TCI as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCI, on behalf of the Portfolio, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Portfolio's shares.

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**Page 19** 

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##### [**Table of Contents**](#toc)
**Transamerica Morgan Stanley Capital Growth VP** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

The fee on the Service Class shares is paid to the insurance companies for providing services and account maintenance for the policyholders who invest in the variable insurance products which invest in the Service Class shares. TCI has determined that it will not seek payment for the distribution expenses incurred by the Portfolio with respect to the Initial Class shares before May 1, 2023. Prior to TCI seeking distribution expenses on Initial Class shares, policy and contract owners will be notified in advance. The Portfolio will pay fees relating to Service Class shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Portfolio is authorized under the Distribution Plan to pay fees to TCI based on daily average net assets of each class up to the following annual rates:

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| | |
|:---|:---|
| **Class** | **Rate** |
|  Initial Class | 0.15% |
|  Service Class | 0.25 |

---

**Transfer agent costs:** TFS provides transfer agency services under an intercompany agreement with TAM. TFS has outsourced the provision of certain sub-transfer agency services to SS&C Technology Holdings, Inc ("SS&C"). The Portfolio does not pay a separate transfer agent fee to TAM or TFS but does pay certain expenses to SS&C related to applicable sub-transfer agency services. For the year ended December 31, 2022, (i) the expenses paid to SS&C by the Portfolio are referred to as Transfer agent costs and are included within the Statement of Operations and (ii) the expenses payable to SS&C by the Portfolio are referred to as Transfer agent costs within the Statement of Assets and Liabilities.

**Deferred compensation plan:** Effective September 23, 2021, the Board has approved the termination of the deferred compensation plan. Payments will be made to applicable current and former Board members consistent with Section 409A of the Code. Under a non-qualified deferred compensation plan effective January 1, 1996, as amended and restated January 1, 2010, available to the trustees, compensation may be deferred that would otherwise be payable by TST to an independent trustee on a current basis for services rendered as trustee. Deferred compensation amounts will accumulate based on the value of the investment option, as elected by the trustee. Balances pursuant to deferred compensation plan are recorded in Trustees, Chief Compliance Officer ("CCO") and deferred compensation fees within the Statement of Assets and Liabilities. For the year ended December 31, 2022, amounts included in Trustees, CCO and deferred compensation fees within the Statement of Operations reflect total compensation paid to the independent Board members.

**Brokerage commissions:** The Portfolio incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s).

For the year ended December 31, 2022, brokerage commissions are $4,016.

**8. PURCHASES AND SALES OF SECURITIES** 

For the year ended December 31, 2022, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $467815578 | $— | $791131812 | $— |

---

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS** 

The Portfolio has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Portfolio recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Portfolio's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Portfolio's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Portfolio's financial statements. If applicable, the Portfolio recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Portfolio identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Portfolio makes significant

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**Page 20** 

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**Transamerica Morgan Stanley Capital Growth VP** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)** 

investments; however, the Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales and passive foreign investment companies. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. The primary permanent differences are due to net operating losses. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. These permanent reclassifications are as follows:

---

| | |
|:---|:---|
| **Paid-in Capital** | **Total Distributable Earnings** |
| $(21983596) | $21983596 |

---

As of December 31, 2022, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross<br>Appreciation** | **Gross<br>(Depreciation)** | **Net Appreciation<br>(Depreciation)** |
| $1366284543 | $1521708 | $(607414049) | $(605892341) |

---

As of December 31, 2022, the capital loss carryforwards available to offset future realized capital gains are as follows:

---

| | |
|:---|:---|
| **Unlimited** | **Unlimited** |
| **Short-Term** | **Long-Term** |
| $122691629 | $193836324 |

---

During the year ended December 31, 2022, the Portfolio did not have any capital loss carryforwards utilized or expired.

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2022 and 2021 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** |
| **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of Capital** | **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of Capital** |
| $92342442 | $631671572 | $— | $344284780 | $441279249 | $— |

---

As of December 31, 2022, the tax basis components of distributable earnings are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Capital Loss<br>Carryforwards** | **Late Year<br>Ordinary Loss<br>Deferred** | **Other<br>Temporary<br>Differences** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| $— | $— | $(316527953) | $— | $— | $(605892249) |

---

**10. NEW ACCOUNTING PRONOUNCEMENT** 

In June 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2022-03 ("ASU 2022-03"), "Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions" ("Topic 820"). ASU 2022-03 clarifies the guidance in Topic 820, related to the measurement of the fair value of an equity security subject to contractual sale restrictions, where it eliminates the need to apply a discount to fair value of these securities, and introduces disclosure requirements related to such equity securities. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. Management is currently evaluating the implications, if any, of the additional requirements and its impact on the Portfolio's financial statements.

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| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 21** 

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**Report of Independent Registered Public Accounting Firm** 

*To the Shareholders and the Board of Trustees of Transamerica Morgan Stanley Capital Growth VP* 

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities of Transamerica Morgan Stanley Capital Growth VP (the "Portfolio") (one of the portfolios constituting Transamerica Series Trust (the "Trust")), including the schedule of investments, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the portfolios constituting Transamerica Series Trust) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion** 

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g438566ernst_young.jpg)

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

February 27, 2023

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**Page 22** 

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**Transamerica Morgan Stanley Capital Growth VP** 

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**SUPPLEMENTAL TAX INFORMATION** 

**(unaudited)** 

Portfolio has made a long-term capital gain designation of $631,671,572 for the year ended December 31, 2022.

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**Page 23** 

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**Transamerica Morgan Stanley Global Allocation Managed Risk – Balanced VP** 

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**(unaudited)** 

**MARKET ENVIRONMENT** 

Numerous factors played a part in the poor market performance for the fiscal year ended December 31, 2022, including global monetary tightening, the Russia-Ukraine war, global trade crises in energy, commodities, and other resources, supply chain issues, and ongoing COVID-19 restrictions in China. Amid the high volatility and inflationary environment, both stock and bond markets declined in tandem for the first time since the 1960s. Most major equity indices ended the year down, marking the worst year for equity investors since 2008. On the domestic front, the S&P 500<sup>®</sup> Index ended the year at -18.11%. Meanwhile, the effects of inflation and curtailing policies were also felt worldwide with the MSCI EAFE Index down -14.01% and the MSCI Emerging Markets Index down -19.74%.

The Federal Reserve steadily increased rates throughout 2022 resulting in a total increase of 4.25% to the overnight Federal Funds Rate, the largest net calendar year increase since 1972. Both short-term and long-term treasury yields increased by several percentage points as investors began factoring in the Federal Reserve's tightening path and continuing high inflation. Over 2022, the Bloomberg Global Aggregate Bond Index decreased by -16.25% and the Bloomberg US Aggregate Bond Index decreased by -13.01%, which was by far their worst calendar year on record since their inception in 1976.

**PERFORMANCE** 

For the year ended December 31, 2022, Transamerica Morgan Stanley Global Allocation Managed Risk – Balanced VP, Service Class returned -16.23%. By comparison, its primary and secondary benchmarks, the MSCI All Country World Index and the Transamerica Morgan Stanley Global Allocation Managed Risk – Balanced VP Blended Benchmark, returned -18.36% and -17.11%, respectively.

**STRATEGY REVIEW** 

Transamerica Morgan Stanley Global Allocation Managed Risk – Balanced VP (the "Portfolio") normally invests most of its assets in Transamerica Morgan Stanley Global Allocation VP, a diversified global portfolio that allocates its assets between equities, bonds and cash and cash equivalents. Additionally, the Portfolio employs the Milliman Managed Risk Strategy<sup>™</sup> ("MMRS"), a dynamic derivative overlay strategy that aims to manage the Portfolio's volatility and guard against severe, sustained market declines. The strategy attempts to stabilize the volatility of the Portfolio around a target volatility level and manage downside exposure during periods of significant market declines. The strategy may limit the Portfolio's ability to participate in up market.

As the fiscal year exhibited a high level of volatility and was marked by substantial global instability and rising risks, the Portfolio benefitted from the MMRS strategy. The Portfolio outperformed its benchmark in 2022. Thanks to the Portfolio's defensive positioning, the maximum drawdown (worst peak-to-trough during the year) and volatility suffered by the Portfolio was substantially reduced compared to the benchmark. The MMRS strategy successfully reduced the Portfolio's maximum drawdown and volatility compared to its benchmark.

**Adam Schenck, CFA** 

**Maria Schiopu, CFA** 

**Co-Portfolio Managers** 

**Milliman Financial Risk Management LLC** 

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| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  International Mixed Allocation Fund | 90.5% |
|  Repurchase Agreement | 7.3 |
|  Net Other Assets (Liabilities) ^ | 2.2 |
|  **Total** | 100.0% |

---

*Current and future portfolio holdings are subject to change and risk.* 

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| | |
|:---|:---|
| *^* | *The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral.*  |

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**Page 1** 

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**Transamerica Morgan Stanley Global Allocation Managed Risk – Balanced VP** 

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**(unaudited)**![LOGO](g438566g83n63.jpg)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Service Class | (16.23)% | 0.23% | 1.13% | 11/10/2014 |
|  MSCI All Country World Index <sup>(A)</sup> | (18.36)% | 5.23% | 6.61% |  |
|  Transamerica Morgan Stanley Global Allocation Managed Risk - Balanced VP Blended Benchmark <sup>(A) (B) (C)</sup> | (17.11)% | 2.56% | 3.74% |  |

---

<sup>(A)</sup> *The MSCI All Country World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets.* 

<sup>(B)</sup> *The Transamerica Morgan Stanley Global Allocation Managed Risk – Balanced VP Blended Benchmark is composed of the following benchmarks: 50% MSCI All Country World Index and 50% Bloomberg Global Aggregate Index.* 

<sup>(C)</sup> *The Bloomberg Global Aggregate Index measures the performance of the global investment grade, fixed-rate bond markets, including Treasuries, government-related and corporate securities, as well as asset-, mortgage- and commercial mortgage-backed securities from both developed and emerging markets issuers.* 

The Portfolio's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Year or Since Inception calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or the redemption of Portfolio shares. The Portfolio's investment return and net asset value will fluctuate. Investors' shares when redeemed may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month end. Portfolio performance is net of investment fees and Portfolio expenses, but not product charges, which, if included, would significantly lower the performance quoted.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of previously waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Investing internationally, globally, or in emerging markets exposes investors to additional risks and expenses such as changes in currency rates, foreign taxation, differences in auditing and other financial standards not associated with investing domestically.

The Portfolio is classified as "non-diversified," which means it may invest a larger percentage of its assets in one issuer than a diversified portfolio. To the extent the Portfolio invests its assets in fewer issuers, the Portfolio will be more susceptible to negative events affecting those issuers.

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**Page 2** 

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**Transamerica Morgan Stanley Global Allocation Managed Risk – Balanced VP** 

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**DISCLOSURE OF EXPENSES** 

**(unaudited)** 

**SHAREHOLDER EXPENSES** 

Portfolio shareholders may incur two types of costs: (i) transaction costs, including brokerage commissions on purchases and sales of portfolio shares; and (ii) ongoing costs, including management fees, and other portfolio expenses.

The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other portfolios.

The example is based on an investment of $1,000 invested at July 1, 2022, and held for the entire six-month period until December 31, 2022.

**ACTUAL EXPENSES** 

The information in the table below provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = $8.60), then multiply the result by the number in the appropriate column for your share class titled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES** 

The information in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratios and assumed rates of return of 5% per year before expenses, which are not the Portfolio's actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Portfolio versus other portfolios. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other portfolios.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Portfolio shares. Therefore, the information under the heading "Hypothetical Expenses" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different portfolios. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries, or other financial institutions.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Actual Expenses** | **Actual Expenses** | **Hypothetical Expenses <sup>(A)</sup>** | **Hypothetical Expenses <sup>(A)</sup>** | |
| <br>**Class** |<br>**Beginning<br>Account Value<br>July 1, 2022** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** |<br>**Net Annualized<br>Expense Ratio <sup>(C) (D)</sup>** |
|  Service Class | $&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;974.90 | $&nbsp;&nbsp;&nbsp;&nbsp;2.34 | $&nbsp;&nbsp;&nbsp;&nbsp;1022.80 | $&nbsp;&nbsp;&nbsp;&nbsp;2.40 | 0.47% |

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(A) *5% return per year before expenses.*

(B) *Expenses are calculated using the Portfolio's net annualized expense ratio, as disclosed in the table, multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (365 days).*

(C) *Net annualized expense ratios, as disclosed in the table, do not include the expenses of the underlying investments in which the Portfolio invests. The net annualized expense ratios, as stated in the fee table of the Portfolio's Prospectus, may differ from the expense ratios disclosed in this report.*

(D) *Net annualized expense ratios are reflective of applicable fee waivers and/or reimbursements and recapture, if any, and are based on the most recent six-months which may differ from the net expense ratio displayed in the Financial Highlights that covers a twelve-month period.*

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**Page 3** 

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**Transamerica Morgan Stanley Global Allocation Managed Risk – Balanced VP** 

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**SCHEDULE OF INVESTMENTS** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **INVESTMENT COMPANY - 90.5%** | **INVESTMENT COMPANY - 90.5%** | **INVESTMENT COMPANY - 90.5%** |
| **International Mixed Allocation Fund - 90.5%** | **International Mixed Allocation Fund - 90.5%** | **International Mixed Allocation Fund - 90.5%** |
|  Transamerica Morgan Stanley Global Allocation VP <sup>(A)</sup> | 39003046 | $204765991 |
|  **Total Investment Company <br>(Cost $297,126,667)** | **Total Investment Company <br>(Cost $297,126,667)** | 204765991 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 7.3%** | **REPURCHASE AGREEMENT - 7.3%** | **REPURCHASE AGREEMENT - 7.3%** |
|  Fixed Income Clearing Corp., 1.80% <sup>(B)</sup>, dated 12/30/2022, to be repurchased at $16,388,247 on 01/03/2023. Collateralized by a U.S. Government Obligation, 2.75%, due 02/15/2024, and with a value of $16,712,737. | $16384970 | $16384970 |
|  **Total Repurchase Agreement <br>(Cost $16,384,970)** | **Total Repurchase Agreement <br>(Cost $16,384,970)** | 16384970 |
|  **Total Investments <br>(Cost $313,511,637)** | **Total Investments <br>(Cost $313,511,637)** | 221150961 |
|  **Net Other Assets (Liabilities) - 2.2%** |  | 5036115 |
|  **Net Assets - 100.0%** |  | **$226187076** |

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**FUTURES CONTRACTS:** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** |
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  E-Mini Russell 2000<sup>®</sup> Index | (12) | 03/17/2023 | $(1094542) | $(1062540) | $32002 | $— |
|  EUR Currency | (111) | 03/13/2023 | (14871849) | (14921175) |  | (49326) |
|  EURO STOXX 50<sup>®</sup> Index | (335) | 03/17/2023 | (14172165) | (13573032) | 599133 |  |
|  FTSE 100 Index | (31) | 03/17/2023 | (2796670) | (2798067) |  | (1397) |
|  GBP Currency | (38) | 03/13/2023 | (2946945) | (2869950) | 76995 |  |
|  JPY Currency | (93) | 03/13/2023 | (8569636) | (8959387) |  | (389751) |
|  MSCI Emerging Markets Index | (191) | 03/17/2023 | (9301282) | (9162270) | 139012 |  |
|  Nikkei 225 Index | (41) | 03/09/2023 | (8626213) | (8147516) | 478697 |  |
|  S&P 500<sup>®</sup> E-Mini Index | (190) | 03/17/2023 | &nbsp;&nbsp;&nbsp;&nbsp;(37734072) | &nbsp;&nbsp;&nbsp;&nbsp;(36679500) | 1054572 |  |
|  S&P Midcap 400<sup>®</sup> E-Mini Index | (7) | 03/17/2023 | (1751705) | (1709820) | 41885 |  |
|  **Total Futures Contracts** |  |  |  |  | $**2422296** | $**(440474)** |

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**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(C)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Investment Company | $204765991 | $— | $— | $204765991 |
|  Repurchase Agreement |  | 16384970 |  | 16384970 |
|  **Total Investments** | $**204765991** | $**16384970** | $**—** | $**221150961** |
|  **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** |
|  Futures Contracts <sup>(D)</sup> | $2422296 | $— | $— | $2422296 |
|  **Total Other Financial Instruments** | $**2422296** | $**—** | $**—** | $**2422296** |
|  **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** |
|  **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** |
|  Futures Contracts <sup>(D)</sup> | $(440474) | $— | $— | $(440474) |
|  **Total Other Financial Instruments** | $**(440474)** | $**—** | $**—** | $**(440474)** |

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***The Notes to Financial Statements are an integral part of this report.***

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**Page 4** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *Affiliated investment in the Class I2 shares of Transamerica Funds and/or affiliated investment in the Initial Class shares of Transamerica Series Trust. The Portfolio's transactions and earnings are as follows:* 

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated Investments** | **Value<br>December 31,<br>2021** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Value<br>December 31,<br>2022** | **Shares as of<br>December 31,<br>2022** | **Dividend<br>Income** | **Net Capital<br>Gain<br>Distributions** |
|  Transamerica Morgan Stanley Global Allocation VP | $292553955 | $&nbsp;&nbsp;&nbsp;&nbsp;71840816 | $&nbsp;&nbsp;&nbsp;&nbsp;(43752242) | $&nbsp;&nbsp;&nbsp;&nbsp;(14899217) | $(100977321) | $204765991 | 39003046 | $&nbsp;&nbsp;&nbsp;&nbsp;42539109 | $24657044 |

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(B) *Rate disclosed reflects the yield at December 31, 2022.* 

(C) *There were no transfers in or out of Level 3 during the year ended December 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

(D) *Derivative instruments are valued at unrealized appreciation (depreciation).* 

**CURRENCY ABBREVIATIONS:** 

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| | |
|:---|:---|
| *EUR* | *Euro* |
| *GBP* | *Pound Sterling* |
| *JPY* | *Japanese Yen* |

---

**PORTFOLIO ABBREVIATIONS:** 

*FTSE* *Financial Times Stock Exchange* <br> *STOXX* *Deutsche Börse Group & SIX Group Index*

***The Notes to Financial Statements are an integral part of this report.***

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**Page 5** 

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**STATEMENT OF ASSETS AND LIABILITIES** 

**At December 31, 2022** 

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| | |
|:---|:---|
|  **Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments, at value (cost $297,126,667) | $204765991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreement, at value (cost $16,384,970) | 16384970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral pledged at broker for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 4886807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables and other assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 1639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin receivable on futures contracts | 266926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 849 |
|  Total assets | 226307182 |
|  **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables and other liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest redeemed | 5841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 18747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 48347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 2201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 14726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 14097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 1391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 11284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 3205 |
|  Total liabilities | 120106 |
|  **Net assets** | $&nbsp;&nbsp;&nbsp;&nbsp;226187076 |
|  **Net assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital stock ($0.01 par value) | $306348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 289810711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) | (63929983) |
|  **Net assets** | $226187076 |
|  **Shares outstanding** | 30634822 |
|  **Net asset value and offering price per share** | $7.38 |

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**STATEMENT OF OPERATIONS** 

**For the year ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income from affiliated investments | $42539109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income from unaffiliated investments | 120550 |
|  Total investment income | 42659659 |
|  **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 505410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 631762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 2633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 10598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 27691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 44033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 15774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 5514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 21277 |
|  Total expenses before waiver and/or reimbursement and recapture | 1264692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense waived and/or reimbursed | (85960) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recapture of previously waived and/or reimbursed fees | 8981 |
|  Net expenses | 1187713 |
|  **Net investment income (loss)** | 41471946 |
|  **Net realized gain (loss) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (14899217) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions received from affiliated investment companies | 24657044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 585136 |
|  Net realized gain (loss) | 10342963 |
|  **Net change in unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;(100977321) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 1981822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Translation of assets and liabilities denominated in foreign currencies | 21437 |
|  Net change in unrealized appreciation (depreciation) | (98974062) |
|  Net realized and change in unrealized gain (loss) | (88631099) |
|  **Net increase (decrease) in net assets resulting from operations** | $(47159153) |

---

***The Notes to Financial Statements are an integral part of this report.***

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**Page 6** 

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**Transamerica Morgan Stanley Global Allocation Managed Risk – Balanced VP** 

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**STATEMENT OF CHANGES IN NET ASSETS** 

**For the years ended:** 

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| | | |
|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2021** |
|  **From operations:** | **From operations:** | **From operations:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $41471946 | $37923719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 10342963 | 2668136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (98974062) | (19652508) |
|  Net increase (decrease) in net assets resulting from operations | (47159153) | 20939347 |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions to shareholders | (37903348) | (15733696) |
|  Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (37903348) | (15733696) |
|  **Capital share transactions:** | **Capital share transactions:** | **Capital share transactions:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold | 1610660 | 6220723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions reinvested | 37903348 | 15733696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (28559914) | (25925339) |
|  Net increase (decrease) in net assets resulting from capital share transactions | 10954094 | (3970920) |
|  **Net increase (decrease) in net assets** | (74108407) | 1234731 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 300295483 | 299060752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $&nbsp;&nbsp;&nbsp;&nbsp;226187076 | $&nbsp;&nbsp;&nbsp;&nbsp;300295483 |
|  **Capital share transactions - shares:** | **Capital share transactions - shares:** | **Capital share transactions - shares:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued | 175761 | 591534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested | 5007047 | 1514311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (3290190) | (2443245) |
|  Net increase (decrease) in shares outstanding | 1892618 | (337400) |

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**FINANCIAL HIGHLIGHTS** 

**For a share outstanding during the years indicated:** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $10.45 | $10.28 | $10.03 | $9.01 | $9.88 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(A)</sup> | 1.43 | 1.32 | 0.54 | 0.13 | 0.33 |
|  Net realized and unrealized gain (loss) | (3.09) | (0.59) | 0.09 | 1.18 | (1.09) |
|  Total investment operations | (1.66) | 0.73 | 0.63 | 1.31 | (0.76) |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income | (1.41) | (0.56) | (0.13) | (0.29) | (0.11) |
|  Net realized gains |  |  | (0.25) |  |  |
|  Total dividends and/or distributions to shareholders | (1.41) | (0.56) | (0.38) | (0.29) | (0.11) |
|  **Net asset value, end of year** | $7.38 | $10.45 | $10.28 | $10.03 | $9.01 |
|  **Total return** | (16.23)% | 7.18% | 6.49% | 14.71% | (7.76)% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;226187 | $&nbsp;&nbsp;&nbsp;&nbsp;300295 | $&nbsp;&nbsp;&nbsp;&nbsp;299061 | $&nbsp;&nbsp;&nbsp;&nbsp;286813 | $&nbsp;&nbsp;&nbsp;&nbsp;228627 |
|  Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> | Expenses to average net assets <sup>(B)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.50% | 0.48% | 0.53% | 0.56% | 0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.47% | 0.47% | 0.51 %<sup>(C)</sup> | 0.57% | 0.57 %<sup>(D)</sup> |
|  Net investment income (loss) to average net assets | 16.41% | 12.45% | 5.60% | 1.41% | 3.40% |
|  Portfolio turnover rate | 2% | —% | 5% | —% | — % |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Does not include expenses of the underlying investments in which the Portfolio invests.* 

(C) *Effective May 1, 2020, the Portfolio's operating expense limit changed from 0.57% to 0.47%.* 

(D) *Waiver and/or reimbursement rounds to less than 0.01%.* 

***The Notes to Financial Statements are an integral part of this report.***

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**NOTES TO FINANCIAL STATEMENTS** 

**At December 31, 2022** 

**1. ORGANIZATION** 

Transamerica Series Trust ("TST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). TST applies investment company accounting and reporting guidance. TST serves as a funding vehicle for variable life insurance, variable annuity, and group annuity products. Transamerica Morgan Stanley Global Allocation Managed Risk—Balanced VP (the "Portfolio") is a series of TST and is classified as non-diversified under the 1940 Act. The Portfolio currently offers one class of shares, Service Class.

The only shareholders of the Portfolio are affiliated insurance company separate accounts and affiliated asset allocation portfolios. Contract holders of the variable life and annuity contracts are not shareholders of the Portfolio. For ease of reference, shareholders and contract holders are collectively referred to in this report as "shareholders."

This report must be accompanied or preceded by the Portfolio's current prospectus, which contains additional information about the Portfolio, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Portfolio pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Portfolio. TAM supervises the Portfolio's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Portfolio.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of a Portfolio without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Portfolio and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Portfolio employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending portfolio combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Portfolio's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Portfolio; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for a Portfolio; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Portfolio's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; oversight of other service providers to the Portfolio, such as the custodian, the transfer agent, the Portfolio's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Portfolio; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Portfolio, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**1. ORGANIZATION (continued)** 

space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Portfolio. The Portfolio pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the year ended December 31, 2022, (i) the expenses paid to State Street for sub-administration services by the Portfolio are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Portfolio are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES** 

In preparing the Portfolio's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Portfolio.

**Foreign currency denominated investments:** The accounting records of the Portfolio are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the closing exchange rate each day. The cost of foreign securities purchased and any realized gains or losses are translated at the prevailing exchange rates in effect on the date of the respective transaction. The Portfolio combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

Net foreign currency gains and losses resulting from changes in exchange rates include, foreign currency fluctuations between trade date and settlement date of investment security transactions, gains and losses on forward foreign currency contracts, and the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.

Foreign currency denominated assets may involve risks not typically associated with domestic transactions. These risks include revaluation of currencies, adverse fluctuations in foreign currency values, and possible adverse political, social, and economic developments, including those particular to a specific industry, country or region.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Interest income, if any, is accrued as earned. Dividend income and capital gain distributions from underlying investments, if any, are recorded on the ex-dividend date. Income or short-term capital gain distributions received from underlying investments, if any, are recorded as Dividend income from investments within the Statement of Operations. Long-term capital gain distributions received from underlying investments, if any, are recorded as Net realized gain (loss) on Capital gain distributions received from investments within the Statement of Operations.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Indemnification:** In the normal course of business, the Portfolio enters into contracts that contain a variety of representations that provide general indemnifications. The Portfolio's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio and/or its affiliates that have not yet occurred. However, based on experience, the Portfolio expects the risk of loss to be remote.

**3. INVESTMENT VALUATION** 

Effective September 8, 2022, TAM has been designated as the Portfolio's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Portfolio's Board of Trustees. The net asset value of the Portfolio is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

TAM utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels ("Levels") of inputs of the fair value hierarchy are defined as follows:

Level 1—Unadjusted quoted prices in active markets for identical securities.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**3. INVESTMENT VALUATION (continued)** 

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Portfolio's investments and derivative instruments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Portfolio's investments at December 31, 2022, is disclosed within the Investment Valuation section of the Schedule of Investments.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

**Fair value measurements:** Descriptions of the valuation techniques applied to the Portfolio's significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

*Investment companies:* Certain investment companies are valued at the NAV as the practical expedient. These investment companies are not included within the fair value hierarchy. Certain other investment companies are valued at the actively traded NAV and no valuation adjustments are applied. These investment companies are categorized in Level 1 of the fair value hierarchy.

*Repurchase agreements:* Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

*Derivative instruments:* Centrally cleared or listed derivatives that are actively traded are valued based on quoted prices from the exchange and are categorized in Level 1 of the fair value hierarchy. Over-the-counter ("OTC") derivative contracts include forward, swap, swaption, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices. Depending on the product and the terms of the transaction, the fair value of the OTC derivative products are modeled taking into account the counterparties' creditworthiness and using a series of techniques, including simulation models. Many pricing models do not entail material subjectivity because the methodologies employed do not necessitate significant judgments and the pricing inputs are observed from actively quoted markets, as is the case of interest rate swap and option contracts. The majority of OTC derivative products valued by the Portfolio using pricing models fall into this category and are categorized within Level 2 of the fair value hierarchy or Level 3 if inputs are unobservable.

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

The Portfolio may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Portfolio invests borrowing proceeds in other securities, the Portfolio will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Portfolio may borrow on a secured or on an unsecured basis. If the Portfolio enters into a secured borrowing arrangement, a portion of the Portfolio's assets will be used as collateral. The 1940 Act requires the Portfolio to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Portfolio's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Portfolio may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)** 

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the year ended December 31, 2022, the Portfolio has not utilized the program.

**Repurchase agreements:** In a repurchase agreement, the Portfolio purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Portfolio's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Portfolio will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Portfolio and its counterparties that provide for the net settlement of all transactions and collateral with the Portfolio, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at December 31, 2022.

Repurchase agreements at December 31, 2022, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**5. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS** 

The Portfolio's investment strategies allow the Portfolio to use various types of derivative contracts, including option contracts, swap agreements, futures contracts, and forward foreign currency contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or OTC.

**Market Risk Factors:** In pursuit of the Portfolio's investment strategies, the Portfolio may seek to use derivatives to increase or decrease its exposure to certain market risks, including:

*Interest rate risk:* Interest rate risk relates to the fluctuations in the value of fixed income securities due to changes in the prevailing levels of market interest rates.

*Foreign exchange rate risk:* Foreign exchange rate risk relates to fluctuations in the value of an asset or liability due to changes in the currency exchange rates.

*Equity risk:* Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

*Credit risk:* Credit risk relates to the ability of the issuer of a financial instrument to make further principal or interest payments on an obligation or commitment that it has to the Portfolio.

*Commodity risk:* Commodity risk relates to the change in value of commodities or commodity indices as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

The Portfolio is also exposed to additional risks from investing in derivatives, such as liquidity and counterparty credit risk. Liquidity risk is the risk that the Portfolio will be unable to sell or close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligations to the Portfolio. Investing in derivatives may also involve greater risks than investing directly in the underlying assets, such as losses in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**5. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)** 

The Portfolio's exposure to market risk factors and certain other associated risks are summarized by derivative type as follows:

**Futures contracts:** The Portfolio is subject to equity and commodity risk, interest rate risk, and foreign exchange rate risk in the normal course of pursuing its investment objective. The Portfolio uses futures contracts to gain exposure to, or hedge against, changes in the value of equities and commodities, interest rates, or foreign currencies. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date. Upon entering into such contracts, the Portfolio is required to deposit with the broker, either in cash or in securities, an initial margin in an amount equal to a certain percentage of the contract amount. Subsequent payments (variation margin) are paid or received by the Portfolio, depending on the daily fluctuations in the value of the contract, and are recorded for financial statement purposes as unrealized gains or losses by the Portfolio. Upon entering into such contracts, the Portfolio bears the risk of equity and commodity prices, interest rates, or exchange rates moving unexpectedly, in which case, the Portfolio may not achieve the anticipated benefits of the futures contracts and may realize losses. With futures, there is minimal counterparty credit risk to the Portfolio since futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange.

Open futures contracts at December 31, 2022, if any, are listed within the Schedule of Investments. Variation margin, if applicable, is shown in Variation margin receivable or payable on futures contracts within the Statement of Assets and Liabilities.

The following is a summary of the location and the Portfolio's fair values of derivative investments disclosed, if any, within the Statement of Assets and Liabilities, categorized by primary market risk exposure as of December 31, 2022.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| **Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  Futures contracts: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) <sup>(A) (B)</sup> | $— | $76995 | $2345301 | $— | $— | $2422296 |
|  **Total** | $**—** | $**76995** | $**2345301** | $**—** | $**—** | $**2422296** |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  Futures contracts: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) <sup>(A) (B)</sup> | $— | $(439077) | $(1397) | $— | $— | $(440474) |
|  **Total** | $**—** | $**(439077)** | $**(1397)** | $**—** | $**—** | $**(440474)** |

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(A) *May include exchange-traded derivatives which are not subject to a master netting arrangement, or another similar arrangement.* 

(B) *Included within unrealized appreciation (depreciation) on futures contracts as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.* 

The following is a summary of the location and the effect of derivative investments, if any, within the Statement of Operations, categorized by primary market risk exposure as of December 31, 2022.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** |
| **Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  Futures contracts | $— | $877891 | $(292755) | $— | $— | $585136 |
|  **Total** | $**—** | $**877891** | $**(292755)** | $**—** | $**—** | $**585136** |

---

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**5. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** |
| **Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  Futures contracts | $— | $(362082) | $2343904 | $— | $— | $1981822 |
|  **Total** | $**—** | $**(362082)** | $**2343904** | $**—** | $**—** | $**1981822** |

---

The following is a summary of the ending monthly average volume on derivative activity during the year ended December 31, 2022.

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| | |
|:---|:---|
|  **Futures contracts:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | $&nbsp;&nbsp;&nbsp;&nbsp;(81597421) |

---

*Collateral requirements:* Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (futures contracts, exchange-traded options, and exchange-traded swap agreements) while collateral terms are contract specific for OTC derivatives (forward foreign currency exchange contracts, OTC options, and OTC swap agreements). For OTC derivatives, under standard derivatives agreements, the Portfolio may be required to pledge collateral on derivatives to a counterparty if the Portfolio is in a net liability position, and receive collateral if in a net positive position. For financial reporting purposes, cash collateral that has been pledged by the Portfolio to cover obligations, if any, is reported in Cash collateral at broker within the Statement of Assets and Liabilities. Cash collateral that has been received by the Portfolio from a counterparty, if any, is reported separately in Cash collateral pledged at custodian and/or broker within the Statement of Assets and Liabilities. Non-cash collateral pledged to the Portfolio, if any, is disclosed within the Schedule of Investments.

Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold before a transfer has been made. Typically a counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The Portfolio generally does not use non-cash collateral that it receives but may, absent default or certain other circumstances, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty.

To the extent amounts due to the Portfolio from its counterparties are not fully collateralized, contractually or otherwise, the Portfolio bears the risk of loss from counterparty non-performance. Additionally, to the extent the Portfolio has delivered collateral to a counterparty, the Portfolio bears the risk of loss from a counterparty in the event the counterparty fails to return such collateral. Counterparties may immediately terminate derivatives contracts if the Portfolio fails to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages. Collateral may not be required for all derivative contracts.

**6. RISK FACTORS** 

Investing in the Portfolio involves certain key risks related to the Portfolio's trading activity. Please reference the Portfolio's prospectus for a more complete discussion of the following risk(s), as well as other risks of investing in the Portfolio.

**Market risk:** The market prices of the Portfolio's securities and other assets may go up or down, sometimes sharply and unpredictably, due to general market conditions, overall economic trends or events, inflation, changes in interest rates, government actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by wars, tariffs, trade disputes or other factors, political developments, investor sentiment, the global and domestic effects of a pandemic or other health emergency, and other factors that may or may not be related to the issuer of the security or other asset. The market prices of securities and other assets also may go down due to events or conditions that affect particular sectors, industries, issuers, or geographies. Adverse market conditions may be prolonged and may not have the same impact on all types of securities or other assets. If the value of the Portfolio's securities and assets fall, the value of your investment will go down. The Portfolio may experience a substantial or complete loss on any individual security or asset.

Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, the imposition of economic sanctions, public health events (such as the spread of infectious disease), wars, terrorism, cybersecurity events, technology and data interruptions, natural disasters, and other circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. In the past decade, financial markets throughout the world have experienced increased volatility and decreased liquidity. These conditions may continue or worsen. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. RISK FACTORS (continued)** 

affected, the value and liquidity of the Portfolio's investments may go down. Securities markets may also be susceptible to market manipulation or other fraudulent trade practices, which could disrupt the orderly functioning of these markets or adversely affect the value of securities traded in these markets, including the Portfolio's securities.

The pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in economic downturns throughout the world, severe losses, particularly to some sectors of the economy and individual issuers, and reduced liquidity of many instruments. There also have been significant disruptions to business operations, including business closures; strained healthcare systems; disruptions to supply chains and employee availability; large fluctuations in consumer demand; and widespread uncertainty regarding the duration and long-term effects of the pandemic. Economic downturns may be prolonged, and political and social instability, continued volatility and decreased liquidity in the securities markets may result. Developing or emerging market countries may be more impacted by the pandemic.

The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic. These and other government intervention into the economy and financial markets may not work as intended. In addition, government actions to mitigate the economic impact of the pandemic have resulted in large expansion of government deficits and debt, the long-term consequences of which are not known. Rates of inflation have recently risen, which could adversely affect economies and markets. The pandemic could continue to adversely affect the value and liquidity of the Portfolio's investments.

*Europe:* A number of countries in Europe have experienced severe economic and financial difficulties; and financial markets in Europe and elsewhere have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen or spread within or outside Europe. Responses to the financial problems by European governments, central banks and others may not work, may result in conflicts and social unrest and may limit future growth and economic recovery or have other unintended consequences. In January, 2020, through "Brexit," the United Kingdom withdrew from the European Union. The ramifications of Brexit are unknown, and the implications of possible political, regulatory, economic, and market outcomes could be significant. The United Kingdom has one of the largest economies in Europe and is a major trading partner with European Union countries and the United States. Brexit may create additional and substantial economic stresses for the United Kingdom, including a contraction of the United Kingdom's economy, decreased trade, capital outflows, devaluation of the British pound, and a decrease in business and consumer spending and investment. The negative impact on not only the United Kingdom and European Union economies but also the broader global economy could be significant. A number of countries in Europe have suffered terror attacks, and additional attacks may occur in the future. Europe has also been struggling with mass migration from the Middle East, Eastern Europe and Africa. The ultimate effects of these events and other socio-political or geopolitical issues could profoundly affect global economies and markets. Whether or not the Portfolio invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

*Additional Market Disruption:* Russia's invasion of Ukraine in February, 2022, the resulting responses by the United States and other countries, and the potential for wider conflict, have increased and may continue to increase volatility and uncertainty in financial markets worldwide. The United States and other countries have imposed broad-ranging economic sanctions on Russia and Russian entities and individuals, and may impose additional sanctions, including on other countries that provide military or economic support to Russia. These sanctions, among other things, restrict companies from doing business with Russia and Russian issuers, and may adversely affect companies with economic or financial exposure to Russia and Russian issuers. The extent and duration of Russia's military actions and the repercussions of such actions are not known. The invasion may widen beyond Ukraine and may escalate, including through retaliatory actions and cyberattacks by Russia and even other countries. These events may result in further and significant market disruptions and may adversely affect regional and global economies including those of Europe and the United States. Certain industries and markets, such as those involving oil, natural gas and other commodities, as well as global supply chains, may be particularly adversely affected. Whether or not the Portfolio invests in securities of issuers located in Russia, Ukraine and adjacent countries or with significant exposure to issuers in these countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

**Asset class allocation risk:** The Portfolio's investment performance is significantly impacted by the Portfolio's asset class allocation and reallocation from time to time. The sub-adviser's decisions whether and when to tactically overweight or underweight asset classes, create and apply formulas for de-risking or ending de-risking and select a mix of underlying portfolios may not produce the desired results. These actions may be unsuccessful in maximizing return and/or avoiding investment losses. The value of your investment may

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. RISK FACTORS (continued)** 

decrease if the sub-adviser's judgment about the attractiveness, value or market trends affecting a particular asset class is incorrect. The Portfolio's balance between equity and debt securities limits its potential for capital appreciation relative to an all-stock fund and contributes to greater volatility relative to an all-bond fund.

**Managed risk strategy risk:** The Portfolio employs a managed risk strategy. The strategy attempts to stabilize the volatility of the Portfolio around a target volatility level and manage downside exposure during periods of significant market declines but may not work as intended. Because market conditions change, sometimes rapidly and unpredictably, the success of the strategy also will be subject to the sub-adviser's ability to implement the strategy in a timely and efficient manner. The strategy may result in periods of underperformance and may fail to protect against market declines. The strategy may limit the Portfolio's ability to participate in up markets, may cause the Portfolio to underperform its benchmark in up markets, may increase transaction costs at the Portfolio and/or underlying ETF level and may result in substantial losses if it does not work as intended. For example, if the Portfolio has reduced its equity exposure to avoid losses in certain market conditions, and the market rises sharply and quickly, there may be a delay in increasing the Portfolio's equity exposure, causing the Portfolio to forgo gains from the market rebound. Managing the Portfolio pursuant to the strategy may result in the Portfolio not achieving its stated asset mix goal due to unforeseen or unanticipated market conditions. The strategy also serves to reduce the risk to the Transamerica insurance companies that provide guaranteed benefits under certain variable contracts from equity market volatility and to facilitate their provision of those guaranteed benefits. The strategy also may have the effect of limiting the amount of guaranteed benefits. The Portfolio's performance may be lower than similar portfolios that are not subject to a managed risk strategy.

**Non-diversification risk:** As a "non-diversified" Portfolio, the Portfolio may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund. Investing in a smaller number of issuers will make the Portfolio more susceptible to negative events affecting those issuers.

**7. INVESTMENT CONCENTRATION** 

Throughout the year, the Portfolio can have investments that account for a significant percentage of the Portfolio's total assets. As of December 31, 2022, the most recent financial statements are included within this report for the following investments:

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| | |
|:---|:---|
| **Investment** | **Percentage of<br>Total Assets** |
|  Transamerica Morgan Stanley Global Allocation VP | 90.48% |

---

**8. FEES AND OTHER AFFILIATED TRANSACTIONS** 

TST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Transamerica Life Insurance Company ("TLIC"), and Transamerica Financial Life Insurance Company.

TAM, the Portfolio's investment manager, is directly owned by TLIC and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon NV. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon NV, a Netherlands corporation, and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Portfolio's transfer agent. Transamerica Capital, Inc. ("TCI") is the Portfolio's distributor/principal underwriter. TAM, TFS, and TCI are affiliates of Aegon NV.

Certain officers and trustees of the Portfolio are also officers and/or trustees of TAM, TFS and TCI. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Portfolio. The Portfolio does pay non-interested persons (independent trustees), as disclosed in Trustee, CCO and deferred compensation fees within the Statement of Operations.

**Investment management fees:** TAM serves as the Portfolio's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Portfolio pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

The Portfolio pays a management fee to TAM based on daily average net assets at the following rates:

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| | |
|:---|:---|
| **Breakpoints** | **Rate** |
|  First $2 billion | 0.20% |
|  Over $2 billion up to $4 billion | 0.19 |
|  Over $4 billion up to $6 billion | 0.18 |
|  Over $6 billion up to $8 billion | 0.17 |
|  Over $8 billion up to $10 billion | 0.16 |
|  Over $10 billion | 0.15 |

---

TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses, reorganization expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

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| | | |
|:---|:---|:---|
| | **Operating<br>Expense Limit** | **Operating<br>Expense Limit<br>Effective Through** |
|  Service Class | 0.47% | May 1, 2023 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended December 31, 2022 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Portfolio, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

For the 36-month period ended December 31, 2022, the balances available for recapture by TAM for the Portfolio are as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Amounts Available** | **Amounts Available** | **Amounts Available** | |
| <br>**Class** | **2020** | **2021** | **2022** |<br>**Total** |
|  Service Class | $&nbsp;&nbsp;&nbsp;&nbsp;55698 | $&nbsp;&nbsp;&nbsp;&nbsp;50381 | $&nbsp;&nbsp;&nbsp;&nbsp;85960 | $&nbsp;&nbsp;&nbsp;&nbsp;192039 |

---

**Distribution and service fees:** TST has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, TST entered into a distribution agreement with TCI as the Portfolio's distributor.

The Distribution Plan requires the Portfolio to pay distribution fees to TCI as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCI, on behalf of the Portfolio, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Portfolio's shares.

The fee on the Service Class shares is paid to the insurance companies for providing services and account maintenance for the policyholders who invest in the variable insurance products which invest in the Service Class shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Portfolio is authorized under the Distribution Plan to pay fees to TCI based on daily average net assets up to an annual fee of 0.25% of Service Class shares.

**Transfer agent costs:** TFS provides transfer agency services under an intercompany agreement with TAM. TFS has outsourced the provision of certain sub-transfer agency services to SS&C Technology Holdings, Inc ("SS&C"). The Portfolio does not pay a separate

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

transfer agent fee to TAM or TFS but does pay certain expenses to SS&C related to applicable sub-transfer agency services. For the year ended December 31, 2022, (i) the expenses paid to SS&C by the Portfolio are referred to as Transfer agent costs and are included within the Statement of Operations and (ii) the expenses payable to SS&C by the Portfolio are referred to as Transfer agent costs within the Statement of Assets and Liabilities.

**Deferred compensation plan:** Effective September 23, 2021, the Board has approved the termination of the deferred compensation plan. Payments will be made to applicable current and former Board members consistent with Section 409A of the Code. Under a non-qualified deferred compensation plan effective January 1, 1996, as amended and restated January 1, 2010, available to the trustees, compensation may be deferred that would otherwise be payable by TST to an independent trustee on a current basis for services rendered as trustee. Deferred compensation amounts will accumulate based on the value of the investment option, as elected by the trustee. Balances pursuant to deferred compensation plan are recorded in Trustees, Chief Compliance Officer ("CCO") and deferred compensation fees within the Statement of Assets and Liabilities. For the year ended December 31, 2022, amounts included in Trustees, CCO and deferred compensation fees within the Statement of Operations reflect total compensation paid to the independent Board members.

**Brokerage commissions:** The Portfolio incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the year ended December 31, 2022.

**9. PURCHASES AND SALES OF SECURITIES** 

For the year ended December 31, 2022, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

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| | |
|:---|:---|
| **Purchases of Securities** | **Sales of Securities** |
| $4644663 | $43752242 |

---

**10. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS** 

The Portfolio has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Portfolio recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Portfolio's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Portfolio's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Portfolio's financial statements. If applicable, the Portfolio recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Portfolio identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Portfolio makes significant investments; however, the Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales and futures contracts mark-to-market. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. There are no reclassifications in the current year.

As of December 31, 2022, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross<br>Appreciation** | **Gross<br>(Depreciation)** | **Net Appreciation<br>(Depreciation)** |
| $320412394 | $478697 | $(99261433) | $(98782736) |

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**10. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)** 

As of December 31, 2022, the capital loss carryforwards available to offset future realized capital gains are as follows:

---

| | |
|:---|:---|
| **Unlimited** | **Unlimited** |
| **Short-Term** | **Long-Term** |
| $6608750 | $— |

---

During the year ended December 31, 2022, the capital loss carryforwards utilized are $15,391,620.

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2022 and 2021 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** |
| **Ordinary**<br> **Income** | **Long-Term<br>Capital Gain** | **Return of Capital** | **Ordinary**<br> **Income** | **Long-Term<br>Capital Gain** | **Return of Capital** |
| $37903348 | $— | $— | $15733696 | $— | $— |

---

As of December 31, 2022, the tax basis components of distributable earnings are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Capital Loss<br>Carryforwards** | **Late Year<br>Ordinary Loss<br>Deferred** | **Other**<br>**Temporary<br>Differences** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| $41440125 | $— | $(6608750) | $— | $— | $(98761358) |

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**Report of Independent Registered Public Accounting Firm** 

*To the Shareholders and the Board of Trustees of Transamerica Morgan Stanley Global Allocation Managed Risk — Balanced VP* 

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities of Transamerica Morgan Stanley Global Allocation Managed Risk — Balanced VP (the "Portfolio") (one of the portfolios constituting Transamerica Series Trust (the "Trust")), including the schedule of investments, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the portfolios constituting Transamerica Series Trust) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion** 

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g438566ernst_young.jpg)

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

February 27, 2023

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**SUPPLEMENTAL TAX INFORMATION** 

**(unaudited)** 

For tax purposes, the Portfolio has made no long-term capital gain designations for the year ended December 31, 2022.

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**(unaudited)** 

**MARKET ENVIRONMENT** 

Global markets suffered steep losses in 2022 as investor sentiment was dominated by decades' high inflation, rising policy rates and growing fears of central-bank induced recessions around the world. For the first time in any calendar year on record, both the S&P 500<sup>®</sup> Index and 10-year U.S. Treasuries lost more than -10% each, leading to disappointing returns for traditional 60/40 investors. In addition to the volatile macroeconomic environment, markets also had to face significant geopolitical turmoil as Russia launched its invasion of Ukraine in the first quarter, which caused energy and food prices to surge. Although this price spike pushed inflation to even higher levels over the summer, it also meant that commodities were among the few asset classes that advanced for the year.

Global equities fell as the Federal Reserve's ("Fed") rate hiking campaign forced U.S. equity valuations lower particularly for unprofitable technology stocks that had surged to record levels in 2021. Investor concerns started to shift away from inflation and toward recession in the fourth quarter after consecutive inflation reports indicated that it had peaked, increasing worries that central banks might overtighten policy rates and tip the global economy into recession in 2023. Energy was the only sector in positive territory in 2022, with the growth-heavy communication services sector recording the largest drawdown. Within equity factors, value continued its rally during the year.

Bond prices fell in 2022. At the end of 2021, investors had incorrectly followed the narrative that inflation would turn out to be transitory, pricing in only three rate hikes of 0.25% each for 2022. As price pressures persisted, however, and the Ukraine war fueled inflation further, the Fed commenced its steepest hiking cycle in history, completing 4.25% worth of hikes in under 12 months. The 10-year Treasury yield increased to 3.87% from 1.51%, with the 2-year/10-year yield curve inverting in July and staying inverted for the remainder of the year, triggering a commonly cited recession signal. The European Central Bank ("ECB") also started its tightening cycle, ending the eurozone's era of negative interest rates, to regain control of double-digit inflation. By the end of 2022, the euro's main policy rate had increased by 2.50%, and the ECB announced the start of its quantitative tightening program in March 2023.

**PERFORMANCE** 

For the year ended December 31, 2022, Transamerica Morgan Stanley Global Allocation VP, Service Class returned -17.76%. By comparison, its primary and secondary benchmarks, the MSCI All Country World Index and the Transamerica Morgan Stanley Global Allocation VP Blended Benchmark, returned -18.36% and -17.33%, respectively.

**STRATEGY REVIEW** 

The Portfolio's global macro strategy is top down and tactical, focusing on economic cycles and their impacts on market valuations. The strategy typically invests around global macroeconomic themes and then looks for opportunities to invest around these themes across all asset classes.

The Portfolio underperformed its blended benchmark (MSCI ACWI Index, 60% and the Bloomberg Global Aggregate Index, 40%) for the fiscal year ended December 31, 2022.

Top-down thematic contributors to performance included overweight positions in oil and gas exploration and production stocks versus U.S. equities, in U.S. value versus anti-value stocks, in Chinese 10-year government bonds versus U.S. 10-year Treasuries, and in Brazil three-year bonds vs. U.S. five-year Treasuries. An underweight in the U.S. dollar also contributed to performance.

Top-down thematic detractors included overweights in developed market auto parts versus developed market equities, the Thai baht versus the Taiwan dollar, in the Brazilian real versus the Korean won, in the Chilean peso, and in U.S. banks vs. U.S. equities. An overweight in Brazil banks versus Indian equities also detracted.

The use of derivatives included the purchase and sale of futures, interest rate and total return swaps, and currency forward contracts. These instruments were used for the efficient execution of active positions and, in certain cases, benchmark replication. Additionally, currency forwards were used to hedge currency exposures in non-U.S. dollar-based investments. Beyond commissions paid to counterparties and financing costs, we believe that these instruments efficiently replicated their underlying holdings' performance while providing superior levels of liquidity. In aggregate, these positions had a neutral impact on relative performance during the fiscal year.

**Cyril Moullé-Berteaux** 

**Mark Bavoso** 

**Sergei Parmenov** 

**Co-Portfolio Managers** 

**Morgan Stanley Investment Management Inc.** 

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**(unaudited)** 

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| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  Foreign Government Obligations | 34.2% |
|  Repurchase Agreements | 21.5 |
|  Common Stocks | 20.8 |
|  Corporate Debt Securities | 11.7 |
|  U.S. Government Obligations | 6.1 |
|  U.S. Government Agency Obligations | 4.9 |
|  Other Investment Company | 2.2 |
|  Mortgage-Backed Securities | 1.7 |
|  Asset-Backed Securities | 0.4 |
|  Municipal Government Obligation | 0.1 |
|  Preferred Stocks | 0.1 |
|  Short-Term U.S. Government Obligations | 0.1 |
|  Convertible Bonds | 0.0 \* |
|  Net Other Assets (Liabilities) ^ | (3.8) |
|  **Total** | 100.0% |

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*Current and future portfolio holdings are subject to change and risk.* 

\* *Percentage rounds to less than 0.1% or (0.1)%.* 

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| | |
|:---|:---|
| *^* | *The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral.*  |

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**(unaudited)**![LOGO](g438566g42n43.jpg)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Initial Class | (17.51)% | 3.03% | 4.85% | 05/01/2011 |
|  Service Class | (17.76)% | 2.77% | 4.57% | 05/01/2009 |
|  MSCI All Country World Index <sup>(A)</sup> | (18.36)% | 5.23% | 7.98% |  |
|  Transamerica Morgan Stanley Global Allocation VP Blended Benchmark <sup>(A) (B) (C)</sup> | (17.33)% | 3.24% | 5.39% |  |

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<sup>(A)</sup> *The MSCI All Country World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets.* 

<sup>(B)</sup> *The Transamerica Morgan Stanley Global Allocation VP Blended Benchmark is composed of the following benchmarks: 60% MSCI All Country World Index and 40% Bloomberg Global Aggregate Index.* 

<sup>(C)</sup> *The Bloomberg Global Aggregate Index measures the performance of the global investment grade, fixed-rate bond markets, including Treasuries, government-related and corporate securities, as well as asset-, mortgage- and commercial mortgage-backed securities from both developed and emerging markets issuers.* 

The Portfolio's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Year or Since Inception calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or the redemption of Portfolio shares. The Portfolio's investment return and net asset value will fluctuate. Investors' shares when redeemed may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month end. Portfolio performance is net of investment fees and Portfolio expenses, but not product charges, which, if included, would significantly lower the performance quoted.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of previously waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Asset allocation and diversification do not assure or guarantee better performance, cannot eliminate the risk of investment losses, and do not protect against an overall declining market. Investing internationally, globally or in emerging markets exposes investors to additional risks and expenses such as changes in currency rates, foreign taxation, differences in auditing and other financial standards not associated with investing domestically.

Growth stocks can be volatile and experience sharp price declines and certain types of stocks can be extremely volatile and subject to greater price swings than the broader market. The market prices of fixed-income securities may go up or down, sometimes rapidly or unpredictably due to general market conditions.

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**DISCLOSURE OF EXPENSES** 

**(unaudited)** 

**SHAREHOLDER EXPENSES** 

Portfolio shareholders may incur two types of costs: (i) transaction costs, including brokerage commissions on purchases and sales of portfolio shares; and (ii) ongoing costs, including management fees, and other portfolio expenses.

The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other portfolios.

The example is based on an investment of $1,000 invested at July 1, 2022, and held for the entire six-month period until December 31, 2022.

**ACTUAL EXPENSES** 

The information in the table below provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = $8.60), then multiply the result by the number in the appropriate column for your share class titled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES** 

The information in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratios and assumed rates of return of 5% per year before expenses, which are not the Portfolio's actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Portfolio versus other portfolios. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other portfolios.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Portfolio shares. Therefore, the information under the heading "Hypothetical Expenses" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different portfolios. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries, or other financial institutions.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Actual Expenses** | **Actual Expenses** | **Hypothetical Expenses <sup>(A)</sup>** | **Hypothetical Expenses <sup>(A)</sup>** | |
| <br>**Class** |<br>**Beginning<br>Account Value<br>July 1, 2022** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** |<br>**Net Annualized<br>Expense Ratio <sup>(C)</sup>** |
|  Initial Class | $&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;994.60 | $&nbsp;&nbsp;&nbsp;&nbsp;3.97 | $&nbsp;&nbsp;&nbsp;&nbsp;1021.20 | $&nbsp;&nbsp;&nbsp;&nbsp;4.02 | 0.79% |
|  Service Class | 1000.00 | 992.70 | 5.88 | 1019.30 | 5.95 | 1.17 |

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(A) *5% return per year before expenses.*

(B) *Expenses are calculated using the Portfolio's net annualized expense ratio, as disclosed in the table, multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (365 days).*

(C) *Net annualized expense ratios are reflective of applicable fee waivers and/or reimbursements and recapture, if any, and are based on the most recent six-months which may differ from the net expense ratio displayed in the Financial Highlights that covers a twelve-month period.*

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**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**At December 31, 2022** 

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| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS - 20.8%** | **COMMON STOCKS - 20.8%** | **COMMON STOCKS - 20.8%** |
| **Australia - 1.2%** | **Australia - 1.2%** | **Australia - 1.2%** |
|  Ampol Ltd. | 2737 | $52699 |
|  ANZ Group Holdings Ltd. <sup>(A)</sup> | 34556 | 556660 |
|  APA Group | 13257 | 97120 |
|  Aristocrat Leisure Ltd. | 6873 | 142818 |
|  ASX Ltd. | 2214 | 102533 |
|  Aurizon Holdings Ltd. | 21213 | 53872 |
|  BHP Group Ltd. | 56625 | 1759180 |
|  BlueScope Steel Ltd. | 5334 | 61157 |
|  Brambles Ltd. | 15905 | 130705 |
|  Cochlear Ltd. | 753 | 104648 |
|  Coles Group Ltd. | 15237 | 173455 |
|  Commonwealth Bank of Australia <sup>(A)</sup> | 19216 | 1342338 |
|  Computershare Ltd. | 6165 | 109973 |
|  CSL Ltd. | 5484 | 1074433 |
|  Dexus, REIT | 12378 | 65314 |
|  Endeavour Group Ltd. | 15400 | 67314 |
|  Fortescue Metals Group Ltd. | 18967 | 264860 |
|  Goodman Group, REIT <sup>(A)</sup> | 19380 | 229063 |
|  GPT Group, REIT | 21662 | 61944 |
|  IDP Education Ltd. <sup>(A)</sup> | 2351 | 43506 |
|  IGO Ltd. | 7590 | 69557 |
|  Insurance Australia Group Ltd. | 28047 | 90705 |
|  Lendlease Corp. Ltd. <sup>(A)</sup> | 7850 | 41902 |
|  Lottery Corp. Ltd. <sup>(B)</sup> | 25109 | 76588 |
|  Macquarie Group Ltd. | 4160 | 472887 |
|  Medibank Pvt Ltd. | 31105 | 62475 |
|  Mineral Resources Ltd. | 1907 | 100235 |
|  Mirvac Group, REIT <sup>(A)</sup> | 45024 | 65294 |
|  National Australia Bank Ltd. | 36740 | 751934 |
|  Newcrest Mining Ltd. | 10087 | 141750 |
|  Northern Star Resources Ltd. | 12686 | 94233 |
|  Orica Ltd. | 5102 | 52314 |
|  Origin Energy Ltd. | 19774 | 103935 |
|  Pilbara Minerals Ltd. <sup>(B)</sup> | 29053 | 74178 |
|  Qantas Airways Ltd. <sup>(B)</sup> | 10419 | 42634 |
|  QBE Insurance Group Ltd. | 16850 | 154073 |
|  Quintis Pty Ltd. <sup>(B)</sup> <sup>(C)</sup> <sup>(D)</sup> <sup>(E)</sup> | 1725383 | 1 |
|  Ramsay Health Care Ltd. | 2044 | 90040 |
|  REA Group Ltd. <sup>(A)</sup> | 601 | 45338 |
|  Reece Ltd. <sup>(A)</sup> | 2617 | 25212 |
|  Rio Tinto Ltd. | 4176 | 330980 |
|  Santos Ltd. | 35881 | 174427 |
|  Scentre Group, REIT | 58828 | 115353 |
|  SEEK Ltd. <sup>(A)</sup> | 3804 | 54260 |
|  Sonic Healthcare Ltd. | 5070 | 103454 |
|  South32 Ltd. | 51720 | 140854 |
|  Stockland, REIT | 27150 | 67101 |
|  Suncorp Group Ltd. | 14260 | 116895 |
|  Telstra Group Ltd. <sup>(A)</sup> | 45521 | 123662 |
|  Transurban Group | 34960 | 308957 |
|  Treasury Wine Estates Ltd. | 7888 | 73093 |
|  Vicinity Ltd., REIT | 43555 | 59309 |
|  Washington H Soul Pattinson & Co. Ltd. <sup>(A)</sup> | 2436 | 45876 |
|  Wesfarmers Ltd. | 12772 | 399225 |
|  Westpac Banking Corp. <sup>(A)</sup> | 39494 | 627870 |
|  WiseTech Global Ltd. | 1644 | 56805 |
|  Woodside Energy Group Ltd. <sup>(A)</sup> | 21283 | 513545 |

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| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Australia (continued)** | **Australia (continued)** | **Australia (continued)** |
|  Woolworths Group Ltd. <sup>(A)</sup> | 13624 | $311299 |
|  |  | 12671842 |
| **Austria - 0.1%** | **Austria - 0.1%** | **Austria - 0.1%** |
|  Erste Group Bank AG | 19255 | 616284 |
|  OMV AG | 1763 | 90775 |
|  Verbund AG | 829 | 69794 |
|  voestalpine AG | 1404 | 37242 |
|  |  | 814095 |
| **Belgium - 0.2%** | **Belgium - 0.2%** | **Belgium - 0.2%** |
|  Ageas SA | 1884 | 83533 |
|  Anheuser-Busch InBev SA | 10131 | 610233 |
|  D'ieteren Group | 289 | 55437 |
|  Elia Group SA | 386 | 54872 |
|  Groupe Bruxelles Lambert NV | 547 | 43669 |
|  Groupe Bruxelles Lambert NV <sup>(A)</sup> <sup>(D)</sup> | 614 | 48902 |
|  KBC Group NV | 14059 | 904171 |
|  Sofina SA <sup>(A)</sup> | 183 | 40275 |
|  Solvay SA | 865 | 87464 |
|  UCB SA | 1484 | 116854 |
|  Umicore SA | 2451 | 90044 |
|  Warehouses De Pauw CVA, REIT | 1896 | 54190 |
|  |  | 2189644 |
| **Bermuda - 0.0% <sup>(F)</sup>** | **Bermuda - 0.0% <sup>(F)</sup>** | **Bermuda - 0.0% <sup>(F)</sup>** |
|  Arch Capital Group Ltd. <sup>(B)</sup> | 446 | 28000 |
|  Everest Re Group Ltd. | 48 | 15901 |
|  |  | 43901 |
| **Canada - 1.9%** | **Canada - 1.9%** | **Canada - 1.9%** |
|  Agnico Eagle Mines Ltd. <sup>(A)</sup> | 5112 | 265643 |
|  Air Canada <sup>(A)</sup> <sup>(B)</sup> | 1936 | 27725 |
|  Algonquin Power & Utilities Corp. <sup>(A)</sup> | 7817 | 50920 |
|  Alimentation Couche-Tard, Inc. | 9431 | 414435 |
|  AltaGas Ltd. <sup>(A)</sup> | 3268 | 56430 |
|  ARC Resources Ltd. <sup>(A)</sup> | 7567 | 101992 |
|  Bank of Montreal <sup>(A)</sup> | 7694 | 697006 |
|  Bank of Nova Scotia <sup>(A)</sup> | 13609 | 666781 |
|  Barrick Gold Corp. | 19872 | 340642 |
|  BCE, Inc. <sup>(A)</sup> | 824 | 36204 |
|  Brookfield Asset Management Ltd., A Shares <sup>(A)</sup> <sup>(B)</sup> | 3955 | 113246 |
|  Brookfield Corp. <sup>(A)</sup> | 16574 | 521212 |
|  BRP, Inc. <sup>(A)</sup> | 411 | 31335 |
|  CAE, Inc. <sup>(A)</sup> <sup>(B)</sup> | 3744 | 72419 |
|  Cameco Corp. <sup>(A)</sup> | 4959 | 112402 |
|  Canadian Apartment Properties, REIT | 958 | 30197 |
|  Canadian Imperial Bank of Commerce <sup>(A)</sup> | 10393 | 420402 |
|  Canadian National Railway Co. | 6892 | 818692 |
|  Canadian Natural Resources Ltd. <sup>(A)</sup> | 12931 | 718081 |
|  Canadian Pacific Railway Ltd. <sup>(A)</sup> | 10786 | 804170 |
|  Canadian Tire Corp. Ltd., Class A <sup>(A)</sup> | 624 | 65211 |
|  Canadian Utilities Ltd., Class A <sup>(A)</sup> | 1451 | 39276 |
|  CCL Industries, Inc., Class B <sup>(A)</sup> | 1693 | 72321 |
|  Cenovus Energy, Inc. <sup>(A)</sup> | 15952 | 309497 |
|  CGI, Inc. <sup>(A)</sup> <sup>(B)</sup> | 2492 | 214802 |
|  Constellation Software, Inc. | 228 | 355970 |
|  Descartes Systems Group, Inc. <sup>(A)</sup> <sup>(B)</sup> | 954 | 66505 |
|  Dollarama, Inc. | 3221 | 188383 |

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***The Notes to Financial Statements are an integral part of this report.***

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**CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

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|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
|  Element Fleet Management Corp. <sup>(A)</sup> | 4505 | $61386 |
|  Emera, Inc. <sup>(A)</sup> | 3103 | 118597 |
|  Empire Co. Ltd., Class A | 1832 | 48249 |
|  Enbridge, Inc. <sup>(A)</sup> | 23272 | 909567 |
|  Fairfax Financial Holdings Ltd. | 259 | 153424 |
|  First Quantum Minerals Ltd. <sup>(A)</sup> | 7146 | 149306 |
|  FirstService Corp. <sup>(A)</sup> | 455 | 55719 |
|  Fortis, Inc. <sup>(A)</sup> | 5506 | 220321 |
|  Franco-Nevada Corp. | 2247 | 306299 |
|  George Weston Ltd. <sup>(A)</sup> | 814 | 100992 |
|  GFL Environmental, Inc. <sup>(A)</sup> | 2165 | 63223 |
|  Gildan Activewear, Inc. <sup>(A)</sup> | 2064 | 56524 |
|  Great-West Lifeco, Inc. <sup>(A)</sup> | 3238 | 74852 |
|  Hydro One Ltd. <sup>(A)</sup> <sup>(G)</sup> | 3807 | 101979 |
|  iA Financial Corp., Inc. <sup>(A)</sup> | 1193 | 69844 |
|  IGM Financial, Inc. <sup>(A)</sup> | 932 | 26019 |
|  Imperial Oil Ltd. <sup>(A)</sup> | 2633 | 128247 |
|  Intact Financial Corp. | 1979 | 284880 |
|  Ivanhoe Mines Ltd., Class A <sup>(A)</sup> <sup>(B)</sup> | 7759 | 61316 |
|  Keyera Corp. <sup>(A)</sup> | 2586 | 56514 |
|  Kinross Gold Corp. <sup>(A)</sup> | 14646 | 59709 |
|  Loblaw Cos. Ltd. | 1848 | 163399 |
|  Lululemon Athletica, Inc. <sup>(B)</sup> | 147 | 47096 |
|  Lundin Mining Corp. <sup>(A)</sup> | 7586 | 46558 |
|  Magna International, Inc. | 3282 | 184364 |
|  Manulife Financial Corp. <sup>(A)</sup> | 22086 | 393927 |
|  Metro, Inc. <sup>(A)</sup> | 2803 | 155200 |
|  National Bank of Canada <sup>(A)</sup> | 3863 | 260282 |
|  Northland Power, Inc. | 2795 | 76646 |
|  Nutrien Ltd. <sup>(A)</sup> | 6276 | 458185 |
|  Nuvei Corp. <sup>(A)</sup> <sup>(B)</sup> <sup>(G)</sup> | 737 | 18730 |
|  Onex Corp. <sup>(A)</sup> | 829 | 39974 |
|  Open Text Corp. <sup>(A)</sup> | 3121 | 92477 |
|  Pan American Silver Corp. <sup>(A)</sup> | 2341 | 38210 |
|  Parkland Corp. <sup>(A)</sup> | 1789 | 39255 |
|  Pembina Pipeline Corp. <sup>(A)</sup> | 6431 | 218293 |
|  Power Corp. of Canada <sup>(A)</sup> | 6423 | 151088 |
|  Quebecor, Inc., Class B <sup>(A)</sup> | 1776 | 39612 |
|  Restaurant Brands International, Inc. <sup>(A)</sup> | 3410 | 220542 |
|  RioCan, REIT | 1689 | 26358 |
|  Ritchie Bros Auctioneers, Inc. <sup>(A)</sup> | 1271 | 73416 |
|  Rogers Communications, Inc., Class B <sup>(A)</sup> | 4072 | 190578 |
|  Royal Bank of Canada <sup>(A)</sup> | 16019 | 1506070 |
|  Saputo, Inc. <sup>(A)</sup> | 2935 | 72660 |
|  Shaw Communications, Inc., Class B | 5490 | 158172 |
|  Shopify, Inc., Class A <sup>(B)</sup> | 13534 | 469892 |
|  Sun Life Financial, Inc. | 6783 | 314853 |
|  Suncor Energy, Inc. | 15685 | 497541 |
|  TC Energy Corp. <sup>(A)</sup> | 11816 | 471069 |
|  Teck Resources Ltd., Class B | 5464 | 206494 |
|  TELUS Corp. <sup>(A)</sup> | 5371 | 103652 |
|  TFI International, Inc. | 919 | 92043 |
|  Thomson Reuters Corp. | 1914 | 218343 |
|  TMX Group Ltd. <sup>(A)</sup> | 624 | 62455 |
|  Toromont Industries Ltd. <sup>(A)</sup> | 931 | 67185 |
|  Toronto-Dominion Bank <sup>(A)</sup> | 20813 | 1347619 |
|  Tourmaline Oil Corp. | 3746 | 189015 |
|  West Fraser Timber Co. Ltd. <sup>(A)</sup> | 679 | 49029 |

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|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
|  Wheaton Precious Metals Corp. <sup>(A)</sup> | 5029 | $196480 |
|  WSP Global, Inc. <sup>(A)</sup> | 1421 | 164863 |
|  |  | 19840491 |
| **Cayman Islands - 0.0% <sup>(F)</sup>** | **Cayman Islands - 0.0% <sup>(F)</sup>** | **Cayman Islands - 0.0% <sup>(F)</sup>** |
|  Sands China Ltd. <sup>(B)</sup> | 28056 | 93095 |
| **Chile - 0.0% <sup>(F)</sup>** | **Chile - 0.0% <sup>(F)</sup>** | **Chile - 0.0% <sup>(F)</sup>** |
|  Antofagasta PLC | 4373 | 81707 |
| **Denmark - 0.5%** | **Denmark - 0.5%** | **Denmark - 0.5%** |
|  AP Moller - Maersk AS, Class A | 36 | 79651 |
|  AP Moller - Maersk AS, Class B | 57 | 128166 |
|  Carlsberg AS, Class B | 1127 | 149773 |
|  Chr Hansen Holding AS | 1242 | 89340 |
|  Coloplast AS, Class B | 1391 | 162592 |
|  Danske Bank AS | 7893 | 156001 |
|  Demant AS <sup>(B)</sup> | 1074 | 29769 |
|  DSV AS | 2169 | 342360 |
|  Genmab AS <sup>(B)</sup> | 762 | 322601 |
|  Novo Nordisk AS, Class B | 18882 | 2549565 |
|  Novozymes AS, B Shares | 2409 | 122031 |
|  Orsted AS <sup>(G)</sup> | 2218 | 201564 |
|  Pandora AS | 1047 | 73565 |
|  ROCKWOOL AS, B Shares | 103 | 24212 |
|  Tryg AS | 4153 | 98851 |
|  Vestas Wind Systems AS | 11951 | 347685 |
|  |  | 4877726 |
| **Finland - 0.2%** | **Finland - 0.2%** | **Finland - 0.2%** |
|  Elisa OYJ | 1645 | 87094 |
|  Fortum OYJ | 5024 | 83573 |
|  Kesko OYJ, B Shares | 3188 | 70368 |
|  Kone OYJ, Class B | 3961 | 204794 |
|  Neste OYJ | 4822 | 222057 |
|  Nokia OYJ | 62916 | 291416 |
|  Nordea Bank Abp | 37559 | 401979 |
|  Orion OYJ, Class B | 1218 | 66807 |
|  Sampo OYJ, A Shares | 5576 | 291398 |
|  Stora Enso OYJ, R Shares | 6384 | 89864 |
|  UPM-Kymmene OYJ | 6149 | 229916 |
|  Wartsila OYJ Abp | 5549 | 46735 |
|  |  | 2086001 |
| **France - 2.2%** | **France - 2.2%** | **France - 2.2%** |
|  Accor SA <sup>(B)</sup> | 1948 | 48690 |
|  Aeroports de Paris <sup>(B)</sup> | 342 | 45835 |
|  Air Liquide SA | 5896 | 835625 |
|  Airbus SE | 6674 | 793147 |
|  Alstom SA <sup>(A)</sup> | 3649 | 89137 |
|  Amundi SA <sup>(G)</sup> | 690 | 39146 |
|  Arkema SA | 677 | 60787 |
|  AXA SA | 21073 | 587738 |
|  BioMerieux | 476 | 49894 |
|  BNP Paribas SA | 61863 | 3526280 |
|  Bollore SE | 9975 | 55738 |
|  Bouygues SA | 2609 | 78310 |
|  Bureau Veritas SA | 3352 | 88304 |
|  Capgemini SE | 1848 | 308499 |
|  Carrefour SA | 6674 | 111735 |
|  Cie de Saint-Gobain | 5559 | 271646 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 6** 

------

##### [**Table of Contents**](#toc)
**Transamerica Morgan Stanley Global Allocation VP** 

------

**CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **France (continued)** | **France (continued)** | **France (continued)** |
|  Cie Generale des Etablissements Michelin SCA | 7684 | $213735 |
|  Covivio, REIT | 543 | 32231 |
|  Credit Agricole SA | 67187 | 707048 |
|  Danone SA | 7289 | 384117 |
|  Dassault Aviation SA | 282 | 47755 |
|  Dassault Systemes SE | 7587 | 272030 |
|  Edenred | 2816 | 153372 |
|  Eiffage SA | 942 | 92689 |
|  Electricite de France SA | 6137 | 78832 |
|  Engie SA | 21681 | 310714 |
|  EssilorLuxottica SA | 3301 | 597877 |
|  Eurazeo SE | 497 | 30910 |
|  Gecina SA, REIT | 529 | 53880 |
|  Getlink SE | 5015 | 80390 |
|  Hermes International | 358 | 553754 |
|  Ipsen SA | 420 | 45184 |
|  Kering SA | 874 | 444865 |
|  Klepierre SA, REIT <sup>(B)</sup> | 2472 | 56972 |
|  L'Oreal SA | 2734 | 976317 |
|  La Francaise des Jeux SAEM <sup>(G)</sup> | 1186 | 47710 |
|  Legrand SA | 3028 | 242516 |
|  LVMH Moet Hennessy Louis Vuitton SE | 3151 | 2293293 |
|  Orange SA | 22733 | 225849 |
|  Pernod Ricard SA | 2325 | 457316 |
|  Publicis Groupe SA | 2601 | 165440 |
|  Remy Cointreau SA | 264 | 44538 |
|  Renault SA <sup>(B)</sup> | 2228 | 74590 |
|  Safran SA | 3838 | 480352 |
|  Sanofi | 12919 | 1242410 |
|  Sartorius Stedim Biotech | 315 | 102000 |
|  Schneider Electric SE | 6168 | 863083 |
|  SEB SA | 283 | 23705 |
|  Societe Generale SA | 44263 | 1112513 |
|  Sodexo SA <sup>(A)</sup> | 1001 | 95880 |
|  Teleperformance | 674 | 160674 |
|  Thales SA | 1212 | 154778 |
|  TotalEnergies SE <sup>(A)</sup> | 27634 | 1734914 |
|  Ubisoft Entertainment SA <sup>(B)</sup> | 1068 | 30193 |
|  Unibail-Rodamco-Westfield, REIT <sup>(B)</sup> | 1379 | 71785 |
|  Valeo | 2405 | 42993 |
|  Veolia Environnement SA | 7681 | 197331 |
|  Vinci SA | 6059 | 605065 |
|  Vivendi SE | 8138 | 77653 |
|  Wendel SE | 303 | 28283 |
|  Worldline SA <sup>(B)</sup> <sup>(G)</sup> | 2726 | 106596 |
|  |  | 22804643 |
| **Germany - 1.2%** | **Germany - 1.2%** | **Germany - 1.2%** |
|  adidas AG | 1982 | 270423 |
|  Allianz SE | 4576 | 984084 |
|  BASF SE | 10462 | 519524 |
|  Bayer AG | 11085 | 573421 |
|  Bayerische Motoren Werke AG | 3749 | 334614 |
|  Bechtle AG | 929 | 32876 |
|  Beiersdorf AG | 1138 | 130588 |
|  Brenntag SE | 1730 | 110594 |
|  Carl Zeiss Meditec AG | 455 | 57424 |
|  Commerzbank AG <sup>(B)</sup> | 58690 | 555119 |
|  Continental AG | 1244 | 74545 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |
|  Covestro AG <sup>(G)</sup> | 2207 | $86349 |
|  Daimler Truck Holding AG <sup>(B)</sup> | 5128 | 158887 |
|  Delivery Hero SE <sup>(B)</sup> <sup>(G)</sup> | 1925 | 92274 |
|  Deutsche Bank AG | 22260 | 252293 |
|  Deutsche Boerse AG | 2142 | 370075 |
|  Deutsche Lufthansa AG <sup>(B)</sup> | 6763 | 56214 |
|  Deutsche Post AG | 11210 | 422151 |
|  Deutsche Telekom AG | 36414 | 726497 |
|  E.ON SE | 25539 | 255175 |
|  Evonik Industries AG | 2392 | 45923 |
|  Fresenius Medical Care AG & Co. KGaA | 2354 | 77031 |
|  Fresenius SE & Co. KGaA | 4791 | 134624 |
|  GEA Group AG | 1710 | 69924 |
|  Hannover Rueck SE | 679 | 134828 |
|  HeidelbergCement AG | 1645 | 93820 |
|  HelloFresh SE <sup>(B)</sup> | 1897 | 41689 |
|  Henkel AG & Co. KGaA | 1178 | 75975 |
|  Infineon Technologies AG | 14628 | 445172 |
|  Knorr-Bremse AG | 819 | 44747 |
|  LEG Immobilien SE | 859 | 55962 |
|  Mercedes-Benz Group AG | 9133 | 600272 |
|  Merck KGaA | 1465 | 283689 |
|  MTU Aero Engines AG | 603 | 130516 |
|  Muenchener Rueckversicherungs-Gesellschaft AG | 1570 | 510904 |
|  Nemetschek SE | 651 | 33233 |
|  Puma SE | 1210 | 73440 |
|  Rational AG | 58 | 34458 |
|  Rheinmetall AG | 520 | 103562 |
|  RWE AG | 7318 | 325797 |
|  SAP SE | 11820 | 1219595 |
|  Scout24 SE <sup>(G)</sup> | 915 | 45966 |
|  Siemens AG | 8672 | 1203440 |
|  Siemens Healthineers AG <sup>(G)</sup> | 3278 | 163972 |
|  Symrise AG | 1514 | 164740 |
|  Telefonica Deutschland Holding AG | 11757 | 28984 |
|  United Internet AG | 1092 | 22081 |
|  Volkswagen AG | 335 | 52947 |
|  Vonovia SE | 8254 | 194557 |
|  Zalando SE <sup>(B)</sup> <sup>(G)</sup> | 2577 | 91336 |
|  |  | 12566311 |
| **Hong Kong - 0.5%** | **Hong Kong - 0.5%** | **Hong Kong - 0.5%** |
|  AIA Group Ltd. | 134680 | 1497700 |
|  BOC Hong Kong Holdings Ltd. | 41201 | 140408 |
|  Budweiser Brewing Co. APAC Ltd. <sup>(G)</sup> | 18933 | 59549 |
|  Chow Tai Fook Jewellery Group Ltd. | 21057 | 42948 |
|  CK Asset Holdings Ltd. | 22109 | 136102 |
|  CK Hutchison Holdings Ltd. | 30304 | 181891 |
|  CK Infrastructure Holdings Ltd. | 7125 | 37289 |
|  CLP Holdings Ltd. | 17810 | 129945 |
|  ESR Group Ltd. <sup>(G)</sup> | 22585 | 47395 |
|  Futu Holdings Ltd., ADR <sup>(A)</sup> <sup>(B)</sup> | 703 | 28577 |
|  Galaxy Entertainment Group Ltd. | 25092 | 165877 |
|  Hang Lung Properties Ltd. | 21827 | 42673 |
|  Hang Seng Bank Ltd. | 8675 | 144260 |
|  Henderson Land Development Co. Ltd. | 16782 | 58589 |
|  HK Electric Investments & HK Electric Investments Ltd. | 28857 | 19114 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 7** 

------

##### [**Table of Contents**](#toc)
**Transamerica Morgan Stanley Global Allocation VP** 

------

**CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Hong Kong (continued)** | **Hong Kong (continued)** | **Hong Kong (continued)** |
|  HKT Trust & HKT Ltd. | 42760 | $52427 |
|  Hong Kong & China Gas Co. Ltd. | 126844 | 120580 |
|  Hong Kong Exchanges & Clearing Ltd. | 13596 | 587355 |
|  Hongkong Land Holdings Ltd. | 12224 | 56230 |
|  Jardine Matheson Holdings Ltd. | 1812 | 92231 |
|  Link, REIT | 24419 | 179260 |
|  MTR Corp. Ltd. | 17274 | 91510 |
|  New World Development Co. Ltd. | 17332 | 48851 |
|  Power Assets Holdings Ltd. | 15256 | 83556 |
|  Sino Land Co. Ltd. | 39603 | 49520 |
|  SITC International Holdings Co. Ltd. | 18083 | 40218 |
|  Sun Hung Kai Properties Ltd. | 16055 | 219677 |
|  Swire Pacific Ltd., Class A | 5715 | 50301 |
|  Swire Properties Ltd. | 12845 | 32650 |
|  Techtronic Industries Co. Ltd. | 15731 | 175540 |
|  WH Group Ltd. <sup>(G)</sup> | 95759 | 55698 |
|  Wharf Real Estate Investment Co. Ltd. | 19249 | 112207 |
|  Xinyi Glass Holdings Ltd. | 21270 | 39622 |
|  |  | 4819750 |
| **Ireland - 0.2%** | **Ireland - 0.2%** | **Ireland - 0.2%** |
|  Accenture PLC, Class A | 770 | 205467 |
|  AerCap Holdings NV <sup>(B)</sup> | 1555 | 90688 |
|  AIB Group PLC | 12276 | 47517 |
|  Allegion PLC | 108 | 11368 |
|  Aptiv PLC <sup>(B)</sup> | 334 | 31105 |
|  Bank of Ireland Group PLC | 12354 | 117696 |
|  CRH PLC | 8972 | 355447 |
|  DCC PLC | 1110 | 54751 |
|  Experian PLC | 10379 | 352967 |
|  Flutter Entertainment PLC <sup>(A)</sup> <sup>(B)</sup> | 2003 | 274017 |
|  James Hardie Industries PLC | 5135 | 92299 |
|  Jazz Pharmaceuticals PLC <sup>(B)</sup> | 78 | 12426 |
|  Kerry Group PLC, Class A | 1899 | 171242 |
|  Kingspan Group PLC <sup>(A)</sup> | 1841 | 99678 |
|  Medtronic PLC | 1656 | 128704 |
|  Smurfit Kappa Group PLC | 2965 | 109689 |
|  Trane Technologies PLC | 287 | 48242 |
|  |  | 2203303 |
| **Israel - 0.1%** | **Israel - 0.1%** | **Israel - 0.1%** |
|  Azrieli Group Ltd. | 479 | 31944 |
|  Bank Hapoalim BM | 14327 | 128999 |
|  Bank Leumi Le-Israel BM | 17416 | 145054 |
|  Bezeq The Israeli Telecommunication Corp. Ltd. | 23400 | 40143 |
|  Check Point Software Technologies Ltd. <sup>(B)</sup> | 1130 | 142561 |
|  CyberArk Software Ltd. <sup>(B)</sup> | 459 | 59509 |
|  Elbit Systems Ltd. | 300 | 48790 |
|  ICL Group Ltd. | 7987 | 57710 |
|  Israel Discount Bank Ltd., A Shares | 13955 | 73263 |
|  Mizrahi Tefahot Bank Ltd. | 1740 | 56159 |
|  Nice Ltd. <sup>(B)</sup> | 717 | 137935 |
|  SolarEdge Technologies, Inc. <sup>(B)</sup> | 68 | 19262 |
|  Teva Pharmaceutical Industries Ltd., ADR <sup>(B)</sup> | 12512 | 114109 |
|  Tower Semiconductor Ltd. <sup>(B)</sup> | 1233 | 53821 |
|  Wix.com Ltd. <sup>(B)</sup> | 645 | 49555 |
|  ZIM Integrated Shipping Services Ltd. <sup>(A)</sup> | 947 | 16279 |
|  |  | 1175093 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Italy - 0.6%** | **Italy - 0.6%** | **Italy - 0.6%** |
|  Amplifon SpA <sup>(A)</sup> | 1403 | $41781 |
|  Assicurazioni Generali SpA | 12433 | 221127 |
|  Davide Campari-Milano NV | 5991 | 60821 |
|  DiaSorin SpA | 287 | 40061 |
|  Enel SpA | 91207 | 491091 |
|  Eni SpA | 27621 | 392826 |
|  Ferrari NV | 1426 | 305597 |
|  FinecoBank Banca Fineco SpA | 33411 | 555070 |
|  Infrastrutture Wireless Italiane SpA <sup>(G)</sup> | 3799 | 38283 |
|  Intesa Sanpaolo SpA | 915430 | 2036277 |
|  Mediobanca Banca di Credito Finanziario SpA <sup>(A)</sup> | 33628 | 323398 |
|  Moncler SpA | 2313 | 122560 |
|  Nexi SpA <sup>(B)</sup> <sup>(G)</sup> | 6701 | 52837 |
|  Poste Italiane SpA <sup>(G)</sup> | 5787 | 56533 |
|  Prysmian SpA | 2878 | 106779 |
|  Recordati Industria Chimica e Farmaceutica SpA | 1183 | 49071 |
|  Snam SpA | 22787 | 110424 |
|  Telecom Italia SpA <sup>(B)</sup> | 111771 | 25879 |
|  Terna - Rete Elettrica Nazionale | 15881 | 117299 |
|  UniCredit SpA | 112929 | 1604383 |
|  |  | 6752097 |
| **Japan - 0.8%** | **Japan - 0.8%** | **Japan - 0.8%** |
|  Chiba Bank Ltd. | 36468 | 267313 |
|  Concordia Financial Group Ltd. | 74895 | 313870 |
|  Japan Post Bank Co. Ltd. <sup>(A)</sup> | 28375 | 243881 |
|  Mizuho Financial Group, Inc. | 165955 | 2346940 |
|  Resona Holdings, Inc. | 148659 | 819188 |
|  Shizuoka Financial Group, Inc. | 30707 | 246845 |
|  Sumitomo Mitsui Financial Group, Inc. | 89823 | 3624677 |
|  Sumitomo Mitsui Trust Holdings, Inc. | 23236 | 812304 |
|  |  | 8675018 |
| **Jersey, Channel Islands - 0.0% <sup>(F)</sup>** | **Jersey, Channel Islands - 0.0% <sup>(F)</sup>** | **Jersey, Channel Islands - 0.0% <sup>(F)</sup>** |
|  Novocure Ltd. <sup>(A)</sup> <sup>(B)</sup> | 115 | 8435 |
| **Jordan - 0.0% <sup>(F)</sup>** | **Jordan - 0.0% <sup>(F)</sup>** | **Jordan - 0.0% <sup>(F)</sup>** |
|  Hikma Pharmaceuticals PLC | 1838 | 34486 |
| **Luxembourg - 0.0% <sup>(F)</sup>** | **Luxembourg - 0.0% <sup>(F)</sup>** | **Luxembourg - 0.0% <sup>(F)</sup>** |
|  ArcelorMittal SA | 5935 | 156128 |
|  Aroundtown SA | 11995 | 28030 |
|  Eurofins Scientific SE <sup>(A)</sup> | 1511 | 108466 |
|  Tenaris SA | 5234 | 91240 |
|  |  | 383864 |
| **Netherlands - 0.9%** | **Netherlands - 0.9%** | **Netherlands - 0.9%** |
|  ABN AMRO Bank NV <sup>(G)</sup> | 23366 | 323282 |
|  Adyen NV <sup>(B)</sup> <sup>(G)</sup> | 250 | 344792 |
|  Akzo Nobel NV | 2102 | 140765 |
|  Argenx SE <sup>(B)</sup> | 647 | 241226 |
|  ASM International NV | 539 | 135963 |
|  ASML Holding NV | 4659 | 2512564 |
|  Euronext NV <sup>(G)</sup> | 969 | 71737 |
|  EXOR NV <sup>(A)</sup> <sup>(B)</sup> | 1244 | 90951 |
|  EXOR NV <sup>(B)</sup> | 1260 | 92121 |
|  Heineken Holding NV | 1153 | 88926 |
|  Heineken NV | 2964 | 278827 |
|  IMCD NV | 654 | 93215 |
|  ING Groep NV | 214908 | 2619788 |
|  JDE Peet's NV | 1163 | 33638 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 8** 

------

##### [**Table of Contents**](#toc)
**Transamerica Morgan Stanley Global Allocation VP** 

------

**CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Netherlands (continued)** | **Netherlands (continued)** | **Netherlands (continued)** |
|  Just Eat Takeaway.com NV <sup>(B)</sup> <sup>(G)</sup> | 2128 | $44989 |
|  Koninklijke Ahold Delhaize NV | 11906 | 342070 |
|  Koninklijke DSM NV | 1990 | 243481 |
|  Koninklijke KPN NV | 37738 | 116746 |
|  Koninklijke Philips NV | 10568 | 158420 |
|  NN Group NV | 3202 | 130796 |
|  NXP Semiconductors NV | 325 | 51360 |
|  OCI NV | 1219 | 43609 |
|  Prosus NV <sup>(B)</sup> | 9561 | 659618 |
|  QIAGEN NV <sup>(B)</sup> | 2594 | 130535 |
|  Randstad NV <sup>(A)</sup> | 1371 | 83594 |
|  Stellantis NV | 24943 | 354152 |
|  Universal Music Group NV | 8328 | 200670 |
|  Wolters Kluwer NV | 3016 | 315616 |
|  |  | 9943451 |
| **New Zealand - 0.0% <sup>(F)</sup>** | **New Zealand - 0.0% <sup>(F)</sup>** | **New Zealand - 0.0% <sup>(F)</sup>** |
|  Auckland International Airport Ltd. <sup>(B)</sup> | 14592 | 72356 |
|  Fisher & Paykel Healthcare Corp. Ltd. | 6751 | 96868 |
|  Mercury Ltd. | 8168 | 28833 |
|  Meridian Energy Ltd. | 14631 | 48676 |
|  Spark New Zealand Ltd. | 21888 | 75042 |
|  Xero Ltd. <sup>(B)</sup> | 1527 | 73057 |
|  |  | 394832 |
| **Norway - 0.1%** | **Norway - 0.1%** | **Norway - 0.1%** |
|  Adevinta ASA <sup>(B)</sup> | 3489 | 23363 |
|  Aker BP ASA | 3657 | 113516 |
|  DNB Bank ASA | 10840 | 215156 |
|  Equinor ASA | 11047 | 396694 |
|  Gjensidige Forsikring ASA | 2337 | 45849 |
|  Kongsberg Gruppen ASA | 1032 | 43779 |
|  Mowi ASA | 4781 | 81596 |
|  Norsk Hydro ASA | 15459 | 115696 |
|  Orkla ASA | 8754 | 63389 |
|  Salmar ASA | 750 | 29459 |
|  Telenor ASA | 8279 | 77409 |
|  Yara International ASA | 1943 | 85401 |
|  |  | 1291307 |
| **Portugal - 0.0% <sup>(F)</sup>** | **Portugal - 0.0% <sup>(F)</sup>** | **Portugal - 0.0% <sup>(F)</sup>** |
|  EDP - Energias de Portugal SA | 27065 | 134892 |
|  Galp Energia SGPS SA | 4831 | 65211 |
|  Jeronimo Martins SGPS SA | 2719 | 58735 |
|  |  | 258838 |
| **Republic of South Africa - 0.0% <sup>(F)</sup>** | **Republic of South Africa - 0.0% <sup>(F)</sup>** | **Republic of South Africa - 0.0% <sup>(F)</sup>** |
|  Thungela Resources Ltd. <sup>(A)</sup> | 1924 | 31750 |
| **Singapore - 0.2%** | **Singapore - 0.2%** | **Singapore - 0.2%** |
|  CapitaLand Ascendas, REIT | 38898 | 79573 |
|  CapitaLand Integrated Commercial Trust, REIT | 61185 | 93189 |
|  Capitaland Investment Ltd. | 29622 | 81829 |
|  City Developments Ltd. | 4666 | 28671 |
|  DBS Group Holdings Ltd. | 20634 | 522551 |
|  Genting Singapore Ltd. | 68732 | 49006 |
|  Grab Holdings Ltd., Class A <sup>(B)</sup> | 15538 | 50032 |
|  Jardine Cycle & Carriage Ltd. | 1100 | 23488 |
|  Keppel Corp. Ltd. | 16761 | 90850 |
|  Mapletree Logistics Trust, REIT <sup>(A)</sup> | 38800 | 46060 |
|  Mapletree Pan Asia Commercial Trust, REIT | 27498 | 34285 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Singapore (continued)** | **Singapore (continued)** | **Singapore (continued)** |
|  Oversea-Chinese Banking Corp. Ltd. | 38860 | $353378 |
|  Sea Ltd., ADR <sup>(A)</sup> <sup>(B)</sup> | 4249 | 221076 |
|  Singapore Airlines Ltd. <sup>(A)</sup> | 15370 | 63458 |
|  Singapore Exchange Ltd. | 9825 | 65652 |
|  Singapore Technologies Engineering Ltd. | 17900 | 44770 |
|  Singapore Telecommunications Ltd. | 92640 | 177755 |
|  United Overseas Bank Ltd. | 13488 | 309155 |
|  UOL Group Ltd. | 5358 | 26882 |
|  Venture Corp. Ltd. | 3162 | 40275 |
|  Wilmar International Ltd. | 22000 | 68493 |
|  |  | 2470428 |
| **Spain - 0.8%** | **Spain - 0.8%** | **Spain - 0.8%** |
|  Acciona SA | 283 | 52075 |
|  ACS Actividades de Construccion y Servicios SA <sup>(A)</sup> | 2469 | 70752 |
|  Aena SME SA <sup>(B)</sup> <sup>(G)</sup> | 871 | 109366 |
|  Amadeus IT Group SA <sup>(B)</sup> | 5169 | 268635 |
|  Banco Bilbao Vizcaya Argentaria SA | 364991 | 2201229 |
|  Banco Santander SA | 958056 | 2874106 |
|  CaixaBank SA | 251157 | 987221 |
|  Cellnex Telecom SA <sup>(G)</sup> | 6230 | 206202 |
|  Corp. ACCIONA Energias Renovables SA | 757 | 29285 |
|  EDP Renovaveis SA | 2858 | 62961 |
|  Enagas SA <sup>(A)</sup> | 2842 | 47230 |
|  Endesa SA | 3621 | 68355 |
|  Ferrovial SA | 5612 | 147000 |
|  Grifols SA <sup>(A)</sup> <sup>(B)</sup> | 3431 | 39555 |
|  Iberdrola SA | 68615 | 802796 |
|  Industria de Diseno Textil SA | 12357 | 328705 |
|  Naturgy Energy Group SA <sup>(A)</sup> | 1675 | 43588 |
|  Red Electrica Corp. SA | 4629 | 80570 |
|  Repsol SA | 15436 | 245373 |
|  Siemens Gamesa Renewable Energy SA <sup>(B)</sup> | 2721 | 52574 |
|  Telefonica SA | 58924 | 213509 |
|  |  | 8931087 |
| **Sweden - 0.5%** | **Sweden - 0.5%** | **Sweden - 0.5%** |
|  Alfa Laval AB | 3301 | 95251 |
|  Assa Abloy AB, B Shares | 11504 | 246620 |
|  Atlas Copco AB, A Shares | 30613 | 361142 |
|  Atlas Copco AB, B Shares | 17839 | 189932 |
|  Boliden AB | 3102 | 116308 |
|  Electrolux AB, B Shares <sup>(A)</sup> | 2537 | 34228 |
|  Embracer Group AB <sup>(A)</sup> <sup>(B)</sup> | 7294 | 33056 |
|  Epiroc AB, Class A | 7527 | 136945 |
|  Epiroc AB, Class B | 4452 | 71527 |
|  EQT AB <sup>(A)</sup> | 3475 | 73464 |
|  Essity AB, Class B | 6927 | 181426 |
|  Evolution AB <sup>(G)</sup> | 2080 | 202402 |
|  Fastighets AB Balder, B Shares <sup>(B)</sup> | 7264 | 33776 |
|  Getinge AB, B Shares | 2646 | 54848 |
|  H&M Hennes & Mauritz AB, B Shares <sup>(A)</sup> | 8460 | 90998 |
|  Hexagon AB, B Shares | 22334 | 233296 |
|  Holmen AB, B Shares | 1060 | 42045 |
|  Husqvarna AB, B Shares | 4848 | 33971 |
|  Industrivarden AB, A Shares | 1489 | 36173 |
|  Industrivarden AB, C Shares | 1762 | 42721 |
|  Indutrade AB | 3151 | 63746 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 9** 

------

##### [**Table of Contents**](#toc)
**Transamerica Morgan Stanley Global Allocation VP** 

------

**CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Sweden (continued)** | **Sweden (continued)** | **Sweden (continued)** |
|  Investment AB Latour, B Shares | 1705 | $32205 |
|  Investor AB, A Shares | 5677 | 105463 |
|  Investor AB, B Shares | 20733 | 374650 |
|  Kinnevik AB, Class B <sup>(B)</sup> | 2781 | 38164 |
|  L E Lundbergforetagen AB, B Shares | 866 | 36856 |
|  Lifco AB, B Shares | 2685 | 44811 |
|  Nibe Industrier AB, B Shares | 17505 | 162890 |
|  Sagax AB, B Shares | 2183 | 49477 |
|  Sandvik AB | 12173 | 219782 |
|  Securitas AB, B Shares <sup>(A)</sup> | 5560 | 46335 |
|  Skandinaviska Enskilda Banken AB, Class A | 18292 | 210269 |
|  Skanska AB, B Shares | 3881 | 61368 |
|  SKF AB, B Shares | 4375 | 66727 |
|  Svenska Cellulosa AB SCA, Class B | 6851 | 86632 |
|  Svenska Handelsbanken AB, A Shares | 16566 | 166853 |
|  Swedbank AB, A Shares | 10261 | 174346 |
|  Swedish Orphan Biovitrum AB <sup>(B)</sup> | 1902 | 39316 |
|  Tele2 AB, B Shares | 6532 | 53271 |
|  Telefonaktiebolaget LM Ericsson, B Shares | 33274 | 194194 |
|  Telia Co. AB | 30182 | 77112 |
|  Volvo AB, A Shares | 2290 | 43474 |
|  Volvo AB, B Shares | 17221 | 311055 |
|  Volvo Car AB, B Shares <sup>(A)</sup> <sup>(B)</sup> | 6875 | 31216 |
|  |  | 5000341 |
| **Switzerland - 1.7%** | **Switzerland - 1.7%** | **Switzerland - 1.7%** |
|  ABB Ltd. | 17881 | 542628 |
|  Adecco Group AG | 1828 | 60218 |
|  Alcon, Inc. | 5761 | 393641 |
|  Bachem Holding AG, Class B | 386 | 33334 |
|  Baloise Holding AG | 518 | 79942 |
|  Banque Cantonale Vaudoise | 340 | 32634 |
|  Barry Callebaut AG | 40 | 79122 |
|  BKW AG | 240 | 32834 |
|  Chocoladefabriken Lindt & Spruengli AG | 13 | 225123 |
|  Chubb Ltd. | 510 | 112506 |
|  Cie Financiere Richemont SA, Class A | 5922 | 767910 |
|  Clariant AG <sup>(B)</sup> | 2477 | 39245 |
|  Coca-Cola HBC AG <sup>(B)</sup> | 2145 | 51164 |
|  Credit Suisse Group AG | 41413 | 123793 |
|  EMS-Chemie Holding AG | 80 | 54161 |
|  Garmin Ltd. | 192 | 17720 |
|  Geberit AG | 409 | 192635 |
|  Givaudan SA | 105 | 321706 |
|  Glencore PLC | 108075 | 721751 |
|  Holcim AG <sup>(B)</sup> | 6322 | 327364 |
|  Julius Baer Group Ltd. | 2424 | 141196 |
|  Kuehne & Nagel International AG | 616 | 143366 |
|  Logitech International SA | 1970 | 121568 |
|  Lonza Group AG | 848 | 415540 |
|  Nestle SA | 31095 | 3603005 |
|  Novartis AG | 24581 | 2222166 |
|  Partners Group Holding AG | 260 | 229674 |
|  Roche Holding AG | 8015 | 2518096 |
|  Roche Holding AG <sup>(A)</sup> | 305 | 118220 |
|  Schindler Holding AG | 725 | 134317 |
|  SGS SA | 73 | 169740 |
|  Siemens Energy AG <sup>(B)</sup> | 4924 | 92636 |
|  SIG Group AG <sup>(B)</sup> | 3578 | 78165 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Switzerland (continued)** | **Switzerland (continued)** | **Switzerland (continued)** |
|  Sika AG | 1677 | $402088 |
|  Sonova Holding AG | 617 | 146334 |
|  STMicroelectronics NV | 7739 | 273337 |
|  Straumann Holding AG | 1271 | 145155 |
|  Swatch Group AG | 923 | 123974 |
|  Swiss Life Holding AG | 349 | 179963 |
|  Swiss Prime Site AG | 874 | 75760 |
|  Swiss Re AG | 3413 | 319209 |
|  Swisscom AG | 289 | 158338 |
|  TE Connectivity Ltd. | 398 | 45690 |
|  Temenos AG | 726 | 39839 |
|  UBS Group AG | 38000 | 707068 |
|  VAT Group AG <sup>(G)</sup> | 311 | 85028 |
|  Zurich Insurance Group AG | 1709 | 817488 |
|  |  | 17716391 |
| **United Kingdom - 2.3%** | **United Kingdom - 2.3%** | **United Kingdom - 2.3%** |
|  3i Group PLC | 10899 | 176761 |
|  abrdn PLC <sup>(A)</sup> | 24113 | 55169 |
|  Admiral Group PLC | 2027 | 52368 |
|  Amcor PLC | 1844 | 21962 |
|  Anglo American PLC | 14275 | 558548 |
|  Ashtead Group PLC | 4954 | 282687 |
|  Associated British Foods PLC | 4038 | 76936 |
|  AstraZeneca PLC | 17335 | 2350973 |
|  Auto Trader Group PLC <sup>(G)</sup> | 10701 | 66703 |
|  AVEVA Group PLC | 1351 | 52478 |
|  Aviva PLC | 31367 | 167915 |
|  BAE Systems PLC | 35232 | 364602 |
|  Barclays PLC | 179705 | 344392 |
|  Barratt Developments PLC | 11480 | 55071 |
|  Berkeley Group Holdings PLC | 1224 | 55831 |
|  BP PLC | 209360 | 1201999 |
|  British American Tobacco PLC | 24148 | 957992 |
|  British Land Co. PLC, REIT | 9930 | 47431 |
|  BT Group PLC <sup>(A)</sup> | 77973 | 105625 |
|  Bunzl PLC | 3810 | 127082 |
|  Burberry Group PLC | 4405 | 108106 |
|  Clarivate PLC <sup>(A)</sup> <sup>(B)</sup> | 373 | 3111 |
|  CNH Industrial NV | 11373 | 182187 |
|  Coca-Cola Europacific Partners PLC | 2365 | 130832 |
|  Compass Group PLC | 19816 | 459367 |
|  Croda International PLC | 1568 | 125188 |
|  Diageo PLC | 25462 | 1123554 |
|  Entain PLC | 6647 | 106194 |
|  Evraz PLC <sup>(B)</sup> <sup>(D)</sup> <sup>(E)</sup> <sup>(H)</sup> <sup>(I)</sup> | 6267 | 0 |
|  Ferguson PLC | 261 | 33139 |
|  G4S Ltd. <sup>(B)</sup> <sup>(D)</sup> <sup>(E)</sup> | 27853 | 82499 |
|  GSK PLC | 45653 | 793443 |
|  Haleon PLC <sup>(B)</sup> | 56711 | 224434 |
|  Halma PLC | 4292 | 102427 |
|  Hargreaves Lansdown PLC | 4052 | 41942 |
|  HSBC Holdings PLC | 221917 | 1383554 |
|  Imperial Brands PLC | 10108 | 253078 |
|  Informa PLC | 16294 | 122053 |
|  InterContinental Hotels Group PLC | 2077 | 119121 |
|  Intertek Group PLC | 1836 | 89540 |
|  J Sainsbury PLC | 19552 | 51459 |
|  JD Sports Fashion PLC | 29257 | 44620 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 10** 

------

##### [**Table of Contents**](#toc)
**Transamerica Morgan Stanley Global Allocation VP** 

------

**CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
|  Johnson Matthey PLC | 2022 | $51994 |
|  Kingfisher PLC | 21896 | 62498 |
|  Land Securities Group PLC, REIT | 8002 | 60114 |
|  Legal & General Group PLC | 67179 | 202634 |
|  Liberty Global PLC, Class A <sup>(B)</sup> | 204 | 3862 |
|  Liberty Global PLC, Class C <sup>(B)</sup> | 349 | 6781 |
|  Linde PLC | 615 | 200601 |
|  Lloyds Banking Group PLC | 760930 | 417739 |
|  London Stock Exchange Group PLC | 3688 | 318166 |
|  M&G PLC | 28295 | 64258 |
|  Melrose Industries PLC | 45830 | 74521 |
|  Mondi PLC | 5496 | 93653 |
|  National Grid PLC | 41322 | 498264 |
|  NatWest Group PLC | 59125 | 189563 |
|  Next PLC | 1456 | 102199 |
|  NMC Health PLC <sup>(B)</sup> <sup>(D)</sup> <sup>(E)</sup> <sup>(H)</sup> | 77617 | 0 |
|  Ocado Group PLC <sup>(A)</sup> <sup>(B)</sup> | 6632 | 49454 |
|  Pearson PLC | 7472 | 84841 |
|  Pentair PLC | 204 | 9176 |
|  Persimmon PLC | 3607 | 53070 |
|  Phoenix Group Holdings PLC | 8445 | 62136 |
|  Prudential PLC | 30854 | 420568 |
|  Reckitt Benckiser Group PLC | 8036 | 559008 |
|  RELX PLC | 21625 | 598164 |
|  Rentokil Initial PLC | 28260 | 173558 |
|  Rio Tinto PLC | 12590 | 882495 |
|  Rolls-Royce Holdings PLC <sup>(B)</sup> | 94517 | 106496 |
|  Sage Group PLC | 11722 | 105661 |
|  Schroders PLC | 8316 | 43834 |
|  Segro PLC, REIT | 13639 | 125909 |
|  Severn Trent PLC | 2823 | 90475 |
|  Shell PLC | 80581 | 2265952 |
|  Smith & Nephew PLC | 9847 | 132081 |
|  Smiths Group PLC | 4071 | 78672 |
|  Spirax-Sarco Engineering PLC | 828 | 106257 |
|  SSE PLC | 12013 | 248636 |
|  St. James's Place PLC | 6134 | 81202 |
|  Standard Chartered PLC | 27928 | 210144 |
|  Taylor Wimpey PLC | 39862 | 48986 |
|  Tesco PLC | 83841 | 227248 |
|  Unilever PLC | 28552 | 1443540 |
|  United Utilities Group PLC | 7676 | 92001 |
|  Vodafone Group PLC | 296110 | 301564 |
|  Whitbread PLC | 2271 | 70560 |
|  Willis Towers Watson PLC | 135 | 33018 |
|  WPP PLC | 12300 | 121964 |
|  |  | 23875890 |
| **United States - 4.6%** | **United States - 4.6%** | **United States - 4.6%** |
|  3M Co. | 690 | 82745 |
|  A.O. Smith Corp. | 159 | 9101 |
|  Abbott Laboratories | 2170 | 238244 |
|  AbbVie, Inc. | 2197 | 355057 |
|  Activision Blizzard, Inc. | 969 | 74177 |
|  Adobe, Inc. <sup>(B)</sup> | 563 | 189466 |
|  Advance Auto Parts, Inc. | 75 | 11027 |
|  Advanced Micro Devices, Inc. <sup>(B)</sup> | 1985 | 128568 |
|  AES Corp. | 819 | 23554 |
|  Affirm Holdings, Inc. <sup>(A)</sup> <sup>(B)</sup> | 243 | 2350 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
|  Aflac, Inc. | 729 | $52444 |
|  Agilent Technologies, Inc. | 364 | 54473 |
|  Air Products & Chemicals, Inc. | 275 | 84771 |
|  Airbnb, Inc., Class A <sup>(B)</sup> | 458 | 39159 |
|  Akamai Technologies, Inc. <sup>(B)</sup> | 196 | 16523 |
|  Albemarle Corp. | 145 | 31445 |
|  Alcoa Corp. | 218 | 9912 |
|  Alexandria Real Estate Equities, Inc., REIT | 191 | 27823 |
|  Align Technology, Inc. <sup>(B)</sup> | 91 | 19192 |
|  Alliant Energy Corp. | 310 | 17115 |
|  Allstate Corp. | 327 | 44341 |
|  Ally Financial, Inc. | 383 | 9364 |
|  Alnylam Pharmaceuticals, Inc. <sup>(B)</sup> | 147 | 34935 |
|  Alphabet, Inc., Class A <sup>(B)</sup> | 7413 | 654049 |
|  Alphabet, Inc., Class C <sup>(B)</sup> | 6870 | 609575 |
|  Altria Group, Inc. | 2234 | 102116 |
|  Amazon.com, Inc. <sup>(B)</sup> | 11301 | 949284 |
|  Ameren Corp. | 320 | 28454 |
|  American Electric Power Co., Inc. | 636 | 60388 |
|  American Express Co. | 786 | 116131 |
|  American Financial Group, Inc. | 88 | 12081 |
|  American Homes 4 Rent, Class A, REIT | 389 | 11724 |
|  American International Group, Inc. | 921 | 58244 |
|  American Tower Corp., REIT | 577 | 122243 |
|  American Water Works Co., Inc. | 226 | 34447 |
|  Ameriprise Financial, Inc. | 133 | 41412 |
|  AmerisourceBergen Corp. | 191 | 31651 |
|  AMETEK, Inc. | 283 | 39541 |
|  Amgen, Inc. | 665 | 174656 |
|  Amphenol Corp., Class A | 735 | 55963 |
|  Analog Devices, Inc. | 638 | 104651 |
|  Annaly Capital Management, Inc., REIT | 574 | 12100 |
|  ANSYS, Inc. <sup>(B)</sup> | 107 | 25850 |
|  Aon PLC, Class A | 259 | 77736 |
|  APA Corp. | 406 | 18952 |
|  Apollo Global Management, Inc. | 492 | 31385 |
|  Apple, Inc. | 19883 | 2583398 |
|  Applied Materials, Inc. | 1066 | 103807 |
|  Aramark | 289 | 11947 |
|  Archer-Daniels-Midland Co. | 688 | 63881 |
|  Ares Management Corp., Class A | 190 | 13004 |
|  Arista Networks, Inc. <sup>(B)</sup> | 303 | 36769 |
|  Arrow Electronics, Inc. <sup>(B)</sup> | 79 | 8261 |
|  Arthur J Gallagher & Co. | 257 | 48455 |
|  Aspen Technology, Inc. <sup>(B)</sup> | 35 | 7189 |
|  Assurant, Inc. | 66 | 8254 |
|  AT&T, Inc. | 8759 | 161253 |
|  Atmos Energy Corp. | 174 | 19500 |
|  Autodesk, Inc. <sup>(B)</sup> | 269 | 50268 |
|  Automatic Data Processing, Inc. | 518 | 123729 |
|  AutoZone, Inc. <sup>(B)</sup> | 24 | 59188 |
|  AvalonBay Communities, Inc., REIT | 175 | 28266 |
|  Avantor, Inc. <sup>(B)</sup> | 833 | 17568 |
|  Avery Dennison Corp. | 100 | 18100 |
|  Baker Hughes Co. | 1229 | 36292 |
|  Ball Corp. | 385 | 19689 |
|  Bank of America Corp. | 56374 | 1867107 |
|  Bank of New York Mellon Corp. | 948 | 43153 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 11** 

------

##### [**Table of Contents**](#toc)
**Transamerica Morgan Stanley Global Allocation VP** 

------

**CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
|  Bath & Body Works, Inc. | 283 | $11926 |
|  Baxter International, Inc. | 624 | 31805 |
|  Becton Dickinson & Co. | 351 | 89259 |
|  Bentley Systems, Inc., Class B <sup>(A)</sup> | 240 | 8870 |
|  Berkshire Hathaway, Inc., Class B <sup>(B)</sup> | 1602 | 494858 |
|  Best Buy Co., Inc. | 253 | 20293 |
|  Bill.com Holdings, Inc. <sup>(B)</sup> | 115 | 12530 |
|  Bio-Rad Laboratories, Inc., Class A <sup>(B)</sup> | 28 | 11774 |
|  Bio-Techne Corp. | 194 | 16079 |
|  Biogen, Inc. <sup>(B)</sup> | 178 | 49292 |
|  BioMarin Pharmaceutical, Inc. <sup>(B)</sup> | 231 | 23906 |
|  Black Knight, Inc. <sup>(B)</sup> | 193 | 11918 |
|  BlackRock, Inc. | 187 | 132514 |
|  Blackstone, Inc. | 868 | 64397 |
|  Block, Inc. <sup>(B)</sup> | 646 | 40595 |
|  Boeing Co. <sup>(B)</sup> | 689 | 131248 |
|  Booking Holdings, Inc. <sup>(B)</sup> | 49 | 98749 |
|  Booz Allen Hamilton Holding Corp. | 163 | 17037 |
|  BorgWarner, Inc. | 294 | 11834 |
|  Boston Properties, Inc., REIT | 183 | 12367 |
|  Boston Scientific Corp. <sup>(B)</sup> | 1769 | 81852 |
|  Bristol-Myers Squibb Co. | 2662 | 191531 |
|  Broadcom, Inc. | 507 | 283479 |
|  Broadridge Financial Solutions, Inc., ADR | 146 | 19583 |
|  Brookfield Renewable Corp., Class A <sup>(A)</sup> | 1472 | 40518 |
|  Brown & Brown, Inc. | 295 | 16806 |
|  Brown-Forman Corp., Class B | 385 | 25287 |
|  Bunge Ltd. | 187 | 18657 |
|  Burlington Stores, Inc. <sup>(B)</sup> | 81 | 16424 |
|  Cadence Design Systems, Inc. <sup>(B)</sup> | 337 | 54136 |
|  Caesars Entertainment, Inc. <sup>(B)</sup> | 265 | 11024 |
|  Camden Property Trust, REIT | 126 | 14097 |
|  Campbell Soup Co. | 264 | 14982 |
|  Capital One Financial Corp. | 473 | 43970 |
|  Cardinal Health, Inc. | 334 | 25675 |
|  Carlisle Cos., Inc. | 64 | 15082 |
|  Carlyle Group, Inc. | 245 | 7311 |
|  CarMax, Inc. <sup>(B)</sup> | 200 | 12178 |
|  Carnival Corp. <sup>(A)</sup> <sup>(B)</sup> | 1229 | 9906 |
|  Carrier Global Corp. | 1043 | 43024 |
|  Catalent, Inc. <sup>(B)</sup> | 211 | 9497 |
|  Caterpillar, Inc. | 648 | 155235 |
|  Cboe Global Markets, Inc. | 132 | 16562 |
|  CBRE Group, Inc., Class A <sup>(B)</sup> | 396 | 30476 |
|  CDW Corp. | 167 | 29823 |
|  Celanese Corp. | 135 | 13802 |
|  Centene Corp. <sup>(B)</sup> | 712 | 58391 |
|  CenterPoint Energy, Inc. | 779 | 23362 |
|  Ceridian HCM Holding, Inc. <sup>(B)</sup> | 170 | 10906 |
|  CF Industries Holdings, Inc. | 244 | 20789 |
|  CH Robinson Worldwide, Inc. | 155 | 14192 |
|  Charles River Laboratories International, Inc. <sup>(B)</sup> | 64 | 13946 |
|  Charles Schwab Corp. | 1769 | 147287 |
|  Charter Communications, Inc., Class A <sup>(B)</sup> | 139 | 47135 |
|  Cheniere Energy, Inc. | 278 | 41689 |
|  Chesapeake Energy Corp. <sup>(A)</sup> | 128 | 12079 |
|  Chevron Corp. | 2281 | 409417 |
|  Chewy, Inc., Class A <sup>(A)</sup> <sup>(B)</sup> | 116 | 4301 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
|  Chipotle Mexican Grill, Inc. <sup>(B)</sup> | 34 | $47175 |
|  Church & Dwight Co., Inc. | 301 | 24264 |
|  Cigna Corp. | 377 | 124915 |
|  Cincinnati Financial Corp. | 185 | 18942 |
|  Cintas Corp. | 113 | 51033 |
|  Cisco Systems, Inc. | 5140 | 244870 |
|  Citigroup, Inc. | 14413 | 651900 |
|  Citizens Financial Group, Inc. | 2968 | 116850 |
|  Cleveland-Cliffs, Inc. <sup>(A)</sup> <sup>(B)</sup> | 638 | 10278 |
|  Clorox Co. | 155 | 21751 |
|  Cloudflare, Inc., Class A <sup>(B)</sup> | 310 | 14015 |
|  CME Group, Inc. | 448 | 75336 |
|  CMS Energy Corp. | 358 | 22672 |
|  Coca-Cola Co. | 5082 | 323266 |
|  Cognex Corp. | 214 | 10082 |
|  Cognizant Technology Solutions Corp., Class A | 637 | 36430 |
|  Coinbase Global, Inc., Class A <sup>(B)</sup> | 153 | 5415 |
|  Colgate-Palmolive Co. | 985 | 77608 |
|  Comcast Corp., Class A | 5394 | 188628 |
|  Comerica, Inc. | 776 | 51876 |
|  Conagra Brands, Inc. | 594 | 22988 |
|  ConocoPhillips | 1547 | 182546 |
|  Consolidated Edison, Inc. | 440 | 41936 |
|  Constellation Brands, Inc., Class A | 198 | 45886 |
|  Constellation Energy Corp. | 405 | 34915 |
|  Contra Abiomed, Inc. <sup>(B)</sup> <sup>(D)</sup> | 56 | 57 |
|  Cooper Cos., Inc. | 61 | 20171 |
|  Copart, Inc. <sup>(B)</sup> | 531 | 32333 |
|  Corning, Inc. | 996 | 31812 |
|  Corteva, Inc. | 878 | 51609 |
|  CoStar Group, Inc. <sup>(B)</sup> | 493 | 38099 |
|  Costco Wholesale Corp. | 549 | 250618 |
|  Coterra Energy, Inc. | 986 | 24226 |
|  Crowdstrike Holdings, Inc., Class A <sup>(B)</sup> | 249 | 26217 |
|  Crown Castle, Inc., REIT | 533 | 72296 |
|  Crown Holdings, Inc. | 148 | 12167 |
|  CSX Corp. | 2698 | 83584 |
|  Cummins, Inc. | 174 | 42158 |
|  CVS Health Corp. | 1629 | 151807 |
|  D.R. Horton, Inc. | 409 | 36458 |
|  Danaher Corp. | 865 | 229588 |
|  Darden Restaurants, Inc. | 150 | 20749 |
|  Darling Ingredients, Inc. <sup>(B)</sup> | 196 | 12268 |
|  Datadog, Inc., Class A <sup>(B)</sup> | 305 | 22417 |
|  DaVita, Inc. <sup>(B)</sup> | 68 | 5078 |
|  Deere & Co. | 357 | 153067 |
|  Dell Technologies, Inc., Class C | 330 | 13273 |
|  Delta Air Lines, Inc. <sup>(B)</sup> | 198 | 6506 |
|  DENTSPLY SIRONA, Inc. | 265 | 8438 |
|  Devon Energy Corp. | 777 | 47793 |
|  Dexcom, Inc. <sup>(B)</sup> | 480 | 54355 |
|  Diamondback Energy, Inc. | 208 | 28450 |
|  Digital Realty Trust, Inc., REIT | 354 | 35496 |
|  Discover Financial Services | 335 | 32773 |
|  DISH Network Corp., Class A <sup>(B)</sup> | 307 | 4310 |
|  DocuSign, Inc. <sup>(B)</sup> | 247 | 13689 |
|  Dollar General Corp. | 280 | 68950 |
|  Dollar Tree, Inc. <sup>(B)</sup> | 277 | 39179 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 12** 

------

##### [**Table of Contents**](#toc)
**Transamerica Morgan Stanley Global Allocation VP** 

------

**CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
|  Dominion Energy, Inc. | 1028 | $63037 |
|  Domino's Pizza, Inc. | 45 | 15588 |
|  DoorDash, Inc., Class A <sup>(B)</sup> | 287 | 14011 |
|  Dover Corp. | 176 | 23832 |
|  Dow, Inc. | 883 | 44494 |
|  Dropbox, Inc., Class A <sup>(B)</sup> | 339 | 7587 |
|  DTE Energy Co. | 240 | 28207 |
|  Duke Energy Corp. | 953 | 98149 |
|  DuPont de Nemours, Inc. | 616 | 42276 |
|  Dynatrace, Inc. <sup>(B)</sup> | 246 | 9422 |
|  East West Bancorp, Inc. | 734 | 48371 |
|  Eastman Chemical Co. | 152 | 12379 |
|  Eaton Corp. PLC | 491 | 77062 |
|  eBay, Inc. | 686 | 28448 |
|  Ecolab, Inc. | 316 | 45997 |
|  Edison International | 475 | 30219 |
|  Edwards Lifesciences Corp. <sup>(B)</sup> | 763 | 56927 |
|  Elanco Animal Health, Inc. <sup>(B)</sup> | 521 | 6367 |
|  Electronic Arts, Inc. | 344 | 42030 |
|  Elevance Health, Inc. | 297 | 152352 |
|  Eli Lilly & Co. | 994 | 363645 |
|  Emerson Electric Co. | 727 | 69836 |
|  Enphase Energy, Inc. <sup>(B)</sup> | 168 | 44513 |
|  Entegris, Inc. | 185 | 12134 |
|  Entergy Corp. | 253 | 28462 |
|  EOG Resources, Inc. | 721 | 93384 |
|  EPAM Systems, Inc. <sup>(B)</sup> | 70 | 22942 |
|  EQT Corp. | 417 | 14107 |
|  Equifax, Inc. | 153 | 29737 |
|  Equinix, Inc., REIT | 113 | 74018 |
|  Equitable Holdings, Inc. | 465 | 13346 |
|  Equity LifeStyle Properties, Inc., REIT | 218 | 14083 |
|  Equity Residential, REIT | 447 | 26373 |
|  Erie Indemnity Co., Class A | 31 | 7710 |
|  Essential Utilities, Inc. | 307 | 14653 |
|  Essex Property Trust, Inc., REIT | 81 | 17166 |
|  Estee Lauder Cos., Inc., Class A | 288 | 71456 |
|  Etsy, Inc. <sup>(B)</sup> | 157 | 18805 |
|  Evergy, Inc. | 283 | 17809 |
|  Eversource Energy | 430 | 36051 |
|  Exact Sciences Corp. <sup>(B)</sup> | 214 | 10595 |
|  Exelon Corp. | 1220 | 52741 |
|  Expedia Group, Inc. <sup>(B)</sup> | 191 | 16732 |
|  Expeditors International of Washington, Inc. | 205 | 21304 |
|  Extra Space Storage, Inc., REIT | 166 | 24432 |
|  Exxon Mobil Corp. | 5095 | 561978 |
|  F5, Inc. <sup>(B)</sup> | 74 | 10620 |
|  FactSet Research Systems, Inc. | 48 | 19258 |
|  Fair Isaac Corp. <sup>(B)</sup> | 31 | 18556 |
|  Fastenal Co. | 713 | 33739 |
|  FedEx Corp. | 309 | 53519 |
|  Fidelity National Financial, Inc. | 324 | 12189 |
|  Fidelity National Information Services, Inc. | 749 | 50820 |
|  Fifth Third Bancorp | 4506 | 147842 |
|  First Citizens BancShares, Inc., Class A | 36 | 27301 |
|  First Horizon Corp. | 662 | 16219 |
|  First Republic Bank | 1143 | 139320 |
|  First Solar, Inc. <sup>(B)</sup> | 118 | 17675 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
|  FirstEnergy Corp. | 669 | $28058 |
|  Fiserv, Inc. <sup>(B)</sup> | 745 | 75297 |
|  FleetCor Technologies, Inc. <sup>(B)</sup> | 88 | 16164 |
|  FMC Corp. | 155 | 19344 |
|  Ford Motor Co. | 4996 | 58103 |
|  Fortinet, Inc. <sup>(B)</sup> | 824 | 40285 |
|  Fortive Corp. | 418 | 26856 |
|  Fortune Brands Innovations, Inc. | 159 | 9080 |
|  Fox Corp., Class A | 377 | 11449 |
|  Fox Corp., Class B | 179 | 5093 |
|  Franklin Resources, Inc. | 368 | 9708 |
|  Freeport-McMoRan, Inc. | 1748 | 66424 |
|  Gaming & Leisure Properties, Inc., REIT | 316 | 16460 |
|  Gartner, Inc. <sup>(B)</sup> | 99 | 33278 |
|  Gen Digital, Inc. | 750 | 16072 |
|  Generac Holdings, Inc. <sup>(B)</sup> | 79 | 7952 |
|  General Dynamics Corp. | 284 | 70463 |
|  General Electric Co. | 1325 | 111022 |
|  General Mills, Inc. | 768 | 64397 |
|  General Motors Co. | 1729 | 58164 |
|  Genuine Parts Co. | 175 | 30364 |
|  Gilead Sciences, Inc. | 1592 | 136673 |
|  Global Payments, Inc. | 341 | 33868 |
|  Globe Life, Inc. | 115 | 13863 |
|  GoDaddy, Inc., Class A <sup>(B)</sup> | 192 | 14365 |
|  Goldman Sachs Group, Inc. | 422 | 144906 |
|  Halliburton Co. | 1100 | 43285 |
|  Hartford Financial Services Group, Inc. | 393 | 29801 |
|  Hasbro, Inc. | 164 | 10006 |
|  HCA Healthcare, Inc. | 283 | 67909 |
|  Healthcare Realty Trust, Inc., REIT | 474 | 9134 |
|  Healthpeak Properties, Inc., REIT | 671 | 16822 |
|  HEICO Corp. | 53 | 8143 |
|  HEICO Corp., Class A | 88 | 10547 |
|  Henry Schein, Inc. <sup>(B)</sup> | 169 | 13498 |
|  Hershey Co. | 182 | 42146 |
|  Hess Corp. | 342 | 48502 |
|  Hewlett Packard Enterprise Co. | 1601 | 25552 |
|  HF Sinclair Corp. | 200 | 10378 |
|  Hilton Worldwide Holdings, Inc. | 343 | 43341 |
|  Hologic, Inc. <sup>(B)</sup> | 307 | 22967 |
|  Home Depot, Inc. | 1276 | 403037 |
|  Honeywell International, Inc. | 825 | 176797 |
|  Horizon Therapeutics PLC <sup>(B)</sup> | 271 | 30840 |
|  Hormel Foods Corp. | 374 | 17036 |
|  Host Hotels & Resorts, Inc., REIT | 880 | 14124 |
|  Howmet Aerospace, Inc. | 456 | 17971 |
|  HP, Inc. | 1285 | 34528 |
|  Hubbell, Inc. | 67 | 15724 |
|  HubSpot, Inc. <sup>(B)</sup> | 56 | 16191 |
|  Humana, Inc. | 157 | 80414 |
|  Huntington Bancshares, Inc. | 6645 | 93694 |
|  Huntington Ingalls Industries, Inc. | 50 | 11534 |
|  IDEX Corp. | 93 | 21235 |
|  IDEXX Laboratories, Inc. <sup>(B)</sup> | 103 | 42020 |
|  Illinois Tool Works, Inc. | 382 | 84155 |
|  Illumina, Inc. <sup>(B)</sup> | 194 | 39227 |
|  Incyte Corp. <sup>(B)</sup> | 234 | 18795 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 13** 

------

##### [**Table of Contents**](#toc)
**Transamerica Morgan Stanley Global Allocation VP** 

------

**CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
|  Ingersoll Rand, Inc. | 493 | $25759 |
|  Insulet Corp. <sup>(B)</sup> | 85 | 25023 |
|  Intel Corp. | 5134 | 135692 |
|  Intercontinental Exchange, Inc. | 690 | 70787 |
|  International Business Machines Corp. | 1105 | 155683 |
|  International Flavors & Fragrances, Inc. | 314 | 32920 |
|  International Paper Co. | 427 | 14787 |
|  Interpublic Group of Cos., Inc. | 482 | 16055 |
|  Intuit, Inc. | 329 | 128053 |
|  Intuitive Surgical, Inc. <sup>(B)</sup> | 442 | 117285 |
|  Invesco Ltd. | 424 | 7628 |
|  Invitation Homes, Inc., REIT | 759 | 22497 |
|  IQVIA Holdings, Inc. <sup>(B)</sup> | 229 | 46920 |
|  Iron Mountain, Inc., REIT | 361 | 17996 |
|  J.M. Smucker Co. | 132 | 20917 |
|  Jack Henry & Associates, Inc. | 90 | 15800 |
|  Jacobs Solutions, Inc. | 157 | 18851 |
|  JB Hunt Transport Services, Inc. | 105 | 18308 |
|  Johnson & Johnson | 3248 | 573759 |
|  Johnson Controls International PLC | 851 | 54464 |
|  JPMorgan Chase & Co. | 21350 | 2863035 |
|  Juniper Networks, Inc. | 399 | 12752 |
|  Kellogg Co. | 319 | 22726 |
|  Keurig Dr. Pepper, Inc. | 966 | 34448 |
|  KeyCorp | 6160 | 107307 |
|  Keysight Technologies, Inc. <sup>(B)</sup> | 222 | 37978 |
|  Kimberly-Clark Corp. | 420 | 57015 |
|  Kimco Realty Corp., REIT | 770 | 16309 |
|  Kinder Morgan, Inc. | 2520 | 45562 |
|  KKR & Co., Inc. | 692 | 32123 |
|  KLA Corp. | 174 | 65603 |
|  Knight-Swift Transportation Holdings, Inc. | 193 | 10115 |
|  Kraft Heinz Co. | 920 | 37453 |
|  Kroger Co. | 835 | 37224 |
|  L3 Harris Technologies, Inc. | 237 | 49346 |
|  Laboratory Corp. of America Holdings | 112 | 26374 |
|  Lam Research Corp. | 170 | 71451 |
|  Lamb Weston Holdings, Inc. | 177 | 15817 |
|  Las Vegas Sands Corp. <sup>(A)</sup> <sup>(B)</sup> | 425 | 20430 |
|  Lear Corp. | 73 | 9053 |
|  Leidos Holdings, Inc. | 160 | 16830 |
|  Lennar Corp., Class A | 318 | 28779 |
|  Lennox International, Inc. | 40 | 9569 |
|  Liberty Broadband Corp., Class C <sup>(B)</sup> | 156 | 11898 |
|  Liberty Media Corp. - Liberty Formula One, Class C <sup>(B)</sup> | 242 | 14467 |
|  Liberty Media Corp. - Liberty SiriusXM, Class A <sup>(B)</sup> | 91 | 3577 |
|  Liberty Media Corp. - Liberty SiriusXM, Class C <sup>(B)</sup> | 204 | 7983 |
|  Lincoln National Corp. | 199 | 6113 |
|  Live Nation Entertainment, Inc. <sup>(B)</sup> | 213 | 14855 |
|  LKQ Corp. | 322 | 17198 |
|  Lockheed Martin Corp. | 291 | 141569 |
|  Loews Corp. | 247 | 14408 |
|  Lowe's Cos., Inc. | 778 | 155009 |
|  LPL Financial Holdings, Inc. | 98 | 21185 |
|  Lucid Group, Inc. <sup>(A)</sup> <sup>(B)</sup> | 510 | 3483 |
|  Lumen Technologies, Inc. | 1165 | 6081 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
|  LyondellBasell Industries NV, Class A | 321 | $26653 |
|  M&T Bank Corp. | 1154 | 167399 |
|  Marathon Oil Corp. | 833 | 22549 |
|  Marathon Petroleum Corp. | 608 | 70765 |
|  Markel Corp. <sup>(B)</sup> | 17 | 22397 |
|  MarketAxess Holdings, Inc. | 48 | 13387 |
|  Marriott International, Inc., Class A | 344 | 51218 |
|  Marsh & McLennan Cos., Inc. | 610 | 100943 |
|  Martin Marietta Materials, Inc. | 77 | 26024 |
|  Marvell Technology, Inc. | 1078 | 39929 |
|  Masco Corp. | 282 | 13161 |
|  Masimo Corp. <sup>(B)</sup> | 60 | 8877 |
|  Mastercard, Inc., Class A | 1064 | 369985 |
|  Match Group, Inc. <sup>(B)</sup> | 349 | 14480 |
|  McCormick & Co., Inc. | 310 | 25696 |
|  McDonald's Corp. | 908 | 239285 |
|  McKesson Corp. | 176 | 66021 |
|  Medical Properties Trust, Inc., REIT <sup>(A)</sup> | 744 | 8288 |
|  Merck & Co., Inc. | 3123 | 346497 |
|  Meta Platforms, Inc., Class A <sup>(B)</sup> | 2783 | 334906 |
|  MetLife, Inc. | 829 | 59995 |
|  Mettler-Toledo International, Inc. <sup>(B)</sup> | 28 | 40473 |
|  MGM Resorts International | 388 | 13010 |
|  Microchip Technology, Inc. | 684 | 48051 |
|  Micron Technology, Inc. | 1397 | 69822 |
|  Microsoft Corp. | 8734 | 2094588 |
|  Mid-America Apartment Communities, Inc., REIT | 144 | 22607 |
|  Moderna, Inc. <sup>(B)</sup> | 389 | 69872 |
|  Mohawk Industries, Inc. <sup>(B)</sup> | 64 | 6542 |
|  Molina Healthcare, Inc. <sup>(B)</sup> | 72 | 23776 |
|  Molson Coors Beverage Co., Class B | 239 | 12313 |
|  Mondelez International, Inc., Class A | 1691 | 112705 |
|  MongoDB, Inc. <sup>(B)</sup> | 82 | 16141 |
|  Monolithic Power Systems, Inc. | 55 | 19449 |
|  Monster Beverage Corp. <sup>(B)</sup> | 487 | 49445 |
|  Moody's Corp. | 204 | 56838 |
|  Mosaic Co. | 421 | 18469 |
|  Motorola Solutions, Inc. | 206 | 53088 |
|  MSCI, Inc. | 100 | 46517 |
|  Nasdaq, Inc. | 428 | 26258 |
|  NetApp, Inc. | 271 | 16276 |
|  Netflix, Inc. <sup>(B)</sup> | 552 | 162774 |
|  Neurocrine Biosciences, Inc. <sup>(B)</sup> | 117 | 13974 |
|  Newell Brands, Inc. | 490 | 6409 |
|  Newmont Corp. | 943 | 44510 |
|  News Corp., Class A | 478 | 8700 |
|  NextEra Energy, Inc. | 2424 | 202646 |
|  NIKE, Inc., Class B | 1572 | 183940 |
|  NiSource, Inc. | 500 | 13710 |
|  Nordson Corp. | 64 | 15214 |
|  Norfolk Southern Corp. | 294 | 72447 |
|  Northern Trust Corp. | 245 | 21680 |
|  Northrop Grumman Corp. | 182 | 99301 |
|  NRG Energy, Inc. | 290 | 9228 |
|  Nucor Corp. | 318 | 41916 |
|  NVIDIA Corp. | 3120 | 455957 |
|  NVR, Inc. <sup>(B)</sup> | 4 | 18450 |
|  O'Reilly Automotive, Inc. <sup>(B)</sup> | 77 | 64990 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 14** 

------

##### [**Table of Contents**](#toc)
**Transamerica Morgan Stanley Global Allocation VP** 

------

**CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
|  Occidental Petroleum Corp. | 1152 | $72564 |
|  Okta, Inc. <sup>(B)</sup> | 183 | 12504 |
|  Old Dominion Freight Line, Inc. | 120 | 34054 |
|  Omnicom Group, Inc. | 253 | 20637 |
|  ON Semiconductor Corp. <sup>(B)</sup> | 535 | 33368 |
|  ONEOK, Inc. | 555 | 36463 |
|  Oracle Corp. | 1972 | 161191 |
|  Otis Worldwide Corp. | 520 | 40721 |
|  Ovintiv, Inc. | 317 | 16075 |
|  Owens Corning | 121 | 10321 |
|  PACCAR, Inc. | 429 | 42458 |
|  Packaging Corp. of America | 116 | 14838 |
|  Palantir Technologies, Inc., Class A <sup>(A)</sup> <sup>(B)</sup> | 2072 | 13302 |
|  Palo Alto Networks, Inc. <sup>(B)</sup> | 374 | 52188 |
|  Paramount Global, Class B | 755 | 12744 |
|  Parker-Hannifin Corp. | 157 | 45687 |
|  Paychex, Inc. | 405 | 46802 |
|  Paycom Software, Inc. <sup>(B)</sup> | 63 | 19550 |
|  Paylocity Holding Corp. <sup>(B)</sup> | 51 | 9907 |
|  PayPal Holdings, Inc. <sup>(B)</sup> | 1359 | 96788 |
|  PepsiCo, Inc. | 1709 | 308748 |
|  PerkinElmer, Inc. | 156 | 21874 |
|  Pfizer, Inc. | 6981 | 357706 |
|  PG&E Corp. <sup>(B)</sup> | 1829 | 29740 |
|  Philip Morris International, Inc. | 1913 | 193615 |
|  Phillips 66 | 588 | 61199 |
|  Pinterest, Inc., Class A <sup>(B)</sup> | 716 | 17384 |
|  Pioneer Natural Resources Co. | 280 | 63949 |
|  Plug Power, Inc. <sup>(A)</sup> <sup>(B)</sup> | 644 | 7966 |
|  PNC Financial Services Group, Inc. | 2932 | 463080 |
|  Pool Corp. | 50 | 15117 |
|  PPG Industries, Inc. | 293 | 36842 |
|  PPL Corp. | 908 | 26532 |
|  Principal Financial Group, Inc. | 306 | 25680 |
|  Procter & Gamble Co. | 2955 | 447860 |
|  Progressive Corp. | 718 | 93132 |
|  Prologis, Inc., REIT | 1137 | 128174 |
|  Prudential Financial, Inc. | 456 | 45354 |
|  PTC, Inc. <sup>(B)</sup> | 138 | 16566 |
|  Public Service Enterprise Group, Inc. | 618 | 37865 |
|  Public Storage, REIT | 194 | 54357 |
|  PulteGroup, Inc. | 288 | 13113 |
|  Qorvo, Inc. <sup>(B)</sup> | 129 | 11693 |
|  QUALCOMM, Inc. | 1396 | 153476 |
|  Quanta Services, Inc. | 174 | 24795 |
|  Quest Diagnostics, Inc. | 145 | 22684 |
|  Raymond James Financial, Inc. | 239 | 25537 |
|  Raytheon Technologies Corp. | 1811 | 182766 |
|  Realty Income Corp., REIT | 767 | 48651 |
|  Regency Centers Corp., REIT | 192 | 12000 |
|  Regeneron Pharmaceuticals, Inc. <sup>(B)</sup> | 131 | 94515 |
|  Regions Financial Corp. | 6084 | 131171 |
|  Repligen Corp. <sup>(B)</sup> | 65 | 11005 |
|  Republic Services, Inc. | 273 | 35214 |
|  ResMed, Inc. | 181 | 37672 |
|  Rivian Automotive, Inc., Class A <sup>(A)</sup> <sup>(B)</sup> | 404 | 7446 |
|  Robert Half International, Inc. | 137 | 10115 |
|  ROBLOX Corp., Class A <sup>(B)</sup> | 430 | 12238 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
|  Rockwell Automation, Inc. | 141 | $36317 |
|  Roku, Inc. <sup>(B)</sup> | 156 | 6349 |
|  Rollins, Inc. | 273 | 9975 |
|  Roper Technologies, Inc. | 131 | 56604 |
|  Ross Stores, Inc. | 432 | 50142 |
|  Royal Caribbean Cruises Ltd. <sup>(A)</sup> <sup>(B)</sup> | 287 | 14186 |
|  Royalty Pharma PLC, Class A | 431 | 17033 |
|  RPM International, Inc. | 160 | 15592 |
|  S&P Global, Inc. | 425 | 142349 |
|  Salesforce, Inc. <sup>(B)</sup> | 1237 | 164014 |
|  SBA Communications Corp., REIT | 133 | 37281 |
|  Schlumberger Ltd. | 1695 | 90615 |
|  Seagate Technology Holdings PLC | 247 | 12995 |
|  Seagen, Inc. <sup>(B)</sup> | 168 | 21590 |
|  Sealed Air Corp. | 181 | 9028 |
|  SEI Investments Co. | 143 | 8337 |
|  Sempra Energy | 391 | 60425 |
|  Sensata Technologies Holding PLC | 193 | 7793 |
|  ServiceNow, Inc. <sup>(B)</sup> | 249 | 96679 |
|  Sherwin-Williams Co. | 304 | 72148 |
|  Signature Bank | 355 | 40903 |
|  Simon Property Group, Inc., REIT | 406 | 47697 |
|  Sirius XM Holdings, Inc. <sup>(A)</sup> | 969 | 5659 |
|  Skyworks Solutions, Inc. | 202 | 18408 |
|  Snap, Inc., Class A <sup>(B)</sup> | 1364 | 12208 |
|  Snap-on, Inc. | 66 | 15080 |
|  Snowflake, Inc., Class A <sup>(B)</sup> | 270 | 38756 |
|  Southern Co. | 1329 | 94904 |
|  Southwest Airlines Co. | 183 | 6162 |
|  Splunk, Inc. <sup>(B)</sup> | 198 | 17046 |
|  SS&C Technologies Holdings, Inc. | 281 | 14629 |
|  Stanley Black & Decker, Inc. | 184 | 13822 |
|  Starbucks Corp. | 1431 | 141955 |
|  State Street Corp. | 453 | 35139 |
|  Steel Dynamics, Inc. | 220 | 21494 |
|  STERIS PLC | 123 | 22717 |
|  Stryker Corp. | 423 | 103419 |
|  Sun Communities, Inc., REIT | 154 | 22022 |
|  SVB Financial Group <sup>(B)</sup> | 358 | 82390 |
|  Synchrony Financial | 594 | 19519 |
|  Synopsys, Inc. <sup>(B)</sup> | 189 | 60346 |
|  Sysco Corp. | 624 | 47705 |
|  T-Mobile US, Inc. <sup>(B)</sup> | 781 | 109340 |
| T. Rowe Price Group, Inc. | 281 | 30646 |
|  Take-Two Interactive Software, Inc. <sup>(B)</sup> | 206 | 21451 |
|  Targa Resources Corp. | 266 | 19551 |
|  Target Corp. | 575 | 85698 |
|  Teledyne Technologies, Inc. <sup>(B)</sup> | 58 | 23195 |
|  Teleflex, Inc. | 59 | 14728 |
|  Teradyne, Inc. | 194 | 16946 |
|  Tesla, Inc. <sup>(B)</sup> | 3484 | 429159 |
|  Texas Instruments, Inc. | 1137 | 187855 |
|  Texas Pacific Land Corp. | 8 | 18754 |
|  Textron, Inc. | 260 | 18408 |
|  Thermo Fisher Scientific, Inc. | 489 | 269287 |
|  TJX Cos., Inc. | 1438 | 114465 |
|  Toast, Inc., Class A <sup>(A)</sup> <sup>(B)</sup> | 304 | 5481 |
|  Tractor Supply Co. | 139 | 31271 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 15** 

------

##### [**Table of Contents**](#toc)
**Transamerica Morgan Stanley Global Allocation VP** 

------

**CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
|  Trade Desk, Inc., Class A <sup>(B)</sup> | 526 | $23581 |
|  Tradeweb Markets, Inc., Class A | 133 | 8636 |
|  TransDigm Group, Inc. | 63 | 39668 |
|  TransUnion | 241 | 13677 |
|  Travelers Cos., Inc. | 290 | 54372 |
|  Trimble, Inc. <sup>(B)</sup> | 309 | 15623 |
|  Truist Financial Corp. | 8967 | 385850 |
|  Twilio, Inc., Class A <sup>(B)</sup> | 212 | 10380 |
|  Tyler Technologies, Inc. <sup>(B)</sup> | 51 | 16443 |
|  Tyson Foods, Inc., Class A | 355 | 22099 |
|  U-Haul Holding Co. | 105 | 5773 |
|  Uber Technologies, Inc. <sup>(B)</sup> | 1841 | 45528 |
|  UDR, Inc., REIT | 407 | 15763 |
|  UGI Corp. | 261 | 9675 |
|  Ulta Beauty, Inc. <sup>(B)</sup> | 63 | 29551 |
|  Union Pacific Corp. | 777 | 160893 |
|  United Parcel Service, Inc., Class B | 925 | 160802 |
|  United Rentals, Inc. <sup>(B)</sup> | 87 | 30922 |
|  UnitedHealth Group, Inc. | 1162 | 616069 |
|  Unity Software, Inc. <sup>(B)</sup> | 309 | 8834 |
|  Universal Health Services, Inc., Class B | 81 | 11412 |
|  US Bancorp | 10012 | 436623 |
|  Vail Resorts, Inc. | 50 | 11918 |
|  Valero Energy Corp. | 482 | 61147 |
|  Veeva Systems, Inc., Class A <sup>(B)</sup> | 176 | 28403 |
|  Ventas, Inc., REIT | 493 | 22210 |
|  VeriSign, Inc. <sup>(B)</sup> | 118 | 24242 |
|  Verisk Analytics, Inc. | 195 | 34402 |
|  Verizon Communications, Inc. | 5202 | 204959 |
|  Vertex Pharmaceuticals, Inc. <sup>(B)</sup> | 317 | 91543 |
|  VF Corp. | 420 | 11596 |
|  Viatris, Inc. | 1511 | 16817 |
|  VICI Properties, Inc., REIT | 1194 | 38686 |
|  Visa, Inc., Class A | 2020 | 419675 |
|  Vistra Corp. | 464 | 10765 |
|  VMware, Inc., Class A <sup>(B)</sup> | 262 | 32163 |
|  Vulcan Materials Co. | 164 | 28718 |
|  W.R. Berkley Corp. | 258 | 18723 |
|  Walgreens Boots Alliance, Inc. | 899 | 33587 |
|  Walmart, Inc. | 1846 | 261744 |
|  Walt Disney Co. <sup>(B)</sup> | 2238 | 194437 |
|  Warner Bros Discovery, Inc. <sup>(B)</sup> | 2913 | 27615 |
|  Waste Connections, Inc. | 319 | 42287 |
|  Waste Management, Inc. | 511 | 80166 |
|  Waters Corp. <sup>(B)</sup> | 74 | 25351 |
|  Webster Financial Corp. | 216 | 10225 |
|  WEC Energy Group, Inc. | 389 | 36473 |
|  Wells Fargo & Co. | 27751 | 1145839 |
|  Welltower, Inc., REIT | 577 | 37822 |
|  West Pharmaceutical Services, Inc. | 92 | 21652 |
|  Western Digital Corp. <sup>(B)</sup> | 383 | 12084 |
|  Western Union Co. | 475 | 6541 |
|  Westinghouse Air Brake Technologies Corp. | 214 | 21359 |
|  Westlake Corp. | 47 | 4819 |
|  Westrock Co. | 316 | 11111 |
|  Weyerhaeuser Co., REIT | 912 | 28272 |
|  Whirlpool Corp. | 69 | 9761 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
|  Williams Cos., Inc. | 1508 | $49613 |
|  Wolfspeed, Inc. <sup>(A)</sup> <sup>(B)</sup> | 152 | 10494 |
|  Workday, Inc., Class A <sup>(B)</sup> | 246 | 41163 |
|  WP Carey, Inc., REIT | 241 | 18834 |
|  WW Grainger, Inc. | 57 | 31706 |
|  Wynn Resorts Ltd. <sup>(B)</sup> | 133 | 10969 |
|  Xcel Energy, Inc. | 675 | 47324 |
|  Xylem, Inc. | 223 | 24657 |
|  Yum! Brands, Inc. | 353 | 45212 |
|  Zebra Technologies Corp., Class A <sup>(B)</sup> | 63 | 16154 |
|  Zillow Group, Inc., Class C <sup>(A)</sup> <sup>(B)</sup> | 200 | 6442 |
|  Zimmer Biomet Holdings, Inc. | 260 | 33150 |
|  Zions Bancorp NA | 877 | 43113 |
|  Zoetis, Inc. | 585 | 85732 |
|  Zoom Video Communications, Inc., Class A <sup>(B)</sup> | 281 | 19035 |
|  ZoomInfo Technologies, Inc. <sup>(B)</sup> | 317 | 9545 |
|  Zscaler, Inc. <sup>(B)</sup> | 105 | 11750 |
|  |  | 48203302 |
| **Uruguay - 0.0% <sup>(F)</sup>** | **Uruguay - 0.0% <sup>(F)</sup>** | **Uruguay - 0.0% <sup>(F)</sup>** |
|  MercadoLibre, Inc. <sup>(B)</sup> | 56 | 47389 |
|  **Total Common Stocks <br>(Cost $203,929,125)** | **Total Common Stocks <br>(Cost $203,929,125)** | 220286508 |
| **PREFERRED STOCKS - 0.1%** | **PREFERRED STOCKS - 0.1%** | **PREFERRED STOCKS - 0.1%** |
| **Germany - 0.1%** | **Germany - 0.1%** | **Germany - 0.1%** |
|  Bayerische Motoren Werke AG, <br>7.32% <sup>(J)</sup> | 674 | 57394 |
|  Dr. Ing. h.c. F. Porsche AG, <br>0.00% <sup>(B)</sup> | 1312 | 133070 |
|  Henkel AG & Co. KGaA, <br>2.84% <sup>(J)</sup> | 2012 | 140037 |
|  Porsche Automobil Holding SE, <br>5.00% <sup>(J)</sup> | 1745 | 95713 |
|  Sartorius AG, <br>0.34% <sup>(J)</sup> | 277 | 109532 |
|  Volkswagen AG, <br>22.88% <sup>(J)</sup> | 2109 | 262827 |
|  **Total Preferred Stocks <br>(Cost $1,037,208)** | **Total Preferred Stocks <br>(Cost $1,037,208)** | 798573 |
|  | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES - 0.4%** | **ASSET-BACKED SECURITIES - 0.4%** | **ASSET-BACKED SECURITIES - 0.4%** |
| **Cayman Islands - 0.1%** | **Cayman Islands - 0.1%** | **Cayman Islands - 0.1%** |
|  HGI CRE CLO Ltd. <br>Series 2021-FL2, Class A, <br>1-Month LIBOR + 1.00%, <br>5.33% <sup>(K)</sup>, 09/17/2036 <sup>(G)</sup> | $1300000 | 1233099 |
| **United States - 0.3%** | **United States - 0.3%** | **United States - 0.3%** |
|  American Credit Acceptance Receivables Trust <br>Series 2020-2, Class C, <br>3.88%, 04/13/2026 <sup>(G)</sup> | 369443 | 367760 |
|  American Homes 4 Rent Trust <br>Series 2014-SFR3, Class C, <br>4.60%, 12/17/2036 <sup>(G)</sup> | 225000 | 218896 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 16** 

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##### [**Table of Contents**](#toc)
**Transamerica Morgan Stanley Global Allocation VP** 

------

**CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
|  Exeter Automobile Receivables Trust <br>Series 2018-2A, Class D, <br>4.04%, 03/15/2024 <sup>(G)</sup> | $93860 | $93815 |
|  Flagship Credit Auto Trust <br>Series 2020-2, Class C, <br>3.80%, 04/15/2026 <sup>(G)</sup> | 393787 | 391447 |
|  Navient Private Education Loan Trust <br>Series 2014-AA, Class A3, <br>1-Month LIBOR + 1.60%, <br>5.92% <sup>(K)</sup>, 10/15/2031 <sup>(G)</sup> | 421000 | 416616 |
|  SLM Private Education Loan Trust <br>Series 2010-C, Class A5, <br>1-Month LIBOR + 4.75%, <br>9.07% <sup>(K)</sup>, 10/15/2041 <sup>(G)</sup> | 975917 | 1046671 |
|  SMB Private Education Loan Trust <br>Series 2019-A, Class A2A, <br>3.44%, 07/15/2036 <sup>(G)</sup> | 161278 | 153474 |
|  |  | 2688679 |
|  **Total Asset-Backed Securities <br>(Cost $3,980,801)** | **Total Asset-Backed Securities <br>(Cost $3,980,801)** | 3921778 |
| **CONVERTIBLE BONDS - 0.0% <sup>(F)</sup>** | **CONVERTIBLE BONDS - 0.0% <sup>(F)</sup>** | **CONVERTIBLE BONDS - 0.0% <sup>(F)</sup>** |
| **India - 0.0% <sup>(F)</sup>** | **India - 0.0% <sup>(F)</sup>** | **India - 0.0% <sup>(F)</sup>** |
| REI Agro Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/13/2014 <sup>(B)</sup> <sup>(G)</sup> <sup>(L)</sup> | 697000 | 5778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/13/2014 <sup>(B)</sup> <sup>(C)</sup> <sup>(L)</sup> <sup>(M)</sup> | 259000 | 2147 |
|  |  | 7925 |
| **Netherlands - 0.0% <sup>(F)</sup>** | **Netherlands - 0.0% <sup>(F)</sup>** | **Netherlands - 0.0% <sup>(F)</sup>** |
|  Bio City Development Co. BV <br>8.00%, 07/06/2024 <sup>(B)</sup> <sup>(C)</sup> <sup>(D)</sup> <sup>(E)</sup> <sup>(G)</sup> <sup>(L)</sup> | 2400000 | 231120 |
|  **Total Convertible Bonds <br>(Cost $2,277,010)** | **Total Convertible Bonds <br>(Cost $2,277,010)** | 239045 |
| **CORPORATE DEBT SECURITIES - 11.7%** | **CORPORATE DEBT SECURITIES - 11.7%** | **CORPORATE DEBT SECURITIES - 11.7%** |
| **Australia - 0.7%** | **Australia - 0.7%** | **Australia - 0.7%** |
|  Australia & New Zealand Banking Group Ltd. <br>Fixed until 11/25/2030,<br>2.57% <sup>(K)</sup>, 11/25/2035 <sup>(G)</sup> | 2025000 | 1491200 |
|  Commonwealth Bank of Australia <br>Fixed until 10/03/2024,<br>1.94% <sup>(K)</sup>, 10/03/2029 <sup>(M)</sup> | EUR 1,000,000 | 1007988 |
|  National Australia Bank Ltd. <br>0.63%, 08/30/2023 <sup>(M)</sup> | 450000 | 475399 |
|  NBN Co. Ltd. <br>2.63%, 05/05/2031 <sup>(G)</sup> | $1425000 | 1135595 |
| Quintis Australia Pty Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PIK Rate 0.00%, Cash Rate 0.00%, 10/01/2028 <sup>(D)</sup> <sup>(E)</sup> <sup>(G)</sup> <sup>(N)</sup> | 3336317 | 1151363 |
| &nbsp;&nbsp;&nbsp;&nbsp; PIK Rate 8.00%, Cash Rate 7.50%, 10/01/2026 <sup>(D)</sup> <sup>(E)</sup> <sup>(G)</sup> <sup>(N)</sup> | 237012 | 202408 |
|  Transurban Finance Co. Pty Ltd. <br>2.00%, 08/28/2025 <sup>(M)</sup> | EUR 1,050,000 | 1079957 |
|  Westpac Banking Corp. <br>Fixed until 11/15/2030,<br>2.67% <sup>(K)</sup>, 11/15/2035 | $1250000 | 930573 |
|  |  | 7474483 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Bermuda - 0.1%** | **Bermuda - 0.1%** | **Bermuda - 0.1%** |
|  Ooredoo International Finance Ltd. <br>2.63%, 04/08/2031 <sup>(G)</sup> | $610000 | $523600 |
| **Canada - 0.3%** | **Canada - 0.3%** | **Canada - 0.3%** |
|  Enbridge, Inc. <br>2.50%, 01/15/2025 | 1775000 | 1680370 |
|  Rogers Communications, Inc. <br>3.80%, 03/15/2032 <sup>(G)</sup> | 1450000 | 1256494 |
|  |  | 2936864 |
| **Cayman Islands - 0.1%** | **Cayman Islands - 0.1%** | **Cayman Islands - 0.1%** |
|  Alibaba Group Holding Ltd. <br>2.13%, 02/09/2031 <sup>(A)</sup> | 950000 | 758803 |
| **Colombia - 0.2%** | **Colombia - 0.2%** | **Colombia - 0.2%** |
|  Ecopetrol SA <br>5.88%, 09/18/2023 | 2150000 | 2133906 |
| **France - 0.9%** | **France - 0.9%** | **France - 0.9%** |
|  AXA SA <br>Fixed until 05/28/2029,<br>3.25% <sup>(K)</sup>, 05/28/2049 <sup>(M)</sup> | EUR 1,500,000 | 1422820 |
| Banque Federative du Credit Mutuel SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 07/17/2025 <sup>(M)</sup> | 1000000 | 997575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 12/05/2025 <sup>(M)</sup> | GBP 1,500,000 | 1625835 |
|  BNP Paribas SA <br>1.13%, 06/11/2026 <sup>(M)</sup> | EUR 1,000,000 | 978768 |
|  BPCE SA <br>5.15%, 07/21/2024 <sup>(G)</sup> | $1800000 | 1762530 |
|  Orange SA <br>Fixed until 10/01/2026 <sup>(O)</sup>,<br>5.00% <sup>(K)</sup> <sup>(M)</sup> | EUR 1,360,000 | 1457129 |
|  TotalEnergies SE <br>Fixed until 05/05/2023 <sup>(O)</sup>,<br>2.71% <sup>(K)</sup> <sup>(M)</sup> | 1570000 | 1659598 |
|  |  | 9904255 |
| **Germany - 0.3%** | **Germany - 0.3%** | **Germany - 0.3%** |
| Deutsche Bank AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.96%, 11/08/2023 | $1050000 | 1010182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 09/18/2023,<br>2.22% <sup>(K)</sup>, 09/18/2024 | 750000 | 724506 |
|  Kreditanstalt fuer Wiederaufbau <br>1.13%, 09/15/2032 <sup>(M)</sup> | EUR 2,070,000 | 1858441 |
|  |  | 3593129 |
| **India - 0.0% <sup>(F)</sup>** | **India - 0.0% <sup>(F)</sup>** | **India - 0.0% <sup>(F)</sup>** |
|  Indian Railway Finance Corp. Ltd. <br>3.57%, 01/21/2032 <sup>(G)</sup> | $475000 | 406382 |
| **Indonesia - 0.2%** | **Indonesia - 0.2%** | **Indonesia - 0.2%** |
|  Pertamina Persero PT <br>6.50%, 11/07/2048 <sup>(M)</sup> | 1250000 | 1246984 |
|  Perusahaan Perseroan Persero PT Perusahaan Listrik Negara <br>4.00%, 06/30/2050 <sup>(M)</sup> | 410000 | 293446 |
|  |  | 1540430 |
| **Ireland - 0.1%** | **Ireland - 0.1%** | **Ireland - 0.1%** |
|  AerCap Ireland Capital DAC / AerCap Global Aviation Trust <br>2.45%, 10/29/2026 | 1225000 | 1072452 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 17** 

------

##### [**Table of Contents**](#toc)
**Transamerica Morgan Stanley Global Allocation VP** 

------

**CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Italy - 0.1%** | **Italy - 0.1%** | **Italy - 0.1%** |
|  Assicurazioni Generali SpA <br>Fixed until 10/27/2027,<br>5.50% <sup>(K)</sup>, 10/27/2047 <sup>(M)</sup> | EUR 1,200,000 | $1293865 |
| **Japan - 0.2%** | **Japan - 0.2%** | **Japan - 0.2%** |
|  NTT Finance Corp. <br>1.59%, 04/03/2028 <sup>(G)</sup> | $2275000 | 1910401 |
| **Jersey, Channel Islands - 0.1%** | **Jersey, Channel Islands - 0.1%** | **Jersey, Channel Islands - 0.1%** |
|  Galaxy Pipeline Assets Bidco Ltd. <br>2.63%, 03/31/2036 <sup>(G)</sup> | 1575000 | 1267566 |
| **Luxembourg - 0.2%** | **Luxembourg - 0.2%** | **Luxembourg - 0.2%** |
|  Blackstone Property Partners Europe Holdings SARL <br>1.25%, 04/26/2027 <sup>(A)</sup> <sup>(M)</sup> | EUR 1,000,000 | 833520 |
| Medtronic Global Holdings SCA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 07/02/2031 | 450000 | 385528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 03/07/2027 | 840000 | 816139 |
|  |  | 2035187 |
| **Malaysia - 0.2%** | **Malaysia - 0.2%** | **Malaysia - 0.2%** |
|  Petronas Capital Ltd. <br>3.50%, 03/18/2025 <sup>(M)</sup> | $2150000 | 2086264 |
| **Netherlands - 0.4%** | **Netherlands - 0.4%** | **Netherlands - 0.4%** |
|  Akelius Residential Property Financing BV<br>1.13%, 01/11/2029 <sup>(M)</sup> | EUR 1,000,000 | 825857 |
|  ASR Nederland NV <br>Fixed until 09/30/2024 <sup>(O)</sup>,<br>5.00% <sup>(K)</sup> <sup>(M)</sup> | 1470000 | 1557825 |
|  Shell International Finance BV <br>3.25%, 05/11/2025 | $675000 | 654553 |
|  Thermo Fisher Scientific Finance I BV <br>2.00%, 10/18/2051 | EUR 100,000 | 67194 |
|  Upjohn Finance BV <br>1.91%, 06/23/2032 <sup>(M)</sup> | 1400000 | 1142699 |
|  |  | 4248128 |
| **Republic of Korea - 0.2%** | **Republic of Korea - 0.2%** | **Republic of Korea - 0.2%** |
|  Korea Southern Power Co. Ltd. <br>0.75%, 01/27/2026 <sup>(G)</sup> | $2190000 | 1922701 |
| **Singapore - 0.1%** | **Singapore - 0.1%** | **Singapore - 0.1%** |
|  ONGC Videsh Vankorneft Pte Ltd. <br>3.75%, 07/27/2026 <sup>(M)</sup> | 1400000 | 1308505 |
| **Spain - 0.4%** | **Spain - 0.4%** | **Spain - 0.4%** |
| Banco Santander SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 01/19/2027 <sup>(A)</sup> <sup>(M)</sup> | EUR 1,400,000 | 1436834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.18%, 11/19/2025 | $1600000 | 1575305 |
|  CaixaBank SA <br>0.75%, 04/18/2023 <sup>(M)</sup> | EUR 1,600,000 | 1703385 |
|  |  | 4715524 |
| **Switzerland - 0.1%** | **Switzerland - 0.1%** | **Switzerland - 0.1%** |
|  UBS Group AG <br>4.13%, 09/24/2025 <sup>(G)</sup> | $1090000 | 1060756 |
| **United Kingdom - 0.7%** | **United Kingdom - 0.7%** | **United Kingdom - 0.7%** |
| HSBC Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 11/13/2025,<br>2.26% <sup>(K)</sup>, 11/13/2026 <sup>(M)</sup> | GBP 1,514,000 | 1648732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 05/22/2029,<br>3.97% <sup>(K)</sup>, 05/22/2030 | $2000000 | 1755594 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
|  Lloyds Banking Group PLC <br>2.25%, 10/16/2024 <sup>(M)</sup> | GBP 1,520,000 | $1743298 |
|  National Grid Electricity Distribution West Midlands PLC <br>5.75%, 04/16/2032 <sup>(M)</sup> | 750000 | 914770 |
|  NGG Finance PLC <br>Fixed until 06/18/2025,<br>5.63% <sup>(K)</sup>, 06/18/2073 <sup>(M)</sup> | 1360000 | 1551605 |
|  |  | 7613999 |
| **United States - 6.1%** | **United States - 6.1%** | **United States - 6.1%** |
|  American Express Co. <br>2.55%, 03/04/2027 | $825000 | 751284 |
|  American Tower Corp. <br>1.60%, 04/15/2026 | 1050000 | 934782 |
|  Aon Corp. <br>2.80%, 05/15/2030 | 750000 | 642006 |
| Apple, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 09/11/2049 | 275000 | 196360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/08/2052 | 325000 | 276173 |
| AT&T, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 09/05/2026 | EUR 1,520,000 | 1514392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 12/04/2026 | GBP 1,200,000 | 1337028 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 06/19/2025,<br>1.32% <sup>(K)</sup>, 06/19/2026 | $2475000 | 2233300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 04/22/2031,<br>2.69% <sup>(K)</sup>, 04/22/2032 | 600000 | 481799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 04/24/2027,<br>3.71% <sup>(K)</sup>, 04/24/2028 | 1475000 | 1366937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 03/08/2032,<br>3.85% <sup>(K)</sup>, 03/08/2037 | 175000 | 145366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/22/2024 | 1286000 | 1274832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 07/22/2032,<br>5.02% <sup>(K)</sup>, 07/22/2033 | 175000 | 166706 |
|  BAT Capital Corp. <br>3.56%, 08/15/2027 | 1675000 | 1530177 |
|  Boston Properties LP <br>6.75%, 12/01/2027 | 400000 | 413111 |
|  BP Capital Markets America, Inc. <br>3.12%, 05/04/2026 | 1350000 | 1281223 |
|  Capital One Financial Corp. <br>3.30%, 10/30/2024 | 1925000 | 1858819 |
|  CDW LLC / CDW Finance Corp. <br>2.67%, 12/01/2026 | 275000 | 244150 |
|  Celanese US Holdings LLC <br>6.17%, 07/15/2027 | 1550000 | 1531024 |
|  Charter Communications Operating LLC / Charter Communications Operating Capital <br>2.80%, 04/01/2031 | 1975000 | 1542096 |
|  Chubb INA Holdings, Inc. <br>0.88%, 06/15/2027 | EUR 1,000,000 | 936024 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 11/03/2031,<br>2.52% <sup>(K)</sup>, 11/03/2032 | $1450000 | 1128517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 01/25/2032,<br>3.06% <sup>(K)</sup>, 01/25/2033 | 925000 | 750449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/13/2025 | 1550000 | 1560755 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 18** 

------

##### [**Table of Contents**](#toc)
**Transamerica Morgan Stanley Global Allocation VP** 

------

**CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/15/2024 | $2125000 | $2093386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/2048 | 275000 | 219816 |
|  Crown Castle, Inc. <br>3.30%, 07/01/2030 | 1375000 | 1204511 |
|  CVS Health Corp. <br>5.05%, 03/25/2048 | 1375000 | 1240376 |
|  Deere & Co. <br>3.10%, 04/15/2030 | 550000 | 493899 |
| Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 05/15/2025 | 825000 | 778020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 03/15/2025 | 324000 | 314083 |
| Enterprise Products Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 03/15/2023 | 954000 | 951224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 02/15/2024 | 228000 | 224564 |
|  General Motors Financial Co., Inc. <br>4.30%, 07/13/2025 | 1675000 | 1623780 |
|  Georgia-Pacific LLC <br>2.30%, 04/30/2030 <sup>(G)</sup> | 2300000 | 1915440 |
|  Global Payments, Inc. <br>4.95%, 08/15/2027 | 1325000 | 1287594 |
|  Goldman Sachs Group, Inc. <br>Fixed until 04/22/2031,<br>2.62% <sup>(K)</sup>, 04/22/2032 | 225000 | 179562 |
|  Intel Corp. <br>4.90%, 08/05/2052 <sup>(A)</sup> | 325000 | 289170 |
|  JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc. <br>2.50%, 01/15/2027 <sup>(G)</sup> | 1000000 | 874720 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 02/17/2032,<br>0.60% <sup>(K)</sup>, 02/17/2033 <sup>(M)</sup> | EUR 1,000,000 | 772385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 02/04/2031,<br>1.95% <sup>(K)</sup>, 02/04/2032 | $4125000 | 3165674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 05/13/2030,<br>2.96% <sup>(K)</sup>, 05/13/2031 | 1125000 | 929647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 05/01/2027,<br>3.54% <sup>(K)</sup>, 05/01/2028 | 650000 | 601279 |
|  Level 3 Financing, Inc. <br>3.40%, 03/01/2027 <sup>(G)</sup> | 1700000 | 1439248 |
|  Lowe's Cos., Inc. <br>1.30%, 04/15/2028 | 700000 | 582660 |
|  McDonald's Corp. <br>3.50%, 07/01/2027 | 1095000 | 1040269 |
|  Mercedes-Benz Finance North America LLC <br>0.75%, 03/01/2024 <sup>(G)</sup> | 2000000 | 1899593 |
|  NextEra Energy Capital Holdings, Inc. <br>2.75%, 11/01/2029 | 2525000 | 2189910 |
|  NVIDIA Corp. <br>2.85%, 04/01/2030 | 450000 | 392963 |
|  ONEOK Partners LP <br>4.90%, 03/15/2025 | 742000 | 731781 |
|  ONEOK, Inc. <br>2.75%, 09/01/2024 | 435000 | 416626 |
|  PepsiCo, Inc. <br>2.63%, 04/28/2026 | EUR 1,410,000 | 1477013 |
|  Prologis Finance LLC <br>1.88%, 01/05/2029 | 950000 | 892170 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 02/15/2028 | $1550000 | $1333790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/15/2031 | 1250000 | 986437 |
| Thermo Fisher Scientific, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 10/01/2031 | EUR 1,750,000 | 1477950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 10/01/2049 | 400000 | 272706 |
| Verizon Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 10/27/2026 | 530000 | 520402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.36%, 03/15/2032 | $375000 | 297679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/22/2041 | 875000 | 660773 |
|  Vontier Corp. <br>2.40%, 04/01/2028 | 925000 | 739108 |
|  Walt Disney Co. <br>2.65%, 01/13/2031 | 1150000 | 983853 |
| Warnermedia Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.28%, 03/15/2032 <sup>(G)</sup> | 1025000 | 845492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 03/15/2042 <sup>(G)</sup> | 375000 | 288307 |
|  Wells Fargo & Co. <br>3.00%, 02/19/2025 | 700000 | 670960 |
|  Xcel Energy, Inc. <br>2.60%, 12/01/2029 | 1650000 | 1412630 |
|  |  | 64808760 |
|  **Total Corporate Debt Securities <br>(Cost $146,279,004)** | **Total Corporate Debt Securities <br>(Cost $146,279,004)** | 124615960 |
| **FOREIGN GOVERNMENT OBLIGATIONS - 34.2%** | **FOREIGN GOVERNMENT OBLIGATIONS - 34.2%** | **FOREIGN GOVERNMENT OBLIGATIONS - 34.2%** |
| **Australia - 1.5%** | **Australia - 1.5%** | **Australia - 1.5%** |
| Australia Government Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 11/21/2025 <sup>(M)</sup> | AUD 9,950,000 | 6174987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 05/21/2032 | 10100000 | 5392963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/21/2025 <sup>(M)</sup> | 7240000 | 4906138 |
|  |  | 16474088 |
| **Austria - 0.1%** | **Austria - 0.1%** | **Austria - 0.1%** |
|  Republic of Austria Government Bonds <br>0.25%, 10/20/2036 <sup>(M)</sup> | EUR 1,850,000 | 1344249 |
| **Belgium - 0.4%** | **Belgium - 0.4%** | **Belgium - 0.4%** |
| Kingdom of Belgium Government<br>Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 06/22/2050 <sup>(M)</sup> | 1030000 | 778059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 06/22/2038 <sup>(M)</sup> | 3490000 | 3089025 |
|  |  | 3867084 |
| **Brazil - 3.1%** | **Brazil - 3.1%** | **Brazil - 3.1%** |
|  Brazil Notas do Tesouro Nacional<br>Series F,<br>10.00%, 01/01/2027 | BRL 189,567,000 | 33001587 |
| **Canada - 1.8%** | **Canada - 1.8%** | **Canada - 1.8%** |
|  Canada Government Bonds <br>1.25%, 06/01/2030 | CAD 11,030,000 | 7060878 |
|  Province of British Columbia <br>2.20%, 06/18/2030 | 3700000 | 2428304 |
| Province of Ontario |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 06/02/2030 | 3930000 | 2548750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 06/15/2026 | $2690000 | 2498250 |
| Province of Quebec |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/29/2030 <sup>(M)</sup> | EUR 2,540,000 | 2097740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 09/01/2030 | CAD 3,930,000 | 2512698 |
|  |  | 19146620 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 19** 

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##### [**Table of Contents**](#toc)
**Transamerica Morgan Stanley Global Allocation VP** 

------

**CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** |
| **China - 10.0%** | **China - 10.0%** | **China - 10.0%** |
| Agricultural Development Bank<br>of China |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 04/22/2025 | CNY 10,000,000 | $1426445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.79%, 10/26/2030 | 9000000 | 1362124 |
| China Development Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.34%, 07/14/2025 | 10000000 | 1466159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 10/20/2030 | 19000000 | 2854861 |
| China Government Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.37%, 01/20/2027 | 48000000 | 6829158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.76%, 05/15/2032 | 509740000 | 72636437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.27%, 11/19/2030 | 84900000 | 12607315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.53%, 10/18/2051 | 4000000 | 604249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.81%, 09/14/2050 | 28000000 | 4421871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1608, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.52%, 04/25/2046 | 4000000 | 595366 |
|  Export-Import Bank of China <br>2.93%, 03/02/2025 | 10000000 | 1449941 |
|  |  | 106253926 |
| **Colombia - 0.0% <sup>(F)</sup>** | **Colombia - 0.0% <sup>(F)</sup>** | **Colombia - 0.0% <sup>(F)</sup>** |
|  Colombia TES <br>Series B, <br>7.75%, 09/18/2030 | COP 1,816,200,000 | 281360 |
| **Czech Republic - 0.1%** | **Czech Republic - 0.1%** | **Czech Republic - 0.1%** |
|  Czech Republic Government Bonds <br>1.20%, 03/13/2031 | CZK 17,200,000 | 562452 |
| **Denmark - 0.1%** | **Denmark - 0.1%** | **Denmark - 0.1%** |
|  Denmark Government Bonds <br>0.50%, 11/15/2029 | DKK 6,540,000 | 813132 |
| **Finland - 0.1%** | **Finland - 0.1%** | **Finland - 0.1%** |
|  Finland Government Bonds <br>1.13%, 04/15/2034 <sup>(M)</sup> | EUR 900,000 | 784583 |
| **France - 1.9%** | **France - 1.9%** | **France - 1.9%** |
|  Agence Francaise de Developpement EPIC <br>1.50%, 10/31/2034 <sup>(M)</sup> | 1600000 | 1372652 |
| French Republic Government<br>Bonds OAT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 11/25/2029 <sup>(M)</sup> | 18260000 | 16119727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 05/25/2050 <sup>(M)</sup> | 2050000 | 1502029 |
|  SNCF Reseau <br>1.88%, 03/30/2034 <sup>(M)</sup> | 1100000 | 994149 |
|  |  | 19988557 |
| **Germany - 1.1%** | **Germany - 1.1%** | **Germany - 1.1%** |
| Bundesrepublik Deutschland<br>Bundesanleihe |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 08/15/2031 - 05/15/2036 <sup>(M)</sup> | 3600000 | 3057864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 02/15/2029 <sup>(M)</sup> | 3900000 | 3659104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/04/2039 <sup>(M)</sup> | 4170000 | 5453367 |
|  |  | 12170335 |
| **Greece - 2.6%** | **Greece - 2.6%** | **Greece - 2.6%** |
|  Hellenic Republic Government Bonds <br>0.75%, 06/18/2031 <sup>(M)</sup> <sup>(P)</sup> | 34849000 | 27493864 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** |
| **Hungary - 0.0% <sup>(F)</sup>** | **Hungary - 0.0% <sup>(F)</sup>** | **Hungary - 0.0% <sup>(F)</sup>** |
|  Hungary Government Bonds <br>3.00%, 08/21/2030 | HUF 90,180,000 | $162040 |
| **Indonesia - 0.3%** | **Indonesia - 0.3%** | **Indonesia - 0.3%** |
|  Indonesia Government International Bonds <br>1.75%, 04/24/2025 | EUR 780,000 | 795983 |
| Indonesia Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 05/15/2029 | IDR 14,656,000,000 | 1013524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 03/15/2034 | 12964000000 | 911198 |
|  |  | 2720705 |
| **Ireland - 0.1%** | **Ireland - 0.1%** | **Ireland - 0.1%** |
|  Ireland Government Bonds <br>0.20%, 10/18/2030 <sup>(M)</sup> | EUR 1,210,000 | 1049793 |
| **Italy - 1.3%** | **Italy - 1.3%** | **Italy - 1.3%** |
| Italy Buoni Poliennali del Tesoro |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 08/01/2026 <sup>(M)</sup> | 3370000 | 3166852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 07/01/2024 <sup>(M)</sup> | 4535000 | 4750729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 07/01/2025 <sup>(M)</sup> | 1800000 | 1851941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 09/01/2050 <sup>(M)</sup> | 3740000 | 2664228 |
|  Republic of Italy Government International Bonds <br>0.88%, 05/06/2024 | $2080000 | 1943157 |
|  |  | 14376907 |
| **Japan - 4.5%** | **Japan - 4.5%** | **Japan - 4.5%** |
|  Japan Government Five Year Bonds <br>0.10%, 06/20/2024 | JPY 573,000,000 | 4370588 |
|  Japan Government Ten Year Bonds<br>0.10%, 06/20/2026 - 06/20/2031 | 2346000000 | 17555311 |
| Japan Government Thirty Year<br>Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.40%, 09/20/2049 | 1253000000 | 7201217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 06/20/2033 | 891000000 | 7540980 |
| Japan Government Twenty Year<br>Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.40%, 03/20/2040 | 1084000000 | 7243902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.60%, 06/20/2037 | 488000000 | 3525580 |
|  |  | 47437578 |
| **Malaysia - 0.1%** | **Malaysia - 0.1%** | **Malaysia - 0.1%** |
|  Malaysia Government Bonds <br>3.89%, 08/15/2029 | MYR 7,100,000 | 1600204 |
| **Mexico - 0.3%** | **Mexico - 0.3%** | **Mexico - 0.3%** |
|  Mexico Bonos <br>Series M, <br>8.50%, 05/31/2029 | MXN 28,000,000 | 1397105 |
|  Mexico Government International Bonds <br>4.50%, 04/22/2029 | $1400000 | 1332830 |
|  |  | 2729935 |
| **Netherlands - 0.4%** | **Netherlands - 0.4%** | **Netherlands - 0.4%** |
|  Nederlandse Waterschapsbank NV <br>1.00%, 05/28/2030 <sup>(G)</sup> | 1129000 | 898855 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 20** 

------

##### [**Table of Contents**](#toc)
**Transamerica Morgan Stanley Global Allocation VP** 

------

**CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** |
| **Netherlands (continued)** | **Netherlands (continued)** | **Netherlands (continued)** |
| Netherlands Government Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 07/15/2030 <sup>(M)</sup> | EUR 2,820,000 | $2456561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/15/2047 <sup>(M)</sup> | 660000 | 713420 |
|  |  | 4068836 |
| **Norway - 0.0% <sup>(F)</sup>** | **Norway - 0.0% <sup>(F)</sup>** | **Norway - 0.0% <sup>(F)</sup>** |
|  Norway Government Bonds <br>2.13%, 05/18/2032 <sup>(M)</sup> | NOK 2,230,000 | 208350 |
| **Poland - 0.1%** | **Poland - 0.1%** | **Poland - 0.1%** |
|  Republic of Poland Government Bonds <br>0.25%, 10/25/2026 | PLN 4,400,000 | 783742 |
| **Republic of Korea - 0.7%** | **Republic of Korea - 0.7%** | **Republic of Korea - 0.7%** |
|  Export-Import Bank of Korea <br>0.63%, 02/09/2026 <sup>(A)</sup> | $1710000 | 1506744 |
|  Korea Development Bank <br>0.80%, 07/19/2026 | 2440000 | 2123215 |
|  Korea Electric Power Corp. <br>1.13%, 06/15/2025 <sup>(G)</sup> | 2650000 | 2402469 |
|  Korea International Bonds <br>2.00%, 06/19/2024 | 1260000 | 1210372 |
|  |  | 7242800 |
| **Spain - 0.9%** | **Spain - 0.9%** | **Spain - 0.9%** |
| Spain Government Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 01/31/2028 | EUR 1,860,000 | 1699947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 04/30/2032 <sup>(M)</sup> | 1784000 | 1487435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 04/30/2025 <sup>(M)</sup> | 5190000 | 5395097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 10/31/2048 <sup>(M)</sup> | 1032000 | 900955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 07/30/2066 <sup>(M)</sup> | 340000 | 324427 |
|  |  | 9807861 |
| **Supranational - 1.1%** | **Supranational - 1.1%** | **Supranational - 1.1%** |
|  Africa Finance Corp. <br>4.38%, 04/17/2026 <sup>(M)</sup> | $1450000 | 1358070 |
|  Asian Development Bank <br>2.13%, 05/19/2031 | NZD 950,000 | 474219 |
| European Investment Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 01/14/2031 <sup>(M)</sup> | EUR 2,700,000 | 2265552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.05%, 05/24/2024 <sup>(A)</sup> <sup>(M)</sup> | 2620000 | 2693819 |
|  International Bank for Reconstruction & Development <br>3-Month SOFR Index + 0.43%, <br>4.58% <sup>(K)</sup>, 08/19/2027 | $4640000 | 4661576 |
|  |  | 11453236 |
| **Sweden - 0.1%** | **Sweden - 0.1%** | **Sweden - 0.1%** |
|  Sweden Government Bonds <br>0.75%, 05/12/2028 <sup>(M)</sup> | SEK 11,270,000 | 985739 |
| **United Arab Emirates - 0.0% <sup>(F)</sup>** | **United Arab Emirates - 0.0% <sup>(F)</sup>** | **United Arab Emirates - 0.0% <sup>(F)</sup>** |
|  Abu Dhabi Government International Bonds <br>3.13%, 04/16/2030 <sup>(G)</sup> | $378000 | 350501 |
| **United Kingdom - 1.5%** | **United Kingdom - 1.5%** | **United Kingdom - 1.5%** |
| U.K. Gilt |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 10/22/2030 <sup>(M)</sup> | GBP 5,090,000 | 4807158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 10/22/2050 <sup>(M)</sup> | 1910000 | 1028425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 07/31/2033 <sup>(M)</sup> | 5500000 | 4963048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 10/22/2041 <sup>(M)</sup> | 1150000 | 881360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 10/22/2028 <sup>(M)</sup> | 410000 | 445141 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| U.K. Gilt (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/22/2045 <sup>(M)</sup> | GBP 3,000,000 | $3331864 |
|  |  | 15456996 |
|  **Total Foreign Government Obligations <br>(Cost $432,325,486)** | **Total Foreign Government Obligations <br>(Cost $432,325,486)** | 362617060 |
| **MORTGAGE-BACKED SECURITIES - 1.7%** | **MORTGAGE-BACKED SECURITIES - 1.7%** | **MORTGAGE-BACKED SECURITIES - 1.7%** |
| **Ireland - 0.1%** | **Ireland - 0.1%** | **Ireland - 0.1%** |
|  Berg Finance DAC <br>Series 2021-1, Class A, <br>3-Month EURIBOR + 1.05%, <br>2.55% <sup>(K)</sup>, 04/22/2033 <sup>(M)</sup> | EUR 287,261 | 291296 |
|  Glenbeigh 2 Issuer DAC <br>Series 2021-2A, Class A, <br>3-Month EURIBOR + 0.75%, <br>2.88% <sup>(K)</sup>, 06/24/2050 <sup>(G)</sup> | 1258689 | 1306858 |
|  |  | 1598154 |
| **United Kingdom - 0.1%** | **United Kingdom - 0.1%** | **United Kingdom - 0.1%** |
|  Landmark Mortgage Securities No. 3 PLC <br>Series 3, Class C, <br>3-Month GBP LIBOR + 2.10%, <br>5.49% <sup>(K)</sup>, 04/17/2044 <sup>(M)</sup> | GBP 1,247,515 | 1378253 |
| **United States - 1.5%** | **United States - 1.5%** | **United States - 1.5%** |
|  BAMLL Commercial Mortgage Securities Trust <br>Series 2016-ISQ, Class A, <br>2.85%, 08/14/2034 <sup>(G)</sup> | $1000000 | 850188 |
|  Bayview Opportunity Master Fund VIa Trust <br>Series 2022-3, Class A1, <br>3.00% <sup>(K)</sup>, 01/25/2052 <sup>(G)</sup> | 1799724 | 1502179 |
|  BX Trust <br>Series 2019-OC11, Class D, <br>3.94% <sup>(K)</sup>, 12/09/2041 <sup>(G)</sup> | 576000 | 460042 |
|  COLT Mortgage Loan Trust <br>Series 2020-2, Class A1, <br>1.85% <sup>(K)</sup>, 03/25/2065 <sup>(G)</sup> | 37505 | 36676 |
|  GS Mortgage-Backed Securities Corp. Trust <br>Series 2022-PJ2, Class A6, <br>3.00% <sup>(K)</sup>, 06/25/2052 <sup>(G)</sup> | 923151 | 770759 |
|  Hundred Acre Wood Trust <br>Series 2021-INV3, Class A3, <br>2.50% <sup>(K)</sup>, 10/25/2051 <sup>(G)</sup> | 1389021 | 1116969 |
|  JPMorgan Chase Commercial Mortgage Securities Trust <br>Series 2022-ACB, Class A, <br>1-Month SOFR Average + 1.40%, <br>5.21% <sup>(K)</sup>, 03/15/2039 <sup>(G)</sup> | 1300000 | 1255986 |
| JPMorgan Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV6, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% <sup>(K)</sup>, 04/25/2052 <sup>(G)</sup> | 1629915 | 1360852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-INV3, Class A3B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% <sup>(K)</sup>, 09/25/2052 <sup>(G)</sup> | 1387857 | 1160487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-LTV1, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25% <sup>(K)</sup>, 07/25/2052 <sup>(G)</sup> | 1842794 | 1568352 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 21** 

------

##### [**Table of Contents**](#toc)
**Transamerica Morgan Stanley Global Allocation VP** 

------

**CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
|  Ladder Capital Commercial Mortgage Trust <br>Series 2013-GCP, Class A1, <br>3.57%, 02/15/2036 <sup>(G)</sup> | $690332 | $637669 |
|  Mello Mortgage Capital Acceptance <br>Series 2021-INV2, Class A3, <br>2.50% <sup>(K)</sup>, 08/25/2051 <sup>(G)</sup> | 1323425 | 1057537 |
|  Morgan Stanley Bank of America Merrill Lynch Trust <br>Series 2014-C19, Class LNC3, <br>4.75% <sup>(K)</sup>, 12/15/2046 <sup>(G)</sup> | 906556 | 811744 |
|  OBX Trust <br>Series 2020-EXP1, Class 1A8, <br>3.50% <sup>(K)</sup>, 02/25/2060 <sup>(G)</sup> | 211152 | 186070 |
|  Olympic Tower Mortgage Trust <br>Series 2017-OT, Class A, <br>3.57%, 05/10/2039 <sup>(G)</sup> | 1400000 | 1216765 |
|  PRMI Securitization Trust <br>Series 2021-1, Class A2, <br>2.50% <sup>(K)</sup>, 04/25/2051 <sup>(G)</sup> | 1744544 | 1405040 |
|  |  | 15397315 |
|  **Total Mortgage-Backed Securities <br>(Cost $21,532,346)** | **Total Mortgage-Backed Securities <br>(Cost $21,532,346)** | 18373722 |
| **MUNICIPAL GOVERNMENT OBLIGATION - 0.1%** | **MUNICIPAL GOVERNMENT OBLIGATION - 0.1%** | **MUNICIPAL GOVERNMENT OBLIGATION - 0.1%** |
| **Michigan - 0.1%** | **Michigan - 0.1%** | **Michigan - 0.1%** |
|  University of Michigan, Revenue Bonds, <br>Series A, <br>4.45%, 04/01/2122 | 1130000 | 916128 |
|  **Total Municipal Government Obligation <br>(Cost $1,130,000)** | **Total Municipal Government Obligation <br>(Cost $1,130,000)** | 916128 |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS - 4.9%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 4.9%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 4.9%** |
| Federal Home Loan Mortgage Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 06/01/2050 | 1405746 | 1199873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/01/2050 | 767352 | 678589 |
|  Federal National Mortgage Association <br>3.50%, 01/01/2051 | 5075025 | 4676562 |
| Uniform Mortgage-Backed Security |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, TBA <sup>(Q)</sup> | 7700000 | 6275147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, TBA <sup>(Q)</sup> | 10000000 | 8479659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, TBA <sup>(Q)</sup> | 13000000 | 11424332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, TBA <sup>(Q)</sup> | 8000000 | 7510946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, TBA <sup>(Q)</sup> | 2800000 | 2697188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, TBA <sup>(Q)</sup> | 3000000 | 2958281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, TBA <sup>(Q)</sup> | 5700000 | 5787281 |
|  **Total U.S. Government Agency Obligations <br>(Cost $53,762,706)** | **Total U.S. Government Agency Obligations <br>(Cost $53,762,706)** | 51687858 |
| **U.S. GOVERNMENT OBLIGATIONS - 6.1%** | **U.S. GOVERNMENT OBLIGATIONS - 6.1%** | **U.S. GOVERNMENT OBLIGATIONS - 6.1%** |
| **U.S. Treasury - 4.8%** | **U.S. Treasury - 4.8%** | **U.S. Treasury - 4.8%** |
| U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 05/15/2040 | 9300000 | 5865176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 05/15/2050 | 1120000 | 609131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 08/15/2041 | 2200000 | 1516711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 11/15/2049 | 2520000 | 1838123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/15/2045 | 12490000 | 9475812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 08/15/2047 | 1090000 | 857609 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **U.S. GOVERNMENT OBLIGATIONS (continued)** | **U.S. GOVERNMENT OBLIGATIONS (continued)** | **U.S. GOVERNMENT OBLIGATIONS (continued)** |
| **U.S. Treasury (continued)** | **U.S. Treasury (continued)** | **U.S. Treasury (continued)** |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 04/30/2027 | $7760000 | $6692394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 11/15/2031 | 7400000 | 6044297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 05/15/2023 | 6550000 | 6481430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 05/15/2025 <sup>(A)</sup> | 7500000 | 7132324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/15/2024 | 4300000 | 4175199 |
|  |  | 50688206 |
| **U.S. Treasury Inflation-Protected Securities - 1.3%** | **U.S. Treasury Inflation-Protected Securities - 1.3%** | **U.S. Treasury Inflation-Protected Securities - 1.3%** |
|  U.S. Treasury Inflation-Protected Indexed Notes <br>0.63%, 07/15/2032 <sup>(P)</sup> | 14805865 | 13575899 |
|  **Total U.S. Government Obligations <br>(Cost $75,887,340)** | **Total U.S. Government Obligations <br>(Cost $75,887,340)** | 64264105 |
| **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 0.1%** | **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 0.1%** | **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 0.1%** |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.84% <sup>(J)</sup>, 03/16/2023 <sup>(R)</sup> | 642000 | 636676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.23% <sup>(J)</sup>, 03/16/2023 <sup>(R)</sup> | 55000 | 54544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.26% <sup>(J)</sup>, 03/16/2023 <sup>(R)</sup> | 35000 | 34710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35% <sup>(J)</sup>, 03/16/2023 <sup>(R)</sup> | 43000 | 42643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.36% <sup>(J)</sup>, 03/16/2023 <sup>(R)</sup> | 30000 | 29751 |
|  **Total Short-Term U.S. Government Obligations <br>(Cost $798,689)** | **Total Short-Term U.S. Government Obligations <br>(Cost $798,689)** | 798324 |
|  | **Shares** | **Value** |
| **OTHER INVESTMENT COMPANY - 2.2%** | **OTHER INVESTMENT COMPANY - 2.2%** | **OTHER INVESTMENT COMPANY - 2.2%** |
| **Securities Lending Collateral - 2.2%** | **Securities Lending Collateral - 2.2%** | **Securities Lending Collateral - 2.2%** |
|  State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 4.29% <sup>(J)</sup> | 23303034 | 23303034 |
|  **Total Other Investment Company <br>(Cost $23,303,034)** | **Total Other Investment Company <br>(Cost $23,303,034)** | 23303034 |
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENTS - 21.5%** | **REPURCHASE AGREEMENTS - 21.5%** | **REPURCHASE AGREEMENTS - 21.5%** |
|  Fixed Income Clearing Corp., 1.80% <sup>(J)</sup>, dated 12/30/2022, to be repurchased at $115,671,881 on 01/03/2023. Collateralized by a U.S. Government Obligation, 4.77%, due 12/28/2023, and with a value of $117,961,793. | $115648751 | 115648751 |
|  State Street Bank & Trust Co., 1.28% <sup>(J)</sup>, dated 12/30/2022, to be repurchased at $112,102,621 on 01/03/2023. Collateralized by a U.S. Government Obligation, 1.88%, due 06/30/2026, and with a value of $114,328,434. <sup>(P)</sup> | 112086680 | 112086680 |
|  **Total Repurchase Agreements <br>(Cost $227,735,431)** | **Total Repurchase Agreements <br>(Cost $227,735,431)** | 227735431 |
|  **Total Investments <br>(Cost $1,193,978,180)** | **Total Investments <br>(Cost $1,193,978,180)** | 1099557526 |
|  **Net Other Assets (Liabilities) - (3.8)%** | **Net Other Assets (Liabilities) - (3.8)%** | (39778358) |
|  **Net Assets - 100.0%** |  | **$1059779168** |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 22** 

------

##### [**Table of Contents**](#toc)
**Transamerica Morgan Stanley Global Allocation VP** 

------

**CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

**CENTRALLY CLEARED SWAP AGREEMENTS:** 

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swap Agreements** | **Interest Rate Swap Agreements** | **Interest Rate Swap Agreements** | **Interest Rate Swap Agreements** | **Interest Rate Swap Agreements** | **Interest Rate Swap Agreements** | **Interest Rate Swap Agreements** | **Interest Rate Swap Agreements** | **Interest Rate Swap Agreements** | **Interest Rate Swap Agreements** |
| **Floating Rate Index** | **Pay/Receive<br>Fixed Rate** | **Fixed<br>Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Value** | **Premiums<br>Paid<br>(Received)** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
|  1-Month MXN-TIIE | Receive | 6.66% | Monthly | 07/01/2026 | MXN | 97211000 | $(354793) | $— | $(354793) |
|  1-Month MXN-TIIE | Receive | 6.68 | Monthly | 06/29/2026 | MXN | 97211000 | (352628) |  | (352628) |
|  1-Month MXN-TIIE | Receive | 6.68 | Monthly | 06/29/2026 | MXN | 97211000 | (352628) | (2405) | (350223) |
|  1-Month MXN-TIIE | Receive | 7.36 | Monthly | 12/22/2026 | MXN | 142741000 | (380280) |  | (380280) |
|  1-Month MXN-TIIE | Receive | 7.38 | Monthly | 12/22/2026 | MXN | 142741000 | (376620) |  | (376620) |
|  1-Month MXN-TIIE | Receive | 9.77 | Monthly | 11/20/2024 | MXN | 472816119 | (92379) |  | (92379) |
|  1-Month MXN-TIIE | Receive | 9.79 | Monthly | 11/20/2024 | MXN | 885106881 | (160757) |  | (160757) |
|  12-Month USD-USCPI | Pay | 2.47 | Maturity | 10/06/2032 | USD | 2136400 | 15681 |  | 15681 |
|  12-Month USD-USCPI | Pay | 2.71 | Maturity | 10/31/2032 | USD | 4394000 | (56575) |  | (56575) |
|  12-Month USD-USCPI | Pay | 2.72 | Maturity | 10/31/2032 | USD | 4393000 | (57551) |  | (57551) |
|  12-Month USD-USCPI | Pay | 2.78 | Maturity | 10/26/2032 | USD | 4042000 | (76097) |  | (76097) |
|  12-Month USD-USCPI | Pay | 2.78 | Maturity | 10/26/2032 | USD | 4042000 | (76463) |  | (76463) |
|  BRL-CDI | Receive | 13.54 | Maturity | 01/02/2025 | BRL | 53546500 | 129452 |  | 129452 |
|  BRL-CDI | Receive | 13.56 | Maturity | 01/02/2025 | BRL | 53546500 | 133186 |  | 133186 |
|  **Total** |  |  |  |  |  |  | $**(2058452)** | $**(2405)** | $**(2056047)** |

---

**OVER-THE-COUNTER SWAP AGREEMENTS:** 

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Swap Agreements <sup>(S)</sup>** | **Total Return Swap Agreements <sup>(S)</sup>** | **Total Return Swap Agreements <sup>(S)</sup>** | **Total Return Swap Agreements <sup>(S)</sup>** | **Total Return Swap Agreements <sup>(S)</sup>** | **Total Return Swap Agreements <sup>(S)</sup>** | **Total Return Swap Agreements <sup>(S)</sup>** | **Total Return Swap Agreements <sup>(S)</sup>** | **Total Return Swap Agreements <sup>(S)</sup>** | **Total Return Swap Agreements <sup>(S)</sup>** | **Total Return Swap Agreements <sup>(S)</sup>** |
| **Reference Entity** | **Counterparty** | **Pay/<br>Receive** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Number of<br>Shares or Units** | **Value** | **Premiums<br>Paid<br>(Received)** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
|  MSCI Daily TR Net Japan USD Index  | JPM | Receive | Quarterly | 05/10/2023 | USD | 36248817 | 6013 | $3306955 | $— | $3306955 |
|  MSCI Emerging Net Total Return USD Index  | BCLY | Receive | Quarterly | 06/21/2023 | USD | 80482928 | 165615 | (19605) |  | (19605) |
|  MSCI USA Gross Return Index  | GSI | Receive | Quarterly | 02/23/2023 | USD | 46952155 | 2695 | (1577047) |  | (1577047) |
|  MSCI USA Gross Return Index  | BNP | Receive | Quarterly | 05/08/2023 | USD | 149608208 | 9041 | 2440136 |  | 2440136 |
|  MSCI USA Gross Return Index  | GSI | Receive | Quarterly | 06/23/2023 | USD | 63514081 | 3725 | (722139) |  | (722139) |
|  MSCI USA Gross Return Index  | GSI | Receive | Quarterly | 09/22/2023 | USD | 80137475 | 4763 | &nbsp;&nbsp;&nbsp;&nbsp;210771 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;210771 |
|  **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | **$3639071** | **$—** | **$3639071** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Bilateral Equity Basket Total Return Swaps** | **Bilateral Equity Basket Total Return Swaps** | **Bilateral Equity Basket Total Return Swaps** | **Bilateral Equity Basket Total Return Swaps** | **Bilateral Equity Basket Total Return Swaps** | **Bilateral Equity Basket Total Return Swaps** | **Bilateral Equity Basket Total Return Swaps** | **Bilateral Equity Basket Total Return Swaps** | **Bilateral Equity Basket Total Return Swaps** | **Bilateral Equity Basket Total Return Swaps** |
| **Reference Entity** | **Counterparty** | **Pay/<br>Receive** | **Expiration<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Notional Amount<br>as a Percentage<br>of Net Assets** | **Value** | **Premiums<br>Paid<br>(Received)** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
|  BNP Long US Industrials | BNP | Receive | 12/13/2023 | USD | 4915723 | 0.5% | $(74286) | $— | $(74286) |
|  BNP Paribas EMU Anti-Value <sup>(a)</sup> | BNP | Pay | 09/28/2023 | EUR | 27244012 | 2.6 | 152854 | 1115 | 151739 |
|  BNP Paribas EMU Value <sup>(b)</sup> | BNP | Receive | 09/28/2023 | EUR | 27861363 | 2.6 | &nbsp;&nbsp;&nbsp;&nbsp;(306966) | &nbsp;&nbsp;&nbsp;&nbsp;(1117) | &nbsp;&nbsp;&nbsp;&nbsp;(305849) |
|  BNP Short US Technology | BNP | Pay | 12/13/2023 | USD | 4913929 | 0.5 | 288507 |  | 288507 |
|  Canadian Index | BNP | Pay | 09/08/2023 | CAD | 5324047 | 0.5 | 131627 |  | 131627 |
|  JPMorgan Long US E&Ps | JPM | Receive | 06/21/2023 | USD | 4134570 | 0.4 | (38998) |  | (38998) |
|  JPMorgan Long US E&Ps | JPM | Receive | 06/23/2023 | USD | 4315260 | 0.4 | 17081 |  | 17081 |
|  JPMorgan US Anti-Value (S&P 1500) <sup>(c)</sup> | JPM | Pay | 12/11/2023 | USD | 8164608 | 0.8 | 210722 |  | 210722 |
|  JPMorgan US Anti-Value (S&P 1500) <sup>(c)</sup> | JPM | Pay | 12/11/2023 | USD | 16561453 | 1.6 | 548780 |  | 548780 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 23** 

------

##### [**Table of Contents**](#toc)
**Transamerica Morgan Stanley Global Allocation VP** 

------

**CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

**OVER-THE-COUNTER SWAP AGREEMENTS (continued):** 

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Bilateral Equity Basket Total Return Swaps (continued)** | **Bilateral Equity Basket Total Return Swaps (continued)** | **Bilateral Equity Basket Total Return Swaps (continued)** | **Bilateral Equity Basket Total Return Swaps (continued)** | **Bilateral Equity Basket Total Return Swaps (continued)** | **Bilateral Equity Basket Total Return Swaps (continued)** | **Bilateral Equity Basket Total Return Swaps (continued)** | **Bilateral Equity Basket Total Return Swaps (continued)** | **Bilateral Equity Basket Total Return Swaps (continued)** | **Bilateral Equity Basket Total Return Swaps (continued)** |
| **Reference Entity** | **Counterparty** | **Pay/<br>Receive** | **Expiration<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Notional Amount<br>as a Percentage<br>of Net Assets** | **Value** | **Premiums<br>Paid<br>(Received)** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
|  JPMorgan US Anti-Value (S&P 1500) <sup>(c)</sup> | JPM | Pay | 12/11/2023 | USD | 16088404 | 1.5% | $438767 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $438767 |
|  JPMorgan US Anti-Value 2 <sup>(d)</sup> | JPM | Pay | 12/11/2023 | USD | 20474417 | 1.9 | 518501 |  | 518501 |
|  JPMorgan US Value <sup>(e)</sup> | JPM | Receive | 12/11/2023 | USD | 20444372 | 1.9 | &nbsp;&nbsp;&nbsp;&nbsp;(279980) |  | &nbsp;&nbsp;&nbsp;&nbsp;(279980) |
|  JPMorgan US Value (S&P 1500) <sup>(f)</sup> | JPM | Receive | 12/11/2023 | USD | 8184388 | 3.9 | (165301) |  | (165301) |
|  JPMorgan US Value (S&P 1500) <sup>(f)</sup> | JPM | Receive | 12/11/2023 | USD | 16574844 | 1.6 | (447282) |  | (447282) |
|  JPMorgan US Value (S&P 1500) <sup>(f)</sup> | JPM | Receive | 12/11/2023 | USD | 16202230 | 1.5 | (369554) |  | (369554) |
|  MSCI CAD Banks Index | BNP | Pay | 09/08/2023 | CAD | 5199799 | 0.5 | (51604) |  | (51604) |
|  **Total** |  |  |  |  |  |  | $**572868** | $**(2)** | $**572870** |

---

---

| | |
|:---|:---|
| | **Value** |
|  **OTC Swap Agreements, at value (Assets)** | $**8264701** |
|  **OTC Swap Agreements, at value (Liabilities)** | $**(4052762)** |

---

---

| | |
|:---|:---|
| <sup>(a)</sup> | *The significant reference entities underlying the corresponding total return swap as of December 31, 2022, are as follows:*  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Common Stocks - Long** | **Shares** | **Value** | **Percentage of<br>Basket Value** |
| **Aerospace & Defense** | | | |
|  MTU Aero Engines AG | 117 | $23726 | 2.27% |
|  Safran SA | 205 | 24022 | 2.30 |
|  |  | 47748 |  |
| **Automobiles** |  |  |  |
|  Ferrari NV | 115 | 23006 | 2.20 |
| **Banks** |  |  |  |
|  FinecoBank Banca Fineco SpA | 1556 | 24145 | 2.31 |
| **Beverages** |  |  |  |
|  Davide Campari-Milano NV | 2413 | 22882 | 2.19 |
|  Remy Cointreau SA | 150 | 23600 | 2.26 |
|  |  | 46482 |  |
| **Biotechnology** |  |  |  |
|  Argenx SE | 65 | 22616 | 2.16 |
| **Capital Markets** |  |  |  |
|  Deutsche Boerse AG | 140 | 22532 | 2.15 |
| **Chemicals** |  |  |  |
|  Air Liquide SA | 176 | 23320 | 2.23 |
|  Akzo Nobel NV | 369 | 23115 | 2.21 |
|  Koninklijke DSM NV | 197 | 22553 | 2.16 |
|  Symrise AG | 228 | 23221 | 2.22 |
|  |  | 92209 |  |
| **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** |  |
|  Ferrovial SA | 938 | &nbsp;&nbsp;&nbsp;&nbsp;22949 | 2.19 |
| **Diversified Financial Services** | **Diversified Financial Services** | **Diversified Financial Services** |  |
|  Eurazeo SE | 400 | 23224 | 2.22 |
|  Groupe Bruxelles Lambert NV | 313 | 23340 | 2.23 |
|  Sofina SA | 110 | 22660 | 2.17 |
|  |  | 69224 |  |
| **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** |
|  Cellnex Telecom SA | 735 | 22738 | 2.17 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Common Stocks - Long** | **Shares** | **Value** | **Percentage of<br>Basket Value** |
| **Electric Utilities** | | | |
|  Elia Group SA | 174 | $23155 | 2.21% |
|  Terna - Rete Elettrica Nazionale | 3273 | 22587 | 2.16 |
|  |  | 45742 |  |
| **Entertainment** |  |  |  |
|  Universal Music Group NV | 1059 | 23846 | 2.28 |
| **Equity Real Estate Investment Trusts** | **Equity Real Estate Investment Trusts** | **Equity Real Estate Investment Trusts** | **Equity Real Estate Investment Trusts** |
|  Warehouses de Pauw CVA | 900 | 24038 | 2.30 |
| **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** |
|  Carl Zeiss Meditec AG | 199 | 23519 | 2.25 |
|  Sartorius AG | 68 | 24995 | 2.39 |
|  |  | 48514 |  |
| **Insurance** |  |  |  |
|  Hannover Rueck SE | 128 | &nbsp;&nbsp;&nbsp;&nbsp;23827 | 2.28 |
|  Sampo OYJ, A Shares | 486 | 23723 | 2.27 |
|  |  | 47550 |  |
| **Interactive Media & Services** |  |  |  |
|  Scout24 SE | 467 | 21894 | 2.09 |
| **Internet & Direct Marketing Retail** | **Internet & Direct Marketing Retail** | **Internet & Direct Marketing Retail** | **Internet & Direct Marketing Retail** |
|  Delivery Hero SE | 597 | 26714 | 2.55 |
|  Zalando SE | 768 | 25433 | 2.43 |
|  |  | 52147 |  |
| **IT Services** |  |  |  |
|  Adyen NV | 17 | 22031 | 2.11 |
| **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** |
|  Sartorius Stedim Biotech | 76 | 22936 | 2.19 |
| **Machinery** |  |  |  |
|  Kone OYJ, Class B | 494 | 23879 | 2.28 |
|  Rational AG | 40 | 22278 | 2.13 |
|  |  | 46157 |  |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 24** 

------

##### [**Table of Contents**](#toc)
**Transamerica Morgan Stanley Global Allocation VP** 

------

**CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | | |
|:---|:---|:---|:---|
| **Common Stocks - Long** | **Shares** | **Value** | **Percentage of<br>Basket Value** |
| **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** |
|  Neste OYJ | 524 | $22529 | 2.15% |
| **Independent Power & Renewable Electricity Producers** | **Independent Power & Renewable Electricity Producers** | **Independent Power & Renewable Electricity Producers** | **Independent Power & Renewable Electricity Producers** |
|  Corp. ACCIONA Energias Renovables SA | 661 | 23903 | 2.29 |
|  EDP Renovaveis SA | 1122 | 23082 | 2.21 |
|  |  | 46985 |  |
| **Personal Products** |  |  |  |
|  Beiersdorf AG | 226 | &nbsp;&nbsp;&nbsp;&nbsp;24270 | 2.32 |
|  L'Oreal SA | 68 | 22576 | 2.16 |
|  |  | 46846 |  |
| **Professional Services** |  |  |  |
|  Wolters Kluwer NV | 229 | 22419 | 2.14 |
| **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** |
|  Vonovia SE | 1027 | 22618 | 2.16 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Common Stocks - Long** | **Shares** | **Value** | **Percentage of<br>Basket Value** |
| **Semiconductors & Semiconductor Equipment** | **Semiconductors & Semiconductor Equipment** | **Semiconductors & Semiconductor Equipment** | **Semiconductors & Semiconductor Equipment** |
|  ASML Holding NV | 42 | $21060 | 2.01% |
| **Software** |  |  |  |
|  ADP LLC | 180 | 22592 | 2.16 |
|  Dassault Systemes SE | 692 | 23166 | 2.21 |
|  |  | 45758 |  |
| **Textiles, Apparel & Luxury Goods** | **Textiles, Apparel & Luxury Goods** | **Textiles, Apparel & Luxury Goods** | **Textiles, Apparel & Luxury Goods** |
|  Hermes International | 16 | 22721 | 2.17 |
|  LVMH Moet Hennessy Louis Vuitton SE | 33 | 22678 | 2.17 |
|  |  | 45399 |  |
| **Media** |  |  |  |
|  Prosus NV | 370 | 23836 | 2.28 |
|  **TOTAL COMMON STOCKS - LONG** |  | **$1045954** |  |

---

---

| | |
|:---|:---|
| <sup>(b)</sup> | *The significant reference entities underlying the corresponding total return swap as of December 31, 2022, are as follows:*  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Common Stocks - Long** | **Shares** | **Value** | **Percentage of<br>Basket Value** |
| **Air Freight & Logistics** | | | |
|  Deutsche Post AG | 653 | $22969 | 2.04% |
| **Airlines** |  |  |  |
|  Deutsche Lufthansa AG | 3236 | 25131 | 2.23 |
| **Auto Components** |  |  |  |
|  Cie Generale des Etablissements Michelin SCA | 938 | 24366 | 2.16 |
|  Continental AG | 438 | 24515 | 2.18 |
|  |  | 48881 |  |
| **Automobiles** |  |  |  |
|  Bayerische Motoren Werke | 311 | 24768 | 2.20 |
|  Bayerische Motoren Werke AG | 298 | 24816 | 2.20 |
|  Stellantis NV | 1806 | 23955 | 2.13 |
|  |  | 73539 |  |
| **Banks** |  |  |  |
|  Banco Bilbao Vizcaya Argentaria SA | 4519 | 25463 | 2.26 |
|  Banco Santander SA | 8994 | 25206 | 2.24 |
|  Commerzbank AG | 3165 | 27963 | 2.48 |
|  Societe Generale SA | 1108 | 26010 | 2.31 |
|  UniCredit SpA | 1985 | 26343 | 2.34 |
|  |  | 130985 |  |
| **Beverages** |  |  |  |
|  Heineken Holding NV | 340 | 24506 | 2.18 |
| **Building Products** |  |  |  |
|  Cie de Saint-Gobain | 537 | &nbsp;&nbsp;&nbsp;&nbsp;24522 | 2.18 |
| **Capital Markets** |  |  |  |
|  Deutsche Bank AG | 2477 | 26229 | 2.33 |
| **Chemicals** |  |  |  |
|  Arkema SA | 292 | 24489 | 2.18 |
| **Communications Equipment** |  |  |  |
|  Nokia OYJ | 5325 | 23039 | 2.05 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Common Stocks - Long** | **Shares** | **Value** | **Percentage of<br>Basket Value** |
| **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** |
|  Bouygues SA | 848 | $23788 | 2.11% |
|  Eiffage SA | 260 | 23857 | 2.12 |
|  |  | 47645 |  |
| **Construction Materials** |  |  |  |
|  HeidelbergCement AG | 481 | 25612 | 2.28 |
| **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** | **Diversified Telecommunication Services** |
|  Deutsche Telekom AG | 1299 | 24203 | 2.15 |
|  Orange SA | 2694 | 25000 | 2.22 |
|  Telefonica SA | 7220 | 24439 | 2.17 |
|  |  | 73642 |  |
| **Electric Utilities** |  |  |  |
|  Enel SpA | 4789 | 24088 | 2.14 |
| **Equity Real Estate Investment Trusts** | **Equity Real Estate Investment Trusts** | **Equity Real Estate Investment Trusts** | **Equity Real Estate Investment Trusts** |
|  Klepierre SA | 1116 | 24027 | 2.13 |
| **Food & Staples Retailing** |  |  |  |
|  Carrefour SA | 1511 | &nbsp;&nbsp;&nbsp;&nbsp;23638 | 2.10 |
|  Koninklijke Ahold Delhaize NV | 875 | 23483 | 2.09 |
|  |  | 47121 |  |
| **Food Products** |  |  |  |
|  JDE Peet's NV | 899 | 24287 | 2.16 |
| **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** |
|  Koninklijke Philips NV | 1845 | 25836 | 2.29 |
|  Fresenius Medical Care AG & Co. KGAA | 822 | 25120 | 2.23 |
|  Fresenius SE & Co. KGaA | 934 | 24527 | 2.18 |
|  |  | 75483 |  |
| **Household Durables** |  |  |  |
|  SEB SA | 312 | 24378 | 2.17 |
| **Insurance** |  |  |  |
|  NN Group NV | 608 | 23212 | 2.06 |
| **IT Services** |  |  |  |
|  Bechtle AG | 695 | 22971 | 2.04 |
|  Nexi SpA | 3222 | 23732 | 2.11 |
|  |  | 46703 |  |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 25** 

------

##### [**Table of Contents**](#toc)
**Transamerica Morgan Stanley Global Allocation VP** 

------

**CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | | |
|:---|:---|:---|:---|
| **Common Stocks - Long** | **Shares** | **Value** | **Percentage of<br>Basket Value** |
| **Machinery** | | | |
|  Daimler Truck Holding AG | 810 | $23438 | 2.08% |
| **Metals & Mining** |  |  |  |
|  ArcelorMittal SA | 964 | &nbsp;&nbsp;&nbsp;&nbsp;23692 | 2.10 |
|  voestalpine AG | 971 | 24057 | 2.14 |
|  |  | 47749 |  |
| **Multi-Utilities** |  |  |  |
|  E.ON SE | 2719 | 25381 | 2.25 |
|  Engie SA | 1740 | 23295 | 2.07 |
|  Veolia Environnement SA | 996 | 23911 | 2.12 |
|  |  | 72587 |  |
| **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** |
|  Eni SpA | 1847 | 24543 | 2.18 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Common Stocks - Long** | **Shares** | **Value** | **Percentage of<br>Basket Value** |
| **Pharmaceuticals** | | | |
|  Bayer AG | 473 | $22844 | 2.03% |
| **Professional Services** |  |  |  |
|  Randstad NV | 446 | 25400 | 2.26 |
| **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** |
|  LEG Immobilien SE | 395 | 24031 | 2.13 |
| **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** |
|  Brenntag SE | 414 | 24723 | 2.20 |
|  **TOTAL COMMON STOCKS - LONG** |  | **$1125803** |  |

---

---

| | |
|:---|:---|
| <sup>(c)</sup> | *The significant reference entities underlying the corresponding total return swap as of December 31, 2022, are as follows:*  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Common Stocks - Long** | **Shares** | **Value** | **Percentage of<br>Basket Value** |
| **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** |
|  Boeing Co. | 280 | $53375 | 0.55% |
|  TransDigm Group, Inc. | 81 | 51109 | 0.52 |
|  |  | 104484 |  |
| **Banks** | **Banks** | **Banks** | **Banks** |
|  Commerce Bancshares, Inc. | 736 | 50086 | 0.51 |
|  Community Bank System, Inc. | 792 | 49877 | 0.51 |
|  First Republic Bank | 419 | 51038 | 0.52 |
|  |  | 151001 |  |
| **Biotechnology** | **Biotechnology** | **Biotechnology** | **Biotechnology** |
|  Arrowhead Pharmaceuticals, Inc. | 1521 | 61687 | 0.63 |
|  Coherus Biosciences, Inc. | 7422 | 58783 | 0.60 |
|  Cytokinetics, Inc. | 1332 | 61042 | 0.63 |
|  Vericel Corp. | 2147 | 56547 | 0.58 |
|  |  | 238059 |  |
| **Capital Markets** | **Capital Markets** | **Capital Markets** | **Capital Markets** |
|  MarketAxess Holdings, Inc. | 182 | 50724 | 0.52 |
| **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** |
|  MSA Safety, Inc. | 363 | 52332 | 0.54 |
| **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** |
|  AptarGroup, Inc. | 463 | 50879 | 0.52 |
| **Electric Utilities** | **Electric Utilities** | **Electric Utilities** | **Electric Utilities** |
|  Alliant Energy Corp. | 909 | 50159 | 0.51 |
| **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** |
|  Vicor Corp. | 960 | 51598 | 0.53 |
| **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** | **Electronic Equipment, Instruments & Components** |
|  Arlo Technologies, Inc. | 14734 | 51715 | 0.53 |
| **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** |
|  Core Laboratories NV | 2580 | &nbsp;&nbsp;&nbsp;&nbsp;52291 | 0.54 |
|  Dril-Quip, Inc. | 2234 | 60697 | 0.62 |
|  NOV, Inc. | 2388 | 49887 | 0.51 |
|  |  | 162875 |  |
| **Equity Real Estate Investment Trusts** | **Equity Real Estate Investment Trusts** | **Equity Real Estate Investment Trusts** | **Equity Real Estate Investment Trusts** |
|  Rexford Industrial Realty, Inc. | 918 | 50138 | 0.51 |
|  Welltower, Inc. | 765 | 50140 | 0.51 |
|  |  | 100278 |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Common Stocks - Long** | **Shares** | **Value** | **Percentage of<br>Basket Value** |
| **Food Products** | **Food Products** | **Food Products** | **Food Products** |
|  Lamb Weston Holdings, Inc. | 570 | $50930 | 0.52% |
| **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** |
|  Penumbra, Inc. | 226 | 50253 | 0.52 |
|  Progyny, Inc. | 1606 | 50019 | 0.51 |
|  |  | 100272 |  |
| **Insurance** | **Insurance** | **Insurance** | **Insurance** |
|  HCI Group, Inc. | 1347 | 53331 | 0.55 |
| **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** |
|  QuinStreet, Inc. | 3603 | 51703 | 0.53 |
| **IT Services** | **IT Services** | **IT Services** | **IT Services** |
|  Mastercard, Inc., Class A | 144 | 50007 | 0.51 |
|  Sabre Corp. | 8484 | 52432 | 0.54 |
|  Unisys Corp. | 11787 | 60231 | 0.62 |
|  |  | 162670 |  |
| **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** |
|  Bio-Techne Corp. | 613 | 50773 | 0.52 |
| **Machinery** | **Machinery** | **Machinery** | **Machinery** |
|  Enerpac Tool Group Corp. | 2080 | 52937 | 0.54 |
|  Nordson Corp. | 212 | &nbsp;&nbsp;&nbsp;&nbsp;50428 | 0.52 |
|  Toro Co. | 449 | 50797 | 0.52 |
|  |  | 154162 |  |
| **Media** | **Media** | **Media** | **Media** |
|  TechTarget, Inc. | 1162 | 51190 | 0.52 |
| **Metals & Mining** | **Metals & Mining** | **Metals & Mining** | **Metals & Mining** |
|  Royal Gold, Inc. | 445 | 50209 | 0.51 |
| **Multi-Utilities** | **Multi-Utilities** | **Multi-Utilities** | **Multi-Utilities** |
|  Public Service Enterprise Group, Inc. | 824 | 50460 | 0.52 |
| **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** |
|  CNX Resources Corp. | 3028 | 50989 | 0.52 |
|  Hess Corp. | 365 | 51826 | 0.53 |
|  Targa Resources Corp. | 715 | 52528 | 0.54 |
|  |  | 155343 |  |
| **Personal Products** | **Personal Products** | **Personal Products** | **Personal Products** |
|  elf Beauty, Inc. | 902 | 49893 | 0.51 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 26** 

------

##### [**Table of Contents**](#toc)
**Transamerica Morgan Stanley Global Allocation VP** 

------

**CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | | |
|:---|:---|:---|:---|
| **Common Stocks - Long** | **Shares** | **Value** | **Percentage of<br>Basket Value** |
| **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** |
|  St. Joe Co. | 1397 | $53989 | 0.55% |
| **Software** | **Software** | **Software** | **Software** |
|  Agilysys, Inc. | 782 | 61922 | 0.63 |
|  Manhattan Associates, Inc. | 422 | &nbsp;&nbsp;&nbsp;&nbsp;51266 | 0.53 |
|  ServiceNow, Inc. | 128 | 49859 | 0.51 |
|  |  | 163047 |  |
| **Specialty Retail** | **Specialty Retail** | **Specialty Retail** | **Specialty Retail** |
|  O'Reilly Automotive, Inc. | 60 | 50404 | 0.52 |
|  Ross Stores, Inc. | 428 | 49706 | 0.51 |
|  Tractor Supply Co. | 227 | 50990 | 0.52 |
|  |  | 151100 |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Common Stocks - Long** | **Shares** | **Value** | **Percentage of<br>Basket Value** |
| **Textiles, Apparel & Luxury Goods** | **Textiles, Apparel & Luxury Goods** | **Textiles, Apparel & Luxury Goods** | **Textiles, Apparel & Luxury Goods** |
|  Deckers Outdoor Corp. | 132 | $52778 | 0.54% |
|  NIKE, Inc., Class B | 458 | 53585 | 0.55 |
|  Under Armour, Inc., Class A | 5349 | 54346 | 0.56 |
|  |  | 160709 |  |
| **Thrifts & Mortgage Finance** | **Thrifts & Mortgage Finance** | **Thrifts & Mortgage Finance** | **Thrifts & Mortgage Finance** |
|  Capitol Federal Financial, Inc. | 5961 | 51562 | 0.53 |
|  **TOTAL COMMON STOCKS - LONG** |  | **$2625447** |  |

---

---

| | |
|:---|:---|
| <sup>(d)</sup> | *The significant reference entities underlying the corresponding total return swap as of December 31, 2022, are as follows:*  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Common Stocks - Long** | **Shares** | **Value** | **Percentage of<br>Basket Value** |
| **Aerospace & Defense** | | | |
|  Boeing Co. | 8200 | $1561996 | 1.09% |
|  TransDigm Group, Inc. | 2374 | 1494812 | 1.04 |
|  |  | 3056808 |  |
| **Beverages** |  |  |  |
|  Coca-Cola Co. | 22865 | 1454428 | 1.01 |
|  Monster Beverage Corp. | 14333 | 1455221 | 1.02 |
|  |  | 2909649 |  |
| **Capital Markets** |  |  |  |
|  MarketAxess Holdings, Inc. | 5286 | 1474101 | 1.03 |
| **Chemicals** |  |  |  |
|  Ecolab, Inc. | 9807 | 1427551 | 1.00 |
|  Linde PLC | 4388 | 1431247 | 1.00 |
|  |  | 2858798 |  |
| **Commercial Services & Supplies** | **Commercial Services & Supplies** |  |  |
|  Cintas Corp. | 3207 | 1448534 | 1.01 |
| **Construction Materials** |  |  |  |
|  Vulcan Materials Co. | 8122 | 1422173 | 0.99 |
| **Diversified Financial Services** | **Diversified Financial Services** |  |  |
|  Berkshire Hathaway, Inc., Class B | 4750 | 1467285 | 1.02 |
| **Electric Utilities** |  |  |  |
|  NextEra Energy, Inc. | 17058 | 1426075 | 0.99 |
| **Electrical Equipment** |  |  |  |
|  Rockwell Automation, Inc. | 5697 | 1467256 | 1.02 |
| **Energy Equipment & Services** | **Energy Equipment & Services** |  |  |
|  Baker Hughes Co. | 52107 | 1538728 | 1.07 |
|  Schlumberger Ltd. | 29150 | 1558351 | 1.09 |
|  |  | 3097079 |  |
| **Entertainment** |  |  |  |
|  Live Nation Entertainment, Inc. | 20419 | &nbsp;&nbsp;&nbsp;&nbsp;1424034 | 0.99 |
| **Equity Real Estate Investment Trusts** | **Equity Real Estate Investment Trusts** | **Equity Real Estate Investment Trusts** |  |
|  American Tower Corp. | 6882 | 1457988 | 1.02 |
|  Crown Castle, Inc. | 10483 | 1421914 | 0.99 |
|  UDR, Inc. | 36798 | 1425197 | 0.99 |
|  Welltower, Inc. | 22372 | 1466508 | 1.02 |
|  |  | 5771607 |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Common Stocks - Long** | **Shares** | **Value** | **Percentage of<br>Basket Value** |
| **Food Products** | | | |
|  Hershey Co. | 6144 | $1422661 | 0.99% |
| **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** |  |  |
|  Edwards Lifesciences Corp. | 20029 | 1494329 | 1.04 |
|  Intuitive Surgical, Inc. | 5427 | 1440083 | 1.00 |
|  Yum! Brands, Inc. | 11304 | 1447754 | 1.01 |
|  |  | 4382166 |  |
| **Insurance** |  |  |  |
|  Aon PLC, Class A | 4770 | 1431665 | 1.00 |
|  Brown & Brown, Inc. | 25303 | 1441531 | 1.01 |
|  Progressive Corp. | 11136 | 1444477 | 1.01 |
|  |  | 4317673 |  |
| **IT Services** |  |  |  |
|  Gartner, Inc. | 4238 | 1424718 | 0.99 |
|  Mastercard, Inc., Class A | 4188 | 1456134 | 1.02 |
|  |  | 2880852 |  |
| **Life Sciences Tools & Services** | **Life Sciences Tools & Services** |  |  |
|  Bio-Techne Corp. | 17990 | 1490991 | 1.04 |
|  Mettler-Toledo International, Inc. | 991 | 1433052 | 1.00 |
|  Waters Corp. | 4281 | &nbsp;&nbsp;&nbsp;&nbsp;1466557 | 1.02 |
|  West Pharmaceutical Services, Inc. | 6183 | 1455178 | 1.02 |
|  |  | 5845778 |  |
| **Machinery** |  |  |  |
|  Illinois Tool Works, Inc. | 6593 | 1452517 | 1.01 |
|  Xylem, Inc. | 13080 | 1446276 | 1.01 |
|  |  | 2898793 |  |
| **Multi-Utilities** |  |  |  |
|  Ameren Corp. | 16762 | 1490470 | 1.04 |
|  Public Service Enterprise Group, Inc. | 24187 | 1481965 | 1.03 |
|  WEC Energy Group, Inc. | 15368 | 1440949 | 1.01 |
|  |  | 4413384 |  |
| **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** |  |  |
|  Hess Corp. | 10774 | 1528007 | 1.07 |
|  Targa Resources Corp. | 21150 | 1554533 | 1.08 |
|  |  | 3082540 |  |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 27** 

------

##### [**Table of Contents**](#toc)
**Transamerica Morgan Stanley Global Allocation VP** 

------

**CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | | |
|:---|:---|:---|:---|
| **Common Stocks - Long** | **Shares** | **Value** | **Percentage of<br>Basket Value** |
| **Personal Products** | | | |
|  Estee Lauder Cos., Inc., Class A | 6231 | $1545892 | 1.08% |
| **Pharmaceuticals** |  |  |  |
|  Eli Lilly & Co. | 3904 | &nbsp;&nbsp;&nbsp;&nbsp;1428418 | 1.00 |
| **Road & Rail** |  |  |  |
|  Old Dominion Freight Line, Inc. | 5067 | 1437900 | 1.00 |
| **Software** |  |  |  |
|  Cadence Design Systems, Inc. | 9042 | 1452561 | 1.01 |
|  Ceridian HCM Holding, Inc. | 23201 | 1488342 | 1.04 |
|  Paycom Software, Inc. | 4698 | 1457880 | 1.02 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Common Stocks - Long** | **Shares** | **Value** | **Percentage of<br>Basket Value** |
| **Software (continued)** | | | |
|  ServiceNow, Inc. | 3731 | $1448777 | 1.01% |
|  Synopsys, Inc. | 4486 | 1432446 | 1.00 |
|  Tyler Technologies, Inc. | 4693 | 1512960 | 1.06 |
|  |  | 8792966 |  |
| **Textiles, Apparel & Luxury Goods** | **Textiles, Apparel & Luxury Goods** |  |  |
|  NIKE, Inc., Class B | 13408 | 1568813 | 1.09 |
| **Water Utilities** |  |  |  |
|  American Water Works Co., Inc. | 9446 | 1439768 | 1.00 |
|  **TOTAL COMMON STOCKS - LONG** |  | **$73281003** |  |

---

---

| | |
|:---|:---|
| <sup>(e)</sup> | *The significant reference entities underlying the corresponding total return swap as of December 31, 2022, are as follows:*  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Common Stocks - Long** | **Shares** | **Value** | **Percentage of<br>Basket Value** |
| **Air Freight & Logistics** | | | |
|  FedEx Corp. | 549 | $95142 | 1.01% |
| **Banks** |  |  |  |
|  Citigroup, Inc. | 2117 | 95756 | 1.01 |
|  Citizens Financial Group, Inc. | 2395 | 94305 | 1.00 |
|  Comerica, Inc. | 1448 | 96812 | 1.02 |
|  Fifth Third Bancorp | 2866 | 94033 | 0.99 |
|  KeyCorp | 5473 | 95346 | 1.01 |
|  Truist Financial Corp. | 2260 | 97245 | 1.03 |
|  Zions Bancorp NA | 2011 | 98861 | 1.05 |
|  |  | 672358 |  |
| **Chemicals** |  |  |  |
|  Celanese Corp. | 929 | 94979 | 1.00 |
|  Dow, Inc. | 1870 | 94223 | 1.00 |
|  LyondellBasell Industries NV, Class A | 1158 | 96110 | 1.02 |
|  |  | 285312 |  |
| **Consumer Finance** |  |  |  |
|  Capital One Financial Corp. | 1014 | 94226 | 1.00 |
| **Electric Utilities** |  |  |  |
|  Evergy, Inc. | 1596 | 100467 | 1.06 |
|  PG&E Corp. | 6073 | 98751 | 1.04 |
|  |  | 199218 |  |
| **Electrical Equipment** |  |  |  |
|  Generac Holdings, Inc. | 1043 | 105004 | 1.11 |
| **Equity Real Estate Investment Trusts** | **Equity Real Estate Investment Trusts** | **Equity Real Estate Investment Trusts** | **Equity Real Estate Investment Trusts** |
|  Boston Properties, Inc. | 1454 | 98274 | 1.04 |
| **Food Products** |  |  |  |
|  Archer-Daniels-Midland Co. | 1018 | 94516 | 1.00 |
|  Conagra Brands, Inc. | 2474 | &nbsp;&nbsp;&nbsp;&nbsp;95748 | 1.01 |
|  Kraft Heinz Co. | 2375 | 96703 | 1.02 |
|  |  | 286967 |  |
| **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** |
|  Medtronic PLC | 1232 | 95728 | 1.01 |
| **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** |
|  Cigna Corp. | 285 | 94414 | 1.00 |
|  DaVita, Inc. | 1265 | 94490 | 1.00 |
|  Laboratory Corp. of America Holdings | 405 | 95325 | 1.01 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Common Stocks - Long** | **Shares** | **Value** | **Percentage of<br>Basket Value** |
| **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |
|  Quest Diagnostics, Inc. | 635 | $99376 | 1.05% |
|  Universal Health Services, Inc., Class B | 739 | 104136 | 1.10 |
|  |  | 487741 |  |
| **Household Durables** |  |  |  |
|  D.R. Horton, Inc. | 1098 | 97880 | 1.04 |
|  Lennar Corp., Class A | 1064 | 96320 | 1.02 |
|  Mohawk Industries, Inc. | 987 | 100935 | 1.07 |
|  Newell Brands, Inc. | 7377 | 96488 | 1.02 |
|  PulteGroup, Inc. | 2122 | 96622 | 1.02 |
|  |  | 488245 |  |
| **Independent Power & Renewable Electricity Producers** | **Independent Power & Renewable Electricity Producers** | **Independent Power & Renewable Electricity Producers** | **Independent Power & Renewable Electricity Producers** |
|  AES Corp. | 3383 | 97303 | 1.03 |
| **Insurance** |  |  |  |
|  American International Group, Inc. | 1526 | 96502 | 1.02 |
| **IT Services** |  |  |  |
|  DXC Technology Co. | 3542 | 93859 | 0.99 |
|  Global Payments, Inc. | 963 | &nbsp;&nbsp;&nbsp;&nbsp;95600 | 1.01 |
|  |  | 189459 |  |
| **Machinery** |  |  |  |
|  Pentair PLC | 2108 | 94816 | 1.00 |
| **Media** |  |  |  |
|  Comcast Corp., Class A | 2735 | 95652 | 1.01 |
|  Fox Corp., Class A | 3093 | 93938 | 0.99 |
|  |  | 189590 |  |
| **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** |
|  Marathon Petroleum Corp. | 868 | 101048 | 1.07 |
|  Phillips 66 | 919 | 95679 | 1.01 |
|  Valero Energy Corp. | 789 | 100148 | 1.06 |
|  |  | 296875 |  |
| **Pharmaceuticals** |  |  |  |
|  Organon & Co. | 3634 | 101497 | 1.07 |
|  Pfizer, Inc. | 1880 | 96329 | 1.02 |
|  Viatris, Inc. | 8666 | 96447 | 1.02 |
|  |  | 294273 |  |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 28** 

------

##### [**Table of Contents**](#toc)
**Transamerica Morgan Stanley Global Allocation VP** 

------

**CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | | |
|:---|:---|:---|:---|
| **Common Stocks - Long** | **Shares** | **Value** | **Percentage of<br>Basket Value** |
| **Professional Services** | | | |
|  Robert Half International, Inc. | 1276 | $94216 | 1.00% |
| **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** |
|  CBRE Group, Inc., Class A | 1238 | 95250 | 1.01 |
| **Semiconductors & Semiconductor Equipment** | **Semiconductors & Semiconductor Equipment** | **Semiconductors & Semiconductor Equipment** | **Semiconductors & Semiconductor Equipment** |
|  Skyworks Solutions, Inc. | 1030 | 93821 | 0.99 |
| **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** |
|  Hewlett Packard Enterprise Co. | 5895 | 94088 | 1.00 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Common Stocks - Long** | **Shares** | **Value** | **Percentage of<br>Basket Value** |
| **Technology Hardware, Storage & Peripherals (continued)** | **Technology Hardware, Storage & Peripherals (continued)** | **Technology Hardware, Storage & Peripherals (continued)** | **Technology Hardware, Storage & Peripherals (continued)** |
|  Seagate Technology Holdings PLC | 1803 | $94877 | 1.00% |
|  |  | 188965 |  |
| **Textiles, Apparel & Luxury Goods** | **Textiles, Apparel & Luxury Goods** | **Textiles, Apparel & Luxury Goods** | **Textiles, Apparel & Luxury Goods** |
|  Tapestry, Inc. | 2571 | 97897 | 1.04 |
| **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** |
|  United Rentals, Inc. | 268 | 95229 | 1.01 |
|  **TOTAL COMMON STOCKS - LONG** |  | **$4832411** |  |

---

---

| | |
|:---|:---|
| <sup>(f)</sup> | *The significant reference entities underlying the corresponding total return swap as of December 31, 2022, are as follows:*  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Common Stocks - Long** | **Shares** | **Value** | **Percentage of<br>Basket Value** |
| **Aerospace & Defense** | | | |
|  Kaman Corp. | 2429 | $54169 | 0.55% |
| **Auto Components** |  |  |  |
|  Patrick Industries, Inc. | 872 | 52826 | 0.54 |
| **Banks** |  |  |  |
|  OFG Bancorp | 1835 | 50569 | 0.52 |
|  Truist Financial Corp. | 1182 | 50883 | 0.52 |
|  |  | 101452 |  |
| **Beverages** |  |  |  |
|  Coca-Cola Consolidated, Inc. | 103 | 52782 | 0.54 |
| **Biotechnology** |  |  |  |
|  iTeos Therapeutics, Inc. | 2566 | 50121 | 0.51 |
|  Organogenesis Holdings, Inc. | 18716 | 50347 | 0.51 |
|  |  | 100468 |  |
| **Building Products** |  |  |  |
|  Resideo Technologies, Inc. | 3198 | 52607 | 0.54 |
| **Capital Markets** |  |  |  |
|  Bank of New York Mellon Corp. | 1138 | 51792 | 0.53 |
| **Commercial Services & Supplies** | **Commercial Services & Supplies** |  |  |
|  MillerKnoll, Inc. | 2589 | 54399 | 0.55 |
| **Containers & Packaging** |  |  |  |
|  O-I Glass, Inc. | 3037 | 50325 | 0.51 |
| **Electric Utilities** |  |  |  |
|  PG&E Corp. | 3153 | 51271 | 0.52 |
| **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** |
|  DMC Global, Inc. | 2954 | 57421 | 0.59 |
|  ProPetro Holding Corp. | 4970 | 51543 | 0.53 |
|  US Silica Holdings, Inc. | 4224 | 52800 | 0.54 |
|  |  | 161764 |  |
| **Equity Real Estate Investment Trusts** | **Equity Real Estate Investment Trusts** | **Equity Real Estate Investment Trusts** | **Equity Real Estate Investment Trusts** |
|  Boston Properties, Inc. | 758 | &nbsp;&nbsp;&nbsp;&nbsp;51210 | 0.52 |
|  Cousins Properties, Inc. | 2014 | 50935 | 0.52 |
|  Highwoods Properties, Inc. | 1793 | 50168 | 0.51 |
|  |  | 152313 |  |
| **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** |  |  |
|  Avanos Medical, Inc. | 1909 | 51662 | 0.53 |
|  Envista Holdings Corp. | 1512 | 50911 | 0.52 |
|  Zimvie, Inc. | 5632 | 52603 | 0.54 |
|  |  | 155176 |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Common Stocks - Long** | **Shares** | **Value** | **Percentage of<br>Basket Value** |
| **Health Care Providers & Services** | **Health Care Providers & Services** | | |
|  Tenet Healthcare Corp. | 1105 | $53902 | 0.55% |
| **Household Durables** |  |  |  |
|  KB Home | 1594 | 50781 | 0.52 |
|  M/I Homes, Inc. | 1117 | 51571 | 0.53 |
|  Taylor Morrison Home Corp. | 1663 | 50470 | 0.51 |
|  |  | 152822 |  |
| **Industrial Conglomerates** |  |  |  |
|  ESAB Corp. | 1071 | 50266 | 0.51 |
| **Insurance** |  |  |  |
|  American Equity Investment Life Holding Co. | 1210 | 55178 | 0.56 |
|  American International Group, Inc. | 798 | 50446 | 0.51 |
|  Genworth Financial, Inc., Class A | 9832 | 52012 | 0.53 |
|  |  | 157636 |  |
| **IT Services** |  |  |  |
|  Concentrix Corp. | 423 | 56367 | 0.57 |
|  Global Payments, Inc. | 507 | 50367 | 0.51 |
|  |  | 106734 |  |
| **Life Sciences Tools & Services** | **Life Sciences Tools & Services** |  |  |
|  Charles River Laboratories International, Inc. | 235 | &nbsp;&nbsp;&nbsp;&nbsp;51243 | 0.52 |
|  Syneos Health, Inc. | 1453 | 53297 | 0.54 |
|  |  | 104540 |  |
| **Machinery** |  |  |  |
|  AGCO Corp. | 369 | 51230 | 0.52 |
|  Timken Co. | 713 | 50382 | 0.51 |
|  Titan International, Inc. | 3426 | 52486 | 0.53 |
|  |  | 154098 |  |
| **Media** |  |  |  |
|  Thryv Holdings, Inc. | 2780 | 52813 | 0.54 |
| **Multi-Utilities** |  |  |  |
|  Avista Corp. | 1195 | 52969 | 0.54 |
| **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** |  |  |
|  PBF Energy, Inc. | 1491 | 60789 | 0.62 |
| **Pharmaceuticals** |  |  |  |
|  Innoviva, Inc. | 3807 | 50438 | 0.51 |
|  Phibro Animal Health Corp., Class A | 3957 | &nbsp;&nbsp;&nbsp;&nbsp;53067 | 0.54 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 29** 

------

##### [**Table of Contents**](#toc)
**Transamerica Morgan Stanley Global Allocation VP** 

------

**CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | | |
|:---|:---|:---|:---|
| **Common Stocks - Long** | **Shares** | **Value** | **Percentage of<br>Basket Value** |
| **Pharmaceuticals (continued)** | | | |
|  Viatris, Inc. | 4513 | $50227 | 0.51% |
|  |  | 153732 |  |
| **Semiconductor & Semiconductor Equipment** | **Semiconductor & Semiconductor Equipment** | **Semiconductor & Semiconductor Equipment** |  |
|  MKS Instruments, Inc. | 618 | 52367 | 0.53 |
| **Software** |  |  |  |
|  ACI Worldwide, Inc. | 2400 | 55192 | 0.56 |
|  Ebix, Inc. | 2629 | 52476 | 0.53 |
|  InterDigital, Inc. | 1032 | 51042 | 0.52 |
|  NCR Corp. | 2168 | 50763 | 0.52 |
|  |  | 209473 |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Common Stocks - Long** | **Shares** | **Value** | **Percentage of<br>Basket Value** |
| **Specialty Retail** | | | |
|  Genesco, Inc. | 1106 | $50916 | 0.52% |
| **Textiles, Apparel & Luxury Goods** | **Textiles, Apparel & Luxury Goods** |  |  |
|  Wolverine World Wide, Inc. | 4834 | 52841 | 0.54 |
| **Thrifts & Mortgage Finance** | **Thrifts & Mortgage Finance** |  |  |
|  Essent Group Ltd. | 1303 | 50678 | 0.52 |
|  **TOTAL COMMON STOCKS - LONG** |  | **$2607920** |  |

---

**FUTURES CONTRACTS:** 

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Long Futures Contracts** | **Long Futures Contracts** | **Long Futures Contracts** | **Long Futures Contracts** | **Long Futures Contracts** | **Long Futures Contracts** | **Long Futures Contracts** |
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  10-Year Australia Treasury Bonds | 194 | 03/15/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;16133492 | $&nbsp;&nbsp;&nbsp;&nbsp;15279776 | $— | $(853716) |
|  10-Year Korea Government Bonds | 67 | 03/21/2023 | 6007234 | 5825741 |  | (181493) |
|  10-Year U.S. Treasury Ultra Notes | 133 | 03/22/2023 | 15803486 | 15731406 |  | (72080) |
|  30-Year U.S. Treasury Bonds | 58 | 03/22/2023 | 7319249 | 7269937 |  | (49312) |
|  Brent Crude Oil <sup>(P)</sup> | 98 | 10/31/2023 | 7946750 | 8001700 | 54950 |  |
|  EURO STOXX 50<sup>®</sup> Index | 611 | 03/17/2023 | 25787127 | 24755590 |  | (1031537) |
|  FTSE 100 Index | 1 | 03/17/2023 | 90026 | 90260 | 234 |  |
|  HSCEI China Index Futures | 216 | 01/30/2023 | 9446033 | 9353465 |  | (92568) |
|  TOPIX Index | 63 | 03/09/2023 | 9314320 | 9079892 |  | (234428) |
|  U.S. Treasury Ultra Bonds | 4 | 03/22/2023 | 538684 | 537250 |  | (1434) |
|  **Total** |  |  |  |  | $**55184** | $**(2516568)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** |
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  2-Year U.S. Treasury Notes | (142) | 03/31/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;(29091169) | $&nbsp;&nbsp;&nbsp;&nbsp;(29121094) | $— | $(29925) |
|  5-Year U.S. Treasury Notes | (356) | 03/31/2023 | (38839817) | &nbsp;&nbsp;&nbsp;&nbsp;(38422969) | 416848 |  |
|  10-Year U.S. Treasury Notes | (793) | 03/22/2023 | (89334729) | (89051422) | 283307 |  |
|  Euro-BTP Italy Government Bonds | (289) | 03/08/2023 | (35744986) | (33446698) | 2298288 |  |
|  German Euro Bund | (12) | 03/08/2023 | (1826491) | (1707538) | 118953 |  |
|  MSCI Emerging Markets Index | (158) | 03/17/2023 | (7701309) | (7579260) | 122049 |  |
|  Nikkei 225 Index | (31) | 03/09/2023 | (3261294) | (3039412) | 221882 |  |
|  S&P 500<sup>®</sup> E-Mini Index | (302) | 03/17/2023 | (60363141) | (58301100) | 2062041 |  |
|  **Total** |  |  |  |  | $**5523368** | $**(29925)** |
|  **Total Futures Contracts** |  |  |  |  | $**5578552** | $**(2546493)** |

---

**FORWARD FOREIGN CURRENCY CONTRACTS:** 

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Date** | **Currency<br>Purchased** | **Currency<br>Purchased** | **Currency<br>Sold** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |  |
|  BCLY | 02/09/2023 | USD | 7425997 | AUD | 11598589 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;(483977) |
|  BCLY | 03/16/2023 | USD | 2913383 | AUD | 4282784 |  | (11590) |
|  BCLY | 03/16/2023 | USD | 4339332 | EUR | 4045327 |  | (13800) |
|  BCLY | 03/16/2023 | USD | 433209 | HKD | 3371923 | 600 |  |
|  BCLY | 03/16/2023 | USD | 38939 | SGD | 52299 |  | (156) |
|  BCLY | 03/16/2023 | JPY | 325736261 | USD | 2439965 | 67801 |  |
|  BCLY | 03/16/2023 | EUR | 1188552 | USD | 1273218 | 5769 |  |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 30** 

------

##### [**Table of Contents**](#toc)
**Transamerica Morgan Stanley Global Allocation VP** 

------

**CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

**FORWARD FOREIGN CURRENCY CONTRACTS (continued):** 

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Date** | **Currency<br>Purchased** | **Currency<br>Purchased** | **Currency<br>Sold** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |  |
|  BNP | 03/16/2023 | USD | 2899877 | SEK | 30107798 | $1907 | $— |
|  BNP | 03/16/2023 | COP | 437501613 | USD | 89068 |  | (136) |
|  BNP | 03/16/2023 | INR | 104507923 | USD | 1261693 |  | (4102) |
|  BNP | 03/16/2023 | CHF | 297319 | USD | 324520 |  | (285) |
|  BNP | 03/16/2023 | MXN | 185814983 | USD | 9319757 | 83247 |  |
|  BNP | 03/16/2023 | JPY | 52949090 | USD | 396619 | 11023 |  |
|  BNP | 03/16/2023 | SEK | 4395775 | USD | 433305 |  | (10198) |
|  BNP | 03/16/2023 | CZK | 2606976 | USD | 113735 | 1149 |  |
|  BNP | 03/16/2023 | EUR | 2793514 | USD | 2981015 | 25055 |  |
|  BOA | 02/09/2023 | USD | 808226 | EUR | 772596 |  | (21089) |
|  BOA | 02/09/2023 | CHF | 2359268 | USD | 2371105 | 191811 |  |
|  CITI | 02/09/2023 | THB | 60310395 | USD | 1627886 | 120520 |  |
|  GSI | 02/09/2023 | PEN | 1940000 | USD | 484104 | 24728 |  |
|  GSI | 02/09/2023 | KRW | 7098019838 | USD | 4995176 | &nbsp;&nbsp;&nbsp;&nbsp;623302 |  |
|  GSI | 02/09/2023 | RON | 1821720 | USD | 361763 | 31952 |  |
|  GSI | 03/16/2023 | USD | 40527164 | BRL | 218388045 |  | (241037) |
|  GSI | 03/16/2023 | USD | 283008 | CHF | 259204 | 339 |  |
|  GSI | 03/16/2023 | USD | 68855 | CLP | 60384993 |  | (1611) |
|  GSI | 03/16/2023 | USD | 8179 | DKK | 56765 |  | (41) |
|  GSI | 03/16/2023 | USD | 53597 | HKD | 417148 | 78 |  |
|  GSI | 03/16/2023 | USD | 5293304 | JPY | 700209321 |  | (97440) |
|  GSI | 03/16/2023 | USD | 13161 | NOK | 127996 | 53 |  |
|  GSI | 03/16/2023 | USD | 928 | NZD | 1428 | 21 |  |
|  GSI | 03/16/2023 | USD | 177615 | SGD | 238681 |  | (807) |
|  GSI | 03/16/2023 | USD | 5927665 | TWD | 178553120 | 71551 |  |
|  GSI | 03/16/2023 | BRL | 76756129 | USD | 14460461 |  | (131796) |
|  GSI | 03/16/2023 | SEK | 43910770 | USD | 4328039 |  | (101490) |
|  GSI | 03/16/2023 | AUD | 4468042 | USD | 3062366 |  | (10870) |
|  GSI | 03/16/2023 | CHF | 1989885 | USD | 2171833 |  | (1806) |
|  GSI | 03/16/2023 | MXN | 70649872 | USD | 3548143 | 27032 |  |
|  GSI | 03/16/2023 | NZD | 858597 | USD | 545864 |  | (301) |
|  GSI | 03/16/2023 | CLP | 246147377 | USD | 284853 | 2388 |  |
|  HSBC | 02/09/2023 | EUR | 2609602 | USD | 2592556 | 208626 |  |
|  JPM | 02/09/2023 | USD | 270732 | CAD | 363129 | 2479 |  |
|  JPM | 02/09/2023 | USD | 1130901 | EUR | 1080621 |  | (29052) |
|  JPM | 02/09/2023 | NOK | 2755235 | USD | 263769 | 17941 |  |
|  JPM | 02/09/2023 | SEK | 10895378 | USD | 989407 | 57156 |  |
|  JPM | 02/09/2023 | JPY | 2035371951 | USD | 13959931 | 1631843 |  |
|  JPM | 02/09/2023 | DKK | 817998 | USD | 108594 | 9527 |  |
|  JPM | 02/09/2023 | CNH | 61518855 | USD | 8603434 | 313802 |  |
|  JPM | 03/16/2023 | USD | 41704690 | CNH | 288437980 |  | (220552) |
|  JPM | 03/16/2023 | USD | 275159 | DKK | 1909451 |  | (1327) |
|  JPM | 03/16/2023 | USD | 300872 | HKD | 2341773 | 429 |  |
|  JPM | 03/16/2023 | USD | 8871234 | NZD | 13651517 | 196894 |  |
|  JPM | 03/16/2023 | USD | 354624 | SGD | 476481 |  | (1562) |
|  JPM | 03/16/2023 | GBP | 843758 | USD | 1048690 |  | (26693) |
|  JPM | 03/16/2023 | CHF | 1341605 | USD | 1464250 |  | (1192) |
|  JPM | 03/16/2023 | SEK | 334302 | USD | 32951 |  | (773) |
|  JPM | 03/16/2023 | MXN | 29563865 | USD | 1482548 | 13506 |  |
|  JPM | 03/16/2023 | CAD | 2438872 | USD | 1803019 |  | (691) |
|  JPM | 03/16/2023 | JPY | 398615960 | USD | 2985865 | 82984 |  |
|  UBS | 02/09/2023 | USD | 1700429 | AUD | 2512954 |  | (13348) |
|  UBS | 02/09/2023 | USD | 800109 | CAD | 1088080 |  | (3684) |
|  UBS | 02/09/2023 | USD | 596697 | EUR | 567296 |  | (12246) |
|  UBS | 02/09/2023 | USD | 6537375 | GBP | 5735021 |  | (403332) |
|  UBS | 02/09/2023 | USD | 548206 | JPY | 74977458 |  | (26151) |
|  UBS | 02/09/2023 | GBP | 576859 | USD | 709460 |  | (11326) |
|  UBS | 02/09/2023 | MXN | 1203222 | USD | 60416 | 864 |  |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 31** 

------

##### [**Table of Contents**](#toc)
**Transamerica Morgan Stanley Global Allocation VP** 

------

**CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

**FORWARD FOREIGN CURRENCY CONTRACTS (continued):** 

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Date** | **Currency<br>Purchased** | **Currency<br>Purchased** | **Currency<br>Sold** | **Currency<br>Sold** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  UBS | 02/09/2023 | EUR | 1679891 | USD | 1788886 | $14332 | $— |
|  UBS | 02/09/2023 | PLN | 382880 | USD | 78876 | 8217 |  |
|  UBS | 02/09/2023 | SGD | 1539126 | USD | 1089596 | 60303 |  |
|  UBS | 02/09/2023 | HUF | 59402713 | USD | 140700 | 16693 |  |
|  UBS | 03/16/2023 | USD | 2903684 | CHF | 2666267 |  | (3957) |
|  UBS | 03/16/2023 | USD | 70244694 | CNY | 484512777 | 120644 |  |
|  UBS | 03/16/2023 | USD | 3675108 | EUR | 3443231 |  | (30114) |
|  UBS | 03/16/2023 | USD | 3320283 | JPY | 433132631 |  | (14301) |
|  UBS | 03/16/2023 | USD | 4174013 | KRW | 5483400372 |  | (172052) |
|  UBS | 03/16/2023 | USD | 300662 | NOK | 2924375 | 1164 |  |
|  UBS | 03/16/2023 | USD | 9424581 | NZD | 14502702 | 209388 |  |
|  UBS | 03/16/2023 | USD | 156825 | SGD | 210718 |  | (694) |
|  UBS | 03/16/2023 | USD | 608739 | THB | 20785381 | 4096 |  |
|  UBS | 03/16/2023 | IDR | 20476897884 | USD | 1311861 | 2199 |  |
|  UBS | 03/16/2023 | SEK | 13296428 | USD | 1310684 |  | (30861) |
|  UBS | 03/16/2023 | MXN | 50076150 | USD | 2511279 | 22781 |  |
|  UBS | 03/16/2023 | AUD | 3418799 | USD | 2361296 |  | (26391) |
|  UBS | 03/16/2023 | GBP | 1429604 | USD | 1776858 |  | (45258) |
|  UBS | 03/16/2023 | EUR | 17608528 | USD | 18864368 | 83972 |  |
|  UBS | 03/16/2023 | ILS | 1662618 | USD | 491652 |  | (16625) |
|  UBS | 03/16/2023 | TRY | 648046 | USD | 33241 |  | (533) |
|  UBS | 03/16/2023 | CAD | 7149 | USD | 5285 |  | (2) |
|  UBS | 03/16/2023 | HUF | 59214065 | USD | 150146 | 5182 |  |
|  UBS | 03/16/2023 | JPY | 171158604 | USD | 1282020 | 35689 |  |
|  UBS | 03/16/2023 | CHF | 1894838 | USD | 2068307 |  | (1932) |
|  UBS | 03/16/2023 | KRW | 7390475641 | USD | 5723726 | 133858 |  |
|  UBS | 03/16/2023 | NZD | 18412723 | USD | 11675436 | 24232 |  |
|  UBS | 03/16/2023 | USD | 131759 | ZAR | 2290700 |  | (2183) |
|  **Total** |  |  |  |  |  | $**4569127** | $**(2229364)** |

---

**INVESTMENTS BY INDUSTRY (unaudited):** 

------

---

| | | |
|:---|:---|:---|
| **Industry** | **Percentage of<br>Total Investments** | **Value** |
|  Foreign Government Obligations | 33.0% | $&nbsp;&nbsp;&nbsp;&nbsp;362617060 |
|  Banks | 8.1 | 89016697 |
|  U.S. Government Obligations | 5.8 | 64264105 |
|  U.S. Government Agency Obligations | 4.7 | 51687858 |
|  Oil, Gas & Consumable Fuels | 2.7 | 30066046 |
|  Mortgage-Backed Securities | 1.7 | 18373722 |
|  Pharmaceuticals | 1.5 | 16202203 |
|  Insurance | 1.4 | 15696528 |
|  Electric Utilities | 1.1 | 12460095 |
|  Diversified Telecommunication Services | 1.1 | 11987275 |
|  Capital Markets | 0.8 | 8774610 |
|  Metals & Mining | 0.7 | 7572050 |
|  Consumer Finance | 0.6 | 6497582 |
|  Chemicals | 0.6 | 6483648 |
|  Food Products | 0.6 | 6340891 |
|  Software | 0.6 | &nbsp;&nbsp;&nbsp;&nbsp;6271703 |
|  Equity Real Estate Investment Trusts | 0.6 | 6235776 |
|  Semiconductors & Semiconductor Equipment | 0.6 | 6206633 |
|  Health Care Equipment & Supplies | 0.5 | 5988410 |
|  Textiles, Apparel & Luxury Goods | 0.5 | 5728923 |
|  Beverages | 0.5 | 5405032 |
|  IT Services | 0.5 | 5342357 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 32** 

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##### [**Table of Contents**](#toc)
**Transamerica Morgan Stanley Global Allocation VP** 

------

**CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

**INVESTMENTS BY INDUSTRY (unaudited) (continued):** 

------

---

| | | |
|:---|:---|:---|
| **Industry** | **Percentage of<br>Total Investments** | **Value** |
|  Hotels, Restaurants & Leisure | 0.5% | $&nbsp;&nbsp;&nbsp;&nbsp;5208488 |
|  Media | 0.4 | 4983368 |
|  Road & Rail | 0.4 | 4607772 |
|  Wireless Telecommunication Services | 0.4 | 4231474 |
|  Machinery | 0.4 | 4179933 |
|  Asset-Backed Securities | 0.4 | 3921778 |
|  Paper & Forest Products | 0.3 | 3860351 |
|  Technology Hardware, Storage & Peripherals | 0.3 | 3292264 |
|  Real Estate Management & Development | 0.3 | 3254999 |
|  Health Care Providers & Services | 0.3 | 3165332 |
|  Aerospace & Defense | 0.3 | 3068368 |
|  Tobacco | 0.3 | 3036978 |
|  Food & Staples Retailing | 0.3 | 3017979 |
|  Biotechnology | 0.3 | 2876708 |
|  Automobiles | 0.3 | 2858747 |
|  Personal Products | 0.3 | 2846335 |
|  Diversified Financial Services | 0.3 | 2831287 |
|  Internet & Direct Marketing Retail | 0.2 | 2759290 |
|  Electrical Equipment | 0.2 | 2510092 |
|  Industrial Conglomerates | 0.2 | 2407590 |
|  Professional Services | 0.2 | 2305342 |
|  Specialty Retail | 0.2 | 2131930 |
|  Entertainment | 0.2 | 2059061 |
|  Multi-Utilities | 0.2 | 2033618 |
|  Interactive Media & Services | 0.2 | 1887777 |
|  Life Sciences Tools & Services | 0.2 | 1848464 |
|  Transportation Infrastructure | 0.1 | 1696861 |
|  Electronic Equipment, Instruments & Components | 0.1 | 1633837 |
|  Household Products | 0.1 | 1584944 |
|  Building Products | 0.1 | 1260715 |
|  Construction & Engineering | 0.1 | 1244842 |
|  Commercial Services & Supplies | 0.1 | 1103431 |
|  Air Freight & Logistics | 0.1 | 1014328 |
|  Multiline Retail | 0.1 | 948845 |
|  Construction Materials | 0.1 | 923672 |
|  Municipal Government Obligation | 0.1 | 916128 |
|  Communications Equipment | 0.1 | 843709 |
|  Trading Companies & Distributors | 0.1 | 643482 |
|  Auto Components | 0.1 | 567629 |
|  Gas Utilities | 0.0 <sup>(F)</sup> | 504547 |
|  Household Durables | 0.0 <sup>(F)</sup> | 408123 |
|  Marine | 0.0 <sup>(F)</sup> | 407680 |
|  Containers & Packaging | 0.0 <sup>(F)</sup> | 381857 |
|  Independent Power & Renewable Electricity Producers | 0.0 <sup>(F)</sup> | 292405 |
|  Energy Equipment & Services | 0.0 <sup>(F)</sup> | 261432 |
|  Water Utilities | 0.0 <sup>(F)</sup> | 231576 |
|  Airlines | 0.0 <sup>(F)</sup> | 202699 |
|  Distributors | 0.0 <sup>(F)</sup> | 118116 |
|  Diversified Consumer Services | 0.0 <sup>(F)</sup> | 43506 |
|  Leisure Products | 0.0 <sup>(F)</sup> | 41341 |
|  Health Care Technology | 0.0 <sup>(F)</sup> | 28403 |
|  Mortgage Real Estate Investment Trusts | 0.0 <sup>(F)</sup> | 12100 |
|  **Investments** | **77.1** | **847720737** |
|  Short-Term Investments | 22.9 | 251836789 |
|  **Total Investments** | **100.0%** | $**1099557526** |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 33** 

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##### [**Table of Contents**](#toc)
**Transamerica Morgan Stanley Global Allocation VP** 

------

**CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(T)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs <sup>(U)</sup>** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Common Stocks | $70042179 | $150161829 | $82500 | $220286508 |
|  Preferred Stocks |  | 798573 |  | 798573 |
|  Asset-Backed Securities |  | 3921778 |  | 3921778 |
|  Convertible Bonds |  | 7925 | 231120 | 239045 |
|  Corporate Debt Securities |  | 123262189 | 1353771 | 124615960 |
|  Foreign Government Obligations |  | 362617060 |  | 362617060 |
|  Mortgage-Backed Securities |  | 18373722 |  | 18373722 |
|  Municipal Government Obligation |  | 916128 |  | 916128 |
|  U.S. Government Agency Obligations |  | 51687858 |  | 51687858 |
|  U.S. Government Obligations |  | 64264105 |  | 64264105 |
|  Short-Term U.S. Government Obligations |  | 798324 |  | 798324 |
|  Other Investment Company | 23303034 |  |  | 23303034 |
|  Repurchase Agreements |  | 227735431 |  | 227735431 |
|  **Total Investments** | $**93345213** | $**1004544922** | $**1667391** | $**1099557526** |
|  **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** |
|  Centrally Cleared Interest Rate Swap Agreements | $— | $278319 | $— | $278319 |
|  Over-the-Counter Total Return Swap Agreements |  | 8264701 |  | 8264701 |
|  Futures Contracts <sup>(V)</sup> | 5578552 |  |  | 5578552 |
|  Forward Foreign Currency Contracts <sup>(V)</sup> |  | 4569127 |  | 4569127 |
|  **Total Other Financial Instruments** | $**5578552** | $**13112147** | $**—** | $**18690699** |
| **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** |
|  **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** |
|  Centrally Cleared Interest Rate Swap Agreements | $— | $(2336771) | $— | $(2336771) |
|  Over-the-Counter Total Return Swap Agreements |  | (4052762) |  | (4052762) |
|  Futures Contracts <sup>(V)</sup> | (2546493) |  |  | (2546493) |
|  Forward Foreign Currency Contracts <sup>(V)</sup> |  | (2229364) |  | (2229364) |
|  **Total Other Financial Instruments** | $**(2546493)** | $**(8618897)** | $**—** | $**(11165390)** |
| **Transfers** | **Transfers** | **Transfers** | **Transfers** | **Transfers** |
| **Investments** | **Transfers from<br>Level 1 to Level 3** | **Transfers from<br>Level 3 to Level 1** | **Transfers from<br>Level 2 to Level 3** | **Transfers from<br>Level 3 to Level 2** |
|  Common Stocks <sup>(I)</sup> | $— | $— | $0 | $— |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *All or a portion of the securities are on loan. The total value of all securities on loan is $33,900,918, collateralized by cash collateral of $23,303,034 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $12,022,994. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.* 

(B) *Non-income producing securities.* 

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 34** 

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##### [**Table of Contents**](#toc)
**Transamerica Morgan Stanley Global Allocation VP** 

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**CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

**FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):** 

(C) *Restricted securities. At December 31, 2022, the value of such securities held by the Portfolio are as follows:* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Description** | **Acquisition<br>Date** | **Acquisition<br>Cost** | **Value** | **Value as<br>Percentage of<br>Net Assets** |
|  Common Stocks | Quintis Pty Ltd. | 10/25/2018 | $1059498 | $1 | 0.0 %<sup>(F)</sup> |
|  Convertible Bonds | REI Agro Ltd.<br>5.50%, 11/13/2014 | 05/02/2014 | 395548 | 2147 | 0.0 <sup>(F)</sup> |
|  Convertible Bonds | Bio City Development Co. BV<br>8.00%, 07/06/2024 | 05/02/2014 | 1734480 | 231120 | 0.0 <sup>(F)</sup> |
|  **Total** |  |  | $**3189526** | $**233268** | **0.0** **%<sup>(F)</sup>** |

---

(D) *Fair valued as determined in good faith in accordance with procedures established by the Board. At December 31, 2022, the total value of securities is $1,716,350, representing 0.2% of the Portfolio's net assets.* 

(E) *Securities are Level 3 of the fair value hierarchy.* 

(F) *Percentage rounds to less than 0.1% or (0.1)%.* 

(G) *Securities are exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2022, the total value of 144A securities is $48,628,888, representing 4.6% of the Portfolio's net assets.* 

(H) *Securities deemed worthless.* 

(I) *For the period ended December 31, 2022, the valuation technique changed for investments in Russian Federation Common Stocks with a total value of $0 from using market comparable and market transactions, to being worthless because of the Russian invasion of Ukraine, liquidity concerns and US sanctions. This was considered to be a more relevant measure of fair value as of December 31, 2022.* 

(J) *Rates disclosed reflect the yields at December 31, 2022.* 

(K) *Floating or variable rate securities. The rates disclosed are as of December 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.* 

(L) *Securities in default; no interest payments received and/or dividends declared during the last 12 months. At December 31, 2022, the total value of such securities is $239,045, representing less than 0.1% of the Portfolio's net assets.* 

(M) *Securities are exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Securities may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At December 31, 2022, the total value of Regulation S securities is $161,152,681, representing 15.2% of the Portfolio's net assets.* 

(N) *Payment in-kind. Securities pay interest or dividends in the form of additional bonds or preferred stock. If the securities make a cash payment in addition to in-kind, the cash rate is disclosed separately.* 

(O) *Perpetual maturity. The date displayed is the next call date.* 

(P) *All or a portion of investments is owned by Transamerica Cayman Morgan Stanley Global Allocation Ltd., a wholly-owned subsidiary of the Portfolio.* 

(Q) *When-issued, delayed-delivery and/or forward commitment (including TBAs) securities. Securities to be settled and delivered after December 31, 2022. Securities may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.* 

(R) *All or a portion of these securities have been segregated by the custodian as collateral to cover margin requirements for open futures contracts. The total value of such securities is $725,930.* 

(S) *At the termination date, a net cash flow is exchanged where the total return is equivalent to the return of the reference entity less a financing rate, if any. As a receiver, the Portfolio would receive payments based on any positive total return and would owe payments in the event of a negative total return. As the payer, the Portfolio would owe payments on any net positive total return and would receive payment in the event of a negative total return.* 

(T) *The Portfolio recognized transfers in and out of Level 3 as of December 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

(U) *Level 3 securities were not considered significant to the Portfolio.* 

(V) *Derivative instruments are valued at unrealized appreciation (depreciation).* 

**CURRENCY ABBREVIATIONS:** 

---

| | |
|:---|:---|
| *AUD* | *Australian Dollar* |
| *BRL* | *Brazilian Real* |
| *CAD* | *Canadian Dollar* |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 35** 

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**Transamerica Morgan Stanley Global Allocation VP** 

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**CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

**CURRENCY ABBREVIATIONS (continued):** 

---

| | |
|:---|:---|
| *CHF* | *Swiss Franc* |
| *CLP* | *Chilean Peso* |
| *CNH* | *Chinese Yuan Renminbi (offshore)* |
| *CNY* | *Chinese Yuan Renminbi (onshore)* |
| *COP* | *Columbian Peso* |
| *CZK* | *Czech Republic Koruna* |
| *DKK* | *Danish Krone* |
| *EUR* | *Euro* |
| *GBP* | *Pound Sterling* |
| *HKD* | *Hong Kong Dollar* |
| *HUF* | *Hungarian Forint* |
| *IDR* | *Indonesian Rupiah* |
| *ILS* | *Israel New Shekel* |
| *INR* | *Indian Rupee* |
| *JPY* | *Japanese Yen* |
| *KRW* | *South Korean Won* |
| *MXN* | *Mexican Peso* |
| *MYR* | *Malaysian Ringgit* |
| *NOK* | *Norwegian Krone* |
| *NZD* | *New Zealand Dollar* |
| *PEN* | *Peruvian Sol* |
| *PLN* | *Polish Zloty* |
| *RON* | *New Romanian Leu* |
| *SEK* | *Swedish Krona* |
| *SGD* | *Singapore Dollar* |
| *THB* | *Thai Baht* |
| *TRY* | *Turkish New Lira* |
| *TWD* | *Taiwan New Dollar* |
| *USD* | *United States Dollar* |
| *ZAR* | *South African Rand* |

---

**COUNTERPARTY ABBREVIATIONS:** 

---

| | |
|:---|:---|
| *BCLY* | *Barclays Bank PLC* |
| *BNP* | *BNP Paribas* |
| *BOA* | *Bank of America, N.A.* |
| *CITI* | *Citibank, N.A.* |
| *GSI* | *Goldman Sachs International* |
| *HSBC* | *HSBC Bank USA* |
| *JPM* | *JPMorgan Chase Bank, N.A.* |
| *UBS* | *UBS AG* |

---

**PORTFOLIO ABBREVIATIONS:** 

---

| | |
|:---|:---|
| *ADR* | *American Depositary Receipt* |
| *BRL-CDI* | *Brazil Interbank Deposit Rate* |
| *BTP* | *Buoni del Tesoro Poliennali (Italian Treasury Bonds)* |
| *CVA* | *Commanditaire Vennootschap op Aandelen (Dutch Certificate)* |
| *EURIBOR* | *Euro Interbank Offer Rate* |
| *FTSE* | *Financial Times Stock Exchange* |
| *HSCEI* | *Hang Seng China Enterprises Index* |
| *LIBOR* | *London Interbank Offered Rate* |
| *REIT* | *Real Estate Investment Trust* |
| *SOFR* | *Secured Overnight Financing Rate* |
| *STOXX* | *Deutsche Börse Group & SIX Group Index* |
| *TBA* | *To Be Announced* |
| *TIIE* | *Tasa de Interés Interbancaria de Equilibrio (Interbank Equilibrium Interest Rate)* |
| *TOPIX* | *Tokyo Price Index* |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 36** 

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**Transamerica Morgan Stanley Global Allocation VP** 

------

**CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES** 

**At December 31, 2022** 

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value (cost $966,242,749) <br>(including securities loaned of $33,900,918) | $871822095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreement, at value (cost $227,735,431) | 227735431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral pledged at broker for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities sold short | 2716646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrally cleared swap agreements | 4002006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OTC derivatives <sup>(A)</sup> | 550000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 13080704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OTC swap agreements, at value (premium paid $1,115) | 8264701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value (cost $17,670,765) | 17079792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables and other assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 3557536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 7871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest sold | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 203489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 3201631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax reclaims | 752202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin receivable on futures contracts | 657783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin receivable on centrally cleared swap agreements | 369372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts | 4569127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 2201 |
|  Total assets | &nbsp;&nbsp;&nbsp;&nbsp;1158572603 |
|  **Liabilities:** | **Liabilities:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral received upon return of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities on loan | 23303034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral at broker for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OTC derivatives <sup>(A)</sup> | 14430000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OTC swap agreements, at value (premium received $1,117) | 4052762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables and other liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 2020516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; When-issued, delayed-delivery, forward and TBA commitments purchased | 46107063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest redeemed | 504118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign capital gains tax | 11168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to custodian | 4980647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 595058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 183415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 1238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 9741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 48249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 181192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 4215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 115243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 16412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts | 2229364 |
|  Total liabilities | 98793435 |
|  **Net assets** | $1059779168 |
|  **Net assets consist of:** | **Net assets consist of:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital stock ($0.01 par value) | $1132029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 1141817121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) | (83169982) |
|  **Net assets** | $1059779168 |
|  **Net assets by class:** | **Net assets by class:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | $210172127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 849607041 |
|  **Shares outstanding:** | **Shares outstanding:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 40036934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 73165926 |
|  **Net asset value and offering price per share:** | **Net asset value and offering price per share:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | $5.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 11.61 |

---

(A) *OTC derivatives may include swaps, options and/or swaptions and forward foreign currency contracts.* 

**CONSOLIDATED STATEMENT OF OPERATIONS** 

**For the year ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $9524882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 11880952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 101327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withholding taxes on foreign income | (737861) |
|  Total investment income | 20769300 |
|  **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 8992064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 2409896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 12459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 50321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 77089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 662999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 70301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and fees for borrowings from securities sold short | 1239623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 406530 |
|  Total expenses before waiver and/or reimbursement and recapture | 13921282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses waived and/or reimbursed: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (235026) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (938841) |
|  Net expenses | 12747415 |
|  **Net investment income (loss)** | 8021885 |
|  **Net realized gain (loss) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 23955111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | (110032937) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 50588401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | 9206096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (542914) |
|  Net realized gain (loss) | (26826243) |
|  **Net change in unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (231001525)<sup>(A)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | (8061730) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 4867853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | 3084217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Translation of assets and liabilities denominated in foreign currencies | (1688569) |
|  Net change in unrealized appreciation (depreciation) | (232799754) |
|  Net realized and change in unrealized gain (loss) | (259625997) |
|  **Net increase (decrease) in net assets resulting from operations** | $&nbsp;&nbsp;&nbsp;&nbsp;(251604112) |

---

(A) *Includes net change in foreign capital gains tax of $6,841.* 

***The Notes to Financial Statements are an integral part of this report.***

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| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 37** 

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**Transamerica Morgan Stanley Global Allocation VP** 

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**CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS** 

**For the years ended:** 

---

| | | |
|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2021** |
|  **From operations:** | **From operations:** | **From operations:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $8021885 | $8476382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (26826243) | 196441288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (232799754) | (84176555) |
|  Net increase (decrease) in net assets resulting from operations | (251604112) | 120741115 |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (68922701) | (45308878) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (147767054) | (104230948) |
|  Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (216689755) | (149539826) |
|  **Capital share transactions:** | **Capital share transactions:** | **Capital share transactions:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 5171873 | 472528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 2257250 | 7984420 |
|  | 7429123 | 8456948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions reinvested: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions reinvested: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions reinvested: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 68922701 | 45308878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 147767054 | 104230948 |
|  | 216689755 | 149539826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (44577369) | (19423981) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (132312293) | (178366632) |
|  | (176889662) | (197790613) |
|  Net increase (decrease) in net assets resulting from capital share transactions | 47229216 | (39793839) |
|  **Net increase (decrease) in net assets** | (421064651) | (68592550) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 1480843819 | 1549436369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $&nbsp;&nbsp;&nbsp;&nbsp;1059779168 | $&nbsp;&nbsp;&nbsp;&nbsp;1480843819 |
|  **Capital share transactions - shares:** | **Capital share transactions - shares:** | **Capital share transactions - shares:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 1009438 | 47726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 172129 | 454017 |
|  | 1181567 | 501743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 12763463 | 4995466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 12355105 | 6233908 |
|  | 25118568 | 11229374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (6502919) | (1944084) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (9519783) | (10199343) |
|  | (16022702) | (12143427) |
|  Net increase (decrease) in shares outstanding: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 7269982 | 3099108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 3007451 | (3511418) |
|  | 10277433 | (412310) |

---

***The Notes to Financial Statements are an integral part of this report.***

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**Page 38** 

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**Transamerica Morgan Stanley Global Allocation VP** 

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**CONSOLIDATED FINANCIAL HIGHLIGHTS** 

**For a share outstanding during the years indicated:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $9.14 | $9.92 | $9.08 | $8.41 | $9.45 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(A)</sup> | 0.06 | 0.08 | 0.06 | 0.14 | 0.14 |
|  Net realized and unrealized gain (loss) | (1.60) | 0.73 | 1.56 | 1.33 | (0.81) |
|  Total investment operations | (1.54) | 0.81 | 1.62 | 1.47 | (0.67) |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income | (0.06) | (0.13) | (0.19) | (0.18) | (0.21) |
|  Net realized gains | (2.29) | (1.46) | (0.59) | (0.62) | (0.16) |
|  Total dividends and/or distributions to shareholders | (2.35) | (1.59) | (0.78) | (0.80) | (0.37) |
|  **Net asset value, end of year** | $5.25 | $9.14 | $9.92 | $9.08 | $8.41 |
|  **Total return** | (17.51)% | 8.42% | 18.59% | 18.20% | (7.40)% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;210172 | $&nbsp;&nbsp;&nbsp;&nbsp;299521 | $&nbsp;&nbsp;&nbsp;&nbsp;294447 | $&nbsp;&nbsp;&nbsp;&nbsp;476636 | $&nbsp;&nbsp;&nbsp;&nbsp;402850 |
|  Expenses to average net assets | Expenses to average net assets | Expenses to average net assets | Expenses to average net assets | Expenses to average net assets | Expenses to average net assets |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement, including dividends, interest and fees for borrowings from securities sold short | 0.99% | 0.93 %<sup>(B)</sup> | 0.87 %<sup>(B)</sup> | 0.77 %<sup>(B)</sup> | 0.82 %<sup>(B)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement, including dividends, interest and fees for borrowings from securities sold short | 0.89% | 0.84 %<sup>(B)</sup> | 0.83 %<sup>(B)</sup> | 0.76 %<sup>(B)</sup> | 0.80 %<sup>(B)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture, excluding dividends, interest, and fees for borrowings from securities sold short | 0.79% | 0.73 %<sup>(B)</sup> | 0.75 %<sup>(B)</sup> | 0.76 %<sup>(B)(C)</sup> | 0.79 %<sup>(B)</sup> |
|  Net investment income (loss) to average net assets | 0.86% | 0.82% | 0.62% | 1.55% | 1.47% |
|  Portfolio turnover rate | 51% | 65% | 151% | 190% | 160% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Does not include expenses of the underlying investments in which the Portfolio invests.* 

(C) *Dividends and interest from securities sold short rounds to less than 0.01%.* 

**For a share outstanding during the years indicated:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $16.84 | $17.04 | $15.06 | $13.47 | $14.91 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(A)</sup> | 0.09 | 0.08 | 0.05 | 0.19 | 0.18 |
|  Net realized and unrealized gain (loss) | (3.02) | 1.27 | 2.67 | 2.16 | (1.29) |
|  Total investment operations | (2.93) | 1.35 | 2.72 | 2.35 | (1.11) |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income | (0.01) | (0.09) | (0.15) | (0.14) | (0.17) |
|  Net realized gains | (2.29) | (1.46) | (0.59) | (0.62) | (0.16) |
|  Total dividends and/or distributions to shareholders | (2.30) | (1.55) | (0.74) | (0.76) | (0.33) |
|  **Net asset value, end of year** | $11.61 | $16.84 | $17.04 | $15.06 | $13.47 |
|  **Total return** | (17.76)% | 8.18% | 18.34% | 17.85% | (7.62)% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;849607 | $&nbsp;&nbsp;&nbsp;&nbsp;1181323 | $&nbsp;&nbsp;&nbsp;&nbsp;1254989 | $&nbsp;&nbsp;&nbsp;&nbsp;1205764 | $&nbsp;&nbsp;&nbsp;&nbsp;1161703 |
|  Expenses to average net assets | Expenses to average net assets | Expenses to average net assets | Expenses to average net assets | Expenses to average net assets | Expenses to average net assets |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture, including dividends, interest and fees for borrowings from securities sold short | 1.20% | 1.14 %<sup>(B)</sup> | 1.13 %<sup>(B)</sup> | 1.02 %<sup>(B)</sup> | 1.07 %<sup>(B)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture, including dividends, interest and fees for borrowings from securities sold short | 1.10% | 1.08 %<sup>(B)</sup> | 1.09 %<sup>(B)</sup> | 1.01 %<sup>(B)</sup> | 1.05 %<sup>(B)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture, excluding dividends, interest, and fees for borrowings from securities sold short | 1.00% | 0.97 %<sup>(B)</sup> | 0.99 %<sup>(B)</sup> | 1.01 %<sup>(B)(C)</sup> | 1.04 %<sup>(B)</sup> |
|  Net investment income (loss) to average net assets | 0.62% | 0.48% | 0.30% | 1.31% | 1.21% |
|  Portfolio turnover rate | 51% | 65% | 151% | 190% | 160% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Does not include expenses of the underlying investments in which the Portfolio invests.* 

(C) *Dividends and interest from securities sold short rounds to less than 0.01%.* 

***The Notes to Financial Statements are an integral part of this report.***

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**Page 39** 

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**Transamerica Morgan Stanley Global Allocation VP** 

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**NOTES TO FINANCIAL STATEMENTS** 

**At December 31, 2022** 

**1. ORGANIZATION** 

Transamerica Series Trust ("TST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). TST applies investment company accounting and reporting guidance. TST serves as a funding vehicle for variable life insurance, variable annuity, and group annuity products. Transamerica Morgan Stanley Global Allocation VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers two classes of shares, Initial Class and Service Class.

Transamerica Cayman Morgan Stanley Global Allocation, Ltd. is a wholly-owned subsidiary which acts as an investment vehicle for the Portfolio. Please reference the Basis for Consolidation section of the Notes to Financial Statements for more information. The only shareholders of the Portfolio are affiliated insurance company separate accounts and affiliated asset allocation portfolios. Contract holders of the variable life and annuity contracts are not shareholders of the Portfolio. For ease of reference, shareholders and contract holders are collectively referred to in this report as "shareholders."

This report must be accompanied or preceded by the Portfolio's current prospectus, which contains additional information about the Portfolio, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Portfolio pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Portfolio. TAM supervises the Portfolio's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Portfolio.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of a Portfolio without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Portfolio and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Portfolio employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending portfolio combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Portfolio's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Portfolio; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for a Portfolio; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Portfolio's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; oversight of other service providers to the Portfolio, such as the custodian, the transfer agent, the Portfolio's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Portfolio; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Portfolio, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office

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**Page 40** 

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##### [**Table of Contents**](#toc)
**Transamerica Morgan Stanley Global Allocation VP** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**1. ORGANIZATION (continued)** 

space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Portfolio. The Portfolio pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the year ended December 31, 2022, (i) the expenses paid to State Street for sub-administration services by the Portfolio are shown as a part of Other expenses within the Consolidated Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Portfolio are shown as part of Other accrued expenses within the Consolidated Statement of Assets and Liabilities.

**2. BASIS FOR CONSOLIDATION** 

Transamerica Cayman Morgan Stanley Global Allocation, Ltd. (the "Subsidiary") is organized under the laws of the Cayman Islands and is a wholly-owned subsidiary which acts as an investment vehicle for the Portfolio. The principal purpose of investment in the Subsidiary is to allow the Portfolio noted above to gain exposure to the commodity markets within the limitations of the federal tax law requirements applicable to regulated investment companies.

At December 31, 2022, the net assets of the Subsidiary as a percentage of the Portfolio's net assets is as follows:

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| | |
|:---|:---|
| **Subsidiary**<br> **Net Assets** | **Percentage of**<br> **Net Assets** |
| $154784972 | 14.60% |

---

**3. SIGNIFICANT ACCOUNTING POLICIES** 

In preparing the Portfolio's consolidated financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Portfolio.

**Foreign currency denominated investments:** The accounting records of the Portfolio are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the closing exchange rate each day. The cost of foreign securities purchased and any realized gains or losses are translated at the prevailing exchange rates in effect on the date of the respective transaction. The Portfolio combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

Net foreign currency gains and losses resulting from changes in exchange rates include, foreign currency fluctuations between trade date and settlement date of investment security transactions, gains and losses on forward foreign currency contracts, and the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.

Foreign currency denominated assets may involve risks not typically associated with domestic transactions. These risks include revaluation of currencies, adverse fluctuations in foreign currency values, and possible adverse political, social, and economic developments, including those particular to a specific industry, country or region.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Portfolio is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Foreign taxes:** The Portfolio may be subject to taxes imposed by the countries in which it invests, with respect to its investments in issuers existing or operating in such countries. The Portfolio may also be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Portfolio accrues such taxes and recoveries as applicable when the

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**Page 41** 

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**Transamerica Morgan Stanley Global Allocation VP** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**3. SIGNIFICANT ACCOUNTING POLICIES (continued)** 

related income or capital gains are earned or unrealized, and based upon the current interpretation of tax rules and regulations that exist in the markets in which the Portfolio invests. Some countries require governmental approval for the repatriation of investment income, capital, or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions of foreign capital remittances abroad.

**Cash overdraft:** The Portfolio may have cash overdraft balances. A fee is incurred on these overdrafts, calculated by multiplying the overdraft by a rate based on the Federal Funds Rate.

Payables, if any, are reflected as Due to custodian within the Consolidated Statement of Assets and Liabilities. Expenses, if any, from U.S. cash overdrafts are reflected in Custody fees within the Consolidated Statement of Operations. Expenses, if any, from foreign cash overdrafts are reflected in Other expenses within the Consolidated Statement of Operations.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Portfolio with broker/dealers with which TST has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Portfolio. In no event will commissions, paid by the Portfolio, be used to pay expenses that would otherwise be borne by any other portfolios within TST, or by any other party.

There were no commissions recaptured during the year ended December 31, 2022 by the Portfolio.

**Indemnification:** In the normal course of business, the Portfolio enters into contracts that contain a variety of representations that provide general indemnifications. The Portfolio's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio and/or its affiliates that have not yet occurred. However, based on experience, the Portfolio expects the risk of loss to be remote.

**4. INVESTMENT VALUATION** 

Effective September 8, 2022, TAM has been designated as the Portfolio's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Portfolio's Board of Trustees. The net asset value of the Portfolio is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

TAM utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels ("Levels") of inputs of the fair value hierarchy are defined as follows:

Level 1—Unadjusted quoted prices in active markets for identical securities.

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Portfolio's investments and derivative instruments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Portfolio's investments at December 31, 2022, is disclosed within the Investment Valuation section of the Consolidated Schedule of Investments.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the

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**Page 42** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**4. INVESTMENT VALUATION (continued)** 

determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

**Fair value measurements:** Descriptions of the valuation techniques applied to the Portfolio's significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

*Equity securities:* Securities are stated at the last reported sales price or closing price on the day of valuation taken from the primary exchange where the security is principally traded. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Equities traded on inactive markets or valued by reference to similar instruments are generally categorized in Level 2 or Level 3 if inputs are unobservable.

*Foreign equity securities: S*ecurities in which the primary trading market closes at the same time or after the NYSE, are valued based on quotations from the primary market in which they are traded and are categorized in Level 1. Because many foreign securities markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect the events that occur after that close. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, or ETFs and the movement of certain indices of securities based on a statistical analysis of their historical relationship; such valuations generally are categorized in Level 2.

*Asset-backed securities:* The fair value of asset-backed securities is estimated based on models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield, and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized in Level 3.

*Convertible bonds:* The fair value of convertible bonds is estimated using various techniques, which consider recently executed transactions in securities of the issuer or comparable issuers, broker price quotations (where observable), and models incorporating benchmark curves, underlying stock data, and foreign exchange rates. While most convertible bonds are categorized in Level 2 of the fair value hierarchy, in instances where lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they are categorized in Level 3.

*Corporate debt securities:* The fair value of corporate debt securities is estimated using various techniques, which consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, fundamental data relating to the issuer, and credit default swap spreads adjusted for any basis difference between cash and derivative instruments. While most corporate debt securities are categorized in Level 2 of the fair value hierarchy, in instances where lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they are categorized in Level 3.

*Foreign government obligations:* Foreign government obligations are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued by principally using dealer quotations. Foreign government obligations generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

*Mortgage-backed securities:* The fair value of mortgage-backed securities is estimated based on models that consider issuer type, coupon, cash flows, mortgage prepayment projection tables and adjustable rate mortgage evaluations that incorporate index data, periodic life caps and the next coupon reset date. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise they are categorized in Level 3.

*Municipal government obligations:* The fair value of municipal government obligations and variable rate notes is estimated based on models that consider, among other factors, information received from market makers and broker-dealers, current trades, bid-want lists, offerings, market movements, the liquidity of the bond, state of issuance, benchmark yield curves, and bond or note insurance. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise they are categorized in Level 3.

*U.S. government agency obligations:* U.S. government agency obligations are comprised of two main categories consisting of agency issued debt and mortgage pass-throughs. Generally, agency issued debt securities are valued in a manner similar to U.S. government obligations. Mortgage pass-throughs include to be announced ("TBA") securities and mortgage pass-through certificates. Generally, TBA securities and mortgage pass-throughs are valued using dealer quotations. Depending on market activity levels and whether quotations or other observable data are used, these securities are typically categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized in Level 3.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**4. INVESTMENT VALUATION (continued)** 

*U.S. government obligations:* U.S. government obligations are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued by principally using dealer quotations. U.S. government obligations generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

*Short-term notes:* The Portfolio normally values short-term government and U.S. government agency securities using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers and reference data. Certain securities are valued by principally using dealer quotations. Short-term government and U.S. government agency securities generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

*Securities lending collateral:* Securities lending collateral is invested in a money market fund which is valued at the actively traded NAV and no valuation adjustments are applied. Securities lending collateral is categorized in Level 1 of the fair value hierarchy.

*Repurchase agreements:* Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

*Restricted securities:* Restricted securities for which quotations are not readily available are valued at fair value. Restricted securities issued by publicly traded companies are generally valued at a discount to similar publicly traded securities. Restricted securities issued by nonpublic entities may be valued by reference to comparable public entities and/or fundamental data relating to the issuer. Depending on the relative significance of observable valuation inputs, these instruments may be classified in either Level 2 or Level 3 of the fair value hierarchy.

*Derivative instruments:* Centrally cleared or listed derivatives that are actively traded are valued based on quoted prices from the exchange and are categorized in Level 1 of the fair value hierarchy. Over-the-counter ("OTC") derivative contracts include forward, swap, swaption, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices. Depending on the product and the terms of the transaction, the fair value of the OTC derivative products are modeled taking into account the counterparties' creditworthiness and using a series of techniques, including simulation models. Many pricing models do not entail material subjectivity because the methodologies employed do not necessitate significant judgments and the pricing inputs are observed from actively quoted markets, as is the case of interest rate swap and option contracts. The majority of OTC derivative products valued by the Portfolio using pricing models fall into this category and are categorized within Level 2 of the fair value hierarchy or Level 3 if inputs are unobservable.

**5. SECURITIES AND OTHER INVESTMENTS** 

**Real estate investment trusts ("REITs"):** REITs are pooled investment vehicles which invest primarily in income producing real estate, or real estate related loans or interests. Distributions received by REITs are classified at management's estimate of the dividend income, return of capital and capital gains. Estimates are based on information available at year-end, which includes the previous fiscal year's classification. The actual amounts of dividend income, return of capital, and capital gains are only determined by each REIT after the fiscal year end and may differ from the estimated amounts. Upon notification from the REITs, some of the distributions received may be re-classified and recorded as a return of capital or capital gains. There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

REITs held at December 31, 2022, if any, are identified within the Consolidated Schedule of Investments.

**Restricted securities:** The Portfolio may invest in unregulated restricted securities. Restricted securities are subject to legal or contractual restrictions on resale. Restricted securities generally may be resold in transactions exempt from registration under the Securities Act of 1933.

Restricted securities held at December 31, 2022, if any, are identified within the Consolidated Schedule of Investments.

**Treasury inflation-protected securities ("TIPS"):** The Portfolio may invest in TIPS, which are fixed income securities whose principal value is periodically adjusted according to the rate of inflation/deflation. If the index measuring inflation/deflation rises or falls, the principal value of TIPS will be adjusted upward or downward, and consequently the interest payable on these securities (calculated with respect to a larger or smaller principal amount) will be increased or reduced, respectively. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds and notes. For bonds and notes that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**5. SECURITIES AND OTHER INVESTMENTS (continued)** 

TIPS held at December 31, 2022, if any, are included within the Consolidated Schedule of Investments. The adjustments, if any, to principal due to inflation/deflation are reflected as increases/decreases to Interest income within the Consolidated Statement of Operations, with a corresponding adjustment to Investments, at cost within the Consolidated Statement of Assets and Liabilities.

**When-issued, delayed-delivery, forward, and to be announced ("TBA") commitment transactions:** The Portfolio may purchase or sell securities on a when-issued, delayed-delivery, forward and TBA commitment basis. When-issued and forward commitment transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Portfolio engages in when-issued and forward commitment transactions to obtain an advantageous price and yield at the time of the transaction. The Portfolio engages in when-issued and forward commitment transactions for the purpose of acquiring securities, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Portfolio may be required to pay more at settlement than the security is worth. In addition, the Portfolio is not entitled to any of the interest earned prior to settlement.

Delayed-delivery transactions involve a commitment by the Portfolio to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, the Portfolio will segregate with its custodian either cash, U.S. government securities, or other liquid assets at least equal to the value or purchase commitments until payment is made. When purchasing a security on a delayed-delivery basis, the Portfolio assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations. These transactions also involve a risk to the Portfolio if the other party to the transaction defaults on its obligation to make payment or delivery, and the Portfolio is delayed or prevented from completing the transaction. The Portfolio may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain or loss. When the Portfolio sells a security on a delayed-delivery basis, the Portfolio does not participate in future gains and losses on the security.

TBA commitments are entered into to purchase or sell securities for a fixed price at a future date, typically not to exceed 45 days. TBAs are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased declines, or the value of the security sold increases, prior to settlement date, in addition to the risk of decline in the value of a Portfolio's other assets. Unsettled TBA commitments are valued at the current value of the underlying securities. TBA collateral requirements are typically calculated by netting the mark-to-market amount for each transaction and comparing that amount to the value of the collateral currently pledged by a Portfolio and the counterparty. Cash collateral that has been pledged to cover the obligations of a Portfolio and cash collateral received from the counterparty, if any, is reported separately in the Consolidated Statement of Assets and Liabilities as Cash collateral pledged at broker for TBA commitments or Cash collateral at broker for TBA commitments, respectively. Non-cash collateral pledged by a Portfolio, if any, is disclosed within the Consolidated Schedule of Investments. Typically, a Portfolio is permitted to sell, re-pledge or use the collateral it receives; however, the counterparty is not permitted. To the extent amounts due to a Portfolio are not fully collateralized, contractually or otherwise, a Portfolio bears the risk of loss from counterparty non-performance.

When-issued, delayed-delivery, forward and TBA commitment transactions held at December 31, 2022, if any, are identified within the Consolidated Schedule of Investments. Open trades, if any, are reflected as When-issued, delayed-delivery, forward and TBA commitments purchased or sold within the Consolidated Statement of Assets and Liabilities.

**6. BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

The Portfolio may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Portfolio invests borrowing proceeds in other securities, the Portfolio will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Portfolio may borrow on a secured or on an unsecured basis. If the Portfolio enters into a secured borrowing arrangement, a portion of the Portfolio's assets will be used as collateral. The 1940 Act requires the Portfolio to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Portfolio's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Portfolio may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the year ended December 31, 2022, the Portfolio has not utilized the program.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)** 

**Repurchase agreements:** In a repurchase agreement, the Portfolio purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Portfolio's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Portfolio will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Portfolio and its counterparties that provide for the net settlement of all transactions and collateral with the Portfolio, through a single payment, in the event of default or termination. Amounts presented within the Consolidated Schedule of Investments, and as part of Repurchase agreements, at value within the Consolidated Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Consolidated Schedule of Investments, exceeds the value of each repurchase agreement at December 31, 2022.

Repurchase agreements at December 31, 2022, if any, are included within the Consolidated Schedule of Investments and Consolidated Statement of Assets and Liabilities.

**Securities lending:** The Portfolio may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Portfolio pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Portfolio to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Portfolio may experience delays in recovery of the loaned securities or delays in access to collateral, or the Portfolio may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government and irrevocable letters of credit issued by banks as collateral. The initial collateral received by the Portfolio is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower.

The Portfolio receives compensation for lending securities from interest or dividends earned on the cash, U.S. Government securities and irrevocable letters of credit held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Consolidated Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust—Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at December 31, 2022, if any, are shown on a gross basis within the Consolidated Schedule of Investments.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of December 31, 2022.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
| | **Overnight and<br>Continuous** | **Less Than<br>30 Days** | **Between<br>30 & 90 Days** | **Greater Than<br>90 Days** | **Total** |
|  Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $17000379 | $— | $— | $— | $17000379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Debt Securities | 3437005 |  |  |  | 3437005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Obligations | 2865650 |  |  |  | 2865650 |
|  Total Securities Lending Transactions | $23303034 | $— | $— | $— | $23303034 |
|  **Total Borrowings** | $**23303034** | $**—** | $**—** | $**—** | $**23303034** |

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**7. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS** 

The Portfolio's investment strategies allow the Portfolio to use various types of derivative contracts, including option contracts, swap agreements, futures contracts, and forward foreign currency contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or OTC.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**7. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)** 

**Market Risk Factors:** In pursuit of the Portfolio's investment strategies, the Portfolio may seek to use derivatives to increase or decrease its exposure to certain market risks, including:

*Interest rate risk:* Interest rate risk relates to the fluctuations in the value of fixed income securities due to changes in the prevailing levels of market interest rates.

*Foreign exchange rate risk:* Foreign exchange rate risk relates to fluctuations in the value of an asset or liability due to changes in the currency exchange rates.

*Equity risk:* Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

*Credit risk:* Credit risk relates to the ability of the issuer of a financial instrument to make further principal or interest payments on an obligation or commitment that it has to the Portfolio.

*Commodity risk:* Commodity risk relates to the change in value of commodities or commodity indices as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

The Portfolio is also exposed to additional risks from investing in derivatives, such as liquidity and counterparty credit risk. Liquidity risk is the risk that the Portfolio will be unable to sell or close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligations to the Portfolio. Investing in derivatives may also involve greater risks than investing directly in the underlying assets, such as losses in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

The Portfolio's exposure to market risk factors and certain other associated risks are summarized by derivative type as follows:

**Swap agreements:** Swap agreements are bilaterally negotiated agreements between the Portfolio and a counterparty to exchange or swap investments, cash flows, assets, foreign currencies, or market-linked returns at specified, future intervals. Swap agreements can be executed in a bilateral privately negotiated arrangement with a dealer in an OTC transaction or executed on a regular market. Certain swaps regardless of the venue of execution are required to be cleared through a clearinghouse ("centrally cleared swap agreements"). Centrally cleared swap agreements listed or traded on a multilateral platform, are valued at the daily settlement price determined by the corresponding exchange. For centrally cleared credit default swap agreements the clearing exchange requires all members to provide applicable levels across complete term levels. Centrally cleared interest rate swap agreements are valued using a pricing model that references the underlying rates including but not limited to the overnight index swap rate and London Interbank Offered Rate ("LIBOR") forward rate to calculate the daily settlement price. The Portfolio may enter into credit default, cross-currency, interest rate, total return, including contracts for difference ("CFD"), and other forms of swap agreements to manage exposure to credit, currency, interest rate, and commodity risks. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Centrally cleared swap agreements are marked-to-market daily based upon values from third party vendors, which may include a registered exchange, or quotations from market makers to the extent available and the change in value, if any, is recorded as Variation margin receivable (payable) on centrally cleared swap agreements within the Consolidated Statement of Assets and Liabilities.

For OTC swap agreements, payments received or made at the beginning of the measurement period are reflected in OTC swap agreements, at value within the Consolidated Statement of Assets and Liabilities and represent payments made or received upon entering into the swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). Additionally, these upfront payments, as well as any periodic payments received or paid by the Portfolio, including any liquidation payment received or made at the termination of the swap are recorded as part of Net realized gain (loss) on swap agreements within the Consolidated Statement of Operations.

*Credit default swap agreements:* The Portfolio is subject to credit risk in the normal course of pursuing its investment objective. The Portfolio enters into credit default swap agreements to manage its exposure to the market or certain sectors of the market to reduce its risk exposure to defaults of corporate and sovereign issuers, or to create exposure to corporate or sovereign issuers to which it is not otherwise exposed. Credit default swap agreements involve the exchange of a fixed rate premium for protection against the loss in value of an underlying security in the event of a defined credit event, such as payment default or bankruptcy (buy protection).

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**7. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)** 

Under a credit default swap agreement, one party acts as a guarantor by receiving the fixed periodic payment in exchange for the commitment to purchase the underlying security at par if the defined credit event occurs (sell protection). The Portfolio's maximum risk of loss from counterparty risk, either as the protection seller or as the protection buyer, is the notional amount of the contract. This risk is mitigated by having a master netting arrangement between the Portfolio and the counterparty, and by the posting of collateral.

The Portfolio sells credit default swap agreements, which exposes it to risk of loss from credit risk related events specified in the contracts. Although contract-specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium. If a defined credit event had occurred during the period, the swap agreements' credit-risk-related contingent features would have been triggered, and the Portfolio would have been required to pay the notional amounts for the credit default swap agreements with a sell protection less the value of the contracts' related reference obligations.

*Interest rate swap agreements:* The Portfolio is subject to interest rate risk exposure in the normal course of pursuing its investment objective. Because the Portfolio holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk, the Portfolio enters into interest rate swap agreements. Under an interest rate swap agreement, two parties will exchange cash flows based on a notional principal amount. A Portfolio with interest rate agreements can elect to pay a fixed rate and receive a floating rate, or receive a fixed rate and pay a floating rate, on a notional principal amount. The risks of interest rate swap agreements include changes in market conditions which will affect the value of the contract or the cash flows, and the possible inability of the counterparty to fulfill its obligations under the agreement. The Portfolio's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from/paid to the counterparties over the contracts' remaining lives, to the extent that amount is positive. This risk is mitigated by having a master netting arrangement between the Portfolio and the counterparty, and by the posting of collateral.

*Total return swap agreements:* The Portfolio is subject to commodity risk, equity risk, and other risks related to the underlying investments of the swap agreement, including CFDs, in the normal course of pursuing its investment objective. The value of the commodity-linked investments held by a Portfolio can be affected by a variety of factors, including, but not limited to, overall market movements and other factors affecting the value of particular industries or commodities, such as weather, disease, embargoes, acts of war or terrorism, or political and regulatory developments. Commodity-linked derivatives are available from a relatively small number of issuers, subjecting the Portfolio's investments in commodity-linked derivatives to counterparty risk, which is the risk that the issuer of the commodity-linked derivative will not fulfill its contractual obligations. Total return swap agreements on commodities involve commitments whereby cash flows are exchanged based on the price of a commodity in exchange for either a fixed or floating price or rate. One party would receive payments based on the market value of the commodity involved and pay a fixed amount. Total return swap agreements on indices involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific reference entity, which may be an equity, index, or bond, and in return receives a regular stream of payments.

*Equity basket total return swap agreements:* The Portfolio may enter into equity basket total return swap agreements to obtain exposure to a portfolio of long and/or short securities. Under the terms of the agreements, the swaps are designed to function as a portfolio of direct investments in long and/or short equity or fixed income positions. An equity basket total return swap is an agreement between two parties to exchange, for a specified period and based on the notional amount, the total return on an underlying basket of equity securities for typically fixed or floating interest payments. Equity basket total return swap agreements typically reset on a monthly basis and are privately negotiated in the OTC market. The swaps are entered into as bilateral swap agreements and are traded between counterparties, and as such, subject to counterparty risk.

Open centrally cleared swap agreements and open OTC swap agreements at December 31, 2022, if any, are listed within the Consolidated Schedule of Investments.

**Futures contracts:** The Portfolio is subject to equity and commodity risk, interest rate risk, and foreign exchange rate risk in the normal course of pursuing its investment objective. The Portfolio uses futures contracts to gain exposure to, or hedge against, changes in the value of equities and commodities, interest rates, or foreign currencies. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date. Upon entering into such contracts, the Portfolio is required to deposit with the broker, either in cash or in securities, an initial margin in an amount equal to a certain percentage of the contract amount. Subsequent payments (variation margin) are paid or received by the Portfolio, depending on the daily fluctuations in the value of the contract, and are recorded for financial statement purposes as unrealized gains or losses by the Portfolio. Upon entering into such contracts, the Portfolio bears the risk of equity and commodity prices, interest rates, or exchange rates moving unexpectedly, in which case, the Portfolio may not achieve the anticipated benefits of the futures contracts and may realize losses. With futures, there is minimal counterparty credit risk to the Portfolio since futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**7. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)** 

Open futures contracts at December 31, 2022, if any, are listed within the Consolidated Schedule of Investments. Variation margin, if applicable, is shown in Variation margin receivable or payable on futures contracts within the Consolidated Statement of Assets and Liabilities.

**Forward foreign currency contracts:** The Portfolio is subject to foreign exchange rate risk exposure in the normal course of pursuing its investment objective. The Portfolio may enter into forward foreign currency contracts to hedge against exchange rate risk arising from investments in securities denominated in foreign currencies. Forward foreign currency contracts are marked-to-market daily, with the change in value recorded as an unrealized gain or loss and is shown in Unrealized appreciation (depreciation) on forward foreign currency contracts within the Consolidated Statement of Assets and Liabilities. When the contracts are settled, a realized gain or loss is incurred and is shown in Net realized gain (loss) on forward foreign currency contracts within the Consolidated Statement of Operations. Risks may arise from changes in market value of the underlying currencies and from the possible inability of counterparties to meet the terms of their contracts. Forward foreign currency contracts are traded in the OTC inter-bank currency dealer market.

Open forward foreign currency contracts at December 31, 2022, if any, are listed within the Consolidated Schedule of Investments.

The following is a summary of the location and the Portfolio's fair values of derivative investments disclosed, if any, within the Consolidated Statement of Assets and Liabilities, categorized by primary market risk exposure as of December 31, 2022.

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|:---|:---|:---|:---|:---|:---|:---|
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| **Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  Centrally cleared swaps: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) <sup>(A) (B)</sup> | $278319 | $— | $— | $— | $— | $278319 |
|  OTC swaps: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; OTC swap agreements, at value |  |  | 8264701 |  |  | 8264701 |
|  Futures contracts: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) <sup>(A) (C)</sup> | 3117396 |  | 2406206 |  | 54950 | 5578552 |
|  Forward foreign currency contracts: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts |  | 4569127 |  |  |  | 4569127 |
|  **Total** | $**3395715** | $**4569127** | $**10670907** | $**—** | $**54950** | $**18690699** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  Centrally cleared swaps: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) <sup>(A) (B)</sup> | $(2336771) | $— | $— | $— | $— | $(2336771) |
|  OTC swaps: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; OTC swap agreements, at value |  |  | (4052762) |  |  | (4052762) |
|  Futures contracts: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) <sup>(A) (C)</sup> | (1280528) |  | (1265965) |  |  | (2546493) |
|  Forward foreign currency contracts: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts |  | (2229364) |  |  |  | (2229364) |
|  **Total** | $**(3617299)** | $**(2229364)** | $**(5318727)** | $**—** | $**—** | $**(11165390)** |

---

<sup>(A)</sup> *May include exchange-traded derivatives which are not subject to a master netting arrangement, or another similar arrangement.* 

---

| | |
|:---|:---|
| <sup>(B)</sup> | *Included within Value of centrally cleared swap agreements as reported in the Consolidated Schedule of Investments. Only current day's variation margin is reported within the Consolidated Statement of Assets and Liabilities.*  |

---

---

| | |
|:---|:---|
| <sup>(C)</sup> | *Included within unrealized appreciation (depreciation) on futures contracts as reported in the Consolidated Schedule of Investments. Only current day's variation margin is reported within the Consolidated Statement of Assets and Liabilities.*  |

---

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**Page 49** 

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##### [**Table of Contents**](#toc)
**Transamerica Morgan Stanley Global Allocation VP** 

------

**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**7. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)** 

The following is a summary of the location and the effect of derivative investments, if any, within the Consolidated Statement of Operations, categorized by primary market risk exposure as of December 31, 2022.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** |
| **Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  Swap agreements | $(9707412) | $— | $&nbsp;&nbsp;&nbsp;&nbsp;(100325525) | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;(110032937) |
|  Futures contracts | 29567237 |  | 21993199 |  | (972035) | 50588401 |
|  Forward foreign currency contracts |  | 9206096 |  |  |  | 9206096 |
|  **Total** | $**19859825** | $**9206096** | $**(78332326)** | $**—** | $**(972035)** | $**(50238440)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** |
| **Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  Swap agreements | $(3240204) | $— | $(4821526) | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;(8061730) |
|  Futures contracts | 2155690 |  | 2607428 |  | 104735 | 4867853 |
|  Forward foreign currency contracts |  | 3084217 |  |  |  | 3084217 |
|  **Total** | $**(1084514)** | $**3084217** | $**(2214098)** | $**—** | $**104735** | $**(109660)** |

---

The following is a summary of the ending monthly average volume on derivative activity during the year ended December 31, 2022.

---

| | |
|:---|:---|
|  **Interest rate swaps:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value – pays fixed rate | $9163338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value – receives fixed rate | 197929030 |
|  **Total return swaps:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value – long | 630494252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value – short | 127779980 |
|  **Futures contracts:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts – long | 53476865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts – short | &nbsp;&nbsp;&nbsp;&nbsp;(328428514) |
|  **Forward foreign currency exchange contracts:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average contract amounts purchased – in USD | 207350408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average contract amounts sold – in USD | 309976178 |

---

The Portfolio typically enters into International Swaps and Derivatives Association, Inc. Master Agreements ("ISDA Master Agreements") or similar master agreements (collectively, "Master Agreements") with its contract counterparties for certain OTC derivatives in order to, among other things, reduce credit risk to counterparties.

ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Portfolio typically may offset with the counterparty certain OTC derivative financial instruments payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default, termination and/or potential deterioration in the credit quality of the counterparty.

Various Master Agreements govern the terms of certain transactions with counterparties and typically attempt to reduce the counterparty risk associated with such transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Cross-termination provisions under Master Agreements typically provide that a default in connection with one transaction between the Portfolio and a counterparty gives the non-defaulting party the right to terminate any other transactions in place with the defaulting party to create one single net payment due to/due from the defaulting party and may be a feature in certain Master Agreements. In the event the Portfolio exercises its right to terminate a Master Agreement after a counterparty experiences a termination event as defined in the Master Agreement, the return of collateral with market value in excess of the Portfolio's net liability may be delayed or denied.

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**Page 50** 

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##### [**Table of Contents**](#toc)
**Transamerica Morgan Stanley Global Allocation VP** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**7. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)** 

*Collateral requirements:* Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (futures contracts, exchange-traded options, and exchange-traded swap agreements) while collateral terms are contract specific for OTC derivatives (forward foreign currency exchange contracts, OTC options, and OTC swap agreements). For OTC derivatives, under standard derivatives agreements, the Portfolio may be required to pledge collateral on derivatives to a counterparty if the Portfolio is in a net liability position, and receive collateral if in a net positive position. For financial reporting purposes, cash collateral that has been pledged by the Portfolio to cover obligations, if any, is reported in Cash collateral at broker within the Consolidated Statement of Assets and Liabilities. Cash collateral that has been received by the Portfolio from a counterparty, if any, is reported separately in Cash collateral pledged at custodian and/or broker within the Consolidated Statement of Assets and Liabilities. Non-cash collateral pledged to the Portfolio, if any, is disclosed within the Consolidated Schedule of Investments.

Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold before a transfer has been made. Typically a counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The Portfolio generally does not use non-cash collateral that it receives but may, absent default or certain other circumstances, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty.

To the extent amounts due to the Portfolio from its counterparties are not fully collateralized, contractually or otherwise, the Portfolio bears the risk of loss from counterparty non-performance. Additionally, to the extent the Portfolio has delivered collateral to a counterparty, the Portfolio bears the risk of loss from a counterparty in the event the counterparty fails to return such collateral. Counterparties may immediately terminate derivatives contracts if the Portfolio fails to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages. Collateral may not be required for all derivative contracts.

The following is a summary of the Portfolio OTC derivative assets and liabilities by counterparty net of amounts available for offset under a master netting agreement and net of the related collateral received/pledged by the Portfolio as of December 31, 2022. For financial reporting purposes, the Portfolio does not offset assets and liabilities that are subject to a master netting agreement or similar arrangement on the Consolidated Statement of Assets and Liabilities. See the Repurchase agreement section within the notes for offsetting and collateral information pertaining to repurchase agreements that are subject to master netting agreements.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Gross Amounts of<br>Assets<br>Presented within<br>Consolidated<br>Statement of<br>Assets and<br>Liabilities <sup>(A)</sup>** | **Gross Amounts Not Offset<br>within Consolidated Statement<br>of Assets and Liabilities** | **Gross Amounts Not Offset<br>within Consolidated Statement<br>of Assets and Liabilities** | **Net Receivable** | **Gross Amounts of<br>Liabilities<br>Presented within<br>Consolidated<br>Statement of<br>Assets and<br>Liabilities <sup>(A)</sup>** | **Gross Amounts Not Offset<br>within Consolidated Statement<br>of Assets and Liabilities** | **Gross Amounts Not Offset<br>within Consolidated Statement<br>of Assets and Liabilities** | **Net Payable** |
| <br>**Counterparty** | **Gross Amounts of<br>Assets<br>Presented within<br>Consolidated<br>Statement of<br>Assets and<br>Liabilities <sup>(A)</sup>** | **Financial<br>Instruments** | **Collateral<br>Received <sup>(B)</sup>** | **Net Receivable** | **Gross Amounts of<br>Liabilities<br>Presented within<br>Consolidated<br>Statement of<br>Assets and<br>Liabilities <sup>(A)</sup>** | **Financial<br>Instruments** | **Collateral<br>Pledged <sup>(B)</sup>** | **Net Payable** |
|  | **Assets** | **Assets** | **Assets** | **Assets** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
|  Barclays Bank PLC | $74170 | $(74170) | $— | $— | $529128 | $(74170) | $(10000) | $444958 |
|  BNP Paribas | 3135505 | (447577) | (2687928) |  | 447577 | (447577) |  |  |
|  Goldman Sachs International | 992215 | (992215) |  |  | 2886385 | (992215) | (210000) | 1684170 |
|  JPMorgan Chase Bank, N.A. | 7367367 | (1582957) | (3270000) | 2514410 | 1582957 | (1582957) |  |  |
|  UBS AG | 743614 | (743614) |  |  | 814990 | (743614) | (71376) |  |
|  Other Derivatives <sup>(C)</sup> | 6377828 |  |  | 6377828 | 4904353 |  |  | 4904353 |
|  **Total** | $**18690699** | $**(3840533)** | $**(5957928)** | $**8892238** | $**11165390** | $**(3840533)** | $**(291376)** | $**7033481** |

---

(A) *Absent an event of default or early termination, OTC derivative assets and liabilities are presented gross and not offset within the Consolidated Statement of Assets and Liabilities.* 

(B) *In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.* 

(C) *Other Derivatives, which includes future contracts, exchange-traded options, exchange-traded swap agreements and occasionally forward positions, that are not subject to a master netting arrangement or another similar arrangement. The amount presented is intended to permit reconciliation to the amount presented within the Consolidated Schedule of Investments.* 

**8. RISK FACTORS** 

Investing in the Portfolio involves certain key risks related to the Portfolio's trading activity. Please reference the Portfolio's prospectus for a more complete discussion of the following risk(s), as well as other risks of investing in the Portfolio.

**Market risk:** The market prices of the Portfolio's securities and other assets may go up or down, sometimes sharply and unpredictably, due to general market conditions, overall economic trends or events, inflation, changes in interest rates, government actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by wars, tariffs, trade disputes or other factors, political developments, investor sentiment, the global and domestic effects of a pandemic or other health

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**Page 51** 

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##### [**Table of Contents**](#toc)
**Transamerica Morgan Stanley Global Allocation VP** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**8. RISK FACTORS (continued)** 

emergency, and other factors that may or may not be related to the issuer of the security or other asset. The market prices of securities and other assets also may go down due to events or conditions that affect particular sectors, industries, issuers, or geographies. Adverse market conditions may be prolonged and may not have the same impact on all types of securities or other assets. If the value of the Portfolio's securities and assets fall, the value of your investment will go down. The Portfolio may experience a substantial or complete loss on any individual security or asset.

Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, the imposition of economic sanctions, public health events (such as the spread of infectious disease), wars, terrorism, cybersecurity events, technology and data interruptions, natural disasters, and other circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. In the past decade, financial markets throughout the world have experienced increased volatility and decreased liquidity. These conditions may continue or worsen. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down. Securities markets may also be susceptible to market manipulation or other fraudulent trade practices, which could disrupt the orderly functioning of these markets or adversely affect the value of securities traded in these markets, including the Portfolio's securities.

The pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in economic downturns throughout the world, severe losses, particularly to some sectors of the economy and individual issuers, and reduced liquidity of many instruments. There also have been significant disruptions to business operations, including business closures; strained healthcare systems; disruptions to supply chains and employee availability; large fluctuations in consumer demand; and widespread uncertainty regarding the duration and long-term effects of the pandemic. Economic downturns may be prolonged, and political and social instability, continued volatility and decreased liquidity in the securities markets may result. Developing or emerging market countries may be more impacted by the pandemic.

The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic. These and other government intervention into the economy and financial markets may not work as intended. In addition, government actions to mitigate the economic impact of the pandemic have resulted in large expansion of government deficits and debt, the long-term consequences of which are not known. Rates of inflation have recently risen, which could adversely affect economies and markets. The pandemic could continue to adversely affect the value and liquidity of the Portfolio's investments.

*Europe:* A number of countries in Europe have experienced severe economic and financial difficulties; and financial markets in Europe and elsewhere have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen or spread within or outside Europe. Responses to the financial problems by European governments, central banks and others may not work, may result in conflicts and social unrest and may limit future growth and economic recovery or have other unintended consequences. In January, 2020, through "Brexit," the United Kingdom withdrew from the European Union. The ramifications of Brexit are unknown, and the implications of possible political, regulatory, economic, and market outcomes could be significant. The United Kingdom has one of the largest economies in Europe and is a major trading partner with European Union countries and the United States. Brexit may create additional and substantial economic stresses for the United Kingdom, including a contraction of the United Kingdom's economy, decreased trade, capital outflows, devaluation of the British pound, and a decrease in business and consumer spending and investment. The negative impact on not only the United Kingdom and European Union economies but also the broader global economy could be significant. A number of countries in Europe have suffered terror attacks, and additional attacks may occur in the future. Europe has also been struggling with mass migration from the Middle East, Eastern Europe and Africa. The ultimate effects of these events and other socio-political or geopolitical issues could profoundly affect global economies and markets. Whether or not the Portfolio invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

*Additional Market Disruption:* Russia's invasion of Ukraine in February, 2022, the resulting responses by the United States and other countries, and the potential for wider conflict, have increased and may continue to increase volatility and uncertainty in financial markets worldwide. The United States and other countries have imposed broad-ranging economic sanctions on Russia and Russian entities and individuals, and may impose additional sanctions, including on other countries that provide military or economic support to Russia. These sanctions, among other things, restrict companies from doing business with Russia and Russian issuers, and may adversely affect companies with economic or financial exposure to Russia and Russian issuers. The extent and duration of Russia's military actions and the repercussions of such actions are not known. The invasion may widen beyond Ukraine and may escalate, including through retaliatory actions and cyberattacks by Russia and even other countries. These events may result in further and significant market disruptions and may adversely affect regional and global economies including those of Europe and the United States. Certain

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**Page 52** 

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##### [**Table of Contents**](#toc)
**Transamerica Morgan Stanley Global Allocation VP** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**8. RISK FACTORS (continued)** 

industries and markets, such as those involving oil, natural gas and other commodities, as well as global supply chains, may be particularly adversely affected. Whether or not the Portfolio invests in securities of issuers located in Russia, Ukraine and adjacent countries or with significant exposure to issuers in these countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

**Asset class allocation risk:** The Portfolio's investment performance is significantly impacted by the Portfolio's asset class allocation and reallocation from time to time. The sub-adviser's decisions whether and when to tactically overweight or underweight asset classes, create and apply formulas for de-risking or ending de-risking and select a mix of underlying portfolios may not produce the desired results. These actions may be unsuccessful in maximizing return and/or avoiding investment losses. The value of your investment may decrease if the sub-adviser's judgment about the attractiveness, value or market trends affecting a particular asset class is incorrect. The Portfolio's balance between equity and debt securities limits its potential for capital appreciation relative to an all-stock fund and contributes to greater volatility relative to an all-bond fund.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The value of equity securities fluctuates based on real or perceived changes in a company's financial condition, factors affecting a particular industry or industries, and overall market, economic and political conditions. If the market prices of the equity securities owned by the Portfolio fall, the value of your investment in the Portfolio will decline. The Portfolio may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**LIBOR risk:** Many financial instruments, financings or other transactions to which the Portfolio may be a party use or may use a floating rate based on the London Interbank Offered Rate ("LIBOR"). The UK Financial Conduct Authority and LIBOR's administrator announced that the use of LIBOR will be phased out; most LIBOR rates are no longer published as of the end of 2021 and a majority of U.S. dollar LIBOR rates will no longer be published after June 30, 2023. It is possible that a subset of LIBOR rates may be published after these dates on a "synthetic" basis, but any such publications would be considered non-representative of the underlying market. There remains uncertainty regarding the nature of any replacement rate and the impact of the transition from LIBOR on the Portfolio, issuers of instruments in which the Portfolio invests, and financial markets generally. As such, the potential effect of a transition away from LIBOR on the Portfolio or the Portfolio's investments cannot yet be determined.

**9. FEES AND OTHER AFFILIATED TRANSACTIONS** 

TST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Transamerica Life Insurance Company ("TLIC"), and Transamerica Financial Life Insurance Company.

TAM, the Portfolio's investment manager, is directly owned by TLIC and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon NV. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon NV, a Netherlands corporation, and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Portfolio's transfer agent. Transamerica Capital, Inc. ("TCI") is the Portfolio's distributor/principal underwriter. TAM, TFS, and TCI are affiliates of Aegon NV.

Certain officers and trustees of the Portfolio are also officers and/or trustees of TAM, TFS and TCI. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Portfolio. The Portfolio does pay non-interested persons (independent trustees), as disclosed in Trustee, CCO and deferred compensation fees within the Consolidated Statement of Operations.

**Investment management fees:** TAM serves as the Portfolio's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Portfolio pays a single management fee, which is reflected in Investment management fees within the Consolidated Statement of Operations.

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**Page 53** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**9. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

The Portfolio pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
|  First $500 million | 0.66% |
|  Over $500 million up to $750 million | 0.65 |
|  Over $750 million up to $1 billion | 0.64 |
|  Over $1 billion up to $3 billion | 0.63 |
|  Over $3 billion | 0.59 |

---

The Subsidiary entered into a separate contract with TAM for the management of the Subsidiary pursuant to which the Subsidiary pays TAM a fee that is the same, as a percentage of net assets, as the management fee of the Portfolio. TAM has contractually agreed to waive a portion of the Portfolio's management fee in an amount equal to the management fee paid to TAM by the Subsidiary. This management fee waiver, which is reflected in Expense waiver and/or reimbursement within the Consolidated Statement of Operations, may not be discontinued by TAM as long as its contract with the Subsidiary is in place.

For the year ended December 31, 2022, the amount waived is $1,173,867 for the Subsidiary and is not subject to recapture.

TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses, reorganization expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Consolidated Statement of Operations.

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| | | |
|:---|:---|:---|
| | **Operating<br>Expense Limit** | **Operating<br>Expense Limit**<br> **Effective Through** |
|  Initial Class | 0.81% | May 1, 2023 |
|  Service Class | 1.06 | May 1, 2023 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended December 31, 2022 are disclosed in Recapture of previously waived and/or reimbursed fees within the Consolidated Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Portfolio, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

As of December 31, 2022, there are no amounts available for recapture by TAM.

**Distribution and service fees:** TST has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, TST entered into a distribution agreement with TCI as the Portfolio's distributor.

The Distribution Plan requires the Portfolio to pay distribution fees to TCI as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCI, on behalf of the Portfolio, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Portfolio's shares.

The fee on the Service Class shares is paid to the insurance companies for providing services and account maintenance for the policyholders who invest in the variable insurance products which invest in the Service Class shares. TCI has determined that it will not seek payment for the distribution expenses incurred by the Portfolio with respect to the Initial Class shares before May 1, 2023. Prior to TCI seeking distribution expenses on Initial Class shares, policy and contract owners will be notified in advance. The Portfolio will pay fees relating to Service Class shares. The distribution and service fees are included in Distribution and service fees within the Consolidated Statement of Operations.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**9. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

The Portfolio is authorized under the Distribution Plan to pay fees to TCI based on daily average net assets of each class up to the following annual rates:

---

| | |
|:---|:---|
| **Class** | **Rate** |
|  Initial Class | 0.15% |
|  Service Class | 0.25 |

---

**Transfer agent costs:** TFS provides transfer agency services under an intercompany agreement with TAM. TFS has outsourced the provision of certain sub-transfer agency services to SS&C Technology Holdings, Inc ("SS&C"). The Portfolio does not pay a separate transfer agent fee to TAM or TFS but does pay certain expenses to SS&C related to applicable sub-transfer agency services. For the year ended December 31, 2022, (i) the expenses paid to SS&C by the Portfolio are referred to as Transfer agent costs and are included within the Consolidated Statement of Operations and (ii) the expenses payable to SS&C by the Portfolio are referred to as Transfer agent costs within the Consolidated Statement of Assets and Liabilities.

**Deferred compensation plan:** Effective September 23, 2021, the Board has approved the termination of the deferred compensation plan. Payments will be made to applicable current and former Board members consistent with Section 409A of the Code. Under a non-qualified deferred compensation plan effective January 1, 1996, as amended and restated January 1, 2010, available to the trustees, compensation may be deferred that would otherwise be payable by TST to an independent trustee on a current basis for services rendered as trustee. Deferred compensation amounts will accumulate based on the value of the investment option, as elected by the trustee. Balances pursuant to deferred compensation plan are recorded in Trustees, Chief Compliance Officer ("CCO") and deferred compensation fees within the Consolidated Statement of Assets and Liabilities. For the year ended December 31, 2022, amounts included in Trustees, CCO and deferred compensation fees within the Consolidated Statement of Operations reflect total compensation paid to the independent Board members.

**Brokerage commissions:** The Portfolio incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the year ended December 31, 2022.

**10. PURCHASES AND SALES OF SECURITIES** 

For the year ended December 31, 2022, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $352446076 | $123195095 | $579196324 | $116713968 |

---

**11. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS** 

The Portfolio has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Portfolio recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Portfolio's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Portfolio's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Portfolio's financial statements. If applicable, the Portfolio recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Consolidated Statement of Operations. The Portfolio identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Portfolio makes significant investments; however, the Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales, forward contracts mark to market, futures contracts mark to market, passive foreign investment companies, premium amortization accruals, swap income receivable and payable, current year future straddle loss deferral and subpart F income. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. The primary permanent differences are due to the

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**Transamerica Morgan Stanley Global Allocation VP** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**11. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)** 

reversal of book income from Cayman subsidiary and net operating losses. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. These permanent reclassifications are as follows:

---

| | |
|:---|:---|
| **Paid-in Capital** | **Total Distributable Earnings** |
| $(46549978) | $46549978 |

---

As of December 31, 2022, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross<br>Appreciation** | **Gross<br>(Depreciation)** | **Net Appreciation<br>(Depreciation)** |
| $1208850988 | $36221342 | $(147012728) | $(110791386) |

---

As of December 31, 2022, the Portfolios had no capital loss carryforwards available to offset future realized capital gains. During the year ended December 31, 2022, the Portfolios did not have any capital loss carryforwards utilized or expired.

The tax character of distributions paid may differ from the character of distributions shown within the Consolidated Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2022 and 2021 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** |
| **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of Capital** | **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of Capital** |
| $135977475 | $80712280 | $— | $132609142 | $16930684 | $— |

---

As of December 31, 2022, the tax basis components of distributable earnings are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Capital Loss<br>Carryforwards** | **Late Year<br>Ordinary Loss<br>Deferred** | **Other<br>Temporary<br>Differences** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| $— | $47192789 | $— | $— | $(18916662) | $(111446109) |

---

**12. NEW ACCOUNTING PRONOUNCEMENTS** 

In June 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2022-03 ("ASU 2022-03"), "Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions" ("Topic 820"). ASU 2022-03 clarifies the guidance in Topic 820, related to the measurement of the fair value of an equity security subject to contractual sale restrictions, where it eliminates the need to apply a discount to fair value of these securities, and introduces disclosure requirements related to such equity securities. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. Management is currently evaluating the implications, if any, of the additional requirements and its impact on the Portfolio's financial statements.

In December 2022, FASB issued Accounting Standards Update No. 2022-06 ("ASU 2022-06"), "Reference Rate Reform (Topic 848)". ASU 2022-06 is an update of ASU 2020-04, which is in response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR, regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The ASU 2022-06 update clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The amendments in this update are effective immediately through December 31, 2024, for all entities. Management does not expect ASU 2022-06 to have a material impact on the financial statements.

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**Report of Independent Registered Public Accounting Firm** 

*To the Shareholders and the Board of Trustees of Transamerica Morgan Stanley Global Allocation VP* 

**Opinion on the Financial Statements** 

We have audited the accompanying consolidated statement of assets and liabilities of Transamerica Morgan Stanley Global Allocation VP (the "Portfolio") (one of the portfolios constituting Transamerica Series Trust (the "Trust")), including the consolidated schedule of investments, as of December 31, 2022, and the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, the consolidated financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the consolidated financial position of the Portfolio (one of the portfolios constituting Transamerica Series Trust) at December 31, 2022, the consolidated results of its operations for the year then ended, the consolidated changes in its net assets for each of the two years in the period then ended and its consolidated financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion** 

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g438566ernst_young.jpg)

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

February 27, 2023

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**SUPPLEMENTAL TAX INFORMATION** 

**(unaudited)** 

For tax purposes, the Portfolio has made a long-term capital gain designation of $80,712,280 for the year ended December 31, 2022.

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**Page 58** 

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**Transamerica MSCI EAFE Index VP** 

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**(unaudited)** 

**MARKET ENVIRONMENT** 

Equity markets decelerated in the fiscal year ended December 31, 2022, with the MSCI EAFE Index (the "Index") sliding down in each of the first three quarters of 2022 before rebounding in the fourth quarter. Overall, the Index lost 14.45% for the calendar year. Investor sentiment was weighed down by concerns around the Russia-Ukraine War and the tightening stance adopted by central banks in the wake of rising inflation. Geopolitical tensions pushed energy and commodity prices to extreme levels, which led to the surge in inflation, increased supply chain disruptions, and global growth risks. Close to 25% of Europe's crude oil imports and roughly 40% of its natural gas imports come from Russia. These factors led to developed market equities experiencing the worst first half of the year in over 50 years. After three quarters of negative performance, October and November brought positive returns to global equities. Alas, a flat return in December ended the year on a somewhat anticlimactic note as the high inflationary environment continued globally and there was no end in sight for the Russia-Ukraine war.

**PERFORMANCE** 

For the year ended December 31, 2022, Transamerica MSCI EAFE Index VP, Service Class returned -14.45%. By comparison, its benchmark, the MSCI EAFE Index, returned -14.01%.

**STRATEGY REVIEW** 

The investment objective of Transamerica MSCI EAFE Index VP (the "Portfolio") is to track investment results that, before expenses, correspond generally to the price and yield performance of the Portfolio's benchmark, the MSCI EAFE Index (the "Index"). The Index is composed of large- and mid-capitalization equities from developed market countries, excluding the U.S. and Canada.

After expenses, the Portfolio underperformed its benchmark for the 12-month period ended December 31, 2022. The primary drivers of performance variation from the Index during the year were expenses, slight mismatches in security weightings versus the Index, cash and futures drag, dividend tax withholding differences and transaction costs.

On an individual security level, the top positive contributors to the Fund's performance during the fiscal year were Shell PLC, TotalEnergies SE, and Novo Nordisk A/S, Class B. The top negative contributors to the Portfolio's performance during the fiscal year were ASML Holding NV, and Sony Group Corp.

**Michael Feehily, CFA** 

**Dwayne Hancock, CFA** 

**Keith Richardson** 

**Co-Portfolio Managers** 

**SSGA Funds Management, Inc.** 

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| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  Common Stocks | 98.6% |
|  Preferred Stocks | 0.5 |
|  Net Other Assets (Liabilities)^ | 0.9 |
|  **Total** | 100.0% |

---

*Current and future portfolio holdings are subject to change and risk.* 

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| | |
|:---|:---|
| *^* | *The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral.*  |

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**Page 1** 

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**Transamerica MSCI EAFE Index VP** 

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**(unaudited)**![LOGO](g438566g21m24.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Initial Class | (14.28)% | N/A | 0.66% | 01/12/2018 |
|  Service Class | (14.45)% | 1.23% | 3.04% | 05/01/2017 |
|  MSCI EAFE Index <sup>(A)</sup> | (14.01)% | 2.03% | 4.17% |  |

---

<sup>(A)</sup> *The MSCI EAFE Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada.* 

The Portfolio's benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Year or Since Inception calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or the redemption of Portfolio shares. The Portfolio's investment return and net asset value will fluctuate. Investors' shares when redeemed may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month end. Portfolio performance is net of investment fees and Portfolio expenses, but not product charges, which, if included, would significantly lower the performance quoted.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of previously waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Investing internationally, globally, or in emerging markets exposes investors to additional risks and expenses such as changes in currency rates, foreign taxation, differences in auditing and other financial standards not associated with investing domestically.

A portfolio that concentrates all or large portions of its assets in a single economic sector, geographic region, or that lacks diversity, is inherently subject to greater volatility.

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**Transamerica MSCI EAFE Index VP** 

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**DISCLOSURE OF EXPENSES** 

**(unaudited)** 

**SHAREHOLDER EXPENSES** 

Portfolio shareholders may incur two types of costs: (i) transaction costs, including brokerage commissions on purchases and sales of portfolio shares; and (ii) ongoing costs, including management fees, and other portfolio expenses.

The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other portfolios.

The example is based on an investment of $1,000 invested at July 1, 2022, and held for the entire six-month period until December 31, 2022.

**ACTUAL EXPENSES** 

The information in the table below provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = $8.60), then multiply the result by the number in the appropriate column for your share class titled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES** 

The information in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratios and assumed rates of return of 5% per year before expenses, which are not the Portfolio's actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Portfolio versus other portfolios. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other portfolios.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Portfolio shares. Therefore, the information under the heading "Hypothetical Expenses" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different portfolios. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries, or other financial institutions.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Actual Expenses** | **Actual Expenses** | **Hypothetical Expenses <sup>(A)</sup>** | **Hypothetical Expenses <sup>(A)</sup>** | |
| <br>**Class** |<br>**Beginning<br>Account Value<br>July 1, 2022** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** |<br>**Net Annualized<br>Expense Ratio <sup>(C)</sup>** |
|  Initial Class | $&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;1061.50 | $&nbsp;&nbsp;&nbsp;&nbsp;0.94 | $&nbsp;&nbsp;&nbsp;&nbsp;1024.30 | $&nbsp;&nbsp;&nbsp;&nbsp;0.92 | 0.18% |
|  Service Class | 1000.00 | 1060.80 | 2.23 | 1023.00 | 2.19 | 0.43 |

---

(A) *5% return per year before expenses.*

(B) *Expenses are calculated using the Portfolio's net annualized expense ratio, as disclosed in the table, multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (365 days).*

(C) *Net annualized expense ratios are reflective of applicable fee waivers and/or reimbursements and recapture, if any, and are based on the most recent six-months which may differ from the net expense ratio displayed in the Financial Highlights that covers a twelve-month period.*

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**SCHEDULE OF INVESTMENTS** 

**At December 31, 2022** 

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| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS - 98.6%** | | |
| **Australia - 7.8%** | | |
|  Ampol Ltd. | 1068 | $20564 |
|  ANZ Group Holdings Ltd. | 14005 | 225605 |
|  APA Group | 5460 | 40000 |
|  Aristocrat Leisure Ltd. | 2835 | 58910 |
|  ASX Ltd. | 914 | 42329 |
|  Aurizon Holdings Ltd. | 7787 | 19776 |
|  BHP Group Ltd. | 23489 | 729737 |
|  BlueScope Steel Ltd. | 2342 | 26852 |
|  Brambles Ltd. | 6206 | 51000 |
|  Cochlear Ltd. | 311 | 43221 |
|  Coles Group Ltd. | 6148 | 69988 |
|  Commonwealth Bank of Australia | 7883 | 550669 |
|  Computershare Ltd. | 2529 | 45113 |
|  CSL Ltd. | 2229 | 436709 |
|  Dexus, REIT | 4924 | 25982 |
|  Endeavour Group Ltd. | 6305 | 27559 |
|  Fortescue Metals Group Ltd. | 7987 | 111532 |
|  Goodman Group, REIT | 7772 | 91862 |
|  GPT Group, REIT | 9124 | 26091 |
|  IDP Education Ltd. | 928 | 17173 |
|  IGO Ltd. | 3249 | 29775 |
|  Insurance Australia Group Ltd. | 11762 | 38039 |
|  Lendlease Corp. Ltd. | 3300 | 17615 |
|  Lottery Corp. Ltd. <sup>(A)</sup> | 10563 | 32219 |
|  Macquarie Group Ltd. | 1720 | 195521 |
|  Medibank Pvt Ltd. | 13102 | 26315 |
|  Mineral Resources Ltd. | 766 | 40262 |
|  Mirvac Group, REIT | 17945 | 26024 |
|  National Australia Bank Ltd. | 14722 | 301306 |
|  Newcrest Mining Ltd. | 4183 | 58783 |
|  Northern Star Resources Ltd. | 5554 | 41255 |
|  Orica Ltd. | 2103 | 21563 |
|  Origin Energy Ltd. | 8018 | 42144 |
|  Pilbara Minerals Ltd. <sup>(A)</sup> | 12072 | 30822 |
|  Qantas Airways Ltd. <sup>(A)</sup> | 4255 | 17411 |
|  QBE Insurance Group Ltd. | 6998 | 63988 |
|  Ramsay Health Care Ltd. | 863 | 38016 |
|  REA Group Ltd. | 238 | 17954 |
|  Reece Ltd. | 942 | 9075 |
|  Rio Tinto Ltd. | 1698 | 134580 |
|  Santos Ltd. | 14626 | 71101 |
|  Scentre Group, REIT | 23298 | 45684 |
|  SEEK Ltd. | 1689 | 24092 |
|  Sonic Healthcare Ltd. | 2152 | 43912 |
|  South32 Ltd. | 21924 | 59708 |
|  Stockland, REIT | 10888 | 26910 |
|  Suncorp Group Ltd. | 5891 | 48291 |
|  Telstra Group Ltd. | 18146 | 49295 |
|  Transurban Group | 14430 | 127524 |
|  Treasury Wine Estates Ltd. | 3372 | 31246 |
|  Vicinity Ltd., REIT | 18580 | 25300 |
|  Washington H Soul Pattinson & Co. Ltd. | 957 | 18023 |
|  Wesfarmers Ltd. | 5317 | 166198 |
|  Westpac Banking Corp. | 16394 | 260629 |
|  WiseTech Global Ltd. | 710 | 24533 |
|  Woodside Energy Group Ltd. | 8894 | 214606 |
|  Woolworths Group Ltd. | 5627 | 128573 |
|  |  | 5208964 |

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| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | | |
| **Austria - 0.2%** | **Austria - 0.2%** | **Austria - 0.2%** |
|  Erste Group Bank AG | 1609 | $51498 |
|  OMV AG | 661 | 34034 |
|  Verbund AG | 326 | 27446 |
|  voestalpine AG | 528 | 14006 |
|  |  | 126984 |
| **Belgium - 0.9%** | **Belgium - 0.9%** | **Belgium - 0.9%** |
|  Ageas SA | 718 | 31835 |
|  Anheuser-Busch InBev SA | 4069 | 245093 |
|  D'ieteren Group | 115 | 22060 |
|  Elia Group SA | 151 | 21466 |
|  Groupe Bruxelles Lambert NV | 437 | 34887 |
|  KBC Group NV | 1175 | 75567 |
|  Sofina SA | 70 | 15406 |
|  Solvay SA | 327 | 33064 |
|  UCB SA | 570 | 44883 |
|  Umicore SA | 936 | 34387 |
|  Warehouses De Pauw CVA, REIT | 689 | 19692 |
|  |  | 578340 |
| **Cayman Islands - 0.1%** | **Cayman Islands - 0.1%** | **Cayman Islands - 0.1%** |
|  Sands China Ltd. <sup>(A)</sup> | 11200 | 37164 |
| **Chile - 0.1%** | **Chile - 0.1%** | **Chile - 0.1%** |
|  Antofagasta PLC | 1774 | 33146 |
| **Denmark - 2.9%** | **Denmark - 2.9%** | **Denmark - 2.9%** |
|  AP Moller - Maersk AS, Class A | 14 | 30976 |
|  AP Moller - Maersk AS, Class B | 24 | 53965 |
|  Carlsberg AS, Class B | 441 | 58607 |
|  Chr Hansen Holding AS | 470 | 33808 |
|  Coloplast AS, Class B | 546 | 63821 |
|  Danske Bank AS | 3258 | 64393 |
|  Demant AS <sup>(A)</sup> | 389 | 10782 |
|  DSV AS | 861 | 135902 |
|  Genmab AS <sup>(A)</sup> | 306 | 129548 |
|  Novo Nordisk AS, Class B | 7682 | 1037271 |
|  Novozymes AS, B Shares | 919 | 46553 |
|  Orsted AS <sup>(B)</sup> | 882 | 80153 |
|  Pandora AS | 441 | 30986 |
|  ROCKWOOL AS, B Shares | 40 | 9403 |
|  Tryg AS | 1710 | 40702 |
|  Vestas Wind Systems AS | 4671 | 135891 |
|  |  | 1962761 |
| **Finland - 1.3%** | **Finland - 1.3%** | **Finland - 1.3%** |
|  Elisa OYJ | 647 | 34255 |
|  Fortum OYJ | 2003 | 33320 |
|  Kesko OYJ, B Shares | 1242 | 27414 |
|  Kone OYJ, Class B | 1543 | 79777 |
|  Neste OYJ | 1963 | 90398 |
|  Nokia OYJ | 25412 | 117704 |
|  Nordea Bank Abp | 10152 | 108653 |
|  Nordea Bank Abp | 5505 | 59105 |
|  Orion OYJ, Class B | 511 | 28028 |
|  Sampo OYJ, A Shares | 2209 | 115441 |
|  Stora Enso OYJ, R Shares | 2544 | 35810 |
|  UPM-Kymmene OYJ | 2424 | 90635 |
|  Wartsila OYJ Abp | 2178 | 18344 |
|  |  | 838884 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 4** 

------

##### [**Table of Contents**](#toc)
**Transamerica MSCI EAFE Index VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | | |
| **France - 11.4%** | **France - 11.4%** | **France - 11.4%** |
|  Accor SA <sup>(A)</sup> | 852 | $21296 |
|  Aeroports de Paris <sup>(A)</sup> | 142 | 19031 |
|  Air Liquide SA | 2449 | 347091 |
|  Airbus SE | 2766 | 328715 |
|  Alstom SA | 1432 | 34980 |
|  Amundi SA <sup>(B)</sup> | 311 | 17644 |
|  Arkema SA | 266 | 23884 |
|  AXA SA | 8637 | 240891 |
|  BioMerieux | 195 | 20440 |
|  BNP Paribas SA | 5201 | 296464 |
|  Bollore SE | 3935 | 21988 |
|  Bouygues SA | 1089 | 32687 |
|  Bureau Veritas SA | 1294 | 34089 |
|  Capgemini SE | 753 | 125703 |
|  Carrefour SA | 2819 | 47195 |
|  Cie de Saint-Gobain | 2323 | 113516 |
|  Cie Generale des Etablissements Michelin SCA | 3104 | 86340 |
|  Covivio, REIT | 226 | 13414 |
|  Credit Agricole SA | 5474 | 57606 |
|  Danone SA | 3011 | 158674 |
|  Dassault Aviation SA | 120 | 20321 |
|  Dassault Systemes SE | 3113 | 111616 |
|  Edenred | 1178 | 64159 |
|  Eiffage SA | 382 | 37587 |
|  Electricite de France SA | 2515 | 32306 |
|  Engie SA | 8403 | 120425 |
|  EssilorLuxottica SA | 1362 | 246685 |
|  Eurazeo SE | 189 | 11754 |
|  Gecina SA, REIT | 200 | 20371 |
|  Getlink SE | 1973 | 31627 |
|  Hermes International | 148 | 228926 |
|  Ipsen SA | 182 | 19580 |
|  Kering SA | 351 | 178659 |
|  Klepierre SA, REIT <sup>(A)</sup> | 975 | 22471 |
|  L'Oreal SA | 1130 | 403525 |
|  La Francaise des Jeux SAEM <sup>(B)</sup> | 510 | 20516 |
|  Legrand SA | 1224 | 98031 |
|  LVMH Moet Hennessy Louis Vuitton SE | 1284 | 934493 |
|  Orange SA | 9228 | 91679 |
|  Pernod Ricard SA | 965 | 189811 |
|  Publicis Groupe SA | 1066 | 67804 |
|  Remy Cointreau SA | 104 | 17545 |
|  Renault SA <sup>(A)</sup> | 871 | 29160 |
|  Safran SA | 1602 | 200501 |
|  Sanofi | 5283 | 508062 |
|  Sartorius Stedim Biotech | 131 | 42419 |
|  Schneider Electric SE | 2539 | 355280 |
|  SEB SA | 124 | 10387 |
|  Societe Generale SA | 3713 | 93323 |
|  Sodexo SA | 400 | 38313 |
|  Teleperformance | 274 | 65319 |
|  Thales SA | 498 | 63597 |
|  TotalEnergies SE | 11537 | 724314 |
|  Ubisoft Entertainment SA <sup>(A)</sup> | 453 | 12807 |
|  Unibail-Rodamco-Westfield, CDI <sup>(A)</sup> | 4482 | 11779 |
|  Unibail-Rodamco-Westfield, REIT <sup>(A)</sup> | 298 | 15513 |
|  Valeo | 892 | 15946 |
|  Veolia Environnement SA | 3015 | 77458 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | | |
| **France (continued)** | **France (continued)** | **France (continued)** |
|  Vinci SA | 2519 | $251553 |
|  Vivendi SE | 3274 | 31240 |
|  Wendel SE | 119 | 11108 |
|  Worldline SA <sup>(A)</sup> <sup>(B)</sup> | 1089 | 42584 |
|  |  | 7612202 |
| **Germany - 7.4%** | **Germany - 7.4%** | **Germany - 7.4%** |
|  adidas AG | 801 | 109288 |
|  Allianz SE | 1890 | 406451 |
|  BASF SE | 4303 | 213679 |
|  Bayer AG | 4600 | 237956 |
|  Bayerische Motoren Werke AG | 1552 | 138522 |
|  Bechtle AG | 414 | 14651 |
|  Beiersdorf AG | 469 | 53819 |
|  Brenntag SE | 695 | 44429 |
|  Carl Zeiss Meditec AG | 177 | 22338 |
|  Commerzbank AG <sup>(A)</sup> | 5060 | 47860 |
|  Continental AG | 488 | 29243 |
|  Covestro AG <sup>(B)</sup> | 909 | 35565 |
|  Daimler Truck Holding AG <sup>(A)</sup> | 2132 | 66058 |
|  Delivery Hero SE <sup>(A)</sup> <sup>(B)</sup> | 789 | 37820 |
|  Deutsche Bank AG | 9526 | 107967 |
|  Deutsche Boerse AG | 891 | 153939 |
|  Deutsche Lufthansa AG <sup>(A)</sup> | 2852 | 23706 |
|  Deutsche Post AG | 4647 | 174999 |
|  Deutsche Telekom AG | 15171 | 302677 |
|  E.ON SE | 10372 | 103633 |
|  Evonik Industries AG | 979 | 18795 |
|  Fresenius Medical Care AG & Co. KGaA | 932 | 30498 |
|  Fresenius SE & Co. KGaA | 1971 | 55384 |
|  GEA Group AG | 686 | 28051 |
|  Hannover Rueck SE | 284 | 56393 |
|  HeidelbergCement AG | 646 | 36844 |
|  HelloFresh SE <sup>(A)</sup> | 742 | 16306 |
|  Henkel AG & Co. KGaA | 496 | 31989 |
|  Infineon Technologies AG | 6107 | 185854 |
|  Knorr-Bremse AG | 313 | 17101 |
|  LEG Immobilien SE | 340 | 22150 |
|  Mercedes-Benz Group AG | 3758 | 246997 |
|  Merck KGaA | 607 | 117542 |
|  MTU Aero Engines AG | 251 | 54328 |
|  Muenchener Rueckversicherungs-Gesellschaft AG | 657 | 213799 |
|  Nemetschek SE | 252 | 12864 |
|  Puma SE | 501 | 30408 |
|  Rational AG | 21 | 12476 |
|  Rheinmetall AG | 202 | 40230 |
|  RWE AG | 2945 | 131111 |
|  SAP SE | 4836 | 498981 |
|  Scout24 SE <sup>(B)</sup> | 390 | 19592 |
|  Siemens AG | 3542 | 491534 |
|  Siemens Healthineers AG <sup>(B)</sup> | 1317 | 65879 |
|  Symrise AG | 613 | 66701 |
|  Telefonica Deutschland Holding AG | 5130 | 12647 |
|  United Internet AG | 469 | 9484 |
|  Volkswagen AG | 127 | 20073 |
|  Vonovia SE | 3264 | 76937 |
|  Zalando SE <sup>(A)</sup> <sup>(B)</sup> | 1043 | 36967 |
|  |  | 4982515 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 5** 

------

##### [**Table of Contents**](#toc)
**Transamerica MSCI EAFE Index VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | | |
| **Hong Kong - 2.9%** | **Hong Kong - 2.9%** | **Hong Kong - 2.9%** |
|  AIA Group Ltd. | 55400 | $616072 |
|  BOC Hong Kong Holdings Ltd. | 17000 | 57934 |
|  Budweiser Brewing Co. APAC Ltd. <sup>(B)</sup> | 7500 | 23589 |
|  CK Asset Holdings Ltd. | 9415 | 57958 |
|  CK Hutchison Holdings Ltd. | 12500 | 75028 |
|  CK Infrastructure Holdings Ltd. | 3000 | 15701 |
|  CLP Holdings Ltd. | 7500 | 54721 |
|  ESR Group Ltd. <sup>(B)</sup> | 9000 | 18887 |
|  Futu Holdings Ltd., ADR <sup>(A)</sup> | 300 | 12195 |
|  Galaxy Entertainment Group Ltd. | 10000 | 66108 |
|  Hang Lung Properties Ltd. | 9000 | 17595 |
|  Hang Seng Bank Ltd. | 3500 | 58203 |
|  Henderson Land Development Co. Ltd. | 6531 | 22801 |
|  HK Electric Investments & HK Electric Investments Ltd. | 11500 | 7617 |
|  HKT Trust & HKT Ltd. | 18000 | 22069 |
|  Hong Kong & China Gas Co. Ltd. | 51085 | 48562 |
|  Hong Kong Exchanges & Clearing Ltd. | 5572 | 240714 |
|  Hongkong Land Holdings Ltd. | 5000 | 23000 |
|  Jardine Matheson Holdings Ltd. | 700 | 35630 |
|  Link, REIT | 9793 | 71891 |
|  MTR Corp. Ltd. | 7015 | 37163 |
|  New World Development Co. Ltd. | 7278 | 20513 |
|  Power Assets Holdings Ltd. | 6500 | 35600 |
|  Sino Land Co. Ltd. | 17829 | 22294 |
|  SITC International Holdings Co. Ltd. | 6000 | 13344 |
|  Sun Hung Kai Properties Ltd. | 6850 | 93727 |
|  Swire Pacific Ltd., Class A | 2500 | 22004 |
|  Swire Properties Ltd. | 5800 | 14742 |
|  Techtronic Industries Co. Ltd. | 6500 | 72533 |
|  WH Group Ltd. <sup>(B)</sup> | 36787 | 21397 |
|  Wharf Real Estate Investment Co. Ltd. | 7300 | 42554 |
|  Xinyi Glass Holdings Ltd. | 8000 | 14902 |
|  |  | 1957048 |
| **Ireland - 1.1%** | **Ireland - 1.1%** | **Ireland - 1.1%** |
|  AerCap Holdings NV <sup>(A)</sup> | 600 | 34992 |
|  AIB Group PLC | 5220 | 20205 |
|  Bank of Ireland Group PLC | 5088 | 48473 |
|  CRH PLC | 3506 | 138898 |
|  DCC PLC | 470 | 23183 |
|  Experian PLC | 4318 | 146846 |
|  Flutter Entertainment PLC <sup>(A)</sup> | 776 | 106160 |
|  James Hardie Industries PLC | 2096 | 37674 |
|  Kerry Group PLC, Class A | 734 | 66188 |
|  Kingspan Group PLC | 725 | 39254 |
|  Smurfit Kappa Group PLC | 1145 | 42359 |
|  |  | 704232 |
| **Israel - 0.7%** | **Israel - 0.7%** | **Israel - 0.7%** |
|  Azrieli Group Ltd. | 202 | 13471 |
|  Bank Hapoalim BM | 5703 | 51349 |
|  Bank Leumi Le-Israel BM | 7182 | 59818 |
|  Bezeq The Israeli Telecommunication Corp. Ltd. | 9388 | 16105 |
|  Check Point Software Technologies Ltd. <sup>(A)</sup> | 450 | 56772 |
|  CyberArk Software Ltd. <sup>(A)</sup> | 200 | 25930 |
|  Elbit Systems Ltd. | 129 | 20980 |
|  ICL Group Ltd. | 3199 | 23114 |
|  Israel Discount Bank Ltd., A Shares | 5903 | 30990 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | | |
| **Israel (continued)** | **Israel (continued)** | **Israel (continued)** |
|  Mizrahi Tefahot Bank Ltd. | 740 | $23884 |
|  Nice Ltd. <sup>(A)</sup> | 297 | 57136 |
|  Teva Pharmaceutical Industries Ltd., ADR <sup>(A)</sup> | 5215 | 47561 |
|  Tower Semiconductor Ltd. <sup>(A)</sup> | 506 | 22087 |
|  Wix.com Ltd. <sup>(A)</sup> | 200 | 15366 |
|  ZIM Integrated Shipping Services Ltd. | 400 | 6876 |
|  |  | 471439 |
| **Italy - 1.9%** | **Italy - 1.9%** | **Italy - 1.9%** |
|  Amplifon SpA | 566 | 16855 |
|  Assicurazioni Generali SpA | 5194 | 92378 |
|  Davide Campari-Milano NV | 2567 | 26060 |
|  DiaSorin SpA | 114 | 15913 |
|  Enel SpA | 38113 | 205214 |
|  Eni SpA | 11608 | 165089 |
|  Ferrari NV | 577 | 123653 |
|  FinecoBank Banca Fineco SpA | 2872 | 47714 |
|  Infrastrutture Wireless Italiane SpA <sup>(B)</sup> | 1396 | 14068 |
|  Intesa Sanpaolo SpA | 78328 | 174232 |
|  Mediobanca Banca di Credito Finanziario SpA | 2679 | 25764 |
|  Moncler SpA | 925 | 49013 |
|  Nexi SpA <sup>(A)</sup> <sup>(B)</sup> | 2832 | 22330 |
|  Poste Italiane SpA <sup>(B)</sup> | 2434 | 23778 |
|  Prysmian SpA | 1209 | 44856 |
|  Recordati Industria Chimica e Farmaceutica SpA | 490 | 20325 |
|  Snam SpA | 9074 | 43972 |
|  Telecom Italia SpA <sup>(A)</sup> | 46799 | 10836 |
|  Terna - Rete Elettrica Nazionale | 6565 | 48490 |
|  UniCredit SpA | 9022 | 128176 |
|  |  | 1298716 |
| **Japan - 21.8%** | **Japan - 21.8%** | **Japan - 21.8%** |
|  Advantest Corp. | 900 | 58153 |
|  Aeon Co. Ltd. | 3100 | 65737 |
|  AGC, Inc. | 900 | 30139 |
|  Aisin Corp. | 700 | 18828 |
|  Ajinomoto Co., Inc. | 2100 | 64501 |
|  ANA Holdings, Inc. <sup>(A)</sup> | 700 | 14934 |
|  Asahi Group Holdings Ltd. | 2100 | 65909 |
|  Asahi Intecc Co. Ltd. | 1000 | 16489 |
|  Asahi Kasei Corp. | 5700 | 40887 |
|  Astellas Pharma, Inc. | 8400 | 128426 |
|  Azbil Corp. | 600 | 15201 |
|  Bandai Namco Holdings, Inc. | 900 | 57015 |
|  Bridgestone Corp. | 2600 | 92934 |
|  Brother Industries Ltd. | 1100 | 16822 |
|  Canon, Inc. | 4600 | 100086 |
|  Capcom Co. Ltd. | 800 | 25663 |
|  Central Japan Railway Co. | 700 | 86433 |
|  Chiba Bank Ltd. | 2500 | 18325 |
|  Chubu Electric Power Co., Inc. | 3100 | 32172 |
|  Chugai Pharmaceutical Co. Ltd. | 3100 | 79555 |
|  Concordia Financial Group Ltd. | 4900 | 20535 |
|  CyberAgent, Inc. | 2100 | 18689 |
|  Dai Nippon Printing Co. Ltd. | 1100 | 22211 |
|  Dai-ichi Life Holdings, Inc. | 4600 | 104941 |
|  Daifuku Co. Ltd. | 500 | 23545 |
|  Daiichi Sankyo Co. Ltd. | 8200 | 265544 |
|  Daikin Industries Ltd. | 1200 | 184700 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 6** 

------

##### [**Table of Contents**](#toc)
**Transamerica MSCI EAFE Index VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | | |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
|  Daito Trust Construction Co. Ltd. | 300 | $30951 |
|  Daiwa House Industry Co. Ltd. | 2700 | 62521 |
|  Daiwa House Investment Corp., REIT | 10 | 22356 |
|  Daiwa Securities Group, Inc. | 6300 | 27986 |
|  Denso Corp. | 2000 | 99604 |
|  Dentsu Group, Inc. | 1000 | 31583 |
|  Disco Corp. | 100 | 28764 |
|  East Japan Railway Co. | 1400 | 80219 |
|  Eisai Co. Ltd. | 1200 | 79585 |
|  ENEOS Holdings, Inc. | 14500 | 49497 |
|  FANUC Corp. | 900 | 136022 |
|  Fast Retailing Co. Ltd. | 300 | 184083 |
|  Fuji Electric Co. Ltd. | 600 | 22996 |
|  FUJIFILM Holdings Corp. | 1700 | 85816 |
|  Fujitsu Ltd. | 900 | 120798 |
|  GLP J-REIT | 19 | 21904 |
|  GMO Payment Gateway, Inc. | 200 | 16641 |
|  Hakuhodo DY Holdings, Inc. | 1100 | 11148 |
|  Hamamatsu Photonics KK | 700 | 33709 |
|  Hankyu Hanshin Holdings, Inc. | 1000 | 29869 |
|  Hikari Tsushin, Inc. | 100 | 14188 |
|  Hirose Electric Co. Ltd. | 100 | 12649 |
|  Hitachi Construction Machinery Co. Ltd. | 500 | 11273 |
|  Hitachi Ltd. | 4500 | 229423 |
|  Honda Motor Co. Ltd. | 7600 | 175581 |
|  Hoshizaki Corp. | 500 | 17735 |
|  Hoya Corp. | 1700 | 164573 |
|  Hulic Co. Ltd. | 1600 | 12679 |
|  Ibiden Co. Ltd. | 500 | 18230 |
|  Idemitsu Kosan Co. Ltd. | 900 | 21053 |
|  Iida Group Holdings Co. Ltd. | 700 | 10673 |
|  Inpex Corp. | 4900 | 52121 |
|  Isuzu Motors Ltd. | 2700 | 31826 |
|  Ito En Ltd. | 200 | 7300 |
|  ITOCHU Corp. | 5500 | 173750 |
|  Itochu Techno-Solutions Corp. | 400 | 9357 |
|  Japan Airlines Co. Ltd. <sup>(A)</sup> | 700 | 14374 |
|  Japan Exchange Group, Inc. | 2300 | 33254 |
|  Japan Metropolitan Fund Investment Corp., REIT | 30 | 23933 |
|  Japan Post Bank Co. Ltd. | 2000 | 17190 |
|  Japan Post Holdings Co. Ltd. | 11200 | 94685 |
|  Japan Post Insurance Co. Ltd. | 1000 | 17685 |
|  Japan Real Estate Investment Corp., REIT | 6 | 26379 |
|  Japan Tobacco, Inc. | 5500 | 111517 |
|  JFE Holdings, Inc. | 2200 | 25748 |
|  JSR Corp. | 900 | 17748 |
|  Kajima Corp. | 2100 | 24578 |
|  Kakaku.com, Inc. | 600 | 9656 |
|  Kansai Electric Power Co., Inc. | 3400 | 33135 |
|  Kao Corp. | 2200 | 88091 |
|  KDDI Corp. | 7400 | 224526 |
|  Keio Corp. | 500 | 18440 |
|  Keisei Electric Railway Co. Ltd. | 600 | 17167 |
|  Keyence Corp. | 900 | 352621 |
|  Kikkoman Corp. | 700 | 37016 |
|  Kintetsu Group Holdings Co. Ltd. | 800 | 26547 |
|  Kirin Holdings Co. Ltd. | 3700 | 56695 |
|  Kobayashi Pharmaceutical Co. Ltd. | 200 | 13761 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | | |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
|  Kobe Bussan Co. Ltd. | 700 | $20215 |
|  Koei Tecmo Holdings Co. Ltd. | 520 | 9478 |
|  Koito Manufacturing Co. Ltd. | 1000 | 15140 |
|  Komatsu Ltd. | 4300 | 94230 |
|  Konami Group Corp. | 400 | 18196 |
|  Kose Corp. | 100 | 10988 |
|  Kubota Corp. | 4700 | 65071 |
|  Kurita Water Industries Ltd. | 500 | 20802 |
|  Kyocera Corp. | 1500 | 74886 |
|  Kyowa Kirin Co. Ltd. | 1300 | 29915 |
|  Lasertec Corp. | 400 | 66276 |
|  Lixil Corp. | 1300 | 19821 |
|  M3, Inc. | 2000 | 54526 |
|  Makita Corp. | 1000 | 23468 |
|  Marubeni Corp. | 7300 | 84269 |
|  Mazda Motor Corp. | 2700 | 20676 |
|  McDonald's Holdings Co. Japan Ltd. | 400 | 15224 |
|  MEIJI Holdings Co. Ltd. | 500 | 25678 |
|  Minebea Mitsumi, Inc. | 1700 | 25531 |
|  MISUMI Group, Inc. | 1300 | 28518 |
|  Mitsubishi Chemical Group Corp. | 6100 | 31825 |
|  Mitsubishi Corp. | 5900 | 192546 |
|  Mitsubishi Electric Corp. | 8800 | 88074 |
|  Mitsubishi Estate Co. Ltd. | 5500 | 71705 |
|  Mitsubishi HC Capital, Inc. | 2900 | 14341 |
|  Mitsubishi Heavy Industries Ltd. | 1500 | 59822 |
|  Mitsubishi UFJ Financial Group, Inc. | 55300 | 374594 |
|  Mitsui & Co. Ltd. | 6700 | 196701 |
|  Mitsui Chemicals, Inc. | 900 | 20402 |
|  Mitsui Fudosan Co. Ltd. | 4200 | 77350 |
|  Mitsui OSK Lines Ltd. | 1600 | 40110 |
|  Mizuho Financial Group, Inc. | 11100 | 156977 |
|  MonotaRO Co. Ltd. | 1200 | 16980 |
|  MS&AD Insurance Group Holdings, Inc. | 2100 | 67589 |
|  Murata Manufacturing Co. Ltd. | 2700 | 135535 |
|  NEC Corp. | 1100 | 38849 |
|  Nexon Co. Ltd. | 2300 | 51909 |
|  NGK Insulators Ltd. | 1200 | 15343 |
|  Nidec Corp. | 2100 | 109432 |
|  Nihon M&A Center Holdings, Inc. | 1400 | 17377 |
|  Nintendo Co. Ltd. | 5100 | 214974 |
|  Nippon Building Fund, Inc., REIT | 7 | 31362 |
|  Nippon Express Holdings, Inc. | 400 | 22981 |
|  Nippon Paint Holdings Co. Ltd. | 3700 | 29292 |
|  Nippon Prologis, Inc., REIT | 10 | 23507 |
|  Nippon Sanso Holdings Corp. | 700 | 10219 |
|  Nippon Shinyaku Co. Ltd. | 200 | 11399 |
|  Nippon Steel Corp. | 3700 | 64617 |
|  Nippon Telegraph & Telephone Corp. | 5500 | 157658 |
|  Nippon Yusen KK | 2200 | 52133 |
|  Nissan Chemical Corp. | 600 | 26425 |
|  Nissan Motor Co. Ltd. | 11100 | 35362 |
|  Nisshin Seifun Group, Inc. | 1000 | 12595 |
|  Nissin Foods Holdings Co. Ltd. | 300 | 23819 |
|  Nitori Holdings Co. Ltd. | 400 | 51966 |
|  Nitto Denko Corp. | 700 | 40803 |
|  Nomura Holdings, Inc. | 13900 | 51749 |
|  Nomura Real Estate Holdings, Inc. | 600 | 12938 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 7** 

------

##### [**Table of Contents**](#toc)
**Transamerica MSCI EAFE Index VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | | |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
|  Nomura Real Estate Master Fund, Inc., REIT | 20 | $24840 |
|  Nomura Research Institute Ltd. | 1600 | 37976 |
|  NTT Data Corp. | 3000 | 44163 |
|  Obayashi Corp. | 2900 | 22053 |
|  OBIC Co. Ltd. | 300 | 44369 |
|  Odakyu Electric Railway Co. Ltd. | 1300 | 16948 |
|  Oji Holdings Corp. | 3800 | 15375 |
|  Olympus Corp. | 5700 | 102152 |
|  Omron Corp. | 900 | 43923 |
|  Ono Pharmaceutical Co. Ltd. | 1700 | 39935 |
|  Open House Group Co. Ltd. | 400 | 14691 |
|  Oracle Corp. | 200 | 12984 |
|  Oriental Land Co. Ltd. | 900 | 131393 |
|  ORIX Corp. | 5500 | 88782 |
|  Osaka Gas Co. Ltd. | 1800 | 29214 |
|  Otsuka Corp. | 500 | 15830 |
|  Otsuka Holdings Co. Ltd. | 1800 | 59044 |
|  Pan Pacific International Holdings Corp. | 1700 | 31775 |
|  Panasonic Holdings Corp. | 10300 | 87154 |
|  Persol Holdings Co. Ltd. | 800 | 17239 |
|  Rakuten Group, Inc. | 4000 | 18165 |
|  Recruit Holdings Co. Ltd. | 6600 | 210059 |
|  Renesas Electronics Corp. <sup>(A)</sup> | 5300 | 47795 |
|  Resona Holdings, Inc. | 10300 | 56758 |
|  Ricoh Co. Ltd. | 2700 | 20717 |
|  Rohm Co. Ltd. | 400 | 29046 |
|  SBI Holdings, Inc. | 1200 | 23014 |
|  SCSK Corp. | 600 | 9148 |
|  Secom Co. Ltd. | 1000 | 57475 |
|  Seiko Epson Corp. | 1200 | 17610 |
|  Sekisui Chemical Co. Ltd. | 1700 | 23899 |
|  Sekisui House Ltd. | 2900 | 51563 |
|  Seven & i Holdings Co. Ltd. | 3500 | 150945 |
|  SG Holdings Co. Ltd. | 1400 | 19521 |
|  Sharp Corp. | 1000 | 7201 |
|  Shimadzu Corp. | 1100 | 31389 |
|  Shimano, Inc. | 300 | 47821 |
|  Shimizu Corp. | 2300 | 12338 |
|  Shin-Etsu Chemical Co. Ltd. | 1800 | 222531 |
|  Shionogi & Co. Ltd. | 1200 | 60219 |
|  Shiseido Co. Ltd. | 1900 | 93683 |
|  Shizuoka Financial Group, Inc. | 2000 | 16077 |
|  SMC Corp. | 300 | 127050 |
|  SoftBank Corp. | 13200 | 149662 |
|  SoftBank Group Corp. | 5600 | 240829 |
|  Sompo Holdings, Inc. | 1400 | 62511 |
|  Sony Group Corp. | 5800 | 443485 |
|  Square Enix Holdings Co. Ltd. | 400 | 18683 |
|  Subaru Corp. | 2900 | 44802 |
|  SUMCO Corp. | 1700 | 22759 |
|  Sumitomo Chemical Co. Ltd. | 6500 | 23476 |
|  Sumitomo Corp. | 5300 | 88683 |
|  Sumitomo Electric Industries Ltd. | 3200 | 36684 |
|  Sumitomo Metal Mining Co. Ltd. | 1100 | 39150 |
|  Sumitomo Mitsui Financial Group, Inc. | 6100 | 246157 |
|  Sumitomo Mitsui Trust Holdings, Inc. | 1600 | 55934 |
|  Sumitomo Realty & Development Co. Ltd. | 1400 | 33293 |
|  Suntory Beverage & Food Ltd. | 600 | 20573 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | | |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
|  Suzuki Motor Corp. | 1700 | $55324 |
|  Sysmex Corp. | 800 | 48753 |
|  T&D Holdings, Inc. | 2500 | 36231 |
|  Taisei Corp. | 800 | 25907 |
|  Takeda Pharmaceutical Co. Ltd. | 6900 | 216138 |
|  TDK Corp. | 1800 | 59456 |
|  Terumo Corp. | 3000 | 85629 |
|  TIS, Inc. | 1000 | 26516 |
|  Tobu Railway Co. Ltd. | 900 | 21122 |
|  Toho Co. Ltd. | 500 | 19354 |
|  Tokio Marine Holdings, Inc. | 8500 | 183128 |
|  Tokyo Electric Power Co. Holdings, Inc. <sup>(A)</sup> | 7400 | 26839 |
|  Tokyo Electron Ltd. | 700 | 207376 |
|  Tokyo Gas Co. Ltd. | 1800 | 35454 |
|  Tokyu Corp. | 2400 | 30411 |
|  Toppan, Inc. | 1200 | 17867 |
|  Toray Industries, Inc. | 6600 | 37043 |
|  Toshiba Corp. | 1800 | 63132 |
|  Tosoh Corp. | 1100 | 13159 |
|  TOTO Ltd. | 700 | 24002 |
|  Toyota Industries Corp. | 700 | 38616 |
|  Toyota Motor Corp. | 49200 | 679480 |
|  Toyota Tsusho Corp. | 1000 | 37222 |
|  Trend Micro, Inc. | 600 | 28071 |
|  Unicharm Corp. | 1900 | 73371 |
|  USS Co. Ltd. | 1100 | 17559 |
|  Welcia Holdings Co. Ltd. | 400 | 9372 |
|  West Japan Railway Co. | 1000 | 43653 |
|  Yakult Honsha Co. Ltd. | 600 | 39134 |
|  Yamaha Corp. | 600 | 22493 |
|  Yamaha Motor Co. Ltd. | 1400 | 32109 |
|  Yamato Holdings Co. Ltd. | 1400 | 22263 |
|  Yaskawa Electric Corp. | 1100 | 35412 |
|  Yokogawa Electric Corp. | 1000 | 16039 |
|  Z Holdings Corp. | 12000 | 30357 |
|  ZOZO, Inc. | 600 | 14904 |
|  |  | 14599192 |
| **Jordan - 0.0% <sup>(C)</sup>** | **Jordan - 0.0% <sup>(C)</sup>** | **Jordan - 0.0% <sup>(C)</sup>** |
|  Hikma Pharmaceuticals PLC | 787 | 14766 |
| **Luxembourg - 0.2%** | **Luxembourg - 0.2%** | **Luxembourg - 0.2%** |
|  ArcelorMittal SA | 2408 | 63345 |
|  Aroundtown SA | 4886 | 11418 |
|  Eurofins Scientific SE | 637 | 45727 |
|  Tenaris SA | 2128 | 37096 |
|  |  | 157586 |
| **Netherlands - 4.5%** | **Netherlands - 4.5%** | **Netherlands - 4.5%** |
|  ABN AMRO Bank NV <sup>(B)</sup> | 1985 | 27464 |
|  Adyen NV <sup>(A)</sup> <sup>(B)</sup> | 100 | 137917 |
|  Akzo Nobel NV | 841 | 56319 |
|  Argenx SE <sup>(A)</sup> | 251 | 93582 |
|  ASM International NV | 220 | 55495 |
|  ASML Holding NV | 1886 | 1017106 |
|  Euronext NV <sup>(B)</sup> | 420 | 31094 |
|  EXOR NV <sup>(A)</sup> | 515 | 37652 |
|  Heineken Holding NV | 470 | 36249 |
|  Heineken NV | 1219 | 114673 |
|  IMCD NV | 258 | 36773 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 8** 

------

##### [**Table of Contents**](#toc)
**Transamerica MSCI EAFE Index VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | | |
| **Netherlands (continued)** | **Netherlands (continued)** | **Netherlands (continued)** |
|  ING Groep NV | 17354 | $211550 |
|  JDE Peet's NV | 433 | 12524 |
|  Just Eat Takeaway.com NV <sup>(A)</sup> <sup>(B)</sup> | 812 | 17167 |
|  Koninklijke Ahold Delhaize NV | 4907 | 140982 |
|  Koninklijke DSM NV | 806 | 98616 |
|  Koninklijke KPN NV | 15878 | 49120 |
|  Koninklijke Philips NV | 4123 | 61806 |
|  NN Group NV | 1302 | 53185 |
|  OCI NV | 488 | 17458 |
|  Prosus NV <sup>(A)</sup> | 3885 | 268028 |
|  QIAGEN NV <sup>(A)</sup> | 1071 | 53895 |
|  Randstad NV | 545 | 33230 |
|  Stellantis NV | 10298 | 146242 |
|  Universal Music Group NV | 3310 | 79757 |
|  Wolters Kluwer NV | 1202 | 125786 |
|  |  | 3013670 |
| **New Zealand - 0.2%** | **New Zealand - 0.2%** | **New Zealand - 0.2%** |
|  Auckland International Airport Ltd. <sup>(A)</sup> | 5679 | 28160 |
|  Fisher & Paykel Healthcare Corp. Ltd. | 2612 | 37479 |
|  Mercury Ltd. | 2985 | 10537 |
|  Meridian Energy Ltd. | 5854 | 19476 |
|  Spark New Zealand Ltd. | 8933 | 30626 |
|  Xero Ltd. <sup>(A)</sup> | 644 | 30811 |
|  |  | 157089 |
| **Norway - 0.8%** | **Norway - 0.8%** | **Norway - 0.8%** |
|  Adevinta ASA <sup>(A)</sup> | 1201 | 8042 |
|  Aker BP ASA | 1474 | 45754 |
|  DNB Bank ASA | 4334 | 86023 |
|  Equinor ASA | 4376 | 157141 |
|  Gjensidige Forsikring ASA | 914 | 17931 |
|  Kongsberg Gruppen ASA | 414 | 17563 |
|  Mowi ASA | 1844 | 31471 |
|  Norsk Hydro ASA | 6234 | 46656 |
|  Orkla ASA | 3419 | 24757 |
|  Salmar ASA | 273 | 10723 |
|  Telenor ASA | 3131 | 29275 |
|  Yara International ASA | 788 | 34635 |
|  |  | 509971 |
| **Portugal - 0.2%** | **Portugal - 0.2%** | **Portugal - 0.2%** |
|  EDP - Energias de Portugal SA | 13043 | 65006 |
|  Galp Energia SGPS SA | 2409 | 32518 |
|  Jeronimo Martins SGPS SA | 1353 | 29227 |
|  |  | 126751 |
| **Singapore - 1.5%** | **Singapore - 1.5%** | **Singapore - 1.5%** |
|  CapitaLand Ascendas, REIT | 15303 | 31305 |
|  CapitaLand Integrated Commercial Trust, REIT | 25152 | 38308 |
|  Capitaland Investment Ltd. | 11894 | 32856 |
|  City Developments Ltd. | 1800 | 11060 |
|  DBS Group Holdings Ltd. | 8446 | 213893 |
|  Genting Singapore Ltd. | 26500 | 18895 |
|  Grab Holdings Ltd., Class A <sup>(A)</sup> | 6100 | 19642 |
|  Jardine Cycle & Carriage Ltd. | 500 | 10676 |
|  Keppel Corp. Ltd. | 6900 | 37400 |
|  Mapletree Logistics Trust, REIT | 14943 | 17739 |
|  Mapletree Pan Asia Commercial Trust, REIT | 10200 | 12718 |
|  Oversea-Chinese Banking Corp. Ltd. | 15560 | 141497 |
|  Sea Ltd., ADR <sup>(A)</sup> | 1700 | 88451 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | | |
| **Singapore (continued)** | **Singapore (continued)** | **Singapore (continued)** |
|  Singapore Airlines Ltd. | 6300 | $26011 |
|  Singapore Exchange Ltd. | 4100 | 27397 |
|  Singapore Technologies Engineering Ltd. | 7100 | 17758 |
|  Singapore Telecommunications Ltd. | 37700 | 72338 |
|  United Overseas Bank Ltd. | 5500 | 126064 |
|  UOL Group Ltd. | 2300 | 11539 |
|  Venture Corp. Ltd. | 1300 | 16558 |
|  Wilmar International Ltd. | 8900 | 27709 |
|  |  | 999814 |
| **Spain - 2.4%** | **Spain - 2.4%** | **Spain - 2.4%** |
|  Acciona SA | 114 | 20977 |
|  ACS Actividades de Construccion y Servicios SA | 937 | 26851 |
|  Aena SME SA <sup>(A)</sup> <sup>(B)</sup> | 348 | 43696 |
|  Amadeus IT Group SA <sup>(A)</sup> | 2081 | 108150 |
|  Banco Bilbao Vizcaya Argentaria SA | 28452 | 171591 |
|  Banco Santander SA | 78640 | 235915 |
|  CaixaBank SA | 20874 | 82049 |
|  Cellnex Telecom SA <sup>(B)</sup> | 2473 | 81852 |
|  Corp. ACCIONA Energias Renovables SA | 325 | 12573 |
|  EDP Renovaveis SA | 1371 | 30203 |
|  Enagas SA | 1192 | 19809 |
|  Endesa SA | 1357 | 25617 |
|  Ferrovial SA | 2263 | 59277 |
|  Grifols SA <sup>(A)</sup> | 1427 | 16451 |
|  Iberdrola SA | 28289 | 330982 |
|  Industria de Diseno Textil SA | 5012 | 133323 |
|  Naturgy Energy Group SA | 674 | 17539 |
|  Red Electrica Corp. SA | 1893 | 32949 |
|  Repsol SA | 6291 | 100003 |
|  Telefonica SA | 24046 | 87130 |
|  |  | 1636937 |
| **Sweden - 3.0%** | **Sweden - 3.0%** | **Sweden - 3.0%** |
|  Alfa Laval AB | 1334 | 38493 |
|  Assa Abloy AB, B Shares | 4602 | 98657 |
|  Atlas Copco AB, A Shares | 12599 | 148631 |
|  Atlas Copco AB, B Shares | 7336 | 78107 |
|  Boliden AB | 1286 | 48218 |
|  Electrolux AB, B Shares | 1026 | 13842 |
|  Embracer Group AB <sup>(A)</sup> | 3069 | 13908 |
|  Epiroc AB, Class A | 3127 | 56892 |
|  Epiroc AB, Class B | 1856 | 29819 |
|  EQT AB | 1398 | 29555 |
|  Essity AB, Class B | 2860 | 74907 |
|  Evolution AB <sup>(B)</sup> | 862 | 83880 |
|  Fastighets AB Balder, B Shares <sup>(A)</sup> | 2826 | 13140 |
|  Getinge AB, B Shares | 1011 | 20957 |
|  H&M Hennes & Mauritz AB, B Shares | 3450 | 37109 |
|  Hexagon AB, B Shares | 9020 | 94221 |
|  Holmen AB, B Shares | 435 | 17254 |
|  Husqvarna AB, B Shares | 1919 | 13447 |
|  Industrivarden AB, A Shares | 602 | 14625 |
|  Industrivarden AB, C Shares | 687 | 16657 |
|  Indutrade AB | 1266 | 25612 |
|  Investment AB Latour, B Shares | 680 | 12844 |
|  Investor AB, A Shares | 2357 | 43786 |
|  Investor AB, B Shares | 8545 | 154410 |
|  Kinnevik AB, Class B <sup>(A)</sup> | 1153 | 15823 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 9** 

------

##### [**Table of Contents**](#toc)
**Transamerica MSCI EAFE Index VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | | |
| **Sweden (continued)** | **Sweden (continued)** | **Sweden (continued)** |
|  L E Lundbergforetagen AB, B Shares | 350 | $14896 |
|  Lifco AB, B Shares | 1018 | 16990 |
|  Nibe Industrier AB, B Shares | 7162 | 66645 |
|  Sagax AB, B Shares | 915 | 20738 |
|  Sandvik AB | 4910 | 88649 |
|  Securitas AB, B Shares | 2306 | 19217 |
|  Skandinaviska Enskilda Banken AB, Class A | 7540 | 86673 |
|  Skanska AB, B Shares | 1530 | 24193 |
|  SKF AB, B Shares | 1700 | 25928 |
|  Svenska Cellulosa AB SCA, Class B | 2751 | 34787 |
|  Svenska Handelsbanken AB, A Shares | 6665 | 67130 |
|  Swedbank AB, A Shares | 4125 | 70088 |
|  Swedish Orphan Biovitrum AB <sup>(A)</sup> | 783 | 16185 |
|  Tele2 AB, B Shares | 2708 | 22085 |
|  Telefonaktiebolaget LM Ericsson, B Shares | 13681 | 79845 |
|  Telia Co. AB | 12167 | 31085 |
|  Volvo AB, A Shares | 846 | 16061 |
|  Volvo AB, B Shares | 7095 | 128154 |
|  Volvo Car AB, B Shares <sup>(A)</sup> | 2762 | 12541 |
|  |  | 2036684 |
| **Switzerland - 10.8%** | **Switzerland - 10.8%** | **Switzerland - 10.8%** |
|  ABB Ltd. | 7362 | 223412 |
|  Adecco Group AG | 745 | 24542 |
|  Alcon, Inc. | 2282 | 155926 |
|  Bachem Holding AG, Class B | 135 | 11658 |
|  Baloise Holding AG | 218 | 33644 |
|  Banque Cantonale Vaudoise | 148 | 14205 |
|  Barry Callebaut AG | 16 | 31649 |
|  BKW AG | 104 | 14228 |
|  Chocoladefabriken Lindt & Spruengli AG | 6 | 153734 |
|  Cie Financiere Richemont SA, Class A | 2406 | 311988 |
|  Clariant AG <sup>(A)</sup> | 978 | 15495 |
|  Coca-Cola HBC AG <sup>(A)</sup> | 901 | 21491 |
|  Credit Suisse Group AG | 15621 | 46695 |
|  EMS-Chemie Holding AG | 32 | 21664 |
|  Geberit AG | 166 | 78184 |
|  Givaudan SA | 42 | 128682 |
|  Glencore PLC | 45410 | 303259 |
|  Holcim AG <sup>(A)</sup> | 2569 | 133027 |
|  Julius Baer Group Ltd. | 1007 | 58657 |
|  Kuehne & Nagel International AG | 247 | 57486 |
|  Logitech International SA | 800 | 49368 |
|  Lonza Group AG | 343 | 168078 |
|  Nestle SA | 12646 | 1465303 |
|  Novartis AG | 10037 | 907363 |
|  Partners Group Holding AG | 104 | 91870 |
|  Roche Holding AG | 3384 | 1072267 |
|  Schindler Holding AG | 277 | 51374 |
|  SGS SA | 30 | 69756 |
|  Siemens Energy AG <sup>(A)</sup> | 2076 | 39056 |
|  SIG Group AG <sup>(A)</sup> | 1433 | 31305 |
|  Sika AG | 672 | 161123 |
|  Sonova Holding AG | 245 | 58107 |
|  STMicroelectronics NV | 3200 | 113022 |
|  Straumann Holding AG | 527 | 60186 |
|  Swatch Group AG | 407 | 52530 |
|  Swiss Life Holding AG | 142 | 73223 |
|  Swiss Prime Site AG | 357 | 30945 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | | |
| **Switzerland (continued)** | **Switzerland (continued)** | **Switzerland (continued)** |
|  Swiss Re AG | 1381 | $129161 |
|  Swisscom AG | 120 | 65746 |
|  Temenos AG | 304 | 16682 |
|  UBS Group AG | 15675 | 291665 |
|  VAT Group AG <sup>(B)</sup> | 119 | 32535 |
|  Zurich Insurance Group AG | 695 | 332449 |
|  |  | 7202740 |
| **United Kingdom - 14.5%** | **United Kingdom - 14.5%** | **United Kingdom - 14.5%** |
|  3i Group PLC | 4515 | 73225 |
|  abrdn PLC | 9429 | 21573 |
|  Admiral Group PLC | 870 | 22477 |
|  Anglo American PLC | 5952 | 232888 |
|  Ashtead Group PLC | 2023 | 115437 |
|  Associated British Foods PLC | 1691 | 32219 |
|  AstraZeneca PLC | 7190 | 975108 |
|  Auto Trader Group PLC <sup>(B)</sup> | 4188 | 26105 |
|  AVEVA Group PLC | 593 | 23034 |
|  Aviva PLC | 12658 | 67761 |
|  BAE Systems PLC | 14457 | 149610 |
|  Barclays PLC | 73689 | 141220 |
|  Barratt Developments PLC | 4845 | 23242 |
|  Berkeley Group Holdings PLC | 513 | 23400 |
|  BP PLC | 87138 | 500286 |
|  British American Tobacco PLC | 9999 | 396677 |
|  British Land Co. PLC, REIT | 3992 | 19068 |
|  BT Group PLC | 32207 | 43629 |
|  Bunzl PLC | 1506 | 50233 |
|  Burberry Group PLC | 1909 | 46850 |
|  CNH Industrial NV | 4787 | 76684 |
|  Coca-Cola Europacific Partners PLC | 947 | 52388 |
|  Compass Group PLC | 8200 | 190089 |
|  Croda International PLC | 642 | 51257 |
|  Diageo PLC | 10541 | 465139 |
|  Entain PLC | 2728 | 43583 |
|  GSK PLC | 19037 | 330861 |
|  Haleon PLC <sup>(A)</sup> | 23489 | 92958 |
|  Halma PLC | 1791 | 42742 |
|  Hargreaves Lansdown PLC | 1536 | 15899 |
|  HSBC Holdings PLC | 92517 | 576802 |
|  Imperial Brands PLC | 4149 | 103880 |
|  Informa PLC | 6780 | 50787 |
|  InterContinental Hotels Group PLC | 849 | 48692 |
|  Intertek Group PLC | 723 | 35260 |
|  J Sainsbury PLC | 7773 | 20458 |
|  JD Sports Fashion PLC | 11175 | 17043 |
|  Johnson Matthey PLC | 810 | 20829 |
|  Kingfisher PLC | 9457 | 26993 |
|  Land Securities Group PLC, REIT | 3220 | 24190 |
|  Legal & General Group PLC | 27800 | 83854 |
|  Lloyds Banking Group PLC | 321072 | 176263 |
|  London Stock Exchange Group PLC | 1512 | 130441 |
|  M&G PLC | 11649 | 26455 |
|  Melrose Industries PLC | 17586 | 28596 |
|  Mondi PLC | 2203 | 37539 |
|  National Grid PLC | 16900 | 203781 |
|  NatWest Group PLC | 25039 | 80278 |
|  Next PLC | 595 | 41764 |
|  Ocado Group PLC <sup>(A)</sup> | 2724 | 20312 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 10** 

------

##### [**Table of Contents**](#toc)
**Transamerica MSCI EAFE Index VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | | |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
|  Pearson PLC | 3073 | $34892 |
|  Persimmon PLC | 1443 | 21231 |
|  Phoenix Group Holdings PLC | 3708 | 27282 |
|  Prudential PLC | 12946 | 176466 |
|  Reckitt Benckiser Group PLC | 3352 | 233175 |
|  RELX PLC | 8989 | 248643 |
|  Rentokil Initial PLC | 11731 | 72046 |
|  Rio Tinto PLC | 5262 | 368839 |
|  Rolls-Royce Holdings PLC <sup>(A)</sup> | 39559 | 44573 |
|  Sage Group PLC | 4596 | 41428 |
|  Schroders PLC | 3241 | 17083 |
|  Segro PLC, REIT | 5626 | 51937 |
|  Severn Trent PLC | 1166 | 37369 |
|  Shell PLC | 33706 | 947819 |
|  Smith & Nephew PLC | 4141 | 55544 |
|  Smiths Group PLC | 1756 | 33935 |
|  Spirax-Sarco Engineering PLC | 340 | 43632 |
|  SSE PLC | 4904 | 101499 |
|  St. James's Place PLC | 2543 | 33664 |
|  Standard Chartered PLC | 11872 | 89331 |
|  Taylor Wimpey PLC | 16290 | 20019 |
|  Tesco PLC | 34863 | 94495 |
|  Unilever PLC | 11795 | 596335 |
|  United Utilities Group PLC | 3186 | 38186 |
|  Vodafone Group PLC | 123174 | 125443 |
|  Whitbread PLC | 897 | 27870 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | | |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
|  WPP PLC | 5321 | $52762 |
|  |  | 9735357 |
|  **Total Common Stocks <br>(Cost $65,750,266)** | **Total Common Stocks <br>(Cost $65,750,266)** | 66002952 |
| **PREFERRED STOCKS - 0.5%** | **PREFERRED STOCKS - 0.5%** | **PREFERRED STOCKS - 0.5%** |
| **Germany - 0.5%** | **Germany - 0.5%** | **Germany - 0.5%** |
|  Bayerische Motoren Werke AG, <br>7.32% <sup>(D)</sup> | 261 | 22225 |
|  Dr. Ing. h.c. F. Porsche AG, <br>0.00% <sup>(A)</sup> | 532 | 53958 |
|  Henkel AG & Co. KGaA, <br>2.84% <sup>(D)</sup> | 800 | 55681 |
|  Porsche Automobil Holding SE, <br>5.00% <sup>(D)</sup> | 712 | 39053 |
|  Sartorius AG, <br>0.34% <sup>(D)</sup> | 111 | 43892 |
|  Volkswagen AG, <br>22.88% <sup>(D)</sup> | 869 | 108296 |
|  **Total Preferred Stocks <br>(Cost $392,786)** | **Total Preferred Stocks <br>(Cost $392,786)** | 323105 |
|  **Total Investments <br>(Cost $66,143,052)** | **Total Investments <br>(Cost $66,143,052)** | 66326057 |
|  **Net Other Assets (Liabilities) - 0.9%** |  | 591020 |
|  **Net Assets - 100.0%** |  | **$66917077** |

---

**FUTURES CONTRACTS:** 

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Long Futures Contracts** | **Long Futures Contracts** | **Long Futures Contracts** | **Long Futures Contracts** | **Long Futures Contracts** | **Long Futures Contracts** | **Long Futures Contracts** |
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  MSCI EAFE Index | 6 | 03/17/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;593357 | $&nbsp;&nbsp;&nbsp;&nbsp;584820 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;(8537) |

---

**INVESTMENTS BY INDUSTRY (unaudited):** 

------

---

| | | |
|:---|:---|:---|
| **Industry** | **Percentage of<br>Total Investments** | **Value** |
|  Banks | 9.8% | $6480003 |
|  Pharmaceuticals | 9.5 | 6331333 |
|  Insurance | 5.4 | 3598576 |
|  Oil, Gas & Consumable Fuels | 4.9 | 3244321 |
|  Metals & Mining | 3.8 | 2503178 |
|  Food Products | 3.4 | 2239091 |
|  Textiles, Apparel & Luxury Goods | 3.3 | 2219826 |
|  Chemicals | 3.0 | 2018092 |
|  Automobiles | 3.0 | 2015880 |
|  Machinery | 2.9 | 1905776 |
|  Semiconductors & Semiconductor Equipment | 2.8 | 1853733 |
|  Capital Markets | 2.7 | 1775130 |
|  Beverages | 2.2 | 1432368 |
|  Personal Products | 2.0 | 1353160 |
|  Electric Utilities | 2.0 | 1298119 |
|  Diversified Telecommunication Services | 1.8 | 1211574 |
|  Health Care Equipment & Supplies | 1.7 | 1153887 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 11** 

------

##### [**Table of Contents**](#toc)
**Transamerica MSCI EAFE Index VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

**INVESTMENTS BY INDUSTRY (unaudited) (continued):** 

------

---

| | | |
|:---|:---|:---|
| **Industry** | **Percentage of<br>Total Investments** | **Value** |
|  Electrical Equipment | 1.7% | $1117028 |
|  Industrial Conglomerates | 1.7 | 1098601 |
|  Professional Services | 1.6 | 1028146 |
|  Trading Companies & Distributors | 1.5 | 965653 |
|  Electronic Equipment, Instruments & Components | 1.4 | 947159 |
|  Software | 1.4 | 940842 |
|  Hotels, Restaurants & Leisure | 1.4 | 940312 |
|  IT Services | 1.4 | 939620 |
|  Real Estate Management & Development | 1.4 | 919381 |
|  Aerospace & Defense | 1.4 | 917946 |
|  Food & Staples Retailing | 1.3 | 868778 |
|  Equity Real Estate Investment Trusts | 1.2 | 812530 |
|  Wireless Telecommunication Services | 1.1 | 762545 |
|  Household Durables | 1.1 | 750787 |
|  Biotechnology | 1.1 | 704133 |
|  Building Products | 1 | 679223 |
|  Multi-Utilities | 1 | 636408 |
|  Tobacco | 0.9 | 612074 |
|  Entertainment | 0.9 | 575168 |
|  Construction & Engineering | 0.8 | 517024 |
|  Diversified Financial Services | 0.8 | 500582 |
|  Specialty Retail | 0.7 | 482264 |
|  Household Products | 0.7 | 469123 |
|  Road & Rail | 0.7 | 450729 |
|  Internet & Direct Marketing Retail | 0.6 | 412693 |
|  Auto Components | 0.6 | 394719 |
|  Commercial Services & Supplies | 0.5 | 355253 |
|  Air Freight & Logistics | 0.5 | 352685 |
|  Construction Materials | 0.5 | 346443 |
|  Life Sciences Tools & Services | 0.5 | 310119 |
|  Media | 0.5 | 298905 |
|  Technology Hardware, Storage & Peripherals | 0.4 | 290419 |
|  Marine | 0.4 | 254890 |
|  Transportation Infrastructure | 0.4 | 250038 |
|  Multiline Retail | 0.4 | 239737 |
|  Gas Utilities | 0.4 | 234550 |
|  Paper & Forest Products | 0.3 | 231400 |
|  Communications Equipment | 0.3 | 197549 |
|  Health Care Providers & Services | 0.3 | 184665 |
|  Interactive Media & Services | 0.2 | 135798 |
|  Leisure Products | 0.2 | 127329 |
|  Airlines | 0.1 | 96436 |
|  Water Utilities | 0.1 | 75555 |
|  Containers & Packaging | 0.1 | 73664 |
|  Independent Power & Renewable Electricity Producers | 0.1 | 62252 |
|  Health Care Technology | 0.1 | 54526 |
|  Energy Equipment & Services | 0.1 | 37096 |
|  Distributors | 0.0<sup>(C</sup><sup>)</sup> | 22060 |
|  Diversified Consumer Services | 0.0<sup>(C</sup><sup>)</sup> | 17173 |
|  **Investments** | **100.0** | **66326057** |
|  **Total Investments** | **100.0%** | $**66326057** |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 12** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(E)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Common Stocks | $360173 | $65642779 | $— | $66002952 |
|  Preferred Stocks |  | 323105 |  | 323105 |
|  **Total Investments** | $**360173** | $**65965884** | $**—** | $**66326057** |
|  **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** |
|  **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** |
|  Futures Contracts <sup>(F)</sup> | $(8537) | $— | $— | $(8537) |
|  **Total Other Financial Instruments** | $**(8537)** | $**—** | $**—** | $**(8537)** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *Non-income producing securities.* 

(B) *Securities are exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2022, the total value of 144A securities is $962,479, representing 1.4% of the Portfolio's net assets.* 

(C) *Percentage rounds to less than 0.1% or (0.1)%.* 

(D) *Rates disclosed reflect the yields at December 31, 2022.* 

(E) *There were no transfers in or out of Level 3 during the year ended December 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

(F) *Derivative instruments are valued at unrealized appreciation (depreciation).* 

**PORTFOLIO ABBREVIATIONS:** 

---

| | |
|:---|:---|
| *ADR* | *American Depositary Receipt* |
| *CDI* | *CHESS Depositary Interests* |
| *CVA* | *Commanditaire Vennootschap op Aandelen (Dutch Certificate)* |
| *EAFE* | *Europe, Australasia and Far East* |
| *J-REIT* | *Japan-Real Estate Investment Trust* |
| *REIT* | *Real Estate Investment Trust* |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 13** 

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**STATEMENT OF ASSETS AND LIABILITIES** 

**At December 31, 2022** 

---

| | |
|:---|:---|
|  **Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value (cost $66,143,052) | $66326057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | 145810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral pledged at broker for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 31024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value (cost $61,100) | 61478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables and other assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 225738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 65773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax reclaims | 187109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from investment manager | 4937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 150 |
|  Total assets | 67048076 |
|  **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables and other liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest redeemed | 48641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 12788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 16032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 40226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 6227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin payable on futures contracts | 5594 |
|  Total liabilities | 130999 |
|  **Net assets** | $66917077 |
|  **Net assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital stock ($0.01 par value) | $61212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 66407806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) | 448059 |
|  **Net assets** | $&nbsp;&nbsp;&nbsp;&nbsp;66917077 |
|  **Net assets by class:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | $7306949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 59610128 |
|  **Shares outstanding:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 665272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 5455892 |
|  **Net asset value and offering price per share:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | $10.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 10.93 |

---

**STATEMENT OF OPERATIONS** 

**For the year ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $2242177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-cash dividend income | 158105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withholding taxes on foreign income | (208177) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 2192690 |
|  **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 75315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 152503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agency costs |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 2892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 84018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 155610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 4305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 20262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses before waiver and/or reimbursement and recapture | 496473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses waived and/or reimbursed: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (24890) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (202553) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recapture of previously waived and/or reimbursed fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 6392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 276299 |
|  **Net investment income (loss)** | 1916391 |
|  **Net realized gain (loss) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (343157) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (218136) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (48811) |
|  Net realized gain (loss) | (610104) |
|  **Net change in unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (12868124) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (32337) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Translation of assets and liabilities denominated in foreign currencies | (3993) |
|  Net change in unrealized appreciation (depreciation) | (12904454) |
|  Net realized and change in unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(13514558) |
|  **Net increase (decrease) in net assets resulting from operations** | $(11598167) |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 14** 

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**STATEMENT OF CHANGES IN NET ASSETS** 

**For the years ended:** 

---

| | | |
|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2021** |
|  **From operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $1916391 | $1792832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (610104) | 81754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (12904454) | 5497449 |
|  Net increase (decrease) in net assets resulting from operations | (11598167) | 7372035 |
|  **Dividends and/or distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (239445) | (125097) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (1781368) | (976863) |
|  Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (2020813) | (1101960) |
|  **Capital share transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 1737524 | 1774940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 5491344 | 11043544 |
|  | 7228868 | 12818484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 239445 | 125097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 1781368 | 976863 |
|  | 2020813 | 1101960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (1539833) | (772545) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (5878359) | (6395820) |
|  | (7418192) | (7168365) |
|  Net increase (decrease) in net assets resulting from capital share transactions | 1831489 | 6752079 |
|  **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp;&nbsp;(11787491) | 13022154 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 78704568 | 65682414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $66917077 | $&nbsp;&nbsp;&nbsp;&nbsp;78704568 |
|  **Capital share transactions - shares:** | **Capital share transactions - shares:** | **Capital share transactions - shares:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 150051 | 139063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 473675 | 857774 |
|  | 623726 | 996837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 22696 | 9448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 169654 | 74117 |
|  | 192350 | 83565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (133059) | (59523) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (531214) | (502200) |
|  | (664273) | (561723) |
|  Net increase (decrease) in shares outstanding: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 39688 | 88988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 112115 | 429691 |
|  | 151803 | 518679 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 15** 

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**FINANCIAL HIGHLIGHTS** 

**For a share outstanding during the period and years indicated:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018 <sup>(A)</sup>** |
|  **Net asset value, beginning of period/year** | $13.25 | $12.10 | $11.40 | $9.53 | $11.61 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(B)</sup> | 0.34 | 0.35 | 0.24 | 0.30 | 0.19 |
|  Net realized and unrealized gain (loss) | (2.25) | 1.01 | 0.65 | 1.72 | (2.21) |
|  Total investment operations | (1.91) | 1.36 | 0.89 | 2.02 | (2.02) |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income | (0.36) | (0.21) | (0.18) | (0.15) | (0.04) |
|  Net realized gains |  |  | (0.01) |  | (0.02) |
|  Total dividends and/or distributions to shareholders | (0.36) | (0.21) | (0.19) | (0.15) | (0.06) |
|  **Net asset value, end of period/year** | $10.98 | $13.25 | $12.10 | $11.40 | $9.53 |
|  **Total return** | &nbsp;&nbsp;&nbsp;&nbsp;(14.28)% | 11.26% | 8.12% | 21.32% | &nbsp;&nbsp;&nbsp;&nbsp;(17.43)% <sup>(C)</sup> |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of period/year (000's) | $7307 | $&nbsp;&nbsp;&nbsp;&nbsp;8288 | $&nbsp;&nbsp;&nbsp;&nbsp;6492 | $&nbsp;&nbsp;&nbsp;&nbsp;3937 | $1230 |
|  Expenses to average net assets | Expenses to average net assets | Expenses to average net assets | Expenses to average net assets | Expenses to average net assets | Expenses to average net assets |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.50% | 0.34% | 0.57% | 0.59% | 1.95 %<sup>(D)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.18% | 0.18% | 0.18% | 0.18% | 0.18 %<sup>(D)</sup> |
|  Net investment income (loss) to average net assets | 3.04% | 2.67% | 2.29% | 2.85% | 1.94 %<sup>(D)</sup> |
|  Portfolio turnover rate | 4% | 3% | 3% | 5% | 2% |

---

(A) *Commenced operations on January 12, 2018.* 

(B) *Calculated based on average number of shares outstanding.* 

(C) *Not annualized.* 

(D) *Annualized.* 

**For a share outstanding during the years indicated:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $13.18 | $12.04 | $11.37 | $9.51 | $11.15 |
|  **Investment operations:** |  |  |  |  |  |
|  Net investment income (loss) <sup>(A)</sup> | 0.31 | 0.31 | 0.21 | 0.28 | 0.26 |
|  Net realized and unrealized gain (loss) | (2.23) | 1.02 | 0.64 | 1.71 | (1.84) |
|  Total investment operations | (1.92) | 1.33 | 0.85 | 1.99 | (1.58) |
|  **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
|  Net investment income | (0.33) | (0.19) | (0.17) | (0.13) | (0.04) |
|  Net realized gains |  |  | (0.01) |  | (0.02) |
|  Total dividends and/or distributions to shareholders | (0.33) | (0.19) | (0.18) | (0.13) | (0.06) |
|  **Net asset value, end of year** | $10.93 | $13.18 | $12.04 | $11.37 | $9.51 |
|  **Total return** | (14.45)% | 10.95% | 7.81% | 21.10% | (14.23)% |
|  **Ratio and supplemental data:** |  |  |  |  |  |
|  Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;59610 | $&nbsp;&nbsp;&nbsp;&nbsp;70417 | $&nbsp;&nbsp;&nbsp;&nbsp;59190 | $&nbsp;&nbsp;&nbsp;&nbsp;42262 | $&nbsp;&nbsp;&nbsp;&nbsp;18533 |
|  Expenses to average net assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.75% | 0.59% | 0.82% | 0.84% | 2.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.43% | 0.43% | 0.43% | 0.43% | 0.43% |
|  Net investment income (loss) to average net assets | 2.77% | 2.41% | 2.01% | 2.62% | 2.45% |
|  Portfolio turnover rate | 4% | 3% | 3% | 5% | 2% |

---

(A) *Calculated based on average number of shares outstanding.* 

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 16** 

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**NOTES TO FINANCIAL STATEMENTS** 

**At December 31, 2022** 

**1. ORGANIZATION** 

Transamerica Series Trust ("TST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). TST applies investment company accounting and reporting guidance. TST serves as a funding vehicle for variable life insurance, variable annuity, and group annuity products. Transamerica MSCI EAFE Index VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers two classes of shares, Initial Class and Service Class.

The only shareholders of the Portfolio are affiliated insurance company separate accounts and affiliated asset allocation portfolios. Contract holders of the variable life and annuity contracts are not shareholders of the Portfolio. For ease of reference, shareholders and contract holders are collectively referred to in this report as "shareholders."

This report must be accompanied or preceded by the Portfolio's current prospectus, which contains additional information about the Portfolio, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Portfolio pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Portfolio. TAM supervises the Portfolio's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Portfolio.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of a Portfolio without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Portfolio and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Portfolio employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending portfolio combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Portfolio's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Portfolio; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for a Portfolio; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Portfolio's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; oversight of other service providers to the Portfolio, such as the custodian, the transfer agent, the Portfolio's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Portfolio; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Portfolio, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Portfolio. The Portfolio pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the year

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**1. ORGANIZATION (continued)** 

ended December 31, 2022, (i) the expenses paid to State Street for sub-administration services by the Portfolio are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Portfolio are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES** 

In preparing the Portfolio's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Portfolio.

**Foreign currency denominated investments:** The accounting records of the Portfolio are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the closing exchange rate each day. The cost of foreign securities purchased and any realized gains or losses are translated at the prevailing exchange rates in effect on the date of the respective transaction. The Portfolio combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

Net foreign currency gains and losses resulting from changes in exchange rates include, foreign currency fluctuations between trade date and settlement date of investment security transactions, gains and losses on forward foreign currency contracts, and the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.

Foreign currency denominated assets may involve risks not typically associated with domestic transactions. These risks include revaluation of currencies, adverse fluctuations in foreign currency values, and possible adverse political, social, and economic developments, including those particular to a specific industry, country or region.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Portfolio is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Foreign taxes:** The Portfolio may be subject to taxes imposed by the countries in which it invests, with respect to its investments in issuers existing or operating in such countries. The Portfolio may also be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Portfolio accrues such taxes and recoveries as applicable when the related income or capital gains are earned or unrealized, and based upon the current interpretation of tax rules and regulations that exist in the markets in which the Portfolio invests. Some countries require governmental approval for the repatriation of investment income, capital, or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions of foreign capital remittances abroad.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Portfolio with broker/dealers with which TST has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Portfolio. In no event will commissions, paid by the Portfolio, be used to pay expenses that would otherwise be borne by any other portfolios within TST, or by any other party.

There were no commissions recaptured during the year ended December 31, 2022 by the Portfolio.

**Indemnification:** In the normal course of business, the Portfolio enters into contracts that contain a variety of representations that provide general indemnifications. The Portfolio's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio and/or its affiliates that have not yet occurred. However, based on experience, the Portfolio expects the risk of loss to be remote.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**3. INVESTMENT VALUATION** 

Effective September 8, 2022, TAM has been designated as the Portfolio's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Portfolio's Board of Trustees. The net asset value of the Portfolio is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

TAM utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels ("Levels") of inputs of the fair value hierarchy are defined as follows:

Level 1—Unadjusted quoted prices in active markets for identical securities.

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Portfolio's investments and derivative instruments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Portfolio's investments at December 31, 2022, is disclosed within the Investment Valuation section of the Schedule of Investments.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

**Fair value measurements:** Descriptions of the valuation techniques applied to the Portfolio's significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

*Equity securities:* Securities are stated at the last reported sales price or closing price on the day of valuation taken from the primary exchange where the security is principally traded. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Equities traded on inactive markets or valued by reference to similar instruments are generally categorized in Level 2 or Level 3 if inputs are unobservable.

*Foreign equity securities:* Securities in which the primary trading market closes at the same time or after the NYSE, are valued based on quotations from the primary market in which they are traded and are categorized in Level 1. Because many foreign securities markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect the events that occur after that close. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, or ETFs and the movement of certain indices of securities based on a statistical analysis of their historical relationship; such valuations generally are categorized in Level 2.

*Derivative instruments:* Centrally cleared or listed derivatives that are actively traded are valued based on quoted prices from the exchange and are categorized in Level 1 of the fair value hierarchy. Over-the-counter ("OTC") derivative contracts include forward, swap, swaption, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices. Depending on the product and the terms of the transaction, the fair value of the OTC derivative products are modeled taking into account the counterparties' creditworthiness and using a series of techniques, including simulation models. Many pricing models do not entail material subjectivity because the methodologies employed do not necessitate significant judgments and the pricing inputs are observed from actively quoted markets, as is the case of interest rate swap and option contracts. The majority of OTC derivative products valued by the Portfolio using pricing models fall into this category and are categorized within Level 2 of the fair value hierarchy or Level 3 if inputs are unobservable.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**4. SECURITIES AND OTHER INVESTMENTS** 

**Real estate investment trusts ("REITs"):** REITs are pooled investment vehicles which invest primarily in income producing real estate, or real estate related loans or interests. Distributions received by REITs are classified at management's estimate of the dividend income, return of capital and capital gains. Estimates are based on information available at year-end, which includes the previous fiscal year's classification. The actual amounts of dividend income, return of capital, and capital gains are only determined by each REIT after the fiscal year end and may differ from the estimated amounts. Upon notification from the REITs, some of the distributions received may be re-classified and recorded as a return of capital or capital gains. There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

REITs held at December 31, 2022, if any, are identified within the Schedule of Investments.

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

The Portfolio may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Portfolio invests borrowing proceeds in other securities, the Portfolio will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Portfolio may borrow on a secured or on an unsecured basis. If the Portfolio enters into a secured borrowing arrangement, a portion of the Portfolio's assets will be used as collateral. The 1940 Act requires the Portfolio to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Portfolio's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Portfolio may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the year ended December 31, 2022, the Portfolio has not utilized the program.

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS** 

The Portfolio's investment strategies allow the Portfolio to use various types of derivative contracts, including option contracts, swap agreements, futures contracts, and forward foreign currency contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or OTC.

**Market Risk Factors:** In pursuit of the Portfolio's investment strategies, the Portfolio may seek to use derivatives to increase or decrease its exposure to certain market risks, including:

*Interest rate risk:* Interest rate risk relates to the fluctuations in the value of fixed income securities due to changes in the prevailing levels of market interest rates.

*Foreign exchange rate risk:* Foreign exchange rate risk relates to fluctuations in the value of an asset or liability due to changes in the currency exchange rates.

*Equity risk:* Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

*Credit risk:* Credit risk relates to the ability of the issuer of a financial instrument to make further principal or interest payments on an obligation or commitment that it has to the Portfolio.

*Commodity risk:* Commodity risk relates to the change in value of commodities or commodity indices as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

The Portfolio is also exposed to additional risks from investing in derivatives, such as liquidity and counterparty credit risk. Liquidity risk is the risk that the Portfolio will be unable to sell or close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligations to the Portfolio. Investing in derivatives may also involve

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)** 

greater risks than investing directly in the underlying assets, such as losses in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

The Portfolio's exposure to market risk factors and certain other associated risks are summarized by derivative type as follows:

**Futures contracts:** The Portfolio is subject to equity and commodity risk, interest rate risk, and foreign exchange rate risk in the normal course of pursuing its investment objective. The Portfolio uses futures contracts to gain exposure to, or hedge against, changes in the value of equities and commodities, interest rates, or foreign currencies. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date. Upon entering into such contracts, the Portfolio is required to deposit with the broker, either in cash or in securities, an initial margin in an amount equal to a certain percentage of the contract amount. Subsequent payments (variation margin) are paid or received by the Portfolio, depending on the daily fluctuations in the value of the contract, and are recorded for financial statement purposes as unrealized gains or losses by the Portfolio. Upon entering into such contracts, the Portfolio bears the risk of equity and commodity prices, interest rates, or exchange rates moving unexpectedly, in which case, the Portfolio may not achieve the anticipated benefits of the futures contracts and may realize losses. With futures, there is minimal counterparty credit risk to the Portfolio since futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange.

Open futures contracts at December 31, 2022, if any, are listed within the Schedule of Investments. Variation margin, if applicable, is shown in Variation margin receivable or payable on futures contracts within the Statement of Assets and Liabilities.

The following is a summary of the location and the Portfolio's fair values of derivative investments disclosed, if any, within the Statement of Assets and Liabilities, categorized by primary market risk exposure as of December 31, 2022.

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|:---|:---|:---|:---|:---|:---|:---|
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  Futures contracts: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) <sup>(A) (B)</sup> | $— | $— | $(8537) | $— | $— | $(8537) |
|  **Total** | $**—** | $**—** | $**(8537)** | $**—** | $**—** | $**(8537)** |

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(A) *May include exchange-traded derivatives which are not subject to a master netting arrangement, or another similar arrangement.* 

(B) *Included within unrealized appreciation (depreciation) on futures contracts as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.* 

The following is a summary of the location and the effect of derivative investments, if any, within the Statement of Operations, categorized by primary market risk exposure as of December 31, 2022.

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|:---|:---|:---|:---|:---|:---|:---|
| **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** |
| **Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  Futures contracts | $— | $— | $(218136) | $— | $— | $(218136) |
|  **Total** | $**—** | $**—** | $**(218136)** | $**—** | $**—** | $**(218136)** |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** |
| **Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  Futures contracts | $— | $— | $(32337) | $— | $— | $(32337) |
|  **Total** | $**—** | $**—** | $**(32337)** | $**—** | $**—** | $**(32337)** |

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)** 

The following is a summary of the ending monthly average volume on derivative activity during the year ended December 31, 2022.

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|  **Futures contracts:** |  |
|  Average notional value of contracts – long | $&nbsp;&nbsp;&nbsp;&nbsp;1069205 |

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*Collateral requirements:* Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (futures contracts, exchange-traded options, and exchange-traded swap agreements) while collateral terms are contract specific for OTC derivatives (forward foreign currency exchange contracts, OTC options, and OTC swap agreements). For OTC derivatives, under standard derivatives agreements, the Portfolio may be required to pledge collateral on derivatives to a counterparty if the Portfolio is in a net liability position, and receive collateral if in a net positive position. For financial reporting purposes, cash collateral that has been pledged by the Portfolio to cover obligations, if any, is reported in Cash collateral at broker within the Statement of Assets and Liabilities. Cash collateral that has been received by the Portfolio from a counterparty, if any, is reported separately in Cash collateral pledged at custodian and/or broker within the Statement of Assets and Liabilities. Non-cash collateral pledged to the Portfolio, if any, is disclosed within the Schedule of Investments.

Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold before a transfer has been made. Typically a counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The Portfolio generally does not use non-cash collateral that it receives but may, absent default or certain other circumstances, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty.

To the extent amounts due to the Portfolio from its counterparties are not fully collateralized, contractually or otherwise, the Portfolio bears the risk of loss from counterparty non-performance. Additionally, to the extent the Portfolio has delivered collateral to a counterparty, the Portfolio bears the risk of loss from a counterparty in the event the counterparty fails to return such collateral. Counterparties may immediately terminate derivatives contracts if the Portfolio fails to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages. Collateral may not be required for all derivative contracts.

**7. RISK FACTORS** 

Investing in the Portfolio involves certain key risks related to the Portfolio's trading activity. Please reference the Portfolio's prospectus for a more complete discussion of the following risk(s), as well as other risks of investing in the Portfolio.

**Market risk:** The market prices of the Portfolio's securities and other assets may go up or down, sometimes sharply and unpredictably, due to general market conditions, overall economic trends or events, inflation, changes in interest rates, government actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by wars, tariffs, trade disputes or other factors, political developments, investor sentiment, the global and domestic effects of a pandemic or other health emergency, and other factors that may or may not be related to the issuer of the security or other asset. The market prices of securities and other assets also may go down due to events or conditions that affect particular sectors, industries, issuers, or geographies. Adverse market conditions may be prolonged and may not have the same impact on all types of securities or other assets. If the value of the Portfolio's securities and assets fall, the value of your investment will go down. The Portfolio may experience a substantial or complete loss on any individual security or asset.

Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, the imposition of economic sanctions, public health events (such as the spread of infectious disease), wars, terrorism, cybersecurity events, technology and data interruptions, natural disasters, and other circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. In the past decade, financial markets throughout the world have experienced increased volatility and decreased liquidity. These conditions may continue or worsen. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down. Securities markets may also be susceptible to market manipulation or other fraudulent trade practices, which could disrupt the orderly functioning of these markets or adversely affect the value of securities traded in these markets, including the Portfolio's securities.

The pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in economic downturns throughout the world, severe losses, particularly to some sectors of the economy and individual issuers, and reduced liquidity of many instruments. There also have been significant disruptions to business operations, including business closures; strained healthcare systems; disruptions to supply chains and employee availability; large fluctuations in consumer demand; and widespread uncertainty regarding the duration and long-term effects of the pandemic. Economic downturns may be prolonged, and political and social instability, continued volatility and decreased liquidity in the securities markets may result. Developing or emerging market countries may be more impacted by the pandemic.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**7. RISK FACTORS (continued)** 

The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic. These and other government intervention into the economy and financial markets may not work as intended. In addition, government actions to mitigate the economic impact of the pandemic have resulted in large expansion of government deficits and debt, the long-term consequences of which are not known. Rates of inflation have recently risen, which could adversely affect economies and markets. The pandemic could continue to adversely affect the value and liquidity of the Portfolio's investments.

*Europe:* A number of countries in Europe have experienced severe economic and financial difficulties; and financial markets in Europe and elsewhere have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen or spread within or outside Europe. Responses to the financial problems by European governments, central banks and others may not work, may result in conflicts and social unrest and may limit future growth and economic recovery or have other unintended consequences. In January, 2020, through "Brexit," the United Kingdom withdrew from the European Union. The ramifications of Brexit are unknown, and the implications of possible political, regulatory, economic, and market outcomes could be significant. The United Kingdom has one of the largest economies in Europe and is a major trading partner with European Union countries and the United States. Brexit may create additional and substantial economic stresses for the United Kingdom, including a contraction of the United Kingdom's economy, decreased trade, capital outflows, devaluation of the British pound, and a decrease in business and consumer spending and investment. The negative impact on not only the United Kingdom and European Union economies but also the broader global economy could be significant. A number of countries in Europe have suffered terror attacks, and additional attacks may occur in the future. Europe has also been struggling with mass migration from the Middle East, Eastern Europe and Africa. The ultimate effects of these events and other socio-political or geopolitical issues could profoundly affect global economies and markets. Whether or not the Portfolio invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

*Additional Market Disruption:* Russia's invasion of Ukraine in February, 2022, the resulting responses by the United States and other countries, and the potential for wider conflict, have increased and may continue to increase volatility and uncertainty in financial markets worldwide. The United States and other countries have imposed broad-ranging economic sanctions on Russia and Russian entities and individuals, and may impose additional sanctions, including on other countries that provide military or economic support to Russia. These sanctions, among other things, restrict companies from doing business with Russia and Russian issuers, and may adversely affect companies with economic or financial exposure to Russia and Russian issuers. The extent and duration of Russia's military actions and the repercussions of such actions are not known. The invasion may widen beyond Ukraine and may escalate, including through retaliatory actions and cyberattacks by Russia and even other countries. These events may result in further and significant market disruptions and may adversely affect regional and global economies including those of Europe and the United States. Certain industries and markets, such as those involving oil, natural gas and other commodities, as well as global supply chains, may be particularly adversely affected. Whether or not the Portfolio invests in securities of issuers located in Russia, Ukraine and adjacent countries or with significant exposure to issuers in these countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

**Passive strategy/index risk:** The Portfolio is managed with a passive investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the index or of the actual securities comprising the index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Portfolio's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the index will affect the performance, volatility, and risk of the index and, consequently, the performance, volatility, and risk of the Portfolio.

**Index fund risk:** While the Portfolio seeks to track the performance of the MSCI EAFE Index (i.e., achieve a high degree of correlation with the index), the Portfolio's return may not match the return of the index. The Portfolio incurs a number of operating expenses not applicable to the index, and incurs costs in buying and selling securities. In addition, the Portfolio may not be fully invested at times, generally as a result of cash flows into or out of the Portfolio or reserves of cash held by the Portfolio to meet redemptions. The Portfolio may attempt to replicate the index return by investing in fewer than all of the securities in the index, or in some securities not included in the index, potentially increasing the risk of divergence between the Portfolio's return and that of the index.

**8. FEES AND OTHER AFFILIATED TRANSACTIONS** 

TST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Transamerica Life Insurance Company ("TLIC"), and Transamerica Financial Life Insurance Company.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

TAM, the Portfolio's investment manager, is directly owned by TLIC and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon NV. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon NV, a Netherlands corporation, and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Portfolio's transfer agent. Transamerica Capital, Inc. ("TCI") is the Portfolio's distributor/principal underwriter. TAM, TFS, and TCI are affiliates of Aegon NV.

Certain officers and trustees of the Portfolio are also officers and/or trustees of TAM, TFS and TCI. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Portfolio. The Portfolio does pay non-interested persons (independent trustees), as disclosed in Trustee, CCO and deferred compensation fees within the Statement of Operations.

**Investment management fees:** TAM serves as the Portfolio's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Portfolio pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Portfolio pays a management fee to TAM at an annual rate of 0.11% of daily average net assets.

TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses, reorganization expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

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| | | |
|:---|:---|:---|
| | **Operating<br>Expense Limit** | **Operating**<br> **Expense Limit**<br> **Effective Through** |
|  Initial Class | 0.18% | May 1, 2023 |
|  Service Class | 0.43 | May 1, 2023 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended December 31, 2022 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Portfolio, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

For the 36-month period ended December 31, 2022, the balances available for recapture by TAM are as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Amounts Available** | **Amounts Available** | **Amounts Available** | |
| <br>**Class** | **2020** | **2021** | **2022** |<br>**Total** |
|  Initial Class | $22889 | $12023 | $24890 | $59802 |
|  Service Class | &nbsp;&nbsp;&nbsp;&nbsp;213382 | &nbsp;&nbsp;&nbsp;&nbsp;105815 | &nbsp;&nbsp;&nbsp;&nbsp;202553 | &nbsp;&nbsp;&nbsp;&nbsp;521750 |

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**Distribution and service fees:** TST has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, TST entered into a distribution agreement with TCI as the Portfolio's distributor.

The Distribution Plan requires the Portfolio to pay distribution fees to TCI as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCI, on behalf of the Portfolio, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Portfolio's shares.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

The fee on the Service Class shares is paid to the insurance companies for providing services and account maintenance for the policyholders who invest in the variable insurance products which invest in the Service Class shares. TCI has determined that it will not seek payment for the distribution expenses incurred by the Portfolio with respect to the Initial Class shares before May 1, 2023. Prior to TCI seeking distribution expenses on Initial Class shares, policy and contract owners will be notified in advance. The Portfolio will pay fees relating to Service Class shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Portfolio is authorized under the Distribution Plan to pay fees to TCI based on daily average net assets of each class up to the following annual rates:

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| | |
|:---|:---|
| **Class** | **Rate** |
|  Initial Class | 0.15% |
|  Service Class | 0.25 |

---

**Transfer agent costs:** TFS provides transfer agency services under an intercompany agreement with TAM. TFS has outsourced the provision of certain sub-transfer agency services to SS&C Technology Holdings, Inc ("SS&C"). The Portfolio does not pay a separate transfer agent fee to TAM or TFS but does pay certain expenses to SS&C related to applicable sub-transfer agency services. For the year ended December 31, 2022, (i) the expenses paid to SS&C by the Portfolio are referred to as Transfer agent costs and are included within the Statement of Operations and (ii) the expenses payable to SS&C by the Portfolio are referred to as Transfer agent costs within the Statement of Assets and Liabilities.

**Deferred compensation plan:** Effective September 23, 2021, the Board has approved the termination of the deferred compensation plan. Payments will be made to applicable current and former Board members consistent with Section 409A of the Code. Under a non-qualified deferred compensation plan effective January 1, 1996, as amended and restated January 1, 2010, available to the trustees, compensation may be deferred that would otherwise be payable by TST to an independent trustee on a current basis for services rendered as trustee. Deferred compensation amounts will accumulate based on the value of the investment option, as elected by the trustee. Balances pursuant to deferred compensation plan are recorded in Trustees, Chief Compliance Officer ("CCO") and deferred compensation fees within the Statement of Assets and Liabilities. For the year ended December 31, 2022, amounts included in Trustees, CCO and deferred compensation fees within the Statement of Operations reflect total compensation paid to the independent Board members.

**Brokerage commissions:** The Portfolio incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the year ended December 31, 2022.

**9. PURCHASES AND SALES OF SECURITIES** 

For the year ended December 31, 2022, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $5052809 | $— | $2892939 | $— |

---

**10. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS** 

The Portfolio has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Portfolio recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Portfolio's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Portfolio's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Portfolio's financial statements. If applicable, the Portfolio recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Portfolio identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Portfolio makes significant investments; however, the Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**10. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)** 

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales, forward contracts mark to market, futures contracts mark to market, passive foreign investment companies and partnership basis adjustments. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. There are no reclassifications in the current year.

As of December 31, 2022, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

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| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross<br>Appreciation** | **Gross<br>(Depreciation)** | **Net Appreciation<br>(Depreciation)** |
| $66554111 | $7172804 | $(7400301) | $(227497) |

---

As of December 31, 2022, the capital loss carryforwards available to offset future realized capital gains are as follows:

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| | |
|:---|:---|
| **Unlimited** | **Unlimited** |
| **Short-Term** | **Long-Term** |
| $282322 | $765320 |

---

During the year ended December 31, 2022, the Portfolio did not have any capital loss carryforwards utilized or expired.

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2022 and 2021 are as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** |
| **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of Capital** | **Ordinary**<br> **Income** | **Long-Term<br>Capital Gain** | **Return of Capital** |
| $2020813 | $— | $— | $1101960 | $— | $— |

---

As of December 31, 2022, the tax basis components of distributable earnings are as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Capital Loss<br>Carryforwards** | **Late Year<br>Ordinary Loss<br>Deferred** | **Other Temporary<br>Differences** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| $1726411 | $— | $(1047642) | $— | $— | $(230710) |

---

**11. NEW ACCOUNTING PRONOUNCEMENT** 

In June 2022, the Financial Accounting Standards Board issued Accounting Standards Update No. 2022-03 ("ASU 2022-03"), "Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions" ("Topic 820"). ASU 2022-03 clarifies the guidance in Topic 820, related to the measurement of the fair value of an equity security subject to contractual sale restrictions, where it eliminates the need to apply a discount to fair value of these securities, and introduces disclosure requirements related to such equity securities. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. Management is currently evaluating the implications, if any, of the additional requirements and its impact on the Portfolio's financial statements.

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**Report of Independent Registered Public Accounting Firm** 

*To the Shareholders and the Board of Trustees of Transamerica MSCI EAFE Index VP* 

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities of Transamerica MSCI EAFE Index VP (the "Portfolio") (one of the portfolios constituting Transamerica Series Trust (the "Trust")), including the schedule of investments, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the portfolios constituting Transamerica Series Trust) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion** 

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g438566ernst_young.jpg)

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

February 27, 2023

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**SUPPLEMENTAL TAX INFORMATION** 

**(unaudited)** 

For tax purposes, the Portfolio has made no long-term capital gain designations for the year ended December 31, 2022.

The amounts which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the U.S. are as follows:

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| | |
|:---|:---|
| **Foreign Source Income** | **Foreign Taxes** |
| $2124531 | $205296 |

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**(unaudited)** 

**MARKET ENVIRONMENT** 

**Aegon USA Investment Management, LLC** 

From a macro and markets perspective, the fiscal year ended 2022 was a year of significant monetary tightening. A myriad of macro headwinds took hold in the first quarter of the year that rattled the markets off the course to normalization and remained a concern for the rest of the year. The COVID-19 omicron variant was a mere bug bite in comparison to the stinging inflation story, a hawkish U.S. Federal Reserve ("Fed") and the outbreak of the Russia-Ukraine war. These events not only threw markets into the most volatile quarter since the start of the COVID-19 pandemic, but also further exacerbated supply chain bottlenecks. While the Fed formally embarked on its tightening cycle by increasing the federal funds rate by 0.25% at the start of the year, it was the more hawkish tone that initially spooked markets.

The second quarter brought the continuation of inflation, aggressive Fed action, choked supply chains and the ongoing war in Ukraine, which all weighed on the already weary consumers, whose confidence was clearly waning. First quarter headline gross domestic product showed significant changes in its underlying parts, raising concerns about the path of growth in the second half of the year. Consumer confidence continued to weaken in the second quarter as high inflation ate into real purchasing power.

The market spent much of the third quarter focused on persistently high inflation and the Fed's efforts to tame it. The Fed again raised the federal funds rate by 0.75% at its September meeting, bringing the target range to 3.00% to 3.25%. Meanwhile, on the inflation front, the August Consumer Price Index ("CPI") reading showed both the headline and the core CPI readings came in hotter-than-expected. August's Core Personal Consumption Expenditures Index also reflected higher-than-expected inflation. These broad underlying price pressures indicated the Fed would continue on its hawkish path.

Market volatility persisted into the fourth quarter. The November Purchasing Managers Index fell to its lowest reading since May 2020 and below its neutral rate of 50, indicating the manufacturing sector had entered contractionary territory as higher borrowing costs started to weigh on demand for goods. While the economy showed signs of cooling, strong consumer demand coupled with a tight labor market indicated the Fed may need to keep interest rates higher for longer. It did, announcing another 0.50% rate increase at its December meeting, bringing rates to their highest level in 15 years.

**J.P. Morgan Investment Management Inc.** 

The S&P 500<sup>®</sup> Index ("S&P 500<sup>®</sup>" or "Index") faced its worst year since 2008, returning -18.11% for the year ended December 31, 2022. Communication services and consumer discretionary were the worst performing sectors in 2022, while energy and utilities were the only sectors posting positive returns for the year.

After three years of strength, equity markets were whiplashed with bouts of volatility, beginning with geopolitical tensions leading to the Russia-Ukraine war. As a result, rising oil and gas prices led to energy sector strength while pressuring manufacturing costs and already stressed global supply chains. Moreover, concerns over high inflation and a shrinking economy in April 2022 further tested equity markets. Developed equity markets saw the worst first half in over two decades. The U.S. Federal Reserve hiked rates by a cumulative 4.25% in 2022, in an attempt to curb record high inflation. The Consumer Price Index peaked at 9.1% in June 2022 and trended downward to 7.1% in November 2022. Corporate America battled high interest rates, contraction in manufacturing and dampened consumer sentiment. Finally, earnings forecasts for 2023 witnessed sharp cuts towards the end of 2022 as recession fears mounted.

Large cap stocks, represented by the S&P 500<sup>®</sup>, outperformed small caps, as measured by the Russell 2000<sup>®</sup> Index, while the mid cap stocks of the Russell Midcap<sup>®</sup> Index outperformed both large and small caps. Value outperformed growth by a wide margin, as the Russell 3000<sup>®</sup> Value Index returned -7.99% and the Russell 3000<sup>®</sup> Growth Index returned -28.97%.

**PERFORMANCE** 

For the year ended December 31, 2022, Transamerica Multi-Managed Balanced VP, Initial Class returned -16.28%. By comparison, its primary and secondary benchmarks, the S&P 500<sup>®</sup> Index and the Bloomberg US Aggregate Bond Index, returned -18.11% and -13.01%, respectively.

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**(unaudited)** 

**STRATEGY REVIEW** 

**Aegon USA Investment Management, LLC** 

The portfolio management team maintained an overweight to risk-based assets relative to the benchmark in 2022, but this overweight was reduced throughout the year as Treasury yields became more attractive and the likelihood of the Fed being able to navigate a soft landing for the economy became less and less likely. Most duration and curve positioning were actively managed throughout the year, but in general, the Portfolio was underweight duration relative to the benchmark.

Within spread-based assets, investment grade corporate bonds remained a core overweight with a bias towards intermediate-dated credit on the view the risk-adjusted return profile is more attractive than longer-maturity bonds. Financials were favored over industrial credits due to strong fundamentals and more attractive valuations. Within industrials, we remained cautious on cyclical sectors that are most exposed to a slowing economy. We continued to see attractive risk-adjusted investment opportunities in securitized assets given excess yield and strong structural protections.

The largest contributor to Portfolio performance versus the Bloomberg US Aggregate Bond Index during the fiscal year was yield curve positioning. Spread factors were a detractor from performance during the fiscal year.

At an asset class level, the Portfolio's exposure to securitized credit, including asset-backed securities and commercial mortgage-backed securities, contributed positively to returns. An off-index allocation to non-agency residential mortgage-backed securities ("RMBS") also benefited returns. An underweight allocation to and selection within government-related securities was the biggest detractor to relative returns. Selection within agency RMBS also detracted from performance during the fiscal year.

**J.P. Morgan Investment Management Inc.** 

Stock selection in the pharmaceutical/medical technology and insurance sectors added value in the Portfolio's equity sleeve, while stock selection in the technology and media sectors detracted from benchmark relative performance.

On the positive side, within financials, the underweight to PayPal Holdings, Inc. contributed to performance during the year. PayPal Holdings, Inc. was negatively affected by both increasing digital wallet competition and slowing e-commerce growth. In the third quarter of 2022, PayPal Holdings, Inc. disclosed that its core-branded checkout button grew at slower than expected rates, suggesting market share loss, particularly to Apple Pay and buy-now-pay-later. The Portfolio remained underweight PayPal Holdings, Inc. at year-end as we believed longer-term competitive pressure will result in deteriorating revenue growth and fundamentals. Within industrial cyclicals, our overweight in Deere & Co. served as a contributor to performance in 2022. Deere & Co. outperformed despite supply chain issues given strong pricing, sustained demand amidst tight supply, and strong farmer incomes and crop prices. Notably, over the fourth quarter, Deere & Co. reported results which had stronger than anticipated volumes and price realization. Deere & Co.'s outlook for 2023 was also more bullish than anticipated with sustained strength in pricing and large volumes. The Portfolio remained overweight Deere & Co. at year-end as we felt they were uniquely positioned to leverage precision agriculture to meaningfully enhance farmer productivity.

On the negative side, within pharmaceutical/medical technology, our overweight in Baxter International Inc. detracted from performance after lowered earnings guidance disappointed the market. The company has seen an outsized negative impact from macro pressures including supply chain difficulties, higher oil prices, and foreign exchange headwinds. These factors, combined with overly optimistic expectations, led to disappointing quarterly earnings results and reductions in forward guidance. The Portfolio remained overweight Baxter International Inc. at year-end. In technology, an overweight in Seagate Technology Holdings PLC hurt relative performance. The stock was under pressure during the fiscal year after management cut its earnings and revenue forecasts, citing a worsening macroeconomic backdrop. As with the broader semiconductor industry, Seagate Technology Holdings PLC experienced the impact of an inventory correction that was deeper and longer than expected.

**Bradley D. Doyle, CFA** 

**Tyler A. Knight, CFA** 

**Brian W. Westhoff, CFA** 

**Sivakumar Rajan** 

**Co-Portfolio Managers** 

**Aegon USA Investment Management, LLC** 

**Tim Snyder, CFA** 

**Raffaele Zingone, CFA** 

**Co-Portfolio Managers** 

**J.P. Morgan Investment Management Inc.** 

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**(unaudited)** 

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|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  Common Stocks | 59.2% |
|  Corporate Debt Securities | 13.7 |
|  U.S. Government Obligations | 9.9 |
|  U.S. Government Agency Obligations | 9.6 |
|  Commercial Paper | 8.1 |
|  Mortgage-Backed Securities | 2.4 |
|  Asset-Backed Securities | 2.4 |
|  Repurchase Agreement | 1.5 |
|  Foreign Government Obligations | 0.5 |
|  Other Investment Company | 0.4 |
|  Short-Term U.S. Government Obligations | 0.3 |
|  Preferred Stocks | 0.1 |
|  Municipal Government Obligation | 0.0 \* |
|  Net Other Assets (Liabilities) ^ | (8.1) |
|  **Total** | 100.0% |

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*Current and future portfolio holdings are subject to change and risk.* 

*\** *Percentage rounds to less than 0.1% or (0.1)%.* 

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| | |
|:---|:---|
| *^* | *The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral.*  |

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| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 3** 

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**(unaudited)**![LOGO](g438566g90g58.jpg)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Initial Class | (16.28)% | 5.90% | 7.96% | 05/01/2002 |
|  S&P 500<sup>®</sup> Index <sup>(A)</sup> | (18.11)% | 9.42% | 12.56% |  |
|  Bloomberg US Aggregate Bond Index <sup>(B)</sup> | (13.01)% | 0.02% | 1.06% |  |
|  Service Class | (16.49)% | 5.65% | 7.69% | 05/01/2003 |

---

<sup>(A)</sup> *The S&P 500<sup>®</sup> Index is a market-capitalization weighted index of 500 large U.S. companies with common stock listed on the NYSE or NASDAQ.* 

<sup>(B)</sup> *The Bloomberg US Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities.* 

The Portfolio's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Year or Since Inception calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or the redemption of Portfolio shares. The Portfolio's investment return and net asset value will fluctuate. Investors' shares when redeemed may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month end. Portfolio performance is net of investment fees and Portfolio expenses, but not product charges, which, if included, would significantly lower the performance quoted.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of previously waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

The Portfolio's investments in large capitalization companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion. As a result, the Portfolio's value may not rise as much as, or may fall more than, the value of portfolios that focus on companies with smaller market capitalizations.

Fixed-income securities are subject to risks including credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk.

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**Page 4** 

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**DISCLOSURE OF EXPENSES** 

**(unaudited)** 

**SHAREHOLDER EXPENSES** 

Portfolio shareholders may incur two types of costs: (i) transaction costs, including brokerage commissions on purchases and sales of portfolio shares; and (ii) ongoing costs, including management fees, and other portfolio expenses.

The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other portfolios.

The example is based on an investment of $1,000 invested at July 1, 2022, and held for the entire six-month period until December 31, 2022.

**ACTUAL EXPENSES** 

The information in the table below provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = $8.60), then multiply the result by the number in the appropriate column for your share class titled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES** 

The information in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratios and assumed rates of return of 5% per year before expenses, which are not the Portfolio's actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Portfolio versus other portfolios. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other portfolios.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Portfolio shares. Therefore, the information under the heading "Hypothetical Expenses" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different portfolios. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries, or other financial institutions.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Actual Expenses** | **Actual Expenses** | **Hypothetical Expenses <sup>(A)</sup>** | **Hypothetical Expenses <sup>(A)</sup>** | |
| <br>**Class** |<br>**Beginning<br>Account Value<br>July 1, 2022** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** |<br>**Net Annualized<br>Expense Ratio <sup>(C)</sup>** |
|  Initial Class | $&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;998.70 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.07 | $&nbsp;&nbsp;&nbsp;&nbsp;1022.10 | $&nbsp;&nbsp;&nbsp;&nbsp;3.11 | 0.61% |
|  Service Class | 1000.00 | 998.10 | 4.33 | 1020.90 | 4.38 | 0.86 |

---

(A) *5% return per year before expenses.*

(B) *Expenses are calculated using the Portfolio's net annualized expense ratio, as disclosed in the table, multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (365 days).*

(C) *Net annualized expense ratios are reflective of applicable fee waivers and/or reimbursements and recapture, if any, and are based on the most recent six-months which may differ from the net expense ratio displayed in the Financial Highlights that covers a twelve-month period.*

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| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 5** 

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##### [**Table of Contents**](#toc)
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**SCHEDULE OF INVESTMENTS** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS - 59.2%** | **COMMON STOCKS - 59.2%** | **COMMON STOCKS - 59.2%** |
| **Aerospace & Defense - 0.9%** | **Aerospace & Defense - 0.9%** | **Aerospace & Defense - 0.9%** |
|  General Dynamics Corp. | 4480 | $1111533 |
|  Howmet Aerospace, Inc. | 12340 | 486319 |
|  Raytheon Technologies Corp. | 88922 | 8974008 |
|  Textron, Inc. | 47080 | 3333264 |
|  |  | 13905124 |
| **Air Freight & Logistics - 0.6%** | **Air Freight & Logistics - 0.6%** | **Air Freight & Logistics - 0.6%** |
|  United Parcel Service, Inc., Class B | 48880 | 8497299 |
| **Airlines - 0.0% <sup>(A)</sup>** | **Airlines - 0.0% <sup>(A)</sup>** | **Airlines - 0.0% <sup>(A)</sup>** |
|  Southwest Airlines Co. <sup>(B)</sup> | 19973 | 672491 |
| **Auto Components - 0.1%** | **Auto Components - 0.1%** | **Auto Components - 0.1%** |
|  Magna International, Inc. <sup>(C)</sup> | 23804 | 1337309 |
| **Automobiles - 0.6%** | **Automobiles - 0.6%** | **Automobiles - 0.6%** |
|  Rivian Automotive, Inc., Class A <sup>(B)</sup> <sup>(C)</sup> | 8389 | 154609 |
|  Tesla, Inc. <sup>(B)</sup> | 72231 | 8897415 |
|  |  | 9052024 |
| **Banks - 2.4%** | **Banks - 2.4%** | **Banks - 2.4%** |
|  Bank of America Corp. | 224322 | 7429545 |
|  Citigroup, Inc. | 52338 | 2367248 |
|  Fifth Third Bancorp | 90680 | 2975211 |
|  SVB Financial Group <sup>(B)</sup> | 2709 | 623449 |
|  Truist Financial Corp. | 116774 | 5024785 |
|  US Bancorp | 167175 | 7290502 |
|  Wells Fargo & Co. | 231367 | 9553143 |
|  |  | 35263883 |
| **Beverages - 1.3%** | **Beverages - 1.3%** | **Beverages - 1.3%** |
|  Coca-Cola Co. | 175820 | 11183910 |
|  Constellation Brands, Inc., Class A | 16591 | 3844964 |
|  PepsiCo, Inc. | 22390 | 4044978 |
|  |  | 19073852 |
| **Biotechnology - 2.0%** | **Biotechnology - 2.0%** | **Biotechnology - 2.0%** |
|  AbbVie, Inc. | 80662 | 13035786 |
|  Biogen, Inc. <sup>(B)</sup> | 10884 | 3013997 |
|  BioMarin Pharmaceutical, Inc. <sup>(B)</sup> | 8530 | 882770 |
|  Neurocrine Biosciences, Inc. <sup>(B)</sup> | 7900 | 943576 |
|  Regeneron Pharmaceuticals, Inc. <sup>(B)</sup> | 7680 | 5541043 |
|  Sarepta Therapeutics, Inc. <sup>(B)</sup> | 6530 | 846157 |
|  Vertex Pharmaceuticals, Inc. <sup>(B)</sup> | 16032 | 4629721 |
|  |  | 28893050 |
| **Building Products - 0.5%** | **Building Products - 0.5%** | **Building Products - 0.5%** |
|  Masco Corp. | 42843 | 1999483 |
|  Trane Technologies PLC | 34964 | 5877099 |
|  |  | 7876582 |
| **Capital Markets - 1.0%** | **Capital Markets - 1.0%** | **Capital Markets - 1.0%** |
|  Ameriprise Financial, Inc. | 7590 | 2363298 |
|  CME Group, Inc. | 22520 | 3786963 |
|  Morgan Stanley | 46270 | 3933875 |
|  Raymond James Financial, Inc. | 21310 | 2276974 |
|  State Street Corp. | 24449 | 1896509 |
|  |  | 14257619 |
| **Chemicals - 1.2%** | **Chemicals - 1.2%** | **Chemicals - 1.2%** |
|  Air Products & Chemicals, Inc. | 5846 | 1802088 |
|  Celanese Corp. | 6016 | 615076 |
|  DuPont de Nemours, Inc. | 24094 | 1653571 |
|  Eastman Chemical Co. | 32442 | 2642077 |
|  Linde PLC | 22885 | 7464629 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
|  PPG Industries, Inc. | 28610 | $3597421 |
|  |  | 17774862 |
| **Commercial Services & Supplies - 0.1%** | **Commercial Services & Supplies - 0.1%** | **Commercial Services & Supplies - 0.1%** |
|  Cintas Corp. | 2767 | 1249633 |
| **Communications Equipment - 0.1%** | **Communications Equipment - 0.1%** | **Communications Equipment - 0.1%** |
|  Motorola Solutions, Inc. | 8137 | 2096986 |
| **Construction Materials - 0.1%** | **Construction Materials - 0.1%** | **Construction Materials - 0.1%** |
|  Martin Marietta Materials, Inc. | 4060 | 1372158 |
| **Consumer Finance - 0.9%** | **Consumer Finance - 0.9%** | **Consumer Finance - 0.9%** |
|  American Express Co. | 53820 | 7951905 |
|  Capital One Financial Corp. | 7711 | 716814 |
|  S&P Global, Inc. | 13122 | 4395083 |
|  |  | 13063802 |
| **Containers & Packaging - 0.1%** | **Containers & Packaging - 0.1%** | **Containers & Packaging - 0.1%** |
|  Avery Dennison Corp. | 6633 | 1200573 |
| **Diversified Financial Services - 1.2%** | **Diversified Financial Services - 1.2%** | **Diversified Financial Services - 1.2%** |
|  Berkshire Hathaway, Inc., Class B <sup>(B)</sup> | 44558 | 13763966 |
|  Intercontinental Exchange, Inc. | 41318 | 4238814 |
|  |  | 18002780 |
| **Diversified Telecommunication Services - 0.0% <sup>(A)</sup>** | **Diversified Telecommunication Services - 0.0% <sup>(A)</sup>** | **Diversified Telecommunication Services - 0.0% <sup>(A)</sup>** |
|  Verizon Communications, Inc. | 5541 | 218315 |
| **Electric Utilities - 1.0%** | **Electric Utilities - 1.0%** | **Electric Utilities - 1.0%** |
|  FirstEnergy Corp. | 31280 | 1311883 |
|  NextEra Energy, Inc. | 124078 | 10372921 |
|  PG&E Corp. <sup>(B)</sup> | 211109 | 3432632 |
|  |  | 15117436 |
| **Electrical Equipment - 0.4%** | **Electrical Equipment - 0.4%** | **Electrical Equipment - 0.4%** |
|  Eaton Corp. PLC | 34489 | 5413049 |
| **Electronic Equipment, Instruments & Components - 0.1%** | **Electronic Equipment, Instruments & Components - 0.1%** | **Electronic Equipment, Instruments & Components - 0.1%** |
|  Corning, Inc. | 24080 | 769115 |
|  TE Connectivity Ltd. | 9070 | 1041236 |
|  |  | 1810351 |
| **Energy Equipment & Services - 0.1%** | **Energy Equipment & Services - 0.1%** | **Energy Equipment & Services - 0.1%** |
|  Baker Hughes Co. | 48720 | 1438702 |
| **Entertainment - 0.4%** | **Entertainment - 0.4%** | **Entertainment - 0.4%** |
|  Netflix, Inc. <sup>(B)</sup> | 16420 | 4841930 |
|  Walt Disney Co. <sup>(B)</sup> | 16230 | 1410062 |
|  |  | 6251992 |
| **Equity Real Estate Investment Trusts - 1.6%** | **Equity Real Estate Investment Trusts - 1.6%** | **Equity Real Estate Investment Trusts - 1.6%** |
|  Camden Property Trust | 7249 | 811018 |
|  Equinix, Inc. | 4019 | 2632566 |
|  Equity LifeStyle Properties, Inc. | 25314 | 1635284 |
|  Host Hotels & Resorts, Inc. | 23570 | 378299 |
|  Prologis, Inc. | 55726 | 6281992 |
|  SBA Communications Corp. | 15430 | 4325183 |
|  Sun Communities, Inc. | 14494 | 2072642 |
|  UDR, Inc. | 52741 | 2042659 |
|  Ventas, Inc. | 68770 | 3098088 |
|  |  | 23277731 |
| **Food & Staples Retailing - 0.5%** | **Food & Staples Retailing - 0.5%** | **Food & Staples Retailing - 0.5%** |
|  Costco Wholesale Corp. | 14720 | 6719680 |
| **Food Products - 0.3%** | **Food Products - 0.3%** | **Food Products - 0.3%** |
|  Hershey Co. | 4930 | 1141640 |

---

***The Notes to Financial Statements are an integral part of this report.***

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|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 6** 

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##### [**Table of Contents**](#toc)
**Transamerica Multi-Managed Balanced VP** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Food Products (continued)** | **Food Products (continued)** | **Food Products (continued)** |
|  Mondelez International, Inc., Class A | 43008 | $2866483 |
|  |  | 4008123 |
| **Health Care Equipment & Supplies - 1.6%** | **Health Care Equipment & Supplies - 1.6%** | **Health Care Equipment & Supplies - 1.6%** |
|  Abbott Laboratories | 43633 | 4790467 |
|  Baxter International, Inc. | 59160 | 3015385 |
|  Boston Scientific Corp. <sup>(B)</sup> | 92714 | 4289877 |
|  Dexcom, Inc. <sup>(B)</sup> | 10662 | 1207365 |
|  Intuitive Surgical, Inc. <sup>(B)</sup> | 20133 | 5342292 |
|  Medtronic PLC | 43901 | 3411986 |
|  Zimmer Biomet Holdings, Inc. | 9739 | 1241722 |
|  |  | 23299094 |
| **Health Care Providers & Services - 2.2%** | **Health Care Providers & Services - 2.2%** | **Health Care Providers & Services - 2.2%** |
|  Centene Corp. <sup>(B)</sup> | 49075 | 4024641 |
|  CVS Health Corp. | 6340 | 590824 |
|  Elevance Health, Inc. | 11458 | 5877610 |
|  Humana, Inc. | 4120 | 2110223 |
|  McKesson Corp. | 6690 | 2509553 |
|  UnitedHealth Group, Inc. | 33223 | 17614170 |
|  |  | 32727021 |
| **Hotels, Restaurants & Leisure - 1.5%** | **Hotels, Restaurants & Leisure - 1.5%** | **Hotels, Restaurants & Leisure - 1.5%** |
|  Booking Holdings, Inc. <sup>(B)</sup> | 2619 | 5278018 |
|  Chipotle Mexican Grill, Inc. <sup>(B)</sup> | 2850 | 3954346 |
|  Domino's Pizza, Inc. | 2770 | 959528 |
|  Expedia Group, Inc. <sup>(B)</sup> | 22053 | 1931843 |
|  Marriott International, Inc., Class A | 18100 | 2694909 |
|  McDonald's Corp. | 19600 | 5165188 |
|  Royal Caribbean Cruises Ltd. <sup>(B)</sup> <sup>(C)</sup> | 5750 | 284223 |
|  Yum! Brands, Inc. | 12260 | 1570261 |
|  |  | 21838316 |
| **Household Durables - 0.3%** | **Household Durables - 0.3%** | **Household Durables - 0.3%** |
|  Lennar Corp., Class A | 30701 | 2778441 |
|  PulteGroup, Inc. | 4600 | 209438 |
|  Toll Brothers, Inc. | 20860 | 1041331 |
|  |  | 4029210 |
| **Household Products - 1.2%** | **Household Products - 1.2%** | **Household Products - 1.2%** |
|  Colgate-Palmolive Co. | 68860 | 5425480 |
|  Kimberly-Clark Corp. | 23688 | 3215646 |
|  Procter & Gamble Co. | 57279 | 8681205 |
|  |  | 17322331 |
| **Industrial Conglomerates - 0.7%** | **Industrial Conglomerates - 0.7%** | **Industrial Conglomerates - 0.7%** |
|  Honeywell International, Inc. | 48919 | 10483342 |
| **Insurance - 1.2%** | **Insurance - 1.2%** | **Insurance - 1.2%** |
|  Aon PLC, Class A | 6630 | 1989928 |
|  Globe Life, Inc. | 11240 | 1354982 |
|  Progressive Corp. | 60079 | 7792847 |
|  Prudential Financial, Inc. | 10270 | 1021454 |
|  Travelers Cos., Inc. | 33440 | 6269666 |
|  |  | 18428877 |
| **Interactive Media & Services - 2.7%** | **Interactive Media & Services - 2.7%** | **Interactive Media & Services - 2.7%** |
|  Alphabet, Inc., Class A <sup>(B)</sup> | 199400 | 17593062 |
|  Alphabet, Inc., Class C <sup>(B)</sup> | 145940 | 12949256 |
|  Meta Platforms, Inc., Class A <sup>(B)</sup> | 74283 | 8939216 |
|  ZoomInfo Technologies, Inc. <sup>(B)</sup> | 22090 | 665130 |
|  |  | 40146664 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Internet & Direct Marketing Retail - 1.5%** | **Internet & Direct Marketing Retail - 1.5%** | **Internet & Direct Marketing Retail - 1.5%** |
|  Amazon.com, Inc. <sup>(B)</sup> | 267480 | $22468320 |
| **IT Services - 2.6%** | **IT Services - 2.6%** | **IT Services - 2.6%** |
|  Accenture PLC, Class A | 29508 | 7873915 |
|  Affirm Holdings, Inc. <sup>(B)</sup> <sup>(C)</sup> | 31130 | 301027 |
|  Block, Inc. <sup>(B)</sup> | 7520 | 472557 |
|  FleetCor Technologies, Inc. <sup>(B)</sup> | 16667 | 3061394 |
|  Mastercard, Inc., Class A | 42689 | 14844246 |
|  Visa, Inc., Class A | 55766 | 11585944 |
|  |  | 38139083 |
| **Life Sciences Tools & Services - 1.1%** | **Life Sciences Tools & Services - 1.1%** | **Life Sciences Tools & Services - 1.1%** |
|  Danaher Corp. | 20570 | 5459689 |
|  Thermo Fisher Scientific, Inc. | 19320 | 10639331 |
|  |  | 16099020 |
| **Machinery - 1.2%** | **Machinery - 1.2%** | **Machinery - 1.2%** |
|  Deere & Co. | 17504 | 7505015 |
|  Dover Corp. | 14640 | 1982402 |
|  Ingersoll Rand, Inc. | 10790 | 563778 |
|  Otis Worldwide Corp. | 43579 | 3412671 |
|  Parker-Hannifin Corp. | 16058 | 4672878 |
|  |  | 18136744 |
| **Media - 0.7%** | **Media - 0.7%** | **Media - 0.7%** |
|  Charter Communications, Inc., Class A <sup>(B)</sup> | 12029 | 4079034 |
|  Comcast Corp., Class A | 194877 | 6814849 |
|  |  | 10893883 |
| **Metals & Mining - 0.2%** | **Metals & Mining - 0.2%** | **Metals & Mining - 0.2%** |
|  Freeport-McMoRan, Inc. | 32710 | 1242980 |
|  Nucor Corp. | 10140 | 1336553 |
|  |  | 2579533 |
| **Multi-Utilities - 0.9%** | **Multi-Utilities - 0.9%** | **Multi-Utilities - 0.9%** |
|  Ameren Corp. | 27260 | 2423959 |
|  CenterPoint Energy, Inc. | 91957 | 2757791 |
|  Public Service Enterprise Group, Inc. | 51422 | 3150626 |
|  Sempra Energy | 29480 | 4555839 |
|  |  | 12888215 |
| **Multiline Retail - 0.1%** | **Multiline Retail - 0.1%** | **Multiline Retail - 0.1%** |
|  Target Corp. | 9400 | 1400976 |
| **Oil, Gas & Consumable Fuels - 3.0%** | **Oil, Gas & Consumable Fuels - 3.0%** | **Oil, Gas & Consumable Fuels - 3.0%** |
|  Chevron Corp. | 21762 | 3906061 |
|  ConocoPhillips | 80528 | 9502304 |
|  Coterra Energy, Inc. | 63050 | 1549139 |
|  Diamondback Energy, Inc. | 39612 | 5418129 |
|  EOG Resources, Inc. | 43278 | 5605367 |
|  Exxon Mobil Corp. | 153860 | 16970758 |
|  Phillips 66 | 13627 | 1418298 |
|  |  | 44370056 |
| **Pharmaceuticals - 2.6%** | **Pharmaceuticals - 2.6%** | **Pharmaceuticals - 2.6%** |
|  Bristol-Myers Squibb Co. | 126035 | 9068218 |
|  Eli Lilly & Co. | 28250 | 10334980 |
|  Johnson & Johnson | 49243 | 8698776 |
|  Merck & Co., Inc. | 60798 | 6745538 |
|  Pfizer, Inc. | 60844 | 3117647 |
|  |  | 37965159 |
| **Professional Services - 0.2%** | **Professional Services - 0.2%** | **Professional Services - 0.2%** |
|  Booz Allen Hamilton Holding Corp. | 8100 | 846612 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 7** 

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##### [**Table of Contents**](#toc)
**Transamerica Multi-Managed Balanced VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** |
|  Leidos Holdings, Inc. | 23742 | $2497421 |
|  |  | 3344033 |
| **Road & Rail - 0.7%** | **Road & Rail - 0.7%** | **Road & Rail - 0.7%** |
|  CSX Corp. | 56950 | 1764311 |
|  Norfolk Southern Corp. | 19337 | 4765023 |
|  Uber Technologies, Inc. <sup>(B)</sup> | 28590 | 707031 |
|  Union Pacific Corp. | 16122 | 3338383 |
|  |  | 10574748 |
| **Semiconductors & Semiconductor Equipment - 3.4%** | **Semiconductors & Semiconductor Equipment - 3.4%** | **Semiconductors & Semiconductor Equipment - 3.4%** |
|  Advanced Micro Devices, Inc. <sup>(B)</sup> | 77633 | 5028289 |
|  Analog Devices, Inc. | 43889 | 7199113 |
|  Broadcom, Inc. | 2910 | 1627068 |
|  Lam Research Corp. | 15726 | 6609638 |
|  Microchip Technology, Inc. | 35860 | 2519165 |
|  Micron Technology, Inc. | 14892 | 744302 |
|  NVIDIA Corp. | 57786 | 8444846 |
|  NXP Semiconductors NV | 41669 | 6584952 |
|  QUALCOMM, Inc. | 10554 | 1160307 |
|  Teradyne, Inc. | 14100 | 1231635 |
|  Texas Instruments, Inc. | 57060 | 9427453 |
|  |  | 50576768 |
| **Software - 5.0%** | **Software - 5.0%** | **Software - 5.0%** |
|  Adobe, Inc. <sup>(B)</sup> | 19780 | 6656563 |
|  Cadence Design Systems, Inc. <sup>(B)</sup> | 7220 | 1159821 |
|  DocuSign, Inc. <sup>(B)</sup> | 18180 | 1007536 |
|  Fortinet, Inc. <sup>(B)</sup> | 18680 | 913265 |
|  Intuit, Inc. | 14064 | 5473990 |
|  Microsoft Corp. | 226150 | 54235293 |
|  Oracle Corp. | 30140 | 2463644 |
|  Salesforce, Inc. <sup>(B)</sup> | 4149 | 550116 |
|  Workday, Inc., Class A <sup>(B)</sup> | 11842 | 1981522 |
|  |  | 74441750 |
| **Specialty Retail - 2.2%** | **Specialty Retail - 2.2%** | **Specialty Retail - 2.2%** |
|  AutoNation, Inc. <sup>(B)</sup> | 11890 | 1275797 |
|  AutoZone, Inc. <sup>(B)</sup> | 1695 | 4180175 |
|  Best Buy Co., Inc. | 40133 | 3219068 |
|  Burlington Stores, Inc. <sup>(B)</sup> | 8280 | 1678853 |
|  Home Depot, Inc. | 17174 | 5424580 |
|  Lowe's Cos., Inc. | 46415 | 9247724 |
|  O'Reilly Automotive, Inc. <sup>(B)</sup> | 4630 | 3907859 |
|  TJX Cos., Inc. | 36050 | 2869580 |
|  Ulta Beauty, Inc. <sup>(B)</sup> | 1470 | 689533 |
|  |  | 32493169 |
| **Technology Hardware, Storage & Peripherals - 3.8%** | **Technology Hardware, Storage & Peripherals - 3.8%** | **Technology Hardware, Storage & Peripherals - 3.8%** |
|  Apple, Inc. | 411550 | 53472692 |
|  Seagate Technology Holdings PLC | 52041 | 2737877 |
|  |  | 56210569 |
| **Textiles, Apparel & Luxury Goods - 0.3%** | **Textiles, Apparel & Luxury Goods - 0.3%** | **Textiles, Apparel & Luxury Goods - 0.3%** |
|  NIKE, Inc., Class B | 44591 | 5217593 |
| **Tobacco - 0.5%** | **Tobacco - 0.5%** | **Tobacco - 0.5%** |
|  Altria Group, Inc. | 64719 | 2958305 |
|  Philip Morris International, Inc. | 41537 | 4203960 |
|  |  | 7162265 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Wireless Telecommunication Services - 0.3%** | **Wireless Telecommunication Services - 0.3%** | **Wireless Telecommunication Services - 0.3%** |
|  T-Mobile US, Inc. <sup>(B)</sup> | 30960 | $4334400 |
|  **Total Common Stocks <br>(Cost $716,557,726)** | **Total Common Stocks <br>(Cost $716,557,726)** | 875416545 |
| **PREFERRED STOCKS - 0.1%** | **PREFERRED STOCKS - 0.1%** | **PREFERRED STOCKS - 0.1%** |
| **Banks - 0.1%** | **Banks - 0.1%** | **Banks - 0.1%** |
|  Citigroup Capital XIII, <br>3-Month LIBOR + 6.37%, <br>10.78% <sup>(D)</sup> | 42096 | 1195527 |
| **Electric Utilities - 0.0% <sup>(A)</sup>** | **Electric Utilities - 0.0% <sup>(A)</sup>** | **Electric Utilities - 0.0% <sup>(A)</sup>** |
|  SCE Trust III, <br>Series H, Fixed until 03/15/2024,<br>5.75% <sup>(D)</sup> | 1280 | 23731 |
|  **Total Preferred Stocks <br>(Cost $1,228,867)** | **Total Preferred Stocks <br>(Cost $1,228,867)** | 1219258 |
|  | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES - 2.4%** | **ASSET-BACKED SECURITIES - 2.4%** | **ASSET-BACKED SECURITIES - 2.4%** |
|  321 Henderson Receivables VI LLC <br>Series 2010-1A, Class A, <br>5.56%, 07/15/2059 <sup>(E)</sup> | $309976 | 299972 |
|  Accelerated LLC <br>Series 2021-1H, Class A, <br>1.35%, 10/20/2040 <sup>(E)</sup> | 442798 | 401007 |
|  Bavarian Sky UK 5 PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-1A, Class A1A2, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month LIBOR + 1.20%, <br>5.44% <sup>(D)</sup>, 10/20/2034 <sup>(E)</sup> | 2600000 | 2512190 |
|  BXG Receivables Note Trust <br>Series 2015-A, Class A, <br>2.88%, 05/02/2030 <sup>(E)</sup> | 131170 | 125895 |
| CIFC Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-2A, Class A1L2, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month LIBOR + 1.00%, <br>5.19% <sup>(D)</sup>, 10/18/2030 <sup>(E)</sup> | 3380000 | 3333031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-3A, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month LIBOR + 1.22%, <br>5.46% <sup>(D)</sup>, 07/20/2030 <sup>(E)</sup> | 2488476 | 2460454 |
| GoodLeap Sustainable Home Solutions<br>Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4GS, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.93%, 07/20/2048 <sup>(E)</sup> | 1235706 | 943602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-5CS, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.31%, 10/20/2048 <sup>(E)</sup> | 1315736 | 957069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1GS, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 01/20/2049 <sup>(E)</sup> | 1737017 | 1333064 |
|  Hilton Grand Vacations Trust <br>Series 2017-AA, Class A, <br>2.66%, 12/26/2028 <sup>(E)</sup> | 60345 | 59396 |
|  JG Wentworth XXII LLC <br>Series 2010-3A, Class A, <br>3.82%, 12/15/2048 <sup>(E)</sup> | 496505 | 483097 |
|  JGWPT XXVIII LLC <br>Series 2013-1A, Class A, <br>3.22%, 04/15/2067 <sup>(E)</sup> | 1115279 | 956107 |
|  Laurel Road Prime Student Loan Trust <br>Series 2018-B, Class A2FX, <br>3.54%, 05/26/2043 <sup>(E)</sup> | 75537 | 74128 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 8** 

------

##### [**Table of Contents**](#toc)
**Transamerica Multi-Managed Balanced VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  Longfellow Place CLO Ltd.<br>Series 2013-1A, Class AR3,<br>3-Month LIBOR + 1.00%, <br>5.08% <sup>(D)</sup>, 04/15/2029 <sup>(E)</sup> | $375792 | $374088 |
|  MVW LLC <br>Series 2021-1WA, Class A, <br>1.14%, 01/22/2041 <sup>(E)</sup> | 383374 | 350251 |
|  MVW Owner Trust <br>Series 2019-1A, Class A, <br>2.89%, 11/20/2036 <sup>(E)</sup> | 172238 | 162360 |
|  New Residential Advance Receivables Trust <br>Series 2020-T1, Class AT1, <br>1.43%, 08/15/2053 <sup>(E)</sup> | 900000 | 868526 |
|  NRZ Advance Receivables Trust <br>Series 2020-T2, Class AT2, <br>1.48%, 09/15/2053 <sup>(E)</sup> | 4802091 | 4624917 |
|  Octagon Investment Partners 33 Ltd.<br>Series 2017-1A, Class A1,<br>3-Month LIBOR + 1.19%, <br>5.43% <sup>(D)</sup>, 01/20/2031 <sup>(E)</sup> | 1400000 | 1382991 |
| Orange Lake Timeshare Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.61%, 03/08/2029 <sup>(E)</sup> | 281782 | 270164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 11/08/2030 <sup>(E)</sup> | 57117 | 55252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 11/08/2030 <sup>(E)</sup> | 46732 | 45153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.06%, 04/09/2038 <sup>(E)</sup> | 168732 | 159861 |
|  Palmer Square CLO Ltd.<br>Series 2015-2A, Class A1R2,<br>3-Month LIBOR + 1.10%, <br>5.34% <sup>(D)</sup>, 07/20/2030 <sup>(E)</sup> | 1875713 | 1852146 |
| Sierra Timeshare Receivables Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 01/20/2036 <sup>(E)</sup> | 157709 | 151615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.33%, 07/20/2037 <sup>(E)</sup> | 607224 | 570242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.99%, 11/20/2037 <sup>(E)</sup> | 1079581 | 999177 |
| Towd Point Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% <sup>(D)</sup>, 10/25/2056 <sup>(E)</sup> | 286777 | 281954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-2, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% <sup>(D)</sup>, 04/25/2057 <sup>(E)</sup> | 104248 | 102902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-3, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% <sup>(D)</sup>, 07/25/2057 <sup>(E)</sup> | 133924 | 130482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-4, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% <sup>(D)</sup>, 06/25/2057 <sup>(E)</sup> | 735935 | 698206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-6, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% <sup>(D)</sup>, 10/25/2057 <sup>(E)</sup> | 604686 | 576806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% <sup>(D)</sup>, 01/25/2058 <sup>(E)</sup> | 439039 | 423347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-4, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% <sup>(D)</sup>, 06/25/2058 <sup>(E)</sup> | 1043740 | 952875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.72% <sup>(D)</sup>, 03/25/2058 <sup>(E)</sup> | 1817138 | 1711758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-4, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 10/25/2060 <sup>(E)</sup> | 1805899 | 1596935 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  Trafigura Securitisation Finance PLC <br>Series 2021-1A, Class A2, <br>1.08%, 01/15/2025 <sup>(E)</sup> | $2000000 | $1800910 |
|  Welk Resorts LLC <br>Series 2017-AA, Class A, <br>2.82%, 06/15/2033 <sup>(E)</sup> | 280682 | 278921 |
|  Wellfleet CLO Ltd.<br>Series 2016-2A, Class A1R,<br>3-Month LIBOR + 1.14%, <br>5.38% <sup>(D)</sup>, 10/20/2028 <sup>(E)</sup> | 726985 | 719621 |
|  **Total Asset-Backed Securities <br>(Cost $37,890,080)** | **Total Asset-Backed Securities <br>(Cost $37,890,080)** | 35080472 |
| **CORPORATE DEBT SECURITIES - 13.7%** | **CORPORATE DEBT SECURITIES - 13.7%** | **CORPORATE DEBT SECURITIES - 13.7%** |
| **Aerospace & Defense - 0.3%** | **Aerospace & Defense - 0.3%** | **Aerospace & Defense - 0.3%** |
| Boeing Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/2039 | 2022000 | 1463933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 05/01/2030 | 1069000 | 1045812 |
|  Huntington Ingalls Industries, Inc. <br>2.04%, 08/16/2028 | 1640000 | 1354363 |
|  |  | 3864108 |
| **Air Freight & Logistics - 0.1%** | **Air Freight & Logistics - 0.1%** | **Air Freight & Logistics - 0.1%** |
|  GXO Logistics, Inc. <br>2.65%, 07/15/2031 | 2268000 | 1680122 |
| **Airlines - 0.1%** | **Airlines - 0.1%** | **Airlines - 0.1%** |
|  American Airlines Pass-Through Trust <br>3.20%, 12/15/2029 | 602243 | 523074 |
|  United Airlines Pass-Through Trust <br>3.75%, 03/03/2028 | 945338 | 870675 |
|  |  | 1393749 |
| **Auto Components - 0.1%** | **Auto Components - 0.1%** | **Auto Components - 0.1%** |
|  Aptiv PLC / Aptiv Corp. <br>3.25%, 03/01/2032 | 769000 | 631730 |
|  BorgWarner, Inc. <br>3.38%, 03/15/2025 <sup>(C)</sup> | 717000 | 686889 |
|  |  | 1318619 |
| **Automobiles - 0.1%** | **Automobiles - 0.1%** | **Automobiles - 0.1%** |
|  General Motors Co. <br>6.25%, 10/02/2043 | 326000 | 302594 |
|  Stellantis Finance US, Inc. <br>6.38%, 09/12/2032 <sup>(E)</sup> | 1557000 | 1542287 |
|  |  | 1844881 |
| **Banks - 1.6%** | **Banks - 1.6%** | **Banks - 1.6%** |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 04/24/2027,<br>3.71% <sup>(D)</sup>, 04/24/2028 | 1754000 | 1625497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 04/27/2032,<br>4.57% <sup>(D)</sup>, 04/27/2033 | 2893000 | 2657059 |
|  Barclays PLC <br>Fixed until 11/02/2025,<br>7.33% <sup>(D)</sup>, 11/02/2026 | 1771000 | 1837655 |
|  Citigroup, Inc. <br>Fixed until 10/27/2027,<br>3.52% <sup>(D)</sup>, 10/27/2028 | 3305000 | 3020335 |
|  Commerzbank AG <br>8.13%, 09/19/2023 <sup>(E)</sup> | 2586000 | 2606244 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 9** 

------

##### [**Table of Contents**](#toc)
**Transamerica Multi-Managed Balanced VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Intesa Sanpaolo SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.02%, 06/26/2024 <sup>(E)</sup> | $615000 | $591437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25% <sup>(D)</sup>, 11/21/2033 <sup>(E)</sup> | 2293000 | 2334199 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 04/22/2026,<br>1.58% <sup>(D)</sup>, 04/22/2027 | 1769000 | 1556947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 02/01/2027,<br>3.78% <sup>(D)</sup>, 02/01/2028 | 869000 | 813022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 09/14/2032,<br>5.72% <sup>(D)</sup>, 09/14/2033 | 2736000 | 2690420 |
|  Lloyds Banking Group PLC <br>Fixed until 08/15/2032,<br>7.95% <sup>(D)</sup>, 11/15/2033 | 1239000 | 1316125 |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 07/25/2027,<br>4.81% <sup>(D)</sup>, 07/25/2028 | 2474000 | 2415769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 06/15/2024 <sup>(F)</sup>,<br>5.90% <sup>(D)</sup> | 585000 | 521516 |
|  |  | 23986225 |
| **Beverages - 0.2%** | **Beverages - 0.2%** | **Beverages - 0.2%** |
| Anheuser-Busch InBev Worldwide, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.44%, 10/06/2048 | 1226000 | 1054239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/23/2029 | 543000 | 537228 |
| Constellation Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 08/01/2029 | 581000 | 510303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 12/06/2026 | 276000 | 262820 |
|  |  | 2364590 |
| **Biotechnology - 0.2%** | **Biotechnology - 0.2%** | **Biotechnology - 0.2%** |
| AbbVie, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 05/14/2026 | 666000 | 629341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 11/21/2039 | 908000 | 781696 |
|  Amgen, Inc. <br>2.00%, 01/15/2032 | 625000 | 489284 |
|  CSL Finance PLC <br>4.63%, 04/27/2042 <sup>(E)</sup> | 709000 | 640772 |
|  Gilead Sciences, Inc. <br>4.15%, 03/01/2047 | 285000 | 236909 |
|  |  | 2778002 |
| **Building Products - 0.3%** | **Building Products - 0.3%** | **Building Products - 0.3%** |
| Carlisle Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 03/01/2032 | 804000 | 613281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 12/01/2027 | 1047000 | 976825 |
|  Carrier Global Corp. <br>2.72%, 02/15/2030 | 622000 | 524837 |
|  Owens Corning <br>7.00%, 12/01/2036 | 2004000 | 2129472 |
|  |  | 4244415 |
| **Capital Markets - 0.7%** | **Capital Markets - 0.7%** | **Capital Markets - 0.7%** |
| Credit Suisse Group AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 09/11/2024,<br>2.59% <sup>(D)</sup>, 09/11/2025 <sup>(E)</sup> | 1088000 | 962284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 08/12/2032,<br>6.54% <sup>(D)</sup>, 08/12/2033 <sup>(E)</sup> | 2038000 | 1793676 |
| Deutsche Bank AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 11/26/2024,<br>3.96% <sup>(D)</sup>, 11/26/2025 | 681000 | 651066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 05/24/2023,<br>4.30% <sup>(D)</sup>, 05/24/2028 | 1700000 | 1599477 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Capital Markets (continued)** | **Capital Markets (continued)** | **Capital Markets (continued)** |
|  Goldman Sachs Group, Inc. <br>Fixed until 02/24/2032,<br>3.10% <sup>(D)</sup>, 02/24/2033 | $1940000 | $1580735 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 12/10/2025,<br>0.99% <sup>(D)</sup>, 12/10/2026 | 545000 | 477660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 07/20/2032,<br>4.89% <sup>(D)</sup>, 07/20/2033 | 1174000 | 1106571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/24/2025 | 847000 | 845217 |
|  Northern Trust Corp. <br>6.13%, 11/02/2032 | 1712000 | 1811156 |
|  |  | 10827842 |
| **Chemicals - 0.1%** | **Chemicals - 0.1%** | **Chemicals - 0.1%** |
|  International Flavors & Fragrances, Inc. <br>2.30%, 11/01/2030 <sup>(E)</sup> | 1097000 | 873028 |
| **Commercial Services & Supplies - 0.2%** | **Commercial Services & Supplies - 0.2%** | **Commercial Services & Supplies - 0.2%** |
|  ADT Security Corp. <br>4.13%, 08/01/2029 <sup>(E)</sup> | 1193000 | 1014594 |
|  Ashtead Capital, Inc. <br>4.25%, 11/01/2029 <sup>(E)</sup> | 733000 | 661416 |
|  ERAC USA Finance LLC <br>2.70%, 11/01/2023 <sup>(E)</sup> | 565000 | 553192 |
|  Triton Container International Ltd. / TAL International Container Corp. <br>3.25%, 03/15/2032 | 1580000 | 1220850 |
|  |  | 3450052 |
| **Construction & Engineering - 0.0% <sup>(A)</sup>** | **Construction & Engineering - 0.0% <sup>(A)</sup>** | **Construction & Engineering - 0.0% <sup>(A)</sup>** |
|  Quanta Services, Inc. <br>2.90%, 10/01/2030 | 822000 | 677927 |
| **Consumer Finance - 0.5%** | **Consumer Finance - 0.5%** | **Consumer Finance - 0.5%** |
|  Ally Financial, Inc. <br>8.00%, 11/01/2031 | 1641000 | 1700690 |
|  BMW US Capital LLC <br>2.80%, 04/11/2026 <sup>(E)</sup> | 1104000 | 1032546 |
|  Ford Motor Credit Co. LLC <br>3.38%, 11/13/2025 | 1545000 | 1396700 |
|  General Motors Financial Co., Inc. <br>5.00%, 04/09/2027 | 1050000 | 1018855 |
|  Nissan Motor Acceptance Co. LLC <br>2.45%, 09/15/2028 <sup>(E)</sup> | 1319000 | 1026897 |
|  Volkswagen Group of America Finance LLC <br>1.63%, 11/24/2027 <sup>(E)</sup> | 748000 | 627490 |
|  |  | 6803178 |
| **Containers & Packaging - 0.1%** | **Containers & Packaging - 0.1%** | **Containers & Packaging - 0.1%** |
|  Sonoco Products Co. <br>2.25%, 02/01/2027 | 931000 | 829005 |
| **Diversified Financial Services - 0.4%** | **Diversified Financial Services - 0.4%** | **Diversified Financial Services - 0.4%** |
| AerCap Ireland Capital DAC / AerCap<br>Global Aviation Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 10/29/2041 | 1530000 | 1087931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 04/03/2026 | 1562000 | 1493624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/2023 | 1074000 | 1066906 |
| Aviation Capital Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 01/30/2026 <sup>(E)</sup> | 726000 | 633017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/15/2024 <sup>(E)</sup> | 2174000 | 2133539 |
|  |  | 6415017 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 10** 

------

##### [**Table of Contents**](#toc)
**Transamerica Multi-Managed Balanced VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Diversified Telecommunication Services - 0.2%** | **Diversified Telecommunication Services - 0.2%** | **Diversified Telecommunication Services - 0.2%** |
|  Sprint Capital Corp. <br>6.88%, 11/15/2028 | $175000 | $181998 |
| Verizon Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.68%, 10/30/2030 | 1337000 | 1045388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.99%, 10/30/2056 | 2295000 | 1409521 |
|  |  | 2636907 |
| **Electric Utilities - 0.5%** | **Electric Utilities - 0.5%** | **Electric Utilities - 0.5%** |
|  Appalachian Power Co. <br>3.40%, 06/01/2025 | 505000 | 487000 |
|  Cleveland Electric Illuminating Co. <br>5.95%, 12/15/2036 | 104000 | 103612 |
|  DTE Electric Co. <br>4.30%, 07/01/2044 | 1778000 | 1537308 |
|  Duke Energy Corp. <br>3.75%, 04/15/2024 - 09/01/2046 | 2627000 | 2149883 |
|  Duke Energy Progress LLC <br>3.60%, 09/15/2047 | 1265000 | 955153 |
|  Entergy Arkansas LLC <br>3.70%, 06/01/2024 | 245000 | 240814 |
|  Oncor Electric Delivery Co. LLC <br>5.30%, 06/01/2042 | 69000 | 69018 |
|  Pacific Gas & Electric Co. <br>2.50%, 02/01/2031 | 1026000 | 801703 |
| PacifiCorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/01/2024 | 888000 | 872693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/01/2037 | 138000 | 140898 |
|  Public Service Electric & Gas Co. <br>3.00%, 05/15/2025 | 515000 | 493367 |
|  |  | 7851449 |
| **Electronic Equipment, Instruments & Components - 0.2%** | **Electronic Equipment, Instruments & Components - 0.2%** | **Electronic Equipment, Instruments & Components - 0.2%** |
|  Arrow Electronics, Inc. <br>2.95%, 02/15/2032 | 869000 | 687567 |
|  Keysight Technologies, Inc. <br>4.60%, 04/06/2027 | 1026000 | 1002412 |
|  Sensata Technologies BV <br>4.00%, 04/15/2029 <sup>(E)</sup> | 200000 | 172500 |
|  Sensata Technologies, Inc. <br>4.38%, 02/15/2030 <sup>(E)</sup> | 697000 | 606742 |
|  |  | 2469221 |
| **Energy Equipment & Services - 0.1%** | **Energy Equipment & Services - 0.1%** | **Energy Equipment & Services - 0.1%** |
|  Schlumberger Holdings Corp. <br>3.90%, 05/17/2028 <sup>(E)</sup> | 1677000 | 1565261 |
|  Schlumberger Investment SA <br>3.65%, 12/01/2023 | 121000 | 119503 |
|  |  | 1684764 |
| **Equity Real Estate Investment Trusts - 1.1%** | **Equity Real Estate Investment Trusts - 1.1%** | **Equity Real Estate Investment Trusts - 1.1%** |
|  American Tower Trust #1 <br>3.65%, 03/23/2028 <sup>(E)</sup> | 775000 | 702250 |
|  Broadstone Net Lease LLC <br>2.60%, 09/15/2031 | 1578000 | 1186492 |
| Corporate Office Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/15/2029 | 384000 | 295222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/15/2026 | 519000 | 455462 |
|  Invitation Homes Operating Partnership LP <br>4.15%, 04/15/2032 | 713000 | 625910 |
|  Office Properties Income Trust <br>3.45%, 10/15/2031 | 865000 | 579562 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Equity Real Estate Investment Trusts (continued)** | **Equity Real Estate Investment Trusts (continued)** | **Equity Real Estate Investment Trusts (continued)** |
|  Physicians Realty LP <br>2.63%, 11/01/2031 | $1347000 | $1055009 |
|  Realty Income Corp. <br>5.63%, 10/13/2032 | 540000 | 550268 |
| SBA Tower Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 05/15/2051 <sup>(E)</sup> | 2146000 | 1824945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 07/15/2050 <sup>(E)</sup> | 1309000 | 1152369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.84%, 01/15/2050 <sup>(E)</sup> | 3421000 | 3226170 |
|  Simon Property Group LP <br>2.20%, 02/01/2031 | 1088000 | 859859 |
|  Ventas Realty LP <br>3.25%, 10/15/2026 | 982000 | 908549 |
|  VICI Properties LP <br>4.95%, 02/15/2030 | 1735000 | 1651577 |
|  Weyerhaeuser Co. <br>4.00%, 04/15/2030 | 1286000 | 1174217 |
|  |  | 16247861 |
| **Food & Staples Retailing - 0.1%** | **Food & Staples Retailing - 0.1%** | **Food & Staples Retailing - 0.1%** |
|  7-Eleven, Inc. <br>1.80%, 02/10/2031 <sup>(E)</sup> | 1372000 | 1048773 |
|  Sysco Corp. <br>3.30%, 07/15/2026 | 1250000 | 1180538 |
|  |  | 2229311 |
| **Food Products - 0.3%** | **Food Products - 0.3%** | **Food Products - 0.3%** |
|  Bunge Ltd. Finance Corp. <br>2.75%, 05/14/2031 | 1353000 | 1114073 |
|  Cargill, Inc. <br>5.13%, 10/11/2032 <sup>(E)</sup> | 725000 | 728157 |
|  JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc. <br>3.00%, 02/02/2029 <sup>(E)</sup> | 623000 | 515258 |
|  Pilgrim's Pride Corp. <br>3.50%, 03/01/2032 <sup>(E)</sup> | 1508000 | 1180010 |
|  Viterra Finance BV <br>4.90%, 04/21/2027 <sup>(E)</sup> | 1213000 | 1142816 |
|  |  | 4680314 |
| **Health Care Equipment & Supplies - 0.1%** | **Health Care Equipment & Supplies - 0.1%** | **Health Care Equipment & Supplies - 0.1%** |
| Alcon Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 09/23/2026 <sup>(E)</sup> | 944000 | 864851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/06/2052 <sup>(E)</sup> | 593000 | 598317 |
|  GE HealthCare Technologies, Inc. <br>5.86%, 03/15/2030 <sup>(E)</sup> | 589000 | 604150 |
|  |  | 2067318 |
| **Health Care Providers & Services - 0.7%** | **Health Care Providers & Services - 0.7%** | **Health Care Providers & Services - 0.7%** |
| Centene Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/15/2030 | 1425000 | 1168143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/15/2030 | 850000 | 718565 |
|  Cigna Corp. <br>2.40%, 03/15/2030 | 893000 | 749628 |
|  CVS Health Corp. <br>2.70%, 08/21/2040 | 1152000 | 800897 |
|  Elevance Health, Inc. <br>2.25%, 05/15/2030 | 886000 | 736784 |
| HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/15/2029 | 564000 | 516161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/15/2025 | 376000 | 374085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/15/2047 | 737000 | 656984 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 11** 

------

##### [**Table of Contents**](#toc)
**Transamerica Multi-Managed Balanced VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |
|  Laboratory Corp. of America Holdings <br>2.95%, 12/01/2029 | $736000 | $635424 |
|  Molina Healthcare, Inc. <br>4.38%, 06/15/2028 <sup>(E)</sup> | 525000 | 479110 |
| UnitedHealth Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 05/15/2032 | 1766000 | 1681240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 02/15/2063 | 1025000 | 1120249 |
|  |  | 9637270 |
| **Hotels, Restaurants & Leisure - 0.2%** | **Hotels, Restaurants & Leisure - 0.2%** | **Hotels, Restaurants & Leisure - 0.2%** |
| Expedia Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/15/2031 | 90000 | 72660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 02/15/2028 | 901000 | 828635 |
|  Hyatt Hotels Corp. <br>1.80%, 10/01/2024 | 593000 | 555845 |
|  Warnermedia Holdings, Inc. <br>5.05%, 03/15/2042 <sup>(E)</sup> | 1638000 | 1259327 |
|  |  | 2716467 |
| **Industrial Conglomerates - 0.1%** | **Industrial Conglomerates - 0.1%** | **Industrial Conglomerates - 0.1%** |
| General Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/09/2042 | 690000 | 549860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/11/2044 | 1148000 | 993001 |
|  |  | 1542861 |
| **Insurance - 0.6%** | **Insurance - 0.6%** | **Insurance - 0.6%** |
|  Alleghany Corp. <br>3.25%, 08/15/2051 | 1998000 | 1417377 |
|  Aon Corp. / Aon Global Holdings PLC <br>5.00%, 09/12/2032 | 1552000 | 1541017 |
|  Global Atlantic Finance Co. <br>3.13%, 06/15/2031 <sup>(E)</sup> | 2351000 | 1730454 |
|  Muenchener Rueckversicherungs-Gesellschaft AG <br>Fixed until 11/23/2031,<br>5.88% <sup>(D)</sup>, 05/23/2042 <sup>(E)</sup> | 800000 | 797000 |
| Ohio National Financial Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 01/24/2030 <sup>(E)</sup> | 2287000 | 2106848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 05/01/2031 <sup>(E)</sup> | 635000 | 614378 |
|  Prudential Financial, Inc. <br>Fixed until 07/01/2030,<br>3.70% <sup>(D)</sup>, 10/01/2050 | 1511000 | 1275118 |
|  |  | 9482192 |
| **Interactive Media & Services - 0.2%** | **Interactive Media & Services - 0.2%** | **Interactive Media & Services - 0.2%** |
|  Baidu, Inc. <br>4.38%, 05/14/2024 | 1533000 | 1507920 |
|  Tencent Holdings Ltd. <br>3.28%, 04/11/2024 <sup>(E)</sup> | 1322000 | 1290258 |
|  |  | 2798178 |
| **IT Services - 0.0% <sup>(A)</sup>** | **IT Services - 0.0% <sup>(A)</sup>** | **IT Services - 0.0% <sup>(A)</sup>** |
|  Rackspace Technology Global, Inc. <br>3.50%, 02/15/2028 <sup>(E)</sup> | 1203000 | 699087 |
| **Machinery - 0.1%** | **Machinery - 0.1%** | **Machinery - 0.1%** |
|  CNH Industrial Capital LLC <br>5.45%, 10/14/2025 | 1384000 | 1388247 |
| **Media - 0.2%** | **Media - 0.2%** | **Media - 0.2%** |
|  Charter Communications Operating LLC / Charter Communications Operating Capital <br>4.80%, 03/01/2050 | 649000 | 472446 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
|  Clear Channel Outdoor Holdings, Inc. <br>5.13%, 08/15/2027 <sup>(E)</sup> | $525000 | $453962 |
|  Comcast Corp. <br>2.94%, 11/01/2056 | 594000 | 370168 |
|  NBCUniversal Media LLC <br>4.45%, 01/15/2043 | 726000 | 643363 |
|  Paramount Global <br>4.20%, 05/19/2032 | 970000 | 796711 |
|  |  | 2736650 |
| **Metals & Mining - 0.4%** | **Metals & Mining - 0.4%** | **Metals & Mining - 0.4%** |
|  Anglo American Capital PLC <br>4.50%, 03/15/2028 <sup>(E)</sup> | 1401000 | 1327280 |
|  ArcelorMittal SA <br>6.55%, 11/29/2027 | 1457000 | 1464190 |
|  Freeport-McMoRan, Inc. <br>4.55%, 11/14/2024 | 1957000 | 1929590 |
|  Glencore Funding LLC <br>2.63%, 09/23/2031 <sup>(E)</sup> | 1199000 | 958131 |
|  |  | 5679191 |
| **Multi-Utilities - 0.1%** | **Multi-Utilities - 0.1%** | **Multi-Utilities - 0.1%** |
|  Black Hills Corp. <br>4.25%, 11/30/2023 | 1018000 | 1012211 |
| CMS Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/01/2024 | 80000 | 78275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/01/2044 | 185000 | 169065 |
|  |  | 1259551 |
| **Oil, Gas & Consumable Fuels - 1.1%** | **Oil, Gas & Consumable Fuels - 1.1%** | **Oil, Gas & Consumable Fuels - 1.1%** |
|  Boardwalk Pipelines LP <br>3.40%, 02/15/2031 | 647000 | 542830 |
|  Chevron USA, Inc. <br>3.25%, 10/15/2029 | 1047000 | 962632 |
| Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 02/01/2024 | 605000 | 601721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 02/01/2043 | 734000 | 610073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 02/15/2028 | 619000 | 612909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 10/01/2043 | 680000 | 631432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.60%, 02/01/2024 | 534000 | 543003 |
|  Enterprise Products Operating LLC <br>4.25%, 02/15/2048 | 2275000 | 1828325 |
|  Kinder Morgan Energy Partners LP <br>4.15%, 02/01/2024 | 1190000 | 1173963 |
|  Occidental Petroleum Corp. <br>5.55%, 03/15/2026 | 1967000 | 1959624 |
|  ONEOK, Inc. <br>6.10%, 11/15/2032 | 1442000 | 1450990 |
| Petroleos Mexicanos |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 01/23/2029 <sup>(C)</sup> | 656000 | 561546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.84%, 01/23/2030 | 1509000 | 1247068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 08/04/2026 | 400000 | 377810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.69%, 01/23/2050 | 166000 | 114874 |
|  Pioneer Natural Resources Co. <br>2.15%, 01/15/2031 | 1336000 | 1062947 |
|  Plains All American Pipeline LP / PAA Finance Corp. <br>3.55%, 12/15/2029 | 1050000 | 913030 |
|  Sabine Pass Liquefaction LLC <br>4.20%, 03/15/2028 | 615000 | 579063 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 12** 

------

##### [**Table of Contents**](#toc)
**Transamerica Multi-Managed Balanced VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
|  Saudi Arabian Oil Co. <br>1.25%, 11/24/2023 <sup>(E)</sup> | $214000 | $205710 |
| Shell International Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/12/2026 | 652000 | 605181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/12/2046 | 244000 | 193812 |
|  Williams Cos., Inc. <br>5.40%, 03/04/2044 | 117000 | 106707 |
|  |  | 16885250 |
| **Personal Products - 0.1%** | **Personal Products - 0.1%** | **Personal Products - 0.1%** |
|  GSK Consumer Healthcare Capital US LLC<br>3.38%, 03/24/2027 | 1700000 | 1585047 |
| **Pharmaceuticals - 0.3%** | **Pharmaceuticals - 0.3%** | **Pharmaceuticals - 0.3%** |
|  Astrazeneca Finance LLC <br>1.20%, 05/28/2026 | 591000 | 526799 |
|  AstraZeneca PLC <br>4.38%, 08/17/2048 | 758000 | 678225 |
|  Bayer US Finance II LLC <br>4.38%, 12/15/2028 <sup>(E)</sup> | 890000 | 839039 |
|  Bristol-Myers Squibb Co. <br>1.45%, 11/13/2030 | 983000 | 777851 |
|  Royalty Pharma PLC <br>2.20%, 09/02/2030 | 937000 | 734835 |
|  Viatris, Inc. <br>2.30%, 06/22/2027 | 510000 | 436181 |
|  |  | 3992930 |
| **Professional Services - 0.1%** | **Professional Services - 0.1%** | **Professional Services - 0.1%** |
| Equifax, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 12/01/2024 | 1068000 | 1020370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 12/15/2027 | 1150000 | 1137000 |
|  |  | 2157370 |
| **Road & Rail - 0.3%** | **Road & Rail - 0.3%** | **Road & Rail - 0.3%** |
| Avolon Holdings Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 02/15/2025 <sup>(E)</sup> | 1713000 | 1581666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/2026 <sup>(E)</sup> | 682000 | 649038 |
|  Burlington Northern Santa Fe LLC <br>4.45%, 01/15/2053 | 1664000 | 1484655 |
|  |  | 3715359 |
| **Semiconductors & Semiconductor Equipment - 0.6%** | **Semiconductors & Semiconductor Equipment - 0.6%** | **Semiconductors & Semiconductor Equipment - 0.6%** |
|  Advanced Micro Devices, Inc. <br>3.92%, 06/01/2032 | 1569000 | 1462320 |
| Broadcom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 02/15/2028 <sup>(E)</sup> | 462000 | 390654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/15/2041 <sup>(E)</sup> | 839000 | 603126 |
|  KLA Corp. <br>3.30%, 03/01/2050 | 1214000 | 886962 |
|  Microchip Technology, Inc. <br>0.98%, 09/01/2024 | 1044000 | 967138 |
| NXP BV / NXP Funding LLC / NXP USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/30/2051 | 563000 | 352349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/01/2030 | 432000 | 374380 |
| QUALCOMM, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/20/2027 | 862000 | 819297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/20/2050 <sup>(C)</sup> | 819000 | 597605 |
|  Skyworks Solutions, Inc. <br>1.80%, 06/01/2026 | 582000 | 512476 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
|  TSMC Global Ltd. <br>1.38%, 09/28/2030 <sup>(E)</sup> | $2651000 | $2040527 |
|  |  | 9006834 |
| **Software - 0.4%** | **Software - 0.4%** | **Software - 0.4%** |
|  Crowdstrike Holdings, Inc. <br>3.00%, 02/15/2029 | 221000 | 186584 |
|  Infor, Inc. <br>1.75%, 07/15/2025 <sup>(E)</sup> | 1376000 | 1244043 |
| Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 03/25/2041 | 826000 | 612562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.90%, 11/09/2052 | 1307000 | 1410679 |
|  Take-Two Interactive Software, Inc. <br>3.55%, 04/14/2025 | 1686000 | 1623731 |
|  Workday, Inc. <br>3.50%, 04/01/2027 | 1228000 | 1149565 |
|  |  | 6227164 |
| **Specialty Retail - 0.1%** | **Specialty Retail - 0.1%** | **Specialty Retail - 0.1%** |
|  Lowe's Cos., Inc. <br>3.75%, 04/01/2032 | 1160000 | 1035230 |
| **Technology Hardware, Storage & Peripherals - 0.1%** | **Technology Hardware, Storage & Peripherals - 0.1%** | **Technology Hardware, Storage & Peripherals - 0.1%** |
|  Apple, Inc. <br>2.65%, 05/11/2050 | 936000 | 624460 |
|  Western Digital Corp. <br>2.85%, 02/01/2029 | 775000 | 599594 |
|  |  | 1224054 |
| **Tobacco - 0.2%** | **Tobacco - 0.2%** | **Tobacco - 0.2%** |
|  BAT Capital Corp. <br>2.26%, 03/25/2028 | 1331000 | 1108102 |
|  Philip Morris International, Inc. <br>5.63%, 11/17/2029 | 1114000 | 1133462 |
|  |  | 2241564 |
| **Wireless Telecommunication Services - 0.2%** | **Wireless Telecommunication Services - 0.2%** | **Wireless Telecommunication Services - 0.2%** |
|  America Movil SAB de CV <br>4.38%, 07/16/2042 | 250000 | 214470 |
|  Sprint LLC <br>7.88%, 09/15/2023 | 625000 | 633816 |
| T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/15/2031 | 1198000 | 1034100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/15/2030 | 1110000 | 1008113 |
|  |  | 2890499 |
|  **Total Corporate Debt Securities <br>(Cost $228,851,095)** | **Total Corporate Debt Securities <br>(Cost $228,851,095)** | 202118900 |
| **FOREIGN GOVERNMENT OBLIGATIONS - 0.5%** | **FOREIGN GOVERNMENT OBLIGATIONS - 0.5%** | **FOREIGN GOVERNMENT OBLIGATIONS - 0.5%** |
| **Brazil - 0.0% <sup>(A)</sup>** | **Brazil - 0.0% <sup>(A)</sup>** | **Brazil - 0.0% <sup>(A)</sup>** |
|  Brazil Government International Bonds <br>4.25%, 01/07/2025 | 480000 | 470859 |
| **Chile - 0.1%** | **Chile - 0.1%** | **Chile - 0.1%** |
|  Chile Government International Bonds <br>3.50%, 01/25/2050 <sup>(C)</sup> | 675000 | 486233 |
| **Colombia - 0.1%** | **Colombia - 0.1%** | **Colombia - 0.1%** |
| Colombia Government International<br>Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/26/2024 | 305000 | 298659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/28/2026 | 1125000 | 1057333 |
|  |  | 1355992 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 13** 

------

##### [**Table of Contents**](#toc)
**Transamerica Multi-Managed Balanced VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** |
| **Indonesia - 0.1%** | **Indonesia - 0.1%** | **Indonesia - 0.1%** |
|  Indonesia Government International Bonds <br>4.75%, 01/08/2026 <sup>(E)</sup> | $1429000 | $1440848 |
| **Mexico - 0.1%** | **Mexico - 0.1%** | **Mexico - 0.1%** |
|  Mexico Government International Bonds <br>3.75%, 01/11/2028 | 1883000 | 1776554 |
| **Panama - 0.1%** | **Panama - 0.1%** | **Panama - 0.1%** |
|  Panama Government International Bonds <br>3.88%, 03/17/2028 | 550000 | 516901 |
| **Peru - 0.0% <sup>(A)</sup>** | **Peru - 0.0% <sup>(A)</sup>** | **Peru - 0.0% <sup>(A)</sup>** |
|  Peru Government International Bonds <br>7.35%, 07/21/2025 | 160000 | 167226 |
| **Poland - 0.0% <sup>(A)</sup>** | **Poland - 0.0% <sup>(A)</sup>** | **Poland - 0.0% <sup>(A)</sup>** |
|  Republic of Poland Government International Bonds <br>3.00%, 03/17/2023 | 405000 | 402968 |
| **Qatar - 0.0% <sup>(A)</sup>** | **Qatar - 0.0% <sup>(A)</sup>** | **Qatar - 0.0% <sup>(A)</sup>** |
|  Qatar Government International Bonds <br>3.88%, 04/23/2023 <sup>(E)</sup> | 200000 | 198900 |
|  **Total Foreign Government Obligations <br>(Cost $7,344,353)** | **Total Foreign Government Obligations <br>(Cost $7,344,353)** | 6816481 |
| **MORTGAGE-BACKED SECURITIES - 2.4%** | **MORTGAGE-BACKED SECURITIES - 2.4%** | **MORTGAGE-BACKED SECURITIES - 2.4%** |
|  BB-UBS Trust <br>Series 2012-TFT, Class A, <br>2.89%, 06/05/2030 <sup>(E)</sup> | 631398 | 614392 |
|  BB-UBS Trust, Interest Only STRIPS <br>Series 2012-SHOW, Class XA, <br>0.60% <sup>(D)</sup>, 11/05/2036 <sup>(E)</sup> | 3935000 | 39459 |
|  BBCMS Trust <br>Series 2015-MSQ, Class B, <br>3.89%, 09/15/2032 <sup>(E)</sup> | 1150000 | 1075938 |
|  CIM Trust <br>Series 2021-R6, Class A1, <br>1.43% <sup>(D)</sup>, 07/25/2061 <sup>(E)</sup> | 2609716 | 2300120 |
| Citigroup Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-GC19, Class A3, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/11/2047 | 86951 | 85437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-GC19, Class A4, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.02%, 03/11/2047 | 285000 | 279374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC27, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.77%, 02/10/2048 | 600000 | 546868 |
|  Citigroup Mortgage Loan Trust, Inc. <br>Series 2018-RP1, Class A1, <br>3.00% <sup>(D)</sup>, 09/25/2064 <sup>(E)</sup> | 348101 | 332080 |
| COMM Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-CR11, Class AM, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.72% <sup>(D)</sup>, 08/10/2050 | 1648000 | 1622614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-GAM, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.37%, 02/10/2028 <sup>(E)</sup> | 134978 | 134185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-UBS2, Class A5, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.96%, 03/10/2047 | 2400000 | 2345575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-3BP, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.18%, 02/10/2035 <sup>(E)</sup> | 4500000 | 4161497 |
|  Commercial Mortgage Pass-Through Certificates Trust <br>Series 2012-LTRT, Class A2, <br>3.40%, 10/05/2030 <sup>(E)</sup> | 1229216 | 1054230 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| CSMC Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-RPL2, Class A1A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.11% <sup>(D)</sup>, 01/25/2060 <sup>(E)</sup> | $2394656 | $1911515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-RPL6, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00% <sup>(D)</sup>, 10/25/2060 <sup>(E)</sup> | 1835861 | 1609526 |
|  Deutsche Alt-A Securities Mortgage Loan Trust <br>Series 2007-RMP1, Class A2, <br>1-Month LIBOR + 0.30%, <br>4.69% <sup>(D)</sup>, 12/25/2036 | 63242 | 58314 |
|  Fontainebleau Miami Beach Trust <br>Series 2019-FBLU, Class B, <br>3.45%, 12/10/2036 <sup>(E)</sup> | 2200000 | 2051892 |
|  GS Mortgage Securities Trust <br>Series 2013-G1, Class A2, <br>3.56% <sup>(D)</sup>, 04/10/2031 <sup>(E)</sup> | 958532 | 952501 |
|  Houston Galleria Mall Trust <br>Series 2015-HGLR, Class A1A2, <br>3.09%, 03/05/2037 <sup>(E)</sup> | 800000 | 734862 |
|  MetLife Securitization Trust <br>Series 2019-1A, Class A1A, <br>3.75% <sup>(D)</sup>, 04/25/2058 <sup>(E)</sup> | 86839 | 84123 |
|  Morgan Stanley Bank of America Merrill Lynch Trust <br>Series 2013-C11, Class B, <br>4.40% <sup>(D)</sup>, 08/15/2046 | 945000 | 697426 |
|  Nationstar Mortgage Loan Trust <br>Series 2013-A, Class A, <br>3.75% <sup>(D)</sup>, 12/25/2052 <sup>(E)</sup> | 111359 | 102005 |
| New Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-1A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% <sup>(D)</sup>, 01/25/2054 <sup>(E)</sup> | 104970 | 98626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-2A, Class A3, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% <sup>(D)</sup>, 05/25/2054 <sup>(E)</sup> | 386874 | 352771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-3A, Class AFX3, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% <sup>(D)</sup>, 11/25/2054 <sup>(E)</sup> | 109501 | 100897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-2A, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% <sup>(D)</sup>, 08/25/2055 <sup>(E)</sup> | 210395 | 195689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-2A, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% <sup>(D)</sup>, 11/26/2035 <sup>(E)</sup> | 225944 | 209358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-3A, Class A1B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25% <sup>(D)</sup>, 09/25/2056 <sup>(E)</sup> | 362750 | 331236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-4A, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75% <sup>(D)</sup>, 11/25/2056 <sup>(E)</sup> | 498499 | 455675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1A, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% <sup>(D)</sup>, 02/25/2057 <sup>(E)</sup> | 575165 | 541137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-2A, Class A3, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% <sup>(D)</sup>, 03/25/2057 <sup>(E)</sup> | 554093 | 519632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-3A, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% <sup>(D)</sup>, 04/25/2057 <sup>(E)</sup> | 850971 | 804119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-4A, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% <sup>(D)</sup>, 05/25/2057 <sup>(E)</sup> | 596284 | 554685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A, Class A1A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00% <sup>(D)</sup>, 12/25/2057 <sup>(E)</sup> | 651900 | 611822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-RPL1, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% <sup>(D)</sup>, 12/25/2057 <sup>(E)</sup> | 354923 | 334767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-4A, Class A1B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% <sup>(D)</sup>, 12/25/2058 <sup>(E)</sup> | 1393273 | 1256287 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 14** 

------

##### [**Table of Contents**](#toc)
**Transamerica Multi-Managed Balanced VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| New Residential Mortgage Loan<br>Trust (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-5A, Class A1B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50% <sup>(D)</sup>, 08/25/2059 <sup>(E)</sup> | $1546213 | $1430535 |
|  One Market Plaza Trust <br>Series 2017-1MKT, Class A, <br>3.61%, 02/10/2032 <sup>(E)</sup> | 2169000 | 2086684 |
|  Palisades Center Trust <br>Series 2016-PLSD, Class A, <br>2.71%, 04/13/2033 <sup>(E)</sup> | 1911000 | 1251705 |
|  Towd Point Mortgage Trust <br>Series 2021-1, Class A1, <br>2.25% <sup>(D)</sup>, 11/25/2061 <sup>(E)</sup> | 2553442 | 2280388 |
|  UBS-BAMLL Trust <br>Series 2012-WRM, Class A, <br>3.66%, 06/10/2030 <sup>(E)</sup> | 29028 | 28987 |
|  **Total Mortgage-Backed Securities <br>(Cost $41,013,386)** | **Total Mortgage-Backed Securities <br>(Cost $41,013,386)** | 36238933 |
| **MUNICIPAL GOVERNMENT OBLIGATION - 0.0% <sup>(A)</sup>** | **MUNICIPAL GOVERNMENT OBLIGATION - 0.0% <sup>(A)</sup>** | **MUNICIPAL GOVERNMENT OBLIGATION - 0.0% <sup>(A)</sup>** |
| **Georgia - 0.0% <sup>(A)</sup>** | **Georgia - 0.0% <sup>(A)</sup>** | **Georgia - 0.0% <sup>(A)</sup>** |
|  Municipal Electric Authority of Georgia, Revenue Bonds, <br>Series A, <br>6.64%, 04/01/2057 | 47000 | 50278 |
|  **Total Municipal Government Obligation <br>(Cost $51,580)** | **Total Municipal Government Obligation <br>(Cost $51,580)** | 50278 |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS - 9.6%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 9.6%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 9.6%** |
| Federal Home Loan Mortgage Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2024 - 08/01/2035 | 215168 | 220146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/01/2037 - 06/01/2041 | 60620 | 62585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/01/2037 | 20818 | 21770 |
| Federal Home Loan Mortgage Corp.<br>Multifamily Structured Pass-Through<br>Certificates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 06/25/2030 | 4208000 | 3384707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.89%, 06/25/2027 | 604793 | 592055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.01%, 07/25/2025 | 2842000 | 2730547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.06% <sup>(D)</sup>, 08/25/2024 | 3547566 | 3450799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.46% <sup>(D)</sup>, 08/25/2023 | 1477128 | 1463358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.49%, 01/25/2024 | 2260000 | 2225950 |
| Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 12-Month LIBOR + 1.52%,<br>1.84% <sup>(D)</sup>, 02/01/2043 | 21752 | 21261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.33% <sup>(D)</sup>, 10/25/2023 | 85208 | 83639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/2028 - 01/01/2029 | 161104 | 157474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2042 | 53458 | 51402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/01/2025 - 06/01/2026 | 39486 | 39382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2039 - 11/01/2039 | 837286 | 840326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/01/2037 - 12/01/2041 | 415842 | 430453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 08/01/2036 - 06/01/2041 | 776774 | 810023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 05/01/2040 | 59320 | 62284 |
|  Government National Mortgage Association, Interest Only STRIPS <br>Series 2012-120, Class IO, <br>0.64% <sup>(D)</sup>, 02/16/2053 | 296113 | 4726 |
|  Tennessee Valley Authority <br>5.88%, 04/01/2036 | 1170000 | 1288541 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| Uniform Mortgage-Backed Security |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, TBA <sup>(G)</sup> | $21405000 | $18175676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, TBA <sup>(G)</sup> | 36345000 | 31181272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, TBA <sup>(G)</sup> | 26769000 | 23714193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, TBA <sup>(G)</sup> | 27313000 | 24997372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, TBA <sup>(G)</sup> | 17346000 | 16285610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, TBA <sup>(G)</sup> | 9451000 | 9103971 |
|  **Total U.S. Government Agency Obligations <br>(Cost $144,886,818)** | **Total U.S. Government Agency Obligations <br>(Cost $144,886,818)** | 141399522 |
| **U.S. GOVERNMENT OBLIGATIONS - 9.9%** | **U.S. GOVERNMENT OBLIGATIONS - 9.9%** | **U.S. GOVERNMENT OBLIGATIONS - 9.9%** |
| **U.S. Treasury - 9.0%** | **U.S. Treasury - 9.0%** | **U.S. Treasury - 9.0%** |
| U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 05/15/2050 | 5561000 | 3024445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/15/2051 - 11/15/2051 | 6913000 | 4423462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/15/2050 | 1923000 | 1282250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 08/15/2046 - 02/15/2052 | 5423000 | 3842370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 02/15/2042 - 05/15/2051 | 6693000 | 5075411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/15/2045 - 05/15/2046 | 9156000 | 6917826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 08/15/2042 - 11/15/2047 | 6456000 | 5108279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 08/15/2045 - 05/15/2049 | 5599900 | 4543779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/2042 - 02/15/2049 | 5339600 | 4456813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/15/2052 <sup>(C)</sup> | 889000 | 739259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 02/15/2042 - 05/15/2048 | 4913000 | 4260959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/15/2044 | 1093700 | 1010135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/15/2029 | 2086000 | 2218983 |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 05/31/2023 | 607000 | 596164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 05/31/2025 | 1239000 | 1125699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 08/31/2025 <sup>(C)</sup> | 1796000 | 1616611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 05/15/2030 | 1580000 | 1254125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 08/15/2030 <sup>(C)</sup> | 5442000 | 4296417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 06/30/2026 | 1065100 | 953556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 02/15/2031 | 6550000 | 5355393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 11/15/2031 | 7703000 | 6291786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 08/15/2026 - 02/15/2030 | 7188000 | 6398780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 02/15/2026 - 05/15/2031 | 13121300 | 11366447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 05/15/2026 <sup>(C)</sup> | 2654000 | 2445516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/15/2032 | 5674300 | 4830691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/15/2025 <sup>(C)</sup> | 703800 | 666768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/15/2027 | 5249200 | 4845463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 01/31/2023 <sup>(C)</sup> | 591400 | 590610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/15/2023 - 05/31/2024 | 1646000 | 1614348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 02/15/2029 | 791000 | 732664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/30/2023 - 08/15/2032 | 10825500 | 10268529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/15/2028 - 05/15/2032 | 14210700 | 13243323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/15/2028 | 3927600 | 3753926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/30/2027 <sup>(C)</sup> | 1450800 | 1445246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 09/30/2027 - 11/15/2032 | 3492100 | 3564259 |
|  |  | 134160292 |
| **U.S. Treasury Inflation-Protected Securities - 0.9%** | **U.S. Treasury Inflation-Protected Securities - 0.9%** | **U.S. Treasury Inflation-Protected Securities - 0.9%** |
| U.S. Treasury Inflation-Protected<br>Indexed Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 02/15/2050 | 2938065 | 1980937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/15/2028 | 1715330 | 1715978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/15/2029 | 5720898 | 5971075 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 15** 

------

##### [**Table of Contents**](#toc)
**Transamerica Multi-Managed Balanced VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **U.S. GOVERNMENT OBLIGATIONS (continued)** | **U.S. GOVERNMENT OBLIGATIONS (continued)** | **U.S. GOVERNMENT OBLIGATIONS (continued)** |
| **U.S. Treasury Inflation-Protected Securities (continued)** | **U.S. Treasury Inflation-Protected Securities (continued)** | **U.S. Treasury Inflation-Protected Securities (continued)** |
|  U.S. Treasury Inflation-Protected Indexed Notes <br>0.13%, 07/15/2030 | $3856113 | $3456606 |
|  |  | 13124596 |
|  **Total U.S. Government Obligations <br>(Cost $170,265,057)** | **Total U.S. Government Obligations <br>(Cost $170,265,057)** | 147284888 |
| **COMMERCIAL PAPER - 8.1%** | **COMMERCIAL PAPER - 8.1%** | **COMMERCIAL PAPER - 8.1%** |
| **Banks - 1.8%** | **Banks - 1.8%** | **Banks - 1.8%** |
|  Bedford Row Funding Corp. <br>4.65% <sup>(H)</sup>, 02/07/2023 | 5753000 | 5725602 |
|  Korea Development Bank <br>5.35% <sup>(H)</sup>, 06/14/2023 | 4715000 | 4609446 |
|  Lloyds Bank PLC <br>4.51% <sup>(H)</sup>, 01/17/2023 | 3919000 | 3910508 |
|  Mackinac Funding Co. LLC <br>4.81% <sup>(H)</sup>, 03/01/2023 | 6600000 | 6548836 |
|  Swedbank AB <br>4.47% <sup>(H)</sup>, 01/27/2023 | 6750000 | 6727677 |
|  |  | 27522069 |
| **Diversified Financial Services - 4.8%** | **Diversified Financial Services - 4.8%** | **Diversified Financial Services - 4.8%** |
|  Atlantic Asset Securitization LLC <br>4.74% <sup>(H)</sup>, 02/15/2023 | 1350000 | 1342206 |
|  Chariot Funding LLC <br>3.98% <sup>(H)</sup>, 01/09/2023 | 7500000 | 7490977 |
|  Collateralized Commercial Paper V Co. LLC <br>4.72% <sup>(H)</sup>, 02/01/2023 | 5919000 | 5895300 |
|  Glencove Funding LLC <br>4.77% <sup>(H)</sup>, 02/17/2023 | 6300000 | 6261807 |
|  Gotham Funding Corp. <br>4.83% <sup>(H)</sup>, 02/14/2023 | 4000000 | 3977250 |
|  Lexington Parker Capital Co. LLC <br>4.77% <sup>(H)</sup>, 03/03/2023 | 6600000 | 6547621 |
|  Liberty Street Funding LLC <br>4.83% <sup>(H)</sup>, 02/07/2023 | 6500000 | 6469059 |
|  Longship Funding LLC <br>4.43% <sup>(H)</sup>, 01/17/2023 | 6800000 | 6785094 |
|  Mont Blanc Capital Corp. <br>4.61% <sup>(H)</sup>, 02/07/2023 | 3547000 | 3530116 |
|  Nieuw Amsterdam Receivables Corp. BV <br>4.21% <sup>(H)</sup>, 01/23/2023 | 6500000 | 6481016 |
|  Sheffield Receivables Co. LLC <br>4.83% <sup>(H)</sup>, 03/06/2023 | 6750000 | 6693694 |
|  Thunder Bay Funding LLC <br>5.03% <sup>(H)</sup>, 05/18/2023 | 5000000 | 4906793 |
|  Victory Receivables Corp. <br>4.83% <sup>(H)</sup>, 02/09/2023 | 4200000 | 4178724 |
|  |  | 70559657 |
| **Food Products - 0.6%** | **Food Products - 0.6%** | **Food Products - 0.6%** |
|  Britannia Funding Co. LLC <br>4.79% <sup>(H)</sup>, 02/07/2023 | 9850000 | 9802792 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **COMMERCIAL PAPER (continued)** | **COMMERCIAL PAPER (continued)** | **COMMERCIAL PAPER (continued)** |
| **Health Care Providers & Services - 0.7%** | **Health Care Providers & Services - 0.7%** | **Health Care Providers & Services - 0.7%** |
|  Columbia Funding Co. LLC <br>4.72% <sup>(H)</sup>, 03/01/2023 | $6900000 | $6846511 |
|  Roche Holdings, Inc. <br>4.02% <sup>(H)</sup>, 01/06/2023 | 3000000 | 2997497 |
|  |  | 9844008 |
| **Software - 0.2%** | **Software - 0.2%** | **Software - 0.2%** |
|  Manhattan Asset Funding Co. LLC <br>3.90% <sup>(H)</sup>, 01/05/2023 | 2700000 | 2698052 |
|  **Total Commercial Paper <br>(Cost $120,435,724)** | **Total Commercial Paper <br>(Cost $120,435,724)** | 120426578 |
| **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 0.3%** | **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 0.3%** | **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 0.3%** |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13% <sup>(H)</sup>, 02/02/2023 | 639000 | 636973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.28% <sup>(H)</sup>, 03/09/2023 | 4502000 | 4467508 |
|  **Total Short-Term U.S. Government Obligations <br>(Cost $5,103,710)** | **Total Short-Term U.S. Government Obligations <br>(Cost $5,103,710)** | 5104481 |
|  | **Shares** | **Value** |
| **OTHER INVESTMENT COMPANY - 0.4%** | **OTHER INVESTMENT COMPANY - 0.4%** | **OTHER INVESTMENT COMPANY - 0.4%** |
| **Securities Lending Collateral - 0.4%** | **Securities Lending Collateral - 0.4%** | **Securities Lending Collateral - 0.4%** |
|  State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 4.29% <sup>(H)</sup> | 6033700 | 6033700 |
|  **Total Other Investment Company <br>(Cost $6,033,700)** | **Total Other Investment Company <br>(Cost $6,033,700)** | 6033700 |
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 1.5%** | **REPURCHASE AGREEMENT - 1.5%** | **REPURCHASE AGREEMENT - 1.5%** |
|  Fixed Income Clearing Corp., 1.80% <sup>(H)</sup>, dated 12/30/2022, to be repurchased at $21,759,913 on 01/03/2023. Collateralized by U.S. Government Obligations, 0.75% - 2.75%, due 12/31/2023 - 02/15/2024, and with a total value of $22,190,771. | $21755562 | 21755562 |
|  **Total Repurchase Agreement <br>(Cost $21,755,562)** | **Total Repurchase Agreement <br>(Cost $21,755,562)** | 21755562 |
|  **Total Investments <br>(Cost $1,501,417,658)** | **Total Investments <br>(Cost $1,501,417,658)** | 1598945598 |
|  **Net Other Assets (Liabilities) - (8.1)%** | **Net Other Assets (Liabilities) - (8.1)%** | (120012983) |
|  **Net Assets - 100.0%** |  | **$1478932615** |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 16** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

**FUTURES CONTRACTS:** 

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Long Futures Contracts** | **Long Futures Contracts** | **Long Futures Contracts** | **Long Futures Contracts** | **Long Futures Contracts** | **Long Futures Contracts** | **Long Futures Contracts** |
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  S&P 500<sup>®</sup> E-Mini Index | 62 | 03/17/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;12032295 | $&nbsp;&nbsp;&nbsp;&nbsp;11969100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;(63195) |

---

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(I)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Common Stocks | $875416545 | $— | $— | $875416545 |
|  Preferred Stocks | 1219258 |  |  | 1219258 |
|  Asset-Backed Securities |  | 35080472 |  | 35080472 |
|  Corporate Debt Securities |  | 202118900 |  | 202118900 |
|  Foreign Government Obligations |  | 6816481 |  | 6816481 |
|  Mortgage-Backed Securities |  | 36238933 |  | 36238933 |
|  Municipal Government Obligation |  | 50278 |  | 50278 |
|  U.S. Government Agency Obligations |  | 141399522 |  | 141399522 |
|  U.S. Government Obligations |  | 147284888 |  | 147284888 |
|  Commercial Paper |  | 120426578 |  | 120426578 |
|  Short-Term U.S. Government Obligations |  | 5104481 |  | 5104481 |
|  Other Investment Company | 6033700 |  |  | 6033700 |
|  Repurchase Agreement |  | 21755562 |  | 21755562 |
|  **Total Investments** | $**882669503** | $**716276095** | $**—** | $**1598945598** |
| **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** |
|  **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** |
|  Futures Contracts <sup>(J)</sup> | $(63195) | $— | $— | $(63195) |
|  **Total Other Financial Instruments** | $**(63195)** | $**—** | $**—** | $**(63195)** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *Percentage rounds to less than 0.1% or (0.1)%.* 

(B) *Non-income producing securities.* 

(C) *All or a portion of the securities are on loan. The total value of all securities on loan is $12,403,935, collateralized by cash collateral of $6,033,700 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $6,635,995. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.* 

(D) *Floating or variable rate securities. The rates disclosed are as of December 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.* 

(E) *Securities are exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2022, the total value of 144A securities is $121,552,370, representing 8.2% of the Portfolio's net assets.* 

(F) *Perpetual maturity. The date displayed is the next call date.* 

(G) *When-issued, delayed-delivery and/or forward commitment (including TBAs) securities. Securities to be settled and delivered after December 31, 2022. Securities may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.* 

(H) *Rates disclosed reflect the yields at December 31, 2022.* 

(I) *There were no transfers in or out of Level 3 during the year ended December 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

(J) *Derivative instruments are valued at unrealized appreciation (depreciation).* 

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 17** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

**PORTFOLIO ABBREVIATIONS:** 

---

| | |
|:---|:---|
| *LIBOR* | *London Interbank Offered Rate* |
| *STRIPS* | *Separate Trading of Registered Interest and Principal of Securities* |
| *TBA* | *To Be Announced* |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 18** 

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**STATEMENT OF ASSETS AND LIABILITIES** 

**At December 31, 2022** 

---

| | |
|:---|:---|
|  **Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value (cost $1,479,662,096) <br>(including securities loaned of $12,403,935) | $&nbsp;&nbsp;&nbsp;&nbsp;1577190036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreement, at value (cost $21,755,562) | 21755562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral pledged at broker for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA commitments | 8031000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 710000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables and other assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 10186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 1662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest sold | 1440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 897924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 3841272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 5519 |
|  Total assets | &nbsp;&nbsp;&nbsp;&nbsp;1612444601 |
|  **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral received upon return of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities on loan | 6033700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables and other liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; When-issued, delayed-delivery, forward and TBA commitments purchased | 125040207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest redeemed | 675660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to custodian | 470889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 753881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 258029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 1778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 11407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 33604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 46921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 9057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 127803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 17395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin payable on futures contracts | 31655 |
|  Total liabilities | 133511986 |
|  **Net assets** | $&nbsp;&nbsp;&nbsp;&nbsp;1478932615 |
|  **Net assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital stock ($0.01 par value) | $1113929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 1313808186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) | 164010500 |
|  **Net assets** | $&nbsp;&nbsp;&nbsp;&nbsp;1478932615 |
|  **Net assets by class:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | $292381525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | &nbsp;&nbsp;&nbsp;&nbsp;1186551090 |
|  **Shares outstanding:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 21493609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 89899275 |
|  **Net asset value and offering price per share:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | $13.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 13.20 |

---

**STATEMENT OF OPERATIONS** 

**For the year ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $15171181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 18779232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 29731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withholding taxes on foreign income | (26085) |
|  Total investment income | &nbsp;&nbsp;&nbsp;&nbsp;33954059 |
|  **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 9685767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 3345456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 17383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 69844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 62811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 206381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 93174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 90142 |
|  Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;13570958 |
|  **Net investment income (loss)** | 20383101 |
|  **Net realized gain (loss) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 52357168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (1391320) |
|  Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;50965848 |
|  **Net change in unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (388197205) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (221436) |
|  Net change in unrealized appreciation (depreciation) | (388418641) |
|  Net realized and change in unrealized gain (loss) | (337452793) |
|  **Net increase (decrease) in net assets resulting from operations** | $&nbsp;&nbsp;&nbsp;&nbsp;(317069692) |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 19** 

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**STATEMENT OF CHANGES IN NET ASSETS** 

**For the years ended:** 

---

| | | |
|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2021** |
|  **From operations:** | **From operations:** | **From operations:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $20383101 | $15169764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 50965848 | 199238880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (388418641) | 92706307 |
|  Net increase (decrease) in net assets resulting from operations | (317069692) | 307114951 |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (41569128) | (25050299) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (172206997) | (102893097) |
|  Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (213776125) | (127943396) |
|  **Capital share transactions:** | **Capital share transactions:** | **Capital share transactions:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 6461492 | 12901794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 13568870 | 21917676 |
|  | 20030362 | 34819470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 41569128 | 25050299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 172206997 | 102893097 |
|  | 213776125 | 127943396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (35144162) | (68476302) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (189558806) | (190097818) |
|  | (224702968) | (258574120) |
|  Net increase (decrease) in net assets resulting from capital share transactions | 9103519 | (95811254) |
|  **Net increase (decrease) in net assets** | (521742298) | 83360301 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 2000674913 | 1917314612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $&nbsp;&nbsp;&nbsp;&nbsp;1478932615 | $&nbsp;&nbsp;&nbsp;&nbsp;2000674913 |
|  **Capital share transactions - shares:** | **Capital share transactions - shares:** | **Capital share transactions - shares:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 414042 | 719556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 911475 | 1264088 |
|  | 1325517 | 1983644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 2886745 | 1395560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 12309292 | 5882967 |
|  | 15196037 | 7278527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (2231863) | (3805709) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (12347260) | (10787400) |
|  | (14579123) | (14593109) |
|  Net increase (decrease) in shares outstanding: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 1068924 | (1690593) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 873507 | (3640345) |
|  | 1942431 | (5330938) |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 20** 

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**Transamerica Multi-Managed Balanced VP** 

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**FINANCIAL HIGHLIGHTS** 

**For a share outstanding during the years indicated:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $18.68 | $17.04 | $15.54 | $13.85 | $15.17 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(A)</sup> | 0.22 | 0.17 | 0.20 | 0.24 | 0.25 |
|  Net realized and unrealized gain (loss) | (3.14) | 2.68 | 2.20 | 2.69 | (0.75) |
|  Total investment operations | (2.92) | 2.85 | 2.40 | 2.93 | (0.50) |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income | (0.20) | (0.21) | (0.25) | (0.26) | (0.22) |
|  Net realized gains | (1.96) | (1.00) | (0.65) | (0.98) | (0.60) |
|  Total dividends and/or distributions to shareholders | (2.16) | (1.21) | (0.90) | (1.24) | (0.82) |
|  **Net asset value, end of year** | $13.60 | $18.68 | $17.04 | $15.54 | $13.85 |
|  **Total return** | (16.28)% | 17.04% | 15.90% | 21.77% | (3.66)% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;292382 | $&nbsp;&nbsp;&nbsp;&nbsp;381588 | $&nbsp;&nbsp;&nbsp;&nbsp;376902 | $&nbsp;&nbsp;&nbsp;&nbsp;345274 | $&nbsp;&nbsp;&nbsp;&nbsp;305002 |
|  Expenses to average net assets | 0.62% | 0.61% | 0.63% | 0.66% | 0.66% |
|  Net investment income (loss) to average net assets | 1.43% | 0.97% | 1.29% | 1.61% | 1.64% |
|  Portfolio turnover rate | 33% | 35% | 51% | 45% | 46% |

---

(A) *Calculated based on average number of shares outstanding.* 

**For a share outstanding during the years indicated:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $18.19 | $16.62 | $15.18 | $13.55 | $14.86 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(A)</sup> | 0.18 | 0.13 | 0.16 | 0.20 | 0.20 |
|  Net realized and unrealized gain (loss) | (3.06) | 2.61 | 2.15 | 2.63 | (0.73) |
|  Total investment operations | (2.88) | 2.74 | 2.31 | 2.83 | (0.53) |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income | (0.15) | (0.17) | (0.22) | (0.22) | (0.18) |
|  Net realized gains | (1.96) | (1.00) | (0.65) | (0.98) | (0.60) |
|  Total dividends and/or distributions to shareholders | (2.11) | (1.17) | (0.87) | (1.20) | (0.78) |
|  **Net asset value, end of year** | $13.20 | $18.19 | $16.62 | $15.18 | $13.55 |
|  **Total return** | (16.49)% | 16.79% | 15.60% | 21.50% | (3.90)% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;1186551 | $&nbsp;&nbsp;&nbsp;&nbsp;1619087 | $&nbsp;&nbsp;&nbsp;&nbsp;1540413 | $&nbsp;&nbsp;&nbsp;&nbsp;1451102 | $&nbsp;&nbsp;&nbsp;&nbsp;1283242 |
|  Expenses to average net assets | 0.87% | 0.86% | 0.88% | 0.91% | 0.91% |
|  Net investment income (loss) to average net assets | 1.18% | 0.72% | 1.04% | 1.36% | 1.39% |
|  Portfolio turnover rate | 33% | 35% | 51% | 45% | 46% |

---

(A) *Calculated based on average number of shares outstanding.* 

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 21** 

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**Transamerica Multi-Managed Balanced VP** 

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**NOTES TO FINANCIAL STATEMENTS** 

**At December 31, 2022** 

**1. ORGANIZATION** 

Transamerica Series Trust ("TST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). TST applies investment company accounting and reporting guidance. TST serves as a funding vehicle for variable life insurance, variable annuity, and group annuity products. Transamerica Multi-Managed Balanced VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers two classes of shares, Initial Class and Service Class.

The only shareholders of the Portfolio are affiliated insurance company separate accounts and affiliated asset allocation portfolios. Contract holders of the variable life and annuity contracts are not shareholders of the Portfolio. For ease of reference, shareholders and contract holders are collectively referred to in this report as "shareholders."

This report must be accompanied or preceded by the Portfolio's current prospectus, which contains additional information about the Portfolio, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Portfolio pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Portfolio. TAM supervises the Portfolio's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Portfolio.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of a Portfolio without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Portfolio and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Portfolio employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending portfolio combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Portfolio's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Portfolio; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for a Portfolio; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Portfolio's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; oversight of other service providers to the Portfolio, such as the custodian, the transfer agent, the Portfolio's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Portfolio; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Portfolio, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Portfolio. The Portfolio pays certain fees and expenses to State Street for sub-administration services which are not administrative

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**1. ORGANIZATION (continued)** 

services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the year ended December 31, 2022, (i) the expenses paid to State Street for sub-administration services by the Portfolio are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Portfolio are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES** 

In preparing the Portfolio's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Portfolio.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Portfolio is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Foreign taxes:** The Portfolio may be subject to taxes imposed by the countries in which it invests, with respect to its investments in issuers existing or operating in such countries. The Portfolio may also be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Portfolio accrues such taxes and recoveries as applicable when the related income or capital gains are earned or unrealized, and based upon the current interpretation of tax rules and regulations that exist in the markets in which the Portfolio invests. Some countries require governmental approval for the repatriation of investment income, capital, or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions of foreign capital remittances abroad.

**Cash overdraft:** The Portfolio may have cash overdraft balances. A fee is incurred on these overdrafts, calculated by multiplying the overdraft by a rate based on the Federal Funds Rate.

Payables, if any, are reflected as Due to custodian within the Statement of Assets and Liabilities. Expenses, if any, from U.S. cash overdrafts are reflected in Custody fees within the Statement of Operations. Expenses, if any, from foreign cash overdrafts are reflected in Other expenses within the Statement of Operations.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Portfolio with broker/dealers with which TST has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Portfolio. In no event will commissions, paid by the Portfolio, be used to pay expenses that would otherwise be borne by any other portfolios within TST, or by any other party.

Commissions recaptured are included within Net realized gain (loss) within the Statement of Operations. For the year ended December 31, 2022, commissions recaptured are $7,515.

**Indemnification:** In the normal course of business, the Portfolio enters into contracts that contain a variety of representations that provide general indemnifications. The Portfolio's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio and/or its affiliates that have not yet occurred. However, based on experience, the Portfolio expects the risk of loss to be remote.

**3. INVESTMENT VALUATION** 

Effective September 8, 2022, TAM has been designated as the Portfolio's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Portfolio's Board of Trustees. The net asset value of the Portfolio is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**3. INVESTMENT VALUATION (continued)** 

TAM utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels ("Levels") of inputs of the fair value hierarchy are defined as follows:

Level 1—Unadjusted quoted prices in active markets for identical securities.

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Portfolio's investments and derivative instruments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Portfolio's investments at December 31, 2022, is disclosed within the Investment Valuation section of the Schedule of Investments.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

**Fair value measurements:** Descriptions of the valuation techniques applied to the Portfolio's significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

*Equity securities:* Securities are stated at the last reported sales price or closing price on the day of valuation taken from the primary exchange where the security is principally traded. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Equities traded on inactive markets or valued by reference to similar instruments are generally categorized in Level 2 or Level 3 if inputs are unobservable.

*Foreign equity securities:* Securities in which the primary trading market closes at the same time or after the NYSE, are valued based on quotations from the primary market in which they are traded and are categorized in Level 1. Because many foreign securities markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect the events that occur after that close. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, or ETFs and the movement of certain indices of securities based on a statistical analysis of their historical relationship; such valuations generally are categorized in Level 2.

*Asset-backed securities:* The fair value of asset-backed securities is estimated based on models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield, and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized in Level 3.

*Corporate debt securities:* The fair value of corporate debt securities is estimated using various techniques, which consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, fundamental data relating to the issuer, and credit default swap spreads adjusted for any basis difference between cash and derivative instruments. While most corporate debt securities are categorized in Level 2 of the fair value hierarchy, in instances where lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they are categorized in Level 3.

*Foreign government obligations:* Foreign government obligations are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**3. INVESTMENT VALUATION (continued)** 

are valued by principally using dealer quotations. Foreign government obligations generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

*Mortgage-backed securities:* The fair value of mortgage-backed securities is estimated based on models that consider issuer type, coupon, cash flows, mortgage prepayment projection tables and adjustable rate mortgage evaluations that incorporate index data, periodic life caps and the next coupon reset date. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise they are categorized in Level 3.

*Municipal government obligations:* The fair value of municipal government obligations and variable rate notes is estimated based on models that consider, among other factors, information received from market makers and broker-dealers, current trades, bid-want lists, offerings, market movements, the liquidity of the bond, state of issuance, benchmark yield curves, and bond or note insurance. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise they are categorized in Level 3.

*U.S. government agency obligations:* U.S. government agency obligations are comprised of two main categories consisting of agency issued debt and mortgage pass-throughs. Generally, agency issued debt securities are valued in a manner similar to U.S. government obligations. Mortgage pass-throughs include to be announced ("TBA") securities and mortgage pass-through certificates. Generally, TBA securities and mortgage pass-throughs are valued using dealer quotations. Depending on market activity levels and whether quotations or other observable data are used, these securities are typically categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized in Level 3.

*U.S. government obligations:* U.S. government obligations are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued by principally using dealer quotations. U.S. government obligations generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

*Commercial paper:* Commercial paper is valued using amortized cost, which approximates fair value. The values are generally categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

*Short-term notes:* The Portfolio normally values short-term government and U.S. government agency securities using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers and reference data. Certain securities are valued by principally using dealer quotations. Short-term government and U.S. government agency securities generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

*Securities lending collateral:* Securities lending collateral is invested in a money market fund which is valued at the actively traded NAV and no valuation adjustments are applied. Securities lending collateral is categorized in Level 1 of the fair value hierarchy.

*Repurchase agreements:* Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

*Derivative instruments:* Centrally cleared or listed derivatives that are actively traded are valued based on quoted prices from the exchange and are categorized in Level 1 of the fair value hierarchy. Over-the-counter ("OTC") derivative contracts include forward, swap, swaption, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices. Depending on the product and the terms of the transaction, the fair value of the OTC derivative products are modeled taking into account the counterparties' creditworthiness and using a series of techniques, including simulation models. Many pricing models do not entail material subjectivity because the methodologies employed do not necessitate significant judgments and the pricing inputs are observed from actively quoted markets, as is the case of interest rate swap and option contracts. The majority of OTC derivative products valued by the Portfolio using pricing models fall into this category and are categorized within Level 2 of the fair value hierarchy or Level 3 if inputs are unobservable.

**4. SECURITIES AND OTHER INVESTMENTS** 

**Real estate investment trusts ("REITs"):** REITs are pooled investment vehicles which invest primarily in income producing real estate, or real estate related loans or interests. Distributions received by REITs are classified at management's estimate of the dividend income, return of capital and capital gains. Estimates are based on information available at year-end, which includes the previous fiscal year's classification. The actual amounts of dividend income, return of capital, and capital gains are only determined by each REIT after the fiscal year end and may differ from the estimated amounts. Upon notification from the REITs, some of the distributions received may

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**4. SECURITIES AND OTHER INVESTMENTS (continued)** 

be re-classified and recorded as a return of capital or capital gains. There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

REITs held at December 31, 2022, if any, are identified within the Schedule of Investments.

**Treasury inflation-protected securities ("TIPS"):** The Portfolio may invest in TIPS, which are fixed income securities whose principal value is periodically adjusted according to the rate of inflation/deflation. If the index measuring inflation/deflation rises or falls, the principal value of TIPS will be adjusted upward or downward, and consequently the interest payable on these securities (calculated with respect to a larger or smaller principal amount) will be increased or reduced, respectively. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds and notes. For bonds and notes that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

TIPS held at December 31, 2022, if any, are included within the Schedule of Investments. The adjustments, if any, to principal due to inflation/deflation are reflected as increases/decreases to Interest income within the Statement of Operations, with a corresponding adjustment to Investments, at cost within the Statement of Assets and Liabilities.

**When-issued, delayed-delivery, forward, and to be announced ("TBA") commitment transactions:** The Portfolio may purchase or sell securities on a when-issued, delayed-delivery, forward and TBA commitment basis. When-issued and forward commitment transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Portfolio engages in when-issued and forward commitment transactions to obtain an advantageous price and yield at the time of the transaction. The Portfolio engages in when-issued and forward commitment transactions for the purpose of acquiring securities, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Portfolio may be required to pay more at settlement than the security is worth. In addition, the Portfolio is not entitled to any of the interest earned prior to settlement.

Delayed-delivery transactions involve a commitment by the Portfolio to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, the Portfolio will segregate with its custodian either cash, U.S. government securities, or other liquid assets at least equal to the value or purchase commitments until payment is made. When purchasing a security on a delayed-delivery basis, the Portfolio assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations. These transactions also involve a risk to the Portfolio if the other party to the transaction defaults on its obligation to make payment or delivery, and the Portfolio is delayed or prevented from completing the transaction. The Portfolio may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain or loss. When the Portfolio sells a security on a delayed-delivery basis, the Portfolio does not participate in future gains and losses on the security.

TBA commitments are entered into to purchase or sell securities for a fixed price at a future date, typically not to exceed 45 days. TBAs are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased declines, or the value of the security sold increases, prior to settlement date, in addition to the risk of decline in the value of a Portfolio's other assets. Unsettled TBA commitments are valued at the current value of the underlying securities. TBA collateral requirements are typically calculated by netting the mark-to-market amount for each transaction and comparing that amount to the value of the collateral currently pledged by a Portfolio and the counterparty. Cash collateral that has been pledged to cover the obligations of a Portfolio and cash collateral received from the counterparty, if any, is reported separately in the Statement of Assets and Liabilities as Cash collateral pledged at broker for TBA commitments or Cash collateral at broker for TBA commitments, respectively. Non-cash collateral pledged by a Portfolio, if any, is disclosed within the Schedule of Investments. Typically, a Portfolio is permitted to sell, re-pledge or use the collateral it receives; however, the counterparty is not permitted. To the extent amounts due to a Portfolio are not fully collateralized, contractually or otherwise, a Portfolio bears the risk of loss from counterparty non-performance.

When-issued, delayed-delivery, forward and TBA commitment transactions held at December 31, 2022, if any, are identified within the Schedule of Investments. Open trades, if any, are reflected as When-issued, delayed-delivery, forward and TBA commitments purchased or sold within the Statement of Assets and Liabilities.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

The Portfolio may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Portfolio invests borrowing proceeds in other securities, the Portfolio will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Portfolio may borrow on a secured or on an unsecured basis. If the Portfolio enters into a secured borrowing arrangement, a portion of the Portfolio's assets will be used as collateral. The 1940 Act requires the Portfolio to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Portfolio's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Portfolio may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the year ended December 31, 2022, the Portfolio has not utilized the program.

**Repurchase agreements:** In a repurchase agreement, the Portfolio purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Portfolio's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Portfolio will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Portfolio and its counterparties that provide for the net settlement of all transactions and collateral with the Portfolio, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at December 31, 2022.

Repurchase agreements at December 31, 2022, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**Securities lending:** The Portfolio may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Portfolio pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Portfolio to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Portfolio may experience delays in recovery of the loaned securities or delays in access to collateral, or the Portfolio may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government and irrevocable letters of credit issued by banks as collateral. The initial collateral received by the Portfolio is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower.

The Portfolio receives compensation for lending securities from interest or dividends earned on the cash, U.S. Government securities and irrevocable letters of credit held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust—Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at December 31, 2022, if any, are shown on a gross basis within the Schedule of Investments.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)** 

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of December 31, 2022.

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|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
| | **Overnight and<br>Continuous** | **Less Than<br>30 Days** | **Between<br>30 & 90 Days** | **Greater Than<br>90 Days** | **Total** |
|  Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Debt Securities | $&nbsp;&nbsp;&nbsp;&nbsp;1896679 | $— | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;1896679 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Obligations | 4137021 |  |  |  | 4137021 |
|  Total Securities Lending Transactions | $6033700 | $— | $— | $— | $6033700 |
|  **Total Borrowings** | $**6033700** | $**—** | $**—** | $**—** | $**6033700** |

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**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS** 

The Portfolio's investment strategies allow the Portfolio to use various types of derivative contracts, including option contracts, swap agreements, futures contracts, and forward foreign currency contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or OTC.

**Market Risk Factors:** In pursuit of the Portfolio's investment strategies, the Portfolio may seek to use derivatives to increase or decrease its exposure to certain market risks, including:

*Interest rate risk:* Interest rate risk relates to the fluctuations in the value of fixed income securities due to changes in the prevailing levels of market interest rates.

*Foreign exchange rate risk:* Foreign exchange rate risk relates to fluctuations in the value of an asset or liability due to changes in the currency exchange rates.

*Equity risk:* Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

*Credit risk:* Credit risk relates to the ability of the issuer of a financial instrument to make further principal or interest payments on an obligation or commitment that it has to the Portfolio.

*Commodity risk:* Commodity risk relates to the change in value of commodities or commodity indices as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

The Portfolio is also exposed to additional risks from investing in derivatives, such as liquidity and counterparty credit risk. Liquidity risk is the risk that the Portfolio will be unable to sell or close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligations to the Portfolio. Investing in derivatives may also involve greater risks than investing directly in the underlying assets, such as losses in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

The Portfolio's exposure to market risk factors and certain other associated risks are summarized by derivative type as follows:

**Futures contracts:** The Portfolio is subject to equity and commodity risk, interest rate risk, and foreign exchange rate risk in the normal course of pursuing its investment objective. The Portfolio uses futures contracts to gain exposure to, or hedge against, changes in the value of equities and commodities, interest rates, or foreign currencies. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date. Upon entering into such contracts, the Portfolio is required to deposit with the broker, either in cash or in securities, an initial margin in an amount equal to a certain percentage of the contract amount. Subsequent payments (variation margin) are paid or received by the Portfolio, depending on the daily fluctuations in the value of the contract, and are recorded for financial statement purposes as unrealized gains or losses by the Portfolio. Upon entering into such contracts, the Portfolio bears the risk of equity and commodity prices, interest rates, or exchange rates moving unexpectedly, in which case, the Portfolio may not achieve the anticipated benefits of the futures contracts and may realize losses. With futures, there is minimal counterparty credit risk to the Portfolio since futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)** 

Open futures contracts at December 31, 2022, if any, are listed within the Schedule of Investments. Variation margin, if applicable, is shown in Variation margin receivable or payable on futures contracts within the Statement of Assets and Liabilities.

The following is a summary of the location and the Portfolio's fair values of derivative investments disclosed, if any, within the Statement of Assets and Liabilities, categorized by primary market risk exposure as of December 31, 2022.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  Futures contracts: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) <sup>(A) (B)</sup> | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;(63195) | $&nbsp;&nbsp;&nbsp;&nbsp;— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;(63195) |
|  **Total** | $**—** | $**—** | $**(63195)** | $**—** | $**—** | $**(63195)** |

---

(A) *May include exchange-traded derivatives which are not subject to a master netting arrangement, or another similar arrangement..* 

(B) *Included within unrealized appreciation (depreciation) on futures contracts as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.* 

The following is a summary of the location and the effect of derivative investments, if any, within the Statement of Operations, categorized by primary market risk exposure as of December 31, 2022.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** |
| **Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  Futures contracts | $102561 | $— | $(1493881) | $— | $— | $(1391320) |
|  **Total** | $**102561** | $**—** | $**(1493881)** | $**—** | $**—** | $**(1391320)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** |
| **Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  Futures contracts | $21470 | $— | $(242906) | $— | $— | $(221436) |
|  **Total** | $**21470** | $**—** | $**(242906)** | $**—** | $**—** | $**(221436)** |

---

The following is a summary of the ending monthly average volume on derivative activity during the year ended December 31, 2022.

---

| | |
|:---|:---|
|  **Futures contracts:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts – long | $&nbsp;&nbsp;&nbsp;&nbsp;11133815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts – short | (2162817) |

---

*Collateral requirements:* Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (futures contracts, exchange-traded options, and exchange-traded swap agreements) while collateral terms are contract specific for OTC derivatives (forward foreign currency exchange contracts, OTC options, and OTC swap agreements). For OTC derivatives, under standard derivatives agreements, the Portfolio may be required to pledge collateral on derivatives to a counterparty if the Portfolio is in a net liability position, and receive collateral if in a net positive position. For financial reporting purposes, cash collateral that has been pledged by the Portfolio to cover obligations, if any, is reported in Cash collateral at broker within the Statement of Assets and Liabilities. Cash collateral that has been received by the Portfolio from a counterparty, if any, is reported separately in Cash collateral pledged at custodian and/or broker within the Statement of Assets and Liabilities. Non-cash collateral pledged to the Portfolio, if any, is disclosed within the Schedule of Investments.

Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold before a transfer has been made. Typically a counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The Portfolio generally does not use non-cash collateral that it receives but may, absent default or certain other circumstances, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)** 

To the extent amounts due to the Portfolio from its counterparties are not fully collateralized, contractually or otherwise, the Portfolio bears the risk of loss from counterparty non-performance. Additionally, to the extent the Portfolio has delivered collateral to a counterparty, the Portfolio bears the risk of loss from a counterparty in the event the counterparty fails to return such collateral. Counterparties may immediately terminate derivatives contracts if the Portfolio fails to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages. Collateral may not be required for all derivative contracts.

**7. RISK FACTORS** 

Investing in the Portfolio involves certain key risks related to the Portfolio's trading activity. Please reference the Portfolio's prospectus for a more complete discussion of the following risk(s), as well as other risks of investing in the Portfolio.

**Market risk:** The market prices of the Portfolio's securities and other assets may go up or down, sometimes sharply and unpredictably, due to general market conditions, overall economic trends or events, inflation, changes in interest rates, government actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by wars, tariffs, trade disputes or other factors, political developments, investor sentiment, the global and domestic effects of a pandemic or other health emergency, and other factors that may or may not be related to the issuer of the security or other asset. The market prices of securities and other assets also may go down due to events or conditions that affect particular sectors, industries, issuers, or geographies. Adverse market conditions may be prolonged and may not have the same impact on all types of securities or other assets. If the value of the Portfolio's securities and assets fall, the value of your investment will go down. The Portfolio may experience a substantial or complete loss on any individual security or asset.

Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, the imposition of economic sanctions, public health events (such as the spread of infectious disease), wars, terrorism, cybersecurity events, technology and data interruptions, natural disasters, and other circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. In the past decade, financial markets throughout the world have experienced increased volatility and decreased liquidity. These conditions may continue or worsen. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down. Securities markets may also be susceptible to market manipulation or other fraudulent trade practices, which could disrupt the orderly functioning of these markets or adversely affect the value of securities traded in these markets, including the Portfolio's securities.

The pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in economic downturns throughout the world, severe losses, particularly to some sectors of the economy and individual issuers, and reduced liquidity of many instruments. There also have been significant disruptions to business operations, including business closures; strained healthcare systems; disruptions to supply chains and employee availability; large fluctuations in consumer demand; and widespread uncertainty regarding the duration and long-term effects of the pandemic. Economic downturns may be prolonged, and political and social instability, continued volatility and decreased liquidity in the securities markets may result. Developing or emerging market countries may be more impacted by the pandemic.

The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic. These and other government intervention into the economy and financial markets may not work as intended. In addition, government actions to mitigate the economic impact of the pandemic have resulted in large expansion of government deficits and debt, the long-term consequences of which are not known. Rates of inflation have recently risen, which could adversely affect economies and markets. The pandemic could continue to adversely affect the value and liquidity of the Portfolio's investments.

*Europe:* A number of countries in Europe have experienced severe economic and financial difficulties; and financial markets in Europe and elsewhere have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen or spread within or outside Europe. Responses to the financial problems by European governments, central banks and others may not work, may result in conflicts and social unrest and may limit future growth and economic recovery or have other unintended consequences. In January, 2020, through "Brexit," the United Kingdom withdrew from the European Union. The ramifications of Brexit are unknown, and the implications of possible political, regulatory, economic, and market outcomes could be significant. The United Kingdom has one of the largest economies in Europe and is a major trading partner with European Union countries and the United States. Brexit may create additional and substantial economic stresses for the United Kingdom, including a contraction of the United Kingdom's economy, decreased trade, capital outflows, devaluation of the British pound, and a decrease in business and consumer spending and investment. The negative impact on not only the United Kingdom and European Union economies but also the broader

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**7. RISK FACTORS (continued)** 

global economy could be significant. A number of countries in Europe have suffered terror attacks, and additional attacks may occur in the future. Europe has also been struggling with mass migration from the Middle East, Eastern Europe and Africa. The ultimate effects of these events and other socio-political or geopolitical issues could profoundly affect global economies and markets. Whether or not the Portfolio invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

*Additional Market Disruption:* Russia's invasion of Ukraine in February, 2022, the resulting responses by the United States and other countries, and the potential for wider conflict, have increased and may continue to increase volatility and uncertainty in financial markets worldwide. The United States and other countries have imposed broad-ranging economic sanctions on Russia and Russian entities and individuals, and may impose additional sanctions, including on other countries that provide military or economic support to Russia. These sanctions, among other things, restrict companies from doing business with Russia and Russian issuers, and may adversely affect companies with economic or financial exposure to Russia and Russian issuers. The extent and duration of Russia's military actions and the repercussions of such actions are not known. The invasion may widen beyond Ukraine and may escalate, including through retaliatory actions and cyberattacks by Russia and even other countries. These events may result in further and significant market disruptions and may adversely affect regional and global economies including those of Europe and the United States. Certain industries and markets, such as those involving oil, natural gas and other commodities, as well as global supply chains, may be particularly adversely affected. Whether or not the Portfolio invests in securities of issuers located in Russia, Ukraine and adjacent countries or with significant exposure to issuers in these countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

**Asset class allocation risk:** The Portfolio's investment performance is significantly impacted by the Portfolio's asset class allocation and reallocation from time to time. The sub-adviser's decisions whether and when to tactically overweight or underweight asset classes, create and apply formulas for de-risking or ending de-risking and select a mix of underlying portfolios may not produce the desired results. These actions may be unsuccessful in maximizing return and/or avoiding investment losses. The value of your investment may decrease if the sub-adviser's judgment about the attractiveness, value or market trends affecting a particular asset class is incorrect. The Portfolio's balance between equity and debt securities limits its potential for capital appreciation relative to an all-stock fund and contributes to greater volatility relative to an all-bond fund.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The value of equity securities fluctuates based on real or perceived changes in a company's financial condition, factors affecting a particular industry or industries, and overall market, economic and political conditions. If the market prices of the equity securities owned by the Portfolio fall, the value of your investment in the Portfolio will decline. The Portfolio may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**LIBOR risk:** Many financial instruments, financings or other transactions to which the Portfolio may be a party use or may use a floating rate based on the London Interbank Offered Rate ("LIBOR"). The UK Financial Conduct Authority and LIBOR's administrator announced that the use of LIBOR will be phased out; most LIBOR rates are no longer published as of the end of 2021 and a majority of U.S. dollar LIBOR rates will no longer be published after June 30, 2023. It is possible that a subset of LIBOR rates may be published after these dates on a "synthetic" basis, but any such publications would be considered non-representative of the underlying market. There remains uncertainty regarding the nature of any replacement rate and the impact of the transition from LIBOR on the Portfolio, issuers of instruments in which the Portfolio invests, and financial markets generally. As such, the potential effect of a transition away from LIBOR on the Portfolio or the Portfolio's investments cannot yet be determined.

**8. FEES AND OTHER AFFILIATED TRANSACTIONS** 

TST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Transamerica Life Insurance Company ("TLIC"), and Transamerica Financial Life Insurance Company.

TAM, the Portfolio's investment manager, is directly owned by TLIC and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon NV. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon NV, a Netherlands corporation, and a publicly traded international insurance group.

TAM has entered into a sub-advisory agreement with Aegon USA Investment Management, LLC ("AUIM"), an affiliate of TAM. AUIM provides day-to-day portfolio management services to the Portfolio, subject to the supervision of TAM. TAM is responsible for compensating the sub-adviser for its services.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

Transamerica Fund Services, Inc. ("TFS") is the Portfolio's transfer agent. Transamerica Capital, Inc. ("TCI") is the Portfolio's distributor/principal underwriter. TAM, AUIM, TFS, and TCI are affiliates of Aegon NV.

Certain officers and trustees of the Portfolio are also officers and/or trustees of TAM, TFS and TCI. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Portfolio. The Portfolio does pay non-interested persons (independent trustees), as disclosed in Trustee, CCO and deferred compensation fees within the Statement of Operations.

**Investment management fees:** TAM serves as the Portfolio's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Portfolio pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Portfolio pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
|  First $500 million | 0.61% |
|  Over $500 million up to $1 billion | 0.59 |
|  Over $1 billion up to $1.5 billion | 0.56 |
|  Over $1.5 billion up to $2 billion | 0.55 |
|  Over $2 billion up to $5 billion | 0.52 |
|  Over $5 billion | 0.50 |

---

TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses, reorganization expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| | **Operating<br>Expense Limit** | **Operating**<br> **Expense Limit**<br> **Effective Through** |
|  Initial Class | 0.75% | May 1, 2023 |
|  Service Class | 1.00 | May 1, 2023 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended December 31, 2022 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/ or reimburse expenses of the Portfolio, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

As of December 31, 2022, there are no amounts available for recapture by TAM.

**Distribution and service fees:** TST has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, TST entered into a distribution agreement with TCI as the Portfolio's distributor.

The Distribution Plan requires the Portfolio to pay distribution fees to TCI as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCI, on behalf of the Portfolio, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Portfolio's shares.

The fee on the Service Class shares is paid to the insurance companies for providing services and account maintenance for the policyholders who invest in the variable insurance products which invest in the Service Class shares. TCI has determined that it will not

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

seek payment for the distribution expenses incurred by the Portfolio with respect to the Initial Class shares before May 1, 2023. Prior to TCI seeking distribution expenses on Initial Class shares, policy and contract owners will be notified in advance. The Portfolio will pay fees relating to Service Class shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Portfolio is authorized under the Distribution Plan to pay fees to TCI based on daily average net assets of each class up to the following annual rates:

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| | |
|:---|:---|
| **Class** | **Rate** |
|  Initial Class | 0.15% |
|  Service Class | 0.25 |

---

**Transfer agent costs:** TFS provides transfer agency services under an intercompany agreement with TAM. TFS has outsourced the provision of certain sub-transfer agency services to SS&C Technology Holdings, Inc ("SS&C"). The Portfolio does not pay a separate transfer agent fee to TAM or TFS but does pay certain expenses to SS&C related to applicable sub-transfer agency services. For the year ended December 31, 2022, (i) the expenses paid to SS&C by the Portfolio are referred to as Transfer agent costs and are included within the Statement of Operations and (ii) the expenses payable to SS&C by the Portfolio are referred to as Transfer agent costs within the Statement of Assets and Liabilities.

**Deferred compensation plan:** Effective September 23, 2021, the Board has approved the termination of the deferred compensation plan. Payments will be made to applicable current and former Board members consistent with Section 409A of the Code. Under a non-qualified deferred compensation plan effective January 1, 1996, as amended and restated January 1, 2010, available to the trustees, compensation may be deferred that would otherwise be payable by TST to an independent trustee on a current basis for services rendered as trustee. Deferred compensation amounts will accumulate based on the value of the investment option, as elected by the trustee. Balances pursuant to deferred compensation plan are recorded in Trustees, Chief Compliance Officer ("CCO") and deferred compensation fees within the Statement of Assets and Liabilities. For the year ended December 31, 2022, amounts included in Trustees, CCO and deferred compensation fees within the Statement of Operations reflect total compensation paid to the independent Board members.

**Brokerage commissions:** The Portfolio incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the year ended December 31, 2022.

**9. PURCHASES AND SALES OF SECURITIES** 

For the year ended December 31, 2022, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $404791135 | $97113985 | $569707340 | $128990553 |

---

**10. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS** 

The Portfolio has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Portfolio recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Portfolio's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Portfolio's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Portfolio's financial statements. If applicable, the Portfolio recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Portfolio identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Portfolio makes significant investments; however, the Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**10. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)** 

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales, futures contracts mark-to-market, premium amortization accruals and interest written off. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. There are no reclassifications in the current year.

As of December 31, 2022, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross<br>Appreciation** | **Gross<br>(Depreciation)** | **Net Appreciation<br>(Depreciation)** |
| $1506834120 | $199501660 | $(107390182) | $92111478 |

---

As of December 31, 2022, the Portfolio had no capital loss carryforwards available to offset future realized capital gains. During the year ended December 31, 2022, the Portfolio did not have any capital loss carryforwards utilized or expired.

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2022 and 2021 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** |
| **Ordinary**<br>**Income** | **Long-Term<br>Capital Gain** | **Return of Capital** | **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of Capital** |
| $34300708 | $179475417 | $— | $28200027 | $99743369 | $— |

---

As of December 31, 2022, the tax basis components of distributable earnings are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Capital Loss<br>Carryforwards** | **Late Year<br>Ordinary Loss<br>Deferred** | **Other<br>Temporary<br>Differences** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| $20914666 | $50985756 | $— | $— | $(1400) | $92111478 |

---

**11. NEW ACCOUNTING PRONOUNCEMENTS** 

In June 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2022-03 ("ASU 2022-03"), "Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions" ("Topic 820"). ASU 2022-03 clarifies the guidance in Topic 820, related to the measurement of the fair value of an equity security subject to contractual sale restrictions, where it eliminates the need to apply a discount to fair value of these securities, and introduces disclosure requirements related to such equity securities. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. Management is currently evaluating the implications, if any, of the additional requirements and its impact on the Portfolio's financial statements.

In December 2022, FASB issued Accounting Standards Update No. 2022-06 ("ASU 2022-06"), "Reference Rate Reform (Topic 848)". ASU 2022-06 is an update of ASU 2020-04, which is in response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR, regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The ASU 2022-06 update clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The amendments in this update are effective immediately through December 31, 2024, for all entities. Management does not expect ASU 2022-06 to have a material impact on the financial statements.

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**Report of Independent Registered Public Accounting Firm** 

*To the Shareholders and the Board of Trustees of Transamerica Multi-Managed Balanced VP* 

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities of Transamerica Multi-Managed Balanced VP (the "Portfolio") (one of the portfolios constituting Transamerica Series Trust (the "Trust")), including the schedule of investments, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio, (one of the portfolios constituting Transamerica Series Trust) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion** 

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g438566ernst_young.jpg)

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

February 27, 2023

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**SUPPLEMENTAL TAX INFORMATION** 

**(unaudited)** 

For tax purposes, the Portfolio has made a long-term capital gain designation of $179,475,417 for the year ended December 31, 2022.

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**(unaudited)** 

**MARKET ENVIRONMENT** 

Geopolitics took center stage in early 2022 as Russia invaded Ukraine. Most assets experienced elevated volatility over the year as Russia's invasion of Ukraine and the subsequent imposition of financial sanctions added stress to already fragile global supply chains and raised concerns over commodity supplies. This amplified inflationary fears and contributed to more hawkish stances from central banks, higher global yields, and flattening curves.

Risk assets were challenged throughout the first half of 2022, with both equities and bonds moving significantly lower given ongoing concerns over the conflict between Russia and Ukraine. The recurring themes of heightened inflation, geopolitical tension and fear of recession were the main contributors to market turbulence during the year. Developed market central banks maintained their hawkish stance with their sights set on combatting historic levels of inflation. Most notably, in the U.S., the Consumer Price Index increased 8.6% year-on-year in May. This prompted the Federal Reserve ("Fed") to hike interest rates by 75 basis points in June, the first time since 1994, and acknowledge that credibly fighting inflation will come at the cost of lower growth.

Despite weakening economic data and signs of slowing global growth heading into the second half of 2022, the Fed hiked its policy rate aggressively to address inflationary risks. Performance was challenged for both "safe-haven" and risk assets as global yields rose sharply through the summer months and sentiment waned, leading to increased recessionary risks and heightened volatility. Amidst broader market volatility, market correlations were positive as global equities, fixed income, and commodities experienced sharp declines.

Easing developed market inflation prints prompted optimism for relatively dovish global central bank messaging and contributed to gains in global risk assets toward the end of 2022. However, with labor market data generally exhibiting continued resilience, global central banks adopted more hawkish messaging than expected in December. Following a 75 basis point policy rate hike in November, the Fed adjusted its policy rate upward by 50 basis points in December.

**PERFORMANCE** 

For the year ended December 31, 2022, Transamerica PIMCO Tactical – Balanced VP, Initial Class returned -19.42%. By comparison, its primary and secondary benchmarks, the S&P 500<sup>®</sup> Index and the Transamerica PIMCO Tactical – Balanced VP Blended Benchmark, returned -18.11% and -16.65%, respectively.

**STRATEGY REVIEW** 

With volatility high throughout the fiscal year ended December 31, 2022, Transamerica PIMCO Tactical – Balanced VP (the "Portfolio") dynamically adjusted its equity exposure, facilitated using equity futures. The Portfolio entered 2022 overweight equity as the VIX Index was stable and equities rallied throughout 2021. However, the Portfolio quickly de-risked in late January 2022 and again in February 2022 in response to the uptick in volatility driven by Russia's invasion of Ukraine. After a brief overweight in April, the Portfolio did not move overweight equities again during the year, de-risking to its largest underweights from September into November, in response to a more hawkish Fed and recessionary fears. The Portfolio ended 2022 underweight equities as a result. The Portfolio's managed volatility strategy detracted from performance. The dynamic equity adjustments detracted as bouts of volatility caused whipsaw returns during the year, and the downside risk mitigation strategies, obtained via S&P 500<sup>®</sup> Index put option contracts, modestly contributed to performance. Consistent with managing downside risk, the S&P 500<sup>®</sup> Index put option contracts were adequately sized to cover the equity exposure in the Portfolio.

The Portfolio's fixed income allocations contributed to performance in 2022. U.S. duration and yield curve positioning, partially facilitated using futures, interest rate swaps, swaptions, and options, were positive for performance over the year. Within a diversified set of spread sectors, exposure to non-agency mortgage-backed securities and high-yield corporate credit, which was partially facilitated using credit default swaps and swaptions, detracted from performance as credit spreads widened broadly.

**Michael Cudzil** 

**Mohit Mittal** 

**Graham A. Rennison** 

**Paul-James ("PJ") White** 

**Co-Portfolio Managers** 

**Pacific Investment Management Company LLC** 

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**(unaudited)** 

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| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  Repurchase Agreements | 45.0% |
|  Corporate Debt Securities | 20.2 |
|  U.S. Government Obligations | 14.8 |
|  U.S. Government Agency Obligations | 10.5 |
|  Asset-Backed Securities | 4.3 |
|  Mortgage-Backed Securities | 3.8 |
|  Other Investment Company | 2.6 |
|  Foreign Government Obligations | 1.7 |
|  Short-Term U.S. Government Obligation | 1.6 |
|  Over-the-Counter Options Purchased | 1.2 |
|  Municipal Government Obligations | 0.5 |
|  Loan Assignments | 0.3 |
|  Net Other Assets (Liabilities) ^ | (6.5) |
|  **Total** | 100.0% |
| **Portfolio Characteristics** | **Years** |
|  Average Maturity § | 6.19 |
|  Duration † | 4.00 |

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*Current and future portfolio holdings are subject to change and risk.* 

^ *The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral.* 

§ *Average Maturity is computed by weighting the maturity of each security in the Portfolio by the market value of the security, then averaging these weighted figures.* 

† *Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder.* 

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**(unaudited)**![LOGO](g438566g07q99.jpg)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Initial Class | (19.42)% | 0.96% | 3.96% | 05/01/2009 |
|  S&P 500<sup>®</sup> Index <sup>(A)</sup> | (18.11)% | 9.42% | 12.56% |  |
|  Transamerica PIMCO Tactical - Balanced VP Blended Benchmark <sup>(A) (B) (C) (D) (E) (F)</sup> | (16.65)% | 4.04% | 6.20% |  |
|  Service Class | (19.65)% | 0.72% | 3.70% | 05/01/2009 |

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<sup>(A)</sup> *The S&P 500<sup>®</sup> Index is a market-capitalization weighted index of 500 large U.S. companies with common stock listed on the NYSE or NASDAQ.* 

<sup>(B)</sup> *The Transamerica PIMCO Tactical - Balanced VP Blended Benchmark is composed of the following benchmarks: 40% Bloomberg US Government/Credit Index, 35% S&P 500<sup>®</sup> Index, 10% MSCI EAFE Index, 10% Bloomberg Long Government Credit Index and 5% Russell 2000<sup>®</sup> Index.* 

<sup>(C)</sup> *The Bloomberg US Government/Credit Index is comprised of U.S. Treasuries, government-related issues, and corporates.* 

<sup>(D)</sup> *The MSCI EAFE Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada.* 

<sup>(E)</sup> *The Bloomberg Long Government Credit Index is comprised of U.S. Treasuries, government-related issues, and corporates with remaining maturities of 10 years or more.* 

<sup>(F)</sup> *The Russell 2000<sup>®</sup> Index measures the performance of the small-cap segment of the U.S. equity universe, and is comprised of approximately 2,000 of the smallest securities of the Russell 3000<sup>®</sup> Index based on a combination of market cap and current index membership. The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.* 

The Portfolio's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Year or Since Inception calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or the redemption of Portfolio shares. The Portfolio's investment return and net asset value will fluctuate. Investors' shares when redeemed may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month end. Portfolio performance is net of investment fees and Portfolio expenses, but not product charges, which, if included, would significantly lower the performance quoted.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of previously waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Tactical asset allocation is an investment strategy that actively adjusts a portfolio's asset allocation. The Portfolio's tactical asset management discipline may not work as intended. The Portfolio may not achieve its objective and may not perform as well as other portfolios using other asset management styles.

Fixed-income securities are subject to risks including credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk and liquidity risk. The value of fixed income securities generally goes down when interest rates rise, and therefore the value of your investment in the Portfolio may also go down. Derivatives involve special risks and costs and may result in losses to the Portfolio. Using derivatives exposes the Portfolio to additional or heightened risks, including leverage risk, liquidity risk, valuation risk, market risk, counterparty risk and credit risk.

Russell<sup>®</sup> and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.

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**DISCLOSURE OF EXPENSES** 

**(unaudited)** 

**SHAREHOLDER EXPENSES** 

Portfolio shareholders may incur two types of costs: (i) transaction costs, including brokerage commissions on purchases and sales of portfolio shares; and (ii) ongoing costs, including management fees, and other portfolio expenses.

The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other portfolios.

The example is based on an investment of $1,000 invested at July 1, 2022, and held for the entire six-month period until December 31, 2022.

**ACTUAL EXPENSES** 

The information in the table below provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = $8.60), then multiply the result by the number in the appropriate column for your share class titled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES** 

The information in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratios and assumed rates of return of 5% per year before expenses, which are not the Portfolio's actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Portfolio versus other portfolios. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other portfolios.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Portfolio shares. Therefore, the information under the heading "Hypothetical Expenses" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different portfolios. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries, or other financial institutions.

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|:---|:---|:---|:---|:---|:---|:---|
| | | **Actual Expenses** | **Actual Expenses** | **Hypothetical Expenses <sup>(A)</sup>** | **Hypothetical Expenses <sup>(A)</sup>** | |
| <br>**Class** |<br>**Beginning<br>Account Value<br>July 1, 2022** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** |<br>**Net Annualized<br>Expense Ratio <sup>(C)</sup>** |
|  Initial Class | $&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;967.80 | $&nbsp;&nbsp;&nbsp;&nbsp;4.22 | $&nbsp;&nbsp;&nbsp;&nbsp;1020.90 | $&nbsp;&nbsp;&nbsp;&nbsp;4.33 | 0.85% |
|  Service Class | 1000.00 | 966.70 | 5.45 | 1019.70 | 5.60 | 1.10 |

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(A) *5% return per year before expenses.*

(B) *Expenses are calculated using the Portfolio's net annualized expense ratio, as disclosed in the table, multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (365 days).*

(C) *Net annualized expense ratios are reflective of applicable fee waivers and/or reimbursements and recapture, if any, and are based on the most recent six-months which may differ from the net expense ratio displayed in the Financial Highlights that covers a twelve-month period.*

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**SCHEDULE OF INVESTMENTS** 

**At December 31, 2022** 

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| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES - 4.3%** | **ASSET-BACKED SECURITIES - 4.3%** | **ASSET-BACKED SECURITIES - 4.3%** |
|  Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates <br>Series 2004-R3, Class M1, <br>1-Month LIBOR + 0.78%, <br>5.17% <sup>(A)</sup>, 05/25/2034 | $79293 | $78182 |
|  AMMC CLO 16 Ltd. <br>Series 2015-16A, Class AR2, <br>3-Month LIBOR + 0.98%, <br>4.99% <sup>(A)</sup>, 04/14/2029 <sup>(B)</sup> | 213953 | 212649 |
|  AMMC CLO XII Ltd. <br>Series 2013-12A, Class AR2, <br>3-Month LIBOR + 0.95%, <br>5.54% <sup>(A)</sup>, 11/10/2030 <sup>(B)</sup> | 1800000 | 1774242 |
|  Anchorage Capital CLO 6 Ltd. <br>Series 2015-6A, Class ARR, <br>3-Month LIBOR + 1.05%, <br>5.13% <sup>(A)</sup>, 07/15/2030 <sup>(B)</sup> | 299982 | 296157 |
| Arbor Realty Commercial Real Estate Notes<br>Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL2, Class A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 1.10%, <br>5.42% <sup>(A)</sup>, 05/15/2036 <sup>(B)</sup> | 500000 | 485400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FL1, Class A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month SOFR Average + 1.45%, <br>5.26% <sup>(A)</sup>, 01/15/2037 <sup>(B)</sup> | 600000 | 580814 |
|  Birch Grove CLO Ltd. <br>Series 19A, Class AR, <br>3-Month LIBOR + 1.13%, <br>5.90% <sup>(A)</sup>, 06/15/2031 <sup>(B)</sup> | 1200000 | 1173848 |
|  Fremont Home Loan Trust <br>Series 2005-1, Class M5, <br>1-Month LIBOR + 1.07%, <br>5.45% <sup>(A)</sup>, 06/25/2035 | 296748 | 281338 |
|  Gallatin CLO IX Ltd. <br>Series 2018-1A, Class A, <br>3-Month LIBOR + 1.05%, <br>5.33% <sup>(A)</sup>, 01/21/2028 <sup>(B)</sup> | 250926 | 249349 |
|  HERA Commercial Mortgage Ltd. <br>Series 2021-FL1, Class A, <br>1-Month LIBOR + 1.05%, <br>5.39% <sup>(A)</sup>, 02/18/2038 <sup>(B)</sup> | 800000 | 772684 |
|  LCM XV LP <br>Series 15A, Class AR2, <br>3-Month LIBOR + 1.00%, <br>5.24% <sup>(A)</sup>, 07/20/2030 <sup>(B)</sup> | 385265 | 379426 |
|  LCM XXV Ltd. <br>Series 25A, Class AR, <br>3-Month Term SOFR + 1.10%, <br>5.06% <sup>(A)</sup>, 07/20/2030 <sup>(B)</sup> | 791432 | 775546 |
|  LFT CRE Ltd. <br>Series 2021-FL1, Class A, <br>1-Month LIBOR + 1.17%, <br>5.49% <sup>(A)</sup>, 06/15/2039 <sup>(B)</sup> | 600000 | 581037 |
|  LoanCore Issuer Ltd. <br>Series 2022-CRE7, Class A, <br>1-Month SOFR Average + 1.55%, <br>5.36% <sup>(A)</sup>, 01/17/2037 <sup>(B)</sup> | 700000 | 674584 |

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| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  Man GLG Euro CLO VI DAC <br>Series 6A, Class AR, <br>3-Month EURIBOR + 0.81%, <br>2.19% <sup>(A)</sup>, 10/15/2032 <sup>(B)</sup> | EUR 499,719 | $518652 |
|  Marble Point CLO X Ltd. <br>Series 2017-1A, Class AR, <br>3-Month LIBOR + 1.04%, <br>5.12% <sup>(A)</sup>, 10/15/2030 <sup>(B)</sup> | $400000 | 391932 |
|  MASTR Asset-Backed Securities Trust <br>Series 2004-WMC3, Class M1, <br>1-Month LIBOR + 0.83%, <br>5.21% <sup>(A)</sup>, 10/25/2034 | 248572 | 233643 |
|  MidOcean Credit CLO VIII <br>Series 2018-8A, Class A1R, <br>3-Month LIBOR + 1.05%, <br>5.73% <sup>(A)</sup>, 02/20/2031 <sup>(B)</sup> | 300000 | 295362 |
|  Northstar Education Finance, Inc. <br>Series 2012-1, Class A, <br>1-Month LIBOR + 0.70%, <br>5.09% <sup>(A)</sup>, 12/26/2031 <sup>(B)</sup> | 8677 | 8620 |
|  PHEAA Student Loan Trust <br>Series 2016-2A, Class A, <br>1-Month LIBOR + 0.95%, <br>5.34% <sup>(A)</sup>, 11/25/2065 <sup>(B)</sup> | 234498 | 232497 |
|  RAMP Trust <br>Series 2005-RS6, Class M4, <br>1-Month LIBOR + 0.98%, <br>5.36% <sup>(A)</sup>, 06/25/2035 | 104729 | 104286 |
|  Romark CLO Ltd. <br>Series 2017-1A, Class A1R, <br>3-Month LIBOR + 1.03%, <br>5.35% <sup>(A)</sup>, 10/23/2030 <sup>(B)</sup> | 600000 | 588059 |
|  SMB Private Education Loan Trust <br>Series 2016-B, Class A2B, <br>1-Month LIBOR + 1.45%, <br>5.77% <sup>(A)</sup>, 02/17/2032 <sup>(B)</sup> | 407480 | 404515 |
|  Sound Point CLO IX Ltd. <br>Series 2015-2A, Class ARRR, <br>3-Month LIBOR + 1.21%, <br>5.45% <sup>(A)</sup>, 07/20/2032 <sup>(B)</sup> | 200000 | 194454 |
|  Sound Point CLO XV Ltd. <br>Series 2017-1A, Class ARR, <br>3-Month LIBOR + 0.90%, <br>5.22% <sup>(A)</sup>, 01/23/2029 <sup>(B)</sup> | 224016 | 221148 |
|  Sound Point CLO XVI Ltd. <br>Series 2017-2A, Class AR, <br>3-Month LIBOR + 0.98%, <br>5.34% <sup>(A)</sup>, 07/25/2030 <sup>(B)</sup> | 600000 | 590547 |
|  Sound Point CLO XVII Ltd. <br>Series 2017-3A, Class A1R, <br>3-Month LIBOR + 0.98%, <br>5.22% <sup>(A)</sup>, 10/20/2030 <sup>(B)</sup> | 800000 | 786782 |
|  STWD Ltd. <br>Series 2022-FL3, Class A, <br>1-Month SOFR Average + 1.35%, <br>5.16% <sup>(A)</sup>, 11/15/2038 <sup>(B)</sup> | 800000 | 766263 |
|  TRTX Issuer Ltd. <br>Series 2022-FL5, Class A, <br>1-Month SOFR Average + 1.65%, <br>5.46% <sup>(A)</sup>, 02/15/2039 <sup>(B)</sup> | 700000 | 673720 |

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***The Notes to Financial Statements are an integral part of this report.***

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**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

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| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  Venture XIV CLO Ltd. <br>Series 2013-14A, Class ARR, <br>3-Month LIBOR + 1.03%, <br>5.77% <sup>(A)</sup>, 08/28/2029 <sup>(B)</sup> | $1149299 | $1134118 |
|  Vibrant CLO VI Ltd. <br>Series 2017-6A, Class AR, <br>3-Month LIBOR + 0.95%, <br>5.70% <sup>(A)</sup>, 06/20/2029 <sup>(B)</sup> | 392558 | 387245 |
|  Vibrant CLO VII Ltd. <br>Series 2017-7A, Class A1R, <br>3-Month LIBOR + 1.04%, <br>5.28% <sup>(A)</sup>, 09/15/2030 <sup>(B)</sup> | 298794 | 293343 |
|  **Total Asset-Backed Securities <br>(Cost $16,542,154)** |  | 16140442 |
| **CORPORATE DEBT SECURITIES - 20.2%** | **CORPORATE DEBT SECURITIES - 20.2%** | **CORPORATE DEBT SECURITIES - 20.2%** |
| **Aerospace & Defense - 0.1%** | **Aerospace & Defense - 0.1%** | **Aerospace & Defense - 0.1%** |
|  Boeing Co. <br>3.60%, 05/01/2034 | 200000 | 160557 |
|  Spirit AeroSystems, Inc. <br>3.85%, 06/15/2026 | 300000 | 271501 |
|  |  | 432058 |
| **Airlines - 0.6%** | **Airlines - 0.6%** | **Airlines - 0.6%** |
| American Airlines Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/15/2030 | 433291 | 376018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/15/2030 | 144282 | 112108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/15/2033 | 86443 | 65608 |
| British Airways Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 12/15/2030 <sup>(B)</sup> | 218314 | 188699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/20/2033 <sup>(B)</sup> | 287758 | 259667 |
|  Spirit Airlines Pass-Through Trust <br>3.65%, 08/15/2031 | 150763 | 122188 |
| United Airlines Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 04/07/2030 | 662121 | 563871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 04/07/2030 | 662121 | 535434 |
|  |  | 2223593 |
| **Automobiles - 0.2%** | **Automobiles - 0.2%** | **Automobiles - 0.2%** |
|  Nissan Motor Co. Ltd. <br>4.35%, 09/17/2027 <sup>(B)</sup> | 600000 | 544637 |
| **Banks - 4.9%** | **Banks - 4.9%** | **Banks - 4.9%** |
|  Banco Santander SA <br>3.49%, 05/28/2030 | 200000 | 169124 |
|  Bank Leumi Le-Israel BM <br>5.13%, 07/27/2027 <sup>(C)</sup> | 400000 | 396222 |
|  Bank of America Corp. <br>Fixed until 11/10/2027, 6.20% <sup>(A)</sup>, 11/10/2028 | 500000 | 515527 |
|  Bank of Ireland Group PLC <br>4.50%, 11/25/2023 <sup>(B)</sup> | 700000 | 692704 |
|  Barclays PLC <br>Fixed until 08/09/2025, 5.30% <sup>(A)</sup>, 08/09/2026 | 1000000 | 993340 |
| BNP Paribas SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 01/20/2027, 2.59% <sup>(A)</sup>, 01/20/2028 <sup>(B)</sup> <sup>(D)</sup> | 200000 | 176182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 02/25/2031 <sup>(E)</sup>,<br>4.63% <sup>(A)</sup> <sup>(B)</sup> | 400000 | 309041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 08/16/2029 <sup>(E)</sup>,<br>7.75% <sup>(A)</sup> <sup>(B)</sup> | 700000 | 691250 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 02/18/2026 <sup>(E)</sup>,<br>3.88% <sup>(A)</sup> | $1400000 | $1193500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 06/10/2025 | 1200000 | 1178799 |
|  Citizens Bank NA <br>Fixed until 08/09/2027, 4.58% <sup>(A)</sup>, 08/09/2028 | 400000 | 386767 |
| HSBC Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 07/24/2026, 1.75% <sup>(A)</sup>, 07/24/2027 | GBP 600,000 | 623470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 08/11/2032, 5.40% <sup>(A)</sup>, 08/11/2033 | $500000 | 464549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 11/03/2027, 7.39% <sup>(A)</sup>, 11/03/2028 | 300000 | 314836 |
|  ING Groep NV <br>Fixed until 03/28/2025,<br>3.87% <sup>(A)</sup>, 03/28/2026 | 700000 | 674072 |
| Lloyds Banking Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/22/2028 | 400000 | 380285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 08/16/2028 | 1400000 | 1319543 |
| Mitsubishi UFJ Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 07/17/2030 | 700000 | 553880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 01/19/2027, 2.34% <sup>(A)</sup>, 01/19/2028 | 500000 | 440709 |
| Mizuho Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 05/22/2026, 1.23% <sup>(A)</sup>, 05/22/2027 | 500000 | 433597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 09/13/2027, 5.41% <sup>(A)</sup>, 09/13/2028 <sup>(D)</sup> | 500000 | 500212 |
| NatWest Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 05/18/2028, 4.89% <sup>(A)</sup>, 05/18/2029 | 600000 | 568677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 09/30/2027, 5.52% <sup>(A)</sup>, 09/30/2028 | 500000 | 495005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 11/10/2025, 7.47% <sup>(A)</sup>, 11/10/2026 | 200000 | 208302 |
|  Nordea Bank Abp <br>5.38%, 09/22/2027 <sup>(B)</sup> | 200000 | 201252 |
|  Santander Holdings USA, Inc. <br>3.45%, 06/02/2025 | 500000 | 477098 |
|  Santander UK Group Holdings PLC <br>Fixed until 03/15/2031, 2.90% <sup>(A)</sup>, 03/15/2032 | 500000 | 387586 |
|  Societe Generale SA <br>4.68%, 06/15/2027 <sup>(B)</sup> <sup>(D)</sup> | 800000 | 778992 |
|  Standard Chartered PLC <br>Fixed until 11/16/2027, 7.77% <sup>(A)</sup>, 11/16/2028 <sup>(B)</sup> | 500000 | 530666 |
|  Stichting AK Rabobank Certificaten <br>6.50% <sup>(F)</sup>, 12/29/2049 <sup>(C)</sup> <sup>(D)</sup> <sup>(E)</sup> | EUR 735,350 | 754724 |
|  Sumitomo Mitsui Financial Group, Inc. <br>2.13%, 07/08/2030 | $1000000 | 792952 |
|  Synchrony Bank <br>5.40%, 08/22/2025 | 500000 | 493134 |
|  Wells Fargo & Co. <br>Fixed until 06/17/2026, 3.20% <sup>(A)</sup>, 06/17/2027 | 500000 | 463630 |
|  |  | 18559627 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 6** 

------

##### [**Table of Contents**](#toc)
**Transamerica PIMCO Tactical – Balanced VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Beverages - 0.1%** | **Beverages - 0.1%** | **Beverages - 0.1%** |
| Bacardi Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 05/15/2028 <sup>(B)</sup> | $300000 | $286831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 05/15/2038 <sup>(B)</sup> | 100000 | 90799 |
|  |  | 377630 |
| **Biotechnology - 0.2%** | **Biotechnology - 0.2%** | **Biotechnology - 0.2%** |
| Amgen, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 02/22/2052 | 500000 | 398982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 05/01/2045 | 500000 | 420487 |
|  |  | 819469 |
| **Building Products - 0.2%** | **Building Products - 0.2%** | **Building Products - 0.2%** |
|  Ferguson Finance PLC <br>3.25%, 06/02/2030 <sup>(B)</sup> | 800000 | 678682 |
| **Capital Markets - 1.9%** | **Capital Markets - 1.9%** | **Capital Markets - 1.9%** |
|  Banco BTG Pactual SA <br>4.50%, 01/10/2025 <sup>(B)</sup> | 600000 | 578250 |
|  Brighthouse Holdings LLC <br>6.50% <sup>(F)</sup>, 07/27/2037 <sup>(B)</sup> <sup>(E)</sup> | 300000 | 267000 |
|  Credit Suisse Group AG <br>3.75%, 03/26/2025 | 2900000 | 2611962 |
| Deutsche Bank AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 11/19/2029, 1.75% <sup>(A)</sup>, 11/19/2030 <sup>(C)</sup> | EUR 300,000 | 252063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 05/28/2031, 3.04% <sup>(A)</sup>, 05/28/2032 <sup>(G)</sup> | $500000 | 380312 |
|  Goldman Sachs Group, Inc. <br>Fixed until 06/15/2026, 4.39% <sup>(A)</sup>, 06/15/2027 | 200000 | 193060 |
|  JAB Holdings BV <br>2.20%, 11/23/2030 <sup>(B)</sup> | 250000 | 187975 |
|  Lazard Group LLC <br>4.38%, 03/11/2029 | 100000 | 92558 |
|  Macquarie Group Ltd. <br>Fixed until 08/09/2025, 5.11% <sup>(A)</sup>, 08/09/2026 <sup>(B)</sup> | 400000 | 398647 |
|  Moody's Corp. <br>5.25%, 07/15/2044 | 100000 | 96639 |
|  Morgan Stanley <br>Fixed until 10/18/2027, 6.30% <sup>(A)</sup>, 10/18/2028 | 600000 | 618145 |
|  Nomura Holdings, Inc. <br>2.33%, 01/22/2027 <sup>(D)</sup> | 600000 | 526177 |
|  State Street Corp. <br>Fixed until 11/04/2027, 5.82% <sup>(A)</sup>, 11/04/2028 | 100000 | 103429 |
| UBS Group AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 09/24/2025 <sup>(B)</sup> | 400000 | 389268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 08/05/2026, 4.70% <sup>(A)</sup>, 08/05/2027 <sup>(B)</sup> | 400000 | 387063 |
|  |  | 7082548 |
| **Chemicals - 0.1%** | **Chemicals - 0.1%** | **Chemicals - 0.1%** |
|  Sasol Financing USA LLC <br>5.88%, 03/27/2024 | 300000 | 293277 |
|  Syngenta Finance NV <br>4.44%, 04/24/2023 <sup>(B)</sup> | 200000 | 199102 |
|  |  | 492379 |
| **Commercial Services & Supplies - 0.1%** | **Commercial Services & Supplies - 0.1%** | **Commercial Services & Supplies - 0.1%** |
|  Ashtead Capital, Inc. <br>4.00%, 05/01/2028 <sup>(B)</sup> | 500000 | 457208 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Consumer Finance - 0.2%** | **Consumer Finance - 0.2%** | **Consumer Finance - 0.2%** |
|  American Express Co. <br>5.85%, 11/05/2027 | $300000 | $311995 |
|  Nissan Motor Acceptance Co. LLC <br>2.00%, 03/09/2026 <sup>(B)</sup> | 300000 | 258369 |
|  |  | 570364 |
| **Containers & Packaging - 0.3%** | **Containers & Packaging - 0.3%** | **Containers & Packaging - 0.3%** |
|  Amcor Flexibles North America, Inc. <br>2.63%, 06/19/2030 | 500000 | 407608 |
| Berry Global, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.57%, 01/15/2026 | 100000 | 89178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 07/15/2026 <sup>(B)</sup> | 700000 | 672957 |
|  |  | 1169743 |
| **Diversified Financial Services - 1.0%** | **Diversified Financial Services - 1.0%** | **Diversified Financial Services - 1.0%** |
|  AerCap Ireland Capital DAC / AerCap Global Aviation Trust <br>4.45%, 04/03/2026 | 300000 | 286868 |
| Aircastle Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/01/2024 | 200000 | 193370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/15/2026 | 200000 | 188079 |
|  Aviation Capital Group LLC <br>5.50%, 12/15/2024 <sup>(B)</sup> | 400000 | 392555 |
|  Blackstone Holdings Finance Co. LLC <br>5.90%, 11/03/2027 <sup>(B)</sup> <sup>(D)</sup> | 400000 | 402417 |
|  Brookfield Finance, Inc. <br>3.90%, 01/25/2028 | 700000 | 643731 |
| DAE Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.55%, 08/01/2024 <sup>(B)</sup> | 300000 | 279288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 03/20/2025 <sup>(B)</sup> | 600000 | 560280 |
|  Doric Nimrod Air Alpha Pass-Through Trust <br>5.25%, 05/30/2025 <sup>(B)</sup> | 12700 | 12603 |
|  Helios Leasing I LLC <br>1.56%, 09/28/2024 | 31684 | 30035 |
|  LeasePlan Corp. NV <br>2.88%, 10/24/2024 <sup>(B)</sup> | 600000 | 562860 |
|  PennyMac Financial Services, Inc. <br>5.38%, 10/15/2025 <sup>(B)</sup> | 400000 | 360490 |
|  |  | 3912576 |
| **Diversified Telecommunication Services - 0.1%** | **Diversified Telecommunication Services - 0.1%** | **Diversified Telecommunication Services - 0.1%** |
|  Bell Telephone Co. of Canada / Bell Canada <br>4.30%, 07/29/2049 | 300000 | 245209 |
|  Level 3 Financing, Inc. <br>3.88%, 11/15/2029 <sup>(B)</sup> | 200000 | 157827 |
|  |  | 403036 |
| **Electric Utilities - 2.2%** | **Electric Utilities - 2.2%** | **Electric Utilities - 2.2%** |
|  Alabama Power Co. <br>4.15%, 08/15/2044 | 400000 | 335036 |
|  Arizona Public Service Co. <br>2.65%, 09/15/2050 | 200000 | 117142 |
|  Duke Energy Carolinas LLC <br>4.25%, 12/15/2041 | 400000 | 347373 |
|  Duke Energy Progress LLC <br>4.00%, 04/01/2052 | 200000 | 161246 |
|  Edison International <br>6.95%, 11/15/2029 | 200000 | 209277 |
|  ENEL Finance International NV <br>4.63%, 06/15/2027 <sup>(B)</sup> | 600000 | 568401 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 7** 

------

##### [**Table of Contents**](#toc)
**Transamerica PIMCO Tactical – Balanced VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
|  Entergy Mississippi LLC <br>2.85%, 06/01/2028 | $1300000 | $1153502 |
|  FirstEnergy Corp. <br>1.60%, 01/15/2026 | 600000 | 529500 |
| Georgia Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/15/2051 | 100000 | 69352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 05/15/2032 | 600000 | 580571 |
|  Liberty Utilities Finance GP 1 <br>2.05%, 09/15/2030 <sup>(B)</sup> <sup>(D)</sup> | 700000 | 527487 |
|  Northern States Power Co. <br>2.60%, 06/01/2051 | 100000 | 64034 |
| Pacific Gas & Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 12/01/2027 | 100000 | 88409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/15/2025 | 240000 | 226599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 08/15/2042 | 800000 | 539486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/15/2046 | 600000 | 419988 |
| Southern California Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 03/15/2043 | 200000 | 155003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/2047 | 900000 | 706079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 03/15/2042 | 100000 | 79997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 10/01/2043 | 100000 | 87039 |
|  Southwestern Electric Power Co. <br>6.20%, 03/15/2040 | 1000000 | 1020076 |
|  Xcel Energy, Inc. <br>4.60%, 06/01/2032 | 300000 | 287402 |
|  |  | 8272999 |
| **Electronic Equipment, Instruments & Components - 0.1%** | **Electronic Equipment, Instruments & Components - 0.1%** | **Electronic Equipment, Instruments & Components - 0.1%** |
|  Flex Ltd. <br>4.88%, 06/15/2029 | 300000 | 283017 |
| **Equity Real Estate Investment Trusts - 1.6%** | **Equity Real Estate Investment Trusts - 1.6%** | **Equity Real Estate Investment Trusts - 1.6%** |
|  Alexandria Real Estate Equities, Inc. <br>4.50%, 07/30/2029 | 700000 | 664415 |
| American Tower Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2025 | 1250000 | 1219025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 03/15/2032 | 300000 | 268977 |
|  Digital Realty Trust LP <br>5.55%, 01/15/2028 | 400000 | 403287 |
|  Essex Portfolio LP <br>4.00%, 03/01/2029 | 700000 | 639444 |
|  Goodman US Finance Five LLC <br>4.63%, 05/04/2032 <sup>(B)</sup> | 600000 | 548578 |
|  Hudson Pacific Properties LP <br>5.95%, 02/15/2028 <sup>(D)</sup> | 200000 | 187006 |
|  National Retail Properties, Inc. <br>4.80%, 10/15/2048 | 700000 | 584630 |
|  Omega Healthcare Investors, Inc. <br>3.25%, 04/15/2033 | 300000 | 217703 |
|  STORE Capital Corp. <br>2.75%, 11/18/2030 | 400000 | 307942 |
|  UDR, Inc. <br>3.00%, 08/15/2031 | 400000 | 334658 |
|  VICI Properties LP <br>4.75%, 02/15/2028 | 500000 | 473669 |
|  |  | 5849334 |
| **Food & Staples Retailing - 0.0% <sup>(H)</sup>** | **Food & Staples Retailing - 0.0% <sup>(H)</sup>** | **Food & Staples Retailing - 0.0% <sup>(H)</sup>** |
|  CVS Pass-Through Trust <br>4.16%, 08/11/2036 <sup>(B)</sup> | 72317 | 62927 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Food Products - 0.1%** | **Food Products - 0.1%** | **Food Products - 0.1%** |
|  Conagra Brands, Inc. <br>5.30%, 11/01/2038 | $200000 | $190532 |
| **Gas Utilities - 0.4%** | **Gas Utilities - 0.4%** | **Gas Utilities - 0.4%** |
|  Brooklyn Union Gas Co. <br>4.63%, 08/05/2027 <sup>(B)</sup> | 700000 | 668661 |
|  Southern California Gas Co. <br>4.13%, 06/01/2048 | 900000 | 725645 |
|  |  | 1394306 |
| **Health Care Providers & Services - 1.0%** | **Health Care Providers & Services - 1.0%** | **Health Care Providers & Services - 1.0%** |
|  AHS Hospital Corp. <br>5.02%, 07/01/2045 | 600000 | 579935 |
|  Banner Health <br>1.90%, 01/01/2031 | 400000 | 316729 |
|  CHRISTUS Health <br>4.34%, 07/01/2028 | 600000 | 571123 |
|  DaVita, Inc. <br>4.63%, 06/01/2030 <sup>(B)</sup> | 100000 | 80270 |
|  Elevance Health, Inc. <br>5.50%, 10/15/2032 | 100000 | 102699 |
|  Hackensack Meridian Health, Inc. <br>4.50%, 07/01/2057 | 300000 | 256833 |
|  HCA, Inc. <br>4.13%, 06/15/2029 | 200000 | 183036 |
|  Humana, Inc. <br>5.75%, 03/01/2028 | 500000 | 511224 |
|  Nationwide Children's Hospital, Inc. <br>4.56%, 11/01/2052 | 400000 | 357633 |
|  Northwell Healthcare, Inc. <br>3.98%, 11/01/2046 | 700000 | 540193 |
|  UnitedHealth Group, Inc. <br>5.35%, 02/15/2033 | 200000 | 206949 |
|  |  | 3706624 |
| **Hotels, Restaurants & Leisure - 0.2%** | **Hotels, Restaurants & Leisure - 0.2%** | **Hotels, Restaurants & Leisure - 0.2%** |
|  GLP Capital LP / GLP Financing II, Inc. <br>5.38%, 04/15/2026 | 100000 | 98133 |
|  Marriott International, Inc. <br>2.85%, 04/15/2031 | 300000 | 242845 |
|  Sands China Ltd. <br>4.30%, 01/08/2026 | 400000 | 369116 |
|  |  | 710094 |
| **Insurance - 0.4%** | **Insurance - 0.4%** | **Insurance - 0.4%** |
|  Equitable Financial Life Global Funding <br>5.50%, 12/02/2025 <sup>(B)</sup> | 400000 | 399456 |
|  Fairfax Financial Holdings Ltd. <br>3.38%, 03/03/2031 | 200000 | 164363 |
|  First American Financial Corp. <br>4.30%, 02/01/2023 | 100000 | 99897 |
|  GA Global Funding Trust <br>2.90%, 01/06/2032 <sup>(B)</sup> | 400000 | 317735 |
|  Liberty Mutual Group, Inc. <br>5.50%, 06/15/2052 <sup>(B)</sup> | 500000 | 451585 |
|  |  | 1433036 |
| **Interactive Media & Services - 0.1%** | **Interactive Media & Services - 0.1%** | **Interactive Media & Services - 0.1%** |
|  Tencent Holdings Ltd. <br>3.98%, 04/11/2029 <sup>(B)</sup> | 300000 | 277114 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 8** 

------

##### [**Table of Contents**](#toc)
**Transamerica PIMCO Tactical – Balanced VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Internet & Direct Marketing Retail - 0.1%** | **Internet & Direct Marketing Retail - 0.1%** | **Internet & Direct Marketing Retail - 0.1%** |
|  Prosus NV <br>3.26%, 01/19/2027 <sup>(B)</sup> | $400000 | $358074 |
| **IT Services - 0.2%** | **IT Services - 0.2%** | **IT Services - 0.2%** |
|  Booz Allen Hamilton, Inc. <br>3.88%, 09/01/2028 <sup>(B)</sup> | 100000 | 88596 |
|  Global Payments, Inc. <br>4.95%, 08/15/2027 | 800000 | 777416 |
|  |  | 866012 |
| **Life Sciences Tools & Services - 0.0% <sup>(H)</sup>** | **Life Sciences Tools & Services - 0.0% <sup>(H)</sup>** | **Life Sciences Tools & Services - 0.0% <sup>(H)</sup>** |
|  Illumina, Inc. <br>2.55%, 03/23/2031 | 200000 | 160635 |
| **Machinery - 0.1%** | **Machinery - 0.1%** | **Machinery - 0.1%** |
|  Weir Group PLC <br>2.20%, 05/13/2026 <sup>(B)</sup> | 500000 | 443944 |
| **Media - 1.1%** | **Media - 1.1%** | **Media - 1.1%** |
|  CCO Holdings LLC / CCO Holdings Capital Corp. <br>4.75%, 03/01/2030 <sup>(B)</sup> | 1200000 | 1023066 |
| Charter Communications Operating LLC /<br>Charter Communications Operating Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 04/01/2061 | 100000 | 58078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/15/2028 | 800000 | 736475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 04/01/2033 <sup>(D)</sup> | 400000 | 343482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 03/01/2050 | 300000 | 218388 |
|  Comcast Corp. <br>2.94%, 11/01/2056 | 2152000 | 1341080 |
|  Discovery Communications LLC <br>4.00%, 09/15/2055 | 608000 | 367047 |
|  SES SA <br>3.60%, 04/04/2023 <sup>(B)</sup> | 200000 | 198201 |
|  |  | 4285817 |
| **Metals & Mining - 0.0% <sup>(H)</sup>** | **Metals & Mining - 0.0% <sup>(H)</sup>** | **Metals & Mining - 0.0% <sup>(H)</sup>** |
|  FMG Resources August 2006 Pty Ltd. <br>4.38%, 04/01/2031 <sup>(B)</sup> | 200000 | 166337 |
| **Multi-Utilities - 0.1%** | **Multi-Utilities - 0.1%** | **Multi-Utilities - 0.1%** |
|  Consolidated Edison Co. of New York, Inc. <br>6.15%, 11/15/2052 | 300000 | 323310 |
|  NiSource, Inc. <br>5.00%, 06/15/2052 | 200000 | 182758 |
|  |  | 506068 |
| **Oil, Gas & Consumable Fuels - 0.9%** | **Oil, Gas & Consumable Fuels - 0.9%** | **Oil, Gas & Consumable Fuels - 0.9%** |
|  Aker BP ASA <br>4.00%, 01/15/2031 <sup>(B)</sup> | 200000 | 176064 |
|  Boardwalk Pipelines LP <br>3.40%, 02/15/2031 | 600000 | 503398 |
| Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/2026 | 100000 | 97502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 06/15/2038 | 700000 | 643795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 07/01/2038 | 150000 | 160030 |
|  Enterprise Products Operating LLC <br>3.20%, 02/15/2052 | 560000 | 370103 |
|  Flex Intermediate Holdco LLC <br>4.32%, 12/30/2039 <sup>(B)</sup> | 100000 | 72199 |
|  Midwest Connector Capital Co. LLC <br>3.90%, 04/01/2024 <sup>(B)</sup> | 500000 | 484280 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
|  Rockies Express Pipeline LLC <br>4.80%, 05/15/2030 <sup>(B)</sup> | $700000 | $615969 |
|  Targa Resources Partners LP / Targa Resources Partners Finance Corp. <br>4.00%, 01/15/2032 | 200000 | 167970 |
|  Tennessee Gas Pipeline Co. LLC <br>7.00%, 10/15/2028 | 200000 | 214005 |
|  Woodside Finance Ltd. <br>3.65%, 03/05/2025 <sup>(B)</sup> | 40000 | 38424 |
|  |  | 3543739 |
| **Pharmaceuticals - 0.4%** | **Pharmaceuticals - 0.4%** | **Pharmaceuticals - 0.4%** |
|  Bayer US Finance II LLC <br>4.63%, 06/25/2038 <sup>(B)</sup> | 1600000 | 1394367 |
|  Jazz Securities DAC <br>4.38%, 01/15/2029 <sup>(B)</sup> | 200000 | 178230 |
|  |  | 1572597 |
| **Road & Rail - 0.1%** | **Road & Rail - 0.1%** | **Road & Rail - 0.1%** |
| Avolon Holdings Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.53%, 11/18/2027 <sup>(B)</sup> | 239000 | 191334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 02/15/2025 <sup>(B)</sup> | 100000 | 92333 |
|  Park Aerospace Holdings Ltd. <br>5.50%, 02/15/2024 <sup>(B)</sup> | 84000 | 82930 |
|  |  | 366597 |
| **Semiconductors & Semiconductor Equipment - 0.2%** | **Semiconductors & Semiconductor Equipment - 0.2%** | **Semiconductors & Semiconductor Equipment - 0.2%** |
|  Broadcom, Inc. <br>3.19%, 11/15/2036 <sup>(B)</sup> | 400000 | 288225 |
|  Micron Technology, Inc. <br>6.75%, 11/01/2029 | 200000 | 203852 |
|  Skyworks Solutions, Inc. <br>1.80%, 06/01/2026 | 400000 | 352217 |
|  |  | 844294 |
| **Software - 0.5%** | **Software - 0.5%** | **Software - 0.5%** |
| Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 05/15/2025 | 1250000 | 1186859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 11/09/2029 <sup>(G)</sup> | 500000 | 520191 |
|  |  | 1707050 |
| **Technology Hardware, Storage & Peripherals - 0.2%** | **Technology Hardware, Storage & Peripherals - 0.2%** | **Technology Hardware, Storage & Peripherals - 0.2%** |
| Seagate HDD Cayman |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/15/2031 | 253000 | 197483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.63%, 12/01/2032 <sup>(B)</sup> | 357600 | 392216 |
|  |  | 589699 |
| **Tobacco - 0.1%** | **Tobacco - 0.1%** | **Tobacco - 0.1%** |
|  BAT Capital Corp. <br>7.75%, 10/19/2032 | 200000 | 216081 |
| **Trading Companies & Distributors - 0.1%** | **Trading Companies & Distributors - 0.1%** | **Trading Companies & Distributors - 0.1%** |
|  Fortress Transportation & Infrastructure Investors LLC <br>6.50%, 10/01/2025 <sup>(B)</sup> | 535000 | 503009 |
|  **Total Corporate Debt Securities <br>(Cost $86,238,684)** |  | 76033486 |
| **FOREIGN GOVERNMENT OBLIGATIONS - 1.7%** | **FOREIGN GOVERNMENT OBLIGATIONS - 1.7%** | **FOREIGN GOVERNMENT OBLIGATIONS - 1.7%** |
| **Canada - 0.4%** | **Canada - 0.4%** | **Canada - 0.4%** |
|  Province of Quebec <br>2.50%, 04/20/2026 | 1700000 | 1599761 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 9** 

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##### [**Table of Contents**](#toc)
**Transamerica PIMCO Tactical – Balanced VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** |
| **Dominican Republic - 0.1%** | **Dominican Republic - 0.1%** | **Dominican Republic - 0.1%** |
|  Dominican Republic International Bonds <br>4.88%, 09/23/2032 <sup>(B)</sup> | $600000 | $498045 |
| **Indonesia - 0.2%** | **Indonesia - 0.2%** | **Indonesia - 0.2%** |
|  Perusahaan Penerbit SBSN Indonesia III <br>4.40%, 06/06/2027 <sup>(B)</sup> | 600000 | 593325 |
| **Japan - 0.6%** | **Japan - 0.6%** | **Japan - 0.6%** |
|  Japan Finance Organization for Municipalities <br>2.13%, 10/25/2023 <sup>(B)</sup> | 2400000 | 2342256 |
| **Peru - 0.1%** | **Peru - 0.1%** | **Peru - 0.1%** |
| Peru Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.94%, 02/12/2029 <sup>(C)</sup> | PEN 700,000 | 168856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.94%, 02/12/2029 <sup>(B)</sup> | 300000 | 72367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.20%, 08/12/2026 <sup>(B)</sup> | 1200000 | 330486 |
|  |  | 571709 |
| **Republic of South Africa - 0.1%** | **Republic of South Africa - 0.1%** | **Republic of South Africa - 0.1%** |
|  Republic of South Africa Government International Bonds <br>4.85%, 09/30/2029 | $300000 | 267000 |
| **Romania - 0.2%** | **Romania - 0.2%** | **Romania - 0.2%** |
| Romania Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 03/07/2028 <sup>(B)</sup> | EUR 400,000 | 356098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 12/02/2040 <sup>(B)</sup> | 200000 | 119146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/07/2034 <sup>(B)</sup> | 200000 | 159497 |
|  |  | 634741 |
|  **Total Foreign Government Obligations <br>(Cost $7,240,049)** | **Total Foreign Government Obligations <br>(Cost $7,240,049)** | 6506837 |
| **LOAN ASSIGNMENTS - 0.3%** | **LOAN ASSIGNMENTS - 0.3%** | **LOAN ASSIGNMENTS - 0.3%** |
| **Banks - 0.1%** | **Banks - 0.1%** | **Banks - 0.1%** |
|  BCPE Empire Holdings, Inc. <br>Term Loan, <br>1-Month Term SOFR + 4.63%, <br>9.05% <sup>(A)</sup>, 06/11/2026 | $297750 | 291547 |
| **Capital Markets - 0.1%** | **Capital Markets - 0.1%** | **Capital Markets - 0.1%** |
|  Zephyrus Capital Aviation Partners LLC <br>Term Loan, <br>4.61%, 10/15/2038 <sup>(I)</sup> <sup>(J)</sup> <sup>(K)</sup> | 715893 | 605171 |
| **IT Services - 0.1%** | **IT Services - 0.1%** | **IT Services - 0.1%** |
|  Virtusa Corp. <br>1st Lien Term Loan B, <br>1-Month LIBOR + 3.75%, <br>8.13% <sup>(A)</sup>, 02/11/2028 | 294750 | 283942 |
|  **Total Loan Assignments <br>(Cost $1,287,306)** | **Total Loan Assignments <br>(Cost $1,287,306)** | 1180660 |
| **MORTGAGE-BACKED SECURITIES - 3.8%** | **MORTGAGE-BACKED SECURITIES - 3.8%** | **MORTGAGE-BACKED SECURITIES - 3.8%** |
|  Angel Oak Mortgage Trust <br>Series 2020-4, Class A1, <br>1.47% <sup>(A)</sup>, 06/25/2065 <sup>(B)</sup> | 133094 | 118905 |
|  BAMLL Commercial Mortgage Securities Trust <br>Series 2019-RLJ, Class A, <br>1-Month LIBOR + 1.05%, <br>5.37% <sup>(A)</sup>, 04/15/2036 <sup>(B)</sup> | 700000 | 683955 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
|  BIG Commercial Mortgage Trust <br>Series 2022-BIG, Class A, <br>1-Month Term SOFR + 1.34%, <br>5.68% <sup>(A)</sup>, 02/15/2039 <sup>(B)</sup> | $800000 | $767766 |
|  ChaseFlex Trust <br>Series 2007-2, Class A1, <br>1-Month LIBOR + 0.56%, <br>4.95% <sup>(A)</sup>, 05/25/2037 | 271799 | 261313 |
|  CHL Mortgage Pass-Through Trust <br>Series 2005-9, Class 1A1, <br>1-Month LIBOR + 0.60%, <br>4.99% <sup>(A)</sup>, 05/25/2035 | 29497 | 22614 |
|  COMM Mortgage Trust <br>Series 2018-HOME, Class A, <br>3.82% <sup>(A)</sup>, 04/10/2033 <sup>(B)</sup> | 700000 | 636764 |
|  CSWF Corp. <br>Series 2021-SOP2, Class A, <br>1-Month LIBOR + 0.97%, <br>5.28% <sup>(A)</sup>, 06/15/2034 <sup>(B)</sup> | 674371 | 641088 |
|  DBUBS Mortgage Trust <br>Series 2017-BRBK, Class A, <br>3.45%, 10/10/2034 <sup>(B)</sup> | 1600000 | 1504607 |
|  DROP Mortgage Trust <br>Series 2021-FILE, Class A, <br>1-Month LIBOR + 1.15%, <br>5.47% <sup>(A)</sup>, 10/15/2043 <sup>(B)</sup> | 300000 | 285697 |
|  Extended Stay America Trust <br>Series 2021-ESH, Class A, <br>1-Month LIBOR + 1.08%, <br>5.40% <sup>(A)</sup>, 07/15/2038 <sup>(B)</sup> | 683335 | 663620 |
|  HarborView Mortgage Loan Trust <br>Series 2005-4, Class 3A1, <br>3.28% <sup>(A)</sup>, 07/19/2035 | 59905 | 43596 |
|  Independence Plaza Trust <br>Series 2018-INDP, Class A, <br>3.76%, 07/10/2035 <sup>(B)</sup> | 900000 | 843698 |
|  La Hipotecaria El Salvadorian Mortgage Trust<br>Series 2016-1A, Class A, <br>3.36%, 01/15/2046 <sup>(B)</sup> <sup>(K)</sup> | 776573 | 741520 |
|  Merrill Lynch Mortgage Investors Trust <br>Series 2003-B, Class A1, <br>1-Month LIBOR + 0.68%, <br>5.07% <sup>(A)</sup>, 04/25/2028 | 157408 | 147148 |
|  Mill City Mortgage Loan Trust <br>Series 2019-GS2, Class A1, <br>2.75% <sup>(A)</sup>, 08/25/2059 <sup>(B)</sup> | 260953 | 244145 |
|  Morgan Stanley Bank of America Merrill Lynch Trust <br>Series 2015-C25, Class A4, <br>3.37%, 10/15/2048 | 1600000 | 1515792 |
|  MortgageIT Trust <br>Series 2005-2, Class 1A1, <br>1-Month LIBOR + 0.52%, <br>4.91% <sup>(A)</sup>, 05/25/2035 | 19456 | 18532 |
|  Natixis Commercial Mortgage Securities Trust<br>Series 2019-10K, Class A, <br>3.62%, 05/15/2039 <sup>(B)</sup> | 1000000 | 867730 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 10** 

------

##### [**Table of Contents**](#toc)
**Transamerica PIMCO Tactical – Balanced VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| New Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-RPL3, Class A1,<br>2.75% <sup>(A)</sup>, 07/25/2059 <sup>(B)</sup> | $456452 | $424455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-RPL1, Class A1,<br>2.75% <sup>(A)</sup>, 11/25/2059 <sup>(B)</sup> | 259441 | 236668 |
|  NYO Commercial Mortgage Trust <br>Series 2021-1290, Class A, <br>1-Month LIBOR + 1.10%, <br>5.41% <sup>(A)</sup>, 11/15/2038 <sup>(B)</sup> | 700000 | 634184 |
|  Structured Adjustable Rate Mortgage Loan Trust <br>Series 2005-4, Class 6A1, <br>1-Month LIBOR + 0.24%, <br>4.63% <sup>(A)</sup>, 03/25/2035 | 278223 | 209759 |
|  Towd Point Mortgage Funding PLC <br>Series 2019-GR4A, Class A1, <br>SONIA + 1.14%, <br>3.95% <sup>(A)</sup>, 10/20/2051 <sup>(B)</sup> | GBP 839,067 | 1011229 |
|  WaMu Mortgage Pass-Through Certificates Trust <br>Series 2006-AR9, Class 2A, <br>12-MTA + 1.05%, <br>3.10% <sup>(A)</sup>, 08/25/2046 | $491635 | 372747 |
|  Worldwide Plaza Trust <br>Series 2017-WWP, Class A, <br>3.53%, 11/10/2036 <sup>(B)</sup> | 1500000 | 1288434 |
|  **Total Mortgage-Backed Securities <br>(Cost $15,565,889)** | **Total Mortgage-Backed Securities <br>(Cost $15,565,889)** | 14185966 |
| **MUNICIPAL GOVERNMENT OBLIGATIONS - 0.5%** | **MUNICIPAL GOVERNMENT OBLIGATIONS - 0.5%** | **MUNICIPAL GOVERNMENT OBLIGATIONS - 0.5%** |
| **California - 0.2%** | **California - 0.2%** | **California - 0.2%** |
|  Bay Area Toll Authority, Revenue Bonds, <br>Series S1, <br>6.92%, 04/01/2040 | 200000 | 233685 |
|  Los Angeles Community College District, General Obligation Unlimited, <br>6.60%, 08/01/2042 | 200000 | 239954 |
|  State of California, General Obligation Unlimited, <br>7.35%, 11/01/2039 | 300000 | 366201 |
|  |  | 839840 |
| **New York - 0.1%** | **New York - 0.1%** | **New York - 0.1%** |
|  New York State Urban Development Corp., Revenue Bonds, <br>1.83%, 03/15/2029 | 500000 | 415666 |
| **Texas - 0.2%** | **Texas - 0.2%** | **Texas - 0.2%** |
|  Texas Transportation Commission State Highway Fund, Revenue Bonds, <br>4.00%, 10/01/2033 | 600000 | 545484 |
|  **Total Municipal Government Obligations <br>(Cost $2,131,734)** | **Total Municipal Government Obligations <br>(Cost $2,131,734)** | 1800990 |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS - 10.5%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 10.5%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 10.5%** |
|  Federal Home Loan Bank <br>SOFR + 0.02%, <br>4.32% <sup>(A)</sup>, 01/06/2023 - 01/10/2023 | 7600000 | 7600011 |
|  Federal Home Loan Mortgage Corp. <br>4.50%, 08/01/2048 | 433763 | 426930 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates <br>3.21% <sup>(A)</sup>, 04/25/2028 | $1700000 | $1586003 |
| Federal Home Loan Mortgage Corp.<br>REMIC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 0.35%, <br>3.36% <sup>(A)</sup>, 01/15/2038 | 507114 | 506990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 0.40%, <br>4.72% <sup>(A)</sup>, 02/15/2041 - 09/15/2045 | 467022 | 456579 |
|  Federal Home Loan Mortgage Corp. REMIC, Interest Only STRIPS <br>0.00% <sup>(A)</sup>, 01/15/2038 | 507114 | 18906 |
|  Federal Home Loan Mortgage Corp., Interest Only STRIPS <br>(1.00) \* 1-Month LIBOR + 5.89%, <br>1.57% <sup>(A)</sup>, 09/15/2043 | 601825 | 54911 |
| Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/2045 | 66530 | 62008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/2050 | 1613947 | 1528765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/2028 - 10/01/2041 | 158143 | 156698 |
|  Federal National Mortgage Association REMIC <br>1-Month LIBOR + 0.55%, <br>4.94% <sup>(A)</sup>, 02/25/2041 | 59676 | 59479 |
|  Federal National Mortgage Association REMIC, Interest Only STRIPS <br>3.00%, 03/25/2028 | 244059 | 13462 |
| Government National Mortgage<br>Association |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, TBA <sup>(L)</sup> | 2000000 | 1894612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, TBA <sup>(L)</sup> | 700000 | 679656 |
| Government National Mortgage<br>Association REMIC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 0.80%, <br>4.58% <sup>(A)</sup>, 06/20/2066 | 768189 | 760502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 0.80%, <br>4.64% <sup>(A)</sup>, 05/20/2066 | 1435245 | 1416767 |
|  Tagua Leasing LLC <br>1.58%, 11/16/2024 | 36223 | 34992 |
| Uniform Mortgage-Backed Security |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, TBA <sup>(L)</sup> | 5800000 | 5100635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, TBA <sup>(L)</sup> | 1200000 | 1092102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, TBA <sup>(L)</sup> | 15300000 | 14365881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, TBA <sup>(L)</sup> | 1600000 | 1541250 |
|  **Total U.S. Government Agency Obligations <br>(Cost $40,126,057)** | **Total U.S. Government Agency Obligations <br>(Cost $40,126,057)** | 39357139 |
| **U.S. GOVERNMENT OBLIGATIONS - 14.8%** | **U.S. GOVERNMENT OBLIGATIONS - 14.8%** | **U.S. GOVERNMENT OBLIGATIONS - 14.8%** |
| **U.S. Treasury - 14.2%** | **U.S. Treasury - 14.2%** | **U.S. Treasury - 14.2%** |
| U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 05/15/2040 <sup>(M)</sup> | 5060000 | 3191160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 11/15/2040 <sup>(M)</sup> | 6550000 | 4290506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 08/15/2041 | 13800000 | 9513914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/15/2041 <sup>(M)</sup> | 4600000 | 3274984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 11/15/2051 | 410000 | 262304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/15/2041 | 5400000 | 3883992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 05/15/2041 <sup>(M)</sup> | 1300000 | 984242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 08/15/2049 <sup>(M) (N)</sup> | 420000 | 297987 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 11** 

------

##### [**Table of Contents**](#toc)
**Transamerica PIMCO Tactical – Balanced VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **U.S. GOVERNMENT OBLIGATIONS (continued)** | **U.S. GOVERNMENT OBLIGATIONS (continued)** | **U.S. GOVERNMENT OBLIGATIONS (continued)** |
| **U.S. Treasury (continued)** | **U.S. Treasury (continued)** | **U.S. Treasury (continued)** |
| U.S. Treasury Bonds (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 02/15/2052 | $900000 | $631969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 02/15/2042 | 500000 | 384492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 11/15/2046 <sup>(D)</sup> <sup>(M)</sup> | 1598000 | 1290885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/15/2052 | 700000 | 566125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/15/2045 | 70000 | 58026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/15/2048 - 08/15/2048 <sup>(M)</sup> | 3420000 | 2828691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/15/2052 <sup>(D)</sup> | 6500000 | 5405156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/15/2041 - 05/15/2048 <sup>(M)</sup> | 5830000 | 5015593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/15/2042 | 2800000 | 2471438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/15/2042 | 2700000 | 2429578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/2042 <sup>(D)</sup> | 2100000 | 2069485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/15/2041 <sup>(M)</sup> | 4500000 | 4691250 |
|  |  | 53541777 |
| **U.S. Treasury Inflation-Protected Securities - 0.6%** | **U.S. Treasury Inflation-Protected Securities - 0.6%** | **U.S. Treasury Inflation-Protected Securities - 0.6%** |
| U.S. Treasury Inflation-Protected Indexed<br>Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 01/15/2032 | 644958 | 565547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 07/15/2032 | 1743435 | 1598603 |
|  |  | 2164150 |
|  **Total U.S. Government Obligations <br>(Cost $68,610,039)** |  | 55705927 |
| **SHORT-TERM U.S. GOVERNMENT OBLIGATION - 1.6%** | **SHORT-TERM U.S. GOVERNMENT OBLIGATION - 1.6%** | **SHORT-TERM U.S. GOVERNMENT OBLIGATION - 1.6%** |
|  U.S. Treasur y Bills <br>3.64% <sup>(O)</sup>, 01/17/2023 <sup>(D)</sup> | 5900000 | 5891559 |
|  **Total Short-Term U.S. Government Obligation <br>(Cost $5,890,691)** | **Total Short-Term U.S. Government Obligation <br>(Cost $5,890,691)** | 5891559 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **OTHER INVESTMENT COMPANY - 2.6%** | **OTHER INVESTMENT COMPANY - 2.6%** | **OTHER INVESTMENT COMPANY - 2.6%** |
| **Securities Lending Collateral - 2.6%** | **Securities Lending Collateral - 2.6%** | **Securities Lending Collateral - 2.6%** |
|  State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 4.29% <sup>(O)</sup> | 9899803 | $9899803 |
|  **Total Other Investment Company <br>(Cost $9,899,803)** |  | 9899803 |
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENTS - 45.0%** | **REPURCHASE AGREEMENTS - 45.0%** | **REPURCHASE AGREEMENTS - 45.0%** |
|  Fixed Income Clearing Corp., 1.80% <sup>(O)</sup>, dated 12/30/2022, to be repurchased at $119,142,381 on 01/03/2023. Collateralized by a U.S. Government Obligation, 4.77%, due 12/28/2023, and with a value of $121,501,003. | $119118557 | 119118557 |
|  Goldman Sachs & Co., 4.22% <sup>(O)</sup>, dated 12/21/2022, to be repurchased at $50,082,056 on 01/04/2023. Collateralized by a U.S. Government Agency Obligation, 0.38%, due 07/31/2027, and Cash with a total value of $51,076,918 | 50000000 | 50000000 |
|  **Total Repurchase Agreements <br>(Cost $169,118,557)** |  | 169118557 |
|  **Total Investments Excluding Options Purchased <br>(Cost $422,650,963)** | **Total Investments Excluding Options Purchased <br>(Cost $422,650,963)** | 395821366 |
|  **Total Options Purchased - 1.1% <br>(Cost $4,903,254)** |  | 4310880 |
|  **Total Investments <br>(Cost $427,554,217)** |  | 400132246 |
|  **Net Other Assets (Liabilities) - (6.5)%** | **Net Other Assets (Liabilities) - (6.5)%** | (24334623) |
|  **Net Assets - 100.0%** |  | **$375797623** |

---

**OVER-THE-COUNTER OPTIONS PURCHASED:** 

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Exercise<br>Price** | **Expiration<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Number of<br>Contracts** | **Premiums<br>Paid** | **Value** |
|  Put - S&P 500<sup>®</sup> Index | MSC | USD | 3275.00 | 12/15/2023 | USD | 129007200 | 336 | $&nbsp;&nbsp;&nbsp;&nbsp;4903254 | $&nbsp;&nbsp;&nbsp;&nbsp;4310880 |

---

**OVER-THE-COUNTER INTEREST RATE SWAPTIONS WRITTEN:** 

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Floating Rate Index** | **Pay/Receive<br>Floating Rate** | **Exercise<br>Rate** | **Expiration<br>Date** | **Notional Amount/<br>Number of<br>Contracts** | **Notional Amount/<br>Number of<br>Contracts** | **Premiums<br>(Received)** | **Value** |
|  Call - 5-Year | GSB | 1-Year USD-SOFR | Receive | 3.23% | 01/23/2023 | USD | 600000 | $(1485) | $(226) |
|  Call - 10-Year | GSB | 6-Month EURIBOR | Receive | 2.07 | 06/09/2023 | EUR | 100000 | (1011) | (277) |
|  Call - 5-Year | JPM | 1-Year USD-SOFR | Receive | 3.20 | 01/12/2023 | USD | 2900000 | (8990) | (130) |
|  Put - 10-Year | GSB | 6-Month EURIBOR | Pay | 3.14 | 06/09/2023 | EUR | 100000 | (1426) | (3313) |
|  Put - 5-Year | GSB | 1-Year USD-SOFR | Pay | 3.73 | 01/23/2023 | USD | 600000 | (1485) | (3488) |
|  Put - 5-Year | JPM | 1-Year USD-SOFR | Pay | 3.80 | 01/12/2023 | USD | 2900000 | (8990) | (8645) |
|  **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | $**(23387)** | $**(16079)** |
|  |  |  |  |  |  |  |  | **Premiums<br>(Received)** | **Value** |
|  **TOTAL WRITTEN OPTIONS AND SWAPTIONS** | **TOTAL WRITTEN OPTIONS AND SWAPTIONS** | **TOTAL WRITTEN OPTIONS AND SWAPTIONS** | **TOTAL WRITTEN OPTIONS AND SWAPTIONS** | **TOTAL WRITTEN OPTIONS AND SWAPTIONS** | **TOTAL WRITTEN OPTIONS AND SWAPTIONS** | **TOTAL WRITTEN OPTIONS AND SWAPTIONS** | **TOTAL WRITTEN OPTIONS AND SWAPTIONS** | $**(23387)** | $**(16079)** |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 12** 

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##### [**Table of Contents**](#toc)
**Transamerica PIMCO Tactical – Balanced VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

**CENTRALLY CLEARED SWAP AGREEMENTS:** 

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit Default Swap Agreements on Credit Indices - Buy Protection <sup>(P)</sup>** | **Credit Default Swap Agreements on Credit Indices - Buy Protection <sup>(P)</sup>** | **Credit Default Swap Agreements on Credit Indices - Buy Protection <sup>(P)</sup>** | **Credit Default Swap Agreements on Credit Indices - Buy Protection <sup>(P)</sup>** | **Credit Default Swap Agreements on Credit Indices - Buy Protection <sup>(P)</sup>** | **Credit Default Swap Agreements on Credit Indices - Buy Protection <sup>(P)</sup>** | **Credit Default Swap Agreements on Credit Indices - Buy Protection <sup>(P)</sup>** | **Credit Default Swap Agreements on Credit Indices - Buy Protection <sup>(P)</sup>** | **Credit Default Swap Agreements on Credit Indices - Buy Protection <sup>(P)</sup>** |
| **Reference Obligation** | **Fixed Rate<br>Payable** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount <sup>(Q)</sup>** | **Notional<br>Amount <sup>(Q)</sup>** | **Value <sup>(R)</sup>** | **Premiums<br>Paid<br>(Received)** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
|  North American Investment Grade Index - Series 39 | 1.00% | Quarterly | 12/20/2027 | USD | 27200000 | $(226558) | $36941 | $(263499) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit Default Swap Agreements on Credit Indices - Sell Protection <sup>(S)</sup>** | **Credit Default Swap Agreements on Credit Indices - Sell Protection <sup>(S)</sup>** | **Credit Default Swap Agreements on Credit Indices - Sell Protection <sup>(S)</sup>** | **Credit Default Swap Agreements on Credit Indices - Sell Protection <sup>(S)</sup>** | **Credit Default Swap Agreements on Credit Indices - Sell Protection <sup>(S)</sup>** | **Credit Default Swap Agreements on Credit Indices - Sell Protection <sup>(S)</sup>** | **Credit Default Swap Agreements on Credit Indices - Sell Protection <sup>(S)</sup>** | **Credit Default Swap Agreements on Credit Indices - Sell Protection <sup>(S)</sup>** | **Credit Default Swap Agreements on Credit Indices - Sell Protection <sup>(S)</sup>** |
| **Reference Obligation** | **Fixed Rate<br>Receivable** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount <sup>(Q)</sup>** | **Notional<br>Amount <sup>(Q)</sup>** | **Value <sup>(R)</sup>** | **Premiums<br>Paid<br>(Received)** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
|  MSCI Emerging Markets Index - Series 36 | 1.00% | Quarterly | 12/20/2026 | USD | 644000 | $(24935) | $(17624) | $(7311) |
|  MSCI Emerging Markets Index - Series 38 | 1.00 | Quarterly | 12/20/2027 | USD | 200000 | (11635) | (15672) | 4037 |
|  **Total** |  |  |  |  |  | **$(36570)** | **$(33296)** | **$(3274)** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swap Agreements** | **Interest Rate Swap Agreements** | **Interest Rate Swap Agreements** | **Interest Rate Swap Agreements** | **Interest Rate Swap Agreements** | **Interest Rate Swap Agreements** | **Interest Rate Swap Agreements** | **Interest Rate Swap Agreements** | **Interest Rate Swap Agreements** | **Interest Rate Swap Agreements** |
| **Floating Rate Index** | **Pay/Receive<br>Fixed Rate** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Value** | **Premiums<br>Paid<br>(Received)** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
|  3-Month CAD-CDOR | Receive | 1.22% | Semi-Annually | 03/03/2025 | CAD | 500000 | $(27744) | $1 | $(27745) |
|  3-Month CAD-CDOR | Receive | 1.24 | Semi-Annually | 03/04/2025 | CAD | 1900000 | (104701) | 822 | (105523) |
|  3-Month USD-LIBOR | Pay | 1.44 | Semi-Annually/Quarterly | 07/21/2031 | USD | 2900000 | 513331 |  | 513331 |
|  3-Month USD-LIBOR | Pay | 1.49 | Semi-Annually/Quarterly | 06/23/2031 | USD | 1900000 | 321163 |  | 321163 |
|  3-Month USD-LIBOR | Pay | 2.00 | Semi-Annually/Quarterly | 12/15/2051 | USD | 2000000 | 545881 | (62440) | 608321 |
|  12-Month USD-SOFR | Pay | 1.75 | Annually | 12/15/2051 | USD | 2200000 | 589560 | (89560) | 679120 |
|  BRL-CDI | Receive | 12.98 | Maturity | 01/04/2027 | BRL | 9300000 | 19182 |  | 19182 |
|  **Total** |  |  |  |  |  |  | $**1856672** | $**(151177)** | $**2007849** |

---

**FUTURES CONTRACTS:** 

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Long Futures Contracts** | **Long Futures Contracts** | **Long Futures Contracts** | **Long Futures Contracts** | **Long Futures Contracts** | **Long Futures Contracts** | **Long Futures Contracts** |
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  2-Year U.S. Treasury Notes | 76 | 03/31/2023 | $15586628 | $15585938 | $— | $(690) |
|  5-Year U.S. Treasury Notes | 28 | 03/31/2023 | 3023380 | 3022031 |  | (1349) |
|  10-Year U.S. Treasury Notes | 200 | 03/22/2023 | 22579961 | 22459375 |  | (120586) |
|  30-Year U.S. Treasury Bonds | 116 | 03/22/2023 | 14670540 | 14539875 |  | (130665) |
|  E-Mini Russell 2000<sup>®</sup> Index | 210 | 03/17/2023 | 19185125 | 18594450 |  | (590675) |
|  MSCI EAFE Index | 397 | 03/17/2023 | 39683837 | 38695590 |  | (988247) |
|  S&P 500<sup>®</sup> E-Mini Index | 571 | 03/17/2023 | &nbsp;&nbsp;&nbsp;&nbsp;114326419 | &nbsp;&nbsp;&nbsp;&nbsp;110231550 |  | (4094869) |
|  **Total** |  |  |  |  | $**—** | $**(5927081)** |
| **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** |
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  10-Year U.S. Treasury Ultra Notes | (249) | 03/22/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;(29567367) | $&nbsp;&nbsp;&nbsp;&nbsp;(29452031) | $115336 | $— |
|  **Total Futures Contracts** |  |  |  |  | $**115336** | $**(5927081)** |

---

**FORWARD FOREIGN CURRENCY CONTRACTS:** 

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Date** | **Currency<br>Purchased** | **Currency<br>Purchased** | **Currency<br>Sold** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |  |
|  BNP | 03/21/2023 | MXN | 84000 | USD | 4168 | $79 | $— |
|  BOA | 01/19/2023 | USD | 49171 | PEN | 189110 |  | &nbsp;&nbsp;&nbsp;&nbsp;(529) |
|  BOA | 02/22/2023 | PEN | 189666 | USD | 49171 | &nbsp;&nbsp;&nbsp;&nbsp;522 |  |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 13** 

------

##### [**Table of Contents**](#toc)
**Transamerica PIMCO Tactical – Balanced VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

**FORWARD FOREIGN CURRENCY CONTRACTS (continued):** 

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Date** | **Currency<br>Purchased** | **Currency<br>Purchased** | **Currency<br>Sold** | **Currency<br>Sold** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  CITI | 01/04/2023 | USD | 5379 | BRL | 28230 | $37 | $— |
|  CITI | 01/04/2023 | BRL | 2151906 | USD | 404000 | 3218 |  |
|  CITI | 01/10/2023 | EUR | 94000 | USD | 100205 | 490 |  |
|  CITI | 02/01/2023 | USD | 1477593 | PEN | 5892641 |  | (68985) |
|  CITI | 04/10/2023 | PEN | 2399269 | USD | 599817 | 26427 |  |
|  GSB | 01/04/2023 | USD | 398476 | BRL | 2123676 |  | (3400) |
|  GSB | 04/04/2023 | BRL | 2123676 | USD | 391501 | 3536 |  |
|  HSBC | 01/10/2023 | USD | 123753 | DKK | 885000 |  | (3746) |
|  HSBC | 01/10/2023 | USD | 2584540 | EUR | 2466000 |  | (57080) |
|  HSBC | 01/10/2023 | USD | 1230944 | GBP | 1010000 | 9570 |  |
|  SCB | 01/17/2023 | PEN | 94536 | USD | 24593 | 257 |  |
|  SCB | 01/19/2023 | PEN | 188633 | USD | 48913 | 662 |  |
|  **Total** |  |  |  |  |  | $**44798** | $**(133740)** |

---

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(T)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Asset-Backed Securities | $— | $16140442 | $— | $16140442 |
|  Corporate Debt Securities |  | 76033486 |  | 76033486 |
|  Foreign Government Obligations |  | 6506837 |  | 6506837 |
|  Loan Assignments |  | 1180660 |  | 1180660 |
|  Mortgage-Backed Securities |  | 14185966 |  | 14185966 |
|  Municipal Government Obligations |  | 1800990 |  | 1800990 |
|  U.S. Government Agency Obligations |  | 39357139 |  | 39357139 |
|  U.S. Government Obligations |  | 55705927 |  | 55705927 |
|  Short-Term U.S. Government Obligation |  | 5891559 |  | 5891559 |
|  Other Investment Company | 9899803 |  |  | 9899803 |
|  Repurchase Agreements |  | 169118557 |  | 169118557 |
|  Over-the-Counter Options Purchased | 4310880 |  |  | 4310880 |
|  **Total Investments** | $**14210683** | $**385921563** | $**—** | $**400132246** |
|  **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** |
|  Centrally Cleared Interest Rate Swap Agreements | $— | $1989117 | $— | $1989117 |
|  Futures Contracts <sup>(U)</sup> | 115336 |  |  | 115336 |
|  Forward Foreign Currency Contracts <sup>(U)</sup> |  | 44798 |  | 44798 |
|  **Total Other Financial Instruments** | $**115336** | $**2033915** | $**—** | $**2149251** |
| **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** |
|  **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** |
|  Over-the-Counter Interest Rate Swaptions Written | $— | $(16079) | $— | $(16079) |
|  Centrally Cleared Credit Default Swap Agreements |  | (263128) |  | (263128) |
|  Centrally Cleared Interest Rate Swap Agreements |  | (132445) |  | (132445) |
|  Futures Contracts <sup>(U)</sup> | (5927081) |  |  | (5927081) |
|  Forward Foreign Currency Contracts <sup>(U)</sup> |  | (133740) |  | (133740) |
|  **Total Other Financial Instruments** | $**(5927081)** | $**(545392)** | $**—** | $**(6472473)** |
| **Transfers** |  |  |  |  |
| **Investments** | **Transfers from<br>Level 1 to Level 3** | **Transfers from<br>Level 3 to Level 1** | **Transfers from<br>Level 2 to Level 3** | **Transfers from<br>Level 3 to Level 2** |
|  Loan Assignments <sup>(I)</sup> | $— | $— | $— | $605171 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 14** 

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##### [**Table of Contents**](#toc)
**Transamerica PIMCO Tactical – Balanced VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *Floating or variable rate securities. The rates disclosed are as of December 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.* 

(B) *Securities are exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2022, the total value of 144A securities is $54,152,251, representing 14.4% of the Portfolio's net assets.* 

(C) *Securities are exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Securities may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At December 31, 2022, the total value of Regulation S securities is $1,571,865, representing 0.4% of the Portfolio's net assets.* 

(D) *All or a portion of the securities are on loan. The total value of all securities on loan is $18,006,670, collateralized by cash collateral of $9,899,803 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $8,473,734. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.* 

(E) *Perpetual maturity. The date displayed is the next call date.* 

(F) *Step bonds. Coupon rates change in increments to maturity. The rates disclosed are as of December 31, 2022; the maturity dates disclosed are the ultimate maturity dates.* 

(G) *Restricted securities. At December 31, 2022, the value of such securities held by the Portfolio are as follows:* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Description** | **Acquisition<br>Date** | **Acquisition<br>Cost** | **Value** | **Value as Percentage<br>of Net Assets** |
|  Corporate Debt Securities | Deutsche Bank AG <br>3.04%, 05/28/2032 | 05/25/2021 - 06/21/2021 | $503936 | $380312 | 0.1% |
|  Corporate Debt Securities | Oracle Corp. <br>6.15%, 11/09/2029 | 11/07/2022 | 499525 | 520191 | 0.1 |
|  **Total** |  |  | $**1003461** | $**900503** | **0.2%** |

---

(H) *Percentage rounds to less than 0.1% or (0.1)%.* 

(I) *Transferred from Level 3 to 2 due to utilizing significant observable inputs. As of prior reporting period, the security utilized significant unobservable inputs.* 

(J) *Fixed rate loan commitment at December 31, 2022.* 

(K) *Fair valued as determined in good faith in accordance with procedures established by the Board. At December 31, 2022, the total value of securities is $1,346,691, representing 0.4% of the Portfolio's net assets.* 

(L) *When-issued, delayed-delivery and/or forward commitment (including TBAs) securities. Securities to be settled and delivered after December 31, 2022. Securities may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.* 

(M) *Securities are subject to sale-buyback transactions. The average amount of sale-buybacks outstanding during the year ended December 31, 2022 was $0 at a weighted average interest rate of 0.00%.* 

(N) *All or a portion of the security has been segregated by the custodian as collateral to cover margin requirements for open futures contracts. The value of the security is $297,987.* 

(O) *Rates disclosed reflect the yields at December 31, 2022.* 

(P) *If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (a) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced obligation or (b) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap agreement less the recovery value of the referenced obligation or underlying securities comprising the referenced obligation.* 

(Q) *The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.* 

(R) *The quoted market prices and resulting values for credit default swap agreements on asset-backed securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative had the notional amount of the swap agreement been closed/sold as of the period ended. Increasing market values, in absolute terms when compared to the notional amount of the swap agreement, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.* 

(S) *If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (a) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced obligation or (b) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap agreement less the recovery value of the referenced obligation or underlying securities comprising the referenced obligation.* 

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 15** 

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##### [**Table of Contents**](#toc)
**Transamerica PIMCO Tactical – Balanced VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

**FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):** 

(T) *The Portfolio recognized transfers in and out of Level 3 as of December 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

(U) *Derivative instruments are valued at unrealized appreciation (depreciation).* 

**CURRENCY ABBREVIATIONS:** 

---

| | |
|:---|:---|
| *BRL* | *Brazilian Real* |
| *CAD* | *Canadian Dollar* |
| *DKK* | *Danish Krone* |
| *EUR* | *Euro* |
| *GBP* | *Pound Sterling* |
| *MXN* | *Mexican Peso* |
| *PEN* | *Peruvian Sol* |
| *USD* | *United States Dollar* |

---

**COUNTERPARTY ABBREVIATIONS:** 

---

| | |
|:---|:---|
| *BNP* | *BNP Paribas* |
| *BOA* | *Bank of America, N.A.* |
| *CITI* | *Citibank, N.A.* |
| *GSB* | *Goldman Sachs Bank* |
| *HSBC* | *HSBC Bank USA* |
| *JPM* | *JPMorgan Chase Bank, N.A.* |
| *MSC* | *Morgan Stanley & Co.* |
| *SCB* | *Standard Chartered Bank* |

---

**PORTFOLIO ABBREVIATIONS:** 

---

| | |
|:---|:---|
| *BRL-CDI* | *Brazil Interbank Deposit Rate* |
| *CDOR* | *Canadian Dollar Offered Rate* |
| *CMT* | *Constant Maturity Treasury* |
| *EAFE* | *Europe, Australasia and Far East* |
| *EURIBOR* | *Euro Interbank Offer Rate* |
| *LIBOR* | *London Interbank Offered Rate* |
| *MTA* | *Month Treasury Average* |
| *SOFR* | *Secured Overnight Financing Rate* |
| *SONIA* | *Sterling Overnight Interbank Average* |
| *STRIPS* | *Separate Trading of Registered Interest and Principal of Securities* |
| *TBA* | *To Be Announced* |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 16** 

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##### [**Table of Contents**](#toc)
**Transamerica PIMCO Tactical – Balanced VP** 

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**STATEMENT OF ASSETS AND LIABILITIES** 

**At December 31, 2022** 

---

| | |
|:---|:---|
|  **Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value (cost $258,435,660) <br>(including securities loaned of $18,006,670) | $231013689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreement, at value (cost $169,118,557) | 169118557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | 11161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral pledged at broker for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrally cleared swap agreements | 1245000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 9310000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value (cost $310,642) | 298125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables and other assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 29451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; When-issued, delayed-delivery, forward and TBA commitments sold | 22984516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 2977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest sold | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 1643765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin receivable on centrally cleared swap agreements | 75196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts | 44798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 1749 |
|  Total assets | 435779125 |
|  **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral received upon return of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities on loan | 9899803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral at broker for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA commitments | 750000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreements | 360000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written options and swaptions, at value (premium received $23,387) | 16079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables and other liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; When-issued, delayed-delivery, forward and TBA commitments purchased | 47637652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest redeemed | 35439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 263566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 80615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 3957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 35297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 22560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 2376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 56898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 5631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin payable on futures contracts | 677289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts | 133740 |
|  Total liabilities | 59981502 |
|  **Net assets** | $375797623 |
|  **Net assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital stock ($0.01 par value) | $430358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 472388353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) | (97021088) |
|  **Net assets** | $&nbsp;&nbsp;&nbsp;&nbsp;375797623 |
|  **Net assets by class:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | $5024411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 370773212 |
|  **Shares outstanding:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 563970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 42471798 |
|  **Net asset value and offering price per share:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | $8.91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 8.73 |

---

**STATEMENT OF OPERATIONS** 

**For the year ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | $9944686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 45521 |
|  Total investment income | 9990207 |
|  **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 3469074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 1062383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 4472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 18131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 50531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 107662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 23790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 36751 |
|  Total expenses | 4772794 |
|  **Net investment income (loss)** | 5217413 |
|  **Net realized gain (loss) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (6477693) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written options and swaptions | 139827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | 86678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (55019264) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | 406272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (45572) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA commitments | (17158) |
|  Net realized gain (loss) | (60926910) |
|  **Net change in unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (34946695) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written options and swaptions | (8034) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | 1729489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (11505986) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (137888) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Translation of assets and liabilities denominated in foreign currencies | (20127) |
|  Net change in unrealized appreciation (depreciation) | (44889241) |
|  Net realized and change in unrealized gain (loss) | (105816151) |
|  **Net increase (decrease) in net assets resulting from operations** | $&nbsp;&nbsp;&nbsp;&nbsp;(100598738) |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 17** 

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##### [**Table of Contents**](#toc)
**Transamerica PIMCO Tactical – Balanced VP** 

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**STATEMENT OF CHANGES IN NET ASSETS** 

**For the years ended:** 

---

| | | |
|:---|:---|:---|
|  | **December 31,<br>2022** | **December 31,<br>2021** |
|  **From operations:** | **From operations:** | **From operations:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $5217413 | $2012327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (60926910) | 52634819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (44889241) | (20208716) |
|  Net increase (decrease) in net assets resulting from operations | (100598738) | 34438430 |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (553764) | (493953) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (41371410) | (41522906) |
|  Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (41925174) | (42016859) |
|  **Capital share transactions:** | **Capital share transactions:** | **Capital share transactions:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 214956 | 419004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 1376641 | 3504765 |
|  | 1591597 | 3923769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 553764 | 493953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 41371410 | 41522906 |
|  | 41925174 | 42016859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (535875) | (533257) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (56683523) | (85479139) |
|  | (57219398) | (86012396) |
|  Net increase (decrease) in net assets resulting from capital share transactions | (13702627) | (40071768) |
|  **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp;&nbsp;(156226539) | (47650197) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 532024162 | 579674359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $375797623 | $&nbsp;&nbsp;&nbsp;&nbsp;532024162 |
|  **Capital share transactions - shares:** | **Capital share transactions - shares:** | **Capital share transactions - shares:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 21315 | 33431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 133246 | 285434 |
|  | 154561 | 318865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 58724 | 40257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 4472585 | 3445884 |
|  | 4531309 | 3486141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (53367) | (42772) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (5627752) | (6950744) |
|  | (5681119) | (6993516) |
|  Net increase (decrease) in shares outstanding: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 26672 | 30916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (1021921) | (3219426) |
|  | (995249) | (3188510) |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 18** 

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##### [**Table of Contents**](#toc)
**Transamerica PIMCO Tactical – Balanced VP** 

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**FINANCIAL HIGHLIGHTS** 

**For a share outstanding during the years indicated:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $12.31 | $12.46 | $12.62 | $10.57 | $12.67 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(A)</sup> | 0.15 | 0.08 | 0.03 | 0.23 | 0.23 |
|  Net realized and unrealized gain (loss) | (2.48) | 0.74 | 1.07 | 1.87 | (0.98) |
|  Total investment operations | (2.33) | 0.82 | 1.10 | 2.10 | (0.75) |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income | (0.09) |  | (0.45) | (0.05) | (0.43) |
|  Net realized gains | (0.98) | (0.97) | (0.81) |  | (0.92) |
|  Total dividends and/or distributions to shareholders | (1.07) | (0.97) | (1.26) | (0.05) | (1.35) |
|  **Net asset value, end of year** | $8.91 | $12.31 | $12.46 | $12.62 | $10.57 |
|  **Total return** | &nbsp;&nbsp;&nbsp;&nbsp;(19.42)% | 6.62% | 9.18% | 19.90% | (6.75)% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $5025 | $&nbsp;&nbsp;&nbsp;&nbsp;6616 | $&nbsp;&nbsp;&nbsp;&nbsp;6311 | $&nbsp;&nbsp;&nbsp;&nbsp;6386 | $&nbsp;&nbsp;&nbsp;&nbsp;5850 |
|  Expenses to average net assets | 0.86% | 0.86% | 0.86% | 0.91% | 0.92% |
|  Net investment income (loss) to average net assets | 1.47% | 0.60% | 0.25% | 1.96% | 1.88% |
|  Portfolio turnover rate | 33% | 38 %<sup>(B)</sup> | 59 %<sup>(B)</sup> | 50 %<sup>(B)</sup> | 50 %<sup>(B)</sup> |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Excludes sale-buyback transactions.* 

**For a share outstanding during the years indicated:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $12.08 | $12.27 | $12.45 | $10.42 | $12.51 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(A)</sup> | 0.12 | 0.04 | (0.00)<sup>(B)</sup> | 0.20 | 0.19 |
|  Net realized and unrealized gain (loss) | (2.43) | 0.74 | 1.05 | 1.85 | (0.96) |
|  Total investment operations | (2.31) | 0.78 | 1.05 | 2.05 | (0.77) |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income | (0.06) |  | (0.42) | (0.02) | (0.40) |
|  Net realized gains | (0.98) | (0.97) | (0.81) |  | (0.92) |
|  Total dividends and/or distributions to shareholders | (1.04) | (0.97) | (1.23) | (0.02) | (1.32) |
|  **Net asset value, end of year** | $8.73 | $12.08 | $12.27 | $12.45 | $10.42 |
|  **Total return** | (19.65)% | 6.39% | 8.86% | 19.68% | (6.94)% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;370773 | $&nbsp;&nbsp;&nbsp;&nbsp;525408 | $&nbsp;&nbsp;&nbsp;&nbsp;573363 | $&nbsp;&nbsp;&nbsp;&nbsp;583749 | $&nbsp;&nbsp;&nbsp;&nbsp;549444 |
|  Expenses to average net assets | 1.11% | 1.11% | 1.11% | 1.16% | 1.17% |
|  Net investment income (loss) to average net assets | 1.21% | 0.36% | (0.00)%<sup>(C)</sup> | 1.71% | 1.63% |
|  Portfolio turnover rate | 33% | 38 %<sup>(D)</sup> | 59 %<sup>(D)</sup> | 50 %<sup>(D)</sup> | 50 %<sup>(D)</sup> |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Rounds to less than $0.01 or $(0.01).* 

(C) *Rounds to less than 0.01% or (0.01)%.* 

(D) *Excludes sale-buyback transactions.* 

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 19** 

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##### [**Table of Contents**](#toc)
**Transamerica PIMCO Tactical – Balanced VP** 

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**NOTES TO FINANCIAL STATEMENTS** 

**At December 31, 2022** 

**1. ORGANIZATION** 

Transamerica Series Trust ("TST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). TST applies investment company accounting and reporting guidance. TST serves as a funding vehicle for variable life insurance, variable annuity, and group annuity products. Transamerica PIMCO Tactical – Balanced VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers two classes of shares, Initial Class and Service Class.

The only shareholders of the Portfolio are affiliated insurance company separate accounts and affiliated asset allocation portfolios. Contract holders of the variable life and annuity contracts are not shareholders of the Portfolio. For ease of reference, shareholders and contract holders are collectively referred to in this report as "shareholders."

This report must be accompanied or preceded by the Portfolio's current prospectus, which contains additional information about the Portfolio, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Portfolio pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Portfolio. TAM supervises the Portfolio's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Portfolio.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of a Portfolio without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Portfolio and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Portfolio employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending portfolio combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Portfolio's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Portfolio; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for a Portfolio; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Portfolio's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; oversight of other service providers to the Portfolio, such as the custodian, the transfer agent, the Portfolio's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Portfolio; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Portfolio, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Portfolio. The Portfolio pays certain fees and expenses to State Street for sub-administration services which are not administrative

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 20** 

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##### [**Table of Contents**](#toc)
**Transamerica PIMCO Tactical – Balanced VP** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**1. ORGANIZATION (continued)** 

services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the year ended December 31, 2022, (i) the expenses paid to State Street for sub-administration services by the Portfolio are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Portfolio are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES** 

In preparing the Portfolio's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Portfolio.

**Foreign currency denominated investments:** The accounting records of the Portfolio are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the closing exchange rate each day. The cost of foreign securities purchased and any realized gains or losses are translated at the prevailing exchange rates in effect on the date of the respective transaction. The Portfolio combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

Net foreign currency gains and losses resulting from changes in exchange rates include, foreign currency fluctuations between trade date and settlement date of investment security transactions, gains and losses on forward foreign currency contracts, and the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.

Foreign currency denominated assets may involve risks not typically associated with domestic transactions. These risks include revaluation of currencies, adverse fluctuations in foreign currency values, and possible adverse political, social, and economic developments, including those particular to a specific industry, country or region.

**Security transactions and investment income**: Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Portfolio is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Commission recapture**: The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Portfolio with broker/dealers with which TST has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Portfolio. In no event will commissions, paid by the Portfolio, be used to pay expenses that would otherwise be borne by any other portfolios within TST, or by any other party.

There were no commissions recaptured during the year ended December 31, 2022 by the Portfolio.

**Indemnification:** In the normal course of business, the Portfolio enters into contracts that contain a variety of representations that provide general indemnifications. The Portfolio's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio and/or its affiliates that have not yet occurred. However, based on experience, the Portfolio expects the risk of loss to be remote.

**3. INVESTMENT VALUATION** 

Effective September 8, 2022, TAM has been designated as the Portfolio's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Portfolio's Board of Trustees. The net asset value of the Portfolio is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**3. INVESTMENT VALUATION (continued)** 

TAM utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels ("Levels") of inputs of the fair value hierarchy are defined as follows:

Level 1—Unadjusted quoted prices in active markets for identical securities.

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Portfolio's investments and derivative instruments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Portfolio's investments at December 31, 2022, is disclosed within the Investment Valuation section of the Schedule of Investments.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

**Fair value measurements**: Descriptions of the valuation techniques applied to the Portfolio's significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

*Asset-backed securities:* The fair value of asset-backed securities is estimated based on models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield, and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized in Level 3.

*Corporate debt securities:* The fair value of corporate debt securities is estimated using various techniques, which consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, fundamental data relating to the issuer, and credit default swap spreads adjusted for any basis difference between cash and derivative instruments. While most corporate debt securities are categorized in Level 2 of the fair value hierarchy, in instances where lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they are categorized in Level 3.

*Foreign government obligations:* Foreign government obligations are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued by principally using dealer quotations. Foreign government obligations generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

*Loan assignments:* Loan assignments are normally valued using an income approach, which projects future cash flows and converts those future cash flows to a present value using a discount rate. The resulting present value reflects the likely fair value of the loan. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise are categorized in Level 3.

*Mortgage-backed securities:* The fair value of mortgage-backed securities is estimated based on models that consider issuer type, coupon, cash flows, mortgage prepayment projection tables and adjustable rate mortgage evaluations that incorporate index data, periodic life caps and the next coupon reset date. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise they are categorized in Level 3.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**3. INVESTMENT VALUATION (continued)** 

*Municipal government obligations:* The fair value of municipal government obligations and variable rate notes is estimated based on models that consider, among other factors, information received from market makers and broker-dealers, current trades, bid-want lists, offerings, market movements, the liquidity of the bond, state of issuance, benchmark yield curves, and bond or note insurance. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise they are categorized in Level 3.

*U.S. government agency obligations:* U.S. government agency obligations are comprised of two main categories consisting of agency issued debt and mortgage pass-throughs. Generally, agency issued debt securities are valued in a manner similar to U.S. government obligations. Mortgage pass-throughs include to be announced ("TBA") securities and mortgage pass-through certificates. Generally, TBA securities and mortgage pass-throughs are valued using dealer quotations. Depending on market activity levels and whether quotations or other observable data are used, these securities are typically categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized in Level 3.

*U.S. government obligations:* U.S. government obligations are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued by principally using dealer quotations. U.S. government obligations generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

*Short-term notes:* The Portfolio normally values short-term government and U.S. government agency securities using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers and reference data. Certain securities are valued by principally using dealer quotations. Short-term government and U.S. government agency securities generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

*Securities lending collateral:* Securities lending collateral is invested in a money market fund which is valued at the actively traded NAV and no valuation adjustments are applied. Securities lending collateral is categorized in Level 1 of the fair value hierarchy.

*Repurchase agreements:* Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

*Restricted securities:* Restricted securities for which quotations are not readily available are valued at fair value. Restricted securities issued by publicly traded companies are generally valued at a discount to similar publicly traded securities. Restricted securities issued by nonpublic entities may be valued by reference to comparable public entities and/or fundamental data relating to the issuer. Depending on the relative significance of observable valuation inputs, these instruments may be classified in either Level 2 or Level 3 of the fair value hierarchy.

*Derivative instruments:* Centrally cleared or listed derivatives that are actively traded are valued based on quoted prices from the exchange and are categorized in Level 1 of the fair value hierarchy. Over-the-counter ("OTC") derivative contracts include forward, swap, swaption, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices. Depending on the product and the terms of the transaction, the fair value of the OTC derivative products are modeled taking into account the counterparties' creditworthiness and using a series of techniques, including simulation models. Many pricing models do not entail material subjectivity because the methodologies employed do not necessitate significant judgments and the pricing inputs are observed from actively quoted markets, as is the case of interest rate swap and option contracts. The majority of OTC derivative products valued by the Portfolio using pricing models fall into this category and are categorized within Level 2 of the fair value hierarchy or Level 3 if inputs are unobservable.

**4. SECURITIES AND OTHER INVESTMENTS** 

**Loan participations and assignments**: The Portfolio may invest in direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental, or other borrowers, either in the form of participations at the time the loan is originated ("Participations") or buying an interest in the loan in the secondary market from a financial institution or institutional investor ("Assignments"). Participations and Assignments in commercial loans may be secured or unsecured. These investments may include standby financing commitments, including revolving credit facilities that obligate the Portfolio to supply additional cash to the borrowers on demand. Loan Participations and Assignments involve risks of insolvency of the lending banks or other financial intermediaries. As such, the Portfolio assumes the credit risks associated with the corporate borrowers and may assume the credit risks associated with the interposed banks or other financial intermediaries.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**4. SECURITIES AND OTHER INVESTMENTS (continued)** 

The Portfolio, based on its ability to invest in Loan Participations and Assignments, may be contractually obligated to receive approval from the agent banks and/or borrowers prior to the sale of these investments. The Portfolio that participates in such syndications, or that can buy a portion of the loans, become part lenders. Loans are often administered by agent banks acting as agents for all holders.

The agent banks administer the terms of the loans, as specified in the loan agreements. In addition, the agent banks are normally responsible for the collection of principal and interest payments from the corporate borrowers and the apportionment of these payments to the credit of all institutions that are parties to the loan agreements. Unless the Portfolio has direct recourse against the corporate borrowers under the terms of the loans or other indebtedness, the Portfolio may have to rely on the agent banks or other financial intermediaries to apply appropriate credit remedies against corporate borrowers.

The Portfolio held no unfunded loan participations at December 31, 2022. Open funded loan participations and assignments at December 31, 2022, if any, are included within the Schedule of Investments.

**Real estate investment trusts ("REITs"):** REITs are pooled investment vehicles which invest primarily in income producing real estate, or real estate related loans or interests. Distributions received by REITs are classified at management's estimate of the dividend income, return of capital and capital gains. Estimates are based on information available at year-end, which includes the previous fiscal year's classification. The actual amounts of dividend income, return of capital, and capital gains are only determined by each REIT after the fiscal year end and may differ from the estimated amounts. Upon notification from the REITs, some of the distributions received may be re-classified and recorded as a return of capital or capital gains. There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

REITs held at December 31, 2022, if any, are identified within the Schedule of Investments.

**Restricted securities**: The Portfolio may invest in unregulated restricted securities. Restricted securities are subject to legal or contractual restrictions on resale. Restricted securities generally may be resold in transactions exempt from registration under the Securities Act of 1933.

Restricted securities held at December 31, 2022, if any, are identified within the Schedule of Investments.

**Treasury inflation-protected securities ("TIPS"):** The Portfolio may invest in TIPS, which are fixed income securities whose principal value is periodically adjusted according to the rate of inflation/deflation. If the index measuring inflation/deflation rises or falls, the principal value of TIPS will be adjusted upward or downward, and consequently the interest payable on these securities (calculated with respect to a larger or smaller principal amount) will be increased or reduced, respectively. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds and notes. For bonds and notes that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

TIPS held at December 31, 2022, if any, are included within the Schedule of Investments. The adjustments, if any, to principal due to inflation/deflation are reflected as increases/decreases to Interest income within the Statement of Operations, with a corresponding adjustment to Investments, at cost within the Statement of Assets and Liabilities.

**When-issued, delayed-delivery, forward, and to be announced ("TBA") commitment transactions:** The Portfolio may purchase or sell securities on a when-issued, delayed-delivery, forward and TBA commitment basis. When-issued and forward commitment transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Portfolio engages in when-issued and forward commitment transactions to obtain an advantageous price and yield at the time of the transaction. The Portfolio engages in when-issued and forward commitment transactions for the purpose of acquiring securities, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Portfolio may be required to pay more at settlement than the security is worth. In addition, the Portfolio is not entitled to any of the interest earned prior to settlement.

Delayed-delivery transactions involve a commitment by the Portfolio to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, the Portfolio will segregate with its custodian either cash, U.S. government securities, or other liquid assets at least equal to the value or purchase commitments until payment is made. When purchasing a security on a delayed-delivery basis, the Portfolio assumes the

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**4. SECURITIES AND OTHER INVESTMENTS (continued)** 

rights and risks of ownership of the security, including the risk of price and yield fluctuations. These transactions also involve a risk to the Portfolio if the other party to the transaction defaults on its obligation to make payment or delivery, and the Portfolio is delayed or prevented from completing the transaction. The Portfolio may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain or loss. When the Portfolio sells a security on a delayed-delivery basis, the Portfolio does not participate in future gains and losses on the security.

TBA commitments are entered into to purchase or sell securities for a fixed price at a future date, typically not to exceed 45 days. TBAs are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased declines, or the value of the security sold increases, prior to settlement date, in addition to the risk of decline in the value of a Portfolio's other assets. Unsettled TBA commitments are valued at the current value of the underlying securities. TBA collateral requirements are typically calculated by netting the mark-to-market amount for each transaction and comparing that amount to the value of the collateral currently pledged by a Portfolio and the counterparty. Cash collateral that has been pledged to cover the obligations of a Portfolio and cash collateral received from the counterparty, if any, is reported separately in the Statement of Assets and Liabilities as Cash collateral pledged at broker for TBA commitments or Cash collateral at broker for TBA commitments, respectively. Non-cash collateral pledged by a Portfolio, if any, is disclosed within the Schedule of Investments. Typically, a Portfolio is permitted to sell, re-pledge or use the collateral it receives; however, the counterparty is not permitted. To the extent amounts due to a Portfolio are not fully collateralized, contractually or otherwise, a Portfolio bears the risk of loss from counterparty non-performance.

When-issued, delayed-delivery, forward and TBA commitment transactions held at December 31, 2022, if any, are identified within the Schedule of Investments. Open trades, if any, are reflected as When-issued, delayed-delivery, forward and TBA commitments purchased or sold within the Statement of Assets and Liabilities.

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

The Portfolio may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Portfolio invests borrowing proceeds in other securities, the Portfolio will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Portfolio may borrow on a secured or on an unsecured basis. If the Portfolio enters into a secured borrowing arrangement, a portion of the Portfolio's assets will be used as collateral. The 1940 Act requires the Portfolio to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Portfolio's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Portfolio may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the year ended December 31, 2022, the Portfolio has not utilized the program.

**Repurchase agreements:** In a repurchase agreement, the Portfolio purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Portfolio's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Portfolio will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Portfolio and its counterparties that provide for the net settlement of all transactions and collateral with the Portfolio, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at December 31, 2022.

Repurchase agreements at December 31, 2022, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)** 

**Sale-buyback:** The Portfolio may enter into sale-buyback financing transactions. The Portfolio accounts for sale-buyback financing transactions as borrowing transactions and realize gains and losses on these transactions at the end of the roll period. Sale-buyback financing transactions involve sales by the Portfolio of securities and simultaneously contracts to repurchase the same or substantially similar securities at an agreed upon price and date.

The Portfolio forgoes principal and interest paid during the roll period on the securities sold in a sale-buyback financing transaction. The Portfolio is compensated by the difference between the current sales price and the price for the future purchase (often referred to as the "price drop"), as well as by any interest earned on the proceeds of the securities sold. Sale-buyback financing transactions may be renewed with a new sale and a repurchase price and a cash settlement made at each renewal without physical delivery of the securities subject to the contract. Sale-buyback financing transactions expose the Portfolio to risks such as, the buyer under the agreement may file for bankruptcy, become insolvent, or otherwise default on its obligations to the Portfolio, the market value of the securities the Portfolio is obligated to repurchase under the agreement may decline below the repurchase price. The Portfolio's obligations under a sale-buyback typically would be offset by liquid assets equal in value to the amount of the Portfolio's forward commitment to repurchase the subject security. Sale-buyback financing transactions accounted for as borrowing transactions are excluded from the Portfolio's portfolio turnover rates. The Portfolio recognizes price drop fee income on a straight line basis over the period of the roll. For the year ended December 31, 2022, the Portfolio earned price drop fee income of $0. The price drop fee income is included in Interest income within the Statement of Operations.

The outstanding payable for securities to be repurchased, if any, is included in Payable for sale-buyback financing transactions within the Statement of Assets and Liabilities. The interest expense is included within Interest income on the Statement of Operations. In periods of increased demand of the security, the Portfolio may receive a fee for use of the security by the counterparty, which may result in interest income to the Portfolio, and is included in Interest income on the Statement of Operations.

Open sale-buyback financing transactions at December 31, 2022, if any, are identified within the Schedule of Investments and Statement of Assets and Liabilities.

**Securities lending:** The Portfolio may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Portfolio pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Portfolio to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Portfolio may experience delays in recovery of the loaned securities or delays in access to collateral, or the Portfolio may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government and irrevocable letters of credit issued by banks as collateral. The initial collateral received by the Portfolio is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower.

The Portfolio receives compensation for lending securities from interest or dividends earned on the cash, U.S. Government securities and irrevocable letters of credit held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust—Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at December 31, 2022, if any, are shown on a gross basis within the Schedule of Investments.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)** 

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of December 31, 2022.

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|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
| | **Overnight and<br>Continuous** | **Less Than<br>30 Days** | **Between<br>30 & 90 Days** | **Greater Than<br>90 Days** | **Total** |
|  Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Debt Securities | $2306416 | $— | $— | $— | $2306416 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Obligations | 7593387 |  |  |  | 7593387 |
|  Total Securities Lending Transactions | $9899803 | $— | $— | $— | $9899803 |
|  **Total Borrowings** | $**9899803** | $**—** | $**—** | $**—** | $**9899803** |

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**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS** 

The Portfolio's investment strategies allow the Portfolio to use various types of derivative contracts, including option contracts, swap agreements, futures contracts, and forward foreign currency contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or OTC.

**Market Risk Factors:** In pursuit of the Portfolio's investment strategies, the Portfolio may seek to use derivatives to increase or decrease its exposure to certain market risks, including:

*Interest rate risk:* Interest rate risk relates to the fluctuations in the value of fixed income securities due to changes in the prevailing levels of market interest rates.

*Foreign exchange rate risk:* Foreign exchange rate risk relates to fluctuations in the value of an asset or liability due to changes in the currency exchange rates.

*Equity risk:* Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

*Credit risk:* Credit risk relates to the ability of the issuer of a financial instrument to make further principal or interest payments on an obligation or commitment that it has to the Portfolio.

*Commodity risk:* Commodity risk relates to the change in value of commodities or commodity indices as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

The Portfolio is also exposed to additional risks from investing in derivatives, such as liquidity and counterparty credit risk. Liquidity risk is the risk that the Portfolio will be unable to sell or close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligations to the Portfolio. Investing in derivatives may also involve greater risks than investing directly in the underlying assets, such as losses in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

The Portfolio's exposure to market risk factors and certain other associated risks are summarized by derivative type as follows:

**Option contracts:** The Portfolio is subject to equity risk, interest rate risk, and foreign exchange rate risk in the normal course of pursuing its investment objective. The Portfolio may enter into option contracts to manage exposure to various market fluctuations. The Portfolio may purchase or write call and put options on securities and derivative instruments in which the Portfolio owns or may invest. Options are valued at the average of the bid and ask price established each day at the close of the board of trade or exchange on which they are traded. Options are marked-to-market daily to reflect the current value of the option. The primary risks associated with options are an imperfect correlation between the change in value of the securities held and the prices of the option contracts, the possibility of an illiquid market, and an inability of the counterparty to meet the contract terms. Options can be traded through an exchange or through privately negotiated arrangements with a dealer in an OTC transaction. Options traded on an exchange are generally cleared through a clearinghouse such as the Options Clearing Corp.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)** 

*Options on exchange-traded funds and/or securities:* The Portfolio may purchase or write options on ETFs and/or securities. Purchasing or writing options on ETFs and/or securities gives the Portfolio the right, but not the obligation to buy or sell a specified ETF and/or security as an underlying instrument for the option contract.

*Options on indices:* The Portfolio may purchase or write options on indices. Purchasing or writing an option on indices gives the Portfolio the right, but not the obligation to buy or sell the cash from the underlying index. The exercise of the option will result in a cash transfer and gain or loss depends on the change in the underlying index.

*Options on futures:* The Portfolio may purchase or write options on futures. Purchasing or writing options on futures gives the Portfolio the right, but not obligation to buy or sell a position on a futures contract at the specified option exercise price at any time during the period of the option.

*Interest rate-capped options:* The Portfolio may purchase or write interest rate-capped options. Purchasing or writing interest rate-capped options gives the Portfolio the right, but not the obligation to buy or sell an option which applies a cap to protect the Portfolio from floating rate risk above a certain rate on a given notional exposure. A floor can be used to give downside protection to investments in interest rate-linked products.

*Interest rate swaptions:* The Portfolio may purchase or write interest rate swaption agreements which are options to enter into a pre-defined swap agreement by some specific date in the future. The writer of the swaption becomes the counterparty to the swap if the buyer exercises. The interest rate swaption agreement will specify whether the buyer of the swaption will be a fixed-rate receiver or a fixed-rate payer upon exercise.

*Purchased options:* Purchasing call options tends to increase exposure to the underlying instrument. Purchasing put options tends to decrease exposure to the underlying instrument. The Portfolio pays premiums, which are included within the Statement of Assets and Liabilities as an investment and subsequently marked-to-market to reflect the current value of the option. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid from options which expire are treated as realized losses. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying instrument to determine the realized gain or loss.

*Written options:* Writing call options tends to decrease exposure to the underlying instrument. Writing put options tends to increase exposure to the underlying instrument. When the Portfolio writes a covered call or put option, the premium received is recorded as a liability within the Statement of Assets and Liabilities and is subsequently marked-to-market to reflect the current market value of the option written. Premiums received from written options which expire unexercised are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying instrument to determine the realized gain or loss. In writing an option, the Portfolio bears the market risk of an unfavorable change in the price of the security or currency underlying the written option. Exercise of an option written by the Portfolio could result in the Portfolio selling or buying a security or currency at a price different from the current market value.

Open option contracts at December 31, 2022, if any, are included within the Schedule of Investments. The value of purchased option contracts, as applicable, is shown in Investments, at value within the Statement of Assets and Liabilities. The value of written option contracts, as applicable, is shown in Written options and swaptions, at value within the Statement of Assets and Liabilities.

**Swap agreements:** Swap agreements are bilaterally negotiated agreements between the Portfolio and a counterparty to exchange or swap investments, cash flows, assets, foreign currencies, or market-linked returns at specified, future intervals. Swap agreements can be executed in a bilateral privately negotiated arrangement with a dealer in an OTC transaction or executed on a regular market. Certain swaps regardless of the venue of execution are required to be cleared through a clearinghouse ("centrally cleared swap agreements"). Centrally cleared swap agreements listed or traded on a multilateral platform, are valued at the daily settlement price determined by the corresponding exchange. For centrally cleared credit default swap agreements the clearing exchange requires all members to provide applicable levels across complete term levels. Centrally cleared interest rate swap agreements are valued using a pricing model that references the underlying rates including but not limited to the overnight index swap rate and London Interbank Offered Rate ("LIBOR") forward rate to calculate the daily settlement price. The Portfolio may enter into credit default, cross-currency, interest rate, total return, including contracts for difference ("CFD"), and other forms of swap agreements to manage exposure to credit, currency, interest rate, and commodity risks. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Centrally cleared swap agreements are marked-to-market daily based upon values from third party vendors, which may include a registered exchange, or quotations from market makers to the extent available and the change in value, if any, is recorded as Variation margin receivable (payable) on centrally cleared swap agreements within the Statement of Assets and Liabilities.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)** 

For OTC swap agreements, payments received or made at the beginning of the measurement period are reflected in OTC swap agreements, at value within the Statement of Assets and Liabilities and represent payments made or received upon entering into the swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). Additionally, these upfront payments as well as any periodic payments received or paid by the Portfolio, including any liquidation payment received or made at the termination of the swap are recorded as part of Net realized gain (loss) on swap agreements within the Statement of Operations.

*Credit default swap agreements:* The Portfolio is subject to credit risk in the normal course of pursuing its investment objective. The Portfolio enters into credit default swap agreements to manage its exposure to the market or certain sectors of the market to reduce its risk exposure to defaults of corporate and sovereign issuers, or to create exposure to corporate or sovereign issuers to which it is not otherwise exposed. Credit default swap agreements involve the exchange of a fixed rate premium for protection against the loss in value of an underlying security in the event of a defined credit event, such as payment default or bankruptcy (buy protection).

Under a credit default swap agreement, one party acts as a guarantor by receiving the fixed periodic payment in exchange for the commitment to purchase the underlying security at par if the defined credit event occurs (sell protection). The Portfolio's maximum risk of loss from counterparty risk, either as the protection seller or as the protection buyer, is the notional amount of the contract. This risk is mitigated by having a master netting arrangement between the Portfolio and the counterparty, and by the posting of collateral.

The Portfolio sells credit default swap agreements, which exposes it to risk of loss from credit risk related events specified in the contracts. Although contract-specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium. If a defined credit event had occurred during the period, the swap agreements' credit-risk-related contingent features would have been triggered, and the Portfolio would have been required to pay the notional amounts for the credit default swap agreements with a sell protection less the value of the contracts' related reference obligations.

*Interest rate swap agreements:* The Portfolio is subject to interest rate risk exposure in the normal course of pursuing its investment objective. Because the Portfolio holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk, the Portfolio enters into interest rate swap agreements. Under an interest rate swap agreement, two parties will exchange cash flows based on a notional principal amount. A Portfolio with interest rate agreements can elect to pay a fixed rate and receive a floating rate, or receive a fixed rate and pay a floating rate, on a notional principal amount. The risks of interest rate swap agreements include changes in market conditions which will affect the value of the contract or the cash flows, and the possible inability of the counterparty to fulfill its obligations under the agreement. The Portfolio's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from/paid to the counterparties over the contracts' remaining lives, to the extent that amount is positive. This risk is mitigated by having a master netting arrangement between the Portfolio and the counterparty, and by the posting of collateral.

Open centrally cleared swap agreements and open OTC swap agreements at December 31, 2022, if any, are listed within the Schedule of Investments.

**Futures contracts:** The Portfolio is subject to equity and commodity risk, interest rate risk, and foreign exchange rate risk in the normal course of pursuing its investment objective. The Portfolio uses futures contracts to gain exposure to, or hedge against, changes in the value of equities and commodities, interest rates, or foreign currencies. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date. Upon entering into such contracts, the Portfolio is required to deposit with the broker, either in cash or in securities, an initial margin in an amount equal to a certain percentage of the contract amount. Subsequent payments (variation margin) are paid or received by the Portfolio, depending on the daily fluctuations in the value of the contract, and are recorded for financial statement purposes as unrealized gains or losses by the Portfolio. Upon entering into such contracts, the Portfolio bears the risk of equity and commodity prices, interest rates, or exchange rates moving unexpectedly, in which case, the Portfolio may not achieve the anticipated benefits of the futures contracts and may realize losses. With futures, there is minimal counterparty credit risk to the Portfolio since futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange.

Open futures contracts at December 31, 2022, if any, are listed within the Schedule of Investments. Variation margin, if applicable, is shown in Variation margin receivable or payable on futures contracts within the Statement of Assets and Liabilities.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)** 

**Forward foreign currency contracts:** The Portfolio is subject to foreign exchange rate risk exposure in the normal course of pursuing its investment objective. The Portfolio may enter into forward foreign currency contracts to hedge against exchange rate risk arising from investments in securities denominated in foreign currencies. Forward foreign currency contracts are marked-to-market daily, with the change in value recorded as an unrealized gain or loss and is shown in Unrealized appreciation (depreciation) on forward foreign currency contracts within the Statement of Assets and Liabilities. When the contracts are settled, a realized gain or loss is incurred and is shown in Net realized gain (loss) on forward foreign currency contracts within the Statement of Operations. Risks may arise from changes in market value of the underlying currencies and from the possible inability of counterparties to meet the terms of their contracts. Forward foreign currency contracts are traded in the OTC inter-bank currency dealer market.

Open forward foreign currency contracts at December 31, 2022, if any, are listed within the Schedule of Investments.

The following is a summary of the location and the Portfolio's fair values of derivative investments disclosed, if any, within the Statement of Assets and Liabilities, categorized by primary market risk exposure as of December 31, 2022.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| **Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  Purchased options and swaptions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value <sup>(A)</sup> | $— | $— | $4310880 | $— | $— | $4310880 |
|  Centrally cleared swaps: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) <sup>(A) (B)</sup> | 1989117 |  |  |  |  | 1989117 |
|  Futures contracts: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) <sup>(A) (C)</sup> | 115336 |  |  |  |  | 115336 |
|  Forward foreign currency contracts: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts |  | 44798 |  |  |  | 44798 |
|  **Total** | $**2104453** | $**44798** | $**4310880** | $**—** | $**—** | $**6460131** |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  Written options and swaptions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options and swaptions, at value <sup>(A)</sup> | $(16079) | $— | $— | $— | $— | $(16079) |
|  Centrally cleared swaps: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) <sup>(A) (B)</sup> | (132445) |  |  | (263128) |  | (395573) |
|  Futures contracts: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) <sup>(A) (C)</sup> | (253290) |  | (5673791) |  |  | (5927081) |
|  Forward foreign currency contracts: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts |  | (133740) |  |  |  | (133740) |
|  **Total** | $**(401814)** | $**(133740)** | $**(5673791)** | $**(263128)** | $**—** | $**(6472473)** |

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(A) *May include exchange-traded derivatives which are not subject to a master netting arrangement, or another similar arrangement.* 

(B) *Included within Value of centrally cleared swap agreements as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.* 

(C) *Included within unrealized appreciation (depreciation) on futures contracts as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.* 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)** 

The following is a summary of the location and the effect of derivative investments, if any, within the Statement of Operations, categorized by primary market risk exposure as of December 31, 2022.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** |
| **Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  Purchased options and swaptions <sup>(A)</sup> | $— | $— | $1362576 | $— | $— | $1362576 |
|  Written options and swaptions | 139827 |  |  |  |  | 139827 |
|  Swap agreements | (24320) |  |  | 110998 |  | 86678 |
|  Futures contracts | (6272292) |  | (48746972) |  |  | (55019264) |
|  Forward foreign currency contracts |  | 406272 |  |  |  | 406272 |
|  **Total** | $**(6156785)** | $**406272** | $**(47384396)** | $**110998** | $**—** | $**(53023911)** |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** |
| **Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  Purchased options and swaptions <sup>(B)</sup> | $— | $— | $1599866 | $— | $— | $1599866 |
|  Written options and swaptions | 7308 |  |  | (15342) |  | (8034) |
|  Swap agreements | &nbsp;&nbsp;&nbsp;&nbsp;2285464 |  |  | (555975) |  | 1729489 |
|  Futures contracts | (611593) |  | (10894393) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;(11505986) |
|  Forward foreign currency contracts |  | (137888) |  |  |  | (137888) |
|  **Total** | $**1681179** | $**(137888)** | $**(9294527)** | $**(571317)** | $**—** | $**(8322553)** |

---

(A) *Included within Net realized gain (loss) on Investments in the Statement of Operations.* 

(B) *Included within Net change in unrealized appreciation (depreciation) on Investments in the Statement of Operations.* 

The following is a summary of the ending monthly average volume on derivative activity during the year ended December 31, 2022.

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| | |
|:---|:---|
|  **Options:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average value of option contracts purchased | $4891825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average value of option contracts written | (14227) |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of swaption contracts written | (1847238) |
|  **Credit default swaps:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value – buy protection | 14200000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value – sell protection | 9533095 |
|  **Interest rate swaps:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value – pays fixed rate | 13315385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value – receives fixed rate | 6079691 |
|  **Futures contracts:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts – long | &nbsp;&nbsp;&nbsp;&nbsp;247557991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts – short | (20433044) |
|  **Forward foreign currency exchange contracts:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average contract amounts purchased – in USD | 2600215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average contract amounts sold – in USD | 9275058 |

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The Portfolio typically enters into International Swaps and Derivatives Association, Inc. Master Agreements ("ISDA Master Agreements") or similar master agreements (collectively, "Master Agreements") with its contract counterparties for certain OTC derivatives in order to, among other things, reduce credit risk to counterparties.

ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Portfolio typically may offset with the counterparty certain OTC derivative financial instruments payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default, termination and/or potential deterioration in the credit quality of the counterparty.

Various Master Agreements govern the terms of certain transactions with counterparties and typically attempt to reduce the counterparty risk associated with such transactions by specifying credit protection mechanisms and providing standardization that

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)** 

improves legal certainty. Cross-termination provisions under Master Agreements typically provide that a default in connection with one transaction between the Portfolio and a counterparty gives the non-defaulting party the right to terminate any other transactions in place with the defaulting party to create one single net payment due to/due from the defaulting party and may be a feature in certain Master Agreements. In the event the Portfolio exercises its right to terminate a Master Agreement after a counterparty experiences a termination event as defined in the Master Agreement, the return of collateral with market value in excess of the Portfolio's net liability may be delayed or denied.

*Collateral requirements:* Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (futures contracts, exchange-traded options, and exchange-traded swap agreements) while collateral terms are contract specific for OTC derivatives (forward foreign currency exchange contracts, OTC options, and OTC swap agreements). For OTC derivatives, under standard derivatives agreements, the Portfolio may be required to pledge collateral on derivatives to a counterparty if the Portfolio is in a net liability position, and receive collateral if in a net positive position. For financial reporting purposes, cash collateral that has been pledged by the Portfolio to cover obligations, if any, is reported in Cash collateral at broker within the Statement of Assets and Liabilities. Cash collateral that has been received by the Portfolio from a counterparty, if any, is reported separately in Cash collateral pledged at custodian and/or broker within the Statement of Assets and Liabilities. Non-cash collateral pledged to the Portfolio, if any, is disclosed within the Schedule of Investments.

Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold before a transfer has been made. Typically a counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The Portfolio generally does not use non-cash collateral that it receives but may, absent default or certain other circumstances, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty.

To the extent amounts due to the Portfolio from its counterparties are not fully collateralized, contractually or otherwise, the Portfolio bears the risk of loss from counterparty non-performance. Additionally, to the extent the Portfolio has delivered collateral to a counterparty, the Portfolio bears the risk of loss from a counterparty in the event the counterparty fails to return such collateral. Counterparties may immediately terminate derivatives contracts if the Portfolio fails to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages. Collateral may not be required for all derivative contracts.

The following is a summary of the Portfolio OTC derivative assets and liabilities by counterparty net of amounts available for offset under a master netting agreement and net of the related collateral received/pledged by the Portfolio as of December 31, 2022. For financial reporting purposes, the Portfolio does not offset assets and liabilities that are subject to a master netting agreement or similar arrangement on the Statement of Assets and Liabilities. See the Repurchase agreement section within the notes for offsetting and collateral information pertaining to repurchase agreements that are subject to master netting agreements.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Gross Amounts of<br>Assets<br>Presented within<br>Statement of<br>Assets and<br>Liabilities <sup>(A)</sup>** | **Gross Amounts Not Offset<br>within Statement of<br>Assets and Liabilities** | **Gross Amounts Not Offset<br>within Statement of<br>Assets and Liabilities** | **Net Receivable** | **Gross Amounts of<br>Liabilities<br>Presented within<br>Statement of<br>Assets and<br>Liabilities <sup>(A)</sup>** | **Gross Amounts Not Offset<br>within Statement of<br>Assets and Liabilities** | **Gross Amounts Not Offset<br>within Statement of<br>Assets and Liabilities** | **Net Payable** |
| <br>**Counterparty** | **Gross Amounts of<br>Assets<br>Presented within<br>Statement of<br>Assets and<br>Liabilities <sup>(A)</sup>** | **Financial<br>Instruments** | **Collateral<br>Received <sup>(B)</sup>** | **Net Receivable** | **Gross Amounts of<br>Liabilities<br>Presented within<br>Statement of<br>Assets and<br>Liabilities <sup>(A)</sup>** | **Financial<br>Instruments** | **Collateral<br>Pledged <sup>(B)</sup>** | **Net Payable** |
|  | **Assets** | **Assets** | **Assets** | **Assets** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
|  Bank of America, N.A. | $522 | $(522) | $— | $— | $529 | $(522) | $— | $7 |
|  BNP Paribas | 79 |  |  | 79 |  |  |  |  |
|  Citibank, N.A. | 30172 | (30172) |  |  | 68985 | (30172) |  | 38813 |
|  Goldman Sachs Bank | 3536 | (3536) |  |  | 10704 | (3536) |  | 7168 |
|  HSBC Bank USA | 9570 | (9570) |  |  | 60826 | (9570) |  | 51256 |
|  JPMorgan Chase Bank, N.A. |  |  |  |  | 8775 |  |  | 8775 |
|  Morgan Stanley & Co. | 4310880 |  |  | 4310880 |  |  |  |  |
|  Standard Chartered Bank | 919 |  |  | 919 |  |  |  |  |
|  Other Derivatives <sup>(C)</sup> | 2104453 |  |  | 2104453 | 6322654 |  |  | 6322654 |
|  **Total** | $**6460131** | $**(43800)** | $**—** | $**6416331** | $**6472473** | $**(43800)** | $**—** | $**6428673** |

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(A) *Absent an event of default or early termination, OTC derivative assets and liabilities are presented gross and not offset within the Statement of Assets and Liabilities.* 

(B) *In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.* 

(C) *Other Derivatives, which includes future contracts, exchange-traded options, exchange-traded swap agreements and occasionally forward positions, that are not subject to a master netting arrangement or another similar arrangement. The amount presented is intended to permit reconciliation to the amount presented within the Schedule of Investments.* 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**7. RISK FACTORS** 

Investing in the Portfolio involves certain key risks related to the Portfolio's trading activity. Please reference the Portfolio's prospectus for a more complete discussion of the following risk(s), as well as other risks of investing in the Portfolio.

**Market risk:** The market prices of the Portfolio's securities and other assets may go up or down, sometimes sharply and unpredictably, due to general market conditions, overall economic trends or events, inflation, changes in interest rates, government actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by wars, tariffs, trade disputes or other factors, political developments, investor sentiment, the global and domestic effects of a pandemic or other health emergency, and other factors that may or may not be related to the issuer of the security or other asset. The market prices of securities and other assets also may go down due to events or conditions that affect particular sectors, industries, issuers, or geographies. Adverse market conditions may be prolonged and may not have the same impact on all types of securities or other assets. If the value of the Portfolio's securities and assets fall, the value of your investment will go down. The Portfolio may experience a substantial or complete loss on any individual security or asset.

Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, the imposition of economic sanctions, public health events (such as the spread of infectious disease), wars, terrorism, cybersecurity events, technology and data interruptions, natural disasters, and other circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. In the past decade, financial markets throughout the world have experienced increased volatility and decreased liquidity. These conditions may continue or worsen. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down. Securities markets may also be susceptible to market manipulation or other fraudulent trade practices, which could disrupt the orderly functioning of these markets or adversely affect the value of securities traded in these markets, including the Portfolio's securities.

The pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in economic downturns throughout the world, severe losses, particularly to some sectors of the economy and individual issuers, and reduced liquidity of many instruments. There also have been significant disruptions to business operations, including business closures; strained healthcare systems; disruptions to supply chains and employee availability; large fluctuations in consumer demand; and widespread uncertainty regarding the duration and long-term effects of the pandemic. Economic downturns may be prolonged, and political and social instability, continued volatility and decreased liquidity in the securities markets may result. Developing or emerging market countries may be more impacted by the pandemic.

The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic. These and other government intervention into the economy and financial markets may not work as intended. In addition, government actions to mitigate the economic impact of the pandemic have resulted in large expansion of government deficits and debt, the long-term consequences of which are not known. Rates of inflation have recently risen, which could adversely affect economies and markets. The pandemic could continue to adversely affect the value and liquidity of the Portfolio's investments.

*Europe:* A number of countries in Europe have experienced severe economic and financial difficulties; and financial markets in Europe and elsewhere have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen or spread within or outside Europe. Responses to the financial problems by European governments, central banks and others may not work, may result in conflicts and social unrest and may limit future growth and economic recovery or have other unintended consequences. In January, 2020, through "Brexit," the United Kingdom withdrew from the European Union. The ramifications of Brexit are unknown, and the implications of possible political, regulatory, economic, and market outcomes could be significant. The United Kingdom has one of the largest economies in Europe and is a major trading partner with European Union countries and the United States. Brexit may create additional and substantial economic stresses for the United Kingdom, including a contraction of the United Kingdom's economy, decreased trade, capital outflows, devaluation of the British pound, and a decrease in business and consumer spending and investment. The negative impact on not only the United Kingdom and European Union economies but also the broader global economy could be significant. A number of countries in Europe have suffered terror attacks, and additional attacks may occur in the future. Europe has also been struggling with mass migration from the Middle East, Eastern Europe and Africa. The ultimate effects of these events and other socio-political or geopolitical issues could profoundly affect global economies and markets. Whether or not the Portfolio invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

*Additional Market Disruption:* Russia's invasion of Ukraine in February, 2022, the resulting responses by the United States and other countries, and the potential for wider conflict, have increased and may continue to increase volatility and uncertainty in financial markets

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**7. RISK FACTORS (continued)** 

worldwide. The United States and other countries have imposed broad-ranging economic sanctions on Russia and Russian entities and individuals, and may impose additional sanctions, including on other countries that provide military or economic support to Russia. These sanctions, among other things, restrict companies from doing business with Russia and Russian issuers, and may adversely affect companies with economic or financial exposure to Russia and Russian issuers. The extent and duration of Russia's military actions and the repercussions of such actions are not known. The invasion may widen beyond Ukraine and may escalate, including through retaliatory actions and cyberattacks by Russia and even other countries. These events may result in further and significant market disruptions and may adversely affect regional and global economies including those of Europe and the United States. Certain industries and markets, such as those involving oil, natural gas and other commodities, as well as global supply chains, may be particularly adversely affected. Whether or not the Portfolio invests in securities of issuers located in Russia, Ukraine and adjacent countries or with significant exposure to issuers in these countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

**Asset class allocation risk:** The Portfolio's investment performance is significantly impacted by the Portfolio's asset class allocation and reallocation from time to time. The sub-adviser's decisions whether and when to tactically overweight or underweight asset classes, create and apply formulas for de-risking or ending de-risking and select a mix of underlying portfolios may not produce the desired results. These actions may be unsuccessful in maximizing return and/or avoiding investment losses. The value of your investment may decrease if the sub-adviser's judgment about the attractiveness, value or market trends affecting a particular asset class is incorrect. The Portfolio's balance between equity and debt securities limits its potential for capital appreciation relative to an all-stock fund and contributes to greater volatility relative to an all-bond fund.

**Model and data risk:** If quantitative models, algorithms or calculations (whether proprietary and developed by the sub-adviser or supplied by third parties) ("Models") or information or data supplied by third parties ("Data") prove to be incorrect or incomplete, any decisions made, in whole or part, in reliance thereon expose the Portfolio to additional risks. Models can be predictive in nature. The use of predictive Models has inherent risks. The success of relying on or otherwise using Models depends on a number of factors, including the validity, accuracy and completeness of the Model's development, implementation and maintenance, the Model's assumptions, factors, algorithms and methodologies, and the accuracy and reliability of the supplied historical or other Data. Models rely on, among other things, correct and complete Data inputs. If incorrect Data is entered into even a well-founded Model, the resulting information will be incorrect. However, even if Data is input correctly, Model prices may differ substantially from market prices, especially for securities with complex characteristics. Investments selected with the use of Models may perform differently than expected as a result of the design of the Model, inputs into the Model or other factors. There also can be no assurance that the use of Models will result in effective investment decisions for the Portfolio.

**LIBOR risk:** Many financial instruments, financings or other transactions to which the Portfolio may be a party use or may use a floating rate based on the London Interbank Offered Rate ("LIBOR"). The UK Financial Conduct Authority and LIBOR's administrator announced that the use of LIBOR will be phased out; most LIBOR rates are no longer published as of the end of 2021 and a majority of U.S. dollar LIBOR rates will no longer be published after June 30, 2023. It is possible that a subset of LIBOR rates may be published after these dates on a "synthetic" basis, but any such publications would be considered non-representative of the underlying market. There remains uncertainty regarding the nature of any replacement rate and the impact of the transition from LIBOR on the Portfolio, issuers of instruments in which the Portfolio invests, and financial markets generally. As such, the potential effect of a transition away from LIBOR on the Portfolio or the Portfolio's investments cannot yet be determined.

**8. FEES AND OTHER AFFILIATED TRANSACTIONS** 

TST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Transamerica Life Insurance Company ("TLIC"), and Transamerica Financial Life Insurance Company.

TAM, the Portfolio's investment manager, is directly owned by TLIC and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon NV. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon NV, a Netherlands corporation, and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Portfolio's transfer agent. Transamerica Capital, Inc. ("TCI") is the Portfolio's distributor/principal underwriter. TAM, TFS, and TCI are affiliates of Aegon NV.

Certain officers and trustees of the Portfolio are also officers and/or trustees of TAM, TFS and TCI. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Portfolio. The Portfolio does pay non-interested persons (independent trustees), as disclosed in Trustee, CCO and deferred compensation fees within the Statement of Operations.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

**Investment management fees:** TAM serves as the Portfolio's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Portfolio pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Portfolio pays a management fee to TAM based on daily average net assets at the following rates:

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| | |
|:---|:---|
| **Breakpoints** | **Rate** |
|  First $250 million | 0.81% |
|  Over $250 million up to $750 million | 0.80 |
|  Over $750 million up to $1.5 billion | 0.79 |
|  Over $1.5 billion | 0.76 |

---

TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses, reorganization expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

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| | | |
|:---|:---|:---|
| | **Operating<br>Expense Limit** | **Operating<br>Expense Limit**<br>**Effective Through** |
|  Initial Class | 0.91% | May 1, 2023 |
|  Service Class | 1.16 | May 1, 2023 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended December 31, 2022 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Portfolio, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

As of December 31, 2022, there are no amounts available for recapture by TAM.

**Distribution and service fees:** TST has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, TST entered into a distribution agreement with TCI as the Portfolio's distributor.

The Distribution Plan requires the Portfolio to pay distribution fees to TCI as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCI, on behalf of the Portfolio, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Portfolio's shares.

The fee on the Service Class shares is paid to the insurance companies for providing services and account maintenance for the policyholders who invest in the variable insurance products which invest in the Service Class shares. TCI has determined that it will not seek payment for the distribution expenses incurred by the Portfolio with respect to the Initial Class shares before May 1, 2023. Prior to TCI seeking distribution expenses on Initial Class shares, policy and contract owners will be notified in advance. The Portfolio will pay fees relating to Service Class shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

The Portfolio is authorized under the Distribution Plan to pay fees to TCI based on daily average net assets of each class up to the following annual rates:

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| | |
|:---|:---|
| **Class** | **Rate** |
|  Initial Class | 0.15% |
|  Service Class | 0.25 |

---

**Transfer agent costs:** TFS provides transfer agency services under an intercompany agreement with TAM. TFS has outsourced the provision of certain sub-transfer agency services to SS&C Technology Holdings, Inc ("SS&C"). The Portfolio does not pay a separate transfer agent fee to TAM or TFS but does pay certain expenses to SS&C related to applicable sub-transfer agency services. For the year ended December 31, 2022, (i) the expenses paid to SS&C by the Portfolio are referred to as Transfer agent costs and are included within the Statement of Operations and (ii) the expenses payable to SS&C by the Portfolio are referred to as Transfer agent costs within the Statement of Assets and Liabilities.

**Deferred compensation plan:** Effective September 23, 2021, the Board has approved the termination of the deferred compensation plan. Payments will be made to applicable current and former Board members consistent with Section 409A of the Code. Under a non-qualified deferred compensation plan effective January 1, 1996, as amended and restated January 1, 2010, available to the trustees, compensation may be deferred that would otherwise be payable by TST to an independent trustee on a current basis for services rendered as trustee. Deferred compensation amounts will accumulate based on the value of the investment option, as elected by the trustee. Balances pursuant to deferred compensation plan are recorded in Trustees, Chief Compliance Officer ("CCO") and deferred compensation fees within the Statement of Assets and Liabilities. For the year ended December 31, 2022, amounts included in Trustees, CCO and deferred compensation fees within the Statement of Operations reflect total compensation paid to the independent Board members.

**Brokerage commissions:** The Portfolio incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the year ended December 31, 2022.

**9. PURCHASES AND SALES OF SECURITIES** 

For the year ended December 31, 2022, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

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| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $42499748 | $24953781 | $74840275 | $18057090 |

---

**10. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS** 

The Portfolio has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Portfolio recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Portfolio's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Portfolio's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Portfolio's financial statements. If applicable, the Portfolio recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Portfolio identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Portfolio makes significant investments; however, the Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales, forward contracts mark-to-market, futures contracts mark-to-market, option contracts mark-to-market, defaulted bond income accruals, swaps, straddle loss deferrals, premium amortization accruals and dollar roll adjustments. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**10. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)** 

adjusted for permanent book/tax differences to reflect tax character. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. There are no reclassifications in the current year.

As of December 31, 2022, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

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| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross<br>Appreciation** | **Gross<br>(Depreciation)** | **Net Appreciation<br>(Depreciation)** |
| $427428202 | $2717013 | $(32347292) | $(29630279) |

---

As of December 31, 2022, the capital loss carryforwards available to offset future realized capital gains are as follows:

---

| | |
|:---|:---|
| **Unlimited** | **Unlimited** |
| **Short-Term** | **Long-Term** |
| $28215256 | $42542614 |

---

During the year ended December 31, 2022, the Portfolio did not have any capital loss carryforwards utilized or expired.

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2022 and 2021 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** |
| **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of Capital** | **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of Capital** |
| $18303297 | $23621877 | $— | $28283655 | $13733204 | $— |

---

As of December 31, 2022, the tax basis components of distributable earnings are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Capital Loss<br>Carryforwards** | **Late Year<br>Ordinary Loss<br>Deferred** | **Other Temporary<br>Differences** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| $3778399 | $— | $(70757870) | $— | $(391273) | $(29650344) |

---

**11. NEW ACCOUNTING PRONOUNCEMENT** 

In December 2022, the Financial Accounting Standards Board issued Accounting Standards Update No. 2022-06 ("ASU 2022-06"), "Reference Rate Reform (Topic 848)". ASU 2022-06 is an update of ASU 2020-04, which is in response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR, regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The ASU 2022-06 update clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The amendments in this update are effective immediately through December 31, 2024, for all entities. Management does not expect ASU 2022-06 to have a material impact on the financial statements.

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**Report of Independent Registered Public Accounting Firm** 

*To the Shareholders and the Board of Trustees of Transamerica PIMCO Tactical — Balanced VP* 

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities of Transamerica PIMCO Tactical — Balanced VP (the "Portfolio") (one of the portfolios constituting Transamerica Series Trust (the "Trust")), including the schedule of investments, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the portfolios constituting Transamerica Series Trust) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion** 

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g438566ernst_young.jpg)

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

February 27, 2023

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**SUPPLEMENTAL TAX INFORMATION** 

**(unaudited)** 

For tax purposes, the Portfolio has made a long-term capital gain designation of $23,621,877 for the year ended December 31, 2022.

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**(unaudited)** 

**MARKET ENVIRONMENT** 

Geopolitics took center stage in early 2022 as Russia invaded Ukraine. Most assets experienced elevated volatility over the year as Russia's invasion of Ukraine and the subsequent imposition of financial sanctions added stress to already fragile global supply chains and raised concerns over commodity supplies. This amplified inflationary fears and contributed to more hawkish stances from central banks, higher global yields, and flattening curves.

Risk assets were challenged throughout the first half of 2022, with both equities and bonds moving significantly lower given ongoing concerns over the conflict between Russia and Ukraine. The recurring themes of heightened inflation, geopolitical tension and fear of recession were the main contributors to market turbulence. Developed market central banks maintained their hawkish stance with their sights set on combating historic levels of inflation. Most notably, in the U.S., the Consumer Price Index increased 8.6% year-on-year in May. This prompted the Federal Reserve ("Fed") to hike interest rates by 75 basis points in June, the first time since 1994, and acknowledge that credibly fighting inflation will come at the cost of lower growth.

Despite weakening economic data and signs of slowing global growth heading into the second half of 2022, the Fed hiked its policy rate aggressively to address inflationary risks. Performance was challenged for both "safe-haven" and risk assets as global yields rose sharply through the summer months and sentiment waned, leading to increased recessionary risks and heightened volatility. Amidst broader market volatility, market correlations were positive as global equities, fixed income, and commodities experienced sharp declines.

Easing developed market inflation prints prompted optimism for relatively dovish global central bank messaging and contributed to gains in global risk assets toward the end of 2022. However, with labor market data generally exhibiting continued resilience, global central banks adopted more hawkish messaging than expected in December. Following a 75 basis point policy rate hike in November, the Federal Reserve adjusted its policy rate upward by 50 basis points in December.

**PERFORMANCE** 

For the year ended December 31, 2022, Transamerica PIMCO Tactical – Conservative VP, Initial Class returned -17.12%. By comparison, its primary and secondary benchmarks, the S&P 500<sup>®</sup> Index and the Transamerica PIMCO Tactical – Conservative VP Blended Benchmark, returned -18.11% and -16.62%, respectively.

**STRATEGY REVIEW** 

With volatility high throughout the fiscal year ended December 31, 2022, Transamerica PIMCO Tactical – Conservative VP (the "Portfolio") dynamically adjusted its equity exposure, facilitated using equity futures. The Portfolio entered 2022 overweight equity as the VIX Index was stable and equities rallied throughout 2021. However, the Portfolio quickly de-risked in late January 2022 and again in February 2022 in response to the uptick in volatility driven by Russia's invasion of Ukraine. After a brief overweight in April, the Portfolio did not move overweight equities again during the year, de-risking to its largest underweights from September into November, in response to a more hawkish Fed and recessionary fears. The Portfolio ended 2022 underweight equities as a result. The Portfolio's managed volatility strategy contributed to performance. The dynamic equity adjustments detracted as bouts of volatility caused whipsaw returns during the year, although the downside risk mitigation strategies, obtained via S&P 500<sup>®</sup> Index put option contracts, more than offset the dynamic equity adjustments. Consistent with managing downside risk, the S&P 500<sup>®</sup> Index put option contracts were adequately sized to cover the equity exposure in the Portfolio.

The Portfolio's fixed income allocations contributed to performance in 2022. U.S. duration and yield curve positioning, partially facilitated using futures, interest rate swaps, swaptions, and options, were positive for performance over the year. Within a diversified set of spread sectors, exposure to non-agency mortgage-backed securities and high-yield corporate credit, which was partially facilitated using credit default swaps and swaptions, detracted from performance as credit spreads widened broadly.

**Michael Cudzil** 

**Mohit Mittal** 

**Graham A. Rennison** 

**Paul-James ("PJ") White** 

**Co-Portfolio Managers** 

**Pacific Investment Management Company LLC** 

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**(unaudited)** 

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| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  Repurchase Agreement | 39.1% |
|  Corporate Debt Securities | 24.8 |
|  U.S. Government Obligations | 18.1 |
|  U.S. Government Agency Obligations | 12.1 |
|  Asset-Backed Securities | 5.4 |
|  Mortgage-Backed Securities | 4.1 |
|  Other Investment Company | 3.8 |
|  Foreign Government Obligations | 2.0 |
|  Municipal Government Obligations | 0.9 |
|  Over-the-Counter Options Purchased | 0.4 |
|  Loan Assignments | 0.3 |
|  Short-Term U.S. Government Obligation | 0.2 |
|  Net Other Assets (Liabilities)<sup>^</sup> | (11.2) |
|  **Total** | 100.0% |
| **Portfolio Characteristics** | **Years** |
|  Average Maturity § | 8.04 |
|  Duration † | 5.17 |

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*Current and future portfolio holdings are subject to change and risk.* 

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| | |
|:---|:---|
| *^* | *The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral.*  |

---

§ *Average Maturity is computed by weighting the maturity of each security in the Portfolio by the market value of the security, then averaging these weighted figures.* 

† *Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder.* 

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**(unaudited)**![LOGO](g438566g90c61.jpg)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Initial Class | (17.12)% | 1.34% | 3.75% | 05/01/2009 |
|  S&P 500<sup>®</sup> Index <sup>(A)</sup> | (18.11)% | 9.42% | 12.56% |  |
|  Transamerica PIMCO Tactical - Conservative VP Blended Benchmark <sup>(A) (B) (C) (D) (E) (F)</sup> | (16.62)% | 2.96% | 4.86% |  |
|  Service Class | (17.29)% | 1.10% | 3.49% | 05/01/2009 |

---

<sup>(A)</sup> *The S&P 500<sup>®</sup> Index is a market-capitalization weighted index of 500 large U.S. companies with common stock listed on the NYSE or NASDAQ.* 

<sup>(B)</sup> *The Transamerica PIMCO Tactical - Conservative VP Blended Benchmark is composed of the following benchmarks: 52% Bloomberg US Government/Credit Index, 25% S&P 500<sup>®</sup> Index, 13% Bloomberg Long Government Credit Index, 5% MSCI EAFE Index and 5% Russell 2000<sup>®</sup> Index.* 

<sup>(C)</sup> *The Bloomberg US Government/Credit Index is comprised of U.S. Treasuries, government-related issues, and corporates.* 

<sup>(D)</sup> *The Bloomberg Long Government Credit Index is comprised of U.S. Treasuries, government-related issues, and corporates with remaining maturities of 10 years or more.* 

<sup>(E)</sup> *The MSCI EAFE Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada.* 

<sup>(F)</sup> *The Russell 2000<sup>®</sup> Index measures the performance of the small-cap segment of the U.S. equity universe, and is comprised of approximately 2,000 of the smallest securities of the Russell 3000<sup>®</sup> Index based on a combination of market cap and current index membership. The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.* 

The Portfolio's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Year or Since Inception calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or the redemption of Portfolio shares. The Portfolio's investment return and net asset value will fluctuate. Investors' shares when redeemed may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month end. Portfolio performance is net of investment fees and Portfolio expenses, but not product charges, which, if included, would significantly lower the performance quoted.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of previously waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Tactical asset allocation is an investment strategy that actively adjusts a portfolio's asset allocation. The Portfolio's tactical asset management discipline may not work as intended. The Portfolio may not achieve its objective and may not perform as well as other portfolios using other asset management styles.

Fixed-income securities are subject to risks including credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk and liquidity risk. Derivatives involve special risks and costs and may result in losses to the Portfolio. Using derivatives exposes the Portfolio to additional or heightened risks, including leverage risk, liquidity risk, valuation risk, market risk, counterparty risk and credit risk. Credit risk is the risk that a bond issuer may default on their principal and interest payments. Inflation risk is the risk that inflation could outpace a bond's interest income. Interest rate risk is the risk that fluctuations in interest rates will affect the price of a bond. The value of fixed income securities generally goes down when interest rates rise, and therefore the value of your investment in the Portfolio may also go down.

Russell<sup>®</sup> and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.

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|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 3** 

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##### [**Table of Contents**](#toc)
**Transamerica PIMCO Tactical – Conservative VP** 

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**DISCLOSURE OF EXPENSES** 

**(unaudited)** 

**SHAREHOLDER EXPENSES** 

Portfolio shareholders may incur two types of costs: (i) transaction costs, including brokerage commissions on purchases and sales of portfolio shares; and (ii) ongoing costs, including management fees, and other portfolio expenses.

The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other portfolios.

The example is based on an investment of $1,000 invested at July 1, 2022, and held for the entire six-month period until December 31, 2022.

**ACTUAL EXPENSES** 

The information in the table below provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = $8.60), then multiply the result by the number in the appropriate column for your share class titled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES** 

The information in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratios and assumed rates of return of 5% per year before expenses, which are not the Portfolio's actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Portfolio versus other portfolios. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other portfolios.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Portfolio shares. Therefore, the information under the heading "Hypothetical Expenses" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different portfolios. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries, or other financial institutions.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Actual Expenses** | **Actual Expenses** | **Hypothetical Expenses <sup>(A)</sup>** | **Hypothetical Expenses <sup>(A)</sup>** | |
| <br>**Class** | <br>**Beginning<br>Account Value<br>July 1, 2022** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** | <br>**Net Annualized<br>Expense Ratio <sup>(C)</sup>** |
|  Initial Class | $1000.00 | $974.50 | $4.28 | $1020.90 | $4.38 | 0.86% |
|  Service Class | 1000.00 | 973.80 | 5.52 | 1019.60 | 5.65 | 1.11 |

---

(A) *5% return per year before expenses.*

(B) *Expenses are calculated using the Portfolio's net annualized expense ratio, as disclosed in the table, multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (365 days).*

(C) *Net annualized expense ratios are reflective of applicable fee waivers and/or reimbursements and recapture, if any, and are based on the most recent six-months which may differ from the net expense ratio displayed in the Financial Highlights that covers a twelve-month period.*

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|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 4** 

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##### [**Table of Contents**](#toc)
**Transamerica PIMCO Tactical – Conservative VP** 

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**SCHEDULE OF INVESTMENTS** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES - 5.4%** | **ASSET-BACKED SECURITIES - 5.4%** | **ASSET-BACKED SECURITIES - 5.4%** |
|  AMMC CLO 16 Ltd. <br>Series 2015-16A, Class AR2, <br>3-Month LIBOR + 0.98%, <br>4.99% <sup>(A)</sup>, 04/14/2029 <sup>(B)</sup> | $128372 | $127590 |
|  AMMC CLO XII Ltd. <br>Series 2013-12A, Class AR2, <br>3-Month LIBOR + 0.95%, <br>5.54% <sup>(A)</sup>, 11/10/2030 <sup>(B)</sup> | 1100000 | 1084259 |
|  Anchorage Capital CLO 6 Ltd. <br>Series 2015-6A, Class ARR, <br>3-Month LIBOR + 1.05%, <br>5.13% <sup>(A)</sup>, 07/15/2030 <sup>(B)</sup> | 199988 | 197438 |
|  Arbor Realty Commercial Real Estate Notes Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL2, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 1.10%, <br>5.42% <sup>(A)</sup>, 05/15/2036 <sup>(B)</sup> | 300000 | 291240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FL1, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month SOFR Average + 1.45%, <br>5.26% <sup>(A)</sup>, 01/15/2037 <sup>(B)</sup> | 400000 | 387209 |
|  Bear Stearns Asset-Backed Securities Trust <br>Series 2005-SD1, Class 2M2, <br>1-Month LIBOR + 1.20%, <br>5.59% <sup>(A)</sup>, 01/25/2045 | 63519 | 62575 |
|  Birch Grove CLO Ltd. <br>Series 19A, Class AR, <br>3-Month LIBOR + 1.13%, <br>5.90% <sup>(A)</sup>, 06/15/2031 <sup>(B)</sup> | 700000 | 684745 |
|  FORT CRE Issuer LLC <br>Series 2022-FL3, Class A, <br>1-Month SOFR Average + 1.85%, <br>5.76% <sup>(A)</sup>, 02/23/2039 <sup>(B)</sup> | 400000 | 390596 |
|  Fremont Home Loan Trust <br>Series 2005-1, Class M5, <br>1-Month LIBOR + 1.07%, <br>5.45% <sup>(A)</sup>, 06/25/2035 | 222561 | 211003 |
|  Gallatin CLO IX Ltd. <br>Series 2018-1A, Class A, <br>3-Month LIBOR + 1.05%, <br>5.33% <sup>(A)</sup>, 01/21/2028 <sup>(B)</sup> | 150556 | 149609 |
|  HERA Commercial Mortgage Ltd. <br>Series 2021-FL1, Class A, <br>1-Month LIBOR + 1.05%, <br>5.39% <sup>(A)</sup>, 02/18/2038 <sup>(B)</sup> | 400000 | 386342 |
|  LCM XV LP <br>Series 15A, Class AR2, <br>3-Month LIBOR + 1.00%, <br>5.24% <sup>(A)</sup>, 07/20/2030 <sup>(B)</sup> | 288949 | 284570 |
|  LFT CRE Ltd. <br>Series 2021-FL1, Class A, <br>1-Month LIBOR + 1.17%, <br>5.49% <sup>(A)</sup>, 06/15/2039 <sup>(B)</sup> | 400000 | 387358 |
|  LoanCore Issuer Ltd. <br>Series 2022-CRE7, Class A, <br>1-Month SOFR Average + 1.55%, <br>5.36% <sup>(A)</sup>, 01/17/2037 <sup>(B)</sup> | 500000 | 481846 |
|  Marble Point CLO X Ltd. <br>Series 2017-1A, Class AR, <br>3-Month LIBOR + 1.04%, <br>5.12% <sup>(A)</sup>, 10/15/2030 <sup>(B)</sup> | 300000 | 293949 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  MASTR Asset-Backed Securities Trust <br>Series 2004-WMC3, Class M1, <br>1-Month LIBOR + 0.83%, <br>5.21% <sup>(A)</sup>, 10/25/2034 | $177551 | $166888 |
|  Merrill Lynch Mortgage Investors Trust <br>Series 2004-WMC5, Class M1, <br>1-Month LIBOR + 0.93%, <br>5.32% <sup>(A)</sup>, 07/25/2035 | 123090 | 118677 |
|  Northstar Education Finance, Inc. <br>Series 2012-1, Class A, <br>1-Month LIBOR + 0.70%, <br>5.09% <sup>(A)</sup>, 12/26/2031 <sup>(B)</sup> | 5785 | 5747 |
|  PHEAA Student Loan Trust <br>Series 2016-2A, Class A, <br>1-Month LIBOR + 0.95%, <br>5.34% <sup>(A)</sup>, 11/25/2065 <sup>(B)</sup> | 146561 | 145310 |
|  RAMP Trust <br>Series 2005-RS6, Class M4, <br>1-Month LIBOR + 0.98%, <br>5.36% <sup>(A)</sup>, 06/25/2035 | 65456 | 65179 |
|  Romark CLO Ltd. <br>Series 2017-1A, Class A1R, <br>3-Month LIBOR + 1.03%, <br>5.35% <sup>(A)</sup>, 10/23/2030 <sup>(B)</sup> | 400000 | 392039 |
|  SMB Private Education Loan Trust <br>Series 2016-B, Class A2B, <br>1-Month LIBOR + 1.45%, <br>5.77% <sup>(A)</sup>, 02/17/2032 <sup>(B)</sup> | 214463 | 212903 |
|  Sound Point CLO IX Ltd. <br>Series 2015-2A, Class ARRR, <br>3-Month LIBOR + 1.21%, <br>5.45% <sup>(A)</sup>, 07/20/2032 <sup>(B)</sup> | 100000 | 97227 |
|  Sound Point CLO XVI Ltd. <br>Series 2017-2A, Class AR, <br>3-Month LIBOR + 0.98%, <br>5.34% <sup>(A)</sup>, 07/25/2030 <sup>(B)</sup> | 400000 | 393698 |
|  Sound Point CLO XVII Ltd. <br>Series 2017-3A, Class A1R, <br>3-Month LIBOR + 0.98%, <br>5.22% <sup>(A)</sup>, 10/20/2030 <sup>(B)</sup> | 600000 | 590086 |
|  STWD Ltd. <br>Series 2022-FL3, Class A, <br>1-Month SOFR Average + 1.35%, <br>5.16% <sup>(A)</sup>, 11/15/2038 <sup>(B)</sup> | 400000 | 383131 |
|  TCW CLO Ltd. <br>Series 2018-1A, Class A1R, <br>3-Month LIBOR + 0.97%, <br>5.33% <sup>(A)</sup>, 04/25/2031 <sup>(B)</sup> | 200000 | 197139 |
|  TRTX Issuer Ltd. <br>Series 2022-FL5, Class A, <br>1-Month SOFR Average + 1.65%, <br>5.46% <sup>(A)</sup>, 02/15/2039 <sup>(B)</sup> | 500000 | 481229 |
|  Venture 38 CLO Ltd. <br>Series 2019-38A, Class A1R, <br>3-Month LIBOR + 1.16%, <br>5.57% <sup>(A)</sup>, 07/30/2032 <sup>(B)</sup> | 400000 | 389488 |
|  Venture XIV CLO Ltd. <br>Series 2013-14A, Class ARR, <br>3-Month LIBOR + 1.03%, <br>5.77% <sup>(A)</sup>, 08/28/2029 <sup>(B)</sup> | 707261 | 697919 |

---

***The Notes to Financial Statements are an integral part of this report.***

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| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 5** 

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##### [**Table of Contents**](#toc)
**Transamerica PIMCO Tactical – Conservative VP** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  Vibrant CLO VI Ltd. <br>Series 2017-6A, Class AR, <br>3-Month LIBOR + 0.95%, <br>5.70% <sup>(A)</sup>, 06/20/2029 <sup>(B)</sup> | $300192 | $296129 |
|  Vibrant CLO VII Ltd. <br>Series 2017-7A, Class A1R, <br>3-Month LIBOR + 1.04%, <br>5.28% <sup>(A)</sup>, 09/15/2030 <sup>(B)</sup> | 248995 | 244453 |
|  VMC Finance LLC <br>Series 2022-FL5, Class A, <br>1-Month SOFR Average + 1.90%, <br>5.71% <sup>(A)</sup>, 02/18/2039 <sup>(B)</sup> | 400000 | 389043 |
|  **Total Asset-Backed Securities <br>(Cost $10,931,606)** | **Total Asset-Backed Securities <br>(Cost $10,931,606)** | 10686614 |
| **CORPORATE DEBT SECURITIES - 24.8%** | **CORPORATE DEBT SECURITIES - 24.8%** | **CORPORATE DEBT SECURITIES - 24.8%** |
| **Aerospace & Defense - 0.1%** | **Aerospace & Defense - 0.1%** | **Aerospace & Defense - 0.1%** |
|  Spirit AeroSystems, Inc. <br>3.85%, 06/15/2026 | 200000 | 181001 |
| **Airlines - 0.7%** | **Airlines - 0.7%** | **Airlines - 0.7%** |
| American Airlines Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/15/2030 | 288861 | 250679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/15/2030 | 72141 | 56054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/15/2033 | 86443 | 65608 |
| British Airways Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 12/15/2030 <sup>(B)</sup> | 145543 | 125800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/20/2033 <sup>(B)</sup> | 143879 | 129834 |
|  Spirit Airlines Pass-Through Trust <br>4.10%, 10/01/2029 | 61152 | 54499 |
| United Airlines Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 04/07/2030 | 367845 | 313261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 04/07/2030 | 367845 | 297463 |
|  |  | 1293198 |
| **Automobiles - 0.2%** | **Automobiles - 0.2%** | **Automobiles - 0.2%** |
|  Nissan Motor Co. Ltd. <br>4.35%, 09/17/2027 <sup>(B)</sup> | 400000 | 363091 |
| **Banks - 6.2%** | **Banks - 6.2%** | **Banks - 6.2%** |
|  Banco de Credito del Peru SA <br>4.65%, 09/17/2024 <sup>(B)</sup> | PEN 1,300,000 | 318430 |
|  Banco Santander SA <br>3.49%, 05/28/2030 | $200000 | 169124 |
|  Bank Leumi Le-Israel BM <br>5.13%, 07/27/2027 <sup>(C)</sup> | 300000 | 297166 |
|  Bank of America Corp. <br>Fixed until 11/10/2027,<br>6.20% <sup>(A)</sup>, 11/10/2028 | 300000 | 309316 |
|  Bank of Ireland Group PLC <br>4.50%, 11/25/2023 <sup>(B)</sup> | 400000 | 395831 |
| Barclays PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 08/09/2025,<br>5.30% <sup>(A)</sup>, 08/09/2026 | 600000 | 596004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 11/02/2027,<br>7.39% <sup>(A)</sup>, 11/02/2028 | 400000 | 416965 |
| BNP Paribas SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 01/20/2027,<br>2.59% <sup>(A)</sup>, 01/20/2028 <sup>(B)</sup> | 200000 | 176182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 02/25/2031 <sup>(D)</sup>,<br>4.63% <sup>(A)</sup> <sup>(B)</sup> | 200000 | 154520 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 02/18/2026 <sup>(D)</sup>,<br>3.88% <sup>(A)</sup> | $900000 | $767250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 06/10/2025 | 300000 | 294700 |
| HSBC Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 05/24/2026,<br>1.59% <sup>(A)</sup>, 05/24/2027 | 300000 | 259042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 07/24/2026,<br>1.75% <sup>(A)</sup>, 07/24/2027 | GBP 400,000 | 415647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 08/11/2032,<br>5.40% <sup>(A)</sup>, 08/11/2033 | $400000 | 371639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 11/03/2027,<br>7.39% <sup>(A)</sup>, 11/03/2028 | 300000 | 314836 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 11/19/2030,<br>1.76% <sup>(A)</sup>, 11/19/2031 | 1000000 | 760517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 01/25/2032,<br>2.96% <sup>(A)</sup>, 01/25/2033 | 500000 | 407771 |
| Lloyds Banking Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/22/2028 | 200000 | 190143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 08/16/2028 | 1000000 | 942531 |
| Mitsubishi UFJ Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 07/17/2030 | 500000 | 395629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 01/19/2027,<br>2.34% <sup>(A)</sup>, 01/19/2028 | 300000 | 264425 |
|  Mizuho Financial Group, Inc. <br>Fixed until 09/13/2027,<br>5.41% <sup>(A)</sup>, 09/13/2028 <sup>(E)</sup> | 500000 | 500212 |
| NatWest Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 05/18/2028,<br>4.89% <sup>(A)</sup>, 05/18/2029 | 400000 | 379118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 09/30/2027,<br>5.52% <sup>(A)</sup>, 09/30/2028 | 400000 | 396004 |
|  Santander Holdings USA, Inc. <br>3.45%, 06/02/2025 | 400000 | 381679 |
|  Santander UK Group Holdings PLC <br>Fixed until 03/15/2031,<br>2.90% <sup>(A)</sup>, 03/15/2032 | 200000 | 155034 |
| Societe Generale SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 12/14/2025,<br>1.49% <sup>(A)</sup>, 12/14/2026 <sup>(B)</sup> | 200000 | 174000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.68%, 06/15/2027 <sup>(B)</sup> <sup>(E)</sup> | 200000 | 194748 |
|  Stichting AK Rabobank Certificaten <br>6.50% <sup>(F)</sup>, 12/29/2049 <sup>(C)</sup> <sup>(D)</sup> <sup>(E)</sup> | EUR 420,200 | 431271 |
|  Sumitomo Mitsui Financial Group, Inc. <br>2.13%, 07/08/2030 | $600000 | 475771 |
|  Synchrony Bank <br>5.40%, 08/22/2025 | 300000 | 295880 |
|  UniCredit SpA <br>Fixed until 09/22/2025,<br>2.57% <sup>(A)</sup>, 09/22/2026 <sup>(B)</sup> | 350000 | 310204 |
|  Wells Fargo & Co. <br>Fixed until 06/17/2026,<br>3.20% <sup>(A)</sup>, 06/17/2027 | 300000 | 278178 |
|  |  | 12189767 |
| **Beverages - 0.1%** | **Beverages - 0.1%** | **Beverages - 0.1%** |
| Bacardi Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 05/15/2028 <sup>(B)</sup> | 150000 | 143415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 05/15/2038 <sup>(B)</sup> | 100000 | 90799 |
|  |  | 234214 |

---

***The Notes to Financial Statements are an integral part of this report.***

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|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 6** 

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##### [**Table of Contents**](#toc)
**Transamerica PIMCO Tactical – Conservative VP** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Biotechnology - 0.2%** | **Biotechnology - 0.2%** | **Biotechnology - 0.2%** |
| Amgen, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 02/22/2052 | $300000 | $239389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 05/01/2045 | 300000 | 252292 |
|  |  | 491681 |
| **Building Products - 0.3%** | **Building Products - 0.3%** | **Building Products - 0.3%** |
|  Ferguson Finance PLC <br>3.25%, 06/02/2030 <sup>(B)</sup> | 600000 | 509011 |
| **Capital Markets - 2.1%** | **Capital Markets - 2.1%** | **Capital Markets - 2.1%** |
|  Banco BTG Pactual SA <br>4.50%, 01/10/2025 <sup>(B)</sup> | 400000 | 385500 |
|  Brighthouse Holdings LLC <br>6.50% <sup>(F)</sup>, 07/27/2037 <sup>(B)</sup> <sup>(D)</sup> | 200000 | 178000 |
|  Credit Suisse Group AG <br>3.75%, 03/26/2025 | 900000 | 810609 |
| Deutsche Bank AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 11/24/2025,<br>2.13% <sup>(A)</sup>, 11/24/2026 <sup>(G)</sup> | 200000 | 176606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 10/07/2031,<br>3.74% <sup>(A)</sup>, 01/07/2033 | 200000 | 142860 |
|  Goldman Sachs Group, Inc. <br>3-Month LIBOR + 1.75%, <br>6.12% <sup>(A)</sup>, 10/28/2027 | 700000 | 712227 |
|  JAB Holdings BV <br>2.20%, 11/23/2030 <sup>(B)</sup> | 550000 | 413544 |
|  Macquarie Group Ltd. <br>Fixed until 08/09/2025,<br>5.11% <sup>(A)</sup>, 08/09/2026 <sup>(B)</sup> | 300000 | 298985 |
|  Morgan Stanley <br>Fixed until 10/18/2027,<br>6.30% <sup>(A)</sup>, 10/18/2028 | 400000 | 412097 |
|  State Street Corp. <br>Fixed until 11/04/2027,<br>5.82% <sup>(A)</sup>, 11/04/2028 | 100000 | 103429 |
| UBS Group AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 09/24/2025 <sup>(B)</sup> | 200000 | 194634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 08/05/2026,<br>4.70% <sup>(A)</sup>, 08/05/2027 <sup>(B)</sup> | 400000 | 387063 |
|  |  | 4215554 |
| **Chemicals - 0.2%** | **Chemicals - 0.2%** | **Chemicals - 0.2%** |
|  Axalta Coating Systems LLC <br>3.38%, 02/15/2029 <sup>(B)</sup> | 200000 | 165029 |
|  Sasol Financing USA LLC <br>5.88%, 03/27/2024 | 200000 | 195518 |
|  |  | 360547 |
| **Commercial Services & Supplies - 0.1%** | **Commercial Services & Supplies - 0.1%** | **Commercial Services & Supplies - 0.1%** |
|  Ashtead Capital, Inc. <br>4.00%, 05/01/2028 <sup>(B)</sup> | 200000 | 182883 |
| **Communications Equipment - 0.2%** | **Communications Equipment - 0.2%** | **Communications Equipment - 0.2%** |
|  Motorola Solutions, Inc. <br>2.30%, 11/15/2030 | 400000 | 313546 |
| **Construction & Engineering - 0.1%** | **Construction & Engineering - 0.1%** | **Construction & Engineering - 0.1%** |
|  Quanta Services, Inc. <br>2.90%, 10/01/2030 | 300000 | 247419 |
| **Consumer Finance - 0.1%** | **Consumer Finance - 0.1%** | **Consumer Finance - 0.1%** |
|  American Express Co. <br>5.85%, 11/05/2027 | 100000 | 103998 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Consumer Finance (continued)** | **Consumer Finance (continued)** | **Consumer Finance (continued)** |
|  Nissan Motor Acceptance Co. LLC <br>2.00%, 03/09/2026 <sup>(B)</sup> | $200000 | $172246 |
|  |  | 276244 |
| **Containers & Packaging - 0.4%** | **Containers & Packaging - 0.4%** | **Containers & Packaging - 0.4%** |
|  Amcor Flexibles North America, Inc. <br>2.63%, 06/19/2030 | 300000 | 244565 |
|  Berry Global, Inc. <br>4.88%, 07/15/2026 <sup>(B)</sup> | 500000 | 480684 |
|  |  | 725249 |
| **Diversified Financial Services - 1.3%** | **Diversified Financial Services - 1.3%** | **Diversified Financial Services - 1.3%** |
|  AerCap Ireland Capital DAC / AerCap Global Aviation Trust <br>4.45%, 04/03/2026 | 200000 | 191245 |
|  Aircastle Ltd. <br>2.85%, 01/26/2028 <sup>(B)</sup> | 100000 | 81924 |
|  Aviation Capital Group LLC <br>5.50%, 12/15/2024 <sup>(B)</sup> | 300000 | 294416 |
|  Blackstone Holdings Finance Co. LLC <br>5.90%, 11/03/2027 <sup>(B)</sup> <sup>(E)</sup> | 300000 | 301813 |
|  Brookfield Finance, Inc. <br>3.90%, 01/25/2028 | 500000 | 459808 |
| DAE Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.55%, 08/01/2024 <sup>(B)</sup> | 200000 | 186192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 03/20/2025 <sup>(B)</sup> | 400000 | 373520 |
|  Helios Leasing I LLC <br>1.56%, 09/28/2024 | 31684 | 30035 |
|  LeasePlan Corp. NV <br>2.88%, 10/24/2024 <sup>(B)</sup> | 400000 | 375240 |
|  PennyMac Financial Services, Inc. <br>5.38%, 10/15/2025 <sup>(B)</sup> | 200000 | 180245 |
|  |  | 2474438 |
| **Diversified Telecommunication Services - 0.2%** | **Diversified Telecommunication Services - 0.2%** | **Diversified Telecommunication Services - 0.2%** |
|  Bell Telephone Co. of Canada / Bell Canada <br>4.30%, 07/29/2049 | 200000 | 163472 |
|  Level 3 Financing, Inc. <br>3.88%, 11/15/2029 <sup>(B)</sup> | 200000 | 157827 |
|  |  | 321299 |
| **Electric Utilities - 2.7%** | **Electric Utilities - 2.7%** | **Electric Utilities - 2.7%** |
|  Alabama Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 10/01/2049 | 300000 | 217473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 08/15/2044 | 100000 | 83759 |
|  Arizona Public Service Co. <br>2.65%, 09/15/2050 | 100000 | 58571 |
|  CenterPoint Energy Houston Electric LLC <br>3.35%, 04/01/2051 | 100000 | 74139 |
|  Duke Energy Progress LLC <br>4.00%, 04/01/2052 | 200000 | 161246 |
|  Edison International <br>6.95%, 11/15/2029 | 100000 | 104638 |
|  ENEL Finance International NV <br>4.63%, 06/15/2027 <sup>(B)</sup> | 400000 | 378934 |
|  Entergy Mississippi LLC <br>2.85%, 06/01/2028 | 1100000 | 976040 |
|  Georgia Power Co. <br>4.70%, 05/15/2032 | 400000 | 387047 |
|  Liberty Utilities Finance GP 1 <br>2.05%, 09/15/2030 <sup>(B)</sup> <sup>(E)</sup> | 400000 | 301421 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 7** 

------

##### [**Table of Contents**](#toc)
**Transamerica PIMCO Tactical – Conservative VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
|  Niagara Mohawk Power Corp. <br>4.12%, 11/28/2042 <sup>(B)</sup> | $200000 | $155678 |
|  NRG Energy, Inc. <br>2.45%, 12/02/2027 <sup>(B)</sup> | 200000 | 165939 |
| Pacific Gas & Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/15/2025  | 120000 | 113300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 08/15/2042 | 100000 | 67436 |
|  Pennsylvania Electric Co. <br>3.60%, 06/01/2029 <sup>(B)</sup> | 600000 | 539781 |
| Southern California Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 03/15/2043 | 100000 | 77501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/2047 | 600000 | 470720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 03/15/2042 | 100000 | 79997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 10/01/2043 | 100000 | 87039 |
|  Southwestern Electric Power Co. <br>6.20%, 03/15/2040 | 600000 | 612046 |
|  Xcel Energy, Inc. <br>4.60%, 06/01/2032 | 200000 | 191601 |
|  |  | 5304306 |
| **Electronic Equipment, Instruments & Components - 0.1%** | **Electronic Equipment, Instruments & Components - 0.1%** | **Electronic Equipment, Instruments & Components - 0.1%** |
|  Flex Ltd. <br>4.88%, 06/15/2029 | 170000 | 160376 |
| **Equity Real Estate Investment Trusts - 1.8%** | **Equity Real Estate Investment Trusts - 1.8%** | **Equity Real Estate Investment Trusts - 1.8%** |
|  Alexandria Real Estate Equities, Inc. <br>4.50%, 07/30/2029 | 200000 | 189833 |
| American Tower Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2025 | 300000 | 292566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 03/15/2032 <sup>(E)</sup> | 300000 | 268977 |
|  Digital Realty Trust LP <br>5.55%, 01/15/2028 | 200000 | 201643 |
|  Essex Portfolio LP <br>4.00%, 03/01/2029 | 500000 | 456746 |
|  Goodman US Finance Five LLC <br>4.63%, 05/04/2032 <sup>(B)</sup> | 400000 | 365719 |
|  National Retail Properties, Inc. <br>4.80%, 10/15/2048 | 500000 | 417593 |
|  Omega Healthcare Investors, Inc. <br>3.25%, 04/15/2033 | 200000 | 145135 |
|  STORE Capital Corp. <br>2.75%, 11/18/2030 | 300000 | 230956 |
|  UDR, Inc. <br>3.00%, 08/15/2031 | 300000 | 250994 |
|  VICI Properties LP <br>4.75%, 02/15/2028 | 300000 | 284202 |
|  VICI Properties LP / VICI Note Co., Inc. <br>3.88%, 02/15/2029 <sup>(B)</sup> | 500000 | 440271 |
|  |  | 3544635 |
| **Gas Utilities - 0.4%** | **Gas Utilities - 0.4%** | **Gas Utilities - 0.4%** |
|  Brooklyn Union Gas Co. <br>4.63%, 08/05/2027 <sup>(B)</sup> | 300000 | 286569 |
|  Southern California Gas Co. <br>4.13%, 06/01/2048 | 500000 | 403136 |
|  |  | 689705 |
| **Health Care Providers & Services - 1.3%** | **Health Care Providers & Services - 1.3%** | **Health Care Providers & Services - 1.3%** |
|  AHS Hospital Corp. <br>5.02%, 07/01/2045 | 400000 | 386624 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |
|  Banner Health <br>1.90%, 01/01/2031 | $300000 | $237547 |
|  Centene Corp. <br>2.50%, 03/01/2031 | 200000 | 156495 |
|  CHRISTUS Health <br>4.34%, 07/01/2028 | 300000 | 285561 |
|  DaVita, Inc. <br>4.63%, 06/01/2030 <sup>(B)</sup> | 100000 | 80270 |
|  Fresenius Medical Care US Finance III, Inc. <br>2.38%, 02/16/2031 <sup>(B)</sup> <sup>(E)</sup> | 200000 | 147011 |
|  Hackensack Meridian Health, Inc. <br>4.50%, 07/01/2057 | 200000 | 171222 |
|  HCA, Inc. <br>4.13%, 06/15/2029 | 100000 | 91518 |
|  Humana, Inc. <br>5.75%, 03/01/2028 | 300000 | 306735 |
|  Nationwide Children's Hospital, Inc. <br>4.56%, 11/01/2052 | 300000 | 268225 |
|  Northwell Healthcare, Inc. <br>3.98%, 11/01/2046 | 400000 | 308681 |
|  UnitedHealth Group, Inc. <br>5.35%, 02/15/2033 | 100000 | 103474 |
|  |  | 2543363 |
| **Hotels, Restaurants & Leisure - 0.3%** | **Hotels, Restaurants & Leisure - 0.3%** | **Hotels, Restaurants & Leisure - 0.3%** |
|  GLP Capital LP / GLP Financing II, Inc. <br>5.38%, 04/15/2026 | 100000 | 98133 |
|  Las Vegas Sands Corp. <br>2.90%, 06/25/2025 | 200000 | 184007 |
|  Marriott International, Inc. <br>2.85%, 04/15/2031 | 200000 | 161896 |
|  Sands China Ltd. <br>5.90%, 08/08/2028 | 200000 | 187698 |
|  |  | 631734 |
| **Industrial Conglomerates - 0.1%** | **Industrial Conglomerates - 0.1%** | **Industrial Conglomerates - 0.1%** |
|  General Electric Co. <br>3-Month LIBOR + 3.33%, <br>8.10% <sup>(A)</sup>, 03/15/2023 <sup>(D)</sup> | 100000 | 98244 |
| **Insurance - 0.4%** | **Insurance - 0.4%** | **Insurance - 0.4%** |
|  Equitable Financial Life Global Funding <br>5.50%, 12/02/2025 <sup>(B)</sup> | 200000 | 199728 |
|  Fairfax Financial Holdings Ltd. <br>3.38%, 03/03/2031 | 100000 | 82182 |
|  GA Global Funding Trust <br>2.90%, 01/06/2032 <sup>(B)</sup> | 200000 | 158867 |
|  Liberty Mutual Group, Inc. <br>5.50%, 06/15/2052 <sup>(B)</sup> | 300000 | 270951 |
|  |  | 711728 |
| **Interactive Media & Services - 0.1%** | **Interactive Media & Services - 0.1%** | **Interactive Media & Services - 0.1%** |
|  Tencent Holdings Ltd. <br>3.98%, 04/11/2029 <sup>(B)</sup> | 200000 | 184742 |
| **Internet & Direct Marketing Retail - 0.1%** | **Internet & Direct Marketing Retail - 0.1%** | **Internet & Direct Marketing Retail - 0.1%** |
|  Prosus NV <br>3.26%, 01/19/2027 <sup>(B)</sup> | 300000 | 268556 |
| **Life Sciences Tools & Services - 0.0% <sup>(H)</sup>** | **Life Sciences Tools & Services - 0.0% <sup>(H)</sup>** | **Life Sciences Tools & Services - 0.0% <sup>(H)</sup>** |
|  Illumina, Inc. <br>2.55%, 03/23/2031 | 100000 | 80318 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 8** 

------

##### [**Table of Contents**](#toc)
**Transamerica PIMCO Tactical – Conservative VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Media - 1.2%** | **Media - 1.2%** | **Media - 1.2%** |
|  CCO Holdings LLC / CCO Holdings Capital Corp. <br>4.75%, 03/01/2030 <sup>(B)</sup> | $700000 | $596789 |
| Charter Communications Operating LLC /<br>Charter Communications Operating Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 04/01/2061 | 200000 | 116156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/15/2028 | 500000 | 460297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 04/01/2033 <sup>(E)</sup> | 200000 | 171741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 03/01/2050 | 300000 | 218388 |
|  Comcast Corp. <br>2.94%, 11/01/2056 | 672000 | 418776 |
|  Cox Communications, Inc. <br>2.95%, 10/01/2050 <sup>(B)</sup> | 200000 | 120657 |
|  Discovery Communications LLC <br>4.00%, 09/15/2055 | 365000 | 220349 |
|  |  | 2323153 |
| **Metals & Mining - 0.0% <sup>(H)</sup>** | **Metals & Mining - 0.0% <sup>(H)</sup>** | **Metals & Mining - 0.0% <sup>(H)</sup>** |
|  FMG Resources August 2006 Pty Ltd. <br>4.38%, 04/01/2031 <sup>(B)</sup> | 100000 | 83168 |
| **Multi-Utilities - 0.4%** | **Multi-Utilities - 0.4%** | **Multi-Utilities - 0.4%** |
|  Black Hills Corp. <br>2.50%, 06/15/2030 | 400000 | 322029 |
|  Consolidated Edison Co. of New York, Inc. <br>6.15%, 11/15/2052 | 200000 | 215540 |
|  NiSource, Inc. <br>5.00%, 06/15/2052 | 100000 | 91379 |
|  San Diego Gas & Electric Co. <br>1.70%, 10/01/2030 | 300000 | 237926 |
|  |  | 866874 |
| **Oil, Gas & Consumable Fuels - 1.4%** | **Oil, Gas & Consumable Fuels - 1.4%** | **Oil, Gas & Consumable Fuels - 1.4%** |
|  Aker BP ASA <br>3.75%, 01/15/2030 <sup>(B)</sup> | 200000 | 176410 |
|  Boardwalk Pipelines LP <br>3.40%, 02/15/2031 | 400000 | 335598 |
| Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/2026 | 40000 | 39001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 06/15/2038 | 500000 | 459853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 07/01/2038 | 100000 | 106686 |
|  Enterprise Products Operating LLC <br>3.20%, 02/15/2052 | 370000 | 244533 |
|  Kinder Morgan, Inc. <br>7.75%, 01/15/2032 <sup>(E)</sup> | 400000 | 450055 |
|  Midwest Connector Capital Co. LLC <br>3.90%, 04/01/2024 <sup>(B)</sup> | 300000 | 290568 |
|  Rockies Express Pipeline LLC <br>4.80%, 05/15/2030 <sup>(B)</sup> | 400000 | 351982 |
|  Targa Resources Partners LP / Targa Resources Partners Finance Corp. <br>4.00%, 01/15/2032 | 200000 | 167970 |
|  Tennessee Gas Pipeline Co. LLC <br>7.00%, 10/15/2028 | 100000 | 107003 |
|  Woodside Finance Ltd. <br>3.65%, 03/05/2025 <sup>(B)</sup> | 20000 | 19212 |
|  |  | 2748871 |
| **Pharmaceuticals - 0.5%** | **Pharmaceuticals - 0.5%** | **Pharmaceuticals - 0.5%** |
|  Bayer US Finance II LLC <br>4.63%, 06/25/2038 <sup>(B)</sup> | 1000000 | 871480 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
|  Jazz Securities DAC <br>4.38%, 01/15/2029 <sup>(B)</sup> | $200000 | $178230 |
|  |  | 1049710 |
| **Road & Rail - 0.1%** | **Road & Rail - 0.1%** | **Road & Rail - 0.1%** |
| Avolon Holdings Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.53%, 11/18/2027 <sup>(B)</sup> | 159000 | 127289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 02/15/2025 <sup>(B)</sup> | 100000 | 92333 |
|  Park Aerospace Holdings Ltd. <br>5.50%, 02/15/2024 <sup>(B)</sup> | 56000 | 55287 |
|  |  | 274909 |
| **Semiconductors & Semiconductor Equipment - 0.4%** | **Semiconductors & Semiconductor Equipment - 0.4%** | **Semiconductors & Semiconductor Equipment - 0.4%** |
|  Broadcom, Inc. <br>3.19%, 11/15/2036 <sup>(B)</sup> | 300000 | 216168 |
|  Micron Technology, Inc. <br>6.75%, 11/01/2029 | 100000 | 101926 |
|  NXP BV / NXP Funding LLC / NXP USA, Inc.<br>5.00%, 01/15/2033 | 100000 | 94710 |
|  Skyworks Solutions, Inc. <br>0.90%, 06/01/2023 | 300000 | 294062 |
|  |  | 706866 |
| **Software - 0.4%** | **Software - 0.4%** | **Software - 0.4%** |
|  Fair Isaac Corp. <br>4.00%, 06/15/2028 <sup>(B)</sup> | 170000 | 154276 |
| Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 05/15/2025 | 290000 | 275351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 11/09/2029 <sup>(G)</sup> | 300000 | 312115 |
|  |  | 741742 |
| **Technology Hardware, Storage & Peripherals - 0.2%** | **Technology Hardware, Storage & Peripherals - 0.2%** | **Technology Hardware, Storage & Peripherals - 0.2%** |
| Seagate HDD Cayman |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/15/2031 | 145000 | 113182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.63%, 12/01/2032 <sup>(B)</sup> | 204000 | 223747 |
|  |  | 336929 |
| **Textiles, Apparel & Luxury Goods - 0.1%** | **Textiles, Apparel & Luxury Goods - 0.1%** | **Textiles, Apparel & Luxury Goods - 0.1%** |
|  Crocs, Inc. <br>4.25%, 03/15/2029 <sup>(B)</sup> | 300000 | 254130 |
| **Tobacco - 0.1%** | **Tobacco - 0.1%** | **Tobacco - 0.1%** |
|  BAT Capital Corp. <br>7.75%, 10/19/2032 | 100000 | 108041 |
|  Imperial Brands Finance PLC <br>3.50%, 07/26/2026 <sup>(B)</sup> | 200000 | 184032 |
|  |  | 292073 |
| **Trading Companies & Distributors - 0.1%** | **Trading Companies & Distributors - 0.1%** | **Trading Companies & Distributors - 0.1%** |
|  Fortress Transportation & Infrastructure Investors LLC <br>6.50%, 10/01/2025 <sup>(B)</sup> | 306000 | 287702 |
| **Wireless Telecommunication Services - 0.1%** | **Wireless Telecommunication Services - 0.1%** | **Wireless Telecommunication Services - 0.1%** |
|  T-Mobile USA, Inc. <br>2.25%, 11/15/2031 | 200000 | 157830 |
|  **Total Corporate Debt Securities <br>(Cost $55,642,536)** | **Total Corporate Debt Securities <br>(Cost $55,642,536)** | 48720806 |
| **FOREIGN GOVERNMENT OBLIGATIONS - 2.0%** | **FOREIGN GOVERNMENT OBLIGATIONS - 2.0%** | **FOREIGN GOVERNMENT OBLIGATIONS - 2.0%** |
| **Canada - 0.4%** | **Canada - 0.4%** | **Canada - 0.4%** |
|  Province of Quebec <br>2.50%, 04/20/2026 | 900000 | 846932 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 9** 

------

##### [**Table of Contents**](#toc)
**Transamerica PIMCO Tactical – Conservative VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** |
| **Dominican Republic - 0.2%** | **Dominican Republic - 0.2%** | **Dominican Republic - 0.2%** |
|  Dominican Republic International Bonds <br>4.88%, 09/23/2032 <sup>(B)</sup> | $400000 | $332030 |
| **Indonesia - 0.2%** | **Indonesia - 0.2%** | **Indonesia - 0.2%** |
|  Perusahaan Penerbit SBSN Indonesia III <br>4.40%, 06/06/2027 <sup>(B)</sup> | 400000 | 395550 |
| **Japan - 0.7%** | **Japan - 0.7%** | **Japan - 0.7%** |
|  Japan Finance Organization for Municipalities <br>2.13%, 10/25/2023 <sup>(B)</sup> | 1400000 | 1366316 |
| **Peru - 0.2%** | **Peru - 0.2%** | **Peru - 0.2%** |
| Peru Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.94%, 02/12/2029 <sup>(C)</sup> | PEN 200,000 | 48245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.94%, 02/12/2029 <sup>(B)</sup> | 400000 | 96489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.20%, 08/12/2026 <sup>(B)</sup> | 600000 | 165243 |
|  |  | 309977 |
| **Republic of South Africa - 0.1%** | **Republic of South Africa - 0.1%** | **Republic of South Africa - 0.1%** |
|  Republic of South Africa Government International Bonds <br>4.85%, 09/30/2029 | $300000 | 267000 |
| **Romania - 0.2%** | **Romania - 0.2%** | **Romania - 0.2%** |
| Romania Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 03/07/2028 <sup>(B)</sup> | EUR 300,000 | 267074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 12/02/2040 <sup>(B)</sup> | 100000 | 59573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/07/2034 <sup>(B)</sup> | 100000 | 79748 |
|  |  | 406395 |
|  **Total Foreign Government Obligations <br>(Cost $4,357,343)** | **Total Foreign Government Obligations <br>(Cost $4,357,343)** | 3924200 |
| **LOAN ASSIGNMENTS - 0.3%** | **LOAN ASSIGNMENTS - 0.3%** | **LOAN ASSIGNMENTS - 0.3%** |
| **Capital Markets - 0.2%** | **Capital Markets - 0.2%** | **Capital Markets - 0.2%** |
|  Zephyrus Capital Aviation Partners LLC <br>Term Loan, <br>4.61%, 10/15/2038 <sup>(I)</sup> <sup>(J)</sup> <sup>(K)</sup> | $460217 | 389038 |
| **Hotels, Restaurants & Leisure - 0.0% <sup>(H)</sup>** | **Hotels, Restaurants & Leisure - 0.0% <sup>(H)</sup>** | **Hotels, Restaurants & Leisure - 0.0% <sup>(H)</sup>** |
|  IRB Holding Corp. <br>Term Loan B, <br>1-Month Term SOFR + 3.00%, <br>7.32% <sup>(A)</sup>, 12/15/2027 | 98250 | 95088 |
| **IT Services - 0.1%** | **IT Services - 0.1%** | **IT Services - 0.1%** |
|  Virtusa Corp. <br>1st Lien Term Loan B, <br>1-Month LIBOR + 3.75%, <br>8.13% <sup>(A)</sup>, 02/11/2028 | 196500 | 189295 |
|  **Total Loan Assignments <br>(Cost $746,308)** | **Total Loan Assignments <br>(Cost $746,308)** | 673421 |
| **MORTGAGE-BACKED SECURITIES - 4.1%** | **MORTGAGE-BACKED SECURITIES - 4.1%** | **MORTGAGE-BACKED SECURITIES - 4.1%** |
|  Angel Oak Mortgage Trust <br>Series 2020-4, Class A1, <br>1.47% <sup>(A)</sup>, 06/25/2065 <sup>(B)</sup> | 88730 | 79270 |
|  BAMLL Commercial Mortgage Securities Trust <br>Series 2019-RLJ, Class A, <br>1-Month LIBOR + 1.05%, <br>5.37% <sup>(A)</sup>, 04/15/2036 <sup>(B)</sup> | 500000 | 488539 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
|  Banc of America Mortgage Trust <br>Series 2004-D, Class 2A2, <br>3.05% <sup>(A)</sup>, 05/25/2034 | $3829 | $3563 |
|  Bear Stearns Alt-A Trust <br>Series 2005-7, Class 22A1, <br>3.73% <sup>(A)</sup>, 09/25/2035 | 133931 | 82475 |
|  BIG Commercial Mortgage Trust <br>Series 2022-BIG, Class A, <br>1-Month Term SOFR + 1.34%, <br>5.68% <sup>(A)</sup>, 02/15/2039 <sup>(B)</sup> | 400000 | 383883 |
|  ChaseFlex Trust <br>Series 2007-2, Class A1, <br>1-Month LIBOR + 0.56%, <br>4.95% <sup>(A)</sup>, 05/25/2037 | 175160 | 168402 |
|  COMM Mortgage Trust <br>Series 2018-HOME, Class A, <br>3.82% <sup>(A)</sup>, 04/10/2033 <sup>(B)</sup> | 400000 | 363865 |
|  DBGS Mortgage Trust <br>Series 2019-1735, Class A, <br>3.84%, 04/10/2037 <sup>(B)</sup> | 200000 | 170851 |
|  DBUBS Mortgage Trust <br>Series 2017-BRBK, Class A, <br>3.45%, 10/10/2034 <sup>(B)</sup> | 1000000 | 940380 |
|  DROP Mortgage Trust <br>Series 2021-FILE, Class A, <br>1-Month LIBOR + 1.15%, <br>5.47% <sup>(A)</sup>, 10/15/2043 <sup>(B)</sup> | 200000 | 190464 |
|  HarborView Mortgage Loan Trust <br>Series 2005-4, Class 3A1, <br>3.28% <sup>(A)</sup>, 07/19/2035 | 39937 | 29064 |
|  Independence Plaza Trust <br>Series 2018-INDP, Class A, <br>3.76%, 07/10/2035 <sup>(B)</sup> | 600000 | 562465 |
|  La Hipotecaria El Salvadorian Mortgage Trust <br>Series 2016-1A, Class A, <br>3.36%, 01/15/2046 <sup>(B)</sup> <sup>(J)</sup> | 388286 | 370760 |
|  Merrill Lynch Mortgage Investors Trust <br>Series 2003-B, Class A1, <br>1-Month LIBOR + 0.68%, <br>5.07% <sup>(A)</sup>, 04/25/2028 | 84758 | 79234 |
|  Mill City Mortgage Loan Trust <br>Series 2019-GS2, Class A1, <br>2.75% <sup>(A)</sup>, 08/25/2059 <sup>(B)</sup> | 173968 | 162763 |
|  Morgan Stanley Bank of America Merrill Lynch Trust <br>Series 2015-C25, Class A4, <br>3.37%, 10/15/2048 | 900000 | 852633 |
|  MortgageIT Trust <br>Series 2005-2, Class 1A1, <br>1-Month LIBOR + 0.52%, <br>4.91% <sup>(A)</sup>, 05/25/2035 | 10300 | 9811 |
|  Natixis Commercial Mortgage Securities Trust <br>Series 2019-10K, Class A, <br>3.62%, 05/15/2039 <sup>(B)</sup> | 700000 | 607411 |
| New Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-RPL3, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% <sup>(A)</sup>, 07/25/2059 <sup>(B)</sup> | 355018 | 330132 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 10** 

------

##### [**Table of Contents**](#toc)
**Transamerica PIMCO Tactical – Conservative VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| New Residential Mortgage Loan<br>Trust (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-RPL1, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75% <sup>(A)</sup>, 11/25/2059 <sup>(B)</sup> | $155664 | $142001 |
|  NYO Commercial Mortgage Trust <br>Series 2021-1290, Class A, <br>1-Month LIBOR + 1.10%, <br>5.41% <sup>(A)</sup>, 11/15/2038 <sup>(B)</sup> | 500000 | 452989 |
|  Towd Point Mortgage Funding PLC <br>Series 2019-GR4A, Class A1, <br>SONIA + 1.14%, <br>3.95% <sup>(A)</sup>, 10/20/2051 <sup>(B)</sup> | GBP 503,440 | 606737 |
|  WaMu Mortgage Pass-Through Certificates Trust <br>Series 2006-AR9, Class 2A, <br>12-MTA + 1.05%, <br>3.10% <sup>(A)</sup>, 08/25/2046 | $347036 | 263116 |
|  Worldwide Plaza Trust <br>Series 2017-WWP, Class A, <br>3.53%, 11/10/2036 <sup>(B)</sup> | 900000 | 773060 |
|  **Total Mortgage-Backed Securities <br>(Cost $8,999,183)** | **Total Mortgage-Backed Securities <br>(Cost $8,999,183)** | 8113868 |
| **MUNICIPAL GOVERNMENT OBLIGATIONS - 0.9%** | **MUNICIPAL GOVERNMENT OBLIGATIONS - 0.9%** | **MUNICIPAL GOVERNMENT OBLIGATIONS - 0.9%** |
| **California - 0.4%** | **California - 0.4%** | **California - 0.4%** |
|  Bay Area Toll Authority, Revenue Bonds, <br>Series S1, <br>6.92%, 04/01/2040 | 200000 | 233685 |
|  Los Angeles Community College District, General Obligation Unlimited, <br>6.60%, 08/01/2042 | 200000 | 239954 |
|  State of California, General Obligation Unlimited, <br>7.35%, 11/01/2039 | 300000 | 366201 |
|  |  | 839840 |
| **Illinois - 0.2%** | **Illinois - 0.2%** | **Illinois - 0.2%** |
|  Sales Tax Securitization Corp., Revenue Bonds, <br>Series B, <br>3.24%, 01/01/2042 | 400000 | 303953 |
| **New York - 0.1%** | **New York - 0.1%** | **New York - 0.1%** |
|  New York State Urban Development Corp., Revenue Bonds, <br>1.83%, 03/15/2029 | 300000 | 249400 |
| **Texas - 0.2%** | **Texas - 0.2%** | **Texas - 0.2%** |
|  Texas Transportation Commission State Highway Fund, Revenue Bonds, <br>4.00%, 10/01/2033 | 300000 | 272742 |
|  **Total Municipal Government Obligations <br>(Cost $1,972,003)** | **Total Municipal Government Obligations <br>(Cost $1,972,003)** | 1665935 |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS - 12.1%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 12.1%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 12.1%** |
|  Federal Home Loan Bank <br>SOFR + 0.02%, <br>4.32% <sup>(A)</sup>, 01/06/2023 - 01/10/2023 | 2600000 | 2600003 |
|  Federal Home Loan Mortgage Corp. <br>4.50%, 08/01/2048 | 269175 | 264935 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates <br>3.21% <sup>(A)</sup>, 04/25/2028 | $1000000 | $932943 |
| Federal Home Loan Mortgage Corp.<br>REMIC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 0.35%, <br>3.36% <sup>(A)</sup>, 01/15/2038 | 279787 | 279719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 0.40%, <br>4.72% <sup>(A)</sup>, 02/15/2041 - 09/15/2045 | 143973 | 140743 |
|  Federal Home Loan Mortgage Corp. REMIC, Interest Only STRIPS <br>0.00% <sup>(A)</sup>, 01/15/2038 | 279787 | 10431 |
|  Federal Home Loan Mortgage Corp., Interest Only STRIPS <br>(1.00) \* 1-Month LIBOR + 5.89%, <br>1.57% <sup>(A)</sup>, 09/15/2043 | 365394 | 33339 |
| Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/2045 | 53224 | 49607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/2048 | 49862 | 47603 |
|  Federal National Mortgage Association REMIC <br>1-Month LIBOR + 0.55%, <br>4.94% <sup>(A)</sup>, 02/25/2041 | 46415 | 46262 |
|  Federal National Mortgage Association REMIC, Interest Only STRIPS <br>3.00%, 03/25/2028 | 152537 | 8414 |
| Government National Mortgage<br>Association |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, TBA <sup>(L)</sup> | 700000 | 663114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, TBA <sup>(L)</sup> | 300000 | 291281 |
| Government National Mortgage<br>Association REMIC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 0.80%, <br>4.58% <sup>(A)</sup>, 06/20/2066 | 432106 | 427782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 0.80%, <br>4.64% <sup>(A)</sup>, 05/20/2066 | 791859 | 781664 |
|  Tagua Leasing LLC <br>1.58%, 11/16/2024 | 36223 | 34992 |
| Uniform Mortgage-Backed Security |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, TBA <sup>(L)</sup> | 200000 | 169593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, TBA <sup>(L)</sup> | 2400000 | 2110608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, TBA <sup>(L)</sup> | 1400000 | 1274119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, TBA <sup>(L)</sup> | 8000000 | 7511572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, TBA <sup>(L)</sup> | 1600000 | 1541250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, TBA <sup>(L)</sup> | 4500000 | 4437422 |
|  **Total U.S. Government Agency Obligations <br>(Cost $23,979,063)** | **Total U.S. Government Agency Obligations <br>(Cost $23,979,063)** | 23657396 |
| **U.S. GOVERNMENT OBLIGATIONS - 18.1%** | **U.S. GOVERNMENT OBLIGATIONS - 18.1%** | **U.S. GOVERNMENT OBLIGATIONS - 18.1%** |
| **U.S. Treasury - 17.4%** | **U.S. Treasury - 17.4%** | **U.S. Treasury - 17.4%** |
| U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 05/15/2040 | 270000 | 170279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 08/15/2040 <sup>(M)</sup> | 700000 | 438047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 08/15/2041 | 12400000 | 8548734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/15/2041 <sup>(M)</sup> | 4800000 | 3417375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/15/2041 | 6800000 | 4890953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 05/15/2041 | 700000 | 529977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/15/2048 - 08/15/2048 <sup>(M)</sup> | 2000000 | 1653315 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 11** 

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##### [**Table of Contents**](#toc)
**Transamerica PIMCO Tactical – Conservative VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **U.S. GOVERNMENT OBLIGATIONS (continued)** | **U.S. GOVERNMENT OBLIGATIONS (continued)** | **U.S. GOVERNMENT OBLIGATIONS (continued)** |
| **U.S. Treasury (continued)** | **U.S. Treasury (continued)** | **U.S. Treasury (continued)** |
| U.S. Treasury Bonds (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/15/2052 <sup>(E)</sup> | $3300000 | $2744156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/15/2041 - 05/15/2048 <sup>(M)</sup> | 5060000 | 4350208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/15/2042 | 1400000 | 1235719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/15/2042 | 1300000 | 1169797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/2042 <sup>(E)</sup> | 2600000 | 2562219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/15/2041 <sup>(M)</sup> | 2300000 | 2397750 |
|  |  | 34108529 |
| **U.S. Treasury Inflation-Protected Securities - 0.7%** | **U.S. Treasury Inflation-Protected Securities - 0.7%** | **U.S. Treasury Inflation-Protected Securities - 0.7%** |
| U.S. Treasury Inflation-Protected Indexed<br>Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 01/15/2032 | 429972 | 377032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 07/15/2032 | 1128105 | 1034390 |
|  |  | 1411422 |
|  **Total U.S. Government Obligations <br>(Cost $43,526,464)** | **Total U.S. Government Obligations <br>(Cost $43,526,464)** | 35519951 |
| **SHORT-TERM U.S. GOVERNMENT OBLIGATION - 0.2%** | **SHORT-TERM U.S. GOVERNMENT OBLIGATION - 0.2%** | **SHORT-TERM U.S. GOVERNMENT OBLIGATION - 0.2%** |
|  U.S. Treasury Bills <br>4.22% <sup>(N)</sup>, 02/16/2023 <sup>(E)</sup> | 384000 | 382090 |
|  **Total Short-Term U.S. Government Obligation <br>(Cost $381,976)** | **Total Short-Term U.S. Government Obligation <br>(Cost $381,976)** | 382090 |
|  | **Shares** | **Value** |
| **OTHER INVESTMENT COMPANY - 3.8%** | **OTHER INVESTMENT COMPANY - 3.8%** | **OTHER INVESTMENT COMPANY - 3.8%** |
| **Securities Lending Collateral - 3.8%** | **Securities Lending Collateral - 3.8%** | **Securities Lending Collateral - 3.8%** |
|  State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 4.29% <sup>(N)</sup> | 7451219 | 7451219 |
|  **Total Other Investment Company <br>(Cost $7,451,219)** | **Total Other Investment Company <br>(Cost $7,451,219)** | 7451219 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 39.1%** | **REPURCHASE AGREEMENT - 39.1%** | **REPURCHASE AGREEMENT - 39.1%** |
|  Fixed Income Clearing Corp., 1.80% <sup>(N)</sup>, dated 12/30/2022, to be repurchased at $76,846,782 on 01/03/2023. Collateralized by a U.S. Government Obligation, 4.77%, due 12/28/2023, and with a value of $78,368,111. | $76831416 | $76831416 |
|  **Total Repurchase Agreement <br>(Cost $76,831,416)** | **Total Repurchase Agreement <br>(Cost $76,831,416)** | 76831416 |
|  **Total Investments Excluding Options Purchased <br>(Cost $234,819,117)** | **Total Investments Excluding Options Purchased <br>(Cost $234,819,117)** | 217626916 |
|  **Total Options Purchased - 0.4% <br>(Cost $831,802)** | **Total Options Purchased - 0.4% <br>(Cost $831,802)** | 731310 |
|  **Total Investments <br>(Cost $235,650,919)** | **Total Investments <br>(Cost $235,650,919)** | 218358226 |
|  **Net Other Assets (Liabilities) - (11.2)%** |  | (21918618) |
|  **Net Assets - 100.0%** |  | **$196439608** |

---

**OVER-THE-COUNTER OPTIONS PURCHASED:** 

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Exercise<br>Price** | **Expiration<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Number of<br>Contracts** | **Premiums<br>Paid** | **Value** |
|  Put - S&P 500<sup>®</sup> Index | MSC | USD | 3275.00 | 12/15/2023 | USD | 5700 | 57 | $&nbsp;&nbsp;&nbsp;&nbsp;831802 | $&nbsp;&nbsp;&nbsp;&nbsp;731310 |

---

**OVER-THE-COUNTER INTEREST RATE SWAPTIONS WRITTEN:** 

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Floating Rate Index** | **Pay/Receive<br>Floating Rate** | **Exercise<br>Rate** | **Expiration<br>Date** | **Notional Amount/<br>Number of<br>Contracts** | **Notional Amount/<br>Number of<br>Contracts** | **Premiums<br>(Received)** | **Value** |
|  Call - 10-Year | GSB | 6-Month EURIBOR | Receive | 2.07% | 06/09/2023 | EUR | 200000 | $(2023) | $(555) |
|  Call - 5-Year | JPM | 1-Year USD-SOFR | Receive | 3.20 | 01/12/2023 | USD | 1500000 | (4650) | (67) |
|  Call - 5-Year | GSB | 1-Year USD-SOFR | Receive | 3.23 | 01/23/2023 | USD | 100000 | (248) | (38) |
|  Put - 10-Year | GSB | 6-Month EURIBOR | Pay | 3.14 | 06/09/2023 | EUR | 200000 | (2853) | (6626) |
|  Put - 5-Year | GSB | 1-Year USD-SOFR | Pay | 3.73 | 01/23/2023 | USD | 100000 | (248) | (581) |
|  Put - 5-Year | JPM | 1-Year USD-SOFR | Pay | 3.80 | 01/12/2023 | USD | 1500000 | (4650) | (4472) |
|  **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | $**(14672)** | $**(12339)** |
|  |  |  |  |  |  |  |  | **Premiums<br>(Received)** | **Value** |
|  **TOTAL WRITTEN OPTIONS AND SWAPTIONS** | **TOTAL WRITTEN OPTIONS AND SWAPTIONS** | **TOTAL WRITTEN OPTIONS AND SWAPTIONS** | **TOTAL WRITTEN OPTIONS AND SWAPTIONS** | **TOTAL WRITTEN OPTIONS AND SWAPTIONS** | **TOTAL WRITTEN OPTIONS AND SWAPTIONS** | **TOTAL WRITTEN OPTIONS AND SWAPTIONS** | **TOTAL WRITTEN OPTIONS AND SWAPTIONS** | $**(14672)** | $**(12339)** |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 12** 

------

##### [**Table of Contents**](#toc)
**Transamerica PIMCO Tactical – Conservative VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

**CENTRALLY CLEARED SWAP AGREEMENTS:** 

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit Default Swap Agreements on Credit Indices - Buy Protection <sup>(O)</sup>** | **Credit Default Swap Agreements on Credit Indices - Buy Protection <sup>(O)</sup>** | **Credit Default Swap Agreements on Credit Indices - Buy Protection <sup>(O)</sup>** | **Credit Default Swap Agreements on Credit Indices - Buy Protection <sup>(O)</sup>** | **Credit Default Swap Agreements on Credit Indices - Buy Protection <sup>(O)</sup>** | **Credit Default Swap Agreements on Credit Indices - Buy Protection <sup>(O)</sup>** | **Credit Default Swap Agreements on Credit Indices - Buy Protection <sup>(O)</sup>** | **Credit Default Swap Agreements on Credit Indices - Buy Protection <sup>(O)</sup>** | **Credit Default Swap Agreements on Credit Indices - Buy Protection <sup>(O)</sup>** |
| **Reference Obligation** | **Fixed Rate<br>Payable** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount <sup>(P)</sup>** | **Notional<br>Amount <sup>(P)</sup>** | **Value <sup>(Q)</sup>** | **Premiums<br>Paid<br>(Received)** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
|  North American Investment Grade Index - Series 39 | 1.00% | Quarterly | 12/20/2027 | USD | 12600000 | $&nbsp;&nbsp;&nbsp;&nbsp;(104949) | $&nbsp;&nbsp;&nbsp;&nbsp;(15468) | $&nbsp;&nbsp;&nbsp;&nbsp;(89481) |
| **Credit Default Swap Agreements on Credit Indices - Sell Protection <sup>(R)</sup>** | **Credit Default Swap Agreements on Credit Indices - Sell Protection <sup>(R)</sup>** | **Credit Default Swap Agreements on Credit Indices - Sell Protection <sup>(R)</sup>** | **Credit Default Swap Agreements on Credit Indices - Sell Protection <sup>(R)</sup>** | **Credit Default Swap Agreements on Credit Indices - Sell Protection <sup>(R)</sup>** | **Credit Default Swap Agreements on Credit Indices - Sell Protection <sup>(R)</sup>** | **Credit Default Swap Agreements on Credit Indices - Sell Protection <sup>(R)</sup>** | **Credit Default Swap Agreements on Credit Indices - Sell Protection <sup>(R)</sup>** | **Credit Default Swap Agreements on Credit Indices - Sell Protection <sup>(R)</sup>** |
| **Reference Obligation** | **Fixed Rate<br>Receivable** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount <sup>(P)</sup>** | **Notional<br>Amount <sup>(P)</sup>** | **Value <sup>(Q)</sup>** | **Premiums<br>Paid<br>(Received)** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
|  MSCI Emerging Markets Index - Series 38 | 1.00% | Quarterly | 12/20/2027 | USD | 300000 | $&nbsp;&nbsp;&nbsp;&nbsp;(17452) | $&nbsp;&nbsp;&nbsp;&nbsp;(23855) | $&nbsp;&nbsp;&nbsp;&nbsp;6403 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swap Agreements** | **Interest Rate Swap Agreements** | **Interest Rate Swap Agreements** | **Interest Rate Swap Agreements** | **Interest Rate Swap Agreements** | **Interest Rate Swap Agreements** | **Interest Rate Swap Agreements** | **Interest Rate Swap Agreements** | **Interest Rate Swap Agreements** | **Interest Rate Swap Agreements** |
| **Floating Rate Index** | **Pay/Receive<br>Fixed Rate** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Value** | **Premiums<br>Paid<br>(Received)** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
|  3-Month CAD-CDOR | Receive | 1.22% | Semi-Annually | 03/03/2025 | CAD | 300000 | $(16646) | $1 | $(16647) |
|  3-Month CAD-CDOR | Receive | 1.24 | Semi-Annually | 03/04/2025 | CAD | 1200000 | (66127) | 514 | (66641) |
|  3-Month USD-LIBOR | Pay | 1.44 | Semi-Annually/Quarterly | 07/21/2031 | USD | 1900000 | 336320 |  | 336320 |
|  3-Month USD-LIBOR | Pay | 1.49 | Semi-Annually/Quarterly | 06/23/2031 | USD | 1200000 | 202840 |  | 202840 |
|  3-Month USD-LIBOR | Pay | 2.00 | Semi-Annually/Quarterly | 12/15/2051 | USD | 1500000 | 409411 | (46830) | 456241 |
|  12-Month USD-SOFR | Pay | 1.75 | Annually | 12/15/2051 | USD | 1400000 | 375174 | (56993) | 432167 |
|  BRL-CDI | Receive | 12.98 | Maturity | 01/04/2027 | BRL | 6200000 | 12788 |  | 12788 |
|  **Total** |  |  |  |  |  |  | $**1253760** | $**(103308)** | $**1357068** |

---

**FUTURES CONTRACTS:** 

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Long Futures Contracts** | **Long Futures Contracts** | **Long Futures Contracts** | **Long Futures Contracts** | **Long Futures Contracts** | **Long Futures Contracts** | **Long Futures Contracts** |
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  2-Year U.S. Treasury Notes | 23 | 03/31/2023 | $4717186 | $4716797 | $— | $(389) |
|  5-Year U.S. Treasury Notes | 61 | 03/31/2023 | 6586651 | 6583711 |  | (2940) |
|  10-Year U.S. Treasury Notes | 53 | 03/22/2023 | 5965885 | 5951734 |  | (14151) |
|  30-Year U.S. Treasury Bonds | 108 | 03/22/2023 | 13658778 | 13537125 |  | (121653) |
|  E-Mini Russell 2000<sup>®</sup> Index | 109 | 03/17/2023 | 9958237 | 9651405 |  | (306832) |
|  MSCI EAFE Index | 103 | 03/17/2023 | 10296135 | 10039410 |  | (256725) |
|  S&P 500<sup>®</sup> E-Mini Index | 52 | 03/17/2023 | 10412680 | 10038600 |  | (374080) |
|  **Total** |  |  |  |  | $**—** | $**(1076770)** |
| **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** |
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  10-Year U.S. Treasury Ultra Notes | (126) | 03/22/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;(14969830) | $&nbsp;&nbsp;&nbsp;&nbsp;(14903437) | $66393 | $— |
|  **Total Futures Contracts** |  |  |  |  | $**66393** | $**(1076770)** |

---

**FORWARD FOREIGN CURRENCY CONTRACTS:** 

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Date** | **Currency<br>Purchased** | **Currency<br>Purchased** | **Currency<br>Sold** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |  |
|  BNP | 03/21/2023 | MXN | 61000 | USD | 3027 | $57 | $|
|  CITI | 01/04/2023 | USD | 3849 | BRL | 20200 | 26 |  |
|  CITI | 01/04/2023 | BRL | 1443482 | USD | 271000 | &nbsp;&nbsp;&nbsp;&nbsp;2159 |  |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 13** 

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##### [**Table of Contents**](#toc)
**Transamerica PIMCO Tactical – Conservative VP** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

**FORWARD FOREIGN CURRENCY CONTRACTS (continued):** 

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Date** | **Currency<br>Purchased** | **Currency<br>Purchased** | **Currency<br>Sold** | **Currency<br>Sold** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  CITI | 01/25/2023 | USD | 332857 | PEN | 1314384 | $— | $(12340) |
|  CITI | 02/01/2023 | USD | 968624 | PEN | 3862871 |  | (45222) |
|  CITI | 04/10/2023 | PEN | 1167695 | USD | 291924 | &nbsp;&nbsp;&nbsp;&nbsp;12862 |  |
|  GSB | 01/04/2023 | USD | 267057 | BRL | 1423282 |  | &nbsp;&nbsp;&nbsp;&nbsp;(2279) |
|  GSB | 04/04/2023 | BRL | 1423282 | USD | 262383 | 2370 |  |
|  GSB | 05/10/2023 | PEN | 685761 | USD | 172345 | 6263 |  |
|  HSBC | 01/10/2023 | USD | 970655 | EUR | 927000 |  | (22363) |
|  HSBC | 01/10/2023 | USD | 704441 | GBP | 578000 | 5477 |  |
|  SCB | 01/17/2023 | PEN | 94536 | USD | 24593 | 257 |  |
|  SCB | 01/19/2023 | PEN | 94318 | USD | 24457 | 331 |  |
|  **Total** |  |  |  |  |  | $**29802** | $**(82204)** |

---

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(S)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Asset-Backed Securities | $— | $10686614 | $— | $10686614 |
|  Corporate Debt Securities |  | 48720806 |  | 48720806 |
|  Foreign Government Obligations |  | 3924200 |  | 3924200 |
|  Loan Assignments |  | 673421 |  | 673421 |
|  Mortgage-Backed Securities |  | 8113868 |  | 8113868 |
|  Municipal Government Obligations |  | 1665935 |  | 1665935 |
|  U.S. Government Agency Obligations |  | 23657396 |  | 23657396 |
|  U.S. Government Obligations |  | 35519951 |  | 35519951 |
|  Short-Term U.S. Government Obligation |  | 382090 |  | 382090 |
|  Other Investment Company | 7451219 |  |  | 7451219 |
|  Repurchase Agreement |  | 76831416 |  | 76831416 |
|  Over-the-Counter Options Purchased | 731310 |  |  | 731310 |
|  **Total Investments** | $**8182529** | $**210175697** | $**—** | $**218358226** |
|  **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** |
|  Centrally Cleared Interest Rate Swap Agreements | $— | $1336533 | $— | $1336533 |
|  Futures Contracts <sup>(T)</sup> | 66393 |  |  | 66393 |
|  Forward Foreign Currency Contracts <sup>(T)</sup> |  | 29802 |  | 29802 |
|  **Total Other Financial Instruments** | $**66393** | $**1366335** | $**—** | $**1432728** |
|  **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** |
|  **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** |
|  Over-the-Counter Interest Rate Swaptions Written | $— | $(12339) | $— | $(12339) |
|  Centrally Cleared Credit Default Swap Agreements |  | (122401) |  | (122401) |
|  Centrally Cleared Interest Rate Swap Agreements |  | (82773) |  | (82773) |
|  Futures Contracts <sup>(T)</sup> | (1076770) |  |  | (1076770) |
|  Forward Foreign Currency Contracts <sup>(T)</sup> |  | (82204) |  | (82204) |
|  **Total Other Financial Instruments** | $**(1076770)** | $**(299717)** | $**—** | $**(1376487)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Transfers**<br>**Investments** | <br>**Transfers from<br>Level 1 to Level 3** | <br>**Transfers from<br>Level 3 to Level 1** | <br>**Transfers from<br>Level 2 to Level 3** | <br>**Transfers from<br>Level 3 to Level 2** |
|  Loan Assignments <sup>(K)</sup> | $— | $— | $— | $389038 |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *Floating or variable rate securities. The rates disclosed are as of December 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.* 

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 14** 

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##### [**Table of Contents**](#toc)
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------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

**FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):** 

(B) *Securities are exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2022, the total value of 144A securities is $35,573,392, representing 18.1% of the Portfolio's net assets.* 

(C) *Securities are exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Securities may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At December 31, 2022, the total value of Regulation S securities is $776,682, representing 0.4% of the Portfolio's net assets.* 

(D) *Perpetual maturity. The date displayed is the next call date.* 

(E) *All or a portion of the securities are on loan. The total value of all securities on loan is $8,333,386, collateralized by cash collateral of $7,451,219 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $1,052,465. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.* 

(F) *Step bonds. Coupon rates change in increments to maturity. The rates disclosed are as of December 31, 2022; the maturity dates disclosed are the ultimate maturity dates.* 

(G) *Restricted securities. At December 31, 2022, the value of such securities held by the Portfolio are as follows:* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Description** | **Acquisition<br>Date** | **Acquisition<br>Cost** | **Value** | **Value as Percentage<br>of Net Assets** |
|  Corporate Debt Securities | Deutsche Bank AG <br>2.13%, 11/24/2026 | 11/17/2020 | $200000 | $176606 | 0.1% |
|  Corporate Debt Securities | Oracle Corp. <br>6.15%, 11/09/2029 | 11/07/2022 | 299715 | 312115 | 0.1 |
|  Total |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;499715 | $&nbsp;&nbsp;&nbsp;&nbsp;488721 | 0.2% |

---

(H) *Percentage rounds to less than 0.1% or (0.1)%.* 

(I) *Fixed rate loan commitment at December 31, 2022.* 

(J) *Fair valued as determined in good faith in accordance with procedures established by the Board. At December 31, 2022, the total value of securities is $759,798, representing 0.4% of the Portfolio's net assets.* 

(K) *Transferred from Level 3 to 2 due to utilizing significant observable inputs. As of prior reporting period, the security utilized significant unobservable inputs.* 

(L) *When-issued, delayed-delivery and/or forward commitment (including TBAs) securities. Securities to be settled and delivered after December 31, 2022. Securities may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.* 

(M) *Securities are subject to sale-buyback transactions. The average amount of sale-buybacks outstanding during the year ended December 31, 2022 was $3,085 at a weighted average interest rate of 2.35%.* 

(N) *Rates disclosed reflect the yields at December 31, 2022.* 

(O) *If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (a) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced obligation or (b) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap agreement less the recovery value of the referenced obligation or underlying securities comprising the referenced obligation.* 

(P) *The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.* 

(Q) *The quoted market prices and resulting values for credit default swap agreements on asset-backed securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative had the notional amount of the swap agreement been closed/sold as of the period ended. Increasing market values, in absolute terms when compared to the notional amount of the swap agreement, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.* 

(R) *If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (a) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced obligation or (b) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap agreement less the recovery value of the referenced obligation or underlying securities comprising the referenced obligation.* 

(S) *The Portfolio recognized transfers in and out of Level 3 as of December 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

(T) *Derivative instruments are valued at unrealized appreciation (depreciation).* 

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 15** 

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##### [**Table of Contents**](#toc)
**Transamerica PIMCO Tactical – Conservative VP** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

**CURRENCY ABBREVIATIONS:** 

---

| | |
|:---|:---|
| *BRL* | *Brazilian Real* |
| *CAD* | *Canadian Dollar* |
| *EUR* | *Euro* |
| *GBP* | *Pound Sterling* |
| *MXN* | *Mexican Peso* |
| *PEN* | *Peruvian Sol* |
| *USD* | *United States Dollar* |

---

**COUNTERPARTY ABBREVIATIONS:** 

---

| | |
|:---|:---|
| *BNP* | *BNP Paribas* |
| *CITI* | *Citibank, N.A.* |
| *GSB* | *Goldman Sachs Bank* |
| *HSBC* | *HSBC Bank USA* |
| *JPM* | *JPMorgan Chase Bank, N.A.* |
| *MSC* | *Morgan Stanley & Co.* |
| *SCB* | *Standard Chartered Bank* |

---

**PORTFOLIO ABBREVIATIONS:** 

---

| | |
|:---|:---|
| *BRL-CDI* | *Brazil Interbank Deposit Rate* |
| *CDOR* | *Canadian Dollar Offered Rate* |
| *EAFE* | *Europe, Australasia and Far East* |
| *EURIBOR* | *Euro Interbank Offer Rate* |
| *LIBOR* | *London Interbank Offered Rate* |
| *MTA* | *Month Treasury Average* |
| *SOFR* | *Secured Overnight Financing Rate* |
| *SONIA* | *Sterling Overnight Interbank Average* |
| *STRIPS* | *Separate Trading of Registered Interest and Principal of Securities* |
| *TBA* | *To Be Announced* |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 16** 

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##### [**Table of Contents**](#toc)
**Transamerica PIMCO Tactical – Conservative VP** 

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**STATEMENT OF ASSETS AND LIABILITIES** 

**At December 31, 2022** 

---

| | |
|:---|:---|
|  **Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value (cost $158,819,503) <br>(including securities loaned of $8,333,386) | $141526810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreement, at value (cost $76,831,416) | 76831416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral pledged at broker for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrally cleared swap agreements | 806000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 1928000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value (cost $231,068) | 222436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables and other assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 396802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; When-issued, delayed-delivery, forward and TBA commitments sold | 11536980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 3445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 998381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin receivable on centrally cleared swap agreements | 43129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin receivable on futures contracts | 30102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts | 29802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 871 |
|  Total assets | 234354174 |
|  **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral received upon return of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities on loan | 7451219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written options and swaptions, at value (premium received $14,672) | 12339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables and other liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 14313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; When-issued, delayed-delivery, forward and TBA commitments purchased | 29508777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest redeemed | 63787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to custodian | 518418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 134516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 40679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 1921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 34428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 17267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 1230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 29388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 3844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts | 82204 |
|  Total liabilities | 37914566 |
|  **Net assets** | $196439608 |
|  **Net assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital stock ($0.01 par value) | $218843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 238969360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) | (42748595) |
|  **Net assets** | $&nbsp;&nbsp;&nbsp;&nbsp;196439608 |
|  **Net assets by class:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | $8781529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 187658079 |
|  **Shares outstanding:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 965539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 20918796 |
|  **Net asset value and offering price per share:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | $9.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 8.97 |

---

**STATEMENT OF OPERATIONS** 

**For the year ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | $5642913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 20306 |
|  Total investment income | 5663219 |
|  **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 1760506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 533071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 2321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 9408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 46879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 75761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 12306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense on sale-buybacks | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 28122 |
|  Total expenses | 2468448 |
|  **Net investment income (loss)** | 3194771 |
|  **Net realized gain (loss) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (4561546) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written options and swaptions | 57954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | (49086) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (19077048) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | 218433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (47568) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA commitments | (5713) |
|  Net realized gain (loss) | (23464574) |
|  **Net change in unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (22858242) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written options and swaptions | (9895) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | 1299534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (3398116) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (77808) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Translation of assets and liabilities denominated in foreign currencies | (13606) |
|  Net change in unrealized appreciation (depreciation) | (25058133) |
|  Net realized and change in unrealized gain (loss) | (48522707) |
|  **Net increase (decrease) in net assets resulting from operations** | $&nbsp;&nbsp;&nbsp;&nbsp;(45327936) |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 17** 

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**Transamerica PIMCO Tactical – Conservative VP** 

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**STATEMENT OF CHANGES IN NET ASSETS** 

**For the years ended:** 

---

| | | |
|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2021** |
|  **From operations:** | **From operations:** | **From operations:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $3194771 | $2277770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (23464574) | 22102739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (25058133) | (13566039) |
|  Net increase (decrease) in net assets resulting from operations | (45327936) | 10814470 |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (696035) | (1042169) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (14641022) | (24426347) |
|  Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (15337057) | (25468516) |
|  **Capital share transactions:** | **Capital share transactions:** | **Capital share transactions:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 530551 | 837034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 2525613 | 4917605 |
|  | 3056164 | 5754639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 696035 | 1042169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 14641022 | 24426347 |
|  | 15337057 | 25468516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (1044152) | (1677300) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (33384271) | (59541929) |
|  | (34428423) | (61219229) |
|  Net increase (decrease) in net assets resulting from capital share transactions | (16035202) | (29996074) |
|  **Net increase (decrease) in net assets** | (76700195) | (44650120) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 273139803 | 317789923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $&nbsp;&nbsp;&nbsp;&nbsp;196439608 | $&nbsp;&nbsp;&nbsp;&nbsp;273139803 |
|  **Capital share transactions - shares:** | **Capital share transactions - shares:** | **Capital share transactions - shares:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 51359 | 67797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 250234 | 410037 |
|  | 301593 | 477834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 73499 | 88319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 1565885 | 2096682 |
|  | 1639384 | 2185001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (105228) | (137935) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (3325560) | (4945317) |
|  | (3430788) | (5083252) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in shares outstanding: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 19630 | 18181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (1509441) | (2438598) |
|  | (1489811) | (2420417) |

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***The Notes to Financial Statements are an integral part of this report.***

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**FINANCIAL HIGHLIGHTS** 

**For a share outstanding during the years indicated:** 

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|:---|:---|:---|:---|:---|:---|
|  | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $11.84 | $12.47 | $12.32 | $10.49 | $12.21 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(A)</sup> | 0.17 | 0.13 | 0.20 | 0.24 | 0.25 |
|  Net realized and unrealized gain (loss) | (2.17) | 0.41 | 1.01 | 1.63 | (0.78) |
|  Total investment operations | (2.00) | 0.54 | 1.21 | 1.87 | (0.53) |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income | (0.14) | (0.16) | (0.21) | (0.04) | (0.43) |
|  Net realized gains | (0.61) | (1.01) | (0.85) |  | (0.76) |
|  Total dividends and/or distributions to shareholders | (0.75) | (1.17) | (1.06) | (0.04) | (1.19) |
|  **Net asset value, end of year** | $9.09 | $11.84 | $12.47 | $12.32 | $10.49 |
|  **Total return** | &nbsp;&nbsp;&nbsp;&nbsp;(17.12)% | 4.43% | 10.22% | 17.86% | (4.92)% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $8782 | $&nbsp;&nbsp;&nbsp;&nbsp;11199 | $&nbsp;&nbsp;&nbsp;&nbsp;11569 | $&nbsp;&nbsp;&nbsp;&nbsp;10796 | $&nbsp;&nbsp;&nbsp;&nbsp;9729 |
|  Expenses to average net assets <sup>(B)</sup> | 0.87% | 0.87% | 0.87% | 0.92% | 0.97% |
|  Net investment income (loss) to average net assets | 1.69% | 1.03% | 1.61% | 2.11% | 2.11% |
|  Portfolio turnover rate <sup>(C)</sup> | 34% | 60% | 65% | 64% | 40% |

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(A) *Calculated based on average number of shares outstanding.* 

(B) *Includes interest fee on sale-buyback transactions.* 

(C) *Excludes sale-buyback transactions.* 

**For a share outstanding during the years indicated:** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $11.68 | $12.31 | $12.18 | $10.37 | $12.08 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(A)</sup> | 0.14 | 0.09 | 0.17 | 0.21 | 0.21 |
|  Net realized and unrealized gain (loss) | (2.13) | 0.42 | 0.99 | 1.61 | (0.76) |
|  Total investment operations | (1.99) | 0.51 | 1.16 | 1.82 | (0.55) |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income | (0.11) | (0.13) | (0.18) | (0.01) | (0.40) |
|  Net realized gains | (0.61) | (1.01) | (0.85) |  | (0.76) |
|  Total dividends and/or distributions to shareholders | (0.72) | (1.14) | (1.03) | (0.01) | (1.16) |
|  **Net asset value, end of year** | $8.97 | $11.68 | $12.31 | $12.18 | $10.37 |
|  **Total return** | (17.29)% | 4.21% | 9.89% | 17.57% | (5.15)% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;187658 | $&nbsp;&nbsp;&nbsp;&nbsp;261941 | $&nbsp;&nbsp;&nbsp;&nbsp;306221 | $&nbsp;&nbsp;&nbsp;&nbsp;284650 | $&nbsp;&nbsp;&nbsp;&nbsp;260628 |
|  Expenses to average net assets <sup>(B)</sup> | 1.12% | 1.12% | 1.12% | 1.17% | 1.22% |
|  Net investment income (loss) to average net assets | 1.42% | 0.78% | 1.36% | 1.86% | 1.85% |
|  Portfolio turnover rate <sup>(C)</sup> | 34% | 60% | 65% | 64% | 40% |

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(A) *Calculated based on average number of shares outstanding.* 

(B) *Includes interest fee on sale-buyback transactions.* 

(C) *Excludes sale-buyback transactions.* 

***The Notes to Financial Statements are an integral part of this report.***

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**NOTES TO FINANCIAL STATEMENTS** 

**At December 31, 2022** 

**1. ORGANIZATION** 

Transamerica Series Trust ("TST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). TST applies investment company accounting and reporting guidance. TST serves as a funding vehicle for variable life insurance, variable annuity, and group annuity products. Transamerica PIMCO Tactical—Conservative VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers two classes of shares, Initial Class and Service Class.

The only shareholders of the Portfolio are affiliated insurance company separate accounts and affiliated asset allocation portfolios. Contract holders of the variable life and annuity contracts are not shareholders of the Portfolio. For ease of reference, shareholders and contract holders are collectively referred to in this report as "shareholders."

This report must be accompanied or preceded by the Portfolio's current prospectus, which contains additional information about the Portfolio, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Portfolio pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Portfolio. TAM supervises the Portfolio's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Portfolio.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of a Portfolio without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Portfolio and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Portfolio employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending portfolio combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Portfolio's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Portfolio; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for a Portfolio; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Portfolio's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; oversight of other service providers to the Portfolio, such as the custodian, the transfer agent, the Portfolio's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Portfolio; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Portfolio, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Portfolio. The Portfolio pays certain fees and expenses to State Street for sub-administration services which are not administrative

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**1. ORGANIZATION (continued)** 

services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the year ended December 31, 2022, (i) the expenses paid to State Street for sub-administration services by the Portfolio are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Portfolio are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES** 

In preparing the Portfolio's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Portfolio.

**Foreign currency denominated investments:** The accounting records of the Portfolio are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the closing exchange rate each day. The cost of foreign securities purchased and any realized gains or losses are translated at the prevailing exchange rates in effect on the date of the respective transaction. The Portfolio combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

Net foreign currency gains and losses resulting from changes in exchange rates include, foreign currency fluctuations between trade date and settlement date of investment security transactions, gains and losses on forward foreign currency contracts, and the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.

Foreign currency denominated assets may involve risks not typically associated with domestic transactions. These risks include revaluation of currencies, adverse fluctuations in foreign currency values, and possible adverse political, social, and economic developments, including those particular to a specific industry, country or region.

**Security transactions and investment income**: Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Portfolio is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Cash overdraft**: The Portfolio may have cash overdraft balances. A fee is incurred on these overdrafts, calculated by multiplying the overdraft by a rate based on the Federal Funds Rate.

Payables, if any, are reflected as Due to custodian within the Statement of Assets and Liabilities. Expenses, if any, from U.S. cash overdrafts are reflected in Custody fees within the Statement of Operations. Expenses, if any, from foreign cash overdrafts are reflected in Other expenses within the Statement of Operations.

**Commission recapture**: The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Portfolio with broker/dealers with which TST has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Portfolio. In no event will commissions, paid by the Portfolio, be used to pay expenses that would otherwise be borne by any other portfolios within TST, or by any other party.

There were no commissions recaptured during the year ended December 31, 2022 by the Portfolio.

**Indemnification:** In the normal course of business, the Portfolio enters into contracts that contain a variety of representations that provide general indemnifications. The Portfolio's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio and/or its affiliates that have not yet occurred. However, based on experience, the Portfolio expects the risk of loss to be remote.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**3. INVESTMENT VALUATION** 

Effective September 8, 2022, TAM has been designated as the Portfolio's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Portfolio's Board of Trustees. The net asset value of the Portfolio is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

TAM utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels ("Levels") of inputs of the fair value hierarchy are defined as follows:

Level 1—Unadjusted quoted prices in active markets for identical securities.

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Portfolio's investments and derivative instruments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Portfolio's investments at December 31, 2022, is disclosed within the Investment Valuation section of the Schedule of Investments.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

**Fair value measurements**: Descriptions of the valuation techniques applied to the Portfolio's significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

*Asset-backed securities*: The fair value of asset-backed securities is estimated based on models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield, and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized in Level 3.

*Corporate debt securities*: The fair value of corporate debt securities is estimated using various techniques, which consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, fundamental data relating to the issuer, and credit default swap spreads adjusted for any basis difference between cash and derivative instruments. While most corporate debt securities are categorized in Level 2 of the fair value hierarchy, in instances where lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they are categorized in Level 3.

*Foreign government obligations*: Foreign government obligations are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued by principally using dealer quotations. Foreign government obligations generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

*Loan assignments:* Loan assignments are normally valued using an income approach, which projects future cash flows and converts those future cash flows to a present value using a discount rate. The resulting present value reflects the likely fair value of the loan. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise are categorized in Level 3.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**3. INVESTMENT VALUATION (continued)** 

*Mortgage-backed securities:* The fair value of mortgage-backed securities is estimated based on models that consider issuer type, coupon, cash flows, mortgage prepayment projection tables and adjustable rate mortgage evaluations that incorporate index data, periodic life caps and the next coupon reset date. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise they are categorized in Level 3.

*Municipal government obligations:* The fair value of municipal government obligations and variable rate notes is estimated based on models that consider, among other factors, information received from market makers and broker-dealers, current trades, bid-want lists, offerings, market movements, the liquidity of the bond, state of issuance, benchmark yield curves, and bond or note insurance. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise they are categorized in Level 3.

*U.S. government agency obligations*: U.S. government agency obligations are comprised of two main categories consisting of agency issued debt and mortgage pass-throughs. Generally, agency issued debt securities are valued in a manner similar to U.S. government obligations. Mortgage pass-throughs include to be announced ("TBA") securities and mortgage pass-through certificates. Generally, TBA securities and mortgage pass-throughs are valued using dealer quotations. Depending on market activity levels and whether quotations or other observable data are used, these securities are typically categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized in Level 3.

*U.S. government obligations*: U.S. government obligations are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued by principally using dealer quotations. U.S. government obligations generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

*Short-term notes:* The Portfolio normally values short-term government and U.S. government agency securities using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers and reference data. Certain securities are valued by principally using dealer quotations. Short-term government and U.S. government agency securities generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

*Securities lending collateral:* Securities lending collateral is invested in a money market fund which is valued at the actively traded NAV and no valuation adjustments are applied. Securities lending collateral is categorized in Level 1 of the fair value hierarchy.

*Repurchase agreements:* Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

*Restricted securities:* Restricted securities for which quotations are not readily available are valued at fair value. Restricted securities issued by publicly traded companies are generally valued at a discount to similar publicly traded securities. Restricted securities issued by nonpublic entities may be valued by reference to comparable public entities and/or fundamental data relating to the issuer. Depending on the relative significance of observable valuation inputs, these instruments may be classified in either Level 2 or Level 3 of the fair value hierarchy.

*Derivative instruments*: Centrally cleared or listed derivatives that are actively traded are valued based on quoted prices from the exchange and are categorized in Level 1 of the fair value hierarchy. Over-the-counter ("OTC") derivative contracts include forward, swap, swaption, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices. Depending on the product and the terms of the transaction, the fair value of the OTC derivative products are modeled taking into account the counterparties' creditworthiness and using a series of techniques, including simulation models. Many pricing models do not entail material subjectivity because the methodologies employed do not necessitate significant judgments and the pricing inputs are observed from actively quoted markets, as is the case of interest rate swap and option contracts. The majority of OTC derivative products valued by the Portfolio using pricing models fall into this category and are categorized within Level 2 of the fair value hierarchy or Level 3 if inputs are unobservable.

**4. SECURITIES AND OTHER INVESTMENTS** 

**Loan participations and assignments**: The Portfolio may invest in direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental, or other borrowers, either in the form of participations at the time the loan is originated ("Participations") or buying an interest in the loan in the secondary market from a financial institution or institutional investor ("Assignments"). Participations and Assignments in commercial loans may be secured or unsecured. These investments may include

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**4. SECURITIES AND OTHER INVESTMENTS (continued)** 

standby financing commitments, including revolving credit facilities that obligate the Portfolio to supply additional cash to the borrowers on demand. Loan Participations and Assignments involve risks of insolvency of the lending banks or other financial intermediaries. As such, the Portfolio assumes the credit risks associated with the corporate borrowers and may assume the credit risks associated with the interposed banks or other financial intermediaries.

The Portfolio, based on its ability to invest in Loan Participations and Assignments, may be contractually obligated to receive approval from the agent banks and/or borrowers prior to the sale of these investments. The Portfolio that participates in such syndications, or that can buy a portion of the loans, become part lenders. Loans are often administered by agent banks acting as agents for all holders.

The agent banks administer the terms of the loans, as specified in the loan agreements. In addition, the agent banks are normally responsible for the collection of principal and interest payments from the corporate borrowers and the apportionment of these payments to the credit of all institutions that are parties to the loan agreements. Unless the Portfolio has direct recourse against the corporate borrowers under the terms of the loans or other indebtedness, the Portfolio may have to rely on the agent banks or other financial intermediaries to apply appropriate credit remedies against corporate borrowers.

The Portfolio held no unfunded loan participations at December 31, 2022. Open funded loan participations and assignments at December 31, 2022, if any, are included within the Schedule of Investments.

**Real estate investment trusts ("REITs"):** REITs are pooled investment vehicles which invest primarily in income producing real estate, or real estate related loans or interests. Distributions received by REITs are classified at management's estimate of the dividend income, return of capital and capital gains. Estimates are based on information available at year-end, which includes the previous fiscal year's classification. The actual amounts of dividend income, return of capital, and capital gains are only determined by each REIT after the fiscal year end and may differ from the estimated amounts. Upon notification from the REITs, some of the distributions received may be re-classified and recorded as a return of capital or capital gains. There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

REITs held at December 31, 2022, if any, are identified within the Schedule of Investments.

**Restricted securities**: The Portfolio may invest in unregulated restricted securities. Restricted securities are subject to legal or contractual restrictions on resale. Restricted securities generally may be resold in transactions exempt from registration under the Securities Act of 1933.

Restricted securities held at December 31, 2022, if any, are identified within the Schedule of Investments.

**Treasury inflation-protected securities ("TIPS"):** The Portfolio may invest in TIPS, which are fixed income securities whose principal value is periodically adjusted according to the rate of inflation/deflation. If the index measuring inflation/deflation rises or falls, the principal value of TIPS will be adjusted upward or downward, and consequently the interest payable on these securities (calculated with respect to a larger or smaller principal amount) will be increased or reduced, respectively. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds and notes. For bonds and notes that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

TIPS held at December 31, 2022, if any, are included within the Schedule of Investments. The adjustments, if any, to principal due to inflation/deflation are reflected as increases/decreases to Interest income within the Statement of Operations, with a corresponding adjustment to Investments, at cost within the Statement of Assets and Liabilities.

**When-issued, delayed-delivery, forward, and to be announced ("TBA") commitment transactions:** The Portfolio may purchase or sell securities on a when-issued, delayed-delivery, forward and TBA commitment basis. When-issued and forward commitment transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Portfolio engages in when-issued and forward commitment transactions to obtain an advantageous price and yield at the time of the transaction. The Portfolio engages in when-issued and forward commitment transactions for the purpose of acquiring securities, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Portfolio may be required to pay more at settlement than the security is worth. In addition, the Portfolio is not entitled to any of the interest earned prior to settlement.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**4. SECURITIES AND OTHER INVESTMENTS (continued)** 

Delayed-delivery transactions involve a commitment by the Portfolio to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, the Portfolio will segregate with its custodian either cash, U.S. government securities, or other liquid assets at least equal to the value or purchase commitments until payment is made. When purchasing a security on a delayed-delivery basis, the Portfolio assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations. These transactions also involve a risk to the Portfolio if the other party to the transaction defaults on its obligation to make payment or delivery, and the Portfolio is delayed or prevented from completing the transaction. The Portfolio may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain or loss. When the Portfolio sells a security on a delayed-delivery basis, the Portfolio does not participate in future gains and losses on the security.

TBA commitments are entered into to purchase or sell securities for a fixed price at a future date, typically not to exceed 45 days. TBAs are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased declines, or the value of the security sold increases, prior to settlement date, in addition to the risk of decline in the value of a Portfolio's other assets. Unsettled TBA commitments are valued at the current value of the underlying securities. TBA collateral requirements are typically calculated by netting the mark-to-market amount for each transaction and comparing that amount to the value of the collateral currently pledged by a Portfolio and the counterparty. Cash collateral that has been pledged to cover the obligations of a Portfolio and cash collateral received from the counterparty, if any, is reported separately in the Statement of Assets and Liabilities as Cash collateral pledged at broker for TBA commitments or Cash collateral at broker for TBA commitments, respectively. Non-cash collateral pledged by a Portfolio, if any, is disclosed within the Schedule of Investments. Typically, a Portfolio is permitted to sell, re-pledge or use the collateral it receives; however, the counterparty is not permitted. To the extent amounts due to a Portfolio are not fully collateralized, contractually or otherwise, a Portfolio bears the risk of loss from counterparty non-performance.

When-issued, delayed-delivery, forward and TBA commitment transactions held at December 31, 2022, if any, are identified within the Schedule of Investments. Open trades, if any, are reflected as When-issued, delayed-delivery, forward and TBA commitments purchased or sold within the Statement of Assets and Liabilities.

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

The Portfolio may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Portfolio invests borrowing proceeds in other securities, the Portfolio will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Portfolio may borrow on a secured or on an unsecured basis. If the Portfolio enters into a secured borrowing arrangement, a portion of the Portfolio's assets will be used as collateral. The 1940 Act requires the Portfolio to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Portfolio's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Portfolio may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the year ended December 31, 2022, the Portfolio has not utilized the program.

**Repurchase agreements:** In a repurchase agreement, the Portfolio purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Portfolio's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Portfolio will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Portfolio and its counterparties that provide for the net settlement of all transactions and collateral with the Portfolio, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at December 31, 2022.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)** 

Repurchase agreements at December 31, 2022, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**Sale-buyback:** The Portfolio may enter into sale-buyback financing transactions. The Portfolio accounts for sale-buyback financing transactions as borrowing transactions and realize gains and losses on these transactions at the end of the roll period. Sale-buyback financing transactions involve sales by the Portfolio of securities and simultaneously contracts to repurchase the same or substantially similar securities at an agreed upon price and date.

The Portfolio forgoes principal and interest paid during the roll period on the securities sold in a sale-buyback financing transaction. The Portfolio is compensated by the difference between the current sales price and the price for the future purchase (often referred to as the "price drop"), as well as by any interest earned on the proceeds of the securities sold. Sale-buyback financing transactions may be renewed with a new sale and a repurchase price and a cash settlement made at each renewal without physical delivery of the securities subject to the contract. Sale-buyback financing transactions expose the Portfolio to risks such as, the buyer under the agreement may file for bankruptcy, become insolvent, or otherwise default on its obligations to the Portfolio, the market value of the securities the Portfolio is obligated to repurchase under the agreement may decline below the repurchase price. The Portfolio's obligations under a sale-buyback typically would be offset by liquid assets equal in value to the amount of the Portfolio's forward commitment to repurchase the subject security. Sale-buyback financing transactions accounted for as borrowing transactions are excluded from the Portfolio's portfolio turnover rates. The Portfolio recognizes price drop fee income on a straight line basis over the period of the roll. For the year ended December 31, 2022, the Portfolio earned price drop fee income of $45. The price drop fee income is included in Interest income within the Statement of Operations.

The outstanding payable for securities to be repurchased, if any, is included in Payable for sale-buyback financing transactions within the Statement of Assets and Liabilities. The interest expense is included within Interest income on the Statement of Operations. In periods of increased demand of the security, the Portfolio may receive a fee for use of the security by the counterparty, which may result in interest income to the Portfolio, and is included in Interest income on the Statement of Operations.

Open sale-buyback financing transactions at December 31, 2022, if any, are identified within the Schedule of Investments and Statement of Assets and Liabilities.

**Securities lending:** The Portfolio may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Portfolio pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Portfolio to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Portfolio may experience delays in recovery of the loaned securities or delays in access to collateral, or the Portfolio may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government and irrevocable letters of credit issued by banks as collateral. The initial collateral received by the Portfolio is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower.

The Portfolio receives compensation for lending securities from interest or dividends earned on the cash, U.S. Government securities and irrevocable letters of credit held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust—Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at December 31, 2022, if any, are shown on a gross basis within the Schedule of Investments.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)** 

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of December 31, 2022.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
| | **Overnight and<br>Continuous** | **Less Than<br>30 Days** | **Between<br>30 & 90 Days** | **Greater Than<br>90 Days** | **Total** |
|  Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Debt Securities | $2056107 | $— | $— | $— | $2056107 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Obligations | 5395112 |  |  |  | 5395112 |
|  Total Securities Lending Transactions | $7451219 | $— | $— | $— | $7451219 |
|  **Total Borrowings** | $**7451219** | $**—** | $**—** | $**—** | $**7451219** |

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**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS** 

The Portfolio's investment strategies allow the Portfolio to use various types of derivative contracts, including option contracts, swap agreements, futures contracts, and forward foreign currency contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or OTC.

**Market Risk Factors:** In pursuit of the Portfolio's investment strategies, the Portfolio may seek to use derivatives to increase or decrease its exposure to certain market risks, including:

*Interest rate risk:* Interest rate risk relates to the fluctuations in the value of fixed income securities due to changes in the prevailing levels of market interest rates.

*Foreign exchange rate risk:* Foreign exchange rate risk relates to fluctuations in the value of an asset or liability due to changes in the currency exchange rates.

*Equity risk:* Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

*Credit risk:* Credit risk relates to the ability of the issuer of a financial instrument to make further principal or interest payments on an obligation or commitment that it has to the Portfolio.

*Commodity risk:* Commodity risk relates to the change in value of commodities or commodity indices as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

The Portfolio is also exposed to additional risks from investing in derivatives, such as liquidity and counterparty credit risk. Liquidity risk is the risk that the Portfolio will be unable to sell or close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligations to the Portfolio. Investing in derivatives may also involve greater risks than investing directly in the underlying assets, such as losses in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

The Portfolio's exposure to market risk factors and certain other associated risks are summarized by derivative type as follows:

**Option contracts:** The Portfolio is subject to equity risk, interest rate risk, and foreign exchange rate risk in the normal course of pursuing its investment objective. The Portfolio may enter into option contracts to manage exposure to various market fluctuations. The Portfolio may purchase or write call and put options on securities and derivative instruments in which the Portfolio owns or may invest. Options are valued at the average of the bid and ask price established each day at the close of the board of trade or exchange on which they are traded. Options are marked-to-market daily to reflect the current value of the option. The primary risks associated with options are an imperfect correlation between the change in value of the securities held and the prices of the option contracts, the possibility of an illiquid market, and an inability of the counterparty to meet the contract terms. Options can be traded through an exchange or through privately negotiated arrangements with a dealer in an OTC transaction. Options traded on an exchange are generally cleared through a clearinghouse such as the Options Clearing Corp.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)** 

*Options on exchange-traded funds and/or securities:* The Portfolio may purchase or write options on ETFs and/or securities. Purchasing or writing options on ETFs and/or securities gives the Portfolio the right, but not the obligation to buy or sell a specified ETF and/or security as an underlying instrument for the option contract.

*Options on indices:* The Portfolio may purchase or write options on indices. Purchasing or writing an option on indices gives the Portfolio the right, but not the obligation to buy or sell the cash from the underlying index. The exercise of the option will result in a cash transfer and gain or loss depends on the change in the underlying index.

*Options on futures:* The Portfolio may purchase or write options on futures. Purchasing or writing options on futures gives the Portfolio the right, but not obligation to buy or sell a position on a futures contract at the specified option exercise price at any time during the period of the option.

*Interest rate-capped options:* The Portfolio may purchase or write interest rate-capped options. Purchasing or writing interest rate-capped options gives the Portfolio the right, but not the obligation to buy or sell an option which applies a cap to protect the Portfolio from floating rate risk above a certain rate on a given notional exposure. A floor can be used to give downside protection to investments in interest rate-linked products.

*Credit default swaptions:* The Portfolio may purchase or write credit default swaption agreements which are options to enter into a pre-defined swap agreement by some specific date in the future. Purchasing or writing credit default swaptions gives the Portfolio the right, but not the obligation to buy or sell credit protection on a specific reference with a specific maturity.

*Interest rate swaptions:* The Portfolio may purchase or write interest rate swaption agreements which are options to enter into a pre-defined swap agreement by some specific date in the future. The writer of the swaption becomes the counterparty to the swap if the buyer exercises. The interest rate swaption agreement will specify whether the buyer of the swaption will be a fixed-rate receiver or a fixed-rate payer upon exercise.

*Purchased options:* Purchasing call options tends to increase exposure to the underlying instrument. Purchasing put options tends to decrease exposure to the underlying instrument. The Portfolio pays premiums, which are included within the Statement of Assets and Liabilities as an investment and subsequently marked-to-market to reflect the current value of the option. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid from options which expire are treated as realized losses. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying instrument to determine the realized gain or loss.

*Written options:* Writing call options tends to decrease exposure to the underlying instrument. Writing put options tends to increase exposure to the underlying instrument. When the Portfolio writes a covered call or put option, the premium received is recorded as a liability within the Statement of Assets and Liabilities and is subsequently marked-to-market to reflect the current market value of the option written. Premiums received from written options which expire unexercised are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying instrument to determine the realized gain or loss. In writing an option, the Portfolio bears the market risk of an unfavorable change in the price of the security or currency underlying the written option. Exercise of an option written by the Portfolio could result in the Portfolio selling or buying a security or currency at a price different from the current market value.

Open option contracts at December 31, 2022, if any, are included within the Schedule of Investments. The value of purchased option contracts, as applicable, is shown in Investments, at value within the Statement of Assets and Liabilities. The value of written option contracts, as applicable, is shown in Written options and swaptions, at value within the Statement of Assets and Liabilities.

**Swap agreements:** Swap agreements are bilaterally negotiated agreements between the Portfolio and a counterparty to exchange or swap investments, cash flows, assets, foreign currencies, or market-linked returns at specified, future intervals. Swap agreements can be executed in a bilateral privately negotiated arrangement with a dealer in an OTC transaction or executed on a regular market. Certain swaps regardless of the venue of execution are required to be cleared through a clearinghouse ("centrally cleared swap agreements"). Centrally cleared swap agreements listed or traded on a multilateral platform, are valued at the daily settlement price determined by the corresponding exchange. For centrally cleared credit default swap agreements the clearing exchange requires all members to provide applicable levels across complete term levels. Centrally cleared interest rate swap agreements are valued using a pricing model that references the underlying rates including but not limited to the overnight index swap rate and London Interbank Offered Rate ("LIBOR") forward rate to calculate the daily settlement price. The Portfolio may enter into credit default, cross-currency, interest rate, total return, including contracts for difference ("CFD"), and other forms of swap agreements to manage exposure to credit,

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)** 

currency, interest rate, and commodity risks. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Centrally cleared swap agreements are marked-to-market daily based upon values from third party vendors, which may include a registered exchange, or quotations from market makers to the extent available and the change in value, if any, is recorded as Variation margin receivable (payable) on centrally cleared swap agreements within the Statement of Assets and Liabilities.

For OTC swap agreements, payments received or made at the beginning of the measurement period are reflected in OTC swap agreements, at value within the Statement of Assets and Liabilities and represent payments made or received upon entering into the swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). Additionally, these upfront payments as well as any periodic payments received or paid by the Portfolio, including any liquidation payment received or made at the termination of the swap are recorded as part of Net realized gain (loss) on swap agreements within the Statement of Operations.

*Credit default swap agreements*: The Portfolio is subject to credit risk in the normal course of pursuing its investment objective. The Portfolio enters into credit default swap agreements to manage its exposure to the market or certain sectors of the market to reduce its risk exposure to defaults of corporate and sovereign issuers, or to create exposure to corporate or sovereign issuers to which it is not otherwise exposed. Credit default swap agreements involve the exchange of a fixed rate premium for protection against the loss in value of an underlying security in the event of a defined credit event, such as payment default or bankruptcy (buy protection).

Under a credit default swap agreement, one party acts as a guarantor by receiving the fixed periodic payment in exchange for the commitment to purchase the underlying security at par if the defined credit event occurs (sell protection). The Portfolio's maximum risk of loss from counterparty risk, either as the protection seller or as the protection buyer, is the notional amount of the contract. This risk is mitigated by having a master netting arrangement between the Portfolio and the counterparty, and by the posting of collateral.

The Portfolio sells credit default swap agreements, which exposes it to risk of loss from credit risk related events specified in the contracts. Although contract-specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium. If a defined credit event had occurred during the period, the swap agreements' credit-risk-related contingent features would have been triggered, and the Portfolio would have been required to pay the notional amounts for the credit default swap agreements with a sell protection less the value of the contracts' related reference obligations.

*Interest rate swap agreements*: The Portfolio is subject to interest rate risk exposure in the normal course of pursuing its investment objective. Because the Portfolio holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk, the Portfolio enters into interest rate swap agreements. Under an interest rate swap agreement, two parties will exchange cash flows based on a notional principal amount. A Portfolio with interest rate agreements can elect to pay a fixed rate and receive a floating rate, or receive a fixed rate and pay a floating rate, on a notional principal amount. The risks of interest rate swap agreements include changes in market conditions which will affect the value of the contract or the cash flows, and the possible inability of the counterparty to fulfill its obligations under the agreement. The Portfolio's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from/paid to the counterparties over the contracts' remaining lives, to the extent that amount is positive. This risk is mitigated by having a master netting arrangement between the Portfolio and the counterparty, and by the posting of collateral.

Open centrally cleared swap agreements and open OTC swap agreements at December 31, 2022, if any, are listed within the Schedule of Investments.

**Futures contracts:** The Portfolio is subject to equity and commodity risk, interest rate risk, and foreign exchange rate risk in the normal course of pursuing its investment objective. The Portfolio uses futures contracts to gain exposure to, or hedge against, changes in the value of equities and commodities, interest rates, or foreign currencies. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date. Upon entering into such contracts, the Portfolio is required to deposit with the broker, either in cash or in securities, an initial margin in an amount equal to a certain percentage of the contract amount. Subsequent payments (variation margin) are paid or received by the Portfolio, depending on the daily fluctuations in the value of the contract, and are recorded for financial statement purposes as unrealized gains or losses by the Portfolio. Upon entering into such contracts, the Portfolio bears the risk of equity and commodity prices, interest rates, or exchange rates moving unexpectedly, in which case, the Portfolio may not achieve the anticipated benefits of the futures contracts and may realize losses. With futures, there is minimal counterparty credit risk to the Portfolio since futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)** 

Open futures contracts at December 31, 2022, if any, are listed within the Schedule of Investments. Variation margin, if applicable, is shown in Variation margin receivable or payable on futures contracts within the Statement of Assets and Liabilities.

**Forward foreign currency contracts:** The Portfolio is subject to foreign exchange rate risk exposure in the normal course of pursuing its investment objective. The Portfolio may enter into forward foreign currency contracts to hedge against exchange rate risk arising from investments in securities denominated in foreign currencies. Forward foreign currency contracts are marked-to-market daily, with the change in value recorded as an unrealized gain or loss and is shown in Unrealized appreciation (depreciation) on forward foreign currency contracts within the Statement of Assets and Liabilities. When the contracts are settled, a realized gain or loss is incurred and is shown in Net realized gain (loss) on forward foreign currency contracts within the Statement of Operations. Risks may arise from changes in market value of the underlying currencies and from the possible inability of counterparties to meet the terms of their contracts. Forward foreign currency contracts are traded in the OTC inter-bank currency dealer market.

Open forward foreign currency contracts at December 31, 2022, if any, are listed within the Schedule of Investments.

The following is a summary of the location and the Portfolio's fair values of derivative investments disclosed, if any, within the Statement of Assets and Liabilities, categorized by primary market risk exposure as of December 31, 2022.

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|:---|:---|:---|:---|:---|:---|:---|
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| **Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  Purchased options and swaptions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value <sup>(A)</sup> | $— | $— | $731310 | $— | $— | $731310 |
|  Centrally cleared swaps: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) <sup>(A) (B)</sup> | 1336533 |  |  |  |  | 1336533 |
|  Futures contracts: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) <sup>(A) (C)</sup> | 66393 |  |  |  |  | 66393 |
|  Forward foreign currency contracts: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts |  | 29802 |  |  |  | 29802 |
|  **Total** | $**1402926** | $**29802** | $**731310** | $**—** | $**—** | $**2164038** |

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|:---|:---|:---|:---|:---|:---|:---|
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  Written options and swaptions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options and swaptions, at value <sup>(A)</sup> | $(12339) | $— | $— | $— | $— | $(12339) |
|  Centrally cleared swaps: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) <sup>(A) (B)</sup> | (82773) |  |  | (122401) |  | (205174) |
|  Futures contracts: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) <sup>(A) (C)</sup> | (139133) |  | (937637) |  |  | (1076770) |
|  Forward foreign currency contracts: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts |  | (82204) |  |  |  | (82204) |
|  **Total** | $**(234245)** | $**(82204)** | $**(937637)** | $**(122401)** | $**—** | $**(1376487)** |

---

(A) *May include exchange-traded derivatives which are not subject to a master netting arrangement, or another similar arrangement.* 

(B) *Included within Value of centrally cleared swap agreements as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.* 

(C) *Included within unrealized appreciation (depreciation) on futures contracts as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.* 

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**Page 30** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)** 

The following is a summary of the location and the effect of derivative investments, if any, within the Statement of Operations, categorized by primary market risk exposure as of December 31, 2022.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** |
| **Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  Purchased options and swaptions <sup>(A)</sup> | $— | $— | $1195030 | $— | $— | $1195030 |
|  Written options and swaptions | 57954 |  |  |  |  | 57954 |
|  Swap agreements | (40983) |  |  | (8103) |  | (49086) |
|  Futures contracts | (3875103) |  | (15201945) |  |  | (19077048) |
|  Forward foreign currency contracts |  | 218433 |  |  |  | 218433 |
|  **Total** | $**(3858132)** | $**218433** | $**(14006915)** | $**(8103)** | $**—** | $**(17654717)** |
| **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** |
| **Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  Purchased options and swaptions <sup>(B)</sup> | $— | $— | $705660 | $— | $— | $705660 |
|  Written options and swaptions | 2333 |  |  | (12228) |  | (9895) |
|  Swap agreements | 1541103 |  |  | (241569) |  | 1299534 |
|  Futures contracts | (406673) |  | (2991443) |  |  | (3398116) |
|  Forward foreign currency contracts |  | (77808) |  |  |  | (77808) |
|  **Total** | $**1136763** | $**(77808)** | $**(2285783)** | $**(253797)** | $**—** | $**(1480625)** |

---

(A) *Included within Net realized gain (loss) on Investments in the Statement of Operations.* 

(B) *Included within Net change in unrealized appreciation (depreciation) on Investments in the Statement of Operations.* 

The following is a summary of the ending monthly average volume on derivative activity during the year ended December 31, 2022.

---

| | |
|:---|:---|
|  **Options:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average value of option contracts purchased | $1342669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average value of option contracts written | (4809) |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of swaption contracts written | (971398) |
|  **Credit default swaps:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — buy protection | 5153846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — sell protection | 7128743 |
|  **Interest rate swaps:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — pays fixed rate | 3784295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — receives fixed rate | 8707692 |
|  **Futures contracts:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | 92049179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | &nbsp;&nbsp;&nbsp;&nbsp;(19543631) |
|  **Forward foreign currency exchange contracts:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average contract amounts purchased — in USD | 927432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average contract amounts sold — in USD | 4528488 |

---

The Portfolio typically enters into International Swaps and Derivatives Association, Inc. Master Agreements ("ISDA Master Agreements") or similar master agreements (collectively, "Master Agreements") with its contract counterparties for certain OTC derivatives in order to, among other things, reduce credit risk to counterparties.

ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Portfolio typically may offset with the counterparty certain OTC derivative financial instruments payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default, termination and/or potential deterioration in the credit quality of the counterparty.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)** 

Various Master Agreements govern the terms of certain transactions with counterparties and typically attempt to reduce the counterparty risk associated with such transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Cross-termination provisions under Master Agreements typically provide that a default in connection with one transaction between the Portfolio and a counterparty gives the non-defaulting party the right to terminate any other transactions in place with the defaulting party to create one single net payment due to/due from the defaulting party and may be a feature in certain Master Agreements. In the event the Portfolio exercises its right to terminate a Master Agreement after a counterparty experiences a termination event as defined in the Master Agreement, the return of collateral with market value in excess of the Portfolio's net liability may be delayed or denied.

*Collateral requirements:* Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (futures contracts, exchange-traded options, and exchange-traded swap agreements) while collateral terms are contract specific for OTC derivatives (forward foreign currency exchange contracts, OTC options, and OTC swap agreements). For OTC derivatives, under standard derivatives agreements, the Portfolio may be required to pledge collateral on derivatives to a counterparty if the Portfolio is in a net liability position, and receive collateral if in a net positive position. For financial reporting purposes, cash collateral that has been pledged by the Portfolio to cover obligations, if any, is reported in Cash collateral at broker within the Statement of Assets and Liabilities. Cash collateral that has been received by the Portfolio from a counterparty, if any, is reported separately in Cash collateral pledged at custodian and/or broker within the Statement of Assets and Liabilities. Non-cash collateral pledged to the Portfolio, if any, is disclosed within the Schedule of Investments.

Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold before a transfer has been made. Typically a counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The Portfolio generally does not use non-cash collateral that it receives but may, absent default or certain other circumstances, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty.

To the extent amounts due to the Portfolio from its counterparties are not fully collateralized, contractually or otherwise, the Portfolio bears the risk of loss from counterparty non-performance. Additionally, to the extent the Portfolio has delivered collateral to a counterparty, the Portfolio bears the risk of loss from a counterparty in the event the counterparty fails to return such collateral. Counterparties may immediately terminate derivatives contracts if the Portfolio fails to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages. Collateral may not be required for all derivative contracts.

The following is a summary of the Portfolio OTC derivative assets and liabilities by counterparty net of amounts available for offset under a master netting agreement and net of the related collateral received/pledged by the Portfolio as of December 31, 2022. For financial reporting purposes, the Portfolio does not offset assets and liabilities that are subject to a master netting agreement or similar arrangement on the Statement of Assets and Liabilities. See the Repurchase agreement section within the notes for offsetting and collateral information pertaining to repurchase agreements that are subject to master netting agreements.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Gross Amounts of<br>Assets<br>Presented within<br>Statement of<br>Assets and<br>Liabilities <sup>(A)</sup>** | **Gross Amounts Not Offset within<br>Statement of Assets<br>and Liabilities** | **Gross Amounts Not Offset within<br>Statement of Assets<br>and Liabilities** | **Gross Amounts Not Offset within<br>Statement of Assets<br>and Liabilities** | **Gross Amounts of<br>Liabilities<br>Presented within<br>Statement of<br>Assets and<br>Liabilities <sup>(A)</sup>** | **Gross Amounts Not Offset within<br>Statement of Assets<br>and Liabilities** | **Gross Amounts Not Offset within<br>Statement of Assets<br>and Liabilities** | **Gross Amounts Not Offset within<br>Statement of Assets<br>and Liabilities** |
| <br>**Counterparty** | **Gross Amounts of<br>Assets<br>Presented within<br>Statement of<br>Assets and<br>Liabilities <sup>(A)</sup>** | **Financial<br>Instruments** | **Collateral<br>Received <sup>(B)</sup>** | **Net<br>Receivable** | **Gross Amounts of<br>Liabilities<br>Presented within<br>Statement of<br>Assets and<br>Liabilities <sup>(A)</sup>** | **Financial<br>Instruments** | **Collateral<br>Pledged <sup>(B)</sup>** | **Net Payable** |
|  | **Assets** | **Assets** | **Assets** | **Assets** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
|  BNP Paribas | $57 | $— | $— | $57 | $— | $— | $— | $— |
|  Citibank, N.A. | 15047 | (15047) |  |  | 57562 | (15047) |  | 42515 |
|  Goldman Sachs Bank | 8633 | (8633) |  |  | 10079 | (8633) |  | 1446 |
|  HSBC Bank USA | 5477 | (5477) |  |  | 22363 | (5477) |  | 16886 |
|  JPMorgan Chase Bank, N.A. |  |  |  |  | 4539 |  |  | 4539 |
|  Morgan Stanley & Co. | 731310 |  |  | 731310 |  |  |  |  |
|  Standard Chartered Bank | 588 |  |  | 588 |  |  |  |  |
|  Other Derivatives <sup>(C)</sup> | 1402926 |  |  | 1402926 | 1281944 |  |  | 1281944 |
|  **Total** | $**2164038** | $**(29157)** | $**—** | $**2134881** | $**1376487** | $**(29157)** | $**—** | $**1347330** |

---

(A) *Absent an event of default or early termination, OTC derivative assets and liabilities are presented gross and not offset within the Statement of Assets and Liabilities.* 

(B) *In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.* 

(C) *Other Derivatives, which includes future contracts, exchange-traded options, exchange-traded swap agreements and occasionally forward positions, that are not subject to a master netting arrangement or another similar arrangement. The amount presented is intended to permit reconciliation to the amount presented within the Schedule of Investments.* 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**7. RISK FACTORS** 

Investing in the Portfolio involves certain key risks related to the Portfolio's trading activity. Please reference the Portfolio's prospectus for a more complete discussion of the following risk(s), as well as other risks of investing in the Portfolio.

**Market risk:** The market prices of the Portfolio's securities and other assets may go up or down, sometimes sharply and unpredictably, due to general market conditions, overall economic trends or events, inflation, changes in interest rates, government actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by wars, tariffs, trade disputes or other factors, political developments, investor sentiment, the global and domestic effects of a pandemic or other health emergency, and other factors that may or may not be related to the issuer of the security or other asset. The market prices of securities and other assets also may go down due to events or conditions that affect particular sectors, industries, issuers, or geographies. Adverse market conditions may be prolonged and may not have the same impact on all types of securities or other assets. If the value of the Portfolio's securities and assets fall, the value of your investment will go down. The Portfolio may experience a substantial or complete loss on any individual security or asset.

Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, the imposition of economic sanctions, public health events (such as the spread of infectious disease), wars, terrorism, cybersecurity events, technology and data interruptions, natural disasters, and other circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. In the past decade, financial markets throughout the world have experienced increased volatility and decreased liquidity. These conditions may continue or worsen. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down. Securities markets may also be susceptible to market manipulation or other fraudulent trade practices, which could disrupt the orderly functioning of these markets or adversely affect the value of securities traded in these markets, including the Portfolio's securities.

The pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in economic downturns throughout the world, severe losses, particularly to some sectors of the economy and individual issuers, and reduced liquidity of many instruments. There also have been significant disruptions to business operations, including business closures; strained healthcare systems; disruptions to supply chains and employee availability; large fluctuations in consumer demand; and widespread uncertainty regarding the duration and long-term effects of the pandemic. Economic downturns may be prolonged, and political and social instability, continued volatility and decreased liquidity in the securities markets may result. Developing or emerging market countries may be more impacted by the pandemic.

The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic. These and other government intervention into the economy and financial markets may not work as intended. In addition, government actions to mitigate the economic impact of the pandemic have resulted in large expansion of government deficits and debt, the long-term consequences of which are not known. Rates of inflation have recently risen, which could adversely affect economies and markets. The pandemic could continue to adversely affect the value and liquidity of the Portfolio's investments.

*Europe:* A number of countries in Europe have experienced severe economic and financial difficulties; and financial markets in Europe and elsewhere have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen or spread within or outside Europe. Responses to the financial problems by European governments, central banks and others may not work, may result in conflicts and social unrest and may limit future growth and economic recovery or have other unintended consequences. In January, 2020, through "Brexit," the United Kingdom withdrew from the European Union. The ramifications of Brexit are unknown, and the implications of possible political, regulatory, economic, and market outcomes could be significant. The United Kingdom has one of the largest economies in Europe and is a major trading partner with European Union countries and the United States. Brexit may create additional and substantial economic stresses for the United Kingdom, including a contraction of the United Kingdom's economy, decreased trade, capital outflows, devaluation of the British pound, and a decrease in business and consumer spending and investment. The negative impact on not only the United Kingdom and European Union economies but also the broader global economy could be significant. A number of countries in Europe have suffered terror attacks, and additional attacks may occur in the future. Europe has also been struggling with mass migration from the Middle East, Eastern Europe and Africa. The ultimate effects of these events and other socio-political or geopolitical issues could profoundly affect global economies and markets. Whether or not the Portfolio invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

*Additional Market Disruption:* Russia's invasion of Ukraine in February, 2022, the resulting responses by the United States and other countries, and the potential for wider conflict, have increased and may continue to increase volatility and uncertainty in financial markets

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**7. RISK FACTORS (continued)** 

worldwide. The United States and other countries have imposed broad-ranging economic sanctions on Russia and Russian entities and individuals, and may impose additional sanctions, including on other countries that provide military or economic support to Russia. These sanctions, among other things, restrict companies from doing business with Russia and Russian issuers, and may adversely affect companies with economic or financial exposure to Russia and Russian issuers. The extent and duration of Russia's military actions and the repercussions of such actions are not known. The invasion may widen beyond Ukraine and may escalate, including through retaliatory actions and cyberattacks by Russia and even other countries. These events may result in further and significant market disruptions and may adversely affect regional and global economies including those of Europe and the United States. Certain industries and markets, such as those involving oil, natural gas and other commodities, as well as global supply chains, may be particularly adversely affected. Whether or not the Portfolio invests in securities of issuers located in Russia, Ukraine and adjacent countries or with significant exposure to issuers in these countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

**Asset class allocation risk:** The Portfolio's investment performance is significantly impacted by the Portfolio's asset class allocation and reallocation from time to time. The sub-adviser's decisions whether and when to tactically overweight or underweight asset classes, create and apply formulas for de-risking or ending de-risking and select a mix of underlying portfolios may not produce the desired results. These actions may be unsuccessful in maximizing return and/or avoiding investment losses. The value of your investment may decrease if the sub-adviser's judgment about the attractiveness, value or market trends affecting a particular asset class is incorrect. The Portfolio's balance between equity and debt securities limits its potential for capital appreciation relative to an all-stock fund and contributes to greater volatility relative to an all-bond fund.

**Model and data risk:** If quantitative models, algorithms or calculations (whether proprietary and developed by the sub-adviser or supplied by third parties) ("Models") or information or data supplied by third parties ("Data") prove to be incorrect or incomplete, any decisions made, in whole or part, in reliance thereon expose the Portfolio to additional risks. Models can be predictive in nature. The use of predictive Models has inherent risks. The success of relying on or otherwise using Models depends on a number of factors, including the validity, accuracy and completeness of the Model's development, implementation and maintenance, the Model's assumptions, factors, algorithms and methodologies, and the accuracy and reliability of the supplied historical or other Data. Models rely on, among other things, correct and complete Data inputs. If incorrect Data is entered into even a well-founded Model, the resulting information will be incorrect. However, even if Data is input correctly, Model prices may differ substantially from market prices, especially for securities with complex characteristics. Investments selected with the use of Models may perform differently than expected as a result of the design of the Model, inputs into the Model or other factors. There also can be no assurance that the use of Models will result in effective investment decisions for the Portfolio.

**LIBOR risk:** Many financial instruments, financings or other transactions to which the Portfolio may be a party use or may use a floating rate based on the London Interbank Offered Rate ("LIBOR"). The UK Financial Conduct Authority and LIBOR's administrator announced that the use of LIBOR will be phased out; most LIBOR rates are no longer published as of the end of 2021 and a majority of U.S. dollar LIBOR rates will no longer be published after June 30, 2023. It is possible that a subset of LIBOR rates may be published after these dates on a "synthetic" basis, but any such publications would be considered non-representative of the underlying market. There remains uncertainty regarding the nature of any replacement rate and the impact of the transition from LIBOR on the Portfolio, issuers of instruments in which the Portfolio invests, and financial markets generally. As such, the potential effect of a transition away from LIBOR on the Portfolio or the Portfolio's investments cannot yet be determined.

**8. FEES AND OTHER AFFILIATED TRANSACTIONS** 

TST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Transamerica Life Insurance Company ("TLIC"), and Transamerica Financial Life Insurance Company.

TAM, the Portfolio's investment manager, is directly owned by TLIC and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon NV. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon NV, a Netherlands corporation, and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Portfolio's transfer agent. Transamerica Capital, Inc. ("TCI") is the Portfolio's distributor/principal underwriter. TAM, TFS, and TCI are affiliates of Aegon NV.

Certain officers and trustees of the Portfolio are also officers and/or trustees of TAM, TFS and TCI. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Portfolio. The Portfolio does pay non-interested persons (independent trustees), as disclosed in Trustee, CCO and deferred compensation fees within the Statement of Operations.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

**Investment management fees**: TAM serves as the Portfolio's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Portfolio pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Portfolio pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
|  First $750 million | 0.79% |
|  Over $750 million up to $1.5 billion | 0.78 |
|  Over $1.5 billion | 0.75 |

---

TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses, reorganization expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

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| | | |
|:---|:---|:---|
| | **Operating<br>Expense Limit** | **Operating<br>Expense Limit<br>Effective Through** |
| Initial Class | 0.92% | May 1, 2023 |
| Service Class | 1.17 | May 1, 2023 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended December 31, 2022 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Portfolio, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

As of December 31, 2022, there are no amounts available for recapture by TAM.

**Distribution and service fees:** TST has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, TST entered into a distribution agreement with TCI as the Portfolio's distributor.

The Distribution Plan requires the Portfolio to pay distribution fees to TCI as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCI, on behalf of the Portfolio, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Portfolio's shares.

The fee on the Service Class shares is paid to the insurance companies for providing services and account maintenance for the policyholders who invest in the variable insurance products which invest in the Service Class shares. TCI has determined that it will not seek payment for the distribution expenses incurred by the Portfolio with respect to the Initial Class shares before May 1, 2023. Prior to TCI seeking distribution expenses on Initial Class shares, policy and contract owners will be notified in advance. The Portfolio will pay fees relating to Service Class shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Portfolio is authorized under the Distribution Plan to pay fees to TCI based on daily average net assets of each class up to the following annual rates:

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| | |
|:---|:---|
| **Class** | **Rate** |
|  Initial Class | 0.15% |
|  Service Class | 0.25 |

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**Page 35** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

**Transfer agent costs:** TFS provides transfer agency services under an intercompany agreement with TAM. TFS has outsourced the provision of certain sub-transfer agency services to SS&C Technology Holdings, Inc ("SS&C"). The Portfolio does not pay a separate transfer agent fee to TAM or TFS but does pay certain expenses to SS&C related to applicable sub-transfer agency services. For the year ended December 31, 2022, (i) the expenses paid to SS&C by the Portfolio are referred to as Transfer agent costs and are included within the Statement of Operations and (ii) the expenses payable to SS&C by the Portfolio are referred to as Transfer agent costs within the Statement of Assets and Liabilities.

**Deferred compensation plan:** Effective September 23, 2021, the Board has approved the termination of the deferred compensation plan. Payments will be made to applicable current and former Board members consistent with Section 409A of the Code. Under a non-qualified deferred compensation plan effective January 1, 1996, as amended and restated January 1, 2010, available to the trustees, compensation may be deferred that would otherwise be payable by TST to an independent trustee on a current basis for services rendered as trustee. Deferred compensation amounts will accumulate based on the value of the investment option, as elected by the trustee. Balances pursuant to deferred compensation plan are recorded in Trustees, Chief Compliance Officer ("CCO") and deferred compensation fees within the Statement of Assets and Liabilities. For the year ended December 31, 2022, amounts included in Trustees, CCO and deferred compensation fees within the Statement of Operations reflect total compensation paid to the independent Board members.

**Brokerage commissions:** The Portfolio incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the year ended December 31, 2022.

**9. PURCHASES AND SALES OF SECURITIES** 

For the year ended December 31, 2022, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

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| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $26470702 | $17300364 | $47279517 | $11254368 |

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**10. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS** 

The Portfolio has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Portfolio recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Portfolio's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Portfolio's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Portfolio's financial statements. If applicable, the Portfolio recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Portfolio identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Portfolio makes significant investments; however, the Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales, defaulted bonds, forward contracts mark-to-market, futures contracts mark-to-market, option contracts mark-to-market, swaps, straddle loss deferrals, premium amortization accruals, interest written off and dollar roll adjustments. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. There are no reclassifications in the current year.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**10. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)** 

As of December 31, 2022, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross<br>Appreciation** | **Gross<br>(Depreciation)** | **Net Appreciation<br>(Depreciation)** |
| $238093729 | $1754079 | $(20879593) | $(19125514) |

---

As of December 31, 2022, the capital loss carryforwards available to offset future realized capital gains are as follows:

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| | |
|:---|:---|
| **Unlimited** | **Unlimited** |
| **Short-Term** | **Long-Term** |
| $10672046 | $15023215 |

---

During the year ended December 31, 2022, the Portfolio did not have any capital loss carryforwards utilized or expired.

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2022 and 2021 are as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** |
| **Ordinary Income** | **Long-Term<br>Capital Gain** | **Return of Capital** | **Ordinary Income** | **Long-Term<br>Capital Gain** | **Return of Capital** |
| $9169535 | $6167522 | $— | $21963520 | $3504996 | $— |

---

As of December 31, 2022, the tax basis components of distributable earnings are as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Capital Loss<br>Carryforwards** | **Late Year<br>Ordinary Loss<br>Deferred** | **Other<br>Temporary<br>Differences** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| $2299001 | $— | $(25695261) | $— | $(213276) | $(19139059) |

---

**11. NEW ACCOUNTING PRONOUNCEMENT** 

In December 2022, the Financial Accounting Standards Board issued Accounting Standards Update No. 2022-06 ("ASU 2022-06"), "Reference Rate Reform (Topic 848)". ASU 2022-06 is an update of ASU 2020-04, which is in response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR, regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The ASU 2022-06 update clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The amendments in this update are effective immediately through December 31, 2024, for all entities. Management does not expect ASU 2022-06 to have a material impact on the financial statements.

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**Report of Independent Registered Public Accounting Firm** 

*To the Shareholders and the Board of Trustees of Transamerica PIMCO Tactical — Conservative VP* 

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities of Transamerica PIMCO Tactical — Conservative VP (the "Portfolio") (one of the portfolios constituting Transamerica Series Trust (the "Trust")), including the schedule of investments, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the portfolios constituting Transamerica Series Trust) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion** 

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g438566ernst_young.jpg)

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

February 27, 2023

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**SUPPLEMENTAL TAX INFORMATION** 

**(unaudited)** 

For tax purposes, the Portfolio has made a long-term capital gain designation of $6,167,522 for the year ended December 31, 2022.

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**(unaudited)** 

**MARKET ENVIRONMENT** 

Geopolitics took center stage in early 2022 as Russia invaded Ukraine. Most assets experienced elevated volatility over the year as Russia's invasion of Ukraine and the subsequent imposition of financial sanctions added stress to already fragile global supply chains and raised concerns over commodity supplies. This amplified inflationary fears and contributed to more hawkish stances from central banks, higher global yields, and flattening curves.

Risk assets were challenged throughout the first half of 2022, with both equities and bonds moving significantly lower given ongoing concerns over the conflict between Russia and Ukraine. The recurring themes of heightened inflation, geopolitical tension and fear of recession were the main contributors to market turbulence during the year. Developed market central banks maintained their hawkish stance with their sights set on combating historic levels of inflation. Most notably, in the U.S., the Consumer Price Index increased 8.6% year-on-year in May. This prompted the Fed to hike interest rates by 75 basis points in June, the first time since 1994, and acknowledge that credibly fighting inflation will come at the cost of lower growth.

Despite weakening economic data and signs of slowing global growth heading into the second half of 2022, the Federal Reserve hiked its policy rate aggressively to address inflationary risks. Performance was challenged for both "safe-haven" and risk assets as global yields rose sharply through the summer months and sentiment waned, leading to increased recessionary risks and heightened volatility. Amidst broader market volatility, market correlations were positive as global equities, fixed income, and commodities experienced sharp declines.

Easing developed market inflation prints prompted optimism for relatively dovish global central bank messaging and contributed to gains in global risk assets toward the end of the year. However, with labor market data generally exhibiting continued resilience, global central banks adopted more hawkish messaging than expected in December. Following a 75 basis points policy rate hike in November, the Federal Reserve adjusted its policy rate upward by 50 basis points in December.

**PERFORMANCE** 

For the year ended December 31, 2022, Transamerica PIMCO Tactical – Growth VP, Initial Class returned -17.80%. By comparison, its primary and secondary benchmarks, the S&P 500<sup>®</sup> Index and the Transamerica PIMCO Tactical – Growth VP Blended Benchmark, returned -18.11% and -16.82%, respectively.

**STRATEGY REVIEW** 

With volatility high throughout the fiscal year ended December 31, 2022, Transamerica PIMCO Tactical – Growth VP (the "Portfolio") dynamically adjusted its equity exposure, facilitated using equity futures. The Portfolio entered 2022 overweight equity as the VIX Index was stable and equities rallied throughout 2021. However, the Portfolio quickly de-risked in late January 2022 and again in February 2022 in response to the uptick in volatility driven by Russia's invasion of Ukraine. After a brief overweight in April, the Portfolio did not move overweight equities again during the year, de-risking to its largest underweights in September and October, in response to a more hawkish Fed and recessionary fears. The Portfolio ended 2022 underweight equities as a result. The Portfolio's managed volatility strategy contributed to performance. The dynamic equity adjustments detracted as bouts of volatility caused whipsaw returns during 2022, although the downside risk mitigation strategies, obtained via S&P 500<sup>®</sup> Index put option contracts, more than offset the dynamic equity adjustments. Consistent with managing downside risk, the S&P 500<sup>®</sup> Index put option contracts were adequately sized to cover the equity exposure in the Portfolio.

The Portfolio's fixed income allocations contributed to performance in 2022. U.S. duration and yield curve positioning, partially facilitated using futures, interest rate swaps, swaptions, and options, were positive for performance over the year. Within a diversified set of spread sectors, exposure to non-agency mortgage-backed securities and high-yield corporate credit, which was partially facilitated using credit default swaps and swaptions, detracted from performance as credit spreads widened broadly.

**Michael Cudzil** 

**Mohit Mittal** 

**Graham A. Rennison** 

**Paul-James ("PJ") White** 

**Co-Portfolio Managers** 

**Pacific Investment Management Company LLC** 

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**(unaudited)** 

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| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  Repurchase Agreements | 63.7% |
|  Corporate Debt Securities | 11.6 |
|  U.S. Government Agency Obligations | 11.0 |
|  U.S. Government Obligations | 9.8 |
|  Asset-Backed Securities | 2.6 |
|  Mortgage-Backed Securities | 2.0 |
|  Over-the-Counter Options Purchased | 1.4 |
|  Other Investment Company | 1.4 |
|  Foreign Government Obligations | 0.8 |
|  Municipal Government Obligations | 0.4 |
|  Loan Assignments | 0.1 |
|  Short-Term U.S. Government Obligation | 0.1 |
|  U.S. Government Agency Obligation Sold Short | (0.3) |
|  Net Other Assets (Liabilities) ^ | (4.6) |
|  **Total** | 100.0% |
| **Portfolio Characteristics** | **Years** |
|  Average Maturity § | 4.03 |
|  Duration † | 2.54 |

---

*Current and future portfolio holdings are subject to change and risk.* 

^ *The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral.* 

§ *Average Maturity is computed by weighting the maturity of each security in the Portfolio by the market value of the security, then averaging these weighted figures.* 

† *Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder.* 

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**(unaudited)**![LOGO](g438566g74a50.jpg)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Initial Class | (17.80)% | 2.11% | 4.96% | 05/01/2009 |
|  S&P 500<sup>®</sup> Index <sup>(A)</sup> | (18.11)% | 9.42% | 12.56% |  |
|  Transamerica PIMCO Tactical - Growth VP Blended Benchmark <sup>(A) (B) (C) (D) (E) (F)</sup> | (16.82)% | 5.52% | 8.07% |  |
|  Service Class | (18.03)% | 1.85% | 4.70% | 05/01/2009 |

---

<sup>(A)</sup> *The S&P 500<sup>®</sup> Index is a market-capitalization weighted index of 500 large U.S. companies with common stock listed on the NYSE or NASDAQ.* 

<sup>(B)</sup> *The Transamerica PIMCO Tactical - Growth VP Blended Benchmark is composed of the following benchmarks: 50% S&P 500<sup>®</sup> Index, 24% Bloomberg US Government/Credit Bond Index, 15% MSCI EAFE Index, 6% Bloomberg Long Government/Credit Index and 5% Russell 2000<sup>®</sup> Index.* 

<sup>(C)</sup> *The Bloomberg US Government/Credit Bond Index is comprised of U.S. Treasuries, government-related issues, and corporates.* 

<sup>(D)</sup> *The MSCI EAFE Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada.* 

<sup>(E)</sup> *The Bloomberg Long Government/Credit Index is comprised of U.S. Treasuries, government-related issues, and corporates with remaining maturities of 10 years or more.* 

<sup>(F)</sup> *The Russell 2000<sup>®</sup> Index measures the performance of the small-cap segment of the U.S. equity universe, and is comprised of approximately 2,000 of the smallest securities of the Russell 3000<sup>®</sup> Index based on a combination of market cap and current index membership. The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.* 

The Portfolio's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Year or Since Inception calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or the redemption of Portfolio shares. The Portfolio's investment return and net asset value will fluctuate. Investors' shares when redeemed may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month end. Portfolio performance is net of investment fees and Portfolio expenses, but not product charges, which, if included, would significantly lower the performance quoted.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of previously waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Tactical asset allocation is an investment strategy that actively adjusts a portfolio's asset allocation. The Portfolio's tactical asset management discipline may not work as intended. The Portfolio may not achieve its objective and may not perform as well as other funds using other asset management styles. The selection of a tactical asset allocation portfolio will not guarantee a profit nor protect against a loss.

Growth stocks can be volatile and experience sharp price declines and certain types of stocks can be extremely volatile and subject to greater price swings than the broader market.

Fixed income securities are subject to risks including credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk and liquidity risk. Credit risk is the risk that a bond issuer may default on their principal and interest payments. Inflation risk is the risk that inflation could outpace a bond's interest income. Interest rate risk is the risk that fluctuations in interest rates will affect the price of a bond. The value of fixed income securities generally goes down when interest rates rise, and therefore the value of your investment in the Portfolio may also go down.

Russell<sup>®</sup> and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.

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**DISCLOSURE OF EXPENSES** 

**(unaudited)** 

**SHAREHOLDER EXPENSES** 

Portfolio shareholders may incur two types of costs: (i) transaction costs, including brokerage commissions on purchases and sales of portfolio shares; and (ii) ongoing costs, including management fees, and other portfolio expenses.

The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other portfolios.

The example is based on an investment of $1,000 invested at July 1, 2022, and held for the entire six-month period until December 31, 2022.

**ACTUAL EXPENSES** 

The information in the table below provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = $8.60), then multiply the result by the number in the appropriate column for your share class titled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES** 

The information in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratios and assumed rates of return of 5% per year before expenses, which are not the Portfolio's actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Portfolio versus other portfolios. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other portfolios.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Portfolio shares. Therefore, the information under the heading "Hypothetical Expenses" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different portfolios. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries, or other financial institutions.

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|:---|:---|:---|:---|:---|:---|:---|
| | | **Actual Expenses** | **Actual Expenses** | **Hypothetical Expenses <sup>(A)</sup>** | **Hypothetical Expenses <sup>(A)</sup>** | |
| <br>**Class** |<br>**Beginning<br>Account Value<br>July 1, 2022** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** |<br>**Net Annualized<br>Expense Ratio <sup>(C)</sup>** |
|  Initial Class | $&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;984.50 | $&nbsp;&nbsp;&nbsp;&nbsp;4.35 | $&nbsp;&nbsp;&nbsp;&nbsp;1020.80 | $&nbsp;&nbsp;&nbsp;&nbsp;4.43 | 0.87% |
|  Service Class | 1000.00 | 983.00 | 5.60 | 1019.60 | 5.70 | 1.12 |

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(A) *5% return per year before expenses.*

(B) *Expenses are calculated using the Portfolio's net annualized expense ratio, as disclosed in the table, multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (365 days).*

(C) *Net annualized expense ratios are reflective of applicable fee waivers and/or reimbursements and recapture, if any, and are based on the most recent six-months which may differ from the net expense ratio displayed in the Financial Highlights that covers a twelve-month period.*

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**SCHEDULE OF INVESTMENTS** 

**At December 31, 2022** 

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| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES - 2.6%** | **ASSET-BACKED SECURITIES - 2.6%** | **ASSET-BACKED SECURITIES - 2.6%** |
|  AMMC CLO 16 Ltd.<br>Series 2015-16A, Class AR2,<br>3-Month LIBOR + 0.98%,<br>4.99% <sup>(A)</sup>, 04/14/2029 <sup>(B)</sup> | $85581 | $85060 |
|  AMMC CLO XII Ltd. <br>Series 2013-12A, Class AR2, <br>3-Month LIBOR + 0.95%, <br>5.54% <sup>(A)</sup>, 11/10/2030 <sup>(B)</sup> | 700000 | 689983 |
|  Anchorage Capital CLO 6 Ltd. <br>Series 2015-6A, Class ARR, <br>3-Month LIBOR + 1.05%, <br>5.13% <sup>(A)</sup>, 07/15/2030 <sup>(B)</sup> | 99994 | 98719 |
| Arbor Realty Commercial Real Estate<br>Notes Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL2, Class A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 1.10%,<br>5.42% <sup>(A)</sup>, 05/15/2036 <sup>(B)</sup> | 200000 | 194160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FL1, Class A,<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month SOFR Average + 1.45%,<br>5.26% <sup>(A)</sup>, 01/15/2037 <sup>(B)</sup> | 200000 | 193605 |
|  BDS LLC <br>Series 2022-FL11, Class ATS, <br>1-Month Term SOFR + 1.80%, <br>6.12% <sup>(A)</sup>, 03/19/2039 <sup>(B)</sup> | 200000 | 191511 |
|  Birch Grove CLO Ltd. <br>Series 19A, Class AR, <br>3-Month LIBOR + 1.13%, <br>5.90% <sup>(A)</sup>, 06/15/2031 <sup>(B)</sup> | 300000 | 293462 |
|  FORT CRE Issuer LLC <br>Series 2022-FL3, Class A, <br>1-Month SOFR Average + 1.85%, <br>5.76% <sup>(A)</sup>, 02/23/2039 <sup>(B)</sup> | 300000 | 292947 |
|  Fremont Home Loan Trust <br>Series 2005-1, Class M5, <br>1-Month LIBOR + 1.07%, <br>5.45% <sup>(A)</sup>, 06/25/2035 | 148374 | 140669 |
|  LCM XV LP <br>Series 15A, Class AR2, <br>3-Month LIBOR + 1.00%, <br>5.24% <sup>(A)</sup>, 07/20/2030 <sup>(B)</sup> | 240791 | 237141 |
|  LFT CRE Ltd. <br>Series 2021-FL1, Class A, <br>1-Month LIBOR + 1.17%, <br>5.49% <sup>(A)</sup>, 06/15/2039 <sup>(B)</sup> | 200000 | 193679 |
|  LoanCore Issuer Ltd. <br>Series 2022-CRE7, Class A, <br>1-Month SOFR Average + 1.55%, <br>5.36% <sup>(A)</sup>, 01/17/2037 <sup>(B)</sup> | 300000 | 289107 |
|  Louisiana Local Government<br>Environmental Facilities & Community Development Authority<br>Series 2022-ELL, Class A3, <br>4.28%, 02/01/2036 | 200000 | 185959 |
|  Man GLG Euro CLO VI DAC <br>Series 6A, Class AR, <br>3-Month EURIBOR + 0.81%, <br>2.19% <sup>(A)</sup>, 10/15/2032 <sup>(B)</sup> | EUR 299,832 | 311191 |

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| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  MASTR Asset-Backed Securities Trust <br>Series 2004-WMC3, Class M1, <br>1-Month LIBOR + 0.83%, <br>5.21% <sup>(A)</sup>, 10/25/2034 | $106531 | $100133 |
|  Merrill Lynch Mortgage Investors Trust <br>Series 2004-WMC5, Class M1, <br>1-Month LIBOR + 0.93%, <br>5.32% <sup>(A)</sup>, 07/25/2035 | 82060 | 79118 |
|  Northstar Education Finance, Inc. <br>Series 2012-1, Class A, <br>1-Month LIBOR + 0.70%, <br>5.09% <sup>(A)</sup>, 12/26/2031 <sup>(B)</sup> | 8677 | 8620 |
|  PHEAA Student Loan Trust <br>Series 2016-2A, Class A, <br>1-Month LIBOR + 0.95%, <br>5.34% <sup>(A)</sup>, 11/25/2065 <sup>(B)</sup> | 87937 | 87186 |
|  RAMP Trust <br>Series 2005-RS6, Class M4, <br>1-Month LIBOR + 0.98%, <br>5.36% <sup>(A)</sup>, 06/25/2035 | 32728 | 32589 |
|  Romark CLO Ltd. <br>Series 2017-1A, Class A1R, <br>3-Month LIBOR + 1.03%, <br>5.35% <sup>(A)</sup>, 10/23/2030 <sup>(B)</sup> | 250000 | 245024 |
|  SMB Private Education Loan Trust <br>Series 2016-B, Class A2B, <br>1-Month LIBOR + 1.45%, <br>5.77% <sup>(A)</sup>, 02/17/2032 <sup>(B)</sup> | 128678 | 127742 |
|  Sound Point CLO IX Ltd. <br>Series 2015-2A, Class ARRR, <br>3-Month LIBOR + 1.21%, <br>5.45% <sup>(A)</sup>, 07/20/2032 <sup>(B)</sup> | 100000 | 97227 |
|  Sound Point CLO XVI Ltd. <br>Series 2017-2A, Class AR, <br>3-Month LIBOR + 0.98%, <br>5.34% <sup>(A)</sup>, 07/25/2030 <sup>(B)</sup> | 250000 | 246061 |
|  Sound Point CLO XVII Ltd. <br>Series 2017-3A, Class A1R, <br>3-Month LIBOR + 0.98%, <br>5.22% <sup>(A)</sup>, 10/20/2030 <sup>(B)</sup> | 400000 | 393391 |
|  STWD Ltd. <br>Series 2022-FL3, Class A, <br>1-Month SOFR Average + 1.35%, <br>5.16% <sup>(A)</sup>, 11/15/2038 <sup>(B)</sup> | 300000 | 287349 |
|  TCW CLO Ltd. <br>Series 2018-1A, Class A1R, <br>3-Month LIBOR + 0.97%, <br>5.33% <sup>(A)</sup>, 04/25/2031 <sup>(B)</sup> | 100000 | 98569 |
|  TRTX Issuer Ltd. <br>Series 2022-FL5, Class A, <br>1-Month SOFR Average + 1.65%, <br>5.46% <sup>(A)</sup>, 02/15/2039 <sup>(B)</sup> | 300000 | 288737 |
|  Venture 38 CLO Ltd. <br>Series 2019-38A, Class A1R, <br>3-Month LIBOR + 1.16%, <br>5.57% <sup>(A)</sup>, 07/30/2032 <sup>(B)</sup> | 200000 | 194744 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 5** 

------

##### [**Table of Contents**](#toc)
**Transamerica PIMCO Tactical – Growth VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  Venture XIV CLO Ltd. <br>Series 2013-14A, Class ARR, <br>3-Month LIBOR + 1.03%, <br>5.77% <sup>(A)</sup>, 08/28/2029 <sup>(B)</sup> | $442038 | $436199 |
|  Vibrant CLO VI Ltd. <br>Series 2017-6A, Class AR, <br>3-Month LIBOR + 0.95%, <br>5.70% <sup>(A)</sup>, 06/20/2029 <sup>(B)</sup> | 138550 | 136675 |
|  Vibrant CLO VII Ltd. <br>Series 2017-7A, Class A1R, <br>3-Month LIBOR + 1.04%, <br>5.28% <sup>(A)</sup>, 09/15/2030 <sup>(B)</sup> | 248995 | 244453 |
|  VMC Finance LLC <br>Series 2022-FL5, Class A, <br>1-Month SOFR Average + 1.90%, <br>5.71% <sup>(A)</sup>, 02/18/2039 <sup>(B)</sup> | 250000 | 243152 |
|  **Total Asset-Backed Securities <br>(Cost $6,943,107)** | **Total Asset-Backed Securities <br>(Cost $6,943,107)** | 6744162 |
| **CORPORATE DEBT SECURITIES - 11.6%** | **CORPORATE DEBT SECURITIES - 11.6%** | **CORPORATE DEBT SECURITIES - 11.6%** |
| **Aerospace & Defense - 0.1%** | **Aerospace & Defense - 0.1%** | **Aerospace & Defense - 0.1%** |
|  Boeing Co. <br>3.60%, 05/01/2034 | 100000 | 80279 |
|  Spirit AeroSystems, Inc. <br>3.85%, 06/15/2026 | 100000 | 90500 |
|  |  | 170779 |
| **Airlines - 0.3%** | **Airlines - 0.3%** | **Airlines - 0.3%** |
| American Airlines Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/15/2030 | 144430 | 125339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/15/2030 | 72141 | 56054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/15/2033 | 77799 | 59047 |
|  British Airways Pass-Through Trust <br>3.80%, 03/20/2033 <sup>(B)</sup> | 143879 | 129834 |
|  Spirit Airlines Pass-Through Trust <br>4.10%, 10/01/2029 | 61152 | 54499 |
| United Airlines Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 04/07/2030 | 220707 | 187957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 01/07/2030 - 04/07/2030 | 294324 | 244938 |
|  |  | 857668 |
| **Automobiles - 0.1%** | **Automobiles - 0.1%** | **Automobiles - 0.1%** |
|  Nissan Motor Co. Ltd. <br>4.35%, 09/17/2027 <sup>(B)</sup> | 200000 | 181546 |
| **Banks - 2.9%** | **Banks - 2.9%** | **Banks - 2.9%** |
|  Bank Leumi Le-Israel BM <br>5.13%, 07/27/2027 <sup>(C)</sup> | 200000 | 198111 |
|  Bank of America Corp. <br>Fixed until 11/10/2027,<br>6.20% <sup>(A)</sup>, 11/10/2028 | 200000 | 206211 |
|  Bank of Ireland Group PLC <br>4.50%, 11/25/2023 <sup>(B)</sup> | 300000 | 296873 |
| Barclays PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 08/09/2025,<br>5.30% <sup>(A)</sup>, 08/09/2026 | 400000 | 397336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 11/02/2027,<br>7.39% <sup>(A)</sup>, 11/02/2028 | 200000 | 208482 |
| BNP Paribas SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 02/25/2031 <sup>(D)</sup>,<br>4.63% <sup>(A)</sup> <sup>(B)</sup> | 200000 | 154521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 08/16/2029 <sup>(D)</sup>,<br>7.75% <sup>(A)</sup> <sup>(B)</sup> | 300000 | 296250 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 02/18/2026 <sup>(D)</sup>,<br>3.88% <sup>(A)</sup> | 500000 | 426250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 06/10/2025 | 750000 | 736750 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| HSBC Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 07/24/2026, 1.75% <sup>(A)</sup>, 07/24/2027 | GBP 200,000 | $207823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 08/11/2032, 5.40% <sup>(A)</sup>, 08/11/2033 | $300000 | 278729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 11/03/2027, 7.39% <sup>(A)</sup>, 11/03/2028 | 200000 | 209891 |
|  KKR Group Finance Co. XII LLC <br>4.85%, 05/17/2032 <sup>(B)</sup> | 200000 | 187353 |
| Lloyds Banking Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/22/2028 | 200000 | 190143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 08/16/2028 | 600000 | 565518 |
|  Mitsubishi UFJ Financial Group, Inc. <br>Fixed until 09/12/2024, 5.06% <sup>(A)</sup>, 09/12/2025 | 300000 | 298024 |
|  Mizuho Financial Group, Inc. <br>Fixed until 05/22/2026, 1.23% <sup>(A)</sup>, 05/22/2027 | 200000 | 173439 |
| NatWest Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 05/22/2027, 3.07% <sup>(A)</sup>, 05/22/2028 | 200000 | 179100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 05/18/2028, 4.89% <sup>(A)</sup>, 05/18/2029 | 300000 | 284338 |
|  Santander Holdings USA, Inc. <br>3.45%, 06/02/2025 | 400000 | 381679 |
|  Santander UK Group Holdings PLC <br>Fixed until 03/15/2031, 2.90% <sup>(A)</sup>, 03/15/2032 | 200000 | 155034 |
|  Societe Generale SA <br>Fixed until 12/14/2025, 1.49% <sup>(A)</sup>, 12/14/2026 <sup>(B)</sup> | 200000 | 174000 |
|  Standard Chartered PLC <br>Fixed until 11/16/2027, 7.77% <sup>(A)</sup>, 11/16/2028 <sup>(B)</sup> | 200000 | 212266 |
|  Stichting AK Rabobank Certificaten <br>Zero Coupon, 12/29/2049 <sup>(C)</sup> <sup>(D)</sup> <sup>(E)</sup> <sup>(F)</sup> | EUR 210,100 | 215636 |
|  Sumitomo Mitsui Financial Group, Inc. <br>2.13%, 07/08/2030 | $400000 | 317181 |
|  SVB Financial Group <br>Fixed until 04/29/2027, 4.35% <sup>(A)</sup>, 04/29/2028 | 200000 | 189399 |
|  UniCredit SpA <br>Fixed until 09/22/2025, 2.57% <sup>(A)</sup>, 09/22/2026 <sup>(B)</sup> | 350000 | 310204 |
|  Wells Fargo & Co. <br>Fixed until 06/17/2026, 3.20% <sup>(A)</sup>, 06/17/2027 | 200000 | 185452 |
|  |  | 7635993 |
| **Beverages - 0.1%** | **Beverages - 0.1%** | **Beverages - 0.1%** |
|  Bacardi Ltd. <br>4.70%, 05/15/2028 <sup>(B)</sup> | 100000 | 95610 |
|  Constellation Brands, Inc. <br>4.75%, 05/09/2032 | 200000 | 193084 |
|  |  | 288694 |
| **Biotechnology - 0.1%** | **Biotechnology - 0.1%** | **Biotechnology - 0.1%** |
| Amgen, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 02/22/2052 | 200000 | 159593 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 6** 

------

##### [**Table of Contents**](#toc)
**Transamerica PIMCO Tactical – Growth VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Biotechnology (continued)** | **Biotechnology (continued)** | **Biotechnology (continued)** |
| Amgen, Inc. (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 05/01/2045 | $200000 | $168194 |
|  |  | 327787 |
| **Building Products - 0.1%** | **Building Products - 0.1%** | **Building Products - 0.1%** |
|  Ferguson Finance PLC <br>3.25%, 06/02/2030 <sup>(B)</sup> | 300000 | 254506 |
| **Capital Markets - 0.9%** | **Capital Markets - 0.9%** | **Capital Markets - 0.9%** |
|  Banco BTG Pactual SA <br>4.50%, 01/10/2025 <sup>(B)</sup> | 200000 | 192750 |
|  Brighthouse Holdings LLC <br>6.50% <sup>(F)</sup>, 07/27/2037 <sup>(B)</sup> <sup>(D)</sup> | 100000 | 89000 |
| Credit Suisse Group AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 06/05/2025,<br>2.19% <sup>(A)</sup>, 06/05/2026 <sup>(B)</sup> | 300000 | 256426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.28%, 01/09/2028 <sup>(B)</sup> | 300000 | 249056 |
| Deutsche Bank AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 11/19/2029,<br>1.75% <sup>(A)</sup>, 11/19/2030 <sup>(C)</sup> | EUR 100,000 | 84021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 05/28/2031,<br>3.04% <sup>(A)</sup>, 05/28/2032 <sup>(G)</sup> | $200000 | 152125 |
|  Goldman Sachs Group, Inc. <br>3-Month LIBOR + 1.75%, <br>6.12% <sup>(A)</sup>, 10/28/2027 | 300000 | 305240 |
|  Macquarie Group Ltd. <br>Fixed until 08/09/2025,<br>5.11% <sup>(A)</sup>, 08/09/2026 <sup>(B)</sup> | 100000 | 99662 |
|  Moody's Corp. <br>3.10%, 11/29/2061 | 200000 | 127048 |
|  Morgan Stanley <br>Fixed until 10/18/2027,<br>6.30% <sup>(A)</sup>, 10/18/2028 | 200000 | 206048 |
|  Nomura Holdings, Inc. <br>2.33%, 01/22/2027 <sup>(E)</sup> | 400000 | 350785 |
|  UBS Group AG <br>Fixed until 08/05/2026,<br>4.70% <sup>(A)</sup>, 08/05/2027 <sup>(B)</sup> | 400000 | 387063 |
|  |  | 2499224 |
| **Chemicals - 0.1%** | **Chemicals - 0.1%** | **Chemicals - 0.1%** |
|  Sasol Financing USA LLC <br>5.88%, 03/27/2024 | 300000 | 293277 |
| **Communications Equipment - 0.1%** | **Communications Equipment - 0.1%** | **Communications Equipment - 0.1%** |
|  Motorola Solutions, Inc. <br>2.30%, 11/15/2030 | 200000 | 156773 |
| **Consumer Finance - 0.0% <sup>(H)</sup>** | **Consumer Finance - 0.0% <sup>(H)</sup>** | **Consumer Finance - 0.0% <sup>(H)</sup>** |
|  Nissan Motor Acceptance Co. LLC <br>2.00%, 03/09/2026 <sup>(B)</sup> | 100000 | 86123 |
| **Containers & Packaging - 0.1%** | **Containers & Packaging - 0.1%** | **Containers & Packaging - 0.1%** |
|  Amcor Flexibles North America, Inc. <br>2.63%, 06/19/2030 | 200000 | 163043 |
|  Berry Global, Inc. <br>4.88%, 07/15/2026 <sup>(B)</sup> | 200000 | 192274 |
|  |  | 355317 |
| **Diversified Financial Services - 0.6%** | **Diversified Financial Services - 0.6%** | **Diversified Financial Services - 0.6%** |
|  Aviation Capital Group LLC <br>5.50%, 12/15/2024 <sup>(B)</sup> | 200000 | 196278 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
|  Blackstone Holdings Finance Co. LLC <br>5.90%, 11/03/2027 <sup>(B)</sup> <sup>(E)</sup> | $100000 | $100604 |
|  Brookfield Finance, Inc. <br>3.90%, 01/25/2028 | 700000 | 643731 |
| DAE Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.55%, 08/01/2024 <sup>(B)</sup> | 200000 | 186192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 03/20/2025 <sup>(B)</sup> | 200000 | 186760 |
|  Helios Leasing I LLC <br>1.56%, 09/28/2024 | 15842 | 15017 |
|  LeasePlan Corp. NV <br>2.88%, 10/24/2024 <sup>(B)</sup> | 200000 | 187620 |
|  PennyMac Financial Services, Inc. <br>5.38%, 10/15/2025 <sup>(B)</sup> | 100000 | 90122 |
|  |  | 1606324 |
| **Diversified Telecommunication Services - 0.1%** | **Diversified Telecommunication Services - 0.1%** | **Diversified Telecommunication Services - 0.1%** |
|  Bell Telephone Co. of Canada / Bell Canada <br>4.30%, 07/29/2049 | 100000 | 81736 |
|  Level 3 Financing, Inc. <br>3.88%, 11/15/2029 <sup>(B)</sup> | 200000 | 157827 |
|  |  | 239563 |
| **Electric Utilities - 1.5%** | **Electric Utilities - 1.5%** | **Electric Utilities - 1.5%** |
|  AEP Texas, Inc. <br>5.25%, 05/15/2052 | 100000 | 96369 |
|  Alabama Power Co. <br>4.15%, 08/15/2044 | 200000 | 167518 |
|  Arizona Public Service Co. <br>2.65%, 09/15/2050 | 100000 | 58571 |
|  Duke Energy Florida LLC <br>3.40%, 10/01/2046 | 200000 | 144739 |
|  ENEL Finance International NV <br>4.63%, 06/15/2027 <sup>(B)</sup> | 200000 | 189467 |
|  Entergy Mississippi LLC <br>2.85%, 06/01/2028 | 700000 | 621117 |
| Georgia Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/15/2042 | 100000 | 86370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 05/15/2032 | 200000 | 193524 |
|  Liberty Utilities Finance GP 1 <br>2.05%, 09/15/2030 <sup>(B)</sup> <sup>(E)</sup> | 200000 | 150711 |
|  Niagara Mohawk Power Corp. <br>4.12%, 11/28/2042 <sup>(B)</sup> | 100000 | 77839 |
|  Northern States Power Co. <br>4.50%, 06/01/2052 | 100000 | 91128 |
| Pacific Gas & Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 07/01/2025 | 250000 | 236827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/15/2025 | 110000 | 103858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/01/2028 - 08/15/2042 | 450000 | 356990 |
|  Pennsylvania Electric Co. <br>3.60%, 06/01/2029 <sup>(B)</sup> | 400000 | 359854 |
| Southern California Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 03/15/2043 | 100000 | 77501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/2047 | 300000 | 235360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 10/01/2043 | 300000 | 261118 |
|  Southwestern Electric Power Co. <br>6.20%, 03/15/2040 | 400000 | 408030 |
|  |  | 3916891 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 7** 

------

##### [**Table of Contents**](#toc)
**Transamerica PIMCO Tactical – Growth VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Electronic Equipment, Instruments & Components - 0.0% <sup>(H)</sup>** | **Electronic Equipment, Instruments & Components - 0.0% <sup>(H)</sup>** | **Electronic Equipment, Instruments & Components - 0.0% <sup>(H)</sup>** |
|  Flex Ltd. <br>4.88%, 06/15/2029 | $100000 | $94339 |
| **Equity Real Estate Investment Trusts - 0.8%** | **Equity Real Estate Investment Trusts - 0.8%** | **Equity Real Estate Investment Trusts - 0.8%** |
|  Alexandria Real Estate Equities, Inc. <br>4.50%, 07/30/2029 | 200000 | 189833 |
| American Tower Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 06/15/2030 | 100000 | 79402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2025 | 760000 | 741167 |
|  Essex Portfolio LP <br>4.00%, 03/01/2029 | 300000 | 274047 |
|  Goodman US Finance Five LLC <br>4.63%, 05/04/2032 <sup>(B)</sup> | 200000 | 182859 |
|  National Retail Properties, Inc. <br>4.80%, 10/15/2048 | 300000 | 250556 |
|  Omega Healthcare Investors, Inc. <br>3.25%, 04/15/2033 | 100000 | 72568 |
|  STORE Capital Corp. <br>2.75%, 11/18/2030 | 200000 | 153971 |
|  UDR, Inc. <br>3.00%, 08/15/2031 | 100000 | 83664 |
|  VICI Properties LP <br>4.38%, 05/15/2025 | 200000 | 193814 |
|  |  | 2221881 |
| **Gas Utilities - 0.2%** | **Gas Utilities - 0.2%** | **Gas Utilities - 0.2%** |
|  Brooklyn Union Gas Co. <br>4.63%, 08/05/2027 <sup>(B)</sup> | 200000 | 191046 |
|  Southern California Gas Co. <br>4.13%, 06/01/2048 | 300000 | 241882 |
|  |  | 432928 |
| **Health Care Providers & Services - 0.5%** | **Health Care Providers & Services - 0.5%** | **Health Care Providers & Services - 0.5%** |
|  AHS Hospital Corp. <br>5.02%, 07/01/2045 | 200000 | 193312 |
|  Centene Corp. <br>2.50%, 03/01/2031 | 100000 | 78247 |
|  CHRISTUS Health <br>4.34%, 07/01/2028 | 200000 | 190374 |
|  Fresenius Medical Care US Finance III, Inc. <br>2.38%, 02/16/2031 <sup>(B)</sup> <sup>(E)</sup> | 200000 | 147011 |
|  Hackensack Meridian Health, Inc. <br>4.50%, 07/01/2057 | 100000 | 85611 |
|  HCA, Inc. <br>4.13%, 06/15/2029 | 100000 | 91518 |
|  Humana, Inc. <br>5.75%, 03/01/2028 | 200000 | 204490 |
|  Nationwide Children's Hospital, Inc. <br>4.56%, 11/01/2052 | 200000 | 178816 |
|  Northwell Healthcare, Inc. <br>3.98%, 11/01/2046 | 200000 | 154341 |
|  |  | 1323720 |
| **Hotels, Restaurants & Leisure - 0.2%** | **Hotels, Restaurants & Leisure - 0.2%** | **Hotels, Restaurants & Leisure - 0.2%** |
|  GLP Capital LP / GLP Financing II, Inc. <br>5.38%, 04/15/2026 | 60000 | 58880 |
|  Marriott International, Inc. <br>2.85%, 04/15/2031 | 100000 | 80948 |
|  Sands China Ltd. <br>4.30%, 01/08/2026 | 300000 | 276837 |
|  |  | 416665 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Insurance - 0.2%** | **Insurance - 0.2%** | **Insurance - 0.2%** |
|  Equitable Financial Life Global Funding <br>5.50%, 12/02/2025 <sup>(B)</sup> | $100000 | $99864 |
|  Fairfax Financial Holdings Ltd. <br>3.38%, 03/03/2031 | 100000 | 82182 |
|  Globe Life, Inc. <br>4.80%, 06/15/2032 | 100000 | 94574 |
|  Liberty Mutual Group, Inc. <br>5.50%, 06/15/2052 <sup>(B)</sup> | 200000 | 180634 |
|  Willis North America, Inc. <br>4.65%, 06/15/2027 | 200000 | 193407 |
|  |  | 650661 |
| **Interactive Media & Services - 0.0% <sup>(H)</sup>** | **Interactive Media & Services - 0.0% <sup>(H)</sup>** | **Interactive Media & Services - 0.0% <sup>(H)</sup>** |
|  Tencent Holdings Ltd. <br>3.98%, 04/11/2029 <sup>(B)</sup> | 100000 | 92371 |
| **IT Services - 0.2%** | **IT Services - 0.2%** | **IT Services - 0.2%** |
|  CGI, Inc. <br>2.30%, 09/14/2031 | 200000 | 152382 |
|  Global Payments, Inc. <br>4.95%, 08/15/2027 | 300000 | 291531 |
|  |  | 443913 |
| **Life Sciences Tools & Services - 0.0% <sup>(H)</sup>** | **Life Sciences Tools & Services - 0.0% <sup>(H)</sup>** | **Life Sciences Tools & Services - 0.0% <sup>(H)</sup>** |
|  Illumina, Inc. <br>2.55%, 03/23/2031 | 100000 | 80318 |
| **Media - 0.6%** | **Media - 0.6%** | **Media - 0.6%** |
|  CCO Holdings LLC / CCO Holdings Capital Corp. <br>4.75%, 03/01/2030 <sup>(B)</sup> | 400000 | 341022 |
| Charter Communications Operating LLC /<br>Charter Communications Operating Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/15/2028 | 300000 | 276178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 03/01/2050 | 200000 | 145592 |
|  Comcast Corp. <br>2.94%, 11/01/2056 | 941000 | 586411 |
|  Discovery Communications LLC <br>4.00%, 09/15/2055 | 243000 | 146698 |
|  |  | 1495901 |
| **Multi-Utilities - 0.1%** | **Multi-Utilities - 0.1%** | **Multi-Utilities - 0.1%** |
|  Consolidated Edison Co. of New York, Inc. <br>6.15%, 11/15/2052 | 100000 | 107770 |
|  San Diego Gas & Electric Co. <br>1.70%, 10/01/2030 | 100000 | 79308 |
|  |  | 187078 |
| **Oil, Gas & Consumable Fuels - 0.5%** | **Oil, Gas & Consumable Fuels - 0.5%** | **Oil, Gas & Consumable Fuels - 0.5%** |
|  Boardwalk Pipelines LP <br>3.40%, 02/15/2031 | 200000 | 167799 |
| Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/2026 | 400000 | 390008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 07/01/2038 | 50000 | 53343 |
|  Enterprise Products Operating LLC <br>3.20%, 02/15/2052 | 230000 | 152007 |
|  Kinder Morgan, Inc. <br>7.75%, 01/15/2032 <sup>(E)</sup> | 100000 | 112514 |
|  Midwest Connector Capital Co. LLC <br>3.90%, 04/01/2024 <sup>(B)</sup> | 200000 | 193712 |
|  Rockies Express Pipeline LLC <br>4.80%, 05/15/2030 <sup>(B)</sup> | 200000 | 175991 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 8** 

------

##### [**Table of Contents**](#toc)
**Transamerica PIMCO Tactical – Growth VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
|  Targa Resources Partners LP / Targa Resources Partners Finance Corp. <br>4.00%, 01/15/2032 | $100000 | $83985 |
|  Tennessee Gas Pipeline Co. LLC <br>7.00%, 10/15/2028 | 100000 | 107003 |
|  Woodside Finance Ltd. <br>3.65%, 03/05/2025 <sup>(B)</sup> | 10000 | 9606 |
|  |  | 1445968 |
| **Pharmaceuticals - 0.3%** | **Pharmaceuticals - 0.3%** | **Pharmaceuticals - 0.3%** |
|  Bayer US Finance II LLC <br>4.63%, 06/25/2038 <sup>(B)</sup> | 600000 | 522888 |
|  Jazz Securities DAC <br>4.38%, 01/15/2029 <sup>(B)</sup> | 200000 | 178230 |
|  |  | 701118 |
| **Road & Rail - 0.1%** | **Road & Rail - 0.1%** | **Road & Rail - 0.1%** |
| Avolon Holdings Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.53%, 11/18/2027 <sup>(B)</sup> | 79000 | 63245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 02/15/2025 <sup>(B)</sup> | 100000 | 92333 |
|  Park Aerospace Holdings Ltd. <br>5.50%, 02/15/2024 <sup>(B)</sup> | 28000 | 27643 |
|  |  | 183221 |
| **Semiconductors & Semiconductor Equipment - 0.1%** | **Semiconductors & Semiconductor Equipment - 0.1%** | **Semiconductors & Semiconductor Equipment - 0.1%** |
|  Broadcom, Inc. <br>3.19%, 11/15/2036 <sup>(B)</sup> | 100000 | 72056 |
|  Micron Technology, Inc. <br>6.75%, 11/01/2029 | 100000 | 101926 |
|  |  | 173982 |
| **Software - 0.5%** | **Software - 0.5%** | **Software - 0.5%** |
|  Fair Isaac Corp. <br>4.00%, 06/15/2028 <sup>(B)</sup> | 100000 | 90751 |
|  Open Text Corp. <br>6.90%, 12/01/2027 <sup>(B)</sup> | 200000 | 200000 |
| Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 05/15/2025 | 760000 | 721610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 11/09/2029 <sup>(G)</sup> | 200000 | 208076 |
|  |  | 1220437 |
| **Technology Hardware, Storage & Peripherals - 0.1%** | **Technology Hardware, Storage & Peripherals - 0.1%** | **Technology Hardware, Storage & Peripherals - 0.1%** |
| Seagate HDD Cayman |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/15/2031 | 73000 | 56981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.63%, 12/01/2032 <sup>(B)</sup> | 101600 | 111435 |
|  |  | 168416 |
| **Trading Companies & Distributors - 0.1%** | **Trading Companies & Distributors - 0.1%** | **Trading Companies & Distributors - 0.1%** |
|  Fortress Transportation & Infrastructure Investors LLC <br>6.50%, 10/01/2025 <sup>(B)</sup> | 153000 | 143851 |
|  **Total Corporate Debt Securities <br>(Cost $34,276,499)** | **Total Corporate Debt Securities <br>(Cost $34,276,499)** | 30347233 |
| **FOREIGN GOVERNMENT OBLIGATIONS - 0.8%** | **FOREIGN GOVERNMENT OBLIGATIONS - 0.8%** | **FOREIGN GOVERNMENT OBLIGATIONS - 0.8%** |
| **Canada - 0.2%** | **Canada - 0.2%** | **Canada - 0.2%** |
|  Province of Quebec <br>2.50%, 04/20/2026 | 600000 | 564621 |
| **Dominican Republic - 0.1%** | **Dominican Republic - 0.1%** | **Dominican Republic - 0.1%** |
|  Dominican Republic International Bonds <br>4.88%, 09/23/2032 <sup>(B)</sup> | 200000 | 166015 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** |
| **Indonesia - 0.1%** | **Indonesia - 0.1%** | **Indonesia - 0.1%** |
|  Perusahaan Penerbit SBSN Indonesia III <br>4.40%, 06/06/2027 <sup>(B)</sup> | $200000 | $197775 |
| **Japan - 0.3%** | **Japan - 0.3%** | **Japan - 0.3%** |
|  Japan Finance Organization for Municipalities <br>2.13%, 10/25/2023 <sup>(B)</sup> | 800000 | 780752 |
| **Peru - 0.1%** | **Peru - 0.1%** | **Peru - 0.1%** |
| Peru Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.94%, 02/12/2029 <sup>(B)</sup> | PEN 300,000 | 72367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.94%, 02/12/2029 <sup>(C)</sup> | 600000 | 144734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.20%, 08/12/2026 <sup>(B)</sup> | 400000 | 110162 |
|  |  | 327263 |
| **Romania - 0.0% <sup>(H)</sup>** | **Romania - 0.0% <sup>(H)</sup>** | **Romania - 0.0% <sup>(H)</sup>** |
|  Romania Government International Bonds <br>2.75%, 04/14/2041 <sup>(B)</sup> | EUR 200,000 | 119785 |
|  **Total Foreign Government Obligations <br>(Cost $2,458,776)** | **Total Foreign Government Obligations <br>(Cost $2,458,776)** | 2156211 |
| **LOAN ASSIGNMENTS - 0.1%** | **LOAN ASSIGNMENTS - 0.1%** | **LOAN ASSIGNMENTS - 0.1%** |
| **Capital Markets - 0.1%** | **Capital Markets - 0.1%** | **Capital Markets - 0.1%** |
|  Zephyrus Capital Aviation Partners LLC <br>Term Loan, <br>4.61%, 10/15/2038 <sup>(I) (J) (K)</sup> | $255676 | 216132 |
| **IT Services - 0.0% <sup>(H)</sup>** | **IT Services - 0.0% <sup>(H)</sup>** | **IT Services - 0.0% <sup>(H)</sup>** |
|  Virtusa Corp. <br>1st Lien Term Loan B, <br>1-Month LIBOR + 3.75%, <br>8.13% <sup>(A)</sup>, 02/11/2028 | 98250 | 94648 |
|  **Total Loan Assignments <br>(Cost $349,719)** | **Total Loan Assignments <br>(Cost $349,719)** | 310780 |
| **MORTGAGE-BACKED SECURITIES - 2.0%** | **MORTGAGE-BACKED SECURITIES - 2.0%** | **MORTGAGE-BACKED SECURITIES - 2.0%** |
|  Angel Oak Mortgage Trust <br>Series 2020-4, Class A1, <br>1.47% <sup>(A)</sup>, 06/25/2065 <sup>(B)</sup> | 44365 | 39635 |
|  Ashford Hospitality Trust <br>Series 2018-ASHF, Class A, <br>1-Month LIBOR + 0.90%, <br>5.22% <sup>(A)</sup>, 04/15/2035 <sup>(B)</sup> | 151578 | 146424 |
|  BAMLL Commercial Mortgage Securities Trust <br>Series 2019-RLJ, Class A, <br>1-Month LIBOR + 1.05%, <br>5.37% <sup>(A)</sup>, 04/15/2036 <sup>(B)</sup> | 300000 | 293124 |
|  Bear Stearns Alt-A Trust <br>Series 2005-7, Class 22A1, <br>3.73% <sup>(A)</sup>, 09/25/2035 | 80359 | 49485 |
|  BIG Commercial Mortgage Trust <br>Series 2022-BIG, Class A, <br>1-Month Term SOFR + 1.34%, <br>5.68% <sup>(A)</sup>, 02/15/2039 <sup>(B)</sup> | 200000 | 191941 |
|  ChaseFlex Trust <br>Series 2007-2, Class A1, <br>1-Month LIBOR + 0.56%, <br>4.95% <sup>(A)</sup>, 05/25/2037 | 108720 | 104525 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 9** 

------

##### [**Table of Contents**](#toc)
**Transamerica PIMCO Tactical – Growth VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
|  COMM Mortgage Trust <br>Series 2018-HOME, Class A, <br>3.82% <sup>(A)</sup>, 04/10/2033 <sup>(B)</sup> | $300000 | $272899 |
|  Credit Suisse First Boston Mortgage Securities Corp. <br>Series 2004-AR7, Class 2A1, <br>3.63% <sup>(A)</sup>, 11/25/2034 | 24277 | 23252 |
|  DBUBS Mortgage Trust <br>Series 2017-BRBK, Class A, <br>3.45%, 10/10/2034 <sup>(B)</sup> | 600000 | 564228 |
|  DROP Mortgage Trust <br>Series 2021-FILE, Class A, <br>1-Month LIBOR + 1.15%, <br>5.47% <sup>(A)</sup>, 10/15/2043 <sup>(B)</sup> | 100000 | 95232 |
|  Extended Stay America Trust <br>Series 2021-ESH, Class A, <br>1-Month LIBOR + 1.08%, <br>5.40% <sup>(A)</sup>, 07/15/2038 <sup>(B)</sup> | 292858 | 284409 |
|  HarborView Mortgage Loan Trust <br>Series 2005-4, Class 3A1, <br>3.28% <sup>(A)</sup>, 07/19/2035 | 19968 | 14532 |
|  Independence Plaza Trust <br>Series 2018-INDP, Class A, <br>3.76%, 07/10/2035 <sup>(B)</sup> | 400000 | 374977 |
|  La Hipotecaria El Salvadorian Mortgage Trust Series 2016-1A, Class A, <br>3.36%, 01/15/2046 <sup>(B) (K)</sup> | 221878 | 211863 |
|  MASTR Alternative Loan Trust <br>Series 2003-9, Class 4A1, <br>5.25%, 11/25/2033 | 59650 | 56425 |
|  Merrill Lynch Mortgage Investors Trust <br>Series 2003-B, Class A1, <br>1-Month LIBOR + 0.68%, <br>5.07% <sup>(A)</sup>, 04/25/2028 | 54487 | 50936 |
|  Mill City Mortgage Loan Trust <br>Series 2019-GS2, Class A1, <br>2.75% <sup>(A)</sup>, 08/25/2059 <sup>(B)</sup> | 86984 | 81382 |
|  Morgan Stanley Bank of America Merrill Lynch Trust <br>Series 2015-C25, Class A4, <br>3.37%, 10/15/2048 | 500000 | 473685 |
|  MortgageIT Trust <br>Series 2005-2, Class 1A1, <br>1-Month LIBOR + 0.52%, <br>4.91% <sup>(A)</sup>, 05/25/2035 | 6867 | 6541 |
|  Natixis Commercial Mortgage Securities Trust Series 2019-10K, Class A, <br>3.62%, 05/15/2039 <sup>(B)</sup> | 400000 | 347092 |
| New Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-RPL3, Class A1,<br>2.75% <sup>(A)</sup>, 07/25/2059 <sup>(B)</sup> | 253584 | 235808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-RPL1, Class A1,<br>2.75% <sup>(A)</sup>, 11/25/2059 <sup>(B)</sup> | 103776 | 94667 |
|  NYO Commercial Mortgage Trust <br>Series 2021-1290, Class A, <br>1-Month LIBOR + 1.10%, <br>5.41% <sup>(A)</sup>, 11/15/2038 <sup>(B)</sup> | 300000 | 271793 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
|  Towd Point Mortgage Funding PLC <br>Series 2019-GR4A, Class A1, <br>SONIA + 1.14%, <br>3.95% <sup>(A)</sup>, 10/20/2051 <sup>(B)</sup> | GBP 293,673 | $353930 |
|  WaMu Mortgage Pass-Through Certificates Trust <br>Series 2006-AR9, Class 2A, <br>12-MTA + 1.05%, <br>3.10% <sup>(A)</sup>, 08/25/2046 | $202438 | 153484 |
|  Worldwide Plaza Trust<br>Series 2017-WWP, Class A,<br>3.53%, 11/10/2036 <sup>(B)</sup> | 500000 | 429478 |
|  **Total Mortgage-Backed Securities <br>(Cost $5,737,037)** |  | 5221747 |
| **MUNICIPAL GOVERNMENT OBLIGATIONS - 0.4%** | **MUNICIPAL GOVERNMENT OBLIGATIONS - 0.4%** | **MUNICIPAL GOVERNMENT OBLIGATIONS - 0.4%** |
| **California - 0.1%** | **California - 0.1%** | **California - 0.1%** |
|  Bay Area Toll Authority, Revenue Bonds,<br>Series S1, <br>6.92%, 04/01/2040 | 100000 | 116842 |
|  Los Angeles Community College District, General Obligation Unlimited, <br>6.60%, 08/01/2042 | 100000 | 119977 |
|  State of California, General Obligation Unlimited, <br>7.35%, 11/01/2039 | 150000 | 183101 |
|  |  | 419920 |
| **New York - 0.1%** | **New York - 0.1%** | **New York - 0.1%** |
|  New York State Urban Development Corp., Revenue Bonds, <br>1.83%, 03/15/2029 | 200000 | 166267 |
| **Pennsylvania - 0.1%** | **Pennsylvania - 0.1%** | **Pennsylvania - 0.1%** |
|  Commonwealth Financing Authority,<br>Revenue Bonds,<br>Series A,<br>2.99%, 06/01/2042 | 200000 | 144021 |
| **Texas - 0.1%** | **Texas - 0.1%** | **Texas - 0.1%** |
|  Texas Transportation Commission State Highway Fund, Revenue Bonds, <br>4.00%, 10/01/2033 | 200000 | 181828 |
|  **Total Municipal Government Obligations <br>(Cost $1,100,233)** | **Total Municipal Government Obligations <br>(Cost $1,100,233)** | 912036 |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS - 11.0%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 11.0%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 11.0%** |
| Federal Home Loan Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.02%, <br>4.32% <sup>(A)</sup>, 01/06/2023 - 01/10/2023 | 3600000 | 3600005 |
| &nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.05%, <br>4.35% <sup>(A)</sup>, 03/06/2023 <sup>(L)</sup> | 3700000 | 3700200 |
|  Federal Home Loan Mortgage Corp. <br>4.50%, 08/01/2048 | 168081 | 165433 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates <br>3.21% <sup>(A)</sup>, 04/25/2028 | 600000 | 559766 |
| Federal Home Loan Mortgage Corp.<br>REMIC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 0.35%, <br>3.36% <sup>(A)</sup>, 01/15/2038 | 174867 | 174824 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 10** 

------

##### [**Table of Contents**](#toc)
**Transamerica PIMCO Tactical – Growth VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| Federal Home Loan Mortgage Corp. REMIC<br>(continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/15/2048 | $714566 | $628165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 0.40%, <br>4.72% <sup>(A)</sup>, 02/15/2041 - 09/15/2045 | 379816 | 371338 |
|  Federal Home Loan Mortgage Corp. REMIC, Interest Only STRIPS <br>0.00% <sup>(A)</sup>, 01/15/2038 | 174867 | 6519 |
|  Federal Home Loan Mortgage Corp., Interest Only STRIPS <br>(1.00) \* 1-Month LIBOR + 5.89%, <br>1.57% <sup>(A)</sup>, 09/15/2043 | 214937 | 19611 |
| Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/2045 | 53224 | 49607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/2050 | 1538293 | 1457104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/01/2039 - 02/01/2041 | 84397 | 83685 |
|  Federal National Mortgage Association REMIC <br>1-Month LIBOR + 0.55%, <br>4.94% <sup>(A)</sup>, 02/25/2041 | 26523 | 26435 |
|  Federal National Mortgage Association REMIC, Interest Only STRIPS <br>3.00%, 03/25/2028 | 91522 | 5048 |
| Government National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, TBA <sup>(M)</sup> | 700000 | 663114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, TBA <sup>(M)</sup> | 200000 | 194187 |
| Government National Mortgage Association<br>REMIC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 0.80%, <br>4.58% <sup>(A)</sup>, 06/20/2066 | 288071 | 285188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Month LIBOR + 0.80%, <br>4.64% <sup>(A)</sup>, 05/20/2066 | 494912 | 488540 |
|  Tagua Leasing LLC <br>1.58%, 11/16/2024 | 18111 | 17496 |
| Uniform Mortgage-Backed Security |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, TBA <sup>(M)</sup> | 5700000 | 5012693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, TBA <sup>(M)</sup> | 400000 | 364034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, TBA <sup>(M)</sup> | 8900000 | 8358497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, TBA <sup>(M)</sup> | 1400000 | 1348594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, TBA <sup>(M)</sup> | 1100000 | 1115727 |
|  **Total U.S. Government Agency Obligations <br>(Cost $29,226,719)** | **Total U.S. Government Agency Obligations <br>(Cost $29,226,719)** | 28695810 |
| **U.S. GOVERNMENT OBLIGATIONS - 9.8%** | **U.S. GOVERNMENT OBLIGATIONS - 9.8%** | **U.S. GOVERNMENT OBLIGATIONS - 9.8%** |
| **U.S. Treasury - 9.4%** | **U.S. Treasury - 9.4%** | **U.S. Treasury - 9.4%** |
| U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 05/15/2040 | 680000 | 428852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 11/15/2040 <sup>(N) (O)</sup> | 7180000 | 4703180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 08/15/2050 <sup>(N)</sup> | 800000 | 449156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 08/15/2041 | 1700000 | 1172004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/15/2041 - 11/15/2051 | 3260000 | 2309418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/15/2051 <sup>(N)</sup> | 200000 | 128367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/15/2041 | 3200000 | 2301625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 02/15/2052 | 200000 | 140437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 02/15/2042 | 900000 | 692086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 11/15/2046 <sup>(E) (N)</sup> | 1200000 | 969375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/15/2052 | 300000 | 242625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/15/2048 - 08/15/2048 <sup>(N)</sup> | 1670000 | 1381418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/15/2052 <sup>(E)</sup> | 1700000 | 1413656 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **U.S. GOVERNMENT OBLIGATIONS (continued)** | **U.S. GOVERNMENT OBLIGATIONS (continued)** | **U.S. GOVERNMENT OBLIGATIONS (continued)** |
| **U.S. Treasury (continued)** | **U.S. Treasury (continued)** | **U.S. Treasury (continued)** |
| U.S. Treasury Bonds (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/15/2041 - 05/15/2048 <sup>(N)</sup> | $2310000 | $1986740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/15/2042 | 1800000 | 1588781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/15/2042 | 1400000 | 1259781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/2042 <sup>(E)</sup> | 1500000 | 1478203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/15/2041 <sup>(N)</sup> | 1900000 | 1980750 |
|  |  | 24626454 |
| **U.S. Treasury Inflation-Protected Securities - 0.4%** | **U.S. Treasury Inflation-Protected Securities - 0.4%** | **U.S. Treasury Inflation-Protected Securities - 0.4%** |
| U.S. Treasury Inflation-Protected<br>Indexed Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 01/15/2032 | 214986 | 188516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 07/15/2032 | 820440 | 752283 |
|  |  | 940799 |
|  **Total U.S. Government Obligations <br>(Cost $32,096,466)** | **Total U.S. Government Obligations <br>(Cost $32,096,466)** | 25567253 |
| **SHORT-TERM U.S. GOVERNMENT OBLIGATION - 0.1%** | **SHORT-TERM U.S. GOVERNMENT OBLIGATION - 0.1%** | **SHORT-TERM U.S. GOVERNMENT OBLIGATION - 0.1%** |
|  U.S. Treasury Bills <br>4.08% <sup>(P)</sup>, 02/02/2023 | 268000 | 267150 |
|  **Total Short-Term U.S. Government Obligation <br>(Cost $267,049)** | **Total Short-Term U.S. Government Obligation <br>(Cost $267,049)** | 267150 |
|  | **Shares** | **Value** |
| **OTHER INVESTMENT COMPANY - 1.4%** | **OTHER INVESTMENT COMPANY - 1.4%** | **OTHER INVESTMENT COMPANY - 1.4%** |
| **Securities Lending Collateral - 1.4%** | **Securities Lending Collateral - 1.4%** | **Securities Lending Collateral - 1.4%** |
|  State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 4.29% <sup>(P)</sup> | 3559856 | 3559856 |
|  **Total Other Investment Company <br>(Cost $3,559,856)** | **Total Other Investment Company <br>(Cost $3,559,856)** | 3559856 |
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENTS - 63.7%** | **REPURCHASE AGREEMENTS - 63.7%** | **REPURCHASE AGREEMENTS - 63.7%** |
|  Fixed Income Clearing Corp., 1.80% <sup>(P)</sup>, dated 12/30/2022, to be repurchased at $115,986,945 on 01/03/2023. Collateralized by a U.S. Government Obligation, 4.77%, due 12/28/2023, and with a value of $118,283,097. | $115963753 | 115963753 |
|  Goldman Sachs & Co., 4.22% <sup>(P)</sup>, dated 12/20/2022, to be repurchased at $50,082,056 on 01/04/2023. Collateralized by a U.S. Government Obligation, 0.38%, due 07/31/2027, and Cash with a total value of $51,076,918. | 50000000 | 50000000 |
|  **Total Repurchase Agreements <br>(Cost $165,963,753)** | **Total Repurchase Agreements <br>(Cost $165,963,753)** | 165963753 |
|  **Total Investments Excluding Options Purchased <br>(Cost $281,979,214)** | **Total Investments Excluding Options Purchased <br>(Cost $281,979,214)** | 269745991 |
|  **Total Options Purchased - 1.4% <br>(Cost $4,144,417)** | **Total Options Purchased - 1.4% <br>(Cost $4,144,417)** | 3643720 |
|  **Total Investments Before Securities Sold Short <br>(Cost $286,123,631)** | **Total Investments Before Securities Sold Short <br>(Cost $286,123,631)** | 273389711 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 11** 

------

##### [**Table of Contents**](#toc)
**Transamerica PIMCO Tactical – Growth VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **TBA SHORT COMMITMENT - (0.3)%** | **TBA SHORT COMMITMENT - (0.3)%** | **TBA SHORT COMMITMENT - (0.3)%** |
| **U.S. GOVERNMENT AGENCY OBLIGATION - (0.3)%** | **U.S. GOVERNMENT AGENCY OBLIGATION - (0.3)%** | **U.S. GOVERNMENT AGENCY OBLIGATION - (0.3)%** |
|  Uniform Mortgage-Backed Security <br>4.00%, TBA <sup>(M)</sup> | $(800000) | $(751094) |
|  **Total TBA Short Commitment <br>(Proceeds $(751813))** | **Total TBA Short Commitment <br>(Proceeds $(751813))** | (751094) |
|  **Net Other Assets (Liabilities), Net of Securities Sold Short - (4.6)%** |  | (12076106) |
|  **Net Assets - 100.0%** |  | **$260562511** |

---

**OVER-THE-COUNTER OPTIONS PURCHASED:** 

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Exercise<br>Price** | **Expiration<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Number of<br>Contracts** | **Premiums<br>Paid** | **Value** |
|  Put - S&P 500<sup>®</sup> Index | MSC | USD | &nbsp;&nbsp;&nbsp;&nbsp;3275.00 | 12/15/2023 | USD | &nbsp;&nbsp;&nbsp;&nbsp;109041800 | 284 | $&nbsp;&nbsp;&nbsp;&nbsp;4144417 | $&nbsp;&nbsp;&nbsp;&nbsp;3643720 |

---

**OVER-THE-COUNTER INTEREST RATE SWAPTIONS WRITTEN:** 

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Floating Rate Index** | **Pay/Receive<br>Floating Rate** | **Exercise<br>Rate** | **Expiration<br>Date** | **Notional Amount/<br>Number of<br>Contracts** | **Notional Amount/<br>Number of<br>Contracts** | **Premiums<br>(Received)** | **Value** |
|  Call - 5-Year | JPM | 1-Year USD-SOFR | Receive | 3.20% | 01/12/2023 | USD | 1600000 | $(4960) | $(72) |
|  Call - 5-Year | GSB | 1-Year USD-SOFR | Receive | 3.23 | 01/23/2023 | USD | 500000 | (1238) | (189) |
|  Put - 5-Year | GSB | 1-Year USD-SOFR | Pay | 3.73 | 01/23/2023 | USD | 500000 | (1238) | (2907) |
|  Put - 5-Year | JPM | 1-Year USD-SOFR | Pay | 3.80 | 01/12/2023 | USD | 1600000 | (4960) | (4770) |
|  **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | $**(12396)** | $**(7938)** |
|  |  |  |  |  |  |  |  | **Premiums<br>(Received)** | **Value** |
|  **TOTAL WRITTEN OPTIONS AND SWAPTIONS** | **TOTAL WRITTEN OPTIONS AND SWAPTIONS** | **TOTAL WRITTEN OPTIONS AND SWAPTIONS** | **TOTAL WRITTEN OPTIONS AND SWAPTIONS** | **TOTAL WRITTEN OPTIONS AND SWAPTIONS** | **TOTAL WRITTEN OPTIONS AND SWAPTIONS** | **TOTAL WRITTEN OPTIONS AND SWAPTIONS** | **TOTAL WRITTEN OPTIONS AND SWAPTIONS** | $**(12396)** | $**(7938)** |

---

**CENTRALLY CLEARED SWAP AGREEMENTS:** 

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit Default Swap Agreements on Credit Indices - Sell Protection <sup>(Q)</sup>** | **Credit Default Swap Agreements on Credit Indices - Sell Protection <sup>(Q)</sup>** | **Credit Default Swap Agreements on Credit Indices - Sell Protection <sup>(Q)</sup>** | **Credit Default Swap Agreements on Credit Indices - Sell Protection <sup>(Q)</sup>** | **Credit Default Swap Agreements on Credit Indices - Sell Protection <sup>(Q)</sup>** | **Credit Default Swap Agreements on Credit Indices - Sell Protection <sup>(Q)</sup>** | **Credit Default Swap Agreements on Credit Indices - Sell Protection <sup>(Q)</sup>** | **Credit Default Swap Agreements on Credit Indices - Sell Protection <sup>(Q)</sup>** | |  |
| **Reference Obligation** | **Fixed Rate<br>Receivable** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount <sup>(R)</sup>** | **Notional<br>Amount <sup>(R)</sup>** | **Value <sup>(S)</sup>** | **Premiums<br>Paid<br>(Received)** | <br>**Net Unrealized<br>Appreciation<br>(Depreciation)** |  |
|  MSCI Emerging Markets Index - Series 38 | 1.00% | Quarterly |  | 12/20/2027 | USD | 300000 | $&nbsp;&nbsp;&nbsp;&nbsp;(17452) | $&nbsp;&nbsp;&nbsp;&nbsp;(23660) | $6208 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swap Agreements** | **Interest Rate Swap Agreements** | **Interest Rate Swap Agreements** | **Interest Rate Swap Agreements** | **Interest Rate Swap Agreements** | **Interest Rate Swap Agreements** | **Interest Rate Swap Agreements** | **Interest Rate Swap Agreements** | **Interest Rate Swap Agreements** | **Interest Rate Swap Agreements** |
| **Floating Rate Index** | **Pay/Receive<br>Fixed Rate** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Value** | **Premiums<br>Paid<br>(Received)** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
|  3-Month CAD-CDOR | Receive | 1.22% | Semi-Annually | 03/03/2025 | CAD | 200000 | $(11098) | $— | $(11098) |
|  3-Month CAD-CDOR | Receive | 1.24 | Semi-Annually | 03/04/2025 | CAD | 700000 | (38574) | 406 | (38980) |
|  3-Month USD-LIBOR | Pay | 1.44 | Semi-Annually/Quarterly | 07/21/2031 | USD | 1200000 | 212413 |  | 212413 |
|  3-Month USD-LIBOR | Pay | 1.49 | Semi-Annually/Quarterly | 06/23/2031 | USD | 700000 | 118323 |  | 118323 |
|  3-Month USD-LIBOR | Pay | 2.00 | Semi-Annually/Quarterly | 12/15/2051 | USD | 800000 | 218353 | (24976) | 243329 |
|  12-Month USD-SOFR | Pay | 1.75 | Annually | 12/15/2051 | USD | 900000 | 241184 | (36638) | 277822 |
|  BRL-CDI | Receive | 12.98 | Maturity | 01/04/2027 | BRL | 3800000 | 7838 |  | 7838 |
|  **Total** |  |  |  |  |  |  | $**748439** | $**(61208)** | $**809647** |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 12** 

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##### [**Table of Contents**](#toc)
**Transamerica PIMCO Tactical – Growth VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

**FUTURES CONTRACTS:** 

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Long Futures Contracts** | **Long Futures Contracts** | **Long Futures Contracts** | **Long Futures Contracts** | **Long Futures Contracts** | **Long Futures Contracts** | **Long Futures Contracts** |
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  2-Year U.S. Treasury Notes | 45 | 03/31/2023 | $9229276 | $9228516 | $— | $(760) |
|  10-Year U.S. Treasury Notes | 126 | 03/22/2023 | &nbsp;&nbsp;&nbsp;&nbsp;14225375 | &nbsp;&nbsp;&nbsp;&nbsp;14149406 |  | (75969) |
|  30-Year U.S. Treasury Bonds | 14 | 03/22/2023 | 1766864 | 1754813 |  | (12051) |
|  E-Mini Russell 2000<sup>®</sup> Index | 146 | 03/17/2023 | 13338782 | 12927570 |  | (411212) |
|  MSCI EAFE Index | 414 | 03/17/2023 | 41356351 | 40352580 |  | (1003771) |
|  S&P 500<sup>®</sup> E-Mini Index | 472 | 03/17/2023 | 94489435 | 91119600 |  | (3369835) |
|  **Total** |  |  |  |  | $**—** | $**(4873598)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** |
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  5-Year U.S. Treasury Notes | (6) | 03/31/2023 | $(651743) | $(647578) | $4165 | $— |
|  10-Year U.S. Treasury Ultra Notes | (102) | 03/22/2023 | &nbsp;&nbsp;&nbsp;&nbsp;(12116785) | &nbsp;&nbsp;&nbsp;&nbsp;(12064688) | 52097 |  |
|  **Total** |  |  |  |  | $**56262** | $**—** |
|  **Total Futures Contracts** |  |  |  |  | $**56262** | $**(4873598)** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** |
| **Counterparty** | **Settlement<br>Date** | **Currency<br>Purchased** | **Currency<br>Purchased** | **Currency<br>Sold** | **Currency<br>Sold** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  BNP | 03/21/2023 | MXN | 38000 | USD | 1885 | $36 | $— |
|  BOA | 01/19/2023 | USD | 49173 | PEN | 189118 |  | (529) |
|  BOA | 02/22/2023 | PEN | 189673 | USD | 49173 | 522 |  |
|  CITI | 01/04/2023 | USD | 1980 | BRL | 10394 | 13 |  |
|  CITI | 01/04/2023 | BRL | 894852 | USD | 168000 | 1338 |  |
|  CITI | 02/01/2023 | USD | 502103 | PEN | 2002388 |  | (23442) |
|  GSB | 01/04/2023 | USD | 165955 | BRL | 884458 |  | (1416) |
|  GSB | 04/04/2023 | BRL | 884458 | USD | 163050 | 1473 |  |
|  HSBC | 01/10/2023 | USD | 98583 | DKK | 705000 |  | (2984) |
|  HSBC | 01/10/2023 | USD | 842648 | EUR | 804000 |  | (18610) |
|  HSBC | 01/10/2023 | USD | 414377 | GBP | 340000 | 3222 |  |
|  SCB | 01/17/2023 | PEN | 94536 | USD | 24593 | 257 |  |
|  SCB | 01/19/2023 | PEN | 188641 | USD | 48915 | 662 |  |
|  SCB | 01/27/2023 | PEN | 94289 | USD | 24625 | 132 |  |
|  **Total** |  |  |  |  |  | $**7655** | $**(46981)** |

---

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(T)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Asset-Backed Securities | $— | $6744162 | $— | $6744162 |
|  Corporate Debt Securities |  | 30347233 |  | 30347233 |
|  Foreign Government Obligations |  | 2156211 |  | 2156211 |
|  Loan Assignments |  | 310780 |  | 310780 |
|  Mortgage-Backed Securities |  | 5221747 |  | 5221747 |
|  Municipal Government Obligations |  | 912036 |  | 912036 |
|  U.S. Government Agency Obligations |  | 28695810 |  | 28695810 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 13** 

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##### [**Table of Contents**](#toc)
**Transamerica PIMCO Tactical – Growth VP** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

**INVESTMENT VALUATION (continued):** 

------

**Valuation Inputs (continued) <sup>(T)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  U.S. Government Obligations | $— | $25567253 | $— | $25567253 |
|  Short-Term U.S. Government Obligation |  | 267150 |  | 267150 |
|  Other Investment Company | 3559856 |  |  | 3559856 |
|  Repurchase Agreements |  | 165963753 |  | 165963753 |
|  Over-the-Counter Options Purchased | 3643720 |  |  | 3643720 |
|  **Total Investments** | $**7203576** | $**266186135** | $**—** | $**273389711** |
|  **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** |
|  Centrally Cleared Interest Rate Swap Agreements | $— | $798111 | $— | $798111 |
|  Futures Contracts <sup>(U)</sup> | 56262 |  |  | 56262 |
|  Forward Foreign Currency Contracts <sup>(U)</sup> |  | 7655 |  | 7655 |
|  **Total Other Financial Instruments** | $**56262** | $**805766** | $**—** | $**862028** |
|  **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** |
|  **Securities Sold Short** | **Securities Sold Short** | **Securities Sold Short** | **Securities Sold Short** | **Securities Sold Short** |
|  U.S. Government Agency Obligation | $— | $(751094) | $— | $(751094) |
|  **Total Securities Sold Short** | $**—** | $**(751094)** | $**—** | $**(751094)** |
|  **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** |
|  Over-the-Counter Interest Rate Swaptions Written | $— | $(7938) | $— | $(7938) |
|  Centrally Cleared Credit Default Swap Agreements |  | (17452) |  | (17452) |
|  Centrally Cleared Interest Rate Swap Agreements |  | (49672) |  | (49672) |
|  Futures Contracts <sup>(U)</sup> | (4873598) |  |  | (4873598) |
|  Forward Foreign Currency Contracts <sup>(U)</sup> |  | (46981) |  | (46981) |
|  **Total Other Financial Instruments** | $**(4873598)** | $**(122043)** | $**—** | $**(4995641)** |
| **Transfers** |  |  |  |  |
| **Investments** | **Transfers from<br>Level 1 to Level 3** | **Transfers from<br>Level 3 to Level 1** | **Transfers from<br>Level 2 to Level 3** | **Transfers from<br>Level 3 to Level 2** |
|  Loan Assignments <sup>(I)</sup> | $— | $— | $— | $216132 |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *Floating or variable rate securities. The rates disclosed are as of December 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.* 

(B) *Securities are exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2022, the total value of 144A securities is $20,786,571, representing 8.0% of the Portfolio's net assets.* 

(C) *Securities are exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Securities may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At December 31, 2022, the total value of Regulation S securities is $642,502, representing 0.2% of the Portfolio's net assets.* 

(D) *Perpetual maturity. The date displayed is the next call date.* 

(E) *All or a portion of the securities are on loan. The total value of all securities on loan is $4,911,305, collateralized by cash collateral of $3,559,856 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $1,451,340. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.* 

(F) *Step bonds. Coupon rates change in increments to maturity. The rates disclosed are as of December 31, 2022; the maturity dates disclosed are the ultimate maturity dates.* 

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 14** 

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##### [**Table of Contents**](#toc)
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**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

**FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):** 

(G) *Restricted securities. At December 31, 2022, the value of such securities held by the Portfolio are as follows:* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Description** | **Acquisition<br>Date** | **Acquisition<br>Cost** | **Value** | **Value as<br>Percentage of<br>Net Assets** |
|  Corporate Debt Securities | Deutsche Bank AG <br>Fixed until 05/28/2031,<br>3.04%, 05/28/2032 | 06/03/2021 | $199708 | $152125 | 0.1% |
|  Corporate Debt Securities | Oracle Corp. <br>6.15%, 11/09/2029 | 11/07/2022 | 199810 | 208076 | 0.1 |
|  **Total** |  |  | $**399518** | $**360201** | **0.2%** |

---

(H) *Percentage rounds to less than 0.1% or (0.1)%.* 

(I) *Transferred from Level 3 to 2 due to utilizing significant observable inputs. As of prior reporting period, the security utilized significant unobservable inputs.* 

(J) *Fixed rate loan commitment at December 31, 2022.* 

(K) *Fair valued as determined in good faith in accordance with procedures established by the Board. At December 31, 2022, the total value of securities is $427,995, representing 0.2% of the Portfolio's net assets.* 

(L) *All or a portion of the security has been segregated by the custodian as collateral to cover margin requirements for open futures contracts. The value of the security is $1,225,066.* 

(M) *When-issued, delayed-delivery and/or forward commitment (including TBAs) securities. Securities to be settled and delivered after December 31, 2022. Securities may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.* 

(N) *Securities are subject to sale-buyback transactions. The average amount of sale-buybacks outstanding during the year ended December 31, 2022 was $0 at a weighted average interest rate of 0.00%.* 

(O) *All or a portion of the security has been segregated by the custodian as collateral for open TBA commitment transactions. The value of the security is $2,065,993.* 

(P) *Rates disclosed reflect the yields at December 31, 2022.* 

(Q) *If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (a) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced obligation or (b) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap agreement less the recovery value of the referenced obligation or underlying securities comprising the referenced obligation.* 

(R) *The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.* 

(S) *The quoted market prices and resulting values for credit default swap agreements on asset-backed securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative had the notional amount of the swap agreement been closed/sold as of the period ended. Increasing market values, in absolute terms when compared to the notional amount of the swap agreement, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.* 

(T) *The Portfolio recognized transfers in and out of Level 3 as of December 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

(U) *Derivative instruments are valued at unrealized appreciation (depreciation).* 

**CURRENCY ABBREVIATIONS:** 

---

| | |
|:---|:---|
| *BRL* | *Brazilian Real* |
| *CAD* | *Canadian Dollar* |
| *DKK* | *Danish Krone* |
| *EUR* | *Euro* |
| *GBP* | *Pound Sterling* |
| *MXN* | *Mexican Peso* |
| *PEN* | *Peruvian Sol* |
| *USD* | *United States Dollar* |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 15** 

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##### [**Table of Contents**](#toc)
**Transamerica PIMCO Tactical – Growth VP** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

**COUNTERPARTY ABBREVIATIONS:** 

---

| | |
|:---|:---|
| *BNP* | *BNP Paribas* |
| *BOA* | *Bank of America, N.A.* |
| *CITI* | *Citibank, N.A.* |
| *GSB* | *Goldman Sachs Bank* |
| *HSBC* | *HSBC Bank USA* |
| *JPM* | *JPMorgan Chase Bank, N.A.* |
| *MSC* | *Morgan Stanley & Co.* |
| *SCB* | *Standard Chartered Bank* |

---

**PORTFOLIO ABBREVIATIONS:** 

---

| | |
|:---|:---|
| *BRL-CDI* | *Brazil Interbank Deposit Rate* |
| *CDOR* | *Canadian Dollar Offered Rate* |
| *EAFE* | *Europe, Australasia and Far East* |
| *EURIBOR* | *Euro Interbank Offer Rate* |
| *LIBOR* | *London Interbank Offered Rate* |
| *MTA* | *Month Treasury Average* |
| *SOFR* | *Secured Overnight Financing Rate* |
| *SONIA* | *Sterling Overnight Interbank Average* |
| *STRIPS* | *Separate Trading of Registered Interest and Principal of Securities* |
| *TBA* | *To Be Announced* |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 16** 

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**Transamerica PIMCO Tactical – Growth VP** 

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**STATEMENT OF ASSETS AND LIABILITIES** 

**At December 31, 2022** 

---

| | |
|:---|:---|
|  **Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value (cost $120,159,878) <br>(including securities loaned of $4,911,305) | $&nbsp;&nbsp;&nbsp;&nbsp;107425958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreement, at value (cost $165,963,753) | 165963753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral pledged at broker for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrally cleared swap agreements | 386000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 8170000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value (cost $167,089) | 162506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables and other assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 1707995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; When-issued, delayed-delivery, forward and TBA commitments sold | 14959029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 1849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest sold | 8075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 734765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin receivable on centrally cleared swap agreements | 44932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts | 7655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 1163 |
|  Total assets | 299573680 |
|  **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA short commitments, at value (proceeds $751,813) | 751094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral received upon return of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities on loan | 3559856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral at broker for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA commitments | 280000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreements | 360000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written options and swaptions, at value (premium received $12,396) | 7938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables and other liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; When-issued, delayed-delivery, forward and TBA commitments purchased | 31300379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest redeemed | 50733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to custodian | 1698883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 185526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 54162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 2571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 33605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 18288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 1636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 48250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 4449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin payable on futures contracts | 606505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts | 46981 |
|  Total liabilities | 39011169 |
|  **Net assets** | $260562511 |
|  **Net assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital stock ($0.01 par value) | $306140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 323485419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) | (63229048) |
|  **Net assets** | $260562511 |
|  **Net assets by class:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | $11304543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 249257968 |
|  **Shares outstanding:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 1286305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 29327669 |
|  **Net asset value and offering price per share:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | $8.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 8.50 |

---

**STATEMENT OF OPERATIONS** 

**For the year ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | $5791404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 26535 |
|  Total investment income | 5817939 |
|  **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 2436283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 713862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 3084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 12465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 46569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 82964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 16489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 30706 |
|  Total expenses | 3342422 |
|  **Net investment income (loss)** | 2475517 |
|  **Net realized gain (loss) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (2169773) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written options and swaptions | 47953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | 595198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (41461515) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | 169380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (34265) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA short commitments | 13198 |
|  Net realized gain (loss) | (42839824) |
|  **Net change in unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (14559783) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written options and swaptions | (3937) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | 824523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (10046083) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (64742) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Translation of assets and liabilities denominated in foreign currencies | (8031) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA short commitments | 719 |
|  Net change in unrealized appreciation (depreciation) | (23857334) |
|  Net realized and change in unrealized gain (loss) | (66697158) |
|  **Net increase (decrease) in net assets resulting from operations** | $&nbsp;&nbsp;&nbsp;&nbsp;(64221641) |

---

***The Notes to Financial Statements are an integral part of this report.***

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|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 17** 

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##### [**Table of Contents**](#toc)
**Transamerica PIMCO Tactical – Growth VP** 

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**STATEMENT OF CHANGES IN NET ASSETS** 

**For the years ended:** 

---

| | | |
|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2021** |
|  **From operations:** | **From operations:** | **From operations:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $2475517 | $(915483) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (42839824) | 44732950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (23857334) | (10046879) |
|  Net increase (decrease) in net assets resulting from operations | (64221641) | 33770588 |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (1575334) | (1029253) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (36829970) | (27695508) |
|  Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (38405304) | (28724761) |
|  **Capital share transactions:** | **Capital share transactions:** | **Capital share transactions:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 611776 | 606205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 1913770 | 1857003 |
|  | 2525546 | 2463208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 1575334 | 1029253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 36829970 | 27695508 |
|  | 38405304 | 28724761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (779163) | (1099275) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (47567159) | (59699745) |
|  | (48346322) | (60799020) |
|  Net increase (decrease) in net assets resulting from capital share transactions | (7415472) | (29611051) |
|  **Net increase (decrease) in net assets** | (110042417) | (24565224) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 370604928 | 395170152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $&nbsp;&nbsp;&nbsp;&nbsp;260562511 | $&nbsp;&nbsp;&nbsp;&nbsp;370604928 |
|  **Capital share transactions - shares:** | **Capital share transactions - shares:** | **Capital share transactions - shares:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 58372 | 49000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 198484 | 152959 |
|  | 256856 | 201959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 170491 | 84573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 4119683 | 2335203 |
|  | 4290174 | 2419776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (78569) | (89011) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (4758580) | (4958486) |
|  | (4837149) | (5047497) |
|  Net increase (decrease) in shares outstanding: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 150294 | 44562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (440413) | (2470324) |
|  | (290119) | (2425762) |

---

***The Notes to Financial Statements are an integral part of this report.***

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|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 18** 

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##### [**Table of Contents**](#toc)
**Transamerica PIMCO Tactical – Growth VP** 

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**FINANCIAL HIGHLIGHTS** 

**For a share outstanding during the years indicated:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $12.30 | $12.11 | $12.60 | $10.34 | $12.82 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(A)</sup> | 0.11 | (0.00)<sup>(B)</sup> | 0.12 | 0.19 | 0.18 |
|  Net realized and unrealized gain (loss) | (2.23) | 1.14 | 0.95 | 2.07 | (0.98) |
|  Total investment operations | (2.12) | 1.14 | 1.07 | 2.26 | (0.80) |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income |  |  | (0.52) |  | (0.42) |
|  Net realized gains | (1.39) | (0.95) | (1.04) |  | (1.26) |
|  Total dividends and/or distributions to shareholders | (1.39) | (0.95) | (1.56) |  | (1.68) |
|  **Net asset value, end of year** | $8.79 | $12.30 | $12.11 | $12.60 | $10.34 |
|  **Total return** | (17.80)% | 9.51% | 9.26% | 21.97% | (7.49)% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;11305 | $&nbsp;&nbsp;&nbsp;&nbsp;13976 | $&nbsp;&nbsp;&nbsp;&nbsp;13221 | $&nbsp;&nbsp;&nbsp;&nbsp;13002 | $&nbsp;&nbsp;&nbsp;&nbsp;11629 |
|  Expenses to average net assets | 0.88% | 0.88% | 0.89% | 0.92% | 0.94% |
|  Net investment income (loss) to average net assets | 1.11% | (0.00)%<sup>(C)</sup> | 0.98% | 1.67% | 1.50% |
|  Portfolio turnover rate | 32% | 38 %<sup>(D)</sup> | 71 %<sup>(D)</sup> | 52 %<sup>(D)</sup> | 35 %<sup>(D)</sup> |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Rounds to less than $0.01 or $(0.01).* 

(C) *Rounds to less than 0.01% or (0.01)%.* 

(D) *Excludes sale-buyback transactions.* 

**For a share outstanding during the years indicated:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $11.98 | $11.85 | $12.35 | $10.16 | $12.63 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(A)</sup> | 0.08 | (0.03) | 0.09 | 0.16 | 0.15 |
|  Net realized and unrealized gain (loss) | (2.17) | 1.11 | 0.94 | 2.03 | (0.97) |
|  Total investment operations | (2.09) | 1.08 | 1.03 | 2.19 | (0.82) |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income |  |  | (0.49) |  | (0.39) |
|  Net realized gains | (1.39) | (0.95) | (1.04) |  | (1.26) |
|  Total dividends and/or distributions to shareholders | (1.39) | (0.95) | (1.53) |  | (1.65) |
|  **Net asset value, end of year** | $8.50 | $11.98 | $11.85 | $12.35 | $10.16 |
|  **Total return** | (18.03)% | 9.21% | 9.09% | 21.56% | (7.68)% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;249258 | $&nbsp;&nbsp;&nbsp;&nbsp;356629 | $&nbsp;&nbsp;&nbsp;&nbsp;381949 | $&nbsp;&nbsp;&nbsp;&nbsp;383967 | $&nbsp;&nbsp;&nbsp;&nbsp;345848 |
|  Expenses to average net assets | 1.13% | 1.13% | 1.14% | 1.17% | 1.19% |
|  Net investment income (loss) to average net assets | 0.82% | (0.25)% | 0.73% | 1.42% | 1.25% |
|  Portfolio turnover rate | 32% | 38 %<sup>(B)</sup> | 71 %<sup>(B)</sup> | 52 %<sup>(B)</sup> | 35 %<sup>(B)</sup> |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Excludes sale-buyback transactions.* 

***The Notes to Financial Statements are an integral part of this report.***

---

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|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 19** 

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##### [**Table of Contents**](#toc)
**Transamerica PIMCO Tactical – Growth VP** 

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**NOTES TO FINANCIAL STATEMENTS** 

**At December 31, 2022** 

**1. ORGANIZATION** 

Transamerica Series Trust ("TST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). TST applies investment company accounting and reporting guidance. TST serves as a funding vehicle for variable life insurance, variable annuity, and group annuity products. Transamerica PIMCO Tactical – Growth VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers two classes of shares, Initial Class and Service Class.

The only shareholders of the Portfolio are affiliated insurance company separate accounts and affiliated asset allocation portfolios. Contract holders of the variable life and annuity contracts are not shareholders of the Portfolio. For ease of reference, shareholders and contract holders are collectively referred to in this report as "shareholders."

This report must be accompanied or preceded by the Portfolio's current prospectus, which contains additional information about the Portfolio, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Portfolio pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Portfolio. TAM supervises the Portfolio's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Portfolio.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of a Portfolio without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Portfolio and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Portfolio employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending portfolio combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Portfolio's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Portfolio; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for a Portfolio; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Portfolio's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; oversight of other service providers to the Portfolio, such as the custodian, the transfer agent, the Portfolio's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Portfolio; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Portfolio, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Portfolio. The Portfolio pays certain fees and expenses to State Street for sub-administration services which are not administrative

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|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 20** 

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##### [**Table of Contents**](#toc)
**Transamerica PIMCO Tactical – Growth VP** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**1. ORGANIZATION (continued)** 

services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the year ended December 31, 2022, (i) the expenses paid to State Street for sub-administration services by the Portfolio are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Portfolio are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES** 

In preparing the Portfolio's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Portfolio.

**Foreign currency denominated investments:** The accounting records of the Portfolio are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the closing exchange rate each day. The cost of foreign securities purchased and any realized gains or losses are translated at the prevailing exchange rates in effect on the date of the respective transaction. The Portfolio combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

Net foreign currency gains and losses resulting from changes in exchange rates include, foreign currency fluctuations between trade date and settlement date of investment security transactions, gains and losses on forward foreign currency contracts, and the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.

Foreign currency denominated assets may involve risks not typically associated with domestic transactions. These risks include revaluation of currencies, adverse fluctuations in foreign currency values, and possible adverse political, social, and economic developments, including those particular to a specific industry, country or region.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Portfolio is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Cash overdraft:** The Portfolio may have cash overdraft balances. A fee is incurred on these overdrafts, calculated by multiplying the overdraft by a rate based on the Federal Funds Rate.

Payables, if any, are reflected as Due to custodian within the Statement of Assets and Liabilities. Expenses, if any, from U.S. cash overdrafts are reflected in Custody fees within the Statement of Operations. Expenses, if any, from foreign cash overdrafts are reflected in Other expenses within the Statement of Operations.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Portfolio with broker/dealers with which TST has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Portfolio. In no event will commissions, paid by the Portfolio, be used to pay expenses that would otherwise be borne by any other portfolios within TST, or by any other party.

There were no commissions recaptured during the year ended December 31, 2022 by the Portfolio.

**Indemnification:** In the normal course of business, the Portfolio enters into contracts that contain a variety of representations that provide general indemnifications. The Portfolio's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio and/or its affiliates that have not yet occurred. However, based on experience, the Portfolio expects the risk of loss to be remote.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**3. INVESTMENT VALUATION** 

Effective September 8, 2022, TAM has been designated as the Portfolio's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Portfolio's Board of Trustees. The net asset value of the Portfolio is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

TAM utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels ("Levels") of inputs of the fair value hierarchy are defined as follows:

Level 1—Unadjusted quoted prices in active markets for identical securities.

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Portfolio's investments and derivative instruments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Portfolio's investments at December 31, 2022, is disclosed within the Investment Valuation section of the Schedule of Investments.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

**Fair value measurements:** Descriptions of the valuation techniques applied to the Portfolio's significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

**Asset-backed securities:** The fair value of asset-backed securities is estimated based on models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield, and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized in Level 3.

*Corporate debt securities:* The fair value of corporate debt securities is estimated using various techniques, which consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, fundamental data relating to the issuer, and credit default swap spreads adjusted for any basis difference between cash and derivative instruments. While most corporate debt securities are categorized in Level 2 of the fair value hierarchy, in instances where lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they are categorized in Level 3.

*Foreign government obligations:* Foreign government obligations are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued by principally using dealer quotations. Foreign government obligations generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

*Loan assignments:* Loan assignments are normally valued using an income approach, which projects future cash flows and converts those future cash flows to a present value using a discount rate. The resulting present value reflects the likely fair value of the loan. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise are categorized in Level 3.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**3. INVESTMENT VALUATION (continued)** 

*Mortgage-backed securities:* The fair value of mortgage-backed securities is estimated based on models that consider issuer type, coupon, cash flows, mortgage prepayment projection tables and adjustable rate mortgage evaluations that incorporate index data, periodic life caps and the next coupon reset date. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise they are categorized in Level 3.

*Municipal government obligations:* The fair value of municipal government obligations and variable rate notes is estimated based on models that consider, among other factors, information received from market makers and broker-dealers, current trades, bid-want lists, offerings, market movements, the liquidity of the bond, state of issuance, benchmark yield curves, and bond or note insurance. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise they are categorized in Level 3.

*U.S. government agency obligations:* U.S. government agency obligations are comprised of two main categories consisting of agency issued debt and mortgage pass-throughs. Generally, agency issued debt securities are valued in a manner similar to U.S. government obligations. Mortgage pass-throughs include to be announced ("TBA") securities and mortgage pass-through certificates. Generally, TBA securities and mortgage pass-throughs are valued using dealer quotations. Depending on market activity levels and whether quotations or other observable data are used, these securities are typically categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized in Level 3.

*U.S. government obligations:* U.S. government obligations are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued by principally using dealer quotations. U.S. government obligations generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

*Short-term notes:* The Portfolio normally values short-term government and U.S. government agency securities using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers and reference data. Certain securities are valued by principally using dealer quotations. Short-term government and U.S. government agency securities generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

*Securities lending collateral:* Securities lending collateral is invested in a money market fund which is valued at the actively traded NAV and no valuation adjustments are applied. Securities lending collateral is categorized in Level 1 of the fair value hierarchy.

*Repurchase agreements:* Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

*Restricted securities:* Restricted securities for which quotations are not readily available are valued at fair value. Restricted securities issued by publicly traded companies are generally valued at a discount to similar publicly traded securities. Restricted securities issued by nonpublic entities may be valued by reference to comparable public entities and/or fundamental data relating to the issuer. Depending on the relative significance of observable valuation inputs, these instruments may be classified in either Level 2 or Level 3 of the fair value hierarchy.

*Derivative instruments:* Centrally cleared or listed derivatives that are actively traded are valued based on quoted prices from the exchange and are categorized in Level 1 of the fair value hierarchy. Over-the-counter ("OTC") derivative contracts include forward, swap, swaption, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices. Depending on the product and the terms of the transaction, the fair value of the OTC derivative products are modeled taking into account the counterparties' creditworthiness and using a series of techniques, including simulation models. Many pricing models do not entail material subjectivity because the methodologies employed do not necessitate significant judgments and the pricing inputs are observed from actively quoted markets, as is the case of interest rate swap and option contracts. The majority of OTC derivative products valued by the Portfolio using pricing models fall into this category and are categorized within Level 2 of the fair value hierarchy or Level 3 if inputs are unobservable.

**4. SECURITIES AND OTHER INVESTMENTS** 

**Loan participations and assignments:** The Portfolio may invest in direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental, or other borrowers, either in the form of participations at the time the loan is originated ("Participations") or buying an interest in the loan in the secondary market from a financial institution or institutional investor ("Assignments"). Participations and Assignments in commercial loans may be secured or unsecured. These investments may include standby financing commitments, including revolving credit facilities that obligate the Portfolio to supply additional cash to the borrowers

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**4. SECURITIES AND OTHER INVESTMENTS (continued)** 

on demand. Loan Participations and Assignments involve risks of insolvency of the lending banks or other financial intermediaries. As such, the Portfolio assumes the credit risks associated with the corporate borrowers and may assume the credit risks associated with the interposed banks or other financial intermediaries.

The Portfolio, based on its ability to invest in Loan Participations and Assignments, may be contractually obligated to receive approval from the agent banks and/or borrowers prior to the sale of these investments. The Portfolio that participates in such syndications, or that can buy a portion of the loans, become part lenders. Loans are often administered by agent banks acting as agents for all holders.

The agent banks administer the terms of the loans, as specified in the loan agreements. In addition, the agent banks are normally responsible for the collection of principal and interest payments from the corporate borrowers and the apportionment of these payments to the credit of all institutions that are parties to the loan agreements. Unless the Portfolio has direct recourse against the corporate borrowers under the terms of the loans or other indebtedness, the Portfolio may have to rely on the agent banks or other financial intermediaries to apply appropriate credit remedies against corporate borrowers.

The Portfolio held no unfunded loan participations at December 31, 2022. Open funded loan participations and assignments at December 31, 2022, if any, are included within the Schedule of Investments.

**Real estate investment trusts ("REITs"):** REITs are pooled investment vehicles which invest primarily in income producing real estate, or real estate related loans or interests. Distributions received by REITs are classified at management's estimate of the dividend income, return of capital and capital gains. Estimates are based on information available at year-end, which includes the previous fiscal year's classification. The actual amounts of dividend income, return of capital, and capital gains are only determined by each REIT after the fiscal year end and may differ from the estimated amounts. Upon notification from the REITs, some of the distributions received may be re-classified and recorded as a return of capital or capital gains. There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

REITs held at December 31, 2022, if any, are identified within the Schedule of Investments.

**Restricted securities:** The Portfolio may invest in unregulated restricted securities. Restricted securities are subject to legal or contractual restrictions on resale. Restricted securities generally may be resold in transactions exempt from registration under the Securities Act of 1933.

Restricted securities held at December 31, 2022, if any, are identified within the Schedule of Investments.

**Treasury inflation-protected securities ("TIPS"):** The Portfolio may invest in TIPS, which are fixed income securities whose principal value is periodically adjusted according to the rate of inflation/deflation. If the index measuring inflation/deflation rises or falls, the principal value of TIPS will be adjusted upward or downward, and consequently the interest payable on these securities (calculated with respect to a larger or smaller principal amount) will be increased or reduced, respectively. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds and notes. For bonds and notes that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

TIPS held at December 31, 2022, if any, are included within the Schedule of Investments. The adjustments, if any, to principal due to inflation/deflation are reflected as increases/decreases to Interest income within the Statement of Operations, with a corresponding adjustment to Investments, at cost within the Statement of Assets and Liabilities.

**When-issued, delayed-delivery, forward, and to be announced ("TBA") commitment transactions:** The Portfolio may purchase or sell securities on a when-issued, delayed-delivery, forward and TBA commitment basis. When-issued and forward commitment transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Portfolio engages in when-issued and forward commitment transactions to obtain an advantageous price and yield at the time of the transaction. The Portfolio engages in when-issued and forward commitment transactions for the purpose of acquiring securities, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Portfolio may be required to pay more at settlement than the security is worth. In addition, the Portfolio is not entitled to any of the interest earned prior to settlement.

Delayed-delivery transactions involve a commitment by the Portfolio to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding,

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**4. SECURITIES AND OTHER INVESTMENTS (continued)** 

the Portfolio will segregate with its custodian either cash, U.S. government securities, or other liquid assets at least equal to the value or purchase commitments until payment is made. When purchasing a security on a delayed-delivery basis, the Portfolio assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations. These transactions also involve a risk to the Portfolio if the other party to the transaction defaults on its obligation to make payment or delivery, and the Portfolio is delayed or prevented from completing the transaction. The Portfolio may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain or loss. When the Portfolio sells a security on a delayed-delivery basis, the Portfolio does not participate in future gains and losses on the security.

TBA commitments are entered into to purchase or sell securities for a fixed price at a future date, typically not to exceed 45 days. TBAs are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased declines, or the value of the security sold increases, prior to settlement date, in addition to the risk of decline in the value of a Portfolio's other assets. Unsettled TBA commitments are valued at the current value of the underlying securities. TBA collateral requirements are typically calculated by netting the mark-to-market amount for each transaction and comparing that amount to the value of the collateral currently pledged by a Portfolio and the counterparty. Cash collateral that has been pledged to cover the obligations of a Portfolio and cash collateral received from the counterparty, if any, is reported separately in the Statement of Assets and Liabilities as Cash collateral pledged at broker for TBA commitments or Cash collateral at broker for TBA commitments, respectively. Non-cash collateral pledged by a Portfolio, if any, is disclosed within the Schedule of Investments. Typically, a Portfolio is permitted to sell, re-pledge or use the collateral it receives; however, the counterparty is not permitted. To the extent amounts due to a Portfolio are not fully collateralized, contractually or otherwise, a Portfolio bears the risk of loss from counterparty non-performance.

When-issued, delayed-delivery, forward and TBA commitment transactions held at December 31, 2022, if any, are identified within the Schedule of Investments. Open trades, if any, are reflected as When-issued, delayed-delivery, forward and TBA commitments purchased or sold within the Statement of Assets and Liabilities.

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

The Portfolio may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Portfolio invests borrowing proceeds in other securities, the Portfolio will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Portfolio may borrow on a secured or on an unsecured basis. If the Portfolio enters into a secured borrowing arrangement, a portion of the Portfolio's assets will be used as collateral. The 1940 Act requires the Portfolio to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Portfolio's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Portfolio may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the year ended December 31, 2022, the Portfolio has not utilized the program.

**Repurchase agreements:** In a repurchase agreement, the Portfolio purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Portfolio's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Portfolio will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Portfolio and its counterparties that provide for the net settlement of all transactions and collateral with the Portfolio, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at December 31, 2022.

Repurchase agreements at December 31, 2022, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)** 

**Sale-buyback:** The Portfolio may enter into sale-buyback financing transactions. The Portfolio accounts for sale-buyback financing transactions as borrowing transactions and realize gains and losses on these transactions at the end of the roll period. Sale-buyback financing transactions involve sales by the Portfolio of securities and simultaneously contracts to repurchase the same or substantially similar securities at an agreed upon price and date.

The Portfolio forgoes principal and interest paid during the roll period on the securities sold in a sale-buyback financing transaction. The Portfolio is compensated by the difference between the current sales price and the price for the future purchase (often referred to as the "price drop"), as well as by any interest earned on the proceeds of the securities sold. Sale-buyback financing transactions may be renewed with a new sale and a repurchase price and a cash settlement made at each renewal without physical delivery of the securities subject to the contract. Sale-buyback financing transactions expose the Portfolio to risks such as, the buyer under the agreement may file for bankruptcy, become insolvent, or otherwise default on its obligations to the Portfolio, the market value of the securities the Portfolio is obligated to repurchase under the agreement may decline below the repurchase price. The Portfolio's obligations under a sale-buyback typically would be offset by liquid assets equal in value to the amount of the Portfolio's forward commitment to repurchase the subject security. Sale-buyback financing transactions accounted for as borrowing transactions are excluded from the Portfolio's portfolio turnover rates. The Portfolio recognizes price drop fee income on a straight line basis over the period of the roll. For the year ended December 31, 2022, the Portfolio earned price drop fee income of $0. The price drop fee income is included in Interest income within the Statement of Operations.

The outstanding payable for securities to be repurchased, if any, is included in Payable for sale-buyback financing transactions within the Statement of Assets and Liabilities. The interest expense is included within Interest income on the Statement of Operations. In periods of increased demand of the security, the Portfolio may receive a fee for use of the security by the counterparty, which may result in interest income to the Portfolio, and is included in Interest income on the Statement of Operations.

Open sale-buyback financing transactions at December 31, 2022, if any, are identified within the Schedule of Investments and Statement of Assets and Liabilities.

**Securities lending:** The Portfolio may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Portfolio pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Portfolio to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Portfolio may experience delays in recovery of the loaned securities or delays in access to collateral, or the Portfolio may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government and irrevocable letters of credit issued by banks as collateral. The initial collateral received by the Portfolio is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower.

The Portfolio receives compensation for lending securities from interest or dividends earned on the cash, U.S. Government securities and irrevocable letters of credit held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust—Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at December 31, 2022, if any, are shown on a gross basis within the Schedule of Investments.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of December 31, 2022.

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|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
| | **Overnight and<br>Continuous** | **Less Than<br>30 Days** | **Between<br>30 & 90 Days** | **Greater Than<br>90 Days** | **Total** |
|  Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Debt Securities | $622540 | $— | $— | $— | $622540 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Obligations | 2937316 |  |  |  | 2937316 |
|  **Total Securities Lending Transactions** | $**3559856** | $**—** | $**—** | $**—** | $**3559856** |

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS** 

The Portfolio's investment strategies allow the Portfolio to use various types of derivative contracts, including option contracts, swap agreements, futures contracts, and forward foreign currency contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or OTC.

**Market Risk Factors:** In pursuit of the Portfolio's investment strategies, the Portfolio may seek to use derivatives to increase or decrease its exposure to certain market risks, including:

*Interest rate risk:* Interest rate risk relates to the fluctuations in the value of fixed income securities due to changes in the prevailing levels of market interest rates.

*Foreign exchange rate risk:* Foreign exchange rate risk relates to fluctuations in the value of an asset or liability due to changes in the currency exchange rates.

*Equity risk:* Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

*Credit risk:* Credit risk relates to the ability of the issuer of a financial instrument to make further principal or interest payments on an obligation or commitment that it has to the Portfolio.

*Commodity risk:* Commodity risk relates to the change in value of commodities or commodity indices as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

The Portfolio is also exposed to additional risks from investing in derivatives, such as liquidity and counterparty credit risk. Liquidity risk is the risk that the Portfolio will be unable to sell or close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligations to the Portfolio. Investing in derivatives may also involve greater risks than investing directly in the underlying assets, such as losses in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

The Portfolio's exposure to market risk factors and certain other associated risks are summarized by derivative type as follows:

**Option contracts:** The Portfolio is subject to equity risk, interest rate risk, and foreign exchange rate risk in the normal course of pursuing its investment objective. The Portfolio may enter into option contracts to manage exposure to various market fluctuations. The Portfolio may purchase or write call and put options on securities and derivative instruments in which the Portfolio owns or may invest. Options are valued at the average of the bid and ask price established each day at the close of the board of trade or exchange on which they are traded. Options are marked-to-market daily to reflect the current value of the option. The primary risks associated with options are an imperfect correlation between the change in value of the securities held and the prices of the option contracts, the possibility of an illiquid market, and an inability of the counterparty to meet the contract terms. Options can be traded through an exchange or through privately negotiated arrangements with a dealer in an OTC transaction. Options traded on an exchange are generally cleared through a clearinghouse such as the Options Clearing Corp.

*Options on exchange-traded funds and/or securities:* The Portfolio may purchase or write options on ETFs and/or securities. Purchasing or writing options on ETFs and/or securities gives the Portfolio the right, but not the obligation to buy or sell a specified ETF and/or security as an underlying instrument for the option contract.

*Options on indices:* The Portfolio may purchase or write options on indices. Purchasing or writing an option on indices gives the Portfolio the right, but not the obligation to buy or sell the cash from the underlying index. The exercise of the option will result in a cash transfer and gain or loss depends on the change in the underlying index.

*Options on futures:* The Portfolio may purchase or write options on futures. Purchasing or writing options on futures gives the Portfolio the right, but not obligation to buy or sell a position on a futures contract at the specified option exercise price at any time during the period of the option.

*Interest rate-capped options:* The Portfolio may purchase or write interest rate-capped options. Purchasing or writing interest rate-capped options gives the Portfolio the right, but not the obligation to buy or sell an option which applies a cap to protect the Portfolio from floating rate risk above a certain rate on a given notional exposure. A floor can be used to give downside protection to investments in interest rate-linked products.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)** 

*Interest rate swaptions:* The Portfolio may purchase or write interest rate swaption agreements which are options to enter into a pre-defined swap agreement by some specific date in the future. The writer of the swaption becomes the counterparty to the swap if the buyer exercises. The interest rate swaption agreement will specify whether the buyer of the swaption will be a fixed-rate receiver or a fixed-rate payer upon exercise.

*Purchased options:* Purchasing call options tends to increase exposure to the underlying instrument. Purchasing put options tends to decrease exposure to the underlying instrument. The Portfolio pays premiums, which are included within the Statement of Assets and Liabilities as an investment and subsequently marked-to-market to reflect the current value of the option. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid from options which expire are treated as realized losses. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying instrument to determine the realized gain or loss.

*Written options:* Writing call options tends to decrease exposure to the underlying instrument. Writing put options tends to increase exposure to the underlying instrument. When the Portfolio writes a covered call or put option, the premium received is recorded as a liability within the Statement of Assets and Liabilities and is subsequently marked-to-market to reflect the current market value of the option written. Premiums received from written options which expire unexercised are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying instrument to determine the realized gain or loss. In writing an option, the Portfolio bears the market risk of an unfavorable change in the price of the security or currency underlying the written option. Exercise of an option written by the Portfolio could result in the Portfolio selling or buying a security or currency at a price different from the current market value.

Open option contracts at December 31, 2022, if any, are included within the Schedule of Investments. The value of purchased option contracts, as applicable, is shown in Investments, at value within the Statement of Assets and Liabilities. The value of written option contracts, as applicable, is shown in Written options and swaptions, at value within the Statement of Assets and Liabilities.

**Swap agreements:** Swap agreements are bilaterally negotiated agreements between the Portfolio and a counterparty to exchange or swap investments, cash flows, assets, foreign currencies, or market-linked returns at specified, future intervals. Swap agreements can be executed in a bilateral privately negotiated arrangement with a dealer in an OTC transaction or executed on a regular market. Certain swaps regardless of the venue of execution are required to be cleared through a clearinghouse ("centrally cleared swap agreements"). Centrally cleared swap agreements listed or traded on a multilateral platform, are valued at the daily settlement price determined by the corresponding exchange. For centrally cleared credit default swap agreements the clearing exchange requires all members to provide applicable levels across complete term levels. Centrally cleared interest rate swap agreements are valued using a pricing model that references the underlying rates including but not limited to the overnight index swap rate and London Interbank Offered Rate ("LIBOR") forward rate to calculate the daily settlement price. The Portfolio may enter into credit default, cross-currency, interest rate, total return, including contracts for difference ("CFD"), and other forms of swap agreements to manage exposure to credit, currency, interest rate, and commodity risks. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Centrally cleared swap agreements are marked-to-market daily based upon values from third party vendors, which may include a registered exchange, or quotations from market makers to the extent available and the change in value, if any, is recorded as Variation margin receivable (payable) on centrally cleared swap agreements within the Statement of Assets and Liabilities.

For OTC swap agreements, payments received or made at the beginning of the measurement period are reflected in OTC swap agreements, at value within the Statement of Assets and Liabilities and represent payments made or received upon entering into the swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). Additionally, these upfront payments as well as any periodic payments received or paid by the Portfolio, including any liquidation payment received or made at the termination of the swap are recorded as part of Net realized gain (loss) on swap agreements within the Statement of Operations.

*Credit default swap agreements:* The Portfolio is subject to credit risk in the normal course of pursuing its investment objective. The Portfolio enters into credit default swap agreements to manage its exposure to the market or certain sectors of the market to reduce its risk exposure to defaults of corporate and sovereign issuers, or to create exposure to corporate or sovereign issuers to which it is not otherwise exposed. Credit default swap agreements involve the exchange of a fixed rate premium for protection against the loss in value of an underlying security in the event of a defined credit event, such as payment default or bankruptcy (buy protection).

Under a credit default swap agreement, one party acts as a guarantor by receiving the fixed periodic payment in exchange for the commitment to purchase the underlying security at par if the defined credit event occurs (sell protection). The Portfolio's maximum risk of loss from counterparty risk, either as the protection seller or as the protection buyer, is the notional amount of the contract. This risk is mitigated by having a master netting arrangement between the Portfolio and the counterparty, and by the posting of collateral.

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**Transamerica PIMCO Tactical – Growth VP** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)** 

The Portfolio sells credit default swap agreements, which exposes it to risk of loss from credit risk related events specified in the contracts. Although contract-specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium. If a defined credit event had occurred during the period, the swap agreements' credit-risk-related contingent features would have been triggered, and the Portfolio would have been required to pay the notional amounts for the credit default swap agreements with a sell protection less the value of the contracts' related reference obligations.

*Interest rate swap agreements:* The Portfolio is subject to interest rate risk exposure in the normal course of pursuing its investment objective. Because the Portfolio holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk, the Portfolio enters into interest rate swap agreements. Under an interest rate swap agreement, two parties will exchange cash flows based on a notional principal amount. A Portfolio with interest rate agreements can elect to pay a fixed rate and receive a floating rate, or receive a fixed rate and pay a floating rate, on a notional principal amount. The risks of interest rate swap agreements include changes in market conditions which will affect the value of the contract or the cash flows, and the possible inability of the counterparty to fulfill its obligations under the agreement. The Portfolio's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from/paid to the counterparties over the contracts' remaining lives, to the extent that amount is positive. This risk is mitigated by having a master netting arrangement between the Portfolio and the counterparty, and by the posting of collateral.

Open centrally cleared swap agreements and open OTC swap agreements at December 31, 2022, if any, are listed within the Schedule of Investments.

**Futures contracts:** The Portfolio is subject to equity and commodity risk, interest rate risk, and foreign exchange rate risk in the normal course of pursuing its investment objective. The Portfolio uses futures contracts to gain exposure to, or hedge against, changes in the value of equities and commodities, interest rates, or foreign currencies. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date. Upon entering into such contracts, the Portfolio is required to deposit with the broker, either in cash or in securities, an initial margin in an amount equal to a certain percentage of the contract amount. Subsequent payments (variation margin) are paid or received by the Portfolio, depending on the daily fluctuations in the value of the contract, and are recorded for financial statement purposes as unrealized gains or losses by the Portfolio. Upon entering into such contracts, the Portfolio bears the risk of equity and commodity prices, interest rates, or exchange rates moving unexpectedly, in which case, the Portfolio may not achieve the anticipated benefits of the futures contracts and may realize losses. With futures, there is minimal counterparty credit risk to the Portfolio since futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange.

Open futures contracts at December 31, 2022, if any, are listed within the Schedule of Investments. Variation margin, if applicable, is shown in Variation margin receivable or payable on futures contracts within the Statement of Assets and Liabilities.

**Forward foreign currency contracts:** The Portfolio is subject to foreign exchange rate risk exposure in the normal course of pursuing its investment objective. The Portfolio may enter into forward foreign currency contracts to hedge against exchange rate risk arising from investments in securities denominated in foreign currencies. Forward foreign currency contracts are marked-to-market daily, with the change in value recorded as an unrealized gain or loss and is shown in Unrealized appreciation (depreciation) on forward foreign currency contracts within the Statement of Assets and Liabilities. When the contracts are settled, a realized gain or loss is incurred and is shown in Net realized gain (loss) on forward foreign currency contracts within the Statement of Operations. Risks may arise from changes in market value of the underlying currencies and from the possible inability of counterparties to meet the terms of their contracts. Forward foreign currency contracts are traded in the OTC inter-bank currency dealer market.

Open forward foreign currency contracts at December 31, 2022, if any, are listed within the Schedule of Investments.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)** 

The following is a summary of the location and the Portfolio's fair values of derivative investments disclosed, if any, within the Statement of Assets and Liabilities, categorized by primary market risk exposure as of December 31, 2022.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| **Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  Purchased options and swaptions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value | $— | $— | $3643720 | $— | $— | $3643720 |
|  Centrally cleared swaps: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) <sup>(A) (B)</sup> | 798111 |  |  |  |  | 798111 |
|  Futures contracts: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) <sup>(A) (C)</sup> | 56262 |  |  |  |  | 56262 |
|  Forward foreign currency contracts: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts |  | 7655 |  |  |  | 7655 |
|  **Total** | $**854373** | $**7655** | $**3643720** | $**—** | $**—** | $**4505748** |
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  Written options and swaptions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options and swaptions, at value | $(7938) | $— | $— | $— | $— | $(7938) |
|  Centrally cleared swaps: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) <sup>(A) (B)</sup> | (49672) |  |  | (17452) |  | (67124) |
|  Futures contracts: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) <sup>(A) (C)</sup> | (88780) |  | (4784818) |  |  | (4873598) |
|  Forward foreign currency contracts: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts |  | (46981) |  |  |  | (46981) |
|  **Total** | $**(146390)** | $**(46981)** | $**(4784818)** | $**(17452)** | $**—** | $**(4995641)** |

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(A) *May include exchange-traded derivatives which are not subject to a master netting arrangement, or another similar arrangement.* 

(B) *Included within Value of centrally cleared swap agreements as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.* 

(C) *Included within unrealized appreciation (depreciation) on futures contracts as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.* 

The following is a summary of the location and the effect of derivative investments, if any, within the Statement of Operations, categorized by primary market risk exposure as of December 31, 2022.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** |
| **Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  Purchased options and swaptions <sup>(A)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $2098613 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $2098613 |
|  Written options and swaptions | 47953 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 47953 |
|  Swap agreements | 655956 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (60758) | &nbsp;&nbsp;&nbsp;&nbsp;— | 595198 |
|  Futures contracts | (5560772) | &nbsp;&nbsp;&nbsp;&nbsp;— | (35900743) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (41461515) |
|  Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;— | 169380 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 169380 |
|  **Total** | $**(4856863)** | $**169380** | $**(33802130)** | $**(60758)** | $**—** | $**(38550371)** |

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** |
| **Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  Purchased options and swaptions <sup>(B)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $1280394 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $1280394 |
|  Written options and swaptions | 4458 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (8395) | &nbsp;&nbsp;&nbsp;&nbsp;— | (3937) |
|  Swap agreements | 916873 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (92350) | &nbsp;&nbsp;&nbsp;&nbsp;— | 824523 |
|  Futures contracts | (163018) | &nbsp;&nbsp;&nbsp;&nbsp;— | (9883065) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(10046083) |
|  Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;— | (64742) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (64742) |
|  **Total** | $**758313** | $**(64742)** | $**(8602671)** | $**(100745)** | $**—** | $**(8009845)** |

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(A) *Included within Net realized gain (loss) on Investments in the Statement of Operations.* 

(B) *Included within Net change in unrealized appreciation (depreciation) on Investments in the Statement of Operations.* 

The following is a summary of the ending monthly average volume on derivative activity during the year ended December 31, 2022.

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| | |
|:---|:---|
|  **Options:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average value of option contracts purchased | $4150184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average value of option contracts written | (3012) |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of swaption contracts written | (969230) |
|  **Credit default swaps:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value – sell protection | 5228781 |
|  **Interest rate swaps:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value – pays fixed rate | 8169231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value – receives fixed rate | 1883112 |
|  **Futures contracts:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts – long | &nbsp;&nbsp;&nbsp;&nbsp;195059363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts – short | (6896055) |
|  **Forward foreign currency exchange contracts:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average contract amounts purchased – in USD | 589608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average contract amounts sold – in USD | 2906790 |

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The Portfolio typically enters into International Swaps and Derivatives Association, Inc. Master Agreements ("ISDA Master Agreements") or similar master agreements (collectively, "Master Agreements") with its contract counterparties for certain OTC derivatives in order to, among other things, reduce credit risk to counterparties.

ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Portfolio typically may offset with the counterparty certain OTC derivative financial instruments payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default, termination and/or potential deterioration in the credit quality of the counterparty.

Various Master Agreements govern the terms of certain transactions with counterparties and typically attempt to reduce the counterparty risk associated with such transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Cross-termination provisions under Master Agreements typically provide that a default in connection with one transaction between the Portfolio and a counterparty gives the non-defaulting party the right to terminate any other transactions in place with the defaulting party to create one single net payment due to/due from the defaulting party and may be a feature in certain Master Agreements. In the event the Portfolio exercises its right to terminate a Master Agreement after a counterparty experiences a termination event as defined in the Master Agreement, the return of collateral with market value in excess of the Portfolio's net liability may be delayed or denied.

*Collateral requirements:* Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (futures contracts, exchange-traded options, and exchange-traded swap agreements) while collateral terms are contract specific for OTC derivatives (forward foreign currency exchange contracts, OTC options, and OTC swap agreements). For OTC derivatives, under standard derivatives agreements, the Portfolio may be required to pledge collateral on derivatives to a counterparty if the Portfolio is in a net liability position, and receive collateral if in a net positive position. For financial reporting purposes, cash collateral that has been pledged by the Portfolio to cover obligations, if any, is reported in Cash collateral at broker within the Statement

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)** 

of Assets and Liabilities. Cash collateral that has been received by the Portfolio from a counterparty, if any, is reported separately in Cash collateral pledged at custodian and/or broker within the Statement of Assets and Liabilities. Non-cash collateral pledged to the Portfolio, if any, is disclosed within the Schedule of Investments.

Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold before a transfer has been made. Typically a counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The Portfolio generally does not use non-cash collateral that it receives but may, absent default or certain other circumstances, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty.

To the extent amounts due to the Portfolio from its counterparties are not fully collateralized, contractually or otherwise, the Portfolio bears the risk of loss from counterparty non-performance. Additionally, to the extent the Portfolio has delivered collateral to a counterparty, the Portfolio bears the risk of loss from a counterparty in the event the counterparty fails to return such collateral. Counterparties may immediately terminate derivatives contracts if the Portfolio fails to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages. Collateral may not be required for all derivative contracts.

The following is a summary of the Portfolio OTC derivative assets and liabilities by counterparty net of amounts available for offset under a master netting agreement and net of the related collateral received/pledged by the Portfolio as of December 31, 2022. For financial reporting purposes, the Portfolio does not offset assets and liabilities that are subject to a master netting agreement or similar arrangement on the Statement of Assets and Liabilities. See the Repurchase agreement section within the notes for offsetting and collateral information pertaining to repurchase agreements that are subject to master netting agreements.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Gross Amounts of<br>Assets**<br> **Presented within<br>Statement of<br>Assets and<br>Liabilities <sup>(A)</sup>** | **Gross Amounts Not<br>Offset within Statement of<br>Assets and Liabilities** | **Gross Amounts Not<br>Offset within Statement of<br>Assets and Liabilities** | **Net Receivable** | **Gross Amounts of<br>Liabilities<br>Presented within<br>Statement of<br>Assets and<br>Liabilities <sup>(A)</sup>** | **Gross Amounts Not Offset<br>within Statement of<br>Assets and Liabilities** | **Gross Amounts Not Offset<br>within Statement of<br>Assets and Liabilities** | **Net Payable** |
| <br>**Counterparty** | **Gross Amounts of<br>Assets**<br> **Presented within<br>Statement of<br>Assets and<br>Liabilities <sup>(A)</sup>** | **Financial<br>Instruments** | **Collateral<br>Received <sup>(B)</sup>** | **Net Receivable** | **Gross Amounts of<br>Liabilities<br>Presented within<br>Statement of<br>Assets and<br>Liabilities <sup>(A)</sup>** | **Financial<br>Instruments** | **Collateral<br>Pledged <sup>(B)</sup>** | **Net Payable** |
|  | **Assets** | **Assets** | **Assets** | **Assets** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
|  Bank of America, N.A. | $522 | $(522) | $— | $— | $529 | $(522) | $— | $7 |
|  BNP Paribas | 36 |  |  | 36 |  |  |  |  |
|  Citibank, N.A. | 1351 | (1351) |  |  | 23442 | (1351) |  | 22091 |
|  Goldman Sachs Bank | 1473 | (1473) |  |  | 4512 | (1473) |  | 3039 |
|  HSBC Bank USA | 3222 | (3222) |  |  | 21594 | (3222) |  | 18372 |
|  JPMorgan Chase Bank, N.A. |  |  |  |  | 4842 |  |  | 4842 |
|  Morgan Stanley & Co. | 3643720 |  |  | 3643720 |  |  |  |  |
|  Standard Chartered Bank | 1051 |  |  | 1051 |  |  |  |  |
|  Other Derivatives <sup>(C)</sup> | 854373 |  |  | 854373 | 4940722 |  |  | 4940722 |
|  **Total** | $**4505748** | $**(6568)** | $**—** | $**4499180** | $**4995641** | $**(6568)** | $**—** | $**4989073** |

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(A) *Absent an event of default or early termination, OTC derivative assets and liabilities are presented gross and not offset within the Statement of Assets and Liabilities.* 

(B) *In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.* 

(C) *Other Derivatives, which includes future contracts, exchange-traded options, exchange-traded swap agreements and occasionally forward positions, that are not subject to a master netting arrangement or another similar arrangement. The amount presented is intended to permit reconciliation to the amount presented within the Schedule of Investments.* 

**7. RISK FACTORS** 

Investing in the Portfolio involves certain key risks related to the Portfolio's trading activity. Please reference the Portfolio's prospectus for a more complete discussion of the following risk(s), as well as other risks of investing in the Portfolio.

**Market risk:** The market prices of the Portfolio's securities and other assets may go up or down, sometimes sharply and unpredictably, due to general market conditions, overall economic trends or events, inflation, changes in interest rates, government actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by wars, tariffs, trade disputes or other factors, political developments, investor sentiment, the global and domestic effects of a pandemic or other health emergency, and other factors that may or may not be related to the issuer of the security or other asset. The market prices of securities and other assets also may go down due to events or conditions that affect particular sectors, industries, issuers, or geographies. Adverse market conditions may be prolonged and may not have the same impact on all types of securities or other assets. If the value of the Portfolio's securities and assets fall, the value of your investment will go down. The Portfolio may experience a substantial or complete loss on any individual security or asset.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**7. RISK FACTORS (continued)** 

Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, the imposition of economic sanctions, public health events (such as the spread of infectious disease), wars, terrorism, cybersecurity events, technology and data interruptions, natural disasters, and other circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. In the past decade, financial markets throughout the world have experienced increased volatility and decreased liquidity. These conditions may continue or worsen. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down. Securities markets may also be susceptible to market manipulation or other fraudulent trade practices, which could disrupt the orderly functioning of these markets or adversely affect the value of securities traded in these markets, including the Portfolio's securities.

The pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in economic downturns throughout the world, severe losses, particularly to some sectors of the economy and individual issuers, and reduced liquidity of many instruments. There also have been significant disruptions to business operations, including business closures; strained healthcare systems; disruptions to supply chains and employee availability; large fluctuations in consumer demand; and widespread uncertainty regarding the duration and long-term effects of the pandemic. Economic downturns may be prolonged, and political and social instability, continued volatility and decreased liquidity in the securities markets may result. Developing or emerging market countries may be more impacted by the pandemic.

The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic. These and other government intervention into the economy and financial markets may not work as intended. In addition, government actions to mitigate the economic impact of the pandemic have resulted in large expansion of government deficits and debt, the long-term consequences of which are not known. Rates of inflation have recently risen, which could adversely affect economies and markets. The pandemic could continue to adversely affect the value and liquidity of the Portfolio's investments.

*Europe:* A number of countries in Europe have experienced severe economic and financial difficulties; and financial markets in Europe and elsewhere have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen or spread within or outside Europe. Responses to the financial problems by European governments, central banks and others may not work, may result in conflicts and social unrest and may limit future growth and economic recovery or have other unintended consequences. In January, 2020, through "Brexit," the United Kingdom withdrew from the European Union. The ramifications of Brexit are unknown, and the implications of possible political, regulatory, economic, and market outcomes could be significant. The United Kingdom has one of the largest economies in Europe and is a major trading partner with European Union countries and the United States. Brexit may create additional and substantial economic stresses for the United Kingdom, including a contraction of the United Kingdom's economy, decreased trade, capital outflows, devaluation of the British pound, and a decrease in business and consumer spending and investment. The negative impact on not only the United Kingdom and European Union economies but also the broader global economy could be significant. A number of countries in Europe have suffered terror attacks, and additional attacks may occur in the future. Europe has also been struggling with mass migration from the Middle East, Eastern Europe and Africa. The ultimate effects of these events and other socio-political or geopolitical issues could profoundly affect global economies and markets. Whether or not the Portfolio invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

*Additional Market Disruption:* Russia's invasion of Ukraine in February, 2022, the resulting responses by the United States and other countries, and the potential for wider conflict, have increased and may continue to increase volatility and uncertainty in financial markets worldwide. The United States and other countries have imposed broad-ranging economic sanctions on Russia and Russian entities and individuals, and may impose additional sanctions, including on other countries that provide military or economic support to Russia. These sanctions, among other things, restrict companies from doing business with Russia and Russian issuers, and may adversely affect companies with economic or financial exposure to Russia and Russian issuers. The extent and duration of Russia's military actions and the repercussions of such actions are not known. The invasion may widen beyond Ukraine and may escalate, including through retaliatory actions and cyberattacks by Russia and even other countries. These events may result in further and significant market disruptions and may adversely affect regional and global economies including those of Europe and the United States. Certain industries and markets, such as those involving oil, natural gas and other commodities, as well as global supply chains, may be particularly adversely affected. Whether or not the Portfolio invests in securities of issuers located in Russia, Ukraine and adjacent countries or with significant exposure to issuers in these countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

**Asset class allocation risk:** The Portfolio's investment performance is significantly impacted by the Portfolio's asset class allocation and reallocation from time to time. The sub-adviser's decisions whether and when to tactically overweight or underweight asset classes,

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**Transamerica PIMCO Tactical – Growth VP** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**7. RISK FACTORS (continued)** 

create and apply formulas for de-risking or ending de-risking and select a mix of underlying portfolios may not produce the desired results. These actions may be unsuccessful in maximizing return and/or avoiding investment losses. The value of your investment may decrease if the sub-adviser's judgment about the attractiveness, value or market trends affecting a particular asset class is incorrect. The Portfolio's balance between equity and debt securities limits its potential for capital appreciation relative to an all-stock fund and contributes to greater volatility relative to an all-bond fund.

**Model and data risk:** If quantitative models, algorithms or calculations (whether proprietary and developed by the sub-adviser or supplied by third parties) ("Models") or information or data supplied by third parties ("Data") prove to be incorrect or incomplete, any decisions made, in whole or part, in reliance thereon expose the Portfolio to additional risks. Models can be predictive in nature. The use of predictive Models has inherent risks. The success of relying on or otherwise using Models depends on a number of factors, including the validity, accuracy and completeness of the Model's development, implementation and maintenance, the Model's assumptions, factors, algorithms and methodologies, and the accuracy and reliability of the supplied historical or other Data. Models rely on, among other things, correct and complete Data inputs. If incorrect Data is entered into even a well-founded Model, the resulting information will be incorrect. However, even if Data is input correctly, Model prices may differ substantially from market prices, especially for securities with complex characteristics. Investments selected with the use of Models may perform differently than expected as a result of the design of the Model, inputs into the Model or other factors. There also can be no assurance that the use of Models will result in effective investment decisions for the Portfolio.

**LIBOR risk:** Many financial instruments, financings or other transactions to which the Portfolio may be a party use or may use a floating rate based on the London Interbank Offered Rate ("LIBOR"). The UK Financial Conduct Authority and LIBOR's administrator announced that the use of LIBOR will be phased out; most LIBOR rates are no longer published as of the end of 2021 and a majority of U.S. dollar LIBOR rates will no longer be published after June 30, 2023. It is possible that a subset of LIBOR rates may be published after these dates on a "synthetic" basis, but any such publications would be considered non-representative of the underlying market. There remains uncertainty regarding the nature of any replacement rate and the impact of the transition from LIBOR on the Portfolio, issuers of instruments in which the Portfolio invests, and financial markets generally. As such, the potential effect of a transition away from LIBOR on the Portfolio or the Portfolio's investments cannot yet be determined.

**8. FEES AND OTHER AFFILIATED TRANSACTIONS** 

TST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Transamerica Life Insurance Company ("TLIC"), and Transamerica Financial Life Insurance Company.

TAM, the Portfolio's investment manager, is directly owned by TLIC and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon NV. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon NV, a Netherlands corporation, and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Portfolio's transfer agent. Transamerica Capital, Inc. ("TCI") is the Portfolio's distributor/principal underwriter. TAM, TFS, and TCI are affiliates of Aegon NV.

Certain officers and trustees of the Portfolio are also officers and/or trustees of TAM, TFS and TCI. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Portfolio. The Portfolio does pay non-interested persons (independent trustees), as disclosed in Trustee, CCO and deferred compensation fees within the Statement of Operations.

**Investment management fees:** TAM serves as the Portfolio's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Portfolio pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Portfolio pays a management fee to TAM based on daily average net assets at the following rates:

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| | |
|:---|:---|
| **Breakpoints** | **Rate** |
|  First $250 million | 0.82% |
|  Over $250 million up to $750 million | 0.81 |
|  Over $750 million up to $1.5 billion | 0.79 |
|  Over $1.5 billion | 0.76 |

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**Transamerica PIMCO Tactical – Growth VP** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses, reorganization expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

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| | | |
|:---|:---|:---|
| | **Operating<br>Expense Limit** | **Operating<br>Expense Limit<br>Effective Through** |
|  Initial Class | 0.94% | May 1, 2023 |
|  Service Class | 1.19 | May 1, 2023 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended December 31, 2022 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Portfolio, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

As of December 31, 2022, there are no amounts available for recapture by TAM.

**Distribution and service fees:** TST has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, TST entered into a distribution agreement with TCI as the Portfolio's distributor.

The Distribution Plan requires the Portfolio to pay distribution fees to TCI as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCI, on behalf of the Portfolio, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Portfolio's shares.

The fee on the Service Class shares is paid to the insurance companies for providing services and account maintenance for the policyholders who invest in the variable insurance products which invest in the Service Class shares. TCI has determined that it will not seek payment for the distribution expenses incurred by the Portfolio with respect to the Initial Class shares before May 1, 2023. Prior to TCI seeking distribution expenses on Initial Class shares, policy and contract owners will be notified in advance. The Portfolio will pay fees relating to Service Class shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Portfolio is authorized under the Distribution Plan to pay fees to TCI based on daily average net assets of each class up to the following annual rates:

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| | |
|:---|:---|
| **Class** | **Rate** |
|  Initial Class | 0.15% |
|  Service Class | 0.25 |

---

**Transfer agent costs:** TFS provides transfer agency services under an intercompany agreement with TAM. TFS has outsourced the provision of certain sub-transfer agency services to SS&C Technology Holdings, Inc ("SS&C"). The Portfolio does not pay a separate transfer agent fee to TAM or TFS but does pay certain expenses to SS&C related to applicable sub-transfer agency services. For the year ended December 31, 2022, (i) the expenses paid to SS&C by the Portfolio are referred to as Transfer agent costs and are included within the Statement of Operations and (ii) the expenses payable to SS&C by the Portfolio are referred to as Transfer agent costs within the Statement of Assets and Liabilities.

**Deferred compensation plan:** Effective September 23, 2021, the Board has approved the termination of the deferred compensation plan. Payments will be made to applicable current and former Board members consistent with Section 409A of the Code. Under a non-qualified deferred compensation plan effective January 1, 1996, as amended and restated January 1, 2010, available to the

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**Transamerica PIMCO Tactical – Growth VP** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

trustees, compensation may be deferred that would otherwise be payable by TST to an independent trustee on a current basis for services rendered as trustee. Deferred compensation amounts will accumulate based on the value of the investment option, as elected by the trustee. Balances pursuant to deferred compensation plan are recorded in Trustees, Chief Compliance Officer ("CCO") and deferred compensation fees within the Statement of Assets and Liabilities. For the year ended December 31, 2022, amounts included in Trustees, CCO and deferred compensation fees within the Statement of Operations reflect total compensation paid to the independent Board members.

**Brokerage commissions:** The Portfolio incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the year ended December 31, 2022.

**9. PURCHASES AND SALES OF SECURITIES** 

For the year ended December 31, 2022, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

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| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $15548408 | $11928087 | $28722380 | $9129204 |

---

**10. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS** 

The Portfolio has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Portfolio recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Portfolio's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Portfolio's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Portfolio's financial statements. If applicable, the Portfolio recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Portfolio identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Portfolio makes significant investments; however, the Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales, defaulted bonds, premium amortization adjustments, swaps, dollar rolls, straddle loss deferrals, option contracts mark-to-market, forward contracts mark-to-market and futures contracts mark-to-market. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. There are no reclassifications in the current year.

As of December 31, 2022, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

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| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross<br>Appreciation** | **Gross<br>(Depreciation)** | **Net Appreciation<br>(Depreciation)** |
| $283213281 | $1040040 | $(14465958) | $(13425918) |

---

As of December 31, 2022, the capital loss carryforwards available to offset future realized capital gains are as follows:

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| | |
|:---|:---|
| **Unlimited** | **Unlimited** |
| **Short-Term** | **Long-Term** |
| $21280715 | $30642724 |

---

During the year ended December 31, 2022, the Portfolio did not have any capital loss carryforwards utilized or expired.

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**Transamerica PIMCO Tactical – Growth VP** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**10. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)** 

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2022 and 2021 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** |
| **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of Capital** | **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of Capital** |
| $16108066 | $22297238 | $— | $12190743 | $16534018 | $— |

---

As of December 31, 2022, the tax basis components of distributable earnings are as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Capital Loss<br>Carryforwards** | **Late Year<br>Ordinary Loss<br>Deferred** | **Other<br>Temporary<br>Differences** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| $2256395 | $— | $(51923439) | $— | $(128138) | $(13433866) |

---

**11. NEW ACCOUNTING PRONOUNCEMENT** 

In December 2022, the Financial Accounting Standards Board issued Accounting Standards Update No. 2022-06 ("ASU 2022-06"), "Reference Rate Reform (Topic 848)". ASU 2022-06 is an update of ASU 2020-04, which is in response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR, regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The ASU 2022-06 update clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The amendments in this update are effective immediately through December 31, 2024, for all entities. Management does not expect ASU 2022-06 to have a material impact on the financial statements.

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**Report of Independent Registered Public Accounting Firm** 

*To the Shareholders and the Board of Trustees of Transamerica PIMCO Tactical — Growth VP* 

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities of Transamerica PIMCO Tactical — Growth VP (the "Portfolio") (one of the portfolios constituting Transamerica Series Trust (the "Trust")), including the schedule of investments, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the portfolios constituting Transamerica Series Trust) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion** 

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g438566ernst_young.jpg)

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

February 27, 2023

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**SUPPLEMENTAL TAX INFORMATION** 

**(unaudited)** 

For tax purposes, the Portfolio has made a long-term capital gain designation of $22,297,238 for the year ended December 31, 2022.

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**Transamerica PineBridge Inflation Opportunities VP** 

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**(unaudited)** 

**MARKET ENVIRONMENT** 

2022 saw an end of an era. For the last two years, every central bank injected liquidity into the system through COVID-19 relief and quantitative easing ("QE"). As a result, at the end of 2020, there was almost $18 trillion dollars' worth of negative yielding debt around the globe, in U.S. dollar terms. To fight inflation, central banks started to raise rates. First, the Federal Reserve raised rates and began tightening monetary policy, while the European Central Bank ("ECB") and the Bank of Japan were still providing QE. As a result, the U.S. dollar strengthened in the first half of 2022. The U.S. dollar index rose almost 20% against global currencies through September of 2022 and the U.S. dollar/Yen reached 150 Yen per U.S. dollar in October. The ECB was next to tighten monetary policy starting in July and sent a very strong message that it "will not pivot." The Bank of Japan then raised its target rate for the 10-year Japanese government bond to 50 basis points in December.

When global central banks are buying bonds, negative yields proliferate. When that buying stops, negative yielding bonds disappear quickly. Thus, rates rose globally in the same manner as they rallied when all central banks were buying them.

**PERFORMANCE** 

For the year ended December 31, 2022, Transamerica PineBridge Inflation Opportunities VP, Initial Class returned -10.21%. By comparison, its primary and secondary benchmarks, the Bloomberg US Treasury Inflation Protected Securities Index and the Bloomberg Global Inflation Linked Bond Index, returned -11.85% and -22.95%, respectively.

**STRATEGY REVIEW** 

For the fiscal year ended December 31, 2022, Transamerica PineBridge Inflation Opportunities VP (the "Portfolio") outperformed its benchmark, the Bloomberg U.S. Treasury Inflation Protected Securities Index.

The U.S. Treasury 10-year note began 2022 at 1.51% and ended the year at 3.88%, which was the story of 2022. The massive global rates move enabled a small underweight of duration which caused outsized performance. The yield curve was the largest contributor to outperformance in 2022. Net of duration, exposure to European, United Kingdom, New Zealand, Australia, and Canada inflation-linked bonds all contributed to the Portfolio's performance. Widening spreads over the year on corporate bond holdings detracted from performance.

We believe that the declining trend in U.S. inflation witnessed over the second half of 2022 will continue, while inflation remains more persistent in other developed markets around the world. To benefit from this and consistent with the Portfolio's strategy, we continued to diversify the Portfolio by investing a portion of the assets in non-U.S. dollar inflation linked securities and opportunistic credit, which we believe improved the risk / reward profile of the Portfolio.

**Robert A. Vanden Assem, CFA** 

**Roberto Coronado** 

**Gunter H. Seeger** 

**Co-Portfolio Managers** 

**PineBridge Investments LLC** 

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**Transamerica PineBridge Inflation Opportunities VP** 

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**(unaudited)** 

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| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  U.S. Government Obligations | 50.0% |
|  Foreign Government Obligations | 28.5 |
|  Corporate Debt Securities | 18.9 |
|  Other Investment Company | 3.1 |
|  Short-Term Investment Company | 2.4 |
|  Asset-Backed Security | 0.4 |
|  Preferred Stock | 0.3 |
|  Net Other Assets (Liabilities) ^ | (3.6) |
|  **Total** | 100.0% |
| **Portfolio Characteristics** | **Years** |
|  Average Maturity § | 7.46 |
|  Duration † | 6.48 |
| **Credit Quality ‡** | **Percentage of Net<br>Assets** |
|  U.S. Government and Agency Securities | 50.0% |
|  AAA | 14.7 |
|  AA | 10.1 |
|  A | 8.2 |
|  BBB | 11.8 |
|  BB | 2.0 |
|  B | 0.1 |
|  Not Rated | 6.7 |
|  Net Other Assets (Liabilities) ^ | (3.6) |
|  **Total** | 100.0% |

---

*Current and future portfolio holdings are subject to change and risk.* 

^ *The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral.* 

§ *Average Maturity is computed by weighting the maturity of each security in the Portfolio by the market value of the security, then averaging these weighted figures.* 

† *Duration is a time measure of a bond's interest rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder.* 

‡ *Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard and Poor's ("S&P") ratings; percentages may include investments not rated by S&P but rated by Moody's, or if unrated by Moody's, by Fitch ratings, and then included in the closest equivalent S&P rating. Credit ratings are subject to change. The Portfolio itself has not been rated by an independent agency.* 

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**Transamerica PineBridge Inflation Opportunities VP** 

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**(unaudited)**![LOGO](g438566g79k19.jpg)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Initial Class | (10.21)% | 1.74% | 0.71% | 05/01/2011 |
|  Bloomberg US Treasury Inflation Protected Securities Index <sup>(A)</sup> | (11.85)% | 2.11% | 1.12% |  |
|  Bloomberg Global Inflation Linked Bond Index <sup>(B)</sup> | (22.95)% | (1.58)% | (0.08)% |  |
|  Service Class | (10.55)% | 1.47% | 0.45% | 05/01/2011 |

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<sup>(A)</sup> *The Bloomberg US Treasury Inflation Protected Securities Index is a market value weighted index that tracks inflation-protected securities issued by the U.S. Treasury.* 

<sup>(B)</sup> *The Bloomberg Global Inflation Linked Bond Index cover eleven sovereign markets, quasi-sovereign issues in the Euro market and a full credit index in sterling.* 

The Portfolio's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Year or Since Inception calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or the redemption of Portfolio shares. The Portfolio's investment return and net asset value will fluctuate. Investors' shares when redeemed may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month end. Portfolio performance is net of investment fees and Portfolio expenses, but not product charges, which, if included, would significantly lower the performance quoted.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of previously waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Any U.S. government guarantees of the securities held in this investment portfolio pertain only to those securities and not the Portfolio or its yield. Fixed income securities are subject to risks including credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk and liquidity risk. Credit risk is the risk that the issuer of a bond won't meet their payments. Inflation risk is the risk that inflation could outpace a bond's interest income. Interest rate risk is the risk that fluctuations in interest rates will affect the price of a bond. An increase in interest rates may result in a decrease in the Portfolio's value. The price of an inflation-protected debt security can fall when real interest rates rise, and can rise when real interest rates fall. Interest payments on inflation-protected debt securities can be unpredictable and will vary as the principal and/or interest is adjusted for inflation.

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|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 3** 

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**Transamerica PineBridge Inflation Opportunities VP** 

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**DISCLOSURE OF EXPENSES** 

**(unaudited)** 

**SHAREHOLDER EXPENSES** 

Portfolio shareholders may incur two types of costs: (i) transaction costs, including brokerage commissions on purchases and sales of portfolio shares; and (ii) ongoing costs, including management fees, and other portfolio expenses.

The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other portfolios.

The example is based on an investment of $1,000 invested at July 1, 2022, and held for the entire six-month period until December 31, 2022.

**ACTUAL EXPENSES** 

The information in the table below provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = $8.60), then multiply the result by the number in the appropriate column for your share class titled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES** 

The information in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratios and assumed rates of return of 5% per year before expenses, which are not the Portfolio's actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Portfolio versus other portfolios. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other portfolios.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Portfolio shares. Therefore, the information under the heading "Hypothetical Expenses" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different portfolios. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries, or other financial institutions.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Actual Expenses** | **Actual Expenses** | **Hypothetical Expenses <sup>(A)</sup>** | **Hypothetical Expenses <sup>(A)</sup>** | |
| <br>**Class** |<br>**Beginning<br>Account Value<br>July 1, 2022** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** |<br>**Net Annualized<br>Expense Ratio <sup>(C) (D)</sup>** |
|  Initial Class | $&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;979.70 | $&nbsp;&nbsp;&nbsp;&nbsp;2.74 | $&nbsp;&nbsp;&nbsp;&nbsp;1022.40 | $&nbsp;&nbsp;&nbsp;&nbsp;2.80 | 0.55% |
|  Service Class | 1000.00 | 978.40 | 3.99 | 1021.20 | 4.08 | 0.80 |

---

(A) *5% return per year before expenses.*

(B) *Expenses are calculated using the Portfolio's net annualized expense ratio, as disclosed in the table, multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (365 days).*

(C) *Net annualized expense ratios, as disclosed in the table, do not include the expenses of the underlying investments in which the Portfolio invests. The net annualized expense ratios, as stated in the fee table of the Portfolio's Prospectus, may differ from the expense ratios disclosed in this report.*

(D) *Net annualized expense ratios are reflective of applicable fee waivers and/or reimbursements and recapture, if any, and are based on the most recent six-months which may differ from the net expense ratio displayed in the Financial Highlights that covers a twelve-month period.*

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| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 4** 

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**SCHEDULE OF INVESTMENTS** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **ASSET-BACKED SECURITY - 0.4%** | **ASSET-BACKED SECURITY - 0.4%** | **ASSET-BACKED SECURITY - 0.4%** |
|  American Express Credit Account Master Trust <br>Series 2022-3, Class A,<br>3.75%, 08/15/2027 | $625000 | $611479 |
|  **Total Asset-Backed Security <br>(Cost $609,107)** | **Total Asset-Backed Security <br>(Cost $609,107)** | 611479 |
| **CORPORATE DEBT SECURITIES - 18.9%** | **CORPORATE DEBT SECURITIES - 18.9%** | **CORPORATE DEBT SECURITIES - 18.9%** |
| **Banks - 9.0%** | **Banks - 9.0%** | **Banks - 9.0%** |
|  BAC Capital Trust XIV <br>3-Month LIBOR + 0.40%, <br>5.17% <sup>(A)</sup>, 01/17/2023 <sup>(B)</sup> | 779000 | 596184 |
|  Banco Santander Chile <br>3.18%, 10/26/2031 <sup>(C)</sup> | 945000 | 804431 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.18%, 11/25/2027 | 476000 | 452163 |
| &nbsp;&nbsp;&nbsp;&nbsp; CPI-YoY + 1.10%, <br>9.30% <sup>(A)</sup>, 11/19/2024 | 5000000 | 5275450 |
|  Barclays Bank PLC <br>CPI-YoY + 1.00%, <br>9.20% <sup>(A)</sup>, 05/22/2023 | 2600000 | 2500160 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 11/03/2031, 2.52% <sup>(A)</sup>, 11/03/2032 | 490000 | 381361 |
| &nbsp;&nbsp;&nbsp;&nbsp; CPI-YoY + 0.00%, <br>11.32% <sup>(A)</sup>, 03/27/2025 | 1000000 | 970100 |
|  Corestates Capital II <br>3-Month LIBOR + 0.65%, <br>4.73% <sup>(A)</sup>, 01/15/2027 <sup>(C)</sup> | 244000 | 228121 |
|  HSBC Holdings PLC <br>Fixed until 11/03/2032,<br>8.11% <sup>(A)</sup>, 11/03/2033 | 497000 | 527495 |
|  Intesa Sanpaolo SpA <br>Fixed until 06/01/2041, 4.95% <sup>(A)</sup>, 06/01/2042 <sup>(C)</sup> | 309000 | 199397 |
|  NatWest Group PLC <br>Fixed until 08/28/2030, 3.03% <sup>(A)</sup>, 11/28/2035 | 499000 | 368314 |
|  Standard Chartered PLC <br>Fixed until 07/26/2025 <sup>(B)</sup>,<br>6.00% <sup>(A)</sup> <sup>(C)</sup> | 222000 | 213552 |
|  UniCredit SpA <br>Fixed until 06/30/2030, 5.46% <sup>(A)</sup>, 06/30/2035 <sup>(C)</sup> | 660000 | 537625 |
|  |  | 13054353 |
| **Capital Markets - 1.5%** | **Capital Markets - 1.5%** | **Capital Markets - 1.5%** |
|  Deutsche Bank AG <br>Fixed until 05/28/2031, 3.04% <sup>(A)</sup>, 05/28/2032 | 1000000 | 760623 |
| Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 07/21/2031,<br>2.38% <sup>(A)</sup>, 07/21/2032 | 800000 | 622830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month LIBOR + 2.87%, <br>7.47% <sup>(A)</sup>, 01/30/2023 <sup>(B)</sup> | 759000 | 738105 |
|  Morgan Stanley <br>Fixed until 09/16/2031,<br>2.48% <sup>(A)</sup>, 09/16/2036 | 167000 | 121508 |
|  |  | 2243066 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Chemicals - 1.1%** | **Chemicals - 1.1%** | **Chemicals - 1.1%** |
| Albemarle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 06/01/2027 <sup>(D)</sup> | $1000000 | $976915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 06/01/2052 | 630000 | 576613 |
|  |  | 1553528 |
| **Commercial Services & Supplies - 0.2%** | **Commercial Services & Supplies - 0.2%** | **Commercial Services & Supplies - 0.2%** |
|  Triton Container International Ltd. <br>3.15%, 06/15/2031 <sup>(C)</sup> | 402000 | 313951 |
| **Food Products - 0.4%** | **Food Products - 0.4%** | **Food Products - 0.4%** |
|  Smithfield Foods, Inc. <br>5.20%, 04/01/2029 <sup>(C)</sup> | 670000 | 613664 |
| **Hotels, Restaurants & Leisure - 0.4%** | **Hotels, Restaurants & Leisure - 0.4%** | **Hotels, Restaurants & Leisure - 0.4%** |
|  Warnermedia Holdings, Inc. <br>5.14%, 03/15/2052 <sup>(C)</sup> | 788000 | 575648 |
| **Insurance - 0.9%** | **Insurance - 0.9%** | **Insurance - 0.9%** |
|  Enstar Group Ltd. <br>3.10%, 09/01/2031 | 588000 | 430782 |
|  Hartford Financial Services Group, Inc. <br>3-Month LIBOR + 2.13%, <br>6.73% <sup>(A)</sup>, 02/12/2067 <sup>(C)</sup> | 1051000 | 879824 |
|  |  | 1310606 |
| **Metals & Mining - 3.0%** | **Metals & Mining - 3.0%** | **Metals & Mining - 3.0%** |
|  Anglo American Capital PLC <br>3.88%, 03/16/2029 <sup>(C)</sup> | 1850000 | 1664600 |
| Glencore Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 09/23/2031 <sup>(C)</sup> | 393000 | 314050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 04/27/2031 <sup>(C)</sup> <sup>(D)</sup> | 1197000 | 983050 |
|  Newcrest Finance Pty Ltd. <br>5.75%, 11/15/2041 <sup>(C)</sup> | 515000 | 471899 |
|  South32 Treasury Ltd. <br>4.35%, 04/14/2032 <sup>(C)</sup> | 1013000 | 867979 |
|  |  | 4301578 |
| **Multiline Retail - 0.1%** | **Multiline Retail - 0.1%** | **Multiline Retail - 0.1%** |
|  Nordstrom, Inc. <br>4.25%, 08/01/2031 | 193000 | 138014 |
| **Oil, Gas & Consumable Fuels - 1.9%** | **Oil, Gas & Consumable Fuels - 1.9%** | **Oil, Gas & Consumable Fuels - 1.9%** |
|  Apache Corp. <br>4.25%, 01/15/2030 <sup>(D)</sup> | 400000 | 353963 |
|  Enbridge, Inc. <br>Fixed until 07/15/2027, 5.50% <sup>(A)</sup>, 07/15/2077 | 874000 | 774112 |
| Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 05/15/2028 | 260000 | 250120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 02/15/2033 | 131000 | 128165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 02/15/2023 <sup>(B)</sup>,<br>6.25% <sup>(A)</sup> <sup>(D)</sup> | 755000 | 641750 |
|  EnLink Midstream Partners LP <br>3-Month LIBOR + 4.11%, <br>8.88% <sup>(A)</sup>, 01/30/2023 <sup>(B)</sup> | 142000 | 118103 |
| Enterprise Products Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 01/31/2051 | 438000 | 318186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed until 08/16/2027,<br>5.25% <sup>(A)</sup>, 08/16/2077 | 278000 | 223999 |
|  |  | 2808398 |

---

***The Notes to Financial Statements are an integral part of this report.***

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|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 5** 

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##### [**Table of Contents**](#toc)
**Transamerica PineBridge Inflation Opportunities VP** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Semiconductors & Semiconductor Equipment - 0.4%** | **Semiconductors & Semiconductor Equipment - 0.4%** | **Semiconductors & Semiconductor Equipment - 0.4%** |
|  Broadcom, Inc. <br>2.60%, 02/15/2033 <sup>(C)</sup> | $710000 | $535147 |
|  **Total Corporate Debt Securities <br>(Cost $30,760,253)** | **Total Corporate Debt Securities <br>(Cost $30,760,253)** | 27447953 |
| **FOREIGN GOVERNMENT OBLIGATIONS - 28.5%** | **FOREIGN GOVERNMENT OBLIGATIONS - 28.5%** | **FOREIGN GOVERNMENT OBLIGATIONS - 28.5%** |
| **Australia - 4.0%** | **Australia - 4.0%** | **Australia - 4.0%** |
| Australia Government Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/20/2030 <sup>(E)</sup> | AUD 3,775,000 | 3673138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 27CI, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 11/21/2027 <sup>(E)</sup> | 2800000 | 2151674 |
|  |  | 5824812 |
| **Canada - 3.0%** | **Canada - 3.0%** | **Canada - 3.0%** |
| Canada Government Real Return<br>Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2031 | CAD 1,009,590 | 905222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/01/2026 | 4289436 | 3494018 |
|  |  | 4399240 |
| **France - 4.1%** | **France - 4.1%** | **France - 4.1%** |
| French Republic Government Bonds<br>OAT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 07/25/2030 <sup>(E)</sup> | EUR 4,229,225 | 4577695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 07/25/2032 <sup>(E)</sup> | 1042867 | 1374226 |
|  |  | 5951921 |
| **Germany - 3.8%** | **Germany - 3.8%** | **Germany - 3.8%** |
| Deutsche Bundesrepublik Inflation-<br>Linked Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 04/15/2026 <sup>(E)</sup> | 3734188 | 3963363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 04/15/2030 <sup>(E)</sup> | 1430680 | 1555622 |
|  |  | 5518985 |
| **Japan - 3.5%** | **Japan - 3.5%** | **Japan - 3.5%** |
| Japan Government CPI-Linked Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 03/10/2031 | JPY 208,748,000 | 1651819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 03/10/2026 | 421704000 | 3333724 |
|  |  | 4985543 |
| **Mexico - 0.6%** | **Mexico - 0.6%** | **Mexico - 0.6%** |
|  Mexico Government International Bonds <br>4.28%, 08/14/2041 | $1047000 | 805393 |
| **New Zealand - 3.5%** | **New Zealand - 3.5%** | **New Zealand - 3.5%** |
|  New Zealand Government Inflation-Linked Bonds <br>2.00%, 09/20/2025 <sup>(E)</sup> | NZD 6,500,000 | 5086384 |
| **United Kingdom - 6.0%** | **United Kingdom - 6.0%** | **United Kingdom - 6.0%** |
| U.K. Inflation-Linked Gilt |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 03/22/2024 - 03/22/2044 <sup>(E)</sup> | GBP 6,129,759 | 7358817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 11/22/2032 <sup>(E)</sup> | 983520 | 1315261 |
|  |  | 8674078 |
|  **Total Foreign Government Obligations <br>(Cost $44,997,759)** | **Total Foreign Government Obligations <br>(Cost $44,997,759)** | 41246356 |

---

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **U.S. GOVERNMENT OBLIGATIONS - 50.0%** | **U.S. GOVERNMENT OBLIGATIONS - 50.0%** | **U.S. GOVERNMENT OBLIGATIONS - 50.0%** |
| **U.S. Treasury Inflation-Protected Securities - 50.0%** | **U.S. Treasury Inflation-Protected Securities - 50.0%** | **U.S. Treasury Inflation-Protected Securities - 50.0%** |
| U.S. Treasury Inflation-Protected<br>Indexed Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 02/15/2051 | $1573688 | $1013348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 02/15/2043 | 5572972 | 4496402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 02/15/2042 - 02/15/2045 | 10298873 | 8480014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 02/15/2046 <sup>(D)</sup> | 1760598 | 1495087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 02/15/2044 | 1662089 | 1543470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/15/2026 | 3002600 | 3001339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 01/15/2025 - 01/15/2027 | 6817754 | 6888211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/15/2028 | 1105380 | 1205915 |
| U.S. Treasury Inflation-Protected<br>Indexed Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 01/15/2023 - 01/15/2032 | 13076185 | 12023592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 01/15/2025 - 07/15/2029 | 5130165 | 4772765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 07/15/2023 - 07/15/2027 | 12424080 | 11858048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 01/15/2028 | 4228000 | 3980100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 04/15/2023 - 07/15/2032 | 8116980 | 7820030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 07/15/2028 | 3917331 | 3735619 |
|  **Total U.S. Government Obligations <br>(Cost $78,587,948)** | **Total U.S. Government Obligations <br>(Cost $78,587,948)** | 72313940 |
|  | **Shares** | **Value** |
| **PREFERRED STOCK - 0.3%** | **PREFERRED STOCK - 0.3%** | **PREFERRED STOCK - 0.3%** |
| **Banks - 0.3%** | **Banks - 0.3%** | **Banks - 0.3%** |
|  US Bancorp, <br>Series A, 3-Month LIBOR + 1.02%, <br>5.10% <sup>(A)</sup> <sup>(D)</sup> | 500 | 407845 |
|  **Total Preferred Stock <br>(Cost $416,875)** | **Total Preferred Stock <br>(Cost $416,875)** | 407845 |
| **SHORT-TERM INVESTMENT COMPANY - 2.4%** | **SHORT-TERM INVESTMENT COMPANY - 2.4%** | **SHORT-TERM INVESTMENT COMPANY - 2.4%** |
| **Money Market Fund - 2.4%** | **Money Market Fund - 2.4%** | **Money Market Fund - 2.4%** |
|  State Street Institutional U.S. Government Money Market Fund, 4.12% <sup>(F)</sup> | 3440463 | 3440463 |
|  **Total Short-Term Investment Company <br>(Cost $3,440,463)** | **Total Short-Term Investment Company <br>(Cost $3,440,463)** | 3440463 |
| **OTHER INVESTMENT COMPANY - 3.1%** | **OTHER INVESTMENT COMPANY - 3.1%** | **OTHER INVESTMENT COMPANY - 3.1%** |
| **Securities Lending Collateral - 3.1%** | **Securities Lending Collateral - 3.1%** | **Securities Lending Collateral - 3.1%** |
|  State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 4.29% <sup>(F)</sup> | 4474915 | 4474915 |
|  **Total Other Investment Company <br>(Cost $4,474,915)** | **Total Other Investment Company <br>(Cost $4,474,915)** | 4474915 |
|  **Total Investments <br>(Cost $163,287,320)** | **Total Investments <br>(Cost $163,287,320)** | 149942951 |
|  **Net Other Assets (Liabilities) - (3.6)%** |  | (5260249) |
|  **Net Assets - 100.0%** |  | **$144682702** |

---

***The Notes to Financial Statements are an integral part of this report.***

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|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 6** 

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##### [**Table of Contents**](#toc)
**Transamerica PineBridge Inflation Opportunities VP** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

**FORWARD FOREIGN CURRENCY CONTRACTS:** 

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Date** | **Currency<br>Purchased** | **Currency<br>Purchased** | **Currency<br>Sold** | **Currency<br>Sold** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  JPMS | 01/26/2023 | USD | 3978692 | CAD | 5300000 | $63860 | $— |
|  JPMS | 01/26/2023 | USD | 10604251 | EUR | 10582000 |  | (744640) |
|  JPMS | 01/26/2023 | USD | 7770587 | GBP | 6800000 |  | (456408) |
|  JPMS | 01/26/2023 | USD | 4584391 | JPY | 649000000 |  | (378663) |
|  JPMS | 01/26/2023 | USD | 3981583 | NZD | 6755000 |  | (308911) |
|  JPMS | 01/27/2023 | USD | 5545392 | AUD | 8325000 |  | (129406) |
| **Total** |  |  |  |  |  | $**63860** | $**(2018028)** |

---

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(G)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Asset-Backed Security | $— | $611479 | $— | $611479 |
|  Corporate Debt Securities |  | 27447953 |  | 27447953 |
|  Foreign Government Obligations |  | 41246356 |  | 41246356 |
|  U.S. Government Obligations |  | 72313940 |  | 72313940 |
|  Preferred Stock | 407845 |  |  | 407845 |
|  Short-Term Investment Company | 3440463 |  |  | 3440463 |
|  Other Investment Company | 4474915 |  |  | 4474915 |
|  **Total Investments** | $**8323223** | $**141619728** | $**—** | $**149942951** |
|  **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** |
|  Forward Foreign Currency Contracts <sup>(H)</sup> | $— | $63860 | $— | $63860 |
|  **Total Other Financial Instruments** | $**—** | $**63860** | $**—** | $**63860** |
| **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** |
|  **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** |
|  Forward Foreign Currency Contracts <sup>(H)</sup> | $— | $(2018028) | $— | $(2018028) |
|  **Total Other Financial Instruments** | $**—** | $**(2018028)** | $**—** | $**(2018028)** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *Floating or variable rate securities. The rates disclosed are as of December 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.* 

(B) *Perpetual maturity. The date displayed is the next call date.* 

(C) *Securities are exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2022, the total value of 144A securities is $9,202,938, representing 6.4% of the Portfolio's net assets.* 

(D) *All or a portion of the securities are on loan. The total value of all securities on loan is $4,380,351, collateralized by cash collateral of $4,474,915. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.* 

(E) *Securities are exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Securities may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At December 31, 2022, the total value of Regulation S securities is $31,056,180, representing 21.5% of the Portfolio's net assets.* 

(F) *Rates disclosed reflect the yields at December 31, 2022.* 

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 7** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

**FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):** 

(G) *There were no transfers in or out of Level 3 during the year ended December 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

(H) *Derivative instruments are valued at unrealized appreciation (depreciation).* 

**CURRENCY ABBREVIATIONS:** 

---

| | |
|:---|:---|
| *AUD* | *Australian Dollar* |
| *CAD* | *Canadian Dollar* |
| *EUR* | *Euro* |
| *GBP* | *Pound Sterling* |
| *JPY* | *Japanese Yen* |
| *NZD* | *New Zealand Dollar* |
| *USD* | *United States Dollar* |

---

**COUNTERPARTY ABBREVIATION:** 

*JPMS* *JPMorgan Securities LLC*

**PORTFOLIO ABBREVIATIONS:** 

*CPI YoY* *Consumer Price Index-Year over Year* <br> *LIBOR* *London Interbank Offered Rate*

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 8** 

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**STATEMENT OF ASSETS AND LIABILITIES** 

**At December 31, 2022** 

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value (cost $163,287,320) <br>(including securities loaned of $4,380,351) | $149942951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | 52342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral pledged at broker for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OTC derivatives <sup>(A)</sup> | 710000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value (cost $453) | 457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables and other assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 1424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest sold | 5940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 6516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 575749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts | 63860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 502 |
|  Total assets | 151359741 |
|  **Liabilities:** | **Liabilities:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral received upon return of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities on loan | 4474915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables and other liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest redeemed | 23422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 61265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 31237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 3611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 33613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 7489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 19875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 2516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts | 2018028 |
|  Total liabilities | 6677039 |
|  **Net assets** | $&nbsp;&nbsp;&nbsp;&nbsp;144682702 |
|  **Net assets consist of:** | **Net assets consist of:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital stock ($0.01 par value) | $145496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 161619905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) | (17082699) |
|  **Net assets** | $144682702 |
|  **Net assets by class:** | **Net assets by class:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | $98301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 144584401 |
|  **Shares outstanding:** | **Shares outstanding:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 10034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 14539589 |
|  **Net asset value and offering price per share:** | **Net asset value and offering price per share:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | $9.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 9.94 |

---

(A) *OTC derivatives may include swaps, options and/or swaptions and forward foreign currency contracts.* 

**STATEMENT OF OPERATIONS** 

**For the year ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $19827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 10200308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 23071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withholding taxes on foreign income | (943) |
|  Total investment income | 10242263 |
|  **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 790635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 403038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 1713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 7012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 45103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 28758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 9241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 3636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 15048 |
|  Total expenses | 1304184 |
|  **Net investment income (loss)** | 8938079 |
|  **Net realized gain (loss) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (4345972) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | 4945354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (14111) |
|  Net realized gain (loss) | 585271 |
|  **Net change in unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (25854718) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (2077409) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Translation of assets and liabilities denominated in foreign currencies | 1950 |
|  Net change in unrealized appreciation (depreciation) | (27930177) |
|  Net realized and change in unrealized gain (loss) | (27344906) |
|  **Net increase (decrease) in net assets resulting from operations** | $&nbsp;&nbsp;&nbsp;&nbsp;(18406827) |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 9** 

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**STATEMENT OF CHANGES IN NET ASSETS** 

**For the years ended:** 

---

| | | |
|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2021** |
|  **From operations:** | **From operations:** | **From operations:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $8938079 | $5604432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 585271 | 2602786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (27930177) | (2017412) |
|  Net increase (decrease) in net assets resulting from operations | (18406827) | 6189806 |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (5955) | (2424) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (5989905) | (1915670) |
|  Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (5995860) | (1918094) |
|  **Capital share transactions:** | **Capital share transactions:** | **Capital share transactions:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 25000 | 116500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 41455221 | 16218453 |
|  | 41480221 | 16334953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 5955 | 2424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 5989905 | 1915670 |
|  | 5995860 | 1918094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (95100) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (47339244) | (17112241) |
|  | (47434344) | (17112241) |
|  Net increase (decrease) in net assets resulting from capital share transactions | 41737 | 1140806 |
|  **Net increase (decrease) in net assets** | (24360950) | 5412518 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 169043652 | 163631134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $&nbsp;&nbsp;&nbsp;&nbsp;144682702 | $&nbsp;&nbsp;&nbsp;&nbsp;169043652 |
|  **Capital share transactions - shares:** | **Capital share transactions - shares:** | **Capital share transactions - shares:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 2252 | 10534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 3814808 | 1427808 |
|  | 3817060 | 1438342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 583 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 577619 | 167747 |
|  | 578202 | 167962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (9004) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (4489550) | (1510854) |
|  | (4498554) | (1510854) |
|  Net increase (decrease) in shares outstanding: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (6169) | 10749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (97123) | 84701 |
|  | (103292) | 95450 |

---

***The Notes to Financial Statements are an integral part of this report.***

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|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 10** 

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**FINANCIAL HIGHLIGHTS** 

**For a share outstanding during the years indicated:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $11.37 | $11.08 | $10.35 | $9.80 | $10.13 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(A)</sup> | 0.62 | 0.45 | 0.11 | 0.17 | 0.23 |
|  Net realized and unrealized gain (loss) | (1.76) | 0.00 <sup>(B)</sup> | 0.82 | 0.65 | (0.36) |
|  Total investment operations | (1.14) | 0.45 | 0.93 | 0.82 | (0.13) |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income | (0.43) | (0.16) | (0.20) | (0.27) | (0.20) |
|  **Net asset value, end of year** | $&nbsp;&nbsp;&nbsp;&nbsp;9.80 | $&nbsp;&nbsp;&nbsp;&nbsp;11.37 | $&nbsp;&nbsp;&nbsp;&nbsp;11.08 | $&nbsp;&nbsp;&nbsp;&nbsp;10.35 | $&nbsp;&nbsp;&nbsp;&nbsp;9.80 |
|  **Total return** | &nbsp;&nbsp;&nbsp;&nbsp;(10.21)% | 4.08% | 9.01% | 8.39% | &nbsp;&nbsp;&nbsp;&nbsp;(1.29)% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $98 | $184 | $60 | $11 | $10 |
|  Expenses to average net assets | 0.56 %<sup>(C)</sup> | 0.57 %<sup>(C)</sup> | 0.63 %<sup>(C)</sup> | 0.65 %<sup>(C)</sup> | 0.65% |
|  Net investment income (loss) to average net assets | 5.84% | 4.01% | 1.00% | 1.71% | 2.30% |
|  Portfolio turnover rate | 43% | 32% | 29% | 26% | 37% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Rounds to less than $0.01 or $(0.01).* 

(C) *Does not include expenses of the underlying investments in which the Portfolio invests.* 

**For a share outstanding during the years indicated:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $11.54 | $11.24 | $10.50 | $9.93 | $10.26 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(A)</sup> | 0.59 | 0.39 | 0.09 | 0.15 | 0.21 |
|  Net realized and unrealized gain (loss) | (1.79) | 0.04 | 0.82 | 0.66 | (0.37) |
|  Total investment operations | (1.20) | 0.43 | 0.91 | 0.81 | (0.16) |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income | (0.40) | (0.13) | (0.17) | (0.24) | (0.17) |
|  **Net asset value, end of year** | $9.94 | $11.54 | $11.24 | $10.50 | $9.93 |
|  **Total return** | (10.55)% | 3.86% | 8.69% | 8.20% | (1.55)% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;144585 | $&nbsp;&nbsp;&nbsp;&nbsp;168860 | $&nbsp;&nbsp;&nbsp;&nbsp;163571 | $&nbsp;&nbsp;&nbsp;&nbsp;164616 | $&nbsp;&nbsp;&nbsp;&nbsp;169688 |
|  Expenses to average net assets | 0.81 %<sup>(B)</sup> | 0.82 %<sup>(B)</sup> | 0.88 %<sup>(B)</sup> | 0.90 %<sup>(B)</sup> | 0.90% |
|  Net investment income (loss) to average net assets | 5.54% | 3.40% | 0.82% | 1.45% | 2.04% |
|  Portfolio turnover rate | 43% | 32% | 29% | 26% | 37% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *Does not include expenses of the underlying investments in which the Portfolio invests.* 

***The Notes to Financial Statements are an integral part of this report.***

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| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 11** 

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**NOTES TO FINANCIAL STATEMENTS** 

**At December 31, 2022** 

**1. ORGANIZATION** 

Transamerica Series Trust ("TST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). TST applies investment company accounting and reporting guidance. TST serves as a funding vehicle for variable life insurance, variable annuity, and group annuity products. Transamerica PineBridge Inflation Opportunities VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers two classes of shares, Initial Class and Service Class.

The only shareholders of the Portfolio are affiliated insurance company separate accounts and affiliated asset allocation portfolios. Contract holders of the variable life and annuity contracts are not shareholders of the Portfolio. For ease of reference, shareholders and contract holders are collectively referred to in this report as "shareholders."

This report must be accompanied or preceded by the Portfolio's current prospectus, which contains additional information about the Portfolio, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Portfolio pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Portfolio. TAM supervises the Portfolio's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Portfolio.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of a Portfolio without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Portfolio and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Portfolio employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending portfolio combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Portfolio's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Portfolio; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for a Portfolio; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Portfolio's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; oversight of other service providers to the Portfolio, such as the custodian, the transfer agent, the Portfolio's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Portfolio; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Portfolio, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the

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**Page 12** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**1. ORGANIZATION (continued)** 

Portfolio. The Portfolio pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the year ended December 31, 2022, (i) the expenses paid to State Street for sub-administration services by the Portfolio are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Portfolio are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES** 

In preparing the Portfolio's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Portfolio.

**Foreign currency denominated investments:** The accounting records of the Portfolio are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the closing exchange rate each day. The cost of foreign securities purchased and any realized gains or losses are translated at the prevailing exchange rates in effect on the date of the respective transaction. The Portfolio combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

Net foreign currency gains and losses resulting from changes in exchange rates include, foreign currency fluctuations between trade date and settlement date of investment security transactions, gains and losses on forward foreign currency contracts, and the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.

Foreign currency denominated assets may involve risks not typically associated with domestic transactions. These risks include revaluation of currencies, adverse fluctuations in foreign currency values, and possible adverse political, social, and economic developments, including those particular to a specific industry, country or region.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Portfolio is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Foreign taxes:** The Portfolio may be subject to taxes imposed by the countries in which it invests, with respect to its investments in issuers existing or operating in such countries. The Portfolio may also be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Portfolio accrues such taxes and recoveries as applicable when the related income or capital gains are earned or unrealized, and based upon the current interpretation of tax rules and regulations that exist in the markets in which the Portfolio invests. Some countries require governmental approval for the repatriation of investment income, capital, or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions of foreign capital remittances abroad.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Portfolio with broker/dealers with which TST has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Portfolio. In no event will commissions, paid by the Portfolio, be used to pay expenses that would otherwise be borne by any other portfolios within TST, or by any other party.

There were no commissions recaptured during the year ended December 31, 2022 by the Portfolio.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**2. SIGNIFICANT ACCOUNTING POLICIES (continued)** 

**Indemnification:** In the normal course of business, the Portfolio enters into contracts that contain a variety of representations that provide general indemnifications. The Portfolio's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio and/or its affiliates that have not yet occurred. However, based on experience, the Portfolio expects the risk of loss to be remote.

**3. INVESTMENT VALUATION** 

Effective September 8, 2022, TAM has been designated as the Portfolio's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Portfolio's Board of Trustees. The net asset value of the Portfolio is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

TAM utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels ("Levels") of inputs of the fair value hierarchy are defined as follows:

Level 1—Unadjusted quoted prices in active markets for identical securities.

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Portfolio's investments and derivative instruments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Portfolio's investments at December 31, 2022, is disclosed within the Investment Valuation section of the Schedule of Investments.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

**Fair value measurements:** Descriptions of the valuation techniques applied to the Portfolio's significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

*Asset-backed securities:* The fair value of asset-backed securities is estimated based on models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield, and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized in Level 3.

*Corporate debt securities:* The fair value of corporate debt securities is estimated using various techniques, which consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, fundamental data relating to the issuer, and credit default swap spreads adjusted for any basis difference between cash and derivative instruments. While most corporate debt securities are categorized in Level 2 of the fair value hierarchy, in instances where lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they are categorized in Level 3.

*Foreign government obligations:* Foreign government obligations are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued by principally using dealer quotations. Foreign government obligations generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**3. INVESTMENT VALUATION (continued)** 

*U.S. government obligations:* U.S. government obligations are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued by principally using dealer quotations. U.S. government obligations generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

*Equity securities:* Securities are stated at the last reported sales price or closing price on the day of valuation taken from the primary exchange where the security is principally traded. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Equities traded on inactive markets or valued by reference to similar instruments are generally categorized in Level 2 or Level 3 if inputs are unobservable.

*Investment companies:* Certain investment companies are valued at the NAV as the practical expedient. These investment companies are not included within the fair value hierarchy. Certain other investment companies are valued at the actively traded NAV and no valuation adjustments are applied. These investment companies are categorized in Level 1 of the fair value hierarchy.

*Securities lending collateral:* Securities lending collateral is invested in a money market fund which is valued at the actively traded NAV and no valuation adjustments are applied. Securities lending collateral is categorized in Level 1 of the fair value hierarchy.

*Derivative instruments:* Centrally cleared or listed derivatives that are actively traded are valued based on quoted prices from the exchange and are categorized in Level 1 of the fair value hierarchy. Over-the-counter ("OTC") derivative contracts include forward, swap, swaption, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices. Depending on the product and the terms of the transaction, the fair value of the OTC derivative products are modeled taking into account the counterparties' creditworthiness and using a series of techniques, including simulation models. Many pricing models do not entail material subjectivity because the methodologies employed do not necessitate significant judgments and the pricing inputs are observed from actively quoted markets, as is the case of interest rate swap and option contracts. The majority of OTC derivative products valued by the Portfolio using pricing models fall into this category and are categorized within Level 2 of the fair value hierarchy or Level 3 if inputs are unobservable.

**4. SECURITIES AND OTHER INVESTMENTS** 

**Treasury inflation-protected securities ("TIPS"):** The Portfolio may invest in TIPS, which are fixed income securities whose principal value is periodically adjusted according to the rate of inflation/deflation. If the index measuring inflation/deflation rises or falls, the principal value of TIPS will be adjusted upward or downward, and consequently the interest payable on these securities (calculated with respect to a larger or smaller principal amount) will be increased or reduced, respectively. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds and notes. For bonds and notes that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

TIPS held at December 31, 2022, if any, are included within the Schedule of Investments. The adjustments, if any, to principal due to inflation/deflation are reflected as increases/decreases to Interest income within the Statement of Operations, with a corresponding adjustment to Investments, at cost within the Statement of Assets and Liabilities.

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

The Portfolio may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Portfolio invests borrowing proceeds in other securities, the Portfolio will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Portfolio may borrow on a secured or on an unsecured basis. If the Portfolio enters into a secured borrowing arrangement, a portion of the Portfolio's assets will be used as collateral. The 1940 Act requires the Portfolio to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Portfolio's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Portfolio may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)** 

conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the year ended December 31, 2022, the Portfolio has not utilized the program.

**Securities lending:** The Portfolio may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Portfolio pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Portfolio to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Portfolio may experience delays in recovery of the loaned securities or delays in access to collateral, or the Portfolio may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government and irrevocable letters of credit issued by banks as collateral. The initial collateral received by the Portfolio is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower.

The Portfolio receives compensation for lending securities from interest or dividends earned on the cash, U.S. Government securities and irrevocable letters of credit held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust—Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at December 31, 2022, if any, are shown on a gross basis within the Schedule of Investments.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of December 31, 2022.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
| | **Overnight and<br>Continuous** | **Less Than<br>30 Days** | **Between<br>30 & 90 Days** | **Greater Than<br>90 Days** | **Total** |
|  Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Debt Securities | $2991899 | $— | $— | $— | $2991899 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Obligations | 1302484 |  |  |  | 1302484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | 180532 |  |  |  | 180532 |
|  Total Securities Lending Transactions | $4474915 | $— | $— | $— | $4474915 |
|  **Total Borrowings** | $**4474915** | $**—** | $**—** | $**—** | $**4474915** |

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**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS** 

The Portfolio's investment strategies allow the Portfolio to use various types of derivative contracts, including option contracts, swap agreements, futures contracts, and forward foreign currency contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or OTC.

**Market Risk Factors:** In pursuit of the Portfolio's investment strategies, the Portfolio may seek to use derivatives to increase or decrease its exposure to certain market risks, including:

*Interest rate risk:* Interest rate risk relates to the fluctuations in the value of fixed income securities due to changes in the prevailing levels of market interest rates.

*Foreign exchange rate risk:* Foreign exchange rate risk relates to fluctuations in the value of an asset or liability due to changes in the currency exchange rates.

*Equity risk:* Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)** 

*Credit risk:* Credit risk relates to the ability of the issuer of a financial instrument to make further principal or interest payments on an obligation or commitment that it has to the Portfolio.

*Commodity risk:* Commodity risk relates to the change in value of commodities or commodity indices as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

The Portfolio is also exposed to additional risks from investing in derivatives, such as liquidity and counterparty credit risk. Liquidity risk is the risk that the Portfolio will be unable to sell or close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligations to the Portfolio. Investing in derivatives may also involve greater risks than investing directly in the underlying assets, such as losses in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

The Portfolio's exposure to market risk factors and certain other associated risks are summarized by derivative type as follows:

**Forward foreign currency contracts:** The Portfolio is subject to foreign exchange rate risk exposure in the normal course of pursuing its investment objective. The Portfolio may enter into forward foreign currency contracts to hedge against exchange rate risk arising from investments in securities denominated in foreign currencies. Forward foreign currency contracts are marked-to-market daily, with the change in value recorded as an unrealized gain or loss and is shown in Unrealized appreciation (depreciation) on forward foreign currency contracts within the Statement of Assets and Liabilities. When the contracts are settled, a realized gain or loss is incurred and is shown in Net realized gain (loss) on forward foreign currency contracts within the Statement of Operations. Risks may arise from changes in market value of the underlying currencies and from the possible inability of counterparties to meet the terms of their contracts. Forward foreign currency contracts are traded in the OTC inter-bank currency dealer market.

Open forward foreign currency contracts at December 31, 2022, if any, are listed within the Schedule of Investments.

The following is a summary of the location and the Portfolio's fair values of derivative investments disclosed, if any, within the Statement of Assets and Liabilities, categorized by primary market risk exposure as of December 31, 2022.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| **Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  Forward foreign currency contracts: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts | $— | $63860 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $63860 |
|  **Total** | $**—** | $**63860** | $**—** | $**—** | $**—** | $**63860** |
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  Forward foreign currency contracts: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts | $— | $(2018028) | $— | $— | $— | $(2018028) |
|  **Total** | $**—** | $**(2018028)** | $**—** | $**—** | $**—** | $**(2018028)** |

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)** 

The following is a summary of the location and the effect of derivative investments, if any, within the Statement of Operations, categorized by primary market risk exposure as of December 31, 2022.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** |
| **Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  Forward foreign currency contracts | $— | $4945354 | $— | $— | $— | $4945354 |
|  **Total** | $**—** | $**4945354** | $**—** | $**—** | $**—** | $**4945354** |
| **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** |
| **Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  Forward foreign currency contracts | $— | $(2077409) | $— | $— | $— | $(2077409) |
|  **Total** | $**—** | $**(2077409)** | $**—** | $**—** | $**—** | $**(2077409)** |

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The following is a summary of the ending monthly average volume on derivative activity during the year ended December 31, 2022.

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| | |
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|  **Forward foreign currency exchange contracts:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average contract amounts purchased – in USD | $1302975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average contract amounts sold – in USD | &nbsp;&nbsp;&nbsp;&nbsp;37478205 |

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The Portfolio typically enters into International Swaps and Derivatives Association, Inc. Master Agreements ("ISDA Master Agreements") or similar master agreements (collectively, "Master Agreements") with its contract counterparties for certain OTC derivatives in order to, among other things, reduce credit risk to counterparties.

ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Portfolio typically may offset with the counterparty certain OTC derivative financial instruments payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default, termination and/or potential deterioration in the credit quality of the counterparty.

Various Master Agreements govern the terms of certain transactions with counterparties and typically attempt to reduce the counterparty risk associated with such transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Cross-termination provisions under Master Agreements typically provide that a default in connection with one transaction between the Portfolio and a counterparty gives the non-defaulting party the right to terminate any other transactions in place with the defaulting party to create one single net payment due to/due from the defaulting party and may be a feature in certain Master Agreements. In the event the Portfolio exercises its right to terminate a Master Agreement after a counterparty experiences a termination event as defined in the Master Agreement, the return of collateral with market value in excess of the Portfolio's net liability may be delayed or denied.

*Collateral requirements:* Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (futures contracts, exchange-traded options, and exchange-traded swap agreements) while collateral terms are contract specific for OTC derivatives (forward foreign currency exchange contracts, OTC options, and OTC swap agreements). For OTC derivatives, under standard derivatives agreements, the Portfolio may be required to pledge collateral on derivatives to a counterparty if the Portfolio is in a net liability position, and receive collateral if in a net positive position. For financial reporting purposes, cash collateral that has been pledged by the Portfolio to cover obligations, if any, is reported in Cash collateral at broker within the Statement of Assets and Liabilities. Cash collateral that has been received by the Portfolio from a counterparty, if any, is reported separately in Cash collateral pledged at custodian and/or broker within the Statement of Assets and Liabilities. Non-cash collateral pledged to the Portfolio, if any, is disclosed within the Schedule of Investments.

Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold before a transfer has been made. Typically a counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The Portfolio generally does not use non-cash collateral that it receives but may, absent default or certain other circumstances, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)** 

To the extent amounts due to the Portfolio from its counterparties are not fully collateralized, contractually or otherwise, the Portfolio bears the risk of loss from counterparty non-performance. Additionally, to the extent the Portfolio has delivered collateral to a counterparty, the Portfolio bears the risk of loss from a counterparty in the event the counterparty fails to return such collateral. Counterparties may immediately terminate derivatives contracts if the Portfolio fails to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages. Collateral may not be required for all derivative contracts.

The following is a summary of the Portfolio OTC derivative assets and liabilities by counterparty net of amounts available for offset under a master netting agreement and net of the related collateral received/pledged by the Portfolio as of December 31, 2022. For financial reporting purposes, the Portfolio does not offset assets and liabilities that are subject to a master netting agreement or similar arrangement on the Statement of Assets and Liabilities. See the Repurchase agreement section within the notes for offsetting and collateral information pertaining to repurchase agreements that are subject to master netting agreements.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Gross Amounts of<br>Assets<br>Presented within<br>Statement of<br>Assets and<br>Liabilities <sup>(A)</sup>** | **Gross Amounts Not Offset<br>within Statement of<br>Assets and Liabilities** | **Gross Amounts Not Offset<br>within Statement of<br>Assets and Liabilities** | **Net<br>Receivable** | **Gross Amounts of<br>Liabilities<br>Presented within<br>Statement of<br>Assets and<br>Liabilities <sup>(A)</sup>** | **Gross Amounts Not Offset<br>within Statement of<br>Assets and Liabilities** | **Gross Amounts Not Offset<br>within Statement of<br>Assets and Liabilities** | **Net<br>Payable** |
| <br>**Counterparty** | **Gross Amounts of<br>Assets<br>Presented within<br>Statement of<br>Assets and<br>Liabilities <sup>(A)</sup>** | **Financial<br>Instruments** | **Collateral<br>Received <sup>(B)</sup>** | **Net<br>Receivable** | **Gross Amounts of<br>Liabilities<br>Presented within<br>Statement of<br>Assets and<br>Liabilities <sup>(A)</sup>** | **Financial<br>Instruments** | **Collateral<br>Pledged <sup>(B)</sup>** | **Net<br>Payable** |
|  | **Assets** | **Assets** | **Assets** | **Assets** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
|  JPMorgan Securities LLC | $63860 | $(63860) | $— | $— | $2018028 | $(63860) | $(710000) | $1244168 |
|  **Total** | $**63860** | $**(63860)** | $**—** | $**—** | $**2018028** | $**(63860)** | $**(710000)** | $**1244168** |

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(A) *Absent an event of default or early termination, OTC derivative assets and liabilities are presented gross and not offset within the Statement of Assets and Liabilities.* 

(B) *In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.* 

**7. RISK FACTORS** 

Investing in the Portfolio involves certain key risks related to the Portfolio's trading activity. Please reference the Portfolio's prospectus for a more complete discussion of the following risk(s), as well as other risks of investing in the Portfolio.

**Market risk:** The market prices of the Portfolio's securities and other assets may go up or down, sometimes sharply and unpredictably, due to general market conditions, overall economic trends or events, inflation, changes in interest rates, government actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by wars, tariffs, trade disputes or other factors, political developments, investor sentiment, the global and domestic effects of a pandemic or other health emergency, and other factors that may or may not be related to the issuer of the security or other asset. The market prices of securities and other assets also may go down due to events or conditions that affect particular sectors, industries, issuers, or geographies. Adverse market conditions may be prolonged and may not have the same impact on all types of securities or other assets. If the value of the Portfolio's securities and assets fall, the value of your investment will go down. The Portfolio may experience a substantial or complete loss on any individual security or asset.

Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, the imposition of economic sanctions, public health events (such as the spread of infectious disease), wars, terrorism, cybersecurity events, technology and data interruptions, natural disasters, and other circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. In the past decade, financial markets throughout the world have experienced increased volatility and decreased liquidity. These conditions may continue or worsen. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down. Securities markets may also be susceptible to market manipulation or other fraudulent trade practices, which could disrupt the orderly functioning of these markets or adversely affect the value of securities traded in these markets, including the Portfolio's securities.

The pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in economic downturns throughout the world, severe losses, particularly to some sectors of the economy and individual issuers, and reduced liquidity of many instruments. There also have been significant disruptions to business operations, including business closures; strained healthcare systems; disruptions to supply chains and employee availability; large fluctuations in consumer demand; and widespread uncertainty regarding the duration and long-term effects of the pandemic. Economic downturns may be prolonged, and political and social instability, continued volatility and decreased liquidity in the securities markets may result. Developing or emerging market countries may be more impacted by the pandemic.

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**Transamerica PineBridge Inflation Opportunities VP** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**7. RISK FACTORS (continued)** 

The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic. These and other government intervention into the economy and financial markets may not work as intended. In addition, government actions to mitigate the economic impact of the pandemic have resulted in large expansion of government deficits and debt, the long-term consequences of which are not known. Rates of inflation have recently risen, which could adversely affect economies and markets. The pandemic could continue to adversely affect the value and liquidity of the Portfolio's investments.

*Europe:* A number of countries in Europe have experienced severe economic and financial difficulties; and financial markets in Europe and elsewhere have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen or spread within or outside Europe. Responses to the financial problems by European governments, central banks and others may not work, may result in conflicts and social unrest and may limit future growth and economic recovery or have other unintended consequences. In January, 2020, through "Brexit," the United Kingdom withdrew from the European Union. The ramifications of Brexit are unknown, and the implications of possible political, regulatory, economic, and market outcomes could be significant. The United Kingdom has one of the largest economies in Europe and is a major trading partner with European Union countries and the United States. Brexit may create additional and substantial economic stresses for the United Kingdom, including a contraction of the United Kingdom's economy, decreased trade, capital outflows, devaluation of the British pound, and a decrease in business and consumer spending and investment. The negative impact on not only the United Kingdom and European Union economies but also the broader global economy could be significant. A number of countries in Europe have suffered terror attacks, and additional attacks may occur in the future. Europe has also been struggling with mass migration from the Middle East, Eastern Europe and Africa. The ultimate effects of these events and other socio-political or geopolitical issues could profoundly affect global economies and markets. Whether or not the Portfolio invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

*Additional Market Disruption:* Russia's invasion of Ukraine in February, 2022, the resulting responses by the United States and other countries, and the potential for wider conflict, have increased and may continue to increase volatility and uncertainty in financial markets worldwide. The United States and other countries have imposed broad-ranging economic sanctions on Russia and Russian entities and individuals, and may impose additional sanctions, including on other countries that provide military or economic support to Russia. These sanctions, among other things, restrict companies from doing business with Russia and Russian issuers, and may adversely affect companies with economic or financial exposure to Russia and Russian issuers. The extent and duration of Russia's military actions and the repercussions of such actions are not known. The invasion may widen beyond Ukraine and may escalate, including through retaliatory actions and cyberattacks by Russia and even other countries. These events may result in further and significant market disruptions and may adversely affect regional and global economies including those of Europe and the United States. Certain industries and markets, such as those involving oil, natural gas and other commodities, as well as global supply chains, may be particularly adversely affected. Whether or not the Portfolio invests in securities of issuers located in Russia, Ukraine and adjacent countries or with significant exposure to issuers in these countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

**Inflation-protected securities risk:** Inflation-protected debt securities may react differently from other types of debt securities and tend to react to changes in "real" interest rates, which represent nominal (stated) interest rates reduced by the expected impact of inflation. In general, the price of an inflation-protected debt security can fall when real interest rates rise, and can rise when real interest rates fall. Interest payments on inflation-protected debt securities can be unpredictable and will vary as the principal and/or interest is adjusted for inflation.

**Interest rate risk:** Interest rates in the U.S. and certain foreign markets have been low relative to historic levels. The Portfolio faces a risk that interest rates may rise. The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates also may affect the liquidity of the Portfolio's investments. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the Portfolio. Increased redemptions could cause the Portfolio to sell securities at inopportune times or depressed prices and result in further losses.

**LIBOR risk:** Many financial instruments, financings or other transactions to which the Portfolio may be a party use or may use a floating rate based on the London Interbank Offered Rate ("LIBOR"). The UK Financial Conduct Authority and LIBOR's administrator announced that the use of LIBOR will be phased out; most LIBOR rates are no longer published as of the end of 2021 and a majority of U.S. dollar LIBOR rates will no longer be published after June 30, 2023. It is possible that a subset of LIBOR rates may be published after these dates on a "synthetic" basis, but any such publications would be considered non-representative of the underlying market.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**7. RISK FACTORS (continued)** 

There remains uncertainty regarding the nature of any replacement rate and the impact of the transition from LIBOR on the Portfolio, issuers of instruments in which the Portfolio invests, and financial markets generally. As such, the potential effect of a transition away from LIBOR on the Portfolio or the Portfolio's investments cannot yet be determined.

**8. FEES AND OTHER AFFILIATED TRANSACTIONS** 

TST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Transamerica Life Insurance Company ("TLIC"), and Transamerica Financial Life Insurance Company.

TAM, the Portfolio's investment manager, is directly owned by TLIC and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon NV. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon NV, a Netherlands corporation, and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Portfolio's transfer agent. Transamerica Capital, Inc. ("TCI") is the Portfolio's distributor/principal underwriter. TAM, TFS, and TCI are affiliates of Aegon NV.

Certain officers and trustees of the Portfolio are also officers and/or trustees of TAM, TFS and TCI. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Portfolio. The Portfolio does pay non-interested persons (independent trustees), as disclosed in Trustee, CCO and deferred compensation fees within the Statement of Operations.

**Investment management fees:** TAM serves as the Portfolio's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Portfolio pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Portfolio pays a management fee to TAM based on daily average net assets at the following rates:

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| | |
|:---|:---|
| **Breakpoints** | **Rate** |
|  First $250 million | 0.49% |
|  Over $250 million up to $1 billion | 0.43 |
|  Over $1 billion | 0.38 |

---

TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses, reorganization expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

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| | | |
|:---|:---|:---|
| | **Operating<br>Expense Limit** | **Operating<br>Expense Limit**<br> **Effective Through** |
|  Initial Class | 0.70% | May 1, 2023 |
|  Service Class | 0.95 | May 1, 2023 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended December 31, 2022 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Portfolio, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

As of December 31, 2022, there are no amounts available for recapture by TAM.

**Distribution and service fees:** TST has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, TST entered into a distribution agreement with TCI as the Portfolio's distributor.

The Distribution Plan requires the Portfolio to pay distribution fees to TCI as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCI, on behalf of the Portfolio, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Portfolio's shares.

The fee on the Service Class shares is paid to the insurance companies for providing services and account maintenance for the policyholders who invest in the variable insurance products which invest in the Service Class shares. TCI has determined that it will not seek payment for the distribution expenses incurred by the Portfolio with respect to the Initial Class shares before May 1, 2023. Prior to TCI seeking distribution expenses on Initial Class shares, policy and contract owners will be notified in advance. The Portfolio will pay fees relating to Service Class shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Portfolio is authorized under the Distribution Plan to pay fees to TCI based on daily average net assets of each class up to the following annual rates:

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| | |
|:---|:---|
| **Class** | **Rate** |
|  Initial Class | 0.15% |
|  Service Class | 0.25 |

---

**Transfer agent costs:** TFS provides transfer agency services under an intercompany agreement with TAM. TFS has outsourced the provision of certain sub-transfer agency services to SS&C Technology Holdings, Inc ("SS&C"). The Portfolio does not pay a separate transfer agent fee to TAM or TFS but does pay certain expenses to SS&C related to applicable sub-transfer agency services. For the year ended December 31, 2022, (i) the expenses paid to SS&C by the Portfolio are referred to as Transfer agent costs and are included within the Statement of Operations and (ii) the expenses payable to SS&C by the Portfolio are referred to as Transfer agent costs within the Statement of Assets and Liabilities.

**Deferred compensation plan:** Effective September 23, 2021, the Board has approved the termination of the deferred compensation plan. Payments will be made to applicable current and former Board members consistent with Section 409A of the Code. Under a non-qualified deferred compensation plan effective January 1, 1996, as amended and restated January 1, 2010, available to the trustees, compensation may be deferred that would otherwise be payable by TST to an independent trustee on a current basis for services rendered as trustee. Deferred compensation amounts will accumulate based on the value of the investment option, as elected by the trustee. Balances pursuant to deferred compensation plan are recorded in Trustees, Chief Compliance Officer ("CCO") and deferred compensation fees within the Statement of Assets and Liabilities. For the year ended December 31, 2022, amounts included in Trustees, CCO and deferred compensation fees within the Statement of Operations reflect total compensation paid to the independent Board members.

**Brokerage commissions:** The Portfolio incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the year ended December 31, 2022.

**9. PURCHASES AND SALES OF SECURITIES** 

For the year ended December 31, 2022, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

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| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $30833413 | $36136418 | $21264463 | $46633251 |

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**10. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS** 

The Portfolio has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Portfolio recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Portfolio's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Portfolio's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Portfolio's financial statements. If applicable, the Portfolio recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Portfolio identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Portfolio makes significant investments; however, the Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales, forward contracts mark-to-market, premium amortization accruals and TIPS adjustments. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. There are no reclassifications in the current year.

As of December 31, 2022, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross<br>Appreciation** | **Gross<br>(Depreciation)** | **Net Appreciation<br>(Depreciation)** |
| $164494810 | $1065762 | $(15617621) | $(14551859) |

---

As of December 31, 2022, the capital loss carryforwards available to offset future realized capital gains are as follows:

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| | |
|:---|:---|
| **Unlimited** | **Unlimited** |
| **Short-Term** | **Long-Term** |
| $1007170 | $8483163 |

---

During the year ended December 31, 2022, the capital loss carryforwards utilized are $332,106.

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2022 and 2021 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** |
| **Ordinary**<br> **Income** | **Long-Term<br>Capital Gain** | **Return of Capital** | **Ordinary**<br> **Income** | **Long-Term<br>Capital Gain** | **Return of Capital** |
| $5995860 | $— | $— | $1918094 | $— | $— |

---

As of December 31, 2022, the tax basis components of distributable earnings are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Capital Loss<br>Carryforwards** | **Late Year<br>Ordinary Loss<br>Deferred** | **Other**<br> **Temporary<br>Differences** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| $6957149 | $— | $(9490333) | $— | $— | $(14549515) |

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**11. NEW ACCOUNTING PRONOUNCEMENTS** 

In June 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2022-03 ("ASU 2022-03"), "Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions" ("Topic 820"). ASU 2022-03 clarifies the guidance in Topic 820, related to the measurement of the fair value of an equity security subject to contractual sale restrictions, where it eliminates the need to apply a discount to fair value of these securities, and introduces disclosure requirements related to such equity securities. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. Management is currently evaluating the implications, if any, of the additional requirements and its impact on the Portfolio's financial statements.

In December 2022, FASB issued Accounting Standards Update No. 2022-06 ("ASU 2022-06"), "Reference Rate Reform (Topic 848)". ASU 2022-06 is an update of ASU 2020-04, which is in response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR, regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The ASU 2022-06 update clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The amendments in this update are effective immediately through December 31, 2024, for all entities. Management does not expect ASU 2022-06 to have a material impact on the financial statements.

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**Report of Independent Registered Public Accounting Firm** 

*To the Shareholders and the Board of Trustees of Transamerica PineBridge Inflation Opportunities VP* 

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities of Transamerica PineBridge Inflation Opportunities VP (the "Portfolio") (one of the portfolios constituting Transamerica Series Trust (the "Trust")), including the schedule of investments, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the portfolios constituting Transamerica Series Trust) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion** 

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g438566ernst_young.jpg)

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

February 27, 2023

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**SUPPLEMENTAL TAX INFORMATION** 

**(unaudited)** 

For tax purposes, the Portfolio has made no long-term capital gain designations for the year ended December 31, 2022.

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**Transamerica ProFund UltraBear VP** 

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**(unaudited)** 

**MARKET ENVIRONMENT** 

For the year ended December 31, 2022, the S&P 500<sup>®</sup> Index ("S&P 500<sup>®</sup>" or "Index") had a total return of -18.11%. The Index is a measure of large-cap U.S. stock market performance. It is a float-adjusted, market capitalization-weighted index of approximately 500 U.S. operating companies and real estate investment trusts selected through a process that factors in criteria such as liquidity, price, market capitalization and financial viability.

**PERFORMANCE** 

For the year ended December 31, 2022, Transamerica ProFund UltraBear VP, Service Class returned 23.10%. By comparison, its

benchmark, the S&P 500<sup>®</sup>, returned -18.11%.

**STRATEGY REVIEW** 

For the fiscal year ended December 31, 2022, Transamerica ProFund UltraBear VP (the "Portfolio") outperformed the S&P 500<sup>®</sup>.

The Portfolio seeks daily investment results, before fees and expenses, that correspond to twice the inverse (-2x) of the return of the S&P 500<sup>®</sup> for a single day, not for any other period. The return of the Portfolio for periods longer than a single day will be the result of its return for each day compounded over the period. The Portfolio's return for periods longer than a single day will very likely differ in amount, and possibly even direction, from the Portfolio's stated multiple (-2x) times the return of the Portfolio's Index for the same period.

During the year, the Portfolio invested in index futures contracts as a substitute for directly shorting stocks in order to seek returns for a single day that are inverse leveraged (-2x) to the returns of the Index for that day.

During the fiscal year, the Portfolio utilized derivatives. These positions contributed to performance.

**Michael Neches** 

**Devin Sullivan** 

**Co-Portfolio Managers** 

**ProFund Advisors LLC** 

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| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  Short-Term Investment Companies | 63.7% |
|  Repurchase Agreement | 15.9 |
|  Net Other Assets (Liabilities) ^ | 20.4 |
|  **Total** | 100.0% |

---

*Current and future portfolio holdings are subject to change and risk.* 

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| | |
|:---|:---|
| *^* | *The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral.*  |

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**(unaudited)**![LOGO](g438566g55g75.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Service Class | 23.10% | (26.48)% | (27.16)% | 05/01/2009 |
|  S&P 500<sup>®</sup> Index <sup>(A)</sup> | (18.11)% | 9.42% | 12.56% |  |

---

<sup>(A)</sup> *The S&P 500<sup>®</sup> Index is a market-capitalization weighted index of 500 large U.S. companies with common stock listed on the NYSE or NASDAQ.* 

The Portfolio's benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Year or Since Inception calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or the redemption of Portfolio shares. The Portfolio's investment return and net asset value will fluctuate. Investors' shares when redeemed may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month end. Portfolio performance is net of investment fees and Portfolio expenses, but not product charges, which, if included, would significantly lower the performance quoted.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of previously waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

The Portfolio is classified as "non-diversified," which means it may invest a larger percentage of its assets in one issuer than a diversified portfolio. To the extent the Portfolio invests its assets in fewer issuers, the Portfolio will be more susceptible to negative events affecting those issuers.

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**DISCLOSURE OF EXPENSES** 

**(unaudited)** 

**SHAREHOLDER EXPENSES** 

Portfolio shareholders may incur two types of costs: (i) transaction costs, including brokerage commissions on purchases and sales of portfolio shares; and (ii) ongoing costs, including management fees, and other portfolio expenses.

The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other portfolios.

The example is based on an investment of $1,000 invested at July 1, 2022, and held for the entire six-month period until December 31, 2022.

**ACTUAL EXPENSES** 

The information in the table below provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = $8.60), then multiply the result by the number in the appropriate column for your share class titled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES** 

The information in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Portfolio versus other portfolios. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other portfolios.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Portfolio shares. Therefore, the information under the heading "Hypothetical Expenses" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different portfolios. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries, or other financial institutions.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Actual Expenses** | **Actual Expenses** | **Hypothetical Expenses <sup>(A)</sup>** | **Hypothetical Expenses <sup>(A)</sup>** | |
| <br>**Class** | <br>**Beginning<br>Account Value<br>July 1, 2022** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** | <br>**Net Annualized<br>Expense Ratio <sup>(C) (D)</sup>** |
|  Service Class | $&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;908.50 | $&nbsp;&nbsp;&nbsp;&nbsp;5.92 | $&nbsp;&nbsp;&nbsp;&nbsp;1019.00 | $&nbsp;&nbsp;&nbsp;&nbsp;6.26 | 1.23% |

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(A) *5% return per year before expenses.*

(B) *Expenses are calculated using the Portfolio's net annualized expense ratio, as disclosed in the table, multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (365 days).*

(C) *Net annualized expense ratios, as disclosed in the table, do not include the expenses of the underlying investments in which the Portfolio invests. The net annualized expense ratios, as stated in the fee table of the Portfolio's Prospectus, may differ from the expense ratios disclosed in this report.*

(D) *Net annualized expense ratios are reflective of applicable fee waivers and/or reimbursements and recapture, if any, and are based on the most recent six-months which may differ from the net expense ratio displayed in the Financial Highlights that covers a twelve-month period.*

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**SCHEDULE OF INVESTMENTS** 

**At December 31, 2022** 

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| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **SHORT-TERM INVESTMENT COMPANIES - 63.7%** | **SHORT-TERM INVESTMENT COMPANIES - 63.7%** | **SHORT-TERM INVESTMENT COMPANIES - 63.7%** |
| **Money Market Funds - 63.7%** | **Money Market Funds - 63.7%** | **Money Market Funds - 63.7%** |
|  BlackRock Liquidity Funds T-Fund, <br>4.02% <sup>(A)</sup> | 5045241 | $5045241 |
|  Dreyfus Treasury & Agency Cash Management Fund,<br>4.17% <sup>(A)</sup> | 5047778 | 5047778 |
|  State Street Institutional U.S. Government Money Market Fund, <br>4.12% <sup>(A)</sup> | 5045241 | 5045241 |
|  UBS Select Treasury Preferred Fund, <br>4.22% <sup>(A)</sup> | 5045241 | 5045241 |
|  **Total Short-Term Investment Companies <br>(Cost $20,183,501)** | **Total Short-Term Investment Companies <br>(Cost $20,183,501)** | 20183501 |

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| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 15.9%** | **REPURCHASE AGREEMENT - 15.9%** | **REPURCHASE AGREEMENT - 15.9%** |
|  Fixed Income Clearing Corp., 1.80% <sup>(A)</sup>, dated 12/30/2022, to be repurchased at $5,046,250 on 01/03/2023. Collateralized by a U.S. Government Obligation, 4.77%, due 12/28/2023, and with a value of $5,146,206. | $5045241 | $5045241 |
|  **Total Repurchase Agreement <br>(Cost $5,045,241)** |  | 5045241 |
|  **Total Investments <br>(Cost $25,228,742)** |  | 25228742 |
|  **Net Other Assets (Liabilities) - 20.4%** |  | 6480460 |
|  **Net Assets - 100.0%** |  | **$31709202** |

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**FUTURES CONTRACTS:** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** | **Short Futures Contracts** |
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  S&P 500<sup>®</sup> E-Mini Index | (329) | 03/17/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;(64884961) | $&nbsp;&nbsp;&nbsp;&nbsp;(63513450) | $&nbsp;&nbsp;&nbsp;&nbsp;1371511 | $&nbsp;&nbsp;&nbsp;&nbsp;— |

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**INVESTMENT VALUATION:** 

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**Valuation Inputs <sup>(B)</sup>** 

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Short-Term Investment Companies | $20183501 | $— | $— | $20183501 |
|  Repurchase Agreement |  | 5045241 |  | 5045241 |
|  **Total Investments** | $**20183501** | $**5045241** | $**—** | $**25228742** |
|  **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** |
|  Futures Contracts <sup>(C)</sup> | $1371511 | $— | $— | $1371511 |
|  **Total Other Financial Instruments** | $**1371511** | $**—** | $**—** | $**1371511** |

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**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *Rates disclosed reflect the yields at December 31, 2022.* 

(B) *There were no transfers in or out of Level 3 during the year ended December 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

(C) *Derivative instruments are valued at unrealized appreciation (depreciation).* 

***The Notes to Financial Statements are an integral part of this report.***

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**STATEMENT OF ASSETS AND LIABILITIES** 

**At December 31, 2022** 

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| | |
|:---|:---|
|  **Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments, at value (cost $20,183,501) | $20183501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreement, at value (cost $5,045,241) | 5045241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral pledged at broker for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 3836140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables and other assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 3996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin receivable on futures contracts | 2796629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 49 |
|  Total assets | 31865556 |
|  **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables and other liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest redeemed | 106070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 25287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 6378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 12587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 1002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 3299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 1289 |
|  Total liabilities | 156354 |
|  **Net assets** | $31709202 |
|  **Net assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital stock ($0.01 par value) | $25758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 220815382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) | &nbsp;&nbsp;&nbsp;&nbsp;(189131938) |
|  **Net assets** | $31709202 |
|  **Shares outstanding** | 2575792 |
|  **Net asset value and offering price per share** | $12.31 |

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**STATEMENT OF OPERATIONS** 

**For the year ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income from unaffiliated investments | $146407 |
|  Total investment income | 146407 |
|  **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 203292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 57753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 1112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 16094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 4562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 1388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 7727 |
|  Total expenses before waiver and/or reimbursement and recapture | 292985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense waived and/or reimbursed | (12473) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recapture of previously waived and/or reimbursed fees | 3750 |
|  Net expenses | 284262 |
|  **Net investment income (loss)** | (137855) |
|  **Net realized gain (loss) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 314684 |
|  **Net change in unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 1575670 |
|  Net realized and change in unrealized gain (loss) | 1890354 |
|  **Net increase (decrease) in net assets resulting from operations** | $&nbsp;&nbsp;&nbsp;&nbsp;1752499 |

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***The Notes to Financial Statements are an integral part of this report.***

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**STATEMENT OF CHANGES IN NET ASSETS** 

**For the years ended:** 

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| | | |
|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2021** |
|  **From operations:** | **From operations:** | **From operations:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(137855) | $(99290) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 314684 | (4882006) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 1575670 | 225763 |
|  Net increase (decrease) in net assets resulting from operations | 1752499 | &nbsp;&nbsp;&nbsp;&nbsp;(4755533) |
|  **Capital share transactions:** | **Capital share transactions:** | **Capital share transactions:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold | 31699866 | 6857461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (9167205) | (4032707) |
|  Net increase (decrease) in net assets resulting from capital share transactions | 22532661 | 2824754 |
|  **Net increase (decrease) in net assets** | 24285160 | (1930779) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 7424042 | 9354821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $31709202 | $7424042 |
|  **Capital share transactions - shares:** | **Capital share transactions - shares:** | **Capital share transactions - shares:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued | 12962512 <sup>(A)</sup> | 547026 <sup>(A)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(11175449)<sup>(A)</sup> | (324887)<sup>(A)</sup> |
|  Net increase (decrease) in shares outstanding | 1787063 <sup>(A)</sup> | 222139 <sup>(A)</sup> |

---

(A) *Updated to reflect the effect of a 1-for-125 reverse share split on January 21, 2022.* 

**FINANCIAL HIGHLIGHTS** 

**For a share outstanding during the years indicated:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **December 31,<br>2022 <sup>(A)</sup>** | **December 31,<br>2021 <sup>(A)</sup>** | **December 31,<br>2020 <sup>(A)</sup>** | **December 31,<br>2019 <sup>(A)</sup>** | **December 31,<br>2018 <sup>(A)</sup>** |
|  **Net asset value, beginning of year** | $9.41 | $16.51 | $35.45 | $61.23 | $57.58 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(B)</sup> | (0.02) | (0.15) | (0.30) | 0.08 | (0.08) |
|  Net realized and unrealized gain (loss) | 2.92 | (6.95) | (18.56) | (25.86) | 3.73 |
|  Total investment operations | 2.90 | (7.10) | (18.86) | (25.78) | 3.65 |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income |  |  | (0.08) |  |  |
|  **Net asset value, end of year** | $12.31 | $9.41 | $16.51 | $35.45 | $61.23 |
|  **Total return** | 23.10% | &nbsp;&nbsp;&nbsp;&nbsp;(38.46)% | &nbsp;&nbsp;&nbsp;&nbsp;(53.41)% | (42.86)% | 6.52% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;31709 | $7424 | $&nbsp;&nbsp;&nbsp;&nbsp;9355 | $&nbsp;&nbsp;&nbsp;&nbsp;13250 | $&nbsp;&nbsp;&nbsp;&nbsp;36506 |
|  Expenses to average net assets <sup>(C)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 1.27% | 1.58% | 1.34% | 1.29% | 1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 1.23% | 1.24 %<sup>(D)</sup> | 1.23% | 1.23% | 1.23% |
|  Net investment income (loss) to average net assets | (0.60)% | (1.24)% | (1.10)% | 0.17% | (0.15)% |
|  Portfolio turnover rate | —% | — % | —% | —% | —% |

---

(A) *Updated to reflect the effect of a 1-for-125 reverse share split on January 21, 2022.* 

(B) *Calculated based on average number of shares outstanding.* 

(C) *Does not include expenses of the underlying investments in which the Portfolio invests.* 

(D) *Includes extraordinary expenses outside the operating expense limit.* 

***The Notes to Financial Statements are an integral part of this report.***

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**NOTES TO FINANCIAL STATEMENTS** 

**At December 31, 2022** 

**1. ORGANIZATION** 

Transamerica Series Trust ("TST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). TST applies investment company accounting and reporting guidance. TST serves as a funding vehicle for variable life insurance, variable annuity, and group annuity products. Transamerica ProFund UltraBear VP (the "Portfolio") is a series of TST and is classified as non-diversified under the 1940 Act. The Portfolio currently offers one class of shares, Service Class.

The only shareholders of the Portfolio are affiliated insurance company separate accounts and affiliated asset allocation portfolios. Contract holders of the variable life and annuity contracts are not shareholders of the Portfolio. For ease of reference, shareholders and contract holders are collectively referred to in this report as "shareholders."

This report must be accompanied or preceded by the Portfolio's current prospectus, which contains additional information about the Portfolio, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Portfolio pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Portfolio. TAM supervises the Portfolio's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Portfolio.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of a Portfolio without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Portfolio and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Portfolio employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending portfolio combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Portfolio's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Portfolio; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for a Portfolio; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Portfolio's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; oversight of other service providers to the Portfolio, such as the custodian, the transfer agent, the Portfolio's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Portfolio; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Portfolio, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Portfolio. The Portfolio pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the year

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**Page 7** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**1. ORGANIZATION (continued)** 

ended December 31, 2022, (i) the expenses paid to State Street for sub-administration services by the Portfolio are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Portfolio are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES** 

In preparing the Portfolio's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Portfolio.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Interest income, if any, is accrued as earned. Dividend income and capital gain distributions from underlying investments, if any, are recorded on the ex-dividend date. Income or short-term capital gain distributions received from underlying investments, if any, are recorded as Dividend income from investments within the Statement of Operations. Long-term capital gain distributions received from underlying investments, if any, are recorded as Net realized gain (loss) on Capital gain distributions received from investments within the Statement of Operations.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Indemnification:** In the normal course of business, the Portfolio enters into contracts that contain a variety of representations that provide general indemnifications. The Portfolio's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio and/or its affiliates that have not yet occurred. However, based on experience, the Portfolio expects the risk of loss to be remote.

**3. INVESTMENT VALUATION** 

Effective September 8, 2022, TAM has been designated as the Portfolio's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Portfolio's Board of Trustees. The net asset value of the Portfolio is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

TAM utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels ("Levels") of inputs of the fair value hierarchy are defined as follows:

Level 1—Unadjusted quoted prices in active markets for identical securities.

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Portfolio's investments and derivative instruments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Portfolio's investments at December 31, 2022, is disclosed within the Investment Valuation section of the Schedule of Investments.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**3. INVESTMENT VALUATION (continued)** 

determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

**Fair value measurements:** Descriptions of the valuation techniques applied to the Portfolio's significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

*Investment companies:* Certain investment companies are valued at the NAV as the practical expedient. These investment companies are not included within the fair value hierarchy. Certain other investment companies are valued at the actively traded NAV and no valuation adjustments are applied. These investment companies are categorized in Level 1 of the fair value hierarchy.

*Repurchase agreements:* Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

*Derivative instruments:* Centrally cleared or listed derivatives that are actively traded are valued based on quoted prices from the exchange and are categorized in Level 1 of the fair value hierarchy. Over-the-counter ("OTC") derivative contracts include forward, swap, swaption, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices. Depending on the product and the terms of the transaction, the fair value of the OTC derivative products are modeled taking into account the counterparties' creditworthiness and using a series of techniques, including simulation models. Many pricing models do not entail material subjectivity because the methodologies employed do not necessitate significant judgments and the pricing inputs are observed from actively quoted markets, as is the case of interest rate swap and option contracts. The majority of OTC derivative products valued by the Portfolio using pricing models fall into this category and are categorized within Level 2 of the fair value hierarchy or Level 3 if inputs are unobservable.

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

The Portfolio may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Portfolio invests borrowing proceeds in other securities, the Portfolio will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Portfolio may borrow on a secured or on an unsecured basis. If the Portfolio enters into a secured borrowing arrangement, a portion of the Portfolio's assets will be used as collateral. The 1940 Act requires the Portfolio to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Portfolio's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Portfolio may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the year ended December 31, 2022, the Portfolio has not utilized the program.

**Repurchase agreements:** In a repurchase agreement, the Portfolio purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Portfolio's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Portfolio will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Portfolio and its counterparties that provide for the net settlement of all transactions and collateral with the Portfolio, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at December 31, 2022.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)** 

Repurchase agreements at December 31, 2022, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**5. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS** 

The Portfolio's investment strategies allow the Portfolio to use various types of derivative contracts, including option contracts, swap agreements, futures contracts, and forward foreign currency contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or OTC.

**Market Risk Factors:** In pursuit of the Portfolio's investment strategies, the Portfolio may seek to use derivatives to increase or decrease its exposure to certain market risks, including:

*Interest rate risk:* Interest rate risk relates to the fluctuations in the value of fixed income securities due to changes in the prevailing levels of market interest rates.

*Foreign exchange rate risk:* Foreign exchange rate risk relates to fluctuations in the value of an asset or liability due to changes in the currency exchange rates.

*Equity risk:* Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

*Credit risk:* Credit risk relates to the ability of the issuer of a financial instrument to make further principal or interest payments on an obligation or commitment that it has to the Portfolio.

*Commodity risk:* Commodity risk relates to the change in value of commodities or commodity indices as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

The Portfolio is also exposed to additional risks from investing in derivatives, such as liquidity and counterparty credit risk. Liquidity risk is the risk that the Portfolio will be unable to sell or close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligations to the Portfolio. Investing in derivatives may also involve greater risks than investing directly in the underlying assets, such as losses in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

The Portfolio's exposure to market risk factors and certain other associated risks are summarized by derivative type as follows:

**Futures contracts:** The Portfolio is subject to equity and commodity risk, interest rate risk, and foreign exchange rate risk in the normal course of pursuing its investment objective. The Portfolio uses futures contracts to gain exposure to, or hedge against, changes in the value of equities and commodities, interest rates, or foreign currencies. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date. Upon entering into such contracts, the Portfolio is required to deposit with the broker, either in cash or in securities, an initial margin in an amount equal to a certain percentage of the contract amount. Subsequent payments (variation margin) are paid or received by the Portfolio, depending on the daily fluctuations in the value of the contract, and are recorded for financial statement purposes as unrealized gains or losses by the Portfolio. Upon entering into such contracts, the Portfolio bears the risk of equity and commodity prices, interest rates, or exchange rates moving unexpectedly, in which case, the Portfolio may not achieve the anticipated benefits of the futures contracts and may realize losses. With futures, there is minimal counterparty credit risk to the Portfolio since futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange.

Open futures contracts at December 31, 2022, if any, are listed within the Schedule of Investments. Variation margin, if applicable, is shown in Variation margin receivable or payable on futures contracts within the Statement of Assets and Liabilities.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**5. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)** 

The following is a summary of the location and the Portfolio's fair values of derivative investments disclosed, if any, within the Statement of Assets and Liabilities, categorized by primary market risk exposure as of December 31, 2022.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| **Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  Futures contracts: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) <sup>(A) (B)</sup> | $— | $— | $1371511 | $— | $— | $1371511 |
|  **Total** | $**—** | $**—** | $**1371511** | $**—** | $**—** | $**1371511** |

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(A) *May include exchange-traded derivatives which are not subject to a master netting arrangement, or another similar arrangement.* 

(B) *Included within unrealized appreciation (depreciation) on futures contracts as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.* 

The following is a summary of the location and the effect of derivative investments, if any, within the Statement of Operations, categorized by primary market risk exposure as of December 31, 2022.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** |
| **Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  Futures contracts | $— | $— | $314684 | $— | $— | $314684 |
|  **Total** | $**—** | $**—** | $**314684** | $**—** | $**—** | $**314684** |

---

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** |
| **Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  Futures contracts | $— | $— | $1575670 | $— | $— | $1575670 |
|  **Total** | $**—** | $**—** | $**1575670** | $**—** | $**—** | $**1575670** |

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The following is a summary of the ending monthly average volume on derivative activity during the year ended December 31, 2022.

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| | |
|:---|:---|
|  **Futures contracts:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts – short | $&nbsp;&nbsp;&nbsp;&nbsp;(45250958) |

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*Collateral requirements:* Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (futures contracts, exchange-traded options, and exchange-traded swap agreements) while collateral terms are contract specific for OTC derivatives (forward foreign currency exchange contracts, OTC options, and OTC swap agreements). For OTC derivatives, under standard derivatives agreements, the Portfolio may be required to pledge collateral on derivatives to a counterparty if the Portfolio is in a net liability position, and receive collateral if in a net positive position. For financial reporting purposes, cash collateral that has been pledged by the Portfolio to cover obligations, if any, is reported in Cash collateral at broker within the Statement of Assets and Liabilities. Cash collateral that has been received by the Portfolio from a counterparty, if any, is reported separately in Cash collateral pledged at custodian and/or broker within the Statement of Assets and Liabilities. Non-cash collateral pledged to the Portfolio, if any, is disclosed within the Schedule of Investments.

Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold before a transfer has been made. Typically a counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The Portfolio generally does not use non-cash collateral that it receives but may, absent default or certain other circumstances, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty.

To the extent amounts due to the Portfolio from its counterparties are not fully collateralized, contractually or otherwise, the Portfolio bears the risk of loss from counterparty non-performance. Additionally, to the extent the Portfolio has delivered collateral to a

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**5. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)** 

counterparty, the Portfolio bears the risk of loss from a counterparty in the event the counterparty fails to return such collateral. Counterparties may immediately terminate derivatives contracts if the Portfolio fails to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages. Collateral may not be required for all derivative contracts.

**6. RISK FACTORS** 

Investing in the Portfolio involves certain key risks related to the Portfolio's trading activity. Please reference the Portfolio's prospectus for a more complete discussion of the following risk(s), as well as other risks of investing in the Portfolio.

**Market risk:** The market prices of the Portfolio's securities and other assets may go up or down, sometimes sharply and unpredictably, due to general market conditions, overall economic trends or events, inflation, changes in interest rates, government actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by wars, tariffs, trade disputes or other factors, political developments, investor sentiment, the global and domestic effects of a pandemic or other health emergency, and other factors that may or may not be related to the issuer of the security or other asset. The market prices of securities and other assets also may go down due to events or conditions that affect particular sectors, industries, issuers, or geographies. Adverse market conditions may be prolonged and may not have the same impact on all types of securities or other assets. If the value of the Portfolio's securities and assets fall, the value of your investment will go down. The Portfolio may experience a substantial or complete loss on any individual security or asset.

Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, the imposition of economic sanctions, public health events (such as the spread of infectious disease), wars, terrorism, cybersecurity events, technology and data interruptions, natural disasters, and other circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. In the past decade, financial markets throughout the world have experienced increased volatility and decreased liquidity. These conditions may continue or worsen. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down. Securities markets may also be susceptible to market manipulation or other fraudulent trade practices, which could disrupt the orderly functioning of these markets or adversely affect the value of securities traded in these markets, including the Portfolio's securities.

The pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in economic downturns throughout the world, severe losses, particularly to some sectors of the economy and individual issuers, and reduced liquidity of many instruments. There also have been significant disruptions to business operations, including business closures; strained healthcare systems; disruptions to supply chains and employee availability; large fluctuations in consumer demand; and widespread uncertainty regarding the duration and long-term effects of the pandemic. Economic downturns may be prolonged, and political and social instability, continued volatility and decreased liquidity in the securities markets may result. Developing or emerging market countries may be more impacted by the pandemic.

The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic. These and other government intervention into the economy and financial markets may not work as intended. In addition, government actions to mitigate the economic impact of the pandemic have resulted in large expansion of government deficits and debt, the long-term consequences of which are not known. Rates of inflation have recently risen, which could adversely affect economies and markets. The pandemic could continue to adversely affect the value and liquidity of the Portfolio's investments.

*Europe:* A number of countries in Europe have experienced severe economic and financial difficulties; and financial markets in Europe and elsewhere have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen or spread within or outside Europe. Responses to the financial problems by European governments, central banks and others may not work, may result in conflicts and social unrest and may limit future growth and economic recovery or have other unintended consequences. In January, 2020, through "Brexit," the United Kingdom withdrew from the European Union. The ramifications of Brexit are unknown, and the implications of possible political, regulatory, economic, and market outcomes could be significant. The United Kingdom has one of the largest economies in Europe and is a major trading partner with European Union countries and the United States. Brexit may create additional and substantial economic stresses for the United Kingdom, including a contraction of the United Kingdom's economy, decreased trade, capital outflows, devaluation of the British pound, and a decrease in business and consumer spending and investment. The negative impact on not only the United Kingdom and European Union economies but also the broader global economy could be significant. A number of countries in Europe have suffered terror attacks, and additional attacks may occur in the future. Europe has also been struggling with mass migration from the Middle East, Eastern Europe and Africa. The ultimate effects

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. RISK FACTORS (continued)** 

of these events and other socio-political or geopolitical issues could profoundly affect global economies and markets. Whether or not the Portfolio invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

*Additional Market Disruption:* Russia's invasion of Ukraine in February, 2022, the resulting responses by the United States and other countries, and the potential for wider conflict, have increased and may continue to increase volatility and uncertainty in financial markets worldwide. The United States and other countries have imposed broad-ranging economic sanctions on Russia and Russian entities and individuals, and may impose additional sanctions, including on other countries that provide military or economic support to Russia. These sanctions, among other things, restrict companies from doing business with Russia and Russian issuers, and may adversely affect companies with economic or financial exposure to Russia and Russian issuers. The extent and duration of Russia's military actions and the repercussions of such actions are not known. The invasion may widen beyond Ukraine and may escalate, including through retaliatory actions and cyberattacks by Russia and even other countries. These events may result in further and significant market disruptions and may adversely affect regional and global economies including those of Europe and the United States. Certain industries and markets, such as those involving oil, natural gas and other commodities, as well as global supply chains, may be particularly adversely affected. Whether or not the Portfolio invests in securities of issuers located in Russia, Ukraine and adjacent countries or with significant exposure to issuers in these countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

**Inverse correlation risk:** Investors will lose money when the Index rises – a result that is the opposite from traditional funds.

**Equity and market risk:** Equity markets are volatile, and the value of securities, swaps, futures and other instruments related to equity markets may fluctuate dramatically from day-to-day. Equity markets are subject to corporate, political, regulatory, market and economic developments, as well as developments that impact specific economic sectors, industries or segments of the market. Further, stocks in the Index may underperform other equity investments. Volatility in the markets and/or market developments may cause the value of an investment in the Portfolio to decrease over short or long periods of time. As a portfolio seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily return of the Index, the value of an investment in the Portfolio is expected to decline when market conditions cause the level of the Index to rise.

**Non-diversification risk:** As a "non-diversified" Portfolio, the Portfolio may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund. Investing in a smaller number of issuers will make the Portfolio more susceptible to negative events affecting those issuers.

**7. FEES AND OTHER AFFILIATED TRANSACTIONS** 

TST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Transamerica Life Insurance Company ("TLIC"), and Transamerica Financial Life Insurance Company.

TAM, the Portfolio's investment manager, is directly owned by TLIC and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon NV. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon NV, a Netherlands corporation, and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Portfolio's transfer agent. Transamerica Capital, Inc. ("TCI") is the Portfolio's distributor/principal underwriter. TAM, TFS, and TCI are affiliates of Aegon NV.

Certain officers and trustees of the Portfolio are also officers and/or trustees of TAM, TFS and TCI. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Portfolio. The Portfolio does pay non-interested persons (independent trustees), as disclosed in Trustee, CCO and deferred compensation fees within the Statement of Operations.

**Investment management fees:** TAM serves as the Portfolio's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Portfolio pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

The Portfolio pays a management fee to TAM based on daily average net assets at the following rates:

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| | |
|:---|:---|
| **Breakpoints** | **Rate** |
|  First $250 million | 0.88% |
|  Over $250 million up to $750 million | 0.83 |
|  Over $750 million | 0.78 |

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TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses, reorganization expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

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| | | |
|:---|:---|:---|
| | **Operating<br>Expense Limit** | **Operating<br>Expense Limit<br>Effective Through** |
|  Service Class | 1.23% | May 1, 2023 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended December 31, 2022 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Portfolio, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

For the 36-month period ended December 31, 2022, the balances available for recapture by TAM for the Portfolio are as follows:

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| | | | |
|:---|:---|:---|:---|
| **Amounts Available** | **Amounts Available** | **Amounts Available** | |
| **2020** | **2021** | **2022** | <br>**Total** |
| $17037 | $32956 | $12473 | $62466 |

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**Distribution and service fees:** TST has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, TST entered into a distribution agreement with TCI as the Portfolio's distributor.

The Distribution Plan requires the Portfolio to pay distribution fees to TCI as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCI, on behalf of the Portfolio, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Portfolio's shares.

The fee on the Service Class shares is paid to the insurance companies for providing services and account maintenance for the policyholders who invest in the variable insurance products which invest in the Service Class shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Portfolio is authorized under the Distribution Plan to pay fees to TCI based on daily average net assets up to an annual fee of 0.25% of Service Class shares.

**Transfer agent costs:** TFS provides transfer agency services under an intercompany agreement with TAM. TFS has outsourced the provision of certain sub-transfer agency services to SS&C Technology Holdings, Inc ("SS&C"). The Portfolio does not pay a separate transfer agent fee to TAM or TFS but does pay certain expenses to SS&C related to applicable sub-transfer agency services. For the year ended December 31, 2022, (i) the expenses paid to SS&C by the Portfolio are referred to as Transfer agent costs and are included within the Statement of Operations and (ii) the expenses payable to SS&C by the Portfolio are referred to as Transfer agent costs within the Statement of Assets and Liabilities.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

**Deferred compensation plan:** Effective September 23, 2021, the Board has approved the termination of the deferred compensation plan. Payments will be made to applicable current and former Board members consistent with Section 409A of the Code. Under a non-qualified deferred compensation plan effective January 1, 1996, as amended and restated January 1, 2010, available to the trustees, compensation may be deferred that would otherwise be payable by TST to an independent trustee on a current basis for services rendered as trustee. Deferred compensation amounts will accumulate based on the value of the investment option, as elected by the trustee. Balances pursuant to deferred compensation plan are recorded in Trustees, Chief Compliance Officer ("CCO") and deferred compensation fees within the Statement of Assets and Liabilities. For the year ended December 31, 2022, amounts included in Trustees, CCO and deferred compensation fees within the Statement of Operations reflect total compensation paid to the independent Board members.

**Brokerage commissions:** The Portfolio incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the year ended December 31, 2022.

**8. PURCHASES AND SALES OF SECURITIES** 

During the year ended December 31, 2022, there were no proceeds from securities purchased or securities sold (excluding short-term securities).

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS** 

The Portfolio has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Portfolio recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Portfolio's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Portfolio's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Portfolio's financial statements. If applicable, the Portfolio recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Portfolio identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Portfolio makes significant investments; however, the Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, futures contracts mark-to-market. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. The primary permanent differences are due to net operating losses. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. These permanent reclassifications are as follows:

---

| | |
|:---|:---|
| **Paid-in Capital** | **Total Distributable Earnings** |
| $(137855) | $137855 |

---

As of December 31, 2022, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross<br>Appreciation** | **Gross<br>(Depreciation)** | **Net Appreciation<br>(Depreciation)** |
| $25228742 | $— | $— | $— |

---

As of December 31, 2022, the capital loss carryforwards available to offset future realized capital gains are as follows:

---

| | |
|:---|:---|
| **Unlimited** | **Unlimited** |
| **Short-Term** | **Long-Term** |
| $75655386 | $113476552 |

---

During the year ended December 31, 2022, the capital loss carryforwards utilized are $1,890,354.

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| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 15** 

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**Transamerica ProFund UltraBear VP** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)** 

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2022 and 2021 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** |
| **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of Capital** | **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of Capital** |
| $— | $— | $— | $— | $— | $— |

---

As of December 31, 2022, the tax basis components of distributable earnings are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Capital Loss<br>Carryforwards** | **Late Year<br>Ordinary Loss<br>Deferred** | **Other<br>Temporary<br>Differences** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| $— | $— | $(189131938) | $— | $— | $— |

---

**10. STOCK SPLIT** 

Effective as of the close of business on the date listed in the subsequent table, the Portfolio's shares underwent a stock split. There was no impact to the aggregate market value of shares outstanding. The historical per share data presented within the Financial Highlights has been retroactively adjusted to reflect the stock split. The stock split ratios, net effect on the NAV per share, and the number of shares outstanding as of the date indicated were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Date** | **Share Split<br>Ratio** | **Shares Prior to<br>Stock Split** | **Shares After<br>Stock Split** | **Increase<br>(Decrease)<br>Net Asset Value<br>per Share** | **Increase<br>(Decrease)<br>Net Shares<br>Outstanding** |
| January 21, 2022 | 125 for 1 | 98591154 | 788729 | Increase | Decrease |

---

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**Page 16** 

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**Report of Independent Registered Public Accounting Firm** 

*To the Shareholders and the Board of Trustees of Transamerica ProFund UltraBear VP* 

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities of Transamerica ProFund UltraBear VP (the "Portfolio") (one of the portfolios constituting Transamerica Series Trust (the "Trust")), including the schedule of investments, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the portfolios constituting Transamerica Series Trust) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion** 

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

February 27, 2023

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**Page 17** 

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**Transamerica ProFund UltraBear VP** 

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**SUPPLEMENTAL TAX INFORMATION** 

**(unaudited)** 

For tax purposes, the Portfolio has made no long-term capital gain designations for the year ended December 31, 2022.

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**Page 18** 

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**Transamerica Rothschild & Co Large Cap Value VP** 

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**(unaudited)** 

**MARKET ENVIRONMENT** 

With inflation rates running at more than three times pre-pandemic levels over much of 2022, few asset classes were spared during the U.S. Federal Reserve's ("Fed") aggressive monetary tightening campaign to restrain prices. Asset correlations ran high against the backdrop of central bank monetary tightening and the related withdrawal of liquidity that was a staple of the markets during the pandemic relief efforts. While the U.S. equity markets staged a recovery in the fourth quarter of 2022, the rally wasn't enough to offset the impact of higher interest rates on equity valuations and full-year returns. On a relative basis, large-cap, value-oriented stocks were the best place to hide for equity investors during 2022, but even so these stocks did not provide full protection against the market drawdown.

Energy stocks materially outperformed the Russell 1000<sup>®</sup> Value Index (the "Index") in 2022 driven by supply constraints, capital discipline and rising geopolitical risks. The defensive sectors, including utilities, consumer staples, and healthcare, all outperformed the Index on better-than-average earnings visibility against a challenging macroeconomic backdrop. On the contrary, the growth-oriented technology sector was amongst the biggest laggards on rising interest rates, which led to material valuation compression in the sector. The consumer discretionary and consumer services sectors were also notable laggards on disappointing results and continued supply-chain headwinds. In terms of the rate environment, the Fed continued on an unprecedented tightening campaign, which included over 400 basis points of increases to its target Fed funds rate in 2022.

**PERFORMANCE** 

For the year ended December 31, 2022, Transamerica Rothschild & Co Large Cap Value VP, Service Class returned -7.38%. By comparison, its benchmark, the Russell 1000<sup>®</sup> Value Index, returned -7.54%.

**STRATEGY REVIEW** 

For the fiscal year ended December 31, 2022, Transamerica Rothschild & Co Large Cap Value VP (the "Portfolio") outperformed the Index, its primary benchmark.

Both stock selection and sector allocation drove the benchmark relative outperformance. Stock selection was led by the manufacturing, healthcare, and energy sectors, while the Portfolio realized negative stock selection in the consumer services, financial services, and consumer discretionary sectors. Positive sector allocation was mainly driven by a modest overweight to the energy sector, which significantly outperformed the market in the period.

At the stock level, top contributors included ConocoPhillips and Eli Lilly & Co. Shares of ConocoPhillips, an energy producer, outperformed in 2022 due to a strong rebound in energy prices. The company reported a series of strong quarterly reports and raised its shareholder distribution target, a larger increase than expected, while also raising its share buyback authorization. In the healthcare sector, shares of Eli Lilly & Co., a pharmaceutical company, rallied in part on the defensive nature of their business model in a tough market environment. The company posted relatively strong earnings during the period and boosted revenue guidance. The company also benefitted from a very strong launch of its diabetes drug which may also have promising benefits in the obesity market. Lastly, the company has a drug in development to treat Alzheimer's, which also helped to drive shares higher in the period.

The largest detractor from performance in the Portfolio was Baxter International Inc. Shares of Baxter International Inc. underperformed in 2022 due to a series of disappointing quarterly reports and downgrades to guidance forecasts. While the company's product demand remains strong, supply-chain challenges for inputs like semiconductors chips and raw materials continue to hamper product supply. We exited the position in the fourth quarter.

**Paul Roukis, CFA** 

**Jeff Agne** 

**Co-Portfolio Managers** 

**Rothschild & Co Asset Management US Inc.** 

------

---

| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  Common Stocks | 98.5% |
|  Net Other Assets (Liabilities) | 1.5 |
|  **Total** | 100.0% |

---

*Current and future portfolio holdings are subject to change and risk.* 

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**Page 1** 

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**Transamerica Rothschild & Co Large Cap Value VP** 

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**(unaudited)**![LOGO](g438566g57d65.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Service Class | (7.38)% | 4.62% | 4.80% | 09/29/2017 |
|  Russell 1000<sup>®</sup> Value Index <sup>(A)</sup> | (7.54)% | 6.67% | 7.43% |  |

---

<sup>(A)</sup> *The Russell 1000<sup>®</sup> Value Index measures the performance of the large-cap value segment of the U.S. equity universe, and is comprised of Russell 1000<sup>®</sup> Index companies with lower price-to-book ratios and lower expected growth values. The Russell 1000<sup>®</sup> Index measures the performance of the large-cap segment of the U.S. equity universe.* 

The Portfolio's benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Year or Since Inception calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or the redemption of Portfolio shares. The Portfolio's investment return and net asset value will fluctuate. Investors' shares when redeemed may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month end. Portfolio performance is net of investment fees and Portfolio expenses, but not product charges, which, if included, would significantly lower the performance quoted.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of previously waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

The price of equity securities fluctuates based on changes in a company's financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the Portfolio fall, the value of the Portfolio will decline. Value investing carries the risk that the market will not recognize a security's intrinsic value for a long time or that an undervalued stock is actually appropriately priced.

Growth stocks can be volatile and experience sharp price declines and certain types of stocks, especially technology stocks, can be extremely volatile and subject to greater rice swings than the broader market.

The market prices of fixed-income securities may go up or down, sometimes rapidly or unpredictably due to general market conditions.

Russell<sup>®</sup> and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.

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**Page 2** 

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**Transamerica Rothschild & Co Large Cap Value VP** 

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**DISCLOSURE OF EXPENSES** 

**(unaudited)** 

**SHAREHOLDER EXPENSES** 

Portfolio shareholders may incur two types of costs: (i) transaction costs, including brokerage commissions on purchases and sales of portfolio shares; and (ii) ongoing costs, including management fees, and other portfolio expenses.

The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other portfolios.

The example is based on an investment of $1,000 invested at July 1, 2022, and held for the entire six-month period until December 31, 2022.

**ACTUAL EXPENSES** 

The information in the table below provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = $8.60), then multiply the result by the number in the appropriate column for your share class titled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES** 

The information in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratios and assumed rates of return of 5% per year before expenses, which are not the Portfolio's actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Portfolio versus other portfolios. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other portfolios.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Portfolio shares. Therefore, the information under the heading "Hypothetical Expenses" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different portfolios. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries, or other financial institutions.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Actual Expenses** | **Actual Expenses** | **Hypothetical Expenses <sup>(A)</sup>** | **Hypothetical Expenses <sup>(A)</sup>** | |
| <br>**Class** | <br>**Beginning<br>Account Value<br>July 1, 2022** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** | <br>**Net Annualized<br>Expense Ratio <sup>(C)</sup>** |
|  Service Class | $&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;1070.00 | $&nbsp;&nbsp;&nbsp;&nbsp;4.96 | $&nbsp;&nbsp;&nbsp;&nbsp;1020.40 | $&nbsp;&nbsp;&nbsp;&nbsp;4.84 | 0.95% |

---

(A) *5% return per year before expenses.*

(B) *Expenses are calculated using the Portfolio's net annualized expense ratio, as disclosed in the table, multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (365 days).*

(C) *Net annualized expense ratios are reflective of applicable fee waivers and/or reimbursements and recapture, if any, and are based on the most recent six-months which may differ from the net expense ratio displayed in the Financial Highlights that covers a twelve-month period.*

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**Page 3** 

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**Transamerica Rothschild & Co Large Cap Value VP** 

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**SCHEDULE OF INVESTMENTS** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **<br>Value** |
| **COMMON STOCKS - 98.5%** | **COMMON STOCKS - 98.5%** | **COMMON STOCKS - 98.5%** |
| **Aerospace & Defense - 4.0%** | **Aerospace & Defense - 4.0%** | **Aerospace & Defense - 4.0%** |
|  Northrop Grumman Corp. | 2639 | $1439865 |
|  Textron, Inc. | 10721 | 759047 |
|  |  | 2198912 |
| **Airlines - 1.0%** | **Airlines - 1.0%** | **Airlines - 1.0%** |
|  Southwest Airlines Co. <sup>(A)</sup> | 17053 | 574174 |
| **Automobiles - 1.4%** | **Automobiles - 1.4%** | **Automobiles - 1.4%** |
|  General Motors Co. | 23473 | 789632 |
| **Banks - 9.1%** | **Banks - 9.1%** | **Banks - 9.1%** |
|  Bank of America Corp. | 54731 | 1812691 |
|  JPMorgan Chase & Co. | 14170 | 1900197 |
|  Wells Fargo & Co. | 30852 | 1273879 |
|  |  | 4986767 |
| **Beverages - 2.9%** | **Beverages - 2.9%** | **Beverages - 2.9%** |
|  PepsiCo, Inc. | 8746 | 1580052 |
| **Biotechnology - 2.3%** | **Biotechnology - 2.3%** | **Biotechnology - 2.3%** |
|  AbbVie, Inc. | 7712 | 1246336 |
| **Capital Markets - 6.8%** | **Capital Markets - 6.8%** | **Capital Markets - 6.8%** |
|  BlackRock, Inc. | 2017 | 1429307 |
|  Charles Schwab Corp. | 17919 | 1491936 |
|  State Street Corp. | 10343 | 802306 |
|  |  | 3723549 |
| **Chemicals - 2.9%** | **Chemicals - 2.9%** | **Chemicals - 2.9%** |
|  Air Products & Chemicals, Inc. | 5140 | 1584456 |
| **Communications Equipment - 1.6%** | **Communications Equipment - 1.6%** | **Communications Equipment - 1.6%** |
|  Motorola Solutions, Inc. | 3477 | 896058 |
| **Construction & Engineering - 2.0%** | **Construction & Engineering - 2.0%** | **Construction & Engineering - 2.0%** |
|  Quanta Services, Inc. | 7882 | 1123185 |
| **Construction Materials - 2.1%** | **Construction Materials - 2.1%** | **Construction Materials - 2.1%** |
|  Martin Marietta Materials, Inc. | 3470 | 1172756 |
| **Electric Utilities - 4.7%** | **Electric Utilities - 4.7%** | **Electric Utilities - 4.7%** |
|  Duke Energy Corp. | 13197 | 1359159 |
|  Xcel Energy, Inc. | 17439 | 1222648 |
|  |  | 2581807 |
| **Energy Equipment & Services - 2.2%** | **Energy Equipment & Services - 2.2%** | **Energy Equipment & Services - 2.2%** |
|  Schlumberger Ltd. | 22299 | 1192104 |
| **Entertainment - 2.1%** | **Entertainment - 2.1%** | **Entertainment - 2.1%** |
|  Walt Disney Co. <sup>(A)</sup> | 13451 | 1168623 |
| **Equity Real Estate Investment Trusts - 4.1%** | **Equity Real Estate Investment Trusts - 4.1%** | **Equity Real Estate Investment Trusts - 4.1%** |
|  American Tower Corp. | 5639 | 1194678 |
|  Prologis, Inc. | 9486 | 1069357 |
|  |  | 2264035 |
| **Food Products - 3.0%** | **Food Products - 3.0%** | **Food Products - 3.0%** |
|  Mondelez International, Inc., Class A | 11682 | 778606 |
|  Tyson Foods, Inc., Class A | 13817 | 860108 |
|  |  | 1638714 |
| **Health Care Equipment & Supplies - 2.2%** | **Health Care Equipment & Supplies - 2.2%** | **Health Care Equipment & Supplies - 2.2%** |
|  Boston Scientific Corp. <sup>(A)</sup> | 25703 | 1189278 |
| **Health Care Providers & Services - 5.0%** | **Health Care Providers & Services - 5.0%** | **Health Care Providers & Services - 5.0%** |
|  AmerisourceBergen Corp. | 8322 | 1379038 |
|  UnitedHealth Group, Inc. | 2559 | 1356731 |
|  |  | 2735769 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **<br>Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Insurance - 2.6%** | **Insurance - 2.6%** | **Insurance - 2.6%** |
|  Hartford Financial Services Group, Inc. | 18684 | $1416808 |
| **Interactive Media & Services - 3.9%** | **Interactive Media & Services - 3.9%** | **Interactive Media & Services - 3.9%** |
|  Alphabet, Inc., Class A <sup>(A)</sup> | 16607 | 1465236 |
|  Meta Platforms, Inc., Class A <sup>(A)</sup> | 5451 | 655973 |
|  |  | 2121209 |
| **IT Services - 1.9%** | **IT Services - 1.9%** | **IT Services - 1.9%** |
|  PayPal Holdings, Inc. <sup>(A)</sup> | 14554 | 1036536 |
| **Life Sciences Tools & Services - 3.3%** | **Life Sciences Tools & Services - 3.3%** | **Life Sciences Tools & Services - 3.3%** |
|  Thermo Fisher Scientific, Inc. | 3269 | 1800206 |
| **Machinery - 4.6%** | **Machinery - 4.6%** | **Machinery - 4.6%** |
|  Caterpillar, Inc. | 5444 | 1304165 |
|  Parker-Hannifin Corp. | 4192 | 1219872 |
|  |  | 2524037 |
| **Media - 1.5%** | **Media - 1.5%** | **Media - 1.5%** |
|  Fox Corp., Class A | 27772 | 843436 |
| **Multiline Retail - 1.4%** | **Multiline Retail - 1.4%** | **Multiline Retail - 1.4%** |
|  Target Corp. | 5326 | 793787 |
| **Oil, Gas & Consumable Fuels - 7.8%** | **Oil, Gas & Consumable Fuels - 7.8%** | **Oil, Gas & Consumable Fuels - 7.8%** |
|  ConocoPhillips | 14180 | 1673240 |
|  Exxon Mobil Corp. | 23950 | 2641685 |
|  |  | 4314925 |
| **Pharmaceuticals - 5.0%** | **Pharmaceuticals - 5.0%** | **Pharmaceuticals - 5.0%** |
|  Bristol-Myers Squibb Co. | 19207 | 1381944 |
|  Eli Lilly & Co. | 3715 | 1359095 |
|  |  | 2741039 |
| **Road & Rail - 1.8%** | **Road & Rail - 1.8%** | **Road & Rail - 1.8%** |
|  CSX Corp. | 32637 | 1011094 |
| **Semiconductors & Semiconductor Equipment - 1.3%** | **Semiconductors & Semiconductor Equipment - 1.3%** | **Semiconductors & Semiconductor Equipment - 1.3%** |
|  Micron Technology, Inc. | 13979 | 698670 |
| **Software - 2.1%** | **Software - 2.1%** | **Software - 2.1%** |
|  Microsoft Corp. | 4745 | 1137946 |
| **Specialty Retail - 1.9%** | **Specialty Retail - 1.9%** | **Specialty Retail - 1.9%** |
|  Lowe's Cos., Inc. | 5337 | 1063344 |
|  **Total Common Stocks <br>(Cost $52,641,641)** | **Total Common Stocks <br>(Cost $52,641,641)** | 54149244 |
|  **Total Investments <br>(Cost $52,641,641)** | **Total Investments <br>(Cost $52,641,641)** | 54149244 |
|  **Net Other Assets (Liabilities) - 1.5%** |  | 833145 |
|  **Net Assets - 100.0%** |  | **$54982389** |

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***The Notes to Financial Statements are an integral part of this report.***

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**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(B)</sup>** 

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Common Stocks | $54149244 | $— | $— | $54149244 |
|  **Total Investments** | $**54149244** | $**—** | $**—** | $**54149244** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *Non-income producing securities.* 

(B) *There were no transfers in or out of Level 3 during the year ended December 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

***The Notes to Financial Statements are an integral part of this report.***

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**STATEMENT OF ASSETS AND LIABILITIES** 

**At December 31, 2022** 

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| | |
|:---|:---|
|  **Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value (cost $52,641,641) | $&nbsp;&nbsp;&nbsp;&nbsp;54149244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | 755302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables and other assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest sold | 64302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 79275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 62 |
|  Total assets | 55048185 |
|  **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables and other liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest redeemed | 4195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 28019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 11792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 16340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 1489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 2374 |
|  Total liabilities | 65796 |
|  **Net assets** | $54982389 |
|  **Net assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital stock ($0.01 par value) | $48187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 50441177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) | 4493025 |
|  **Net assets** | $54982389 |
|  **Shares outstanding** | 4818680 |
|  **Net asset value and offering price per share** | $11.41 |

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**STATEMENT OF OPERATIONS** 

**For the year ended December 31, 2022** 

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| | |
|:---|:---|
|  **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $981393 |
|  Total investment income | 981393 |
|  **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 312202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 131398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 2246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 24269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 7186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 3080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 1486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 14090 |
|  Total expenses | 496520 |
|  **Net investment income (loss)** | 484873 |
|  **Net realized gain (loss) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 2616971 |
|  **Net change in unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (7150759) |
|  Net realized and change in unrealized gain (loss) | (4533788) |
|  **Net increase (decrease) in net assets resulting from operations** | $&nbsp;&nbsp;&nbsp;&nbsp;(4048915) |

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***The Notes to Financial Statements are an integral part of this report.***

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**STATEMENT OF CHANGES IN NET ASSETS** 

**For the years ended:** 

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| | | |
|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2021** |
|  **From operations:** | **From operations:** | **From operations:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $484873 | $141694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 2616971 | 1844656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (7150759) | 7149766 |
|  Net increase (decrease) in net assets resulting from operations | (4048915) | 9136116 |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions to shareholders | (1983945) | (1395216) |
|  Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (1983945) | (1395216) |
|  **Capital share transactions:** | **Capital share transactions:** | **Capital share transactions:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold | 25161429 | 19636286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions reinvested | 1983945 | 1395216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(12957233) | (7754864) |
|  Net increase (decrease) in net assets resulting from capital share transactions | 14188141 | 13276638 |
|  **Net increase (decrease) in net assets** | 8155281 | 21017538 |
|  **Net assets:** | **Net assets:** | **Net assets:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 46827108 | 25809570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $54982389 | $&nbsp;&nbsp;&nbsp;&nbsp;46827108 |
|  **Capital share transactions - shares:** | **Capital share transactions - shares:** | **Capital share transactions - shares:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued | 2076267 | 1671666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested | 172817 | 115690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1087872) | (675010) |
|  Net increase (decrease) in shares outstanding | 1161212 | 1112346 |

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**FINANCIAL HIGHLIGHTS** 

**For a share outstanding during the years indicated:** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $12.80 | $10.14 | $10.49 | $9.02 | $10.21 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(A)</sup> | 0.11 | 0.04 | 0.16 | 0.16 | 0.12 |
|  Net realized and unrealized gain (loss) | (1.06) | 3.04 | (0.27)<sup>(B)</sup> | 1.37 | (1.22) |
|  Total investment operations | (0.95) | 3.08 | (0.11) | 1.53 | (1.10) |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income | (0.03) | (0.09) | (0.06) | (0.03) | (0.02) |
|  Net realized gains | (0.41) | (0.33) | (0.18) | (0.03) | (0.07) |
|  Total dividends and/or distributions to shareholders | (0.44) | (0.42) | (0.24) | (0.06) | (0.09) |
|  **Net asset value, end of year** | $11.41 | $12.80 | $10.14 | $10.49 | $9.02 |
|  **Total return** | (7.38)% | 30.56% | (0.61)% | 17.00% | &nbsp;&nbsp;&nbsp;&nbsp;(10.86)% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;54982 | $&nbsp;&nbsp;&nbsp;&nbsp;46827 | $&nbsp;&nbsp;&nbsp;&nbsp;25810 | $&nbsp;&nbsp;&nbsp;&nbsp;12878 | $3104 |
|  Expenses to average net assets | Expenses to average net assets | Expenses to average net assets | Expenses to average net assets | Expenses to average net assets | Expenses to average net assets |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.94% | 0.99% | 1.23% | 1.49% | 3.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.94% | 1.17% | 1.20% | 1.20% | 1.20% |
|  Net investment income (loss) to average net assets | 0.93% | 0.38% | 1.81% | 1.59% | 1.15% |
|  Portfolio turnover rate | 29% | 30% | 288% | 144% | 159% |

---

(A) *Calculated based on average number of shares outstanding.* 

(B) *The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported within the Statement of Changes due to the timing of purchases and redemptions of Portfolio shares and fluctuating market values during the period.* 

***The Notes to Financial Statements are an integral part of this report.***

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**NOTES TO FINANCIAL STATEMENTS** 

**At December 31, 2022** 

**1. ORGANIZATION** 

Transamerica Series Trust ("TST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). TST applies investment company accounting and reporting guidance. TST serves as a funding vehicle for variable life insurance, variable annuity, and group annuity products. Transamerica Rothschild & Co Large Cap Value VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers one class of shares, Service Class.

The only shareholders of the Portfolio are affiliated insurance company separate accounts and affiliated asset allocation portfolios. Contract holders of the variable life and annuity contracts are not shareholders of the Portfolio. For ease of reference, shareholders and contract holders are collectively referred to in this report as "shareholders."

This report must be accompanied or preceded by the Portfolio's current prospectus, which contains additional information about the Portfolio, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Portfolio pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Portfolio. TAM supervises the Portfolio's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Portfolio.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of a Portfolio without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Portfolio and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Portfolio employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending portfolio combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Portfolio's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Portfolio; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for a Portfolio; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Portfolio's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; oversight of other service providers to the Portfolio, such as the custodian, the transfer agent, the Portfolio's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Portfolio; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Portfolio, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Portfolio. The Portfolio pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the year

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**1. ORGANIZATION (continued)** 

ended December 31, 2022, (i) the expenses paid to State Street for sub-administration services by the Portfolio are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Portfolio are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES** 

In preparing the Portfolio's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Portfolio.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Portfolio is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Commission recapture**: The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Portfolio with broker/dealers with which TST has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Portfolio. In no event will commissions, paid by the Portfolio, be used to pay expenses that would otherwise be borne by any other portfolios within TST, or by any other party.

Commissions recaptured are included within Net realized gain (loss) within the Statement of Operations. For the year ended December 31, 2022, commissions recaptured are $649.

**Indemnification:** In the normal course of business, the Portfolio enters into contracts that contain a variety of representations that provide general indemnifications. The Portfolio's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio and/or its affiliates that have not yet occurred. However, based on experience, the Portfolio expects the risk of loss to be remote.

**3. INVESTMENT VALUATION** 

Effective September 8, 2022, TAM has been designated as the Portfolio's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Portfolio's Board of Trustees. The net asset value of the Portfolio is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

TAM utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels ("Levels") of inputs of the fair value hierarchy are defined as follows:

Level 1—Unadjusted quoted prices in active markets for identical securities.

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Portfolio's investments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Portfolio's investments at December 31, 2022, is disclosed within the Investment Valuation section of the Schedule of Investments.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**3. INVESTMENT VALUATION (continued)** 

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

**Fair value measurements**: Descriptions of the valuation techniques applied to the Portfolio's significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

*Equity securities:* Securities are stated at the last reported sales price or closing price on the day of valuation taken from the primary exchange where the security is principally traded. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Equities traded on inactive markets or valued by reference to similar instruments are generally categorized in Level 2 or Level 3 if inputs are unobservable.

*Foreign equity securities: S*ecurities in which the primary trading market closes at the same time or after the NYSE, are valued based on quotations from the primary market in which they are traded and are categorized in Level 1. Because many foreign securities markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect the events that occur after that close. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, or ETFs and the movement of certain indices of securities based on a statistical analysis of their historical relationship; such valuations generally are categorized in Level 2.

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

The Portfolio may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Portfolio invests borrowing proceeds in other securities, the Portfolio will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Portfolio may borrow on a secured or on an unsecured basis. If the Portfolio enters into a secured borrowing arrangement, a portion of the Portfolio's assets will be used as collateral. The 1940 Act requires the Portfolio to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Portfolio's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Portfolio may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the year ended December 31, 2022, the Portfolio has not utilized the program.

**5. RISK FACTORS** 

Investing in the Portfolio involves certain key risks related to the Portfolio's trading activity. Please reference the Portfolio's prospectus for a more complete discussion of the following risk(s), as well as other risks of investing in the Portfolio.

**Market risk:** The market prices of the Portfolio's securities and other assets may go up or down, sometimes sharply and unpredictably, due to general market conditions, overall economic trends or events, inflation, changes in interest rates, government actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by wars, tariffs, trade disputes or other factors, political developments, investor sentiment, the global and domestic effects of a pandemic or other health emergency, and other factors that may or may not be related to the issuer of the security or other asset. The market prices of securities and other assets also may go down due to events or conditions that affect particular sectors, industries, issuers, or geographies. Adverse market conditions may be prolonged and may not have the same impact on all types of securities or other assets. If the value of the Portfolio's securities and assets fall, the value of your investment will go down. The Portfolio may experience a substantial or complete loss on any individual security or asset.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**5. RISK FACTORS (continued)** 

Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, the imposition of economic sanctions, public health events (such as the spread of infectious disease), wars, terrorism, cybersecurity events, technology and data interruptions, natural disasters, and other circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. In the past decade, financial markets throughout the world have experienced increased volatility and decreased liquidity. These conditions may continue or worsen. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down. Securities markets may also be susceptible to market manipulation or other fraudulent trade practices, which could disrupt the orderly functioning of these markets or adversely affect the value of securities traded in these markets, including the Portfolio's securities.

The pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in economic downturns throughout the world, severe losses, particularly to some sectors of the economy and individual issuers, and reduced liquidity of many instruments. There also have been significant disruptions to business operations, including business closures; strained healthcare systems; disruptions to supply chains and employee availability; large fluctuations in consumer demand; and widespread uncertainty regarding the duration and long-term effects of the pandemic. Economic downturns may be prolonged, and political and social instability, continued volatility and decreased liquidity in the securities markets may result. Developing or emerging market countries may be more impacted by the pandemic.

The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic. These and other government intervention into the economy and financial markets may not work as intended. In addition, government actions to mitigate the economic impact of the pandemic have resulted in large expansion of government deficits and debt, the long-term consequences of which are not known. Rates of inflation have recently risen, which could adversely affect economies and markets. The pandemic could continue to adversely affect the value and liquidity of the Portfolio's investments.

*Europe:* A number of countries in Europe have experienced severe economic and financial difficulties; and financial markets in Europe and elsewhere have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen or spread within or outside Europe. Responses to the financial problems by European governments, central banks and others may not work, may result in conflicts and social unrest and may limit future growth and economic recovery or have other unintended consequences. In January, 2020, through "Brexit," the United Kingdom withdrew from the European Union. The ramifications of Brexit are unknown, and the implications of possible political, regulatory, economic, and market outcomes could be significant. The United Kingdom has one of the largest economies in Europe and is a major trading partner with European Union countries and the United States. Brexit may create additional and substantial economic stresses for the United Kingdom, including a contraction of the United Kingdom's economy, decreased trade, capital outflows, devaluation of the British pound, and a decrease in business and consumer spending and investment. The negative impact on not only the United Kingdom and European Union economies but also the broader global economy could be significant. A number of countries in Europe have suffered terror attacks, and additional attacks may occur in the future. Europe has also been struggling with mass migration from the Middle East, Eastern Europe and Africa. The ultimate effects of these events and other socio-political or geopolitical issues could profoundly affect global economies and markets. Whether or not the Portfolio invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

*Additional Market Disruption:* Russia's invasion of Ukraine in February, 2022, the resulting responses by the United States and other countries, and the potential for wider conflict, have increased and may continue to increase volatility and uncertainty in financial markets worldwide. The United States and other countries have imposed broad-ranging economic sanctions on Russia and Russian entities and individuals, and may impose additional sanctions, including on other countries that provide military or economic support to Russia. These sanctions, among other things, restrict companies from doing business with Russia and Russian issuers, and may adversely affect companies with economic or financial exposure to Russia and Russian issuers. The extent and duration of Russia's military actions and the repercussions of such actions are not known. The invasion may widen beyond Ukraine and may escalate, including through retaliatory actions and cyberattacks by Russia and even other countries. These events may result in further and significant market disruptions and may adversely affect regional and global economies including those of Europe and the United States. Certain industries and markets, such as those involving oil, natural gas and other commodities, as well as global supply chains, may be particularly adversely affected. Whether or not the Portfolio invests in securities of issuers located in Russia, Ukraine and adjacent countries or with significant exposure to issuers in these countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The value of equity securities fluctuates based on

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**Transamerica Rothschild & Co Large Cap Value VP** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**5. RISK FACTORS (continued)** 

real or perceived changes in a company's financial condition, factors affecting a particular industry or industries, and overall market, economic and political conditions. If the market prices of the equity securities owned by the Portfolio fall, the value of your investment in the Portfolio will decline. The Portfolio may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Large capitalization companies risk:** The Portfolio's investments in larger, more established companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.

**6. FEES AND OTHER AFFILIATED TRANSACTIONS** 

TST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Transamerica Life Insurance Company ("TLIC"), and Transamerica Financial Life Insurance Company.

TAM, the Portfolio's investment manager, is directly owned by TLIC and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon NV. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon NV, a Netherlands corporation, and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Portfolio's transfer agent. Transamerica Capital, Inc. ("TCI") is the Portfolio's distributor/principal underwriter. TAM, TFS, and TCI are affiliates of Aegon NV.

Certain officers and trustees of the Portfolio are also officers and/or trustees of TAM, TFS and TCI. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Portfolio. The Portfolio does pay non-interested persons (independent trustees), as disclosed in Trustee, CCO and deferred compensation fees within the Statement of Operations.

**Investment management fees**: TAM serves as the Portfolio's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Portfolio pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Portfolio pays a management fee to TAM based on daily average net assets at the following rates:

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| | |
|:---|:---|
| **Breakpoints** | **Rate** |
|  First $1 billion | 0.594% |
|  Over $1 billion up to $2 billion | 0.580 |
|  Over $2 billion up to $3 billion | 0.560 |
|  Over $3 billion | 0.540 |

---

TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses, reorganization expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

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| | | |
|:---|:---|:---|
| | **Operating<br>Expense Limit** | **Operating<br>Expense Limit**<br> **Effective Through** |
|  Effective May 1, 2022 | Effective May 1, 2022 | Effective May 1, 2022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Class | 1.10% | May 1, 2023 |
|  Prior to May 1, 2022 | Prior to May 1, 2022 | Prior to May 1, 2022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Class | 1.20 |  |

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TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into

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**Transamerica Rothschild & Co Large Cap Value VP** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended December 31, 2022 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Portfolio, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

As of December 31, 2022, there are no amounts available for recapture by TAM.

**Distribution and service fees:** TST has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, TST entered into a distribution agreement with TCI as the Portfolio's distributor.

The Distribution Plan requires the Portfolio to pay distribution fees to TCI as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCI, on behalf of the Portfolio, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Portfolio's shares.

The fee on the Service Class shares is paid to the insurance companies for providing services and account maintenance for the policyholders who invest in the variable insurance products which invest in the Service Class shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Portfolio is authorized under the Distribution Plan to pay fees to TCI based on daily average net assets up to an annual fee of 0.25% of Service Class shares.

**Transfer agent costs:** TFS provides transfer agency services under an intercompany agreement with TAM. TFS has outsourced the provision of certain sub-transfer agency services to SS&C Technology Holdings, Inc ("SS&C"). The Portfolio does not pay a separate transfer agent fee to TAM or TFS but does pay certain expenses to SS&C related to applicable sub-transfer agency services. For the year ended December 31, 2022, (i) the expenses paid to SS&C by the Portfolio are referred to as Transfer agent costs and are included within the Statement of Operations and (ii) the expenses payable to SS&C by the Portfolio are referred to as Transfer agent costs within the Statement of Assets and Liabilities.

**Deferred compensation plan:** Effective September 23, 2021, the Board has approved the termination of the deferred compensation plan. Payments will be made to applicable current and former Board members consistent with Section 409A of the Code. Under a non-qualified deferred compensation plan effective January 1, 1996, as amended and restated January 1, 2010, available to the trustees, compensation may be deferred that would otherwise be payable by TST to an independent trustee on a current basis for services rendered as trustee. Deferred compensation amounts will accumulate based on the value of the investment option, as elected by the trustee. Balances pursuant to deferred compensation plan are recorded in Trustees, Chief Compliance Officer ("CCO") and deferred compensation fees within the Statement of Assets and Liabilities. For the year ended December 31, 2022, amounts included in Trustees, CCO and deferred compensation fees within the Statement of Operations reflect total compensation paid to the independent Board members.

**Brokerage commissions:** The Portfolio incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the year ended December 31, 2022.

**7. PURCHASES AND SALES OF SECURITIES** 

For the year ended December 31, 2022, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

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| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $27999295 | $— | $15093092 | $— |

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**Transamerica Rothschild & Co Large Cap Value VP** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**8. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS** 

The Portfolio has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Portfolio recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Portfolio's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Portfolio's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Portfolio's financial statements. If applicable, the Portfolio recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Portfolio identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Portfolio makes significant investments; however, the Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. There are no reclassifications in the current year.

As of December 31, 2022, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

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| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross<br>Appreciation** | **Gross<br>(Depreciation)** | **Net Appreciation<br>(Depreciation)** |
| $52763688 | $5278240 | $(3892684) | $1385556 |

---

As of December 31, 2022, the Portfolio had no capital loss carryforwards available to offset future realized capital gains. During the year ended December 31, 2022, the Portfolio did not have any capital loss carryforwards utilized or expired.

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2022 and 2021 are as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** |
| **Ordinary Income** | **Long-Term<br>Capital Gain** | **Return of Capital** | **Ordinary Income** | **Long-Term<br>Capital Gain** | **Return of Capital** |
| $1907299 | $76646 | $— | $1395216 | $— | $— |

---

As of December 31, 2022, the tax basis components of distributable earnings are as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Capital Loss<br>Carryforwards** | **Late Year<br>Ordinary Loss<br>Deferred** | **Other<br>Temporary<br>Differences** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| $479027 | $2628442 | $— | $— | $— | $1385556 |

---

**9. NEW ACCOUNTING PRONOUNCEMENT** 

In June 2022, the Financial Accounting Standards Board issued Accounting Standards Update No. 2022-03 ("ASU 2022-03"), "Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions" ("Topic 820"). ASU 2022-03 clarifies the guidance in Topic 820, related to the measurement of the fair value of an equity security subject to contractual sale restrictions, where it eliminates the need to apply a discount to fair value of these securities, and introduces disclosure requirements related to such equity securities. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. Management is currently evaluating the implications, if any, of the additional requirements and its impact on the Portfolio's financial statements.

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**Report of Independent Registered Public Accounting Firm** 

*To the Shareholders and the Board of Trustees of Transamerica Rothschild & Co Large Cap Value VP* 

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities of Transamerica Rothschild & Co Large Cap Value VP (the "Portfolio") (one of the portfolios constituting Transamerica Series Trust (the "Trust")), including the schedule of investments, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the portfolios constituting Transamerica Series Trust) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion** 

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g438566ernst_young.jpg)

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

February 27, 2023

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**Transamerica Rothschild & Co Large Cap Value VP** 

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**SUPPLEMENTAL TAX INFORMATION** 

**(unaudited)** 

For tax purposes, the Portfolio has made a long-term capital gain designation of $76,646 for the year ended December 31, 2022.

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**Transamerica S&P 500 Index VP** 

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**(unaudited)** 

**MARKET ENVIRONMENT** 

The U.S. economy decelerated in 2022, with the S&P 500<sup>®</sup> Index ("S&P 500<sup>®</sup>" or "Index") sliding down in the first three quarters of 2022 and slightly rebounding in the fourth quarter. Overall, the Index lost -18.11% for the year ended December 31, 2022.

In the first quarter of 2022, concerns over the Russia-Ukraine War and tighter monetary policy negatively affected the S&P 500<sup>®</sup>. The Index lost -4.60% during the quarter. Consumer sentiment declined due to inflation rising to a 40-year high of 7.9%. The U.S. Fed Reserve ("Fed") announced its first rate hike since 2018, raising the target rate by 0.25%. They also made it clear that further increases would be on the horizon. On the positive side, the labor market remained robust with the February 2022 jobs report coming in better than expected, with wage growth increasing by 5.1% year over year, and the unemployment rate dropping to 3.8%.

The Index declined -16.10% during the second quarter of 2022. Consumer sentiment continued to regress despite healthy employment and stronger wage growth. The Fed showed its commitment to bringing inflation under control by raising interest rates again. The higher rates resulted in housing prices climbing and, conversely, the number of home sales decreasing.

In the third quarter of 2022, U.S. equities fell sharply for a third straight quarter with the S&P 500<sup>®</sup> dropping by -4.88%. The brief market rebound that began in June fizzled in the back half of August as frightened investors saw inflation reach its highest levels since the early 1980s.

U.S. equities trended upward in the fourth quarter as the S&P 500<sup>®</sup> gained 7.56%, but not nearly enough to salvage the damage of the first three quarters. Downward pressure on housing rent as well as nominal wage growth were two factors helping the market during this period.

Energy was the best performing sector in 2022 returning over 63%, followed by the utilities sector. Communication services, consumer discretionary and information technology were the worst three performing sectors heavily affected by increasing interest rates and consumer sentiment.

**PERFORMANCE** 

For the year ended December 31, 2022, Transamerica S&P 500 Index VP, Service Class returned -18.44%. By comparison, its benchmark, the S&P 500<sup>®</sup> Index, returned -18.11%.

**STRATEGY REVIEW** 

The investment objective of Transamerica S&P 500 Index VP (the "Portfolio") is to seek to provide investment results that, before expenses, correspond generally to the price and yield performance of the Portfolio's benchmark, the S&P 500<sup>®</sup>. After expenses, the Portfolio underperformed its benchmark for the fiscal year ended December 31, 2022.

The primary drivers of Portfolio performance variation from the Index during 2022 were expenses, slight mismatches in security weightings versus the Index, cash and futures drag, and transaction costs.

On an individual security level, the top positive contributors to the Portfolio's performance on an absolute basis during 2022 were Occidental Petroleum Corp., Hess Corp. and Exxon Mobil Corp. The top negative contributors to the Portfolio's performance on an absolute basis during the period were Generac Holdings Inc., Match Group, Inc., and Align Technology, Inc.

**Michael Feehily, CFA** 

**Keith Richardson** 

**Karl Schneider** 

**Co-Portfolio Managers** 

**SSGA Funds Management, Inc.** 

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| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  Common Stocks | 99.1% |
|  Net Other Assets (Liabilities) ^ | 0.9 |
|  **Total** | 100.0% |

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*Current and future portfolio holdings are subject to change and risk.* 

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| *^* | *The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral.*  |

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**Page 1** 

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**Transamerica S&P 500 Index VP** 

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**(unaudited)**![LOGO](g438566g95l00.jpg)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Initial Class | (18.22)% | N/A | 8.33% | 01/12/2018 |
|  Service Class | (18.44)% | 8.93% | 10.21% | 05/01/2017 |
|  S&P 500<sup>®</sup> Index <sup>(A)</sup> | (18.11)% | 9.42% | 10.74% |  |

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<sup>(A)</sup> *The S&P 500<sup>®</sup> Index is a market-capitalization weighted index of 500 large U.S. companies with common stock listed on the NYSE or NASDAQ.* 

The Portfolio's benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Year or Since Inception calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or the redemption of Portfolio shares. The Portfolio's investment return and net asset value will fluctuate. Investors' shares when redeemed may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month end. Portfolio performance is net of investment fees and Portfolio expenses, but not product charges, which, if included, would significantly lower the performance quoted.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of previously waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Growth stocks can be volatile and experience sharp price declines and certain types of stocks can be extremely volatile and subject to greater price swings than the broader market. A portfolio that concentrates all or large portions of its assets in a single economic sector, geographic region, or that lacks diversity, is inherently subject to greater volatility.

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**DISCLOSURE OF EXPENSES** 

**(unaudited)** 

**SHAREHOLDER EXPENSES** 

Portfolio shareholders may incur two types of costs: (i) transaction costs, including brokerage commissions on purchases and sales of portfolio shares; and (ii) ongoing costs, including management fees, and other portfolio expenses.

The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other portfolios.

The example is based on an investment of $1,000 invested at July 1, 2022, and held for the entire six-month period until December 31, 2022.

**ACTUAL EXPENSES** 

The information in the table below provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = $8.60), then multiply the result by the number in the appropriate column for your share class titled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES** 

The information in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Portfolio versus other portfolios. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other portfolios.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Portfolio shares. Therefore, the information under the heading "Hypothetical Expenses" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different portfolios. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries, or other financial institutions.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Actual Expenses** | **Actual Expenses** | **Hypothetical Expenses <sup>(A)</sup>** | **Hypothetical Expenses <sup>(A)</sup>** | |
| <br>**Class** |<br>**Beginning<br>Account Value<br>July 1, 2022** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** |<br>**Net Annualized<br>Expense Ratio <sup>(C)</sup>** |
|  Initial Class | $&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;1022.60 | $&nbsp;&nbsp;&nbsp;&nbsp;0.71 | $&nbsp;&nbsp;&nbsp;&nbsp;1024.50 | $&nbsp;&nbsp;&nbsp;&nbsp;0.71 | 0.14% |
|  Service Class | 1000.00 | 1021.40 | 1.99 | 1023.20 | 1.99 | 0.39 |

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(A) *5% return per year before expenses.*

(B) *Expenses are calculated using the Portfolio's net annualized expense ratio, as disclosed in the table, multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (365 days).*

(C) *Net annualized expense ratios are reflective of applicable fee waivers and/or reimbursements and recapture, if any, and are based on the most recent six-months which may differ from the net expense ratio displayed in the Financial Highlights that covers a twelve-month period.*

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| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 3** 

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##### [**Table of Contents**](#toc)
**Transamerica S&P 500 Index VP** 

------

**SCHEDULE OF INVESTMENTS** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS - 99.1%** | **COMMON STOCKS - 99.1%** | **COMMON STOCKS - 99.1%** |
| **Aerospace & Defense - 1.9%** | **Aerospace & Defense - 1.9%** | **Aerospace & Defense - 1.9%** |
|  Boeing Co. <sup>(A)</sup> | 8227 | $1567161 |
|  General Dynamics Corp. | 3332 | 826702 |
|  Howmet Aerospace, Inc. | 5670 | 223455 |
|  Huntington Ingalls Industries, Inc. | 570 | 131488 |
|  L3 Harris Technologies, Inc. | 2789 | 580698 |
|  Lockheed Martin Corp. | 3442 | 1674499 |
|  Northrop Grumman Corp. | 2138 | 1166514 |
|  Raytheon Technologies Corp. | 21568 | 2176642 |
|  Textron, Inc. | 3056 | 216365 |
|  TransDigm Group, Inc. | 752 | 473497 |
|  |  | 9037021 |
| **Air Freight & Logistics - 0.6%** | **Air Freight & Logistics - 0.6%** | **Air Freight & Logistics - 0.6%** |
|  CH Robinson Worldwide, Inc. | 1752 | 160413 |
|  Expeditors International of Washington, Inc. | 2480 | 257722 |
|  FedEx Corp. | 3550 | 614860 |
|  United Parcel Service, Inc., Class B | 10710 | 1861826 |
|  |  | 2894821 |
| **Airlines - 0.2%** | **Airlines - 0.2%** | **Airlines - 0.2%** |
|  Alaska Air Group, Inc. <sup>(A)</sup> | 1936 | 83132 |
|  American Airlines Group, Inc. <sup>(A)</sup> | 9088 | 115599 |
|  Delta Air Lines, Inc. <sup>(A)</sup> | 9577 | 314700 |
|  Southwest Airlines Co. <sup>(A)</sup> | 8646 | 291111 |
|  United Airlines Holdings, Inc. <sup>(A)</sup> | 4662 | 175758 |
|  |  | 980300 |
| **Auto Components - 0.1%** | **Auto Components - 0.1%** | **Auto Components - 0.1%** |
|  Aptiv PLC <sup>(A)</sup> | 3943 | 367211 |
|  BorgWarner, Inc. | 3699 | 148885 |
|  |  | 516096 |
| **Automobiles - 1.3%** | **Automobiles - 1.3%** | **Automobiles - 1.3%** |
|  Ford Motor Co. | 58516 | 680541 |
|  General Motors Co. | 21104 | 709939 |
|  Tesla, Inc. <sup>(A)</sup> | 39524 | 4868566 |
|  |  | 6259046 |
| **Banks - 3.8%** | **Banks - 3.8%** | **Banks - 3.8%** |
|  Bank of America Corp. | 102841 | 3406094 |
|  Citigroup, Inc. | 28460 | 1287246 |
|  Citizens Financial Group, Inc. | 7283 | 286732 |
|  Comerica, Inc. | 2001 | 133767 |
|  Fifth Third Bancorp | 9993 | 327870 |
|  First Republic Bank | 2682 | 326909 |
|  Huntington Bancshares, Inc. | 20583 | 290220 |
|  JPMorgan Chase & Co. | 43194 | 5792315 |
|  KeyCorp | 13747 | 239473 |
|  M&T Bank Corp. | 2548 | 369613 |
|  PNC Financial Services Group, Inc. | 5932 | 936900 |
|  Regions Financial Corp. | 13644 | 294165 |
|  Signature Bank | 948 | 109228 |
|  SVB Financial Group <sup>(A)</sup> | 839 | 193087 |
|  Truist Financial Corp. | 19636 | 844937 |
|  US Bancorp | 20006 | 872462 |
|  Wells Fargo & Co. | 55896 | 2307946 |
|  Zions Bancorp NA | 2270 | 111593 |
|  |  | 18130557 |
| **Beverages - 1.9%** | **Beverages - 1.9%** | **Beverages - 1.9%** |
|  Brown-Forman Corp., Class B | 2712 | &nbsp;&nbsp;&nbsp;&nbsp;178124 |
|  Coca-Cola Co. | 57341 | 3647461 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Beverages (continued)** | **Beverages (continued)** | **Beverages (continued)** |
|  Constellation Brands, Inc., Class A | 2409 | $558286 |
|  Keurig Dr. Pepper, Inc. | 12632 | 450457 |
|  Molson Coors Beverage Co., Class B | 2857 | 147192 |
|  Monster Beverage Corp. <sup>(A)</sup> | 5611 | 569685 |
|  PepsiCo, Inc. | 20297 | 3666856 |
|  |  | 9218061 |
| **Biotechnology - 2.5%** | **Biotechnology - 2.5%** | **Biotechnology - 2.5%** |
|  AbbVie, Inc. | 26050 | 4209941 |
|  Amgen, Inc. | 7869 | 2066714 |
|  Biogen, Inc. <sup>(A)</sup> | 2090 | 578763 |
|  Gilead Sciences, Inc. | 18416 | 1581014 |
|  Incyte Corp. <sup>(A)</sup> | 2820 | 226502 |
|  Moderna, Inc. <sup>(A)</sup> | 4870 | 874749 |
|  Regeneron Pharmaceuticals, Inc. <sup>(A)</sup> | 1574 | 1135625 |
|  Vertex Pharmaceuticals, Inc. <sup>(A)</sup> | 3773 | 1089567 |
|  |  | 11762875 |
| **Building Products - 0.4%** | **Building Products - 0.4%** | **Building Products - 0.4%** |
|  A.O. Smith Corp. | 1737 | 99426 |
|  Allegion PLC | 1266 | 133259 |
|  Carrier Global Corp. | 12418 | 512242 |
|  Johnson Controls International PLC | 10080 | 645120 |
|  Masco Corp. | 3205 | 149577 |
|  Trane Technologies PLC | 3417 | 574364 |
|  |  | 2113988 |
| **Capital Markets - 2.6%** | **Capital Markets - 2.6%** | **Capital Markets - 2.6%** |
|  Ameriprise Financial, Inc. | 1579 | 491653 |
|  Bank of New York Mellon Corp. | 10790 | 491161 |
|  BlackRock, Inc. | 2205 | 1562529 |
|  Cboe Global Markets, Inc. | 1573 | 197364 |
|  Charles Schwab Corp. | 22390 | 1864191 |
|  CME Group, Inc. | 5294 | 890239 |
|  FactSet Research Systems, Inc. | 542 | 217456 |
|  Franklin Resources, Inc. | 4053 | 106918 |
|  Goldman Sachs Group, Inc. | 4996 | 1715526 |
|  Invesco Ltd. | 6473 | 116449 |
|  MarketAxess Holdings, Inc. | 533 | 148648 |
|  Moody's Corp. | 2335 | 650578 |
|  Morgan Stanley | 19328 | 1643267 |
|  MSCI, Inc. | 1176 | 547040 |
|  Nasdaq, Inc. | 4975 | 305216 |
|  Northern Trust Corp. | 2998 | 265293 |
|  Raymond James Financial, Inc. | 2803 | 299501 |
|  State Street Corp. | 5336 | 413914 |
| T. Rowe Price Group, Inc. | 3232 | 352482 |
|  |  | 12279425 |
| **Chemicals - 1.9%** | **Chemicals - 1.9%** | **Chemicals - 1.9%** |
|  Air Products & Chemicals, Inc. | 3262 | 1005544 |
|  Albemarle Corp. | 1693 | 367144 |
|  Celanese Corp. | 1471 | 150395 |
|  CF Industries Holdings, Inc. | 2927 | 249380 |
|  Corteva, Inc. | 10466 | 615191 |
|  Dow, Inc. | 10546 | 531413 |
|  DuPont de Nemours, Inc. | 7259 | 498185 |
|  Eastman Chemical Co. | 1940 | 157994 |
|  Ecolab, Inc. | 3599 | 523870 |
|  FMC Corp. | 1797 | 224266 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 4** 

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##### [**Table of Contents**](#toc)
**Transamerica S&P 500 Index VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
|  International Flavors & Fragrances, Inc. | 3803 | $398707 |
|  Linde PLC | 7254 | 2366110 |
|  LyondellBasell Industries NV, Class A | 3633 | 301648 |
|  Mosaic Co. | 5085 | 223079 |
|  PPG Industries, Inc. | 3431 | 431414 |
|  Sherwin-Williams Co. | 3490 | 828282 |
|  |  | 8872622 |
| **Commercial Services & Supplies - 0.5%** | **Commercial Services & Supplies - 0.5%** | **Commercial Services & Supplies - 0.5%** |
|  Cintas Corp. | 1261 | 569493 |
|  Copart, Inc. <sup>(A)</sup> | 6383 | 388661 |
|  Republic Services, Inc. | 2978 | 384132 |
|  Rollins, Inc. | 3245 | 118572 |
|  Waste Management, Inc. | 5446 | 854369 |
|  |  | 2315227 |
| **Communications Equipment - 0.9%** | **Communications Equipment - 0.9%** | **Communications Equipment - 0.9%** |
|  Arista Networks, Inc. <sup>(A)</sup> | 3661 | 444263 |
|  Cisco Systems, Inc. | 60513 | 2882839 |
|  F5, Inc. <sup>(A)</sup> | 843 | 120979 |
|  Juniper Networks, Inc. | 4603 | 147112 |
|  Motorola Solutions, Inc. | 2479 | 638863 |
|  |  | 4234056 |
| **Construction & Engineering - 0.1%** | **Construction & Engineering - 0.1%** | **Construction & Engineering - 0.1%** |
|  Quanta Services, Inc. | 2069 | 294832 |
| **Construction Materials - 0.1%** | **Construction Materials - 0.1%** | **Construction Materials - 0.1%** |
|  Martin Marietta Materials, Inc. | 915 | 309242 |
|  Vulcan Materials Co. | 1908 | 334110 |
|  |  | 643352 |
| **Consumer Finance - 0.9%** | **Consumer Finance - 0.9%** | **Consumer Finance - 0.9%** |
|  American Express Co. | 8783 | 1297688 |
|  Capital One Financial Corp. | 5582 | 518903 |
|  Discover Financial Services | 4070 | 398168 |
|  S&P Global, Inc. | 4941 | 1654938 |
|  Synchrony Financial | 6944 | 228180 |
|  |  | 4097877 |
| **Containers & Packaging - 0.3%** | **Containers & Packaging - 0.3%** | **Containers & Packaging - 0.3%** |
|  Amcor PLC | 22130 | 263568 |
|  Avery Dennison Corp. | 1213 | 219553 |
|  Ball Corp. | 4466 | 228391 |
|  International Paper Co. | 5166 | 178899 |
|  Packaging Corp. of America | 1320 | 168841 |
|  Sealed Air Corp. | 1995 | 99511 |
|  Westrock Co. | 3490 | 122708 |
|  |  | 1281471 |
| **Distributors - 0.2%** | **Distributors - 0.2%** | **Distributors - 0.2%** |
|  Genuine Parts Co. | 2072 | 359513 |
|  LKQ Corp. | 3720 | 198685 |
|  Pool Corp. | 611 | 184724 |
|  |  | 742922 |
| **Diversified Financial Services - 1.9%** | **Diversified Financial Services - 1.9%** | **Diversified Financial Services - 1.9%** |
|  Berkshire Hathaway, Inc., Class B <sup>(A)</sup> | 26526 | 8193882 |
|  Intercontinental Exchange, Inc. | 8265 | 847906 |
|  |  | 9041788 |
| **Diversified Telecommunication Services - 0.9%** | **Diversified Telecommunication Services - 0.9%** | **Diversified Telecommunication Services - 0.9%** |
|  AT&T, Inc. | 104588 | 1925465 |
|  Lumen Technologies, Inc. | 13824 | 72161 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** |
|  Verizon Communications, Inc. | 61922 | $2439727 |
|  |  | 4437353 |
| **Electric Utilities - 2.1%** | **Electric Utilities - 2.1%** | **Electric Utilities - 2.1%** |
|  Alliant Energy Corp. | 3681 | 203228 |
|  American Electric Power Co., Inc. | 7611 | 722664 |
|  Constellation Energy Corp. | 4865 | 419412 |
|  Duke Energy Corp. | 11319 | 1165744 |
|  Edison International | 5691 | 362061 |
|  Entergy Corp. | 3036 | 341550 |
|  Evergy, Inc. | 3454 | 217360 |
|  Eversource Energy | 5182 | 434459 |
|  Exelon Corp. | 14463 | 625235 |
|  FirstEnergy Corp. | 7971 | 334304 |
|  NextEra Energy, Inc. | 29145 | 2436522 |
|  NRG Energy, Inc. | 3424 | 108952 |
|  PG&E Corp. <sup>(A)</sup> | 23986 | 390012 |
|  Pinnacle West Capital Corp. | 1592 | 121056 |
|  PPL Corp. | 10995 | 321274 |
|  Southern Co. | 16004 | 1142846 |
|  Xcel Energy, Inc. | 7980 | 559478 |
|  |  | 9906157 |
| **Electrical Equipment - 0.6%** | **Electrical Equipment - 0.6%** | **Electrical Equipment - 0.6%** |
|  AMETEK, Inc. | 3356 | 468900 |
|  Eaton Corp. PLC | 5882 | 923180 |
|  Emerson Electric Co. | 8750 | 840525 |
|  Generac Holdings, Inc. <sup>(A)</sup> | 875 | 88078 |
|  Rockwell Automation, Inc. | 1658 | 427051 |
|  |  | 2747734 |
| **Electronic Equipment, Instruments & Components - 0.6%** | **Electronic Equipment, Instruments & Components - 0.6%** | **Electronic Equipment, Instruments & Components - 0.6%** |
|  Amphenol Corp., Class A | 8664 | 659677 |
|  CDW Corp. | 2018 | 360374 |
|  Corning, Inc. | 11349 | 362487 |
|  Keysight Technologies, Inc. <sup>(A)</sup> | 2599 | 444611 |
|  TE Connectivity Ltd. | 4665 | 535542 |
|  Teledyne Technologies, Inc. <sup>(A)</sup> | 690 | 275938 |
|  Trimble, Inc. <sup>(A)</sup> | 3667 | 185404 |
|  Zebra Technologies Corp., Class A <sup>(A)</sup> | 779 | 199743 |
|  |  | 3023776 |
| **Energy Equipment & Services - 0.4%** | **Energy Equipment & Services - 0.4%** | **Energy Equipment & Services - 0.4%** |
|  Baker Hughes Co. | 14902 | 440056 |
|  Halliburton Co. | 13111 | 515918 |
|  Schlumberger Ltd. | 20853 | 1114801 |
|  |  | 2070775 |
| **Entertainment - 1.3%** | **Entertainment - 1.3%** | **Entertainment - 1.3%** |
|  Activision Blizzard, Inc. | 10360 | 793058 |
|  Electronic Arts, Inc. | 3858 | 471371 |
|  Live Nation Entertainment, Inc. <sup>(A)</sup> | 2027 | 141363 |
|  Netflix, Inc. <sup>(A)</sup> | 6531 | 1925861 |
|  Walt Disney Co. <sup>(A)</sup> | 26740 | 2323171 |
|  Warner Bros Discovery, Inc. <sup>(A)</sup> | 33023 | 313058 |
|  |  | 5967882 |
| **Equity Real Estate Investment Trusts - 2.6%** | **Equity Real Estate Investment Trusts - 2.6%** | **Equity Real Estate Investment Trusts - 2.6%** |
|  Alexandria Real Estate Equities, Inc. | 2230 | 324844 |
|  American Tower Corp. | 6838 | 1448699 |
|  AvalonBay Communities, Inc. | 2087 | 337092 |
|  Boston Properties, Inc. | 2150 | 145297 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 5** 

------

##### [**Table of Contents**](#toc)
**Transamerica S&P 500 Index VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Equity Real Estate Investment Trusts (continued)** | **Equity Real Estate Investment Trusts (continued)** | **Equity Real Estate Investment Trusts (continued)** |
|  Camden Property Trust | 1550 | $173414 |
|  Crown Castle, Inc. | 6374 | 864569 |
|  Digital Realty Trust, Inc. | 4201 | 421234 |
|  Equinix, Inc. | 1362 | 892151 |
|  Equity Residential | 4871 | 287389 |
|  Essex Property Trust, Inc. | 975 | 206622 |
|  Extra Space Storage, Inc. | 1912 | 281408 |
|  Federal Realty Investment Trust | 1122 | 113367 |
|  Healthpeak Properties, Inc. | 7991 | 200334 |
|  Host Hotels & Resorts, Inc. | 10048 | 161270 |
|  Invitation Homes, Inc. | 8256 | 244708 |
|  Iron Mountain, Inc. | 4293 | 214006 |
|  Kimco Realty Corp. | 9235 | 195597 |
|  Mid-America Apartment Communities, Inc. | 1699 | 266726 |
|  Prologis, Inc. | 13553 | 1527830 |
|  Public Storage | 2301 | 644717 |
|  Realty Income Corp. | 9254 | 586981 |
|  Regency Centers Corp. | 2341 | 146313 |
|  SBA Communications Corp. | 1563 | 438125 |
|  Simon Property Group, Inc. | 4775 | 560967 |
|  UDR, Inc. | 4404 | 170567 |
|  Ventas, Inc. | 5842 | 263182 |
|  VICI Properties, Inc. | 13908 | 450619 |
|  Vornado Realty Trust | 2133 | 44388 |
|  Welltower, Inc. | 6988 | 458064 |
|  Weyerhaeuser Co. | 10655 | 330305 |
|  |  | 12400785 |
| **Food & Staples Retailing - 1.5%** | **Food & Staples Retailing - 1.5%** | **Food & Staples Retailing - 1.5%** |
|  Costco Wholesale Corp. | 6523 | 2977750 |
|  Kroger Co. | 9514 | 424134 |
|  Sysco Corp. | 7424 | 567565 |
|  Walgreens Boots Alliance, Inc. | 10395 | 388357 |
|  Walmart, Inc. | 20800 | 2949232 |
|  |  | 7307038 |
| **Food Products - 1.2%** | **Food Products - 1.2%** | **Food Products - 1.2%** |
|  Archer-Daniels-Midland Co. | 8157 | 757378 |
|  Campbell Soup Co. | 2816 | 159808 |
|  Conagra Brands, Inc. | 6952 | 269042 |
|  General Mills, Inc. | 8673 | 727231 |
|  Hershey Co. | 2145 | 496718 |
|  Hormel Foods Corp. | 4285 | 195182 |
|  J.M. Smucker Co. | 1592 | 252268 |
|  Kellogg Co. | 3755 | 267506 |
|  Kraft Heinz Co. | 11832 | 481681 |
|  Lamb Weston Holdings, Inc. | 2045 | 182741 |
|  McCormick & Co., Inc. | 3744 | 310340 |
|  Mondelez International, Inc., Class A | 20063 | 1337199 |
|  Tyson Foods, Inc., Class A | 4249 | 264500 |
|  |  | 5701594 |
| **Gas Utilities - 0.0% <sup>(B)</sup>** | **Gas Utilities - 0.0% <sup>(B)</sup>** | **Gas Utilities - 0.0% <sup>(B)</sup>** |
|  Atmos Energy Corp. | 2039 | 228511 |
| **Health Care Equipment & Supplies - 2.8%** | **Health Care Equipment & Supplies - 2.8%** | **Health Care Equipment & Supplies - 2.8%** |
|  Abbott Laboratories | 25698 | 2821383 |
|  Align Technology, Inc. <sup>(A)</sup> | 1093 | 230514 |
|  Baxter International, Inc. | 7512 | 382887 |
|  Becton Dickinson & Co. | 4194 | 1066534 |
|  Boston Scientific Corp. <sup>(A)</sup> | 21070 | 974909 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Health Care Equipment & Supplies (continued)** | **Health Care Equipment & Supplies (continued)** | **Health Care Equipment & Supplies (continued)** |
|  Cooper Cos., Inc. | 729 | $241058 |
|  DENTSPLY SIRONA, Inc. | 2988 | 95138 |
|  Dexcom, Inc. <sup>(A)</sup> | 5721 | 647846 |
|  Edwards Lifesciences Corp. <sup>(A)</sup> | 8983 | 670222 |
|  Hologic, Inc. <sup>(A)</sup> | 3562 | 266473 |
|  IDEXX Laboratories, Inc. <sup>(A)</sup> | 1216 | 496079 |
|  Intuitive Surgical, Inc. <sup>(A)</sup> | 5218 | 1384596 |
|  Medtronic PLC | 19518 | 1516939 |
|  ResMed, Inc. | 2178 | 453307 |
|  STERIS PLC | 1428 | 263737 |
|  Stryker Corp. | 4950 | 1210226 |
|  Teleflex, Inc. | 709 | 176988 |
|  Zimmer Biomet Holdings, Inc. | 3125 | 398438 |
|  |  | 13297274 |
| **Health Care Providers & Services - 3.7%** | **Health Care Providers & Services - 3.7%** | **Health Care Providers & Services - 3.7%** |
|  AmerisourceBergen Corp. | 2371 | 392898 |
|  Cardinal Health, Inc. | 4095 | 314783 |
|  Centene Corp. <sup>(A)</sup> | 8268 | 678059 |
|  Cigna Corp. | 4490 | 1487717 |
|  CVS Health Corp. | 19284 | 1797076 |
|  DaVita, Inc. <sup>(A)</sup> | 903 | 67427 |
|  Elevance Health, Inc. | 3505 | 1797960 |
|  HCA Healthcare, Inc. | 3134 | 752035 |
|  Henry Schein, Inc. <sup>(A)</sup> | 2111 | 168605 |
|  Humana, Inc. | 1872 | 958820 |
|  Laboratory Corp. of America Holdings | 1325 | 312011 |
|  McKesson Corp. | 2068 | 775748 |
|  Molina Healthcare, Inc. <sup>(A)</sup> | 839 | 277055 |
|  Quest Diagnostics, Inc. | 1719 | 268920 |
|  UnitedHealth Group, Inc. | 13757 | 7293686 |
|  Universal Health Services, Inc., Class B | 950 | 133845 |
|  |  | 17476645 |
| **Hotels, Restaurants & Leisure - 2.0%** | **Hotels, Restaurants & Leisure - 2.0%** | **Hotels, Restaurants & Leisure - 2.0%** |
|  Booking Holdings, Inc. <sup>(A)</sup> | 577 | 1162817 |
|  Caesars Entertainment, Inc. <sup>(A)</sup> | 3199 | 133078 |
|  Carnival Corp. <sup>(A)</sup> | 14230 | 114694 |
|  Chipotle Mexican Grill, Inc. <sup>(A)</sup> | 405 | 561934 |
|  Darden Restaurants, Inc. | 1764 | 244014 |
|  Domino's Pizza, Inc. | 538 | 186363 |
|  Expedia Group, Inc. <sup>(A)</sup> | 2169 | 190004 |
|  Hilton Worldwide Holdings, Inc. | 4001 | 505566 |
|  Las Vegas Sands Corp. <sup>(A)</sup> | 4936 | 237274 |
|  Marriott International, Inc., Class A | 4019 | 598389 |
|  McDonald's Corp. | 10794 | 2844543 |
|  MGM Resorts International | 4503 | 150986 |
|  Norwegian Cruise Line Holdings Ltd. <sup>(A)</sup> | 5945 | 72767 |
|  Royal Caribbean Cruises Ltd. <sup>(A)</sup> | 3252 | 160746 |
|  Starbucks Corp. | 16851 | 1671619 |
|  Wynn Resorts Ltd. <sup>(A)</sup> | 1495 | 123293 |
|  Yum! Brands, Inc. | 4118 | 527433 |
|  |  | 9485520 |
| **Household Durables - 0.3%** | **Household Durables - 0.3%** | **Household Durables - 0.3%** |
|  D.R. Horton, Inc. | 4668 | 416106 |
|  Garmin Ltd. | 2218 | 204699 |
|  Lennar Corp., Class A | 3716 | 336298 |
|  Mohawk Industries, Inc. <sup>(A)</sup> | 784 | 80141 |
|  Newell Brands, Inc. | 5053 | 66093 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 6** 

------

##### [**Table of Contents**](#toc)
**Transamerica S&P 500 Index VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Household Durables (continued)** | **Household Durables (continued)** | **Household Durables (continued)** |
|  NVR, Inc. <sup>(A)</sup> | 43 | $198341 |
|  PulteGroup, Inc. | 3474 | 158171 |
|  Whirlpool Corp. | 820 | 115997 |
|  |  | 1575846 |
| **Household Products - 1.6%** | **Household Products - 1.6%** | **Household Products - 1.6%** |
|  Church & Dwight Co., Inc. | 3647 | 293984 |
|  Clorox Co. | 1757 | 246560 |
|  Colgate-Palmolive Co. | 12349 | 972978 |
|  Kimberly-Clark Corp. | 5000 | 678750 |
|  Procter & Gamble Co. | 34898 | 5289141 |
|  |  | 7481413 |
| **Independent Power & Renewable Electricity Producers - 0.1%** | **Independent Power & Renewable Electricity Producers - 0.1%** | **Independent Power & Renewable Electricity Producers - 0.1%** |
|  AES Corp. | 9783 | 281359 |
| **Industrial Conglomerates - 1.1%** | **Industrial Conglomerates - 1.1%** | **Industrial Conglomerates - 1.1%** |
|  3M Co. | 8171 | 979866 |
|  General Electric Co. | 16137 | 1352119 |
|  Honeywell International, Inc. | 9865 | 2114070 |
|  Roper Technologies, Inc. | 1544 | 667147 |
|  |  | 5113202 |
| **Insurance - 2.4%** | **Insurance - 2.4%** | **Insurance - 2.4%** |
|  Aflac, Inc. | 8437 | 606958 |
|  Allstate Corp. | 3945 | 534942 |
|  American International Group, Inc. | 11075 | 700383 |
|  Aon PLC, Class A | 3052 | 916027 |
|  Arch Capital Group Ltd. <sup>(A)</sup> | 5520 | 346546 |
|  Arthur J Gallagher & Co. | 3066 | 578064 |
|  Assurant, Inc. | 771 | 96421 |
|  Brown & Brown, Inc. | 3440 | 195977 |
|  Chubb Ltd. | 6129 | 1352057 |
|  Cincinnati Financial Corp. | 2347 | 240309 |
|  Everest Re Group Ltd. | 552 | 182861 |
|  Globe Life, Inc. | 1371 | 165274 |
|  Hartford Financial Services Group, Inc. | 4809 | 364666 |
|  Lincoln National Corp. | 2300 | 70656 |
|  Loews Corp. | 2854 | 166474 |
|  Marsh & McLennan Cos., Inc. | 7327 | 1212472 |
|  MetLife, Inc. | 9753 | 705825 |
|  Principal Financial Group, Inc. | 3406 | 285832 |
|  Progressive Corp. | 8602 | 1115765 |
|  Prudential Financial, Inc. | 5435 | 540565 |
|  Travelers Cos., Inc. | 3402 | 637841 |
|  W.R. Berkley Corp. | 2914 | 211469 |
|  Willis Towers Watson PLC | 1610 | 393774 |
|  |  | 11621158 |
| **Interactive Media & Services - 3.9%** | **Interactive Media & Services - 3.9%** | **Interactive Media & Services - 3.9%** |
|  Alphabet, Inc., Class A <sup>(A)</sup> | 87938 | 7758770 |
|  Alphabet, Inc., Class C <sup>(A)</sup> | 77959 | 6917302 |
|  Match Group, Inc. <sup>(A)</sup> | 4195 | 174051 |
|  Meta Platforms, Inc., Class A <sup>(A)</sup> | 33027 | 3974469 |
|  |  | 18824592 |
| **Internet & Direct Marketing Retail - 2.4%** | **Internet & Direct Marketing Retail - 2.4%** | **Internet & Direct Marketing Retail - 2.4%** |
|  Amazon.com, Inc. <sup>(A)</sup> | 130645 | 10974180 |
|  eBay, Inc. | 8150 | 337980 |
|  Etsy, Inc. <sup>(A)</sup> | 1870 | 223989 |
|  |  | 11536149 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **IT Services - 4.4%** | **IT Services - 4.4%** | **IT Services - 4.4%** |
|  Accenture PLC, Class A | 9289 | $2478677 |
|  Akamai Technologies, Inc. <sup>(A)</sup> | 2234 | 188326 |
|  Automatic Data Processing, Inc. | 6123 | 1462540 |
|  Broadridge Financial Solutions, Inc., ADR | 1712 | 229631 |
|  Cognizant Technology Solutions Corp., Class A | 7560 | 432356 |
|  DXC Technology Co. <sup>(A)</sup> | 3390 | 89835 |
|  EPAM Systems, Inc. <sup>(A)</sup> | 861 | 282184 |
|  Fidelity National Information Services, Inc. | 8824 | 598708 |
|  Fiserv, Inc. <sup>(A)</sup> | 9297 | 939648 |
|  FleetCor Technologies, Inc. <sup>(A)</sup> | 1096 | 201313 |
|  Gartner, Inc. <sup>(A)</sup> | 1177 | 395637 |
|  Global Payments, Inc. | 4082 | 405424 |
|  International Business Machines Corp. | 13269 | 1869469 |
|  Jack Henry & Associates, Inc. | 1080 | 189605 |
|  Mastercard, Inc., Class A | 12504 | 4348016 |
|  Paychex, Inc. | 4672 | 539896 |
|  PayPal Holdings, Inc. <sup>(A)</sup> | 16702 | 1189517 |
|  VeriSign, Inc. <sup>(A)</sup> | 1324 | 272003 |
|  Visa, Inc., Class A | 24080 | 5002861 |
|  |  | 21115646 |
| **Leisure Products - 0.0% <sup>(B)</sup>** | **Leisure Products - 0.0% <sup>(B)</sup>** | **Leisure Products - 0.0% <sup>(B)</sup>** |
|  Hasbro, Inc. | 1823 | 111221 |
| **Life Sciences Tools & Services - 1.9%** | **Life Sciences Tools & Services - 1.9%** | **Life Sciences Tools & Services - 1.9%** |
|  Agilent Technologies, Inc. | 4352 | 651277 |
|  Bio-Rad Laboratories, Inc., Class A <sup>(A)</sup> | 329 | 138341 |
|  Bio-Techne Corp. | 2292 | 189961 |
|  Charles River Laboratories International, Inc. <sup>(A)</sup> | 756 | 164732 |
|  Danaher Corp. | 9608 | 2550155 |
|  Illumina, Inc. <sup>(A)</sup> | 2269 | 458792 |
|  IQVIA Holdings, Inc. <sup>(A)</sup> | 2720 | 557301 |
|  Mettler-Toledo International, Inc. <sup>(A)</sup> | 330 | 476999 |
|  PerkinElmer, Inc. | 1861 | 260949 |
|  Thermo Fisher Scientific, Inc. | 5779 | 3182438 |
|  Waters Corp. <sup>(A)</sup> | 888 | 304211 |
|  West Pharmaceutical Services, Inc. | 1057 | 248765 |
|  |  | 9183921 |
| **Machinery - 1.9%** | **Machinery - 1.9%** | **Machinery - 1.9%** |
|  Caterpillar, Inc. | 7677 | 1839102 |
|  Cummins, Inc. | 2040 | 494272 |
|  Deere & Co. | 4052 | 1737336 |
|  Dover Corp. | 2119 | 286934 |
|  Fortive Corp. | 5111 | 328382 |
|  IDEX Corp. | 1077 | 245911 |
|  Illinois Tool Works, Inc. | 4077 | 898163 |
|  Ingersoll Rand, Inc. | 5839 | 305088 |
|  Nordson Corp. | 803 | 190889 |
|  Otis Worldwide Corp. | 6190 | 484739 |
|  PACCAR, Inc. | 5075 | 502273 |
|  Parker-Hannifin Corp. | 1900 | 552900 |
|  Pentair PLC | 2528 | 113709 |
|  Snap-on, Inc. | 782 | 178679 |
|  Stanley Black & Decker, Inc. | 2241 | 168344 |
|  Westinghouse Air Brake Technologies Corp. | 2753 | 274777 |
|  Xylem, Inc. | 2650 | 293010 |
|  |  | 8894508 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 7** 

------

##### [**Table of Contents**](#toc)
**Transamerica S&P 500 Index VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Media - 0.8%** | **Media - 0.8%** | **Media - 0.8%** |
|  Charter Communications, Inc., Class A <sup>(A)</sup> | 1616 | $547986 |
|  Comcast Corp., Class A | 63288 | 2213181 |
|  DISH Network Corp., Class A <sup>(A)</sup> | 3276 | 45995 |
|  Fox Corp., Class A | 4345 | 131958 |
|  Fox Corp., Class B | 2115 | 60172 |
|  Interpublic Group of Cos., Inc. | 5795 | 193031 |
|  News Corp., Class A | 5836 | 106215 |
|  News Corp., Class B | 1610 | 29688 |
|  Omnicom Group, Inc. | 3061 | 249686 |
|  Paramount Global, Class B | 7190 | 121367 |
|  |  | 3699279 |
| **Metals & Mining - 0.4%** | **Metals & Mining - 0.4%** | **Metals & Mining - 0.4%** |
|  Freeport-McMoRan, Inc. | 21048 | 799824 |
|  Newmont Corp. | 11583 | 546718 |
|  Nucor Corp. | 3819 | 503382 |
|  Steel Dynamics, Inc. | 2453 | 239658 |
|  |  | 2089582 |
| **Multi-Utilities - 0.9%** | **Multi-Utilities - 0.9%** | **Multi-Utilities - 0.9%** |
|  Ameren Corp. | 3858 | 343053 |
|  CenterPoint Energy, Inc. | 9049 | 271380 |
|  CMS Energy Corp. | 4162 | 263579 |
|  Consolidated Edison, Inc. | 5178 | 493515 |
|  Dominion Energy, Inc. | 12120 | 743198 |
|  DTE Energy Co. | 2891 | 339779 |
|  NiSource, Inc. | 6047 | 165809 |
|  Public Service Enterprise Group, Inc. | 7243 | 443779 |
|  Sempra Energy | 4655 | 719384 |
|  WEC Energy Group, Inc. | 4556 | 427171 |
|  |  | 4210647 |
| **Multiline Retail - 0.5%** | **Multiline Retail - 0.5%** | **Multiline Retail - 0.5%** |
|  Dollar General Corp. | 3286 | 809178 |
|  Dollar Tree, Inc. <sup>(A)</sup> | 3085 | 436342 |
|  Target Corp. | 6805 | 1014217 |
|  |  | 2259737 |
| **Oil, Gas & Consumable Fuels - 4.7%** | **Oil, Gas & Consumable Fuels - 4.7%** | **Oil, Gas & Consumable Fuels - 4.7%** |
|  APA Corp. | 4891 | 228312 |
|  Chevron Corp. | 26202 | 4702997 |
|  ConocoPhillips | 18283 | 2157394 |
|  Coterra Energy, Inc. | 11767 | 289115 |
|  Devon Energy Corp. | 9541 | 586867 |
|  Diamondback Energy, Inc. | 2603 | 356038 |
|  EOG Resources, Inc. | 8636 | 1118535 |
|  EQT Corp. | 5277 | 178521 |
|  Exxon Mobil Corp. | 60640 | 6688592 |
|  Hess Corp. | 4118 | 584015 |
|  Kinder Morgan, Inc. | 28788 | 520487 |
|  Marathon Oil Corp. | 9958 | 269563 |
|  Marathon Petroleum Corp. | 6904 | 803557 |
|  Occidental Petroleum Corp. | 10846 | 683189 |
|  ONEOK, Inc. | 6484 | 425999 |
|  Phillips 66 | 7001 | 728664 |
|  Pioneer Natural Resources Co. | 3472 | 792970 |
|  Targa Resources Corp. | 3234 | 237699 |
|  Valero Energy Corp. | 5733 | 727288 |
|  Williams Cos., Inc. | 17762 | 584370 |
|  |  | 22664172 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Personal Products - 0.2%** | **Personal Products - 0.2%** | **Personal Products - 0.2%** |
|  Estee Lauder Cos., Inc., Class A | 3423 | $849280 |
| **Pharmaceuticals - 4.8%** | **Pharmaceuticals - 4.8%** | **Pharmaceuticals - 4.8%** |
|  Bristol-Myers Squibb Co. | 31348 | 2255489 |
|  Catalent, Inc. <sup>(A)</sup> | 2459 | 110679 |
|  Eli Lilly & Co. | 11617 | 4249963 |
|  Johnson & Johnson | 38495 | 6800142 |
|  Merck & Co., Inc. | 37348 | 4143761 |
|  Organon & Co. | 4142 | 115686 |
|  Pfizer, Inc. | 82684 | 4236728 |
|  Viatris, Inc. | 17706 | 197068 |
|  Zoetis, Inc. | 6890 | 1009729 |
|  |  | 23119245 |
| **Professional Services - 0.4%** | **Professional Services - 0.4%** | **Professional Services - 0.4%** |
|  CoStar Group, Inc. <sup>(A)</sup> | 6015 | 464839 |
|  Equifax, Inc. | 1826 | 354901 |
|  Jacobs Solutions, Inc. | 1885 | 226332 |
|  Leidos Holdings, Inc. | 2056 | 216271 |
|  Robert Half International, Inc. | 1648 | 121672 |
|  Verisk Analytics, Inc. | 2297 | 405237 |
|  |  | 1789252 |
| **Real Estate Management & Development - 0.1%** | **Real Estate Management & Development - 0.1%** | **Real Estate Management & Development - 0.1%** |
|  CBRE Group, Inc., Class A <sup>(A)</sup> | 4601 | 354093 |
| **Road & Rail - 0.9%** | **Road & Rail - 0.9%** | **Road & Rail - 0.9%** |
|  CSX Corp. | 30973 | 959543 |
|  JB Hunt Transport Services, Inc. | 1228 | 214114 |
|  Norfolk Southern Corp. | 3400 | 837828 |
|  Old Dominion Freight Line, Inc. | 1336 | 379130 |
|  Union Pacific Corp. | 9011 | 1865908 |
|  |  | 4256523 |
| **Semiconductors & Semiconductor Equipment - 5.0%** | **Semiconductors & Semiconductor Equipment - 5.0%** | **Semiconductors & Semiconductor Equipment - 5.0%** |
|  Advanced Micro Devices, Inc. <sup>(A)</sup> | 23796 | 1541267 |
|  Analog Devices, Inc. | 7596 | 1245972 |
|  Applied Materials, Inc. | 12628 | 1229715 |
|  Broadcom, Inc. | 5968 | 3336888 |
|  Enphase Energy, Inc. <sup>(A)</sup> | 1975 | 523296 |
|  First Solar, Inc. <sup>(A)</sup> | 1481 | 221839 |
|  Intel Corp. | 60589 | 1601367 |
|  KLA Corp. | 2064 | 778190 |
|  Lam Research Corp. | 2017 | 847745 |
|  Microchip Technology, Inc. | 8160 | 573240 |
|  Micron Technology, Inc. | 15958 | 797581 |
|  Monolithic Power Systems, Inc. | 669 | 236565 |
|  NVIDIA Corp. | 36666 | 5358369 |
|  NXP Semiconductors NV | 3800 | 600514 |
|  ON Semiconductor Corp. <sup>(A)</sup> | 6309 | 393492 |
|  Qorvo, Inc. <sup>(A)</sup> | 1492 | 135235 |
|  QUALCOMM, Inc. | 16451 | 1808623 |
|  Skyworks Solutions, Inc. | 2454 | 223633 |
|  SolarEdge Technologies, Inc. <sup>(A)</sup> | 804 | 227749 |
|  Teradyne, Inc. | 2241 | 195752 |
|  Texas Instruments, Inc. | 13301 | 2197591 |
|  |  | 24074623 |
| **Software - 8.2%** | **Software - 8.2%** | **Software - 8.2%** |
|  Adobe, Inc. <sup>(A)</sup> | 6814 | 2293115 |
|  ANSYS, Inc. <sup>(A)</sup> | 1279 | 308994 |
|  Autodesk, Inc. <sup>(A)</sup> | 3167 | 591817 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 8** 

------

##### [**Table of Contents**](#toc)
**Transamerica S&P 500 Index VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
|  Cadence Design Systems, Inc. <sup>(A)</sup> | 4041 | $649146 |
|  Ceridian HCM Holding, Inc. <sup>(A)</sup> | 2178 | 139719 |
|  Fortinet, Inc. <sup>(A)</sup> | 9710 | 474722 |
|  Gen Digital, Inc. | 8717 | 186805 |
|  Intuit, Inc. | 4138 | 1610592 |
|  Microsoft Corp. | 109702 | 26308734 |
|  Oracle Corp. | 22556 | 1843727 |
|  Paycom Software, Inc. <sup>(A)</sup> | 718 | 222803 |
|  PTC, Inc. <sup>(A)</sup> | 1568 | 188223 |
|  Salesforce, Inc. <sup>(A)</sup> | 14675 | 1945758 |
|  ServiceNow, Inc. <sup>(A)</sup> | 2984 | 1158598 |
|  Synopsys, Inc. <sup>(A)</sup> | 2264 | 722872 |
|  Take-Two Interactive Software, Inc. <sup>(A)</sup> | 2369 | 246684 |
|  Tyler Technologies, Inc. <sup>(A)</sup> | 616 | 198605 |
|  |  | 39090914 |
| **Specialty Retail - 2.4%** | **Specialty Retail - 2.4%** | **Specialty Retail - 2.4%** |
|  Advance Auto Parts, Inc. | 828 | 121741 |
|  AutoZone, Inc. <sup>(A)</sup> | 283 | 697929 |
|  Bath & Body Works, Inc. | 3564 | 150187 |
|  Best Buy Co., Inc. | 2942 | 235978 |
|  CarMax, Inc. <sup>(A)</sup> | 2261 | 137672 |
|  Home Depot, Inc. | 15078 | 4762537 |
|  Lowe's Cos., Inc. | 9156 | 1824241 |
|  O'Reilly Automotive, Inc. <sup>(A)</sup> | 923 | 779040 |
|  Ross Stores, Inc. | 5103 | 592305 |
|  TJX Cos., Inc. | 17144 | 1364662 |
|  Tractor Supply Co. | 1632 | 367151 |
|  Ulta Beauty, Inc. <sup>(A)</sup> | 752 | 352741 |
|  |  | 11386184 |
| **Technology Hardware, Storage & Peripherals - 6.2%** | **Technology Hardware, Storage & Peripherals - 6.2%** | **Technology Hardware, Storage & Peripherals - 6.2%** |
|  Apple, Inc. | 220058 | 28592136 |
|  Hewlett Packard Enterprise Co. | 18605 | 296936 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Technology Hardware, Storage & Peripherals (continued)** | **Technology Hardware, Storage & Peripherals (continued)** | **Technology Hardware, Storage & Peripherals (continued)** |
|  HP, Inc. | 12958 | $348181 |
|  NetApp, Inc. | 3225 | 193694 |
|  Seagate Technology Holdings PLC | 2820 | 148360 |
|  Western Digital Corp. <sup>(A)</sup> | 4886 | 154153 |
|  |  | 29733460 |
| **Textiles, Apparel & Luxury Goods - 0.5%** | **Textiles, Apparel & Luxury Goods - 0.5%** | **Textiles, Apparel & Luxury Goods - 0.5%** |
|  NIKE, Inc., Class B | 18484 | 2162813 |
|  Ralph Lauren Corp. | 631 | 66678 |
|  Tapestry, Inc. | 3434 | 130767 |
|  VF Corp. | 4712 | 130098 |
|  |  | 2490356 |
| **Tobacco - 0.7%** | **Tobacco - 0.7%** | **Tobacco - 0.7%** |
|  Altria Group, Inc. | 26471 | 1209990 |
|  Philip Morris International, Inc. | 22740 | 2301515 |
|  |  | 3511505 |
| **Trading Companies & Distributors - 0.2%** | **Trading Companies & Distributors - 0.2%** | **Trading Companies & Distributors - 0.2%** |
|  Fastenal Co. | 8325 | 393939 |
|  United Rentals, Inc. <sup>(A)</sup> | 1044 | 371058 |
|  WW Grainger, Inc. | 670 | 372688 |
|  |  | 1137685 |
| **Water Utilities - 0.1%** | **Water Utilities - 0.1%** | **Water Utilities - 0.1%** |
|  American Water Works Co., Inc. | 2692 | 410315 |
| **Wireless Telecommunication Services - 0.3%** | **Wireless Telecommunication Services - 0.3%** | **Wireless Telecommunication Services - 0.3%** |
|  T-Mobile US, Inc. <sup>(A)</sup> | 8738 | 1223320 |
|  **Total Common Stocks <br>(Cost $411,318,646)** | **Total Common Stocks <br>(Cost $411,318,646)** | 472856568 |
|  **Total Investments <br>(Cost $411,318,646)** | **Total Investments <br>(Cost $411,318,646)** | 472856568 |
|  **Net Other Assets (Liabilities) - 0.9%** |  | 4216707 |
|  **Net Assets - 100.0%** |  | **$477073275** |

---

**FUTURES CONTRACTS:** 

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Long Futures Contracts** | **Long Futures Contracts** | **Long Futures Contracts** | **Long Futures Contracts** | **Long Futures Contracts** | **Long Futures Contracts** | **Long Futures Contracts** |
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  S&P 500<sup>®</sup> E-Mini Index | 25 | 03/17/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;4930158 | $&nbsp;&nbsp;&nbsp;&nbsp;4826250 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;(103908) |

---

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(C)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Common Stocks | $472856568 | $— | $— | $472856568 |
|  **Total Investments** | $**472856568** | $**—** | $**—** | $**472856568** |
|  **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** |
|  **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** | **Other Financial Instruments** |
|  Futures Contracts <sup>(D)</sup> | $(103908) | $— | $— | $(103908) |
|  **Total Other Financial Instruments** | $**(103908)** | $**—** | $**—** | $**(103908)** |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 9** 

------

##### [**Table of Contents**](#toc)
**Transamerica S&P 500 Index VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *Non-income producing securities.* 

(B) *Percentage rounds to less than 0.1% or (0.1)%.* 

(C) *There were no transfers in or out of Level 3 during the year ended December 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

(D) *Derivative instruments are valued at unrealized appreciation (depreciation).* 

**PORTFOLIO ABBREVIATION:** 

*ADR* *American Depositary Receipt*

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 10** 

------

##### [**Table of Contents**](#toc)
**Transamerica S&P 500 Index VP** 

------

**STATEMENT OF ASSETS AND LIABILITIES** 

**At December 31, 2022** 

---

| | |
|:---|:---|
|  **Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value (cost $411,318,646) | $&nbsp;&nbsp;&nbsp;&nbsp;472856568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | 3735910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral pledged at broker for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 291500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables and other assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest sold | 59091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 409052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 864 |
|  Total assets | 477352985 |
|  **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables and other liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest redeemed | 48626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 38580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 90262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 16344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 12545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 2550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 4372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 51616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin payable on futures contracts | 13426 |
|  Total liabilities | 279710 |
|  **Net assets** | $477073275 |
|  **Net assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital stock ($0.01 par value) | $293018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 402619159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) | 74161098 |
|  **Net assets** | $477073275 |
|  **Net assets by class:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | $59133124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 417940151 |
|  **Shares outstanding:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 3612349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 25689440 |
|  **Net asset value and offering price per share:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | $16.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 16.27 |

---

**STATEMENT OF OPERATIONS** 

**For the year ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $7720255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 2344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withholding taxes on foreign income | (1877) |
|  Total investment income | 7720722 |
|  **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 388070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 1103260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agency costs |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 4686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 20587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 51619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 48430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 30825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 8641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 71379 |
|  Total expenses before waiver and/or reimbursement and recapture | 1727968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses waived and/or reimbursed: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (163) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (15224) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recapture of previously waived and/or reimbursed fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 5047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 64756 |
|  Net expenses | 1782384 |
|  **Net investment income (loss)** | 5938338 |
|  **Net realized gain (loss) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 8880789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (644114) |
|  Net realized gain (loss) | 8236675 |
|  **Net change in unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (116855378) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (154131) |
|  Net change in unrealized appreciation (depreciation) | (117009509) |
|  Net realized and change in unrealized gain (loss) | (108772834) |
|  **Net increase (decrease) in net assets resulting from operations** | $&nbsp;&nbsp;&nbsp;&nbsp;(102834496) |

---

***The Notes to Financial Statements are an integral part of this report.***

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| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 11** 

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**STATEMENT OF CHANGES IN NET ASSETS** 

**For the years ended:** 

---

| | | |
|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2021** |
|  **From operations:** | **From operations:** | **From operations:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $5938338 | $4765254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 8236675 | 6202135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (117009509) | 105804512 |
|  Net increase (decrease) in net assets resulting from operations | (102834496) | 116771901 |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (1192283) | (967120) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (9885341) | (11526117) |
|  Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (11077624) | (12493237) |
|  **Capital share transactions:** | **Capital share transactions:** | **Capital share transactions:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 45053560 | 3258779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 61436973 | 97781839 |
|  | 106490533 | 101040618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 1192283 | 967120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 9885341 | 11526117 |
|  | 11077624 | 12493237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (17132380) | (6455523) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (67288105) | (38913974) |
|  | (84420485) | (45369497) |
|  Net increase (decrease) in net assets resulting from capital share transactions | 33147672 | 68164358 |
|  **Net increase (decrease) in net assets** | (80764448) | 172443022 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 557837723 | 385394701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $477073275 | $&nbsp;&nbsp;&nbsp;&nbsp;557837723 |
|  **Capital share transactions - shares:** | **Capital share transactions - shares:** | **Capital share transactions - shares:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 2635475 | 183312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 3466273 | 5327606 |
|  | 6101748 | 5510918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 68130 | 50292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 567797 | 602201 |
|  | 635927 | 652493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (993363) | (348717) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (3777965) | (2091413) |
|  | (4771328) | (2440130) |
|  Net increase (decrease) in shares outstanding: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 1710242 | (115113) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 256105 | 3838394 |
|  | 1966347 | 3723281 |

---

***The Notes to Financial Statements are an integral part of this report.***

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| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 12** 

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**FINANCIAL HIGHLIGHTS** 

**For a share outstanding during the period and years indicated:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018 <sup>(A)</sup>** |
|  **Net asset value, beginning of period/year** | $20.52 | $16.39 | $14.02 | $10.74 | $11.80 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(B)</sup> | 0.26 | 0.23 | 0.23 | 0.23 | 0.21 |
|  Net realized and unrealized gain (loss) | (3.97) | 4.41 | 2.30 | 3.12 | (1.22) |
|  Total investment operations | (3.71) | 4.64 | 2.53 | 3.35 | (1.01) |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income | (0.21) | (0.18) | (0.11) | (0.07) | (0.03) |
|  Net realized gains | (0.23) | (0.33) | (0.05) |  | (0.02) |
|  Total dividends and/or distributions to shareholders | (0.44) | (0.51) | (0.16) | (0.07) | (0.05) |
|  **Net asset value, end of period/year** | $16.37 | $&nbsp;&nbsp;&nbsp;&nbsp;20.52 | $&nbsp;&nbsp;&nbsp;&nbsp;16.39 | $&nbsp;&nbsp;&nbsp;&nbsp;14.02 | $&nbsp;&nbsp;&nbsp;&nbsp;10.74 |
|  **Total return** | (18.22)% | 28.50% | 18.18% | 31.22% | &nbsp;&nbsp;&nbsp;&nbsp;(8.66)%<sup>(C)</sup> |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of period/year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;59133 | $&nbsp;&nbsp;&nbsp;&nbsp;39034 | $&nbsp;&nbsp;&nbsp;&nbsp;33069 | $&nbsp;&nbsp;&nbsp;&nbsp;11818 | $&nbsp;&nbsp;&nbsp;&nbsp;3735 |
|  Expenses to average net assets | Expenses to average net assets | Expenses to average net assets | Expenses to average net assets | Expenses to average net assets | Expenses to average net assets |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.13% | 0.13% | 0.16% | 0.19% | 0.40 %<sup>(D)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.14% | 0.14% | 0.14% | 0.14% | 0.14 %<sup>(D)</sup> |
|  Net investment income (loss) to average net assets | 1.48% | 1.24% | 1.65% | 1.81% | 1.88 %<sup>(D)</sup> |
|  Portfolio turnover rate | 5% | 3% | 10% | 1% | 1% |

---

(A) *Commenced operations on January 12, 2018.* 

(B) *Calculated based on average number of shares outstanding.* 

(C) *Not annualized.* 

(D) *Annualized.* 

**For a share outstanding during the years indicated:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $20.40 | $16.32 | $13.97 | $10.72 | $11.32 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(A)</sup> | 0.21 | 0.18 | 0.20 | 0.20 | 0.18 |
|  Net realized and unrealized gain (loss) | (3.94) | 4.38 | 2.30 | 3.11 | (0.74) |
|  Total investment operations | (3.73) | 4.56 | 2.50 | 3.31 | (0.56) |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income | (0.17) | (0.15) | (0.10) | (0.06) | (0.02) |
|  Net realized gains | (0.23) | (0.33) | (0.05) |  | (0.02) |
|  Total dividends and/or distributions to shareholders | (0.40) | (0.48) | (0.15) | (0.06) | (0.04) |
|  **Net asset value, end of year** | $16.27 | $20.40 | $16.32 | $13.97 | $10.72 |
|  **Total return** | (18.44)% | 28.14% | 17.98% | 30.90% | (4.99)% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;417940 | $&nbsp;&nbsp;&nbsp;&nbsp;518804 | $&nbsp;&nbsp;&nbsp;&nbsp;352326 | $&nbsp;&nbsp;&nbsp;&nbsp;213010 | $&nbsp;&nbsp;&nbsp;&nbsp;53694 |
|  Expenses to average net assets | Expenses to average net assets | Expenses to average net assets | Expenses to average net assets | Expenses to average net assets | Expenses to average net assets |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.38% | 0.38% | 0.41% | 0.44% | 0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.39% | 0.39% | 0.39% | 0.39% | 0.39% |
|  Net investment income (loss) to average net assets | 1.20% | 0.99% | 1.43% | 1.56% | 1.57% |
|  Portfolio turnover rate | 5% | 3% | 10% | 1% | 1% |

---

(A) *Calculated based on average number of shares outstanding.* 

***The Notes to Financial Statements are an integral part of this report.***

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**Page 13** 

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**Transamerica S&P 500 Index VP** 

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**NOTES TO FINANCIAL STATEMENTS** 

**At December 31, 2022** 

**1. ORGANIZATION** 

Transamerica Series Trust ("TST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). TST applies investment company accounting and reporting guidance. TST serves as a funding vehicle for variable life insurance, variable annuity, and group annuity products. Transamerica S&P 500 Index VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers two classes of shares, Initial Class and Service Class.

The only shareholders of the Portfolio are affiliated insurance company separate accounts and affiliated asset allocation portfolios. Contract holders of the variable life and annuity contracts are not shareholders of the Portfolio. For ease of reference, shareholders and contract holders are collectively referred to in this report as "shareholders."

This report must be accompanied or preceded by the Portfolio's current prospectus, which contains additional information about the Portfolio, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Portfolio pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Portfolio. TAM supervises the Portfolio's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Portfolio.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of a Portfolio without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Portfolio and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Portfolio employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending portfolio combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Portfolio's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Portfolio; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for a Portfolio; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Portfolio's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; oversight of other service providers to the Portfolio, such as the custodian, the transfer agent, the Portfolio's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Portfolio; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Portfolio, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Portfolio. The Portfolio pays certain fees and expenses to State Street for sub-administration services which are not administrative

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**Page 14** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**1. ORGANIZATION (continued)** 

services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the year ended December 31, 2022, (i) the expenses paid to State Street for sub-administration services by the Portfolio are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Portfolio are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES** 

In preparing the Portfolio's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Portfolio.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Portfolio is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Foreign taxes:** The Portfolio may be subject to taxes imposed by the countries in which it invests, with respect to its investments in issuers existing or operating in such countries. The Portfolio may also be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Portfolio accrues such taxes and recoveries as applicable when the related income or capital gains are earned or unrealized, and based upon the current interpretation of tax rules and regulations that exist in the markets in which the Portfolio invests. Some countries require governmental approval for the repatriation of investment income, capital, or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions of foreign capital remittances abroad.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Portfolio with broker/dealers with which TST has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Portfolio. In no event will commissions, paid by the Portfolio, be used to pay expenses that would otherwise be borne by any other portfolios within TST, or by any other party.

There were no commissions recaptured during the year ended December 31, 2022 by the Portfolio.

**Indemnification:** In the normal course of business, the Portfolio enters into contracts that contain a variety of representations that provide general indemnifications. The Portfolio's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio and/or its affiliates that have not yet occurred. However, based on experience, the Portfolio expects the risk of loss to be remote.

**3. INVESTMENT VALUATION** 

Effective September 8, 2022, TAM has been designated as the Portfolio's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Portfolio's Board of Trustees. The net asset value of the Portfolio is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

TAM utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels ("Levels") of inputs of the fair value hierarchy are defined as follows:

Level 1—Unadjusted quoted prices in active markets for identical securities.

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

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**Page 15** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**3. INVESTMENT VALUATION (continued)** 

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Portfolio's investments and derivative instruments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Portfolio's investments at December 31, 2022, is disclosed within the Investment Valuation section of the Schedule of Investments.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

**Fair value measurements:** Descriptions of the valuation techniques applied to the Portfolio's significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

*Equity securities:* Securities are stated at the last reported sales price or closing price on the day of valuation taken from the primary exchange where the security is principally traded. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Equities traded on inactive markets or valued by reference to similar instruments are generally categorized in Level 2 or Level 3 if inputs are unobservable.

*Foreign equity securities: S*ecurities in which the primary trading market closes at the same time or after the NYSE, are valued based on quotations from the primary market in which they are traded and are categorized in Level 1. Because many foreign securities markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect the events that occur after that close. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, or ETFs and the movement of certain indices of securities based on a statistical analysis of their historical relationship; such valuations generally are categorized in Level 2.

*Derivative instruments:* Centrally cleared or listed derivatives that are actively traded are valued based on quoted prices from the exchange and are categorized in Level 1 of the fair value hierarchy. Over-the-counter ("OTC") derivative contracts include forward, swap, swaption, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices. Depending on the product and the terms of the transaction, the fair value of the OTC derivative products are modeled taking into account the counterparties' creditworthiness and using a series of techniques, including simulation models. Many pricing models do not entail material subjectivity because the methodologies employed do not necessitate significant judgments and the pricing inputs are observed from actively quoted markets, as is the case of interest rate swap and option contracts. The majority of OTC derivative products valued by the Portfolio using pricing models fall into this category and are categorized within Level 2 of the fair value hierarchy or Level 3 if inputs are unobservable.

**4. SECURITIES AND OTHER INVESTMENTS** 

**Real estate investment trusts ("REITs"):** REITs are pooled investment vehicles which invest primarily in income producing real estate, or real estate related loans or interests. Distributions received by REITs are classified at management's estimate of the dividend income, return of capital and capital gains. Estimates are based on information available at year-end, which includes the previous fiscal year's classification. The actual amounts of dividend income, return of capital, and capital gains are only determined by each REIT after the fiscal year end and may differ from the estimated amounts. Upon notification from the REITs, some of the distributions received may be re-classified and recorded as a return of capital or capital gains. There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

REITs held at December 31, 2022, if any, are identified within the Schedule of Investments.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

The Portfolio may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Portfolio invests borrowing proceeds in other securities, the Portfolio will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Portfolio may borrow on a secured or on an unsecured basis. If the Portfolio enters into a secured borrowing arrangement, a portion of the Portfolio's assets will be used as collateral. The 1940 Act requires the Portfolio to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Portfolio's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Portfolio may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the year ended December 31, 2022, the Portfolio has not utilized the program.

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS** 

The Portfolio's investment strategies allow the Portfolio to use various types of derivative contracts, including option contracts, swap agreements, futures contracts, and forward foreign currency contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or OTC.

**Market Risk Factors:** In pursuit of the Portfolio's investment strategies, the Portfolio may seek to use derivatives to increase or decrease its exposure to certain market risks, including:

*Interest rate risk:* Interest rate risk relates to the fluctuations in the value of fixed income securities due to changes in the prevailing levels of market interest rates.

*Foreign exchange rate risk:* Foreign exchange rate risk relates to fluctuations in the value of an asset or liability due to changes in the currency exchange rates.

*Equity risk:* Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

*Credit risk:* Credit risk relates to the ability of the issuer of a financial instrument to make further principal or interest payments on an obligation or commitment that it has to the Portfolio.

*Commodity risk:* Commodity risk relates to the change in value of commodities or commodity indices as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

The Portfolio is also exposed to additional risks from investing in derivatives, such as liquidity and counterparty credit risk. Liquidity risk is the risk that the Portfolio will be unable to sell or close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligations to the Portfolio. Investing in derivatives may also involve greater risks than investing directly in the underlying assets, such as losses in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

The Portfolio's exposure to market risk factors and certain other associated risks are summarized by derivative type as follows:

**Futures contracts:** The Portfolio is subject to equity and commodity risk, interest rate risk, and foreign exchange rate risk in the normal course of pursuing its investment objective. The Portfolio uses futures contracts to gain exposure to, or hedge against, changes in the value of equities and commodities, interest rates, or foreign currencies. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date. Upon entering into such contracts, the Portfolio is required to deposit with the broker, either in cash or in securities, an initial margin in an amount equal to a certain percentage of the contract amount. Subsequent payments (variation margin) are paid or received by the Portfolio, depending on the daily fluctuations in the value of the contract, and are recorded for financial statement purposes as unrealized gains or losses by the Portfolio. Upon entering into

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)** 

such contracts, the Portfolio bears the risk of equity and commodity prices, interest rates, or exchange rates moving unexpectedly, in which case, the Portfolio may not achieve the anticipated benefits of the futures contracts and may realize losses. With futures, there is minimal counterparty credit risk to the Portfolio since futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange.

Open futures contracts at December 31, 2022, if any, are listed within the Schedule of Investments. Variation margin, if applicable, is shown in Variation margin receivable or payable on futures contracts within the Statement of Assets and Liabilities.

The following is a summary of the location and the Portfolio's fair values of derivative investments disclosed, if any, within the Statement of Assets and Liabilities, categorized by primary market risk exposure as of December 31, 2022.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  Futures contracts: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) <sup>(A) (B)</sup> | $— | $— | $(103908) | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;(103908) |
|  **Total** | $**—** | $**—** | $**(103908)** | $**—** | $**—** | $**(103908)** |

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<sup>(A)</sup> *May include exchange-traded derivatives which are not subject to a master netting arrangement, or another similar arrangement.* 

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| | |
|:---|:---|
| <sup>(B)</sup> | *Included within unrealized appreciation (depreciation) on futures contracts as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.*  |

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The following is a summary of the location and the effect of derivative investments, if any, within the Statement of Operations, categorized by primary market risk exposure as of December 31, 2022.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** | **Realized Gain (Loss) on Derivative Instruments** |
| **Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  Futures contracts | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $(644114) | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;(644114) |
|  **Total** | $**—** | $**—** | $**(644114)** | $**—** | $**—** | $**(644114)** |
| **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments** |
| **Location** | **Interest Rate<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Equity<br>Contracts** | **Credit<br>Contracts** | **Commodity<br>Contracts** | **Total** |
|  Futures contracts | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $(154131) | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $(154131) |
|  **Total** | $**—** | $**—** | $**(154131)** | $**—** | $**—** | $**(154131)** |

---

The following is a summary of the ending monthly average volume on derivative activity during the year ended December 31, 2022.

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| | |
|:---|:---|
|  **Futures contracts:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts – long | $&nbsp;&nbsp;&nbsp;&nbsp;3705882 |

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*Collateral requirements:* Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (futures contracts, exchange-traded options, and exchange-traded swap agreements) while collateral terms are contract specific for OTC derivatives (forward foreign currency exchange contracts, OTC options, and OTC swap agreements). For OTC derivatives, under standard derivatives agreements, the Portfolio may be required to pledge collateral on derivatives to a counterparty if the Portfolio is in a net liability position, and receive collateral if in a net positive position. For financial reporting purposes, cash collateral that has been pledged by the Portfolio to cover obligations, if any, is reported in Cash collateral at broker within the Statement of Assets and Liabilities. Cash collateral that has been received by the Portfolio from a counterparty, if any, is reported separately in Cash collateral pledged at custodian and/or broker within the Statement of Assets and Liabilities. Non-cash collateral pledged to the Portfolio, if any, is disclosed within the Schedule of Investments.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)** 

Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold before a transfer has been made. Typically a counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The Portfolio generally does not use non-cash collateral that it receives but may, absent default or certain other circumstances, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty.

To the extent amounts due to the Portfolio from its counterparties are not fully collateralized, contractually or otherwise, the Portfolio bears the risk of loss from counterparty non-performance. Additionally, to the extent the Portfolio has delivered collateral to a counterparty, the Portfolio bears the risk of loss from a counterparty in the event the counterparty fails to return such collateral. Counterparties may immediately terminate derivatives contracts if the Portfolio fails to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages. Collateral may not be required for all derivative contracts.

**7. RISK FACTORS** 

Investing in the Portfolio involves certain key risks related to the Portfolio's trading activity. Please reference the Portfolio's prospectus for a more complete discussion of the following risk(s), as well as other risks of investing in the Portfolio.

**Market risk:** The market prices of the Portfolio's securities and other assets may go up or down, sometimes sharply and unpredictably, due to general market conditions, overall economic trends or events, inflation, changes in interest rates, government actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by wars, tariffs, trade disputes or other factors, political developments, investor sentiment, the global and domestic effects of a pandemic or other health emergency, and other factors that may or may not be related to the issuer of the security or other asset. The market prices of securities and other assets also may go down due to events or conditions that affect particular sectors, industries, issuers, or geographies. Adverse market conditions may be prolonged and may not have the same impact on all types of securities or other assets. If the value of the Portfolio's securities and assets fall, the value of your investment will go down. The Portfolio may experience a substantial or complete loss on any individual security or asset.

Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, the imposition of economic sanctions, public health events (such as the spread of infectious disease), wars, terrorism, cybersecurity events, technology and data interruptions, natural disasters, and other circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. In the past decade, financial markets throughout the world have experienced increased volatility and decreased liquidity. These conditions may continue or worsen. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down. Securities markets may also be susceptible to market manipulation or other fraudulent trade practices, which could disrupt the orderly functioning of these markets or adversely affect the value of securities traded in these markets, including the Portfolio's securities.

The pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in economic downturns throughout the world, severe losses, particularly to some sectors of the economy and individual issuers, and reduced liquidity of many instruments. There also have been significant disruptions to business operations, including business closures; strained healthcare systems; disruptions to supply chains and employee availability; large fluctuations in consumer demand; and widespread uncertainty regarding the duration and long-term effects of the pandemic. Economic downturns may be prolonged, and political and social instability, continued volatility and decreased liquidity in the securities markets may result. Developing or emerging market countries may be more impacted by the pandemic.

The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic. These and other government intervention into the economy and financial markets may not work as intended. In addition, government actions to mitigate the economic impact of the pandemic have resulted in large expansion of government deficits and debt, the long-term consequences of which are not known. Rates of inflation have recently risen, which could adversely affect economies and markets. The pandemic could continue to adversely affect the value and liquidity of the Portfolio's investments.

*Europe:* A number of countries in Europe have experienced severe economic and financial difficulties; and financial markets in Europe and elsewhere have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen or spread within or outside Europe. Responses to the financial problems by European governments, central banks and others may not work, may result in conflicts and social unrest and may limit future growth and economic recovery or have other unintended consequences. In January, 2020, through "Brexit," the United Kingdom withdrew from the European Union. The ramifications of Brexit

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**7. RISK FACTORS (continued)** 

are unknown, and the implications of possible political, regulatory, economic, and market outcomes could be significant. The United Kingdom has one of the largest economies in Europe and is a major trading partner with European Union countries and the United States. Brexit may create additional and substantial economic stresses for the United Kingdom, including a contraction of the United Kingdom's economy, decreased trade, capital outflows, devaluation of the British pound, and a decrease in business and consumer spending and investment. The negative impact on not only the United Kingdom and European Union economies but also the broader global economy could be significant. A number of countries in Europe have suffered terror attacks, and additional attacks may occur in the future. Europe has also been struggling with mass migration from the Middle East, Eastern Europe and Africa. The ultimate effects of these events and other socio-political or geopolitical issues could profoundly affect global economies and markets. Whether or not the Portfolio invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

*Additional Market Disruption:* Russia's invasion of Ukraine in February, 2022, the resulting responses by the United States and other countries, and the potential for wider conflict, have increased and may continue to increase volatility and uncertainty in financial markets worldwide. The United States and other countries have imposed broad-ranging economic sanctions on Russia and Russian entities and individuals, and may impose additional sanctions, including on other countries that provide military or economic support to Russia. These sanctions, among other things, restrict companies from doing business with Russia and Russian issuers, and may adversely affect companies with economic or financial exposure to Russia and Russian issuers. The extent and duration of Russia's military actions and the repercussions of such actions are not known. The invasion may widen beyond Ukraine and may escalate, including through retaliatory actions and cyberattacks by Russia and even other countries. These events may result in further and significant market disruptions and may adversely affect regional and global economies including those of Europe and the United States. Certain industries and markets, such as those involving oil, natural gas and other commodities, as well as global supply chains, may be particularly adversely affected. Whether or not the Portfolio invests in securities of issuers located in Russia, Ukraine and adjacent countries or with significant exposure to issuers in these countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

**Passive strategy/index risk:** The Portfolio is managed with a passive investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the index or of the actual securities comprising the index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Portfolio's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the index will affect the performance, volatility, and risk of the index and, consequently, the performance, volatility, and risk of the Portfolio.

**Index fund risk:** While the Portfolio seeks to track the performance of the S&P 500<sup>®</sup> (i.e., achieve a high degree of correlation with the index), the Portfolio's return may not match the return of the index. The Portfolio incurs a number of operating expenses not applicable to the index, and incurs costs in buying and selling securities. In addition, the Portfolio may not be fully invested at times, generally as a result of cash flows into or out of the Portfolio or reserves of cash held by the Portfolio to meet redemptions. The Portfolio may attempt to replicate the index return by investing in fewer than all of the securities in the index, or in some securities not included in the index, potentially increasing the risk of divergence between the Portfolio's return and that of the index.

**8. FEES AND OTHER AFFILIATED TRANSACTIONS** 

TST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Transamerica Life Insurance Company ("TLIC"), and Transamerica Financial Life Insurance Company.

TAM, the Portfolio's investment manager, is directly owned by TLIC and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon NV. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon NV, a Netherlands corporation, and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Portfolio's transfer agent. Transamerica Capital, Inc. ("TCI") is the Portfolio's distributor/principal underwriter. TAM, TFS, and TCI are affiliates of Aegon NV.

Certain officers and trustees of the Portfolio are also officers and/or trustees of TAM, TFS and TCI. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Portfolio. The Portfolio does pay non-interested persons (independent trustees), as disclosed in Trustee, CCO and deferred compensation fees within the Statement of Operations.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

**Investment management fees**: TAM serves as the Portfolio's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Portfolio pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Portfolio pays a management fee to TAM at an annual rate of 0.08% of daily average net assets.

TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses, reorganization expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

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| | | |
|:---|:---|:---|
| | **Operating<br>Expense Limit** | **Operating**<br> **Expense Limit<br>Effective Through** |
|  Initial Class | 0.14% | May 1, 2023 |
|  Service Class | 0.39 | May 1, 2023 |

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TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended December 31, 2022 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Portfolio, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

For the 36-month period ended December 31, 2022, the balances available for recapture by TAM for the Portfolio are as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Amounts Available** | **Amounts Available** | **Amounts Available** | |
| <br>**Class** | **2020** | **2021** | **2022** |<br>**Total** |
|  Initial Class | $— | $— | $38 | $38 |
|  Service Class | &nbsp;&nbsp;&nbsp;&nbsp;60014 | &nbsp;&nbsp;&nbsp;&nbsp;18473 | &nbsp;&nbsp;&nbsp;&nbsp;15224 | &nbsp;&nbsp;&nbsp;&nbsp;93711 |

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**Distribution and service fees:** TST has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, TST entered into a distribution agreement with TCI as the Portfolio's distributor.

The Distribution Plan requires the Portfolio to pay distribution fees to TCI as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCI, on behalf of the Portfolio, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Portfolio's shares.

The fee on the Service Class shares is paid to the insurance companies for providing services and account maintenance for the policyholders who invest in the variable insurance products which invest in the Service Class shares. TCI has determined that it will not seek payment for the distribution expenses incurred by the Portfolio with respect to the Initial Class shares before May 1, 2023. Prior to TCI seeking distribution expenses on Initial Class shares, policy and contract owners will be notified in advance. The Portfolio will pay fees relating to Service Class shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Portfolio is authorized under the Distribution Plan to pay fees to TCI based on daily average net assets of each class up to the following annual rates:

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|:---|:---|
| **Class** | **Rate** |
|  Initial Class | 0.15% |
|  Service Class | 0.25 |

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

**Transfer agent costs:** TFS provides transfer agency services under an intercompany agreement with TAM. TFS has outsourced the provision of certain sub-transfer agency services to SS&C Technology Holdings, Inc ("SS&C"). The Portfolio does not pay a separate transfer agent fee to TAM or TFS but does pay certain expenses to SS&C related to applicable sub-transfer agency services. For the year ended December 31, 2022, (i) the expenses paid to SS&C by the Portfolio are referred to as Transfer agent costs and are included within the Statement of Operations and (ii) the expenses payable to SS&C by the Portfolio are referred to as Transfer agent costs within the Statement of Assets and Liabilities.

**Deferred compensation plan:** Effective September 23, 2021, the Board has approved the termination of the deferred compensation plan. Payments will be made to applicable current and former Board members consistent with Section 409A of the Code. Under a non-qualified deferred compensation plan effective January 1, 1996, as amended and restated January 1, 2010, available to the trustees, compensation may be deferred that would otherwise be payable by TST to an independent trustee on a current basis for services rendered as trustee. Deferred compensation amounts will accumulate based on the value of the investment option, as elected by the trustee. Balances pursuant to deferred compensation plan are recorded in Trustees, Chief Compliance Officer ("CCO") and deferred compensation fees within the Statement of Assets and Liabilities. For the year ended December 31, 2022, amounts included in Trustees, CCO and deferred compensation fees within the Statement of Operations reflect total compensation paid to the independent Board members.

**Brokerage commissions:** The Portfolio incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the year ended December 31, 2022.

**9. PURCHASES AND SALES OF SECURITIES** 

For the year ended December 31, 2022, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

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| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $54455945 | $— | $26045009 | $— |

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**10. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS** 

The Portfolio has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Portfolio recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Portfolio's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Portfolio's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Portfolio's financial statements. If applicable, the Portfolio recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Portfolio identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Portfolio makes significant investments; however, the Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales, straddle loss deferrals and futures contracts mark-to-market. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. There are no reclassifications in the current year.

As of December 31, 2022, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

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| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross<br>Appreciation** | **Gross<br>(Depreciation)** | **Net Appreciation<br>(Depreciation)** |
| $413063425 | $93973746 | $(34180603) | $59793143 |

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**Transamerica S&P 500 Index VP** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**10. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)** 

As of December 31, 2022, the Portfolio had no capital loss carryforwards available to offset future realized capital gains. During the year ended December 31, 2022, the Portfolio did not have any capital loss carryforwards utilized or expired.

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2022 and 2021 are as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** |
| **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of Capital** | **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of Capital** |
| $5277686 | $5799938 | $— | $4145914 | $8347323 | $— |

---

As of December 31, 2022, the tax basis components of distributable earnings are as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Capital Loss<br>Carryforwards** | **Late Year<br>Ordinary Loss<br>Deferred** | **Other<br>Temporary<br>Differences** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| $5989746 | $8397062 | $— | $— | $(18853) | $59793143 |

---

**11. NEW ACCOUNTING PRONOUNCEMENT** 

In June 2022, the Financial Accounting Standards Board issued Accounting Standards Update No. 2022-03 ("ASU 2022-03"), "Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions" ("Topic 820"). ASU 2022-03 clarifies the guidance in Topic 820, related to the measurement of the fair value of an equity security subject to contractual sale restrictions, where it eliminates the need to apply a discount to fair value of these securities, and introduces disclosure requirements related to such equity securities. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. Management is currently evaluating the implications, if any, of the additional requirements and its impact on the Portfolio's financial statements.

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**Report of Independent Registered Public Accounting Firm** 

*To the Shareholders and the Board of Trustees of Transamerica S&P 500 Index VP* 

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities of Transamerica S&P 500 Index VP (the "Portfolio") (one of the portfolios constituting Transamerica Series Trust (the "Trust")), including the schedule of investments, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the portfolios constituting Transamerica Series Trust) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion** 

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

![LOGO](g438566ernst_young.jpg)

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

February 27, 2023

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**SUPPLEMENTAL TAX INFORMATION** 

**(unaudited)** 

For tax purposes, the Portfolio has made a long-term capital gain designation of $5,799,938 for the year ended December 31, 2022.

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**Page 25** 

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**Transamerica Small/Mid Cap Value VP** 

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**(unaudited)** 

**MARKET ENVIRONMENT** 

**Systematic Financial Management L.P.** 

The small-cap sleeve's performance was challenged by myriad macroeconomic headwinds that clouded the business outlook and hurt investor sentiment during the fiscal year ended December 31, 2022. These factors all gravitated around inflation, which proved much more pervasive and sustained than the temporal nuisance the U.S. Federal Reserve ("Fed") had proclaimed it would be. The Consumer Price Index soared to high-single-digit monthly increases for much of the year. The Fed, in our view, kept easy money conditions in place for too long in 2021, but, in fairness, the Fed could not have foreseen the more recent threat to its price stability mandate from the 2022 events in Ukraine. The conflict became a watershed moment for the inflation problem, as the invasion stretched the availability of key raw materials from the region amid various trade sanctions and logistical difficulties. The oil markets were particularly reliant on Russian supply, so elevated crude quotations also had inflationary effects for much of the year. The same holds true for COVID-19 outbreaks in China, which persisted throughout 2022, causing strict quarantines in some economically sensitive cities, including some major technology hubs. The Fed aggressively raised rates in response to the inflation outbreak. That, along with the likelihood of further tightening in monetary policy, raised the prospect of an economic downturn.

Amid these dynamics, most sectors ended in the red for the year. Within the Russell 2000<sup>®</sup> Value index, groups most exposed to tight labor markets and supply chain bottlenecks were large contributors to the market decline, including the healthcare and consumer discretionary sectors. The financial services sector was a significant negative contributor despite the rise in interest rates, as deposits cost increases and worries about a potential credit cycle drove the group lower. Higher interest rates had a negative effect on real estate stocks in the year, reversing a strong rally in property values following the pandemic. The one materially noteworthy outlier on the positive side of the performance spectrum was the energy sector, where stocks responded in kind as oil and natural gas prices moved substantially higher following the Russian invasion, before pulling back later in 2022.

**Thompson, Siegel & Walmsley LLC** 

Most domestic and international markets finished 2022 solidly in the red, as sentiment in the market continued to be volatile, influenced by hawkish global central banks' monetary policy to curb inflation, the myriad of geopolitical headwinds, and uncertainty related to China's reopening policies and associated rising COVID-19 cases.

**PERFORMANCE** 

For the year ended December 31, 2022, Transamerica Small/Mid Cap Value VP, Initial Class returned -8.31%. By comparison, its benchmark, the Russell 2500<sup>TM</sup> Value Index, returned -13.08%.

**STRATEGY REVIEW** 

**Systematic Financial Management L.P.** 

In the small-cap sleeve, Systematic Financial Management L.P. generally invests in common stocks of companies with small capitalizations that we believe are attractively valued. Our security selection process favors companies with strong operating cash flow, strong free cash flow, limited financial leverage and strong debt coverage.

The small-cap sleeve of Transamerica Small/Mid Cap Value VP outperformed (net of management fees) the Russell 2000<sup>®</sup> Value Index ("Index") during the fiscal year ended December 31, 2022.

During the fiscal year, companies with strong debt coverage, capable of paying off their debt with internally generated free cash flow in less than ten years, fell less than the Russell 2000<sup>®</sup> Value Index, while those with poor debt coverage (or negative free cash flow) underperformed. Amid the unfavorable market sentiment, free cash flow as a valuation metric also demonstrated efficacy. Stocks with low Price to Free Cash Flow multiples, as a cohort, outperformed the benchmark. High Price to Free Cash Flow as a quantitative factor did poorly on a relative basis. These trends worked to the small cap sleeve's advantage, on a relative basis, during 2022.

From an attribution standpoint, positive stock selection drove the Portfolio's relative outperformance, somewhat offset by unfavorable sector allocation. Stock selection was particularly good in the healthcare, financial services, and industrials sectors. The small cap sleeve saw its worst absolute performance against the benchmark in the consumer staples sector, but this negative contribution was kept in check by the Portfolio's small weight to this group. There was also a drag on relative performance, in terms of stock selection, within the energy and materials sectors. Looking at sector attribution, the largest headwind came from our underweight to the meaningfully outperforming energy sector. Our overweight to the information technology and consumer discretionary sectors also constrained relative returns. On the other hand, underweights to the communication services, real estate, and healthcare sectors positively impacted relative performance for the fiscal year.

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**Page 1** 

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**Transamerica Small/Mid Cap Value VP** 

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**(unaudited)** 

**STRATEGY REVIEW (continued)** 

**Thompson, Siegel & Walmsley LLC** 

In managing the midcap sleeve, Thompson, Siegel & Walmsley LLC seeks to invest in companies it believes present a value or potential worth that is not recognized by prevailing market prices or that have experienced some fundamental changes and are intrinsically undervalued by the investment community. The sub-adviser's process uses a combination of quantitative and qualitative methods and is based on a four-factor valuation screen.

The midcap sleeve outperformed its benchmark, the Russell MidCap<sup>®</sup> Value Index, for the fiscal year ended December 31, 2022.

The leading economic industries that contributed to the midcap sleeve's relative return during the fiscal year were the financials, real estate, and consumer staples sectors.

Within the financial services sector, the Portfolio's overweight to the insurance sector, along with positive stock selection across the industry were the primary drivers of excess return. Alleghany Corp., a primary insurer and reinsurer, was the top contributor after being acquired by Berkshire Hathaway in the fourth quarter of 2022. Arch Capital Group Ltd., a provider of property and casualty insurance and reinsurance, was another large contributor driven by continued strength in both their mortgage and specialty insurance segments, along with promising rate increases in 2023, and the continued tailwind from being recently added to the S&P 500<sup>®</sup> Index. A handful of other insurance holdings also contributed positively to relative performance, with the common theme of having a more defensive or stable business model in a down-market, combined with a generally positive pricing outlook for most insurers.

Within the real estate sector, the Portfolio benefited from both an underweight to the industry, and positive stock selection. At the stock level, Gaming and Leisure Properties, a triple net lease real estate owner and operator, benefited from strong gaming demand and positive sentiment from the market following a separate market transaction between a peer and a gaming real estate investment trust at an attractive cap rate.

Within the consumer staples sector, our overweight allocation and stock selection both contributed positively to relative return. Post Holdings, Inc., a diversified consumer packaged goods holding company, was the top contributor driven by improving supply chain headwinds, their ability to pass on pricing to customers, and the potential for U.S. consumers to trade down to Post Holdings, Inc.'s more value-oriented brands in a recessionary environment. AmerisourceBergen Corp., a drug distributor, was another large contributor arguably driven by their stable and recurring business model in an uncertain market environment, and reduced risk from potential opioid distribution litigation for the industry.

The detractors from relative performance during the fiscal year were the telecommunications and basic materials sectors.

In the telecommunications sector, positions in Liberty Broadband Corp. Class C ("Liberty Broadband"), and Altice USA, Inc., Class A were the primary detractors. Liberty Broadband faced headwinds due to perceived fixed wireless competition and overall competitive pressure in cable. This is notable for Liberty Broadband because of its ownership of Charter Communications. Altice USA, Inc., Class A, a provider of broadband and cable television, has been impacted by the same industry-wide headwinds.

Within the basic materials sector, our underweight to the industry, along with our position in Cleveland-Cliffs, Inc. and Mosaic Co. were the primary detractors. Cleveland-Cliffs, Inc. is the second largest U.S. steel producer and the largest of the two blast furnace producers. Shares were punished as commodity prices deteriorated from recent highs, and recessionary concerns loom. Mosaic Co., a phosphate and potash producer, was the next largest detractor driven by weaker pricing for the underlying commodities coming off recent highs. We are also compelled by Mosaic Co.'s low-cost position and the overall supply/demand imbalance for fertilizer.

**Kenneth Burgess, CFA** 

**W. Ryan Wick, CFA** 

**Co-Portfolio Managers** 

**Systematic Financial Management, L.P.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**R. Michael Creager, CFA** 

**Brett P. Hawkins, CFA** 

**Co-Portfolio Managers** 

**Thompson, Siegel & Walmsley LLC** 

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**Transamerica Small/Mid Cap Value VP** 

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**(unaudited)** 

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| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  Common Stocks | 97.1% |
|  Repurchase Agreement | 3.0 |
|  Other Investment Company | 0.6 |
|  Net Other Assets (Liabilities) | (0.7) |
|  **Total** | 100.0% |

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*Current and future portfolio holdings are subject to change and risk.* 

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**(unaudited)**![LOGO](g438566g62q99.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Initial Class | (8.31)% | 6.28% | 10.25% | 05/04/1993 |
|  Russell 2500™ Value Index <sup>(A)</sup> | (13.08)% | 4.75% | 8.93% |  |
|  Service Class | (8.53)% | 6.01% | 9.98% | 05/03/2004 |

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<sup>(A)</sup> *The Russell 2500<sup>TM</sup> Value Index measures the performance of the small to mid-cap value segment of the U.S. equity universe, and is comprised of Russell 2500<sup>TM</sup> Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2500<sup>TM</sup> Index measures the performance of the small to mid-cap segment of the U.S. equity universe, commonly referred to as "smid" cap.* 

The Portfolio's benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Year or Since Inception calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or the redemption of Portfolio shares. The Portfolio's investment return and net asset value will fluctuate. Investors' shares when redeemed may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month end. Portfolio performance is net of investment fees and Portfolio expenses, but not product charges, which, if included, would significantly lower the performance quoted.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of previously waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Investing in small- and medium-size companies involves greater risk than is customarily associated with more established companies. The value approach to investing involves the risk that stocks may remain undervalued, undervaluation may become more severe, or perceived undervalution may actually represent intrinsic value. The securities of small and mid capitalization companies are subject to higher volatility than larger, more established companies.

Russell<sup>®</sup> and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.

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**Transamerica Small/Mid Cap Value VP** 

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**DISCLOSURE OF EXPENSES** 

**(unaudited)** 

**SHAREHOLDER EXPENSES** 

Portfolio shareholders may incur two types of costs: (i) transaction costs, including brokerage commissions on purchases and sales of portfolio shares; and (ii) ongoing costs, including management fees, and other portfolio expenses.

The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other portfolios.

The example is based on an investment of $1,000 invested at July 1, 2022, and held for the entire six-month period until December 31, 2022.

**ACTUAL EXPENSES** 

The information in the table below provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = $8.60), then multiply the result by the number in the appropriate column for your share class titled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES** 

The information in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratios and assumed rates of return of 5% per year before expenses, which are not the Portfolio's actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Portfolio versus other portfolios. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other portfolios.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Portfolio shares. Therefore, the information under the heading "Hypothetical Expenses" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different portfolios. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries, or other financial institutions.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Actual Expenses** | **Actual Expenses** | **Hypothetical Expenses <sup>(A)</sup>** | **Hypothetical Expenses <sup>(A)</sup>** | |
| <br>**Class** | <br>**Beginning<br>Account Value<br>July 1, 2022** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** | <br>**Net Annualized<br>Expense Ratio <sup>(C)</sup>** |
|  Initial Class | $&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;1031.30 | $&nbsp;&nbsp;&nbsp;&nbsp;4.10 | $&nbsp;&nbsp;&nbsp;&nbsp;1021.20 | $&nbsp;&nbsp;&nbsp;&nbsp;4.08 | 0.80% |
|  Service Class | 1000.00 | 1029.80 | 5.37 | 1019.90 | 5.35 | 1.05 |

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(A) *5% return per year before expenses.*

(B) *Expenses are calculated using the Portfolio's net annualized expense ratio, as disclosed in the table, multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (365 days).*

(C) *Net annualized expense ratios are reflective of applicable fee waivers and/or reimbursements and recapture, if any, and are based on the most recent six-months which may differ from the net expense ratio displayed in the Financial Highlights that covers a twelve-month period.*

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**SCHEDULE OF INVESTMENTS** 

**At December 31, 2022** 

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| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS - 97.1%** | **COMMON STOCKS - 97.1%** | **COMMON STOCKS - 97.1%** |
| **Aerospace & Defense - 2.2%** | **Aerospace & Defense - 2.2%** | **Aerospace & Defense - 2.2%** |
|  Curtiss-Wright Corp. | 15600 | $2605044 |
|  Elbit Systems Ltd. | 6150 | 1008846 |
|  Huntington Ingalls Industries, Inc. | 34200 | 7889256 |
|  |  | 11503146 |
| **Air Freight & Logistics - 1.0%** | **Air Freight & Logistics - 1.0%** | **Air Freight & Logistics - 1.0%** |
|  FedEx Corp. | 29200 | 5057440 |
| **Auto Components - 0.6%** | **Auto Components - 0.6%** | **Auto Components - 0.6%** |
|  Dana, Inc. | 38700 | 585531 |
|  Gentex Corp. | 21300 | 580851 |
|  Stoneridge, Inc. <sup>(A)</sup> | 10300 | 222068 |
|  Visteon Corp. <sup>(A)</sup> | 13350 | 1746581 |
|  |  | 3135031 |
| **Banks - 8.0%** | **Banks - 8.0%** | **Banks - 8.0%** |
|  Atlantic Union Bankshares Corp. | 20000 | 702800 |
|  Bank of Princeton | 8000 | 253760 |
|  Berkshire Hills Bancorp, Inc. | 60200 | 1799980 |
|  Central Valley Community Bancorp | 12700 | 268986 |
|  Citizens Financial Group, Inc. | 21600 | 850392 |
|  Dime Community Bancshares, Inc. | 54150 | 1723594 |
|  First Citizens BancShares, Inc., Class A | 15709 | 11913077 |
|  First Community Bankshares, Inc. | 45900 | 1556010 |
|  First Merchants Corp. | 48450 | 1991779 |
|  First Republic Bank | 43300 | 5277837 |
|  Hope Bancorp, Inc. | 45900 | 587979 |
|  Lakeland Bancorp, Inc. | 114600 | 2018106 |
|  OceanFirst Financial Corp. | 61850 | 1314313 |
|  Sandy Spring Bancorp, Inc. | 56600 | 1994018 |
|  Umpqua Holdings Corp. | 114800 | 2049180 |
|  United Bankshares, Inc. | 14150 | 572934 |
|  United Community Banks, Inc. | 63850 | 2158130 |
|  Washington Trust Bancorp, Inc. | 13450 | 634571 |
|  Webster Financial Corp. | 64350 | 3046329 |
|  Western Alliance Bancorp | 13350 | 795126 |
|  |  | 41508901 |
| **Beverages - 1.0%** | **Beverages - 1.0%** | **Beverages - 1.0%** |
|  Molson Coors Beverage Co., Class B | 103000 | 5306560 |
| **Biotechnology - 0.2%** | **Biotechnology - 0.2%** | **Biotechnology - 0.2%** |
|  Exelixis, Inc. <sup>(A)</sup> | 80250 | 1287210 |
| **Building Products - 1.9%** | **Building Products - 1.9%** | **Building Products - 1.9%** |
|  American Woodmark Corp. <sup>(A)</sup> | 23600 | 1153096 |
|  Builders FirstSource, Inc. <sup>(A)</sup> | 34300 | 2225384 |
|  Gibraltar Industries, Inc. <sup>(A)</sup> | 9700 | 445036 |
|  Masonite International Corp. <sup>(A)</sup> | 16200 | 1305882 |
|  Owens Corning | 21350 | 1821155 |
|  PGT Innovations, Inc. <sup>(A)</sup> | 67700 | 1215892 |
|  Quanex Building Products Corp. | 74650 | 1767712 |
|  |  | 9934157 |
| **Capital Markets - 0.8%** | **Capital Markets - 0.8%** | **Capital Markets - 0.8%** |
|  Piper Sandler Cos. | 18000 | 2343420 |
|  Stifel Financial Corp. | 30350 | 1771530 |
|  |  | 4114950 |
| **Chemicals - 2.2%** | **Chemicals - 2.2%** | **Chemicals - 2.2%** |
|  Chase Corp. | 16250 | 1401725 |
|  Huntsman Corp. | 40500 | 1112940 |
|  LSB Industries, Inc. <sup>(A)</sup> | 80500 | 1070650 |
|  Mosaic Co. | 70300 | 3084061 |

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| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
|  Olin Corp. | 91300 | $4833422 |
|  |  | 11502798 |
| **Commercial Services & Supplies - 0.3%** | **Commercial Services & Supplies - 0.3%** | **Commercial Services & Supplies - 0.3%** |
|  HNI Corp. | 27200 | 773296 |
|  Tetra Tech, Inc. | 4300 | 624317 |
|  |  | 1397613 |
| **Communications Equipment - 0.7%** | **Communications Equipment - 0.7%** | **Communications Equipment - 0.7%** |
|  Harmonic, Inc. <sup>(A)</sup> | 63200 | 827920 |
|  KVH Industries, Inc. <sup>(A)</sup> | 116350 | 1189097 |
|  Silicom Ltd. <sup>(A)</sup> | 41750 | 1759763 |
|  |  | 3776780 |
| **Construction & Engineering - 1.3%** | **Construction & Engineering - 1.3%** | **Construction & Engineering - 1.3%** |
|  Comfort Systems USA, Inc. | 22400 | 2577792 |
|  EMCOR Group, Inc. | 23850 | 3532424 |
|  Granite Construction, Inc. | 22400 | 785568 |
|  |  | 6895784 |
| **Consumer Finance - 0.9%** | **Consumer Finance - 0.9%** | **Consumer Finance - 0.9%** |
|  Ally Financial, Inc. | 187000 | 4572150 |
| **Containers & Packaging - 1.5%** | **Containers & Packaging - 1.5%** | **Containers & Packaging - 1.5%** |
|  Graphic Packaging Holding Co. | 215500 | 4794875 |
|  Sealed Air Corp. | 59100 | 2947908 |
|  |  | 7742783 |
| **Distributors - 1.2%** | **Distributors - 1.2%** | **Distributors - 1.2%** |
|  LKQ Corp. | 116500 | 6222265 |
| **Diversified Consumer Services - 0.4%** | **Diversified Consumer Services - 0.4%** | **Diversified Consumer Services - 0.4%** |
|  American Public Education, Inc. <sup>(A)</sup> | 67400 | 828346 |
|  Stride, Inc. <sup>(A)</sup> | 37100 | 1160488 |
|  |  | 1988834 |
| **Diversified Telecommunication Services - 0.9%** | **Diversified Telecommunication Services - 0.9%** | **Diversified Telecommunication Services - 0.9%** |
|  Liberty Global PLC, Class A <sup>(A)</sup> | 246100 | 4658673 |
| **Electric Utilities - 3.2%** | **Electric Utilities - 3.2%** | **Electric Utilities - 3.2%** |
|  Evergy, Inc. | 109000 | 6859370 |
|  Exelon Corp. | 81600 | 3527568 |
|  OGE Energy Corp. | 138200 | 5465810 |
|  Portland General Electric Co. <sup>(B)</sup> | 17100 | 837900 |
|  |  | 16690648 |
| **Electrical Equipment - 0.9%** | **Electrical Equipment - 0.9%** | **Electrical Equipment - 0.9%** |
|  Acuity Brands, Inc. | 4100 | 679001 |
|  LSI Industries, Inc. | 157000 | 1921680 |
|  Regal Rexnord Corp. | 18300 | 2195634 |
|  |  | 4796315 |
| **Electronic Equipment, Instruments & Components - 2.3%** | **Electronic Equipment, Instruments & Components - 2.3%** | **Electronic Equipment, Instruments & Components - 2.3%** |
|  Coherent Corp. <sup>(A)</sup> | 4700 | 164970 |
|  Flex Ltd. <sup>(A)</sup> | 136700 | 2933582 |
|  Itron, Inc. <sup>(A)</sup> | 8200 | 415330 |
|  Methode Electronics, Inc. | 39750 | 1763707 |
|  OSI Systems, Inc. <sup>(A)</sup> | 12450 | 990024 |
|  Vishay Intertechnology, Inc. | 81000 | 1747170 |
|  Vontier Corp. | 196000 | 3788680 |
|  |  | 11803463 |
| **Energy Equipment & Services - 0.6%** | **Energy Equipment & Services - 0.6%** | **Energy Equipment & Services - 0.6%** |
|  Helix Energy Solutions Group, Inc. <sup>(A)</sup> | 179800 | 1326924 |
|  Helmerich & Payne, Inc. | 33600 | 1665552 |
|  |  | 2992476 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 6** 

------

##### [**Table of Contents**](#toc)
**Transamerica Small/Mid Cap Value VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Entertainment - 1.2%** | **Entertainment - 1.2%** | **Entertainment - 1.2%** |
|  Madison Square Garden Entertainment Corp. <sup>(A)</sup> | 27600 | $1241172 |
|  Madison Square Garden Sports Corp. | 4500 | 824985 |
|  Warner Bros Discovery, Inc. <sup>(A)</sup> | 425700 | 4035636 |
|  |  | 6101793 |
| **Equity Real Estate Investment Trusts - 3.6%** | **Equity Real Estate Investment Trusts - 3.6%** | **Equity Real Estate Investment Trusts - 3.6%** |
|  Apple Hospitality, Inc. | 116350 | 1836003 |
|  Brandywine Realty Trust | 145600 | 895440 |
|  Community Healthcare Trust, Inc. | 27650 | 989870 |
|  DiamondRock Hospitality Co. | 87850 | 719491 |
|  Gaming & Leisure Properties, Inc. | 75153 | 3914720 |
|  JBG SMITH Properties | 232500 | 4412850 |
|  LXP Industrial Trust | 155250 | 1555605 |
|  Physicians Realty Trust | 120150 | 1738570 |
|  Piedmont Office Realty Trust, Inc., Class A | 75650 | 693711 |
|  Sabra Health Care, Inc. | 103500 | 1286505 |
|  Summit Hotel Properties, Inc. | 59250 | 427785 |
|  |  | 18470550 |
| **Food & Staples Retailing - 0.2%** | **Food & Staples Retailing - 0.2%** | **Food & Staples Retailing - 0.2%** |
|  Village Super Market, Inc., Class A | 35900 | 836111 |
| **Food Products - 2.2%** | **Food Products - 2.2%** | **Food Products - 2.2%** |
|  Kraft Heinz Co. | 70087 | 2853242 |
|  Nomad Foods Ltd. <sup>(A)</sup> | 76100 | 1311964 |
|  Post Holdings, Inc. <sup>(A)</sup> | 75268 | 6793689 |
|  Whole Earth Brands, Inc. <sup>(A)</sup> | 67100 | 273097 |
|  |  | 11231992 |
| **Gas Utilities - 0.8%** | **Gas Utilities - 0.8%** | **Gas Utilities - 0.8%** |
|  UGI Corp. | 113400 | 4203738 |
| **Health Care Equipment & Supplies - 1.4%** | **Health Care Equipment & Supplies - 1.4%** | **Health Care Equipment & Supplies - 1.4%** |
|  AngioDynamics, Inc. <sup>(A)</sup> | 80000 | 1101600 |
|  Koninklijke Philips NV | 286800 | 4299132 |
|  Meridian Bioscience, Inc. <sup>(A)</sup> | 47200 | 1567512 |
|  OraSure Technologies, Inc. <sup>(A)</sup> | 101450 | 488989 |
|  |  | 7457233 |
| **Health Care Providers & Services - 4.7%** | **Health Care Providers & Services - 4.7%** | **Health Care Providers & Services - 4.7%** |
|  AmerisourceBergen Corp. | 33280 | 5514829 |
|  AMN Healthcare Services, Inc. <sup>(A)</sup> | 12650 | 1300673 |
|  Centene Corp. <sup>(A)</sup> | 54100 | 4436741 |
|  Cross Country Healthcare, Inc. <sup>(A)</sup> | 132250 | 3513882 |
|  Encompass Health Corp. | 31900 | 1907939 |
|  Enhabit, Inc. <sup>(A)</sup> | 107900 | 1419964 |
|  Laboratory Corp. of America Holdings | 24277 | 5716748 |
|  National HealthCare Corp. | 7250 | 431375 |
|  |  | 24242151 |
| **Hotels, Restaurants & Leisure - 0.2%** | **Hotels, Restaurants & Leisure - 0.2%** | **Hotels, Restaurants & Leisure - 0.2%** |
|  Churchill Downs, Inc. | 5650 | 1194580 |
| **Household Durables - 1.0%** | **Household Durables - 1.0%** | **Household Durables - 1.0%** |
|  Helen of Troy Ltd. <sup>(A)</sup> | 8350 | 926098 |
|  KB Home | 40900 | 1302665 |
|  La-Z-Boy, Inc. | 39300 | 896826 |
|  MDC Holdings, Inc. | 19400 | 613040 |
|  PulteGroup, Inc. | 13450 | 612379 |
|  Sonos, Inc. <sup>(A)</sup> | 45600 | 770640 |
|  |  | 5121648 |
| **Household Products - 0.3%** | **Household Products - 0.3%** | **Household Products - 0.3%** |
|  Spectrum Brands Holdings, Inc. | 24650 | 1501678 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Independent Power & Renewable Electricity Producers - 1.1%** | **Independent Power & Renewable Electricity Producers - 1.1%** | **Independent Power & Renewable Electricity Producers - 1.1%** |
|  Vistra Corp. | 235531 | $5464319 |
| **Insurance - 7.4%** | **Insurance - 7.4%** | **Insurance - 7.4%** |
|  Allstate Corp. | 44500 | 6034200 |
|  Arch Capital Group Ltd. <sup>(A)</sup> | 72500 | 4551550 |
|  Everest Re Group Ltd. | 7350 | 2434835 |
|  Fidelity National Financial, Inc. | 138307 | 5203109 |
|  Loews Corp. | 43908 | 2561154 |
|  Markel Corp. <sup>(A)</sup> | 4300 | 5665207 |
|  Old Republic International Corp. | 222650 | 5376997 |
|  Selective Insurance Group, Inc. | 27600 | 2445636 |
|  United Fire Group, Inc. | 22600 | 618336 |
|  Willis Towers Watson PLC | 14300 | 3497494 |
|  |  | 38388518 |
| **Interactive Media & Services - 0.9%** | **Interactive Media & Services - 0.9%** | **Interactive Media & Services - 0.9%** |
|  IAC, Inc. <sup>(A)</sup> | 108820 | 4831608 |
| **IT Services - 2.4%** | **IT Services - 2.4%** | **IT Services - 2.4%** |
|  FleetCor Technologies, Inc. <sup>(A)</sup> | 34400 | 6318592 |
|  Global Payments, Inc. | 54600 | 5422872 |
|  Perficient, Inc. <sup>(A)</sup> | 9150 | 638944 |
|  |  | 12380408 |
| **Leisure Products - 1.0%** | **Leisure Products - 1.0%** | **Leisure Products - 1.0%** |
|  BRP, Inc. | 17300 | 1320855 |
|  Hayward Holdings, Inc. <sup>(A)</sup> <sup>(B)</sup> | 89800 | 844120 |
|  MasterCraft Boat Holdings, Inc. <sup>(A)</sup> | 68800 | 1779856 |
|  Polaris, Inc. | 14000 | 1414000 |
|  |  | 5358831 |
| **Life Sciences Tools & Services - 1.3%** | **Life Sciences Tools & Services - 1.3%** | **Life Sciences Tools & Services - 1.3%** |
|  Bio-Rad Laboratories, Inc., Class A <sup>(A)</sup> | 13800 | 5802762 |
|  Maravai LifeSciences Holdings, Inc., Class A <sup>(A)</sup> | 49850 | 713354 |
|  |  | 6516116 |
| **Machinery - 1.8%** | **Machinery - 1.8%** | **Machinery - 1.8%** |
|  CNH Industrial NV | 149200 | 2396152 |
|  Columbus McKinnon Corp. | 46600 | 1513102 |
|  Douglas Dynamics, Inc. | 26100 | 943776 |
|  Gencor Industries, Inc. <sup>(A)</sup> | 47650 | 481265 |
|  Miller Industries, Inc. | 22400 | 597184 |
|  Mueller Industries, Inc. | 40800 | 2407200 |
|  Oshkosh Corp. | 11650 | 1027413 |
|  |  | 9366092 |
| **Media - 6.0%** | **Media - 6.0%** | **Media - 6.0%** |
|  Altice USA, Inc., Class A <sup>(A)</sup> | 414700 | 1907620 |
|  DISH Network Corp., Class A <sup>(A)</sup> | 318400 | 4470336 |
|  Fox Corp., Class A | 173100 | 5257047 |
|  Liberty Broadband Corp., Class C <sup>(A)</sup> | 109790 | 8373683 |
|  Liberty Media Corp. - Liberty SiriusXM, Class C <sup>(A)</sup> | 159644 | 6246870 |
|  News Corp., Class A | 223200 | 4062240 |
|  Perion Network Ltd. <sup>(A)</sup> | 26450 | 669185 |
|  |  | 30986981 |
| **Metals & Mining - 2.3%** | **Metals & Mining - 2.3%** | **Metals & Mining - 2.3%** |
|  Cleveland-Cliffs, Inc. <sup>(A)</sup> <sup>(B)</sup> | 137600 | 2216736 |
|  Commercial Metals Co. | 39650 | 1915095 |
|  Kaiser Aluminum Corp. | 16800 | 1276128 |
|  Schnitzer Steel Industries, Inc., Class A | 32000 | 980800 |
|  TimkenSteel Corp. <sup>(A)</sup> | 71600 | 1300972 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 7** 

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##### [**Table of Contents**](#toc)
**Transamerica Small/Mid Cap Value VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Metals & Mining (continued)** | **Metals & Mining (continued)** | **Metals & Mining (continued)** |
|  U.S. Steel Corp. | 166800 | $4178340 |
|  |  | 11868071 |
| **Mortgage Real Estate Investment Trusts - 0.8%** | **Mortgage Real Estate Investment Trusts - 0.8%** | **Mortgage Real Estate Investment Trusts - 0.8%** |
|  Annaly Capital Management, Inc. <sup>(B)</sup> | 189347 | 3991435 |
| **Multi-Utilities - 2.7%** | **Multi-Utilities - 2.7%** | **Multi-Utilities - 2.7%** |
|  CenterPoint Energy, Inc. | 154000 | 4618460 |
|  NiSource, Inc. | 220900 | 6057078 |
|  NorthWestern Corp. | 58200 | 3453588 |
|  |  | 14129126 |
| **Multiline Retail - 1.1%** | **Multiline Retail - 1.1%** | **Multiline Retail - 1.1%** |
|  Dollar Tree, Inc. <sup>(A)</sup> | 38600 | 5459584 |
| **Oil, Gas & Consumable Fuels - 6.4%** | **Oil, Gas & Consumable Fuels - 6.4%** | **Oil, Gas & Consumable Fuels - 6.4%** |
|  Chesapeake Energy Corp. <sup>(B)</sup> | 41700 | 3935229 |
|  Delek US Holdings, Inc. | 51200 | 1382400 |
|  Diamondback Energy, Inc. | 19700 | 2694566 |
|  EQT Corp. | 66400 | 2246312 |
|  HF Sinclair Corp. | 62300 | 3232747 |
|  Kinder Morgan, Inc. | 294500 | 5324560 |
|  Magnolia Oil & Gas Corp., Class A | 191250 | 4484812 |
|  Ovintiv, Inc. | 38750 | 1965013 |
|  REX American Resources Corp. <sup>(A)</sup> | 57000 | 1816020 |
|  Williams Cos., Inc. | 191600 | 6303640 |
|  |  | 33385299 |
| **Paper & Forest Products - 0.6%** | **Paper & Forest Products - 0.6%** | **Paper & Forest Products - 0.6%** |
|  Louisiana-Pacific Corp. | 51800 | 3066560 |
| **Personal Products - 0.1%** | **Personal Products - 0.1%** | **Personal Products - 0.1%** |
|  Medifast, Inc. | 3850 | 444098 |
| **Pharmaceuticals - 2.6%** | **Pharmaceuticals - 2.6%** | **Pharmaceuticals - 2.6%** |
|  Innoviva, Inc. <sup>(A)</sup> | 127300 | 1686725 |
|  Jazz Pharmaceuticals PLC <sup>(A)</sup> | 13450 | 2142719 |
|  Organon & Co. | 55200 | 1541736 |
|  Perrigo Co. PLC | 241300 | 8225917 |
|  |  | 13597097 |
| **Professional Services - 2.4%** | **Professional Services - 2.4%** | **Professional Services - 2.4%** |
|  ASGN, Inc. <sup>(A)</sup> | 17450 | 1421826 |
|  FTI Consulting, Inc. <sup>(A)</sup> | 5000 | 794000 |
|  Heidrick & Struggles International, Inc. | 40250 | 1125793 |
|  ICF International, Inc. | 27150 | 2689207 |
|  KBR, Inc. | 60850 | 3212880 |
|  Leidos Holdings, Inc. | 15650 | 1646224 |
|  Science Applications International Corp. | 15850 | 1758240 |
|  |  | 12648170 |
| **Real Estate Management & Development - 0.1%** | **Real Estate Management & Development - 0.1%** | **Real Estate Management & Development - 0.1%** |
|  Newmark Group, Inc., Class A | 49600 | 395312 |
| **Road & Rail - 0.2%** | **Road & Rail - 0.2%** | **Road & Rail - 0.2%** |
|  U-Haul Holding Co. <sup>(B)</sup> | 1500 | 90285 |
|  U-Haul Holding Co. | 18000 | 989640 |
|  |  | 1079925 |
| **Semiconductors & Semiconductor Equipment - 2.5%** | **Semiconductors & Semiconductor Equipment - 2.5%** | **Semiconductors & Semiconductor Equipment - 2.5%** |
|  AXT, Inc. <sup>(A)</sup> | 27000 | 118260 |
|  Azenta, Inc. <sup>(A)</sup> | 25350 | 1475877 |
|  Cohu, Inc. <sup>(A)</sup> | 56700 | 1817235 |
|  Magnachip Semiconductor Corp. <sup>(A)</sup> | 146250 | 1373287 |
|  MaxLinear, Inc. <sup>(A)</sup> | 11600 | 393820 |
|  MKS Instruments, Inc. | 13250 | 1122673 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
|  Onto Innovation, Inc. <sup>(A)</sup> | 21600 | $1470744 |
|  Qorvo, Inc. <sup>(A)</sup> | 9250 | 838420 |
|  Silicon Motion Technology Corp., ADR | 34650 | 2251903 |
|  Tower Semiconductor Ltd. <sup>(A)</sup> | 33000 | 1425600 |
|  Universal Display Corp. | 7950 | 858918 |
|  |  | 13146737 |
| **Software - 0.3%** | **Software - 0.3%** | **Software - 0.3%** |
|  Progress Software Corp. | 32900 | 1659805 |
| **Specialty Retail - 2.5%** | **Specialty Retail - 2.5%** | **Specialty Retail - 2.5%** |
|  Abercrombie & Fitch Co., Class A <sup>(A)</sup> | 33250 | 761758 |
|  Academy Sports & Outdoors, Inc. | 16350 | 859029 |
|  Advance Auto Parts, Inc. | 21400 | 3146442 |
|  American Eagle Outfitters, Inc. | 101000 | 1409960 |
|  Ross Stores, Inc. | 33600 | 3899952 |
|  Urban Outfitters, Inc. <sup>(A)</sup> | 51250 | 1222312 |
|  Williams-Sonoma, Inc. | 13750 | 1580150 |
|  |  | 12879603 |
| **Technology Hardware, Storage & Peripherals - 0.8%** | **Technology Hardware, Storage & Peripherals - 0.8%** | **Technology Hardware, Storage & Peripherals - 0.8%** |
|  Western Digital Corp. <sup>(A)</sup> | 128500 | 4054175 |
| **Textiles, Apparel & Luxury Goods - 0.8%** | **Textiles, Apparel & Luxury Goods - 0.8%** | **Textiles, Apparel & Luxury Goods - 0.8%** |
|  Deckers Outdoor Corp. <sup>(A)</sup> | 3625 | 1446955 |
|  Steven Madden Ltd. | 41500 | 1326340 |
|  Tapestry, Inc. | 31250 | 1190000 |
|  |  | 3963295 |
| **Thrifts & Mortgage Finance - 1.3%** | **Thrifts & Mortgage Finance - 1.3%** | **Thrifts & Mortgage Finance - 1.3%** |
|  Provident Financial Services, Inc. | 55300 | 1181208 |
|  TrustCo Bank Corp. | 61000 | 2292990 |
|  Washington Federal, Inc. | 91500 | 3069825 |
|  |  | 6544023 |
|  **Total Common Stocks<br>(Cost $457,431,755)** | **Total Common Stocks<br>(Cost $457,431,755)** | 502854639 |
| **OTHER INVESTMENT COMPANY - 0.6%** | **OTHER INVESTMENT COMPANY - 0.6%** | **OTHER INVESTMENT COMPANY - 0.6%** |
| **Securities Lending Collateral - 0.6%** | **Securities Lending Collateral - 0.6%** | **Securities Lending Collateral - 0.6%** |
|  State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 4.29% <sup>(C)</sup> | 2963938 | 2963938 |
|  **Total Other Investment Company<br>(Cost $2,963,938)** | **Total Other Investment Company<br>(Cost $2,963,938)** | 2963938 |
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 3.0%** | **REPURCHASE AGREEMENT - 3.0%** | **REPURCHASE AGREEMENT - 3.0%** |
|  Fixed Income Clearing Corp., 1.80% <sup>(C)</sup>, dated 12/30/2022, to be repurchased at $15,753,092 on 01/03/2023. Collateralized by a U.S. Government Obligation, 4.77%, due 12/28/2023, and with a value of $16,064,992. | $15749942 | 15749942 |
|  **Total Repurchase Agreement<br>(Cost $15,749,942)** | **Total Repurchase Agreement<br>(Cost $15,749,942)** | 15749942 |
|  **Total Investments<br>(Cost $476,145,635)** |  | 521568519 |
|  **Net Other Assets (Liabilities) - (0.7)%** |  | (3546647) |
|  **Net Assets - 100.0%** |  | **$518021872** |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 8** 

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##### [**Table of Contents**](#toc)
**Transamerica Small/Mid Cap Value VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(D)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Common Stocks | $502854639 | $— | $— | $502854639 |
|  Other Investment Company | 2963938 |  |  | 2963938 |
|  Repurchase Agreement |  | 15749942 |  | 15749942 |
|  **Total Investments** | $**505818577** | $**15749942** | $**—** | $**521568519** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *Non-income producing securities.* 

(B) *All or a portion of the securities are on loan. The total value of all securities on loan is $10,736,620, collateralized by cash collateral of $2,963,938 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $8,055,411. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.* 

(C) *Rates disclosed reflect the yields at December 31, 2022.* 

(D) *There were no transfers in or out of Level 3 during the year ended December 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

**PORTFOLIO ABBREVIATION:** 

*ADR* *American Depositary Receipt*

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 9** 

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##### [**Table of Contents**](#toc)
**Transamerica Small/Mid Cap Value VP** 

------

**STATEMENT OF ASSETS AND LIABILITIES** 

**At December 31, 2022** 

---

| | |
|:---|:---|
|  **Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value (cost $460,395,693) <br>(including securities loaned of $10,736,620) | $505818577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreement, at value (cost $15,749,942) | 15749942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables and other assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 236286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 1210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest sold | 10908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 563423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 1575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 1678 |
|  Total assets | 522383616 |
|  **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral received upon return of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities on loan | 2963938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables and other liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 170722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest redeemed | 727886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 348008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 47467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 2833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 16236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 10482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 2991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 61745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 8824 |
|  Total liabilities | 4361744 |
|  **Net assets** | $&nbsp;&nbsp;&nbsp;&nbsp;518021872 |
|  **Net assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital stock ($0.01 par value) | $279867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 428826221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) | 88915784 |
|  **Net assets** | $518021872 |
|  **Net assets by class:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | $298340036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 219681836 |
|  **Shares outstanding:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 15847655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 12139063 |
|  **Net asset value and offering price per share:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | $18.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 18.10 |

---

**STATEMENT OF OPERATIONS** 

**For the year ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $9592318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 94303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 12764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withholding taxes on foreign income | (34236) |
|  Total investment income | 9665149 |
|  **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 4380547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 602948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 5881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 23619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 27042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 46998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 31540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 41290 |
|  Total expenses | 5159865 |
|  **Net investment income (loss)** | 4505284 |
|  **Net realized gain (loss) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 48877736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (60) |
|  Net realized gain (loss) | 48877676 |
|  **Net change in unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (104918841) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Translation of assets and liabilities denominated in foreign currencies | (33) |
|  Net change in unrealized appreciation (depreciation) | (104918874) |
|  Net realized and change in unrealized gain (loss) | (56041198) |
|  **Net increase (decrease) in net assets resulting from operations** | $&nbsp;&nbsp;&nbsp;&nbsp;(51535914) |

---

***The Notes to Financial Statements are an integral part of this report.***

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| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 10** 

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**STATEMENT OF CHANGES IN NET ASSETS** 

**For the years ended:** 

---

| | | |
|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2021** |
|  **From operations:** | **From operations:** | **From operations:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $4505284 | $2895123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 48877676 | 110847206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (104918874) | 34628537 |
|  Net increase (decrease) in net assets resulting from operations | (51535914) | 148370866 |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (50786851) | (2322465) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (38667401) | (1326857) |
|  Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (89454252) | (3649322) |
|  **Capital share transactions:** | **Capital share transactions:** | **Capital share transactions:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 7910255 | 12919591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 9385046 | 33305583 |
|  | 17295301 | 46225174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 50786851 | 2322465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 38667401 | 1326857 |
|  | 89454252 | 3649322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (35914485) | (59217031) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (42973906) | (52039586) |
|  | (78888391) | (111256617) |
|  Net increase (decrease) in net assets resulting from capital share transactions | 27861162 | (61382121) |
|  **Net increase (decrease) in net assets** | (113129004) | 83339423 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;631150876 | 547811453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $518021872 | $&nbsp;&nbsp;&nbsp;&nbsp;631150876 |
|  **Capital share transactions - shares:** | **Capital share transactions - shares:** | **Capital share transactions - shares:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 368537 | 558904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 442554 | 1520882 |
|  | 811091 | 2079786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 2595138 | 99378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 2053500 | 58685 |
|  | 4648638 | 158063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (1655419) | (2596388) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (2041791) | (2365179) |
|  | (3697210) | (4961567) |
|  Net increase (decrease) in shares outstanding: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 1308256 | (1938106) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 454263 | (785612) |
|  | 1762519 | (2723718) |

---

***The Notes to Financial Statements are an integral part of this report.***

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**Page 11** 

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**Transamerica Small/Mid Cap Value VP** 

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**FINANCIAL HIGHLIGHTS** 

**For a share outstanding during the years indicated:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $24.43 | $19.19 | $19.51 | $17.11 | $21.51 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(A)</sup> | 0.20 | 0.13 | 0.17 | 0.18 | 0.22 |
|  Net realized and unrealized gain (loss) | (2.09) | 5.26 | 0.41 | 3.95 | (2.28) |
|  Total investment operations | (1.89) | 5.39 | 0.58 | 4.13 | (2.06) |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income | (0.14) | (0.15) | (0.20) | (0.19) | (0.20) |
|  Net realized gains | (3.57) |  | (0.70) | (1.54) | (2.14) |
|  Total dividends and/or distributions to shareholders | (3.71) | (0.15) | (0.90) | (1.73) | (2.34) |
|  **Net asset value, end of year** | $18.83 | $24.43 | $19.19 | $19.51 | $17.11 |
|  **Total return** | (8.31)% | 28.12% | 4.04% | 25.28% | (11.46)% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;298340 | $&nbsp;&nbsp;&nbsp;&nbsp;355144 | $&nbsp;&nbsp;&nbsp;&nbsp;316185 | $&nbsp;&nbsp;&nbsp;&nbsp;339556 | $&nbsp;&nbsp;&nbsp;&nbsp;305350 |
|  Expenses to average net assets | 0.81% | 0.82% | 0.83% | 0.83% | 0.83% |
|  Net investment income (loss) to average net assets | 0.91% | 0.57% | 1.03% | 0.96% | 1.05% |
|  Portfolio turnover rate | 44% | 46% | 71% | 56% | 61% |

---

(A) *Calculated based on average number of shares outstanding.* 

**For a share outstanding during the years indicated:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $23.62 | $18.57 | $18.92 | $16.64 | $20.97 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(A)</sup> | 0.14 | 0.07 | 0.12 | 0.13 | 0.16 |
|  Net realized and unrealized gain (loss) | (2.01) | 5.09 | 0.39 | 3.83 | (2.21) |
|  Total investment operations | (1.87) | 5.16 | 0.51 | 3.96 | (2.05) |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income | (0.08) | (0.11) | (0.16) | (0.14) | (0.14) |
|  Net realized gains | (3.57) |  | (0.70) | (1.54) | (2.14) |
|  Total dividends and/or distributions to shareholders | (3.65) | (0.11) | (0.86) | (1.68) | (2.28) |
|  **Net asset value, end of year** | $18.10 | $23.62 | $18.57 | $18.92 | $16.64 |
|  **Total return** | (8.53)% | 27.81% | 3.74% | 24.94% | (11.64)% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;219682 | $&nbsp;&nbsp;&nbsp;&nbsp;276007 | $&nbsp;&nbsp;&nbsp;&nbsp;231626 | $&nbsp;&nbsp;&nbsp;&nbsp;218875 | $&nbsp;&nbsp;&nbsp;&nbsp;165494 |
|  Expenses to average net assets | 1.06% | 1.07% | 1.08% | 1.08% | 1.08% |
|  Net investment income (loss) to average net assets | 0.66% | 0.32% | 0.77% | 0.71% | 0.80% |
|  Portfolio turnover rate | 44% | 46% | 71% | 56% | 61% |

---

(A) *Calculated based on average number of shares outstanding.* 

***The Notes to Financial Statements are an integral part of this report.***

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**Page 12** 

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**Transamerica Small/Mid Cap Value VP** 

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**NOTES TO FINANCIAL STATEMENTS** 

**At December 31, 2022** 

**1. ORGANIZATION** 

Transamerica Series Trust ("TST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). TST applies investment company accounting and reporting guidance. TST serves as a funding vehicle for variable life insurance, variable annuity, and group annuity products. Transamerica Small/Mid Cap Value VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers two classes of shares, Initial Class and Service Class.

The only shareholders of the Portfolio are affiliated insurance company separate accounts and affiliated asset allocation portfolios. Contract holders of the variable life and annuity contracts are not shareholders of the Portfolio. For ease of reference, shareholders and contract holders are collectively referred to in this report as "shareholders."

This report must be accompanied or preceded by the Portfolio's current prospectus, which contains additional information about the Portfolio, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Portfolio pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Portfolio. TAM supervises the Portfolio's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Portfolio.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of a Portfolio without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Portfolio and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Portfolio employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending portfolio combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Portfolio's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Portfolio; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for a Portfolio; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Portfolio's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; oversight of other service providers to the Portfolio, such as the custodian, the transfer agent, the Portfolio's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Portfolio; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Portfolio, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Portfolio. The Portfolio pays certain fees and expenses to State Street for sub-administration services which are not administrative

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**Page 13** 

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**Transamerica Small/Mid Cap Value VP** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**1. ORGANIZATION (continued)** 

services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the year ended December 31, 2022, (i) the expenses paid to State Street for sub-administration services by the Portfolio are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Portfolio are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES** 

In preparing the Portfolio's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Portfolio.

**Foreign currency denominated investments:** The accounting records of the Portfolio are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the closing exchange rate each day. The cost of foreign securities purchased and any realized gains or losses are translated at the prevailing exchange rates in effect on the date of the respective transaction. The Portfolio combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

Net foreign currency gains and losses resulting from changes in exchange rates include, foreign currency fluctuations between trade date and settlement date of investment security transactions, gains and losses on forward foreign currency contracts, and the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.

Foreign currency denominated assets may involve risks not typically associated with domestic transactions. These risks include revaluation of currencies, adverse fluctuations in foreign currency values, and possible adverse political, social, and economic developments, including those particular to a specific industry, country or region.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Portfolio is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Foreign taxes:** The Portfolio may be subject to taxes imposed by the countries in which it invests, with respect to its investments in issuers existing or operating in such countries. The Portfolio may also be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Portfolio accrues such taxes and recoveries as applicable when the related income or capital gains are earned or unrealized, and based upon the current interpretation of tax rules and regulations that exist in the markets in which the Portfolio invests. Some countries require governmental approval for the repatriation of investment income, capital, or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions of foreign capital remittances abroad.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Portfolio with broker/dealers with which TST has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Portfolio. In no event will commissions, paid by the Portfolio, be used to pay expenses that would otherwise be borne by any other portfolios within TST, or by any other party.

Commissions recaptured are included within Net realized gain (loss) within the Statement of Operations. For the year ended December 31, 2022, commissions recaptured are $20,514.

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**Page 14** 

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**Transamerica Small/Mid Cap Value VP** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**2. SIGNIFICANT ACCOUNTING POLICIES (continued)** 

**Indemnification:** In the normal course of business, the Portfolio enters into contracts that contain a variety of representations that provide general indemnifications. The Portfolio's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio and/or its affiliates that have not yet occurred. However, based on experience, the Portfolio expects the risk of loss to be remote.

**3. INVESTMENT VALUATION** 

Effective September 8, 2022, TAM has been designated as the Portfolio's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Portfolio's Board of Trustees. The net asset value of the Portfolio is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

TAM utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels ("Levels") of inputs of the fair value hierarchy are defined as follows:

Level 1—Unadjusted quoted prices in active markets for identical securities.

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Portfolio's investments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Portfolio's investments at December 31, 2022, is disclosed within the Investment Valuation section of the Schedule of Investments.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

**Fair value measurements:** Descriptions of the valuation techniques applied to the Portfolio's significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

*Equity securities:* Securities are stated at the last reported sales price or closing price on the day of valuation taken from the primary exchange where the security is principally traded. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Equities traded on inactive markets or valued by reference to similar instruments are generally categorized in Level 2 or Level 3 if inputs are unobservable.

*Foreign equity securities:* Securities in which the primary trading market closes at the same time or after the NYSE, are valued based on quotations from the primary market in which they are traded and are categorized in Level 1. Because many foreign securities markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect the events that occur after that close. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, or ETFs and the movement of certain indices of securities based on a statistical analysis of their historical relationship; such valuations generally are categorized in Level 2.

*Securities lending collateral:* Securities lending collateral is invested in a money market fund which is valued at the actively traded NAV and no valuation adjustments are applied. Securities lending collateral is categorized in Level 1 of the fair value hierarchy.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**3. INVESTMENT VALUATION (continued)** 

*Repurchase agreements:* Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

**4. SECURITIES AND OTHER INVESTMENTS** 

**Real estate investment trusts ("REITs"):** REITs are pooled investment vehicles which invest primarily in income producing real estate, or real estate related loans or interests. Distributions received by REITs are classified at management's estimate of the dividend income, return of capital and capital gains. Estimates are based on information available at year-end, which includes the previous fiscal year's classification. The actual amounts of dividend income, return of capital, and capital gains are only determined by each REIT after the fiscal year end and may differ from the estimated amounts. Upon notification from the REITs, some of the distributions received may be re-classified and recorded as a return of capital or capital gains. There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

REITs held at December 31, 2022, if any, are identified within the Schedule of Investments.

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

The Portfolio may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Portfolio invests borrowing proceeds in other securities, the Portfolio will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Portfolio may borrow on a secured or on an unsecured basis. If the Portfolio enters into a secured borrowing arrangement, a portion of the Portfolio's assets will be used as collateral. The 1940 Act requires the Portfolio to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Portfolio's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Portfolio may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the year ended December 31, 2022, the Portfolio has not utilized the program.

**Repurchase agreements:** In a repurchase agreement, the Portfolio purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Portfolio's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Portfolio will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Portfolio and its counterparties that provide for the net settlement of all transactions and collateral with the Portfolio, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at December 31, 2022.

Repurchase agreements at December 31, 2022, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**Securities lending:** The Portfolio may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Portfolio pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Portfolio to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Portfolio may experience delays in recovery of the loaned securities or delays in

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)** 

access to collateral, or the Portfolio may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government and irrevocable letters of credit issued by banks as collateral. The initial collateral received by the Portfolio is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower.

The Portfolio receives compensation for lending securities from interest or dividends earned on the cash, U.S. Government securities and irrevocable letters of credit held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust—Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at December 31, 2022, if any, are shown on a gross basis within the Schedule of Investments.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of December 31, 2022.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
| | **Overnight and<br>Continuous** | **Less Than<br>30 Days** | **Between<br>30 & 90 Days** | **Greater Than<br>90 Days** | **Total** |
|  Securities Lending Transactions |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $2963938 | $— | $— | $— | $2963938 |
|  **Total Borrowings** | $**2963938** | $**—** | $**—** | $**—** | $**2963938** |

---

**6. RISK FACTORS** 

Investing in the Portfolio involves certain key risks related to the Portfolio's trading activity. Please reference the Portfolio's prospectus for a more complete discussion of the following risk(s), as well as other risks of investing in the Portfolio.

**Market risk:** The market prices of the Portfolio's securities and other assets may go up or down, sometimes sharply and unpredictably, due to general market conditions, overall economic trends or events, inflation, changes in interest rates, government actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by wars, tariffs, trade disputes or other factors, political developments, investor sentiment, the global and domestic effects of a pandemic or other health emergency, and other factors that may or may not be related to the issuer of the security or other asset. The market prices of securities and other assets also may go down due to events or conditions that affect particular sectors, industries, issuers, or geographies. Adverse market conditions may be prolonged and may not have the same impact on all types of securities or other assets. If the value of the Portfolio's securities and assets fall, the value of your investment will go down. The Portfolio may experience a substantial or complete loss on any individual security or asset.

Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, the imposition of economic sanctions, public health events (such as the spread of infectious disease), wars, terrorism, cybersecurity events, technology and data interruptions, natural disasters, and other circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. In the past decade, financial markets throughout the world have experienced increased volatility and decreased liquidity. These conditions may continue or worsen. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down. Securities markets may also be susceptible to market manipulation or other fraudulent trade practices, which could disrupt the orderly functioning of these markets or adversely affect the value of securities traded in these markets, including the Portfolio's securities.

The pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in economic downturns throughout the world, severe losses, particularly to some sectors of the economy and individual issuers, and reduced liquidity of many instruments. There also have been significant disruptions to business operations, including business closures; strained healthcare systems; disruptions to supply chains and employee availability; large fluctuations in consumer demand; and widespread uncertainty regarding the duration and long-term effects of the pandemic. Economic downturns may be prolonged, and political and social instability, continued volatility and decreased liquidity in the securities markets may result. Developing or emerging market countries may be more impacted by the pandemic.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. RISK FACTORS (continued)** 

The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic. These and other government intervention into the economy and financial markets may not work as intended. In addition, government actions to mitigate the economic impact of the pandemic have resulted in large expansion of government deficits and debt, the long-term consequences of which are not known. Rates of inflation have recently risen, which could adversely affect economies and markets. The pandemic could continue to adversely affect the value and liquidity of the Portfolio's investments.

*Europe:* A number of countries in Europe have experienced severe economic and financial difficulties; and financial markets in Europe and elsewhere have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen or spread within or outside Europe. Responses to the financial problems by European governments, central banks and others may not work, may result in conflicts and social unrest and may limit future growth and economic recovery or have other unintended consequences. In January, 2020, through "Brexit," the United Kingdom withdrew from the European Union. The ramifications of Brexit are unknown, and the implications of possible political, regulatory, economic, and market outcomes could be significant. The United Kingdom has one of the largest economies in Europe and is a major trading partner with European Union countries and the United States. Brexit may create additional and substantial economic stresses for the United Kingdom, including a contraction of the United Kingdom's economy, decreased trade, capital outflows, devaluation of the British pound, and a decrease in business and consumer spending and investment. The negative impact on not only the United Kingdom and European Union economies but also the broader global economy could be significant. A number of countries in Europe have suffered terror attacks, and additional attacks may occur in the future. Europe has also been struggling with mass migration from the Middle East, Eastern Europe and Africa. The ultimate effects of these events and other socio-political or geopolitical issues could profoundly affect global economies and markets. Whether or not the Portfolio invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

*Additional Market Disruption:* Russia's invasion of Ukraine in February, 2022, the resulting responses by the United States and other countries, and the potential for wider conflict, have increased and may continue to increase volatility and uncertainty in financial markets worldwide. The United States and other countries have imposed broad-ranging economic sanctions on Russia and Russian entities and individuals, and may impose additional sanctions, including on other countries that provide military or economic support to Russia. These sanctions, among other things, restrict companies from doing business with Russia and Russian issuers, and may adversely affect companies with economic or financial exposure to Russia and Russian issuers. The extent and duration of Russia's military actions and the repercussions of such actions are not known. The invasion may widen beyond Ukraine and may escalate, including through retaliatory actions and cyberattacks by Russia and even other countries. These events may result in further and significant market disruptions and may adversely affect regional and global economies including those of Europe and the United States. Certain industries and markets, such as those involving oil, natural gas and other commodities, as well as global supply chains, may be particularly adversely affected. Whether or not the Portfolio invests in securities of issuers located in Russia, Ukraine and adjacent countries or with significant exposure to issuers in these countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

**Value investing risk:** The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. The value approach to investing involves the risk that stocks may remain undervalued, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "growth" stocks.

**Small capitalization companies risk:** The Portfolio will be exposed to additional risks as a result of its investments in the securities of small capitalization companies. Small capitalization companies may be more at risk than larger capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on limited management groups. Securities of small capitalization companies are generally more volatile than and may underperform larger capitalization companies, may be harder to sell at times and at prices the Portfolio managers believe appropriate and may offer greater potential for losses.

**7. FEES AND OTHER AFFILIATED TRANSACTIONS** 

TST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Transamerica Life Insurance Company ("TLIC"), and Transamerica Financial Life Insurance Company.

TAM, the Portfolio's investment manager, is directly owned by TLIC and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon NV. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon NV, a Netherlands corporation, and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Portfolio's transfer agent. Transamerica Capital, Inc. ("TCI") is the Portfolio's distributor/principal underwriter. TAM, TFS, and TCI are affiliates of Aegon NV.

Certain officers and trustees of the Portfolio are also officers and/or trustees of TAM, TFS and TCI. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Portfolio. The Portfolio does pay non-interested persons (independent trustees), as disclosed in Trustee, CCO and deferred compensation fees within the Statement of Operations.

**Investment management fees:** TAM serves as the Portfolio's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Portfolio pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Portfolio pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
|  Effective August 1, 2022 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First $100 million | 0.790% |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $100 million up to $350 million | 0.780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $350 million up to $500 million | 0.770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $500 million up to $750 million | 0.750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $750 million up to $1 billion | 0.745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $1 billion up to $1.5 billion | 0.690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $1.5 billion up to $2 billion | 0.680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $2 billion | 0.670 |
|  Prior to August 1, 2022 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First $350 million | 0.790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $350 million up to $500 million | 0.780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $500 million up to $750 million | 0.765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $750 million up to $1 billion | 0.755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $1 billion up to $1.5 billion | 0.735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $1.5 billion up to $2 billion | 0.730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $2 billion | 0.725 |

---

TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses, reorganization expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

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| | | |
|:---|:---|:---|
| | **Operating<br>Expense Limit** | **Operating<br>Expense Limit<br>Effective Through** |
|  Initial Class | 0.89% | May 1, 2023 |
|  Service Class | 1.14 | May 1, 2023 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended December 31, 2022 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Portfolio, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

As of December 31, 2022, there are no amounts available for recapture by TAM.

**Distribution and service fees:** TST has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, TST entered into a distribution agreement with TCI as the Portfolio's distributor.

The Distribution Plan requires the Portfolio to pay distribution fees to TCI as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCI, on behalf of the Portfolio, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Portfolio's shares.

The fee on the Service Class shares is paid to the insurance companies for providing services and account maintenance for the policyholders who invest in the variable insurance products which invest in the Service Class shares. TCI has determined that it will not seek payment for the distribution expenses incurred by the Portfolio with respect to the Initial Class shares before May 1, 2023. Prior to TCI seeking distribution expenses on Initial Class shares, policy and contract owners will be notified in advance. The Portfolio will pay fees relating to Service Class shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Portfolio is authorized under the Distribution Plan to pay fees to TCI based on daily average net assets of each class up to the following annual rates:

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| | |
|:---|:---|
| **Class** | **Rate** |
|  Initial Class | 0.15% |
|  Service Class | 0.25 |

---

**Transfer agent costs:** TFS provides transfer agency services under an intercompany agreement with TAM. TFS has outsourced the provision of certain sub-transfer agency services to SS&C Technology Holdings, Inc ("SS&C"). The Portfolio does not pay a separate transfer agent fee to TAM or TFS but does pay certain expenses to SS&C related to applicable sub-transfer agency services. For the year ended December 31, 2022, (i) the expenses paid to SS&C by the Portfolio are referred to as Transfer agent costs and are included within the Statement of Operations and (ii) the expenses payable to SS&C by the Portfolio are referred to as Transfer agent costs within the Statement of Assets and Liabilities.

**Deferred compensation plan:** Effective September 23, 2021, the Board has approved the termination of the deferred compensation plan. Payments will be made to applicable current and former Board members consistent with Section 409A of the Code. Under a non-qualified deferred compensation plan effective January 1, 1996, as amended and restated January 1, 2010, available to the trustees, compensation may be deferred that would otherwise be payable by TST to an independent trustee on a current basis for services rendered as trustee. Deferred compensation amounts will accumulate based on the value of the investment option, as elected by the trustee. Balances pursuant to deferred compensation plan are recorded in Trustees, Chief Compliance Officer ("CCO") and deferred compensation fees within the Statement of Assets and Liabilities. For the year ended December 31, 2022, amounts included in Trustees, CCO and deferred compensation fees within the Statement of Operations reflect total compensation paid to the independent Board members.

**Brokerage commissions:** The Portfolio incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the year ended December 31, 2022.

**8. PURCHASES AND SALES OF SECURITIES** 

For the year ended December 31, 2022, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

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| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $238418161 | $— | $278017382 | $— |

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS** 

The Portfolio has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Portfolio recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Portfolio's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Portfolio's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Portfolio's financial statements. If applicable, the Portfolio recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Portfolio identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Portfolio makes significant investments; however, the Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. There are no reclassifications in the current year.

As of December 31, 2022, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross<br>Appreciation** | **Gross<br>(Depreciation)** | **Net Appreciation<br>(Depreciation)** |
| $488685110 | $82622803 | $(49739394) | $32883409 |

---

As of December 31, 2022, the Portfolio had no capital loss carryforwards available to offset future realized capital gains. During the year ended December 31, 2022, the Portfolio did not have any capital loss carryforwards utilized or expired.

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2022 and 2021 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** |
| **Ordinary**<br> **Income** | **Long-Term<br>Capital Gain** | **Return of Capital** | **Ordinary**<br> **Income** | **Long-Term<br>Capital Gain** | **Return of Capital** |
| $31883804 | $57570448 | $— | $3649322 | $— | $— |

---

As of December 31, 2022, the tax basis components of distributable earnings are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Capital Loss<br>Carryforwards** | **Late Year<br>Ordinary Loss<br>Deferred** | **Other**<br> **Temporary<br>Differences** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| $9954491 | $46077880 | $— | $— | $— | $32883413 |

---

**10. NEW ACCOUNTING PRONOUNCEMENT** 

In June 2022, the Financial Accounting Standards Board issued Accounting Standards Update No. 2022-03 ("ASU 2022-03"), "Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions" ("Topic 820"). ASU 2022-03 clarifies the guidance in Topic 820, related to the measurement of the fair value of an equity security subject to contractual sale restrictions, where it eliminates the need to apply a discount to fair value of these securities, and introduces disclosure requirements related to such equity securities. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. Management is currently evaluating the implications, if any, of the additional requirements and its impact on the Portfolio's financial statements.

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**Report of Independent Registered Public Accounting Firm** 

*To the Shareholders and the Board of Trustees of Transamerica Small/Mid Cap Value VP* 

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities of Transamerica Small/Mid Cap Value VP (the "Portfolio") (one of the portfolios constituting Transamerica Series Trust (the "Trust")), including the schedule of investments, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the portfolios constituting Transamerica Series Trust) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion** 

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. . Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g438566ernst_young.jpg)

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

February 27, 2023

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**Page 22** 

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**Transamerica Small/Mid Cap Value VP** 

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**SUPPLEMENTAL TAX INFORMATION** 

**(unaudited)** 

For tax purposes, the Portfolio has made a long-term capital gain designation of $57,570,448 for the year ended December 31, 2022.

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**Page 23** 

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**TRANSAMERICA SMALL/MID CAP VALUE VP** 

**TRANSAMERICA TS&W INTERNATIONAL EQUITY VP** 

**APPROVAL OF SUB-ADVISORY AGREEMENTS** 

**(unaudited)** 

On August 25, 2022, Pendal Group Limited ("Pendal"), the parent company of Thompson, Siegel & Walmsley LLC ("TSW"), agreed to enter into a transaction with Perpetual Limited ("Perpetual") for the acquisition of 100% of Pendal's business (the "Transaction"). The Transaction constituted an "assignment," within the meaning of the Investment Company Act of 1940, of the sub-advisory agreements between Transamerica Asset Management, Inc. ("TAM") and TSW, resulting in their automatic termination.

In anticipation of the closing of the Transaction, the Board of Trustees of Transamerica Series Trust (the "Board" or "Board Members"), at a meeting held on September 21-22, 2022, considered the continued retention of TSW as sub-adviser to Transamerica Small/Mid Cap Value VP and Transamerica TS&W International Equity VP (each a "Portfolio" and collectively, the "Portfolios"). Following their review and consideration, the Board Members determined that the terms of the proposed sub-advisory agreements between TAM and TSW, with respect to the Portfolios (the "New Sub-Advisory Agreements"), were reasonable, and approval of each New Sub-Advisory Agreement was in the best interests of the applicable Portfolio and the contract holders invested in such Portfolio. The Board Members, including the independent members of the Board (the "Independent Board Members"), unanimously approved the New Sub-Advisory Agreements to take effect upon the closing of the Transaction.

The Board Members reviewed and considered whether the terms of the proposed sub-advisory agreement were reasonable and in the best interests of the Portfolios and the contract holders invested in the Portfolios. To assist the Board Members in their consideration of the New Sub-Advisory Agreements, the Board Members had requested and received from TAM and TSW certain materials and information in advance of the meeting. In addition, the Independent Board Members consulted with counsel, including independent legal counsel, discussing, among other things, the legal standards and certain other considerations relevant to the Independent Board Members' deliberations.

Among other matters, the Board Members considered:

(a) that the Transaction is not expected to result in any diminution in the nature, extent and quality of sub-advisory services provided to the Portfolios and the contract holders invested in the Portfolios, including compliance services;

(b) that TSW does not anticipate any restructuring of TSW's management and operations following the Transaction, and that TSW will continue to have investment and operational autonomy;

(c) that TSW will continue to have the capabilities, resources and personnel necessary to provide services to the Portfolios based on an assessment of TSW, its investment personnel, and the services TSW currently provides to the Portfolios; and

(d) that the New Sub-Advisory Agreements will not result in any change in the rate of sub-advisory fees payable by TAM to TSW.

In approving the New Sub-Advisory Agreements, the Board Members also relied, as to TSW's services, fees, profitability and fallout benefits, on their prior deliberations in approving the renewal of the existing sub-advisory agreements at the Board meeting held on June 15-16, 2022, as supplemented by the new information concerning the Transaction.

In their deliberations, the Board Members evaluated and weighed a number of considerations that they believed to be relevant in light of the legal advice furnished to them by counsel, including independent legal counsel, and made a decision in the exercise of their own business judgment. The Board Members based their decisions on the considerations discussed above, among others, although they did not identify any particular consideration or item of information that was controlling of their decisions, and each Board Member may have attributed different weights to the various factors.

After consideration of the factors described above, as well as other factors, the Board Members, including all of the Independent Board Members, concluded that the approval of each New Sub-Advisory Agreement is in the best interests of the applicable Portfolio and the contract holders invested in such Portfolio and unanimously approved the New Sub-Advisory Agreements to take effect upon the closing of the Transaction.

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**Page 24** 

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**Transamerica T. Rowe Price Small Cap VP** 

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**(unaudited)** 

**MARKET ENVIRONMENT** 

Major U.S. stock indexes fell sharply in 2022, the worst year for equities since the 2008 global financial crisis. Investors shunned riskier assets in response to Russia's invasion of Ukraine, elevated inflation exacerbated by rising commodity prices and global supply chain disruptions, surging U.S. Treasury yields, and the U.S. Federal Reserve's ("Fed") short-term interest rate increases starting in mid-March. Although many indexes finished the year above their lowest levels of 2022, the year ended with many investors concerned that ongoing Fed rate hikes would hurt corporate earnings and push the economy into a recession in 2023.

U.S. small-cap stocks underperformed their larger peers. As measured by various Russell indices, growth stocks significantly underperformed value stocks across all market capitalizations. Growth stocks were hit hard in 2022 by rising interest rates and expectations for slower economic and earnings growth. We believe our preference for companies that are higher in quality and have valuations that are more reasonable than those in the Portfolio's benchmark helped results during the fiscal year.

**PERFORMANCE** 

For the year ended December 31, 2022, Transamerica T. Rowe Price Small Cap VP, Initial Class returned -22.39%. By comparison, its benchmark, the MSCI U.S. Small Cap Growth Index, returned -26.16%.

**STRATEGY REVIEW** 

The Portfolio seeks to outperform its benchmark through stock selection, and we believe sector neutrality versus the benchmark helps us avoid risks due to large moves in any individual sector. However, we may occasionally have overweight or underweight positions.

The Portfolio outperformed its benchmark, the MSCI U.S. Small Cap Growth Index, for the fiscal year ended December 31, 2022.

Our stock selection in several sectors, especially information technology, industrials and business services, health care, and financials, contributed to the Portfolio's outperformance during the fiscal year. Conversely, our stock choices among energy and materials companies detracted.

In the information technology sector, two of our most significant contributors were Fair Isaac Corp. and ExlService Holdings, Inc. The former, best known for its FICO score-related products, provides companies with analytic, software, and data management products and services that enable its customers to make critical business decisions. The latter is a data analytics and digital solutions provider serving various sectors and industries.

In the industrials and business services sector, our stock choices also added value, especially Booz Allen Hamilton Holding Corp. Booz Allen Hamilton Holding Corp. is a highly regarded management consulting, technology, and engineering services company that works with the U.S. government and its agencies on defense and intelligence matters and provides differentiated cybersecurity products and services.

Our health care investments were also relative performance contributors, including Molina Healthcare, Inc., a Medicaid managed care company that contracts with various state governments to provide health care coverage for lower-income individuals, and Horizon Therapeutics PLC, a commercial stage specialty pharma company developing medicines for rare and rheumatic diseases. Horizon Therapeutics PLC's shares surged late in the year as the company agreed to be acquired by Amgen Inc. The Ensign Group, Inc., a provider of skilled nursing and assisted living services, also did well, particularly in the second half of the year, as the company raised its revenue and earnings estimates and expanded into various markets by acquiring several skilled nursing and rehabilitation facilities.

On the other hand, our stock selection in the energy sector, the top-performing sector within the index during 2022, detracted from performance. SM Energy Co. is an independent oil and natural gas company engaged in acquisition, exploitation, exploration, and production activities. SM Energy Co. underperformed as supply chain delays contributed to the company missing production expectations, raising near-term concern for investors.

Our stock choices in the materials sector also detracted from performance during the fiscal year. One of our largest detractors was Scotts Miracle-Gro Co., a producer and distributor of lawn and garden care products. Shares declined as weather, higher-than-expected commodity costs, and weakness in its hydroponics business were headwinds, so we eliminated the Portfolio's position.

**Sudhir Nanda, CFA** 

**Portfolio Manager** 

**T. Rowe Price Associates, Inc.** 

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**Page 1** 

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**Transamerica T. Rowe Price Small Cap VP** 

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**(unaudited)** 

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| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  Common Stocks | 97.7% |
|  Repurchase Agreement | 1 |
|  Master Limited Partnership | 0.2 |
|  Other Investment Company | 0.1 |
|  Net Other Assets (Liabilities) | 1 |
|  **Total** | 100.0% |

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*Current and future portfolio holdings are subject to change and risk.* 

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**Page 2** 

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**Transamerica T. Rowe Price Small Cap VP** 

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**(unaudited)**![LOGO](g438566g48u81.jpg)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Initial Class | (22.39)% | 5.67% | 10.93% | 05/03/1999 |
|  MSCI U.S. Small Cap Growth Index <sup>(A)</sup> | (26.16)% | 5.84% | 10.38% |  |
|  Service Class | (22.60)% | 5.41% | 10.64% | 05/01/2003 |

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<sup>(A)</sup> *The MSCI U.S. Small Cap Growth Index is comprised of the growth companies of the MSCI U.S. Small Cap 1750 Index, which represents around 1,750 small capitalization companies in the U.S. equity market.* 

The Portfolio's benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Year or Since Inception calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or the redemption of Portfolio shares. The Portfolio's investment return and net asset value will fluctuate. Investor's shares when redeemed may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month end. Portfolio performance is net of investment fees and Portfolio expenses, but not product charges, which, if included, would significantly lower the performance quoted.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of previously waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

The Portfolio will be exposed to additional risks as a result of its investments in the securities of small capitalization companies. The prices of securities of small capitalization companies generally are more volatile than those of larger capitalization companies and are more likely to be adversely affected than larger capitalization companies by changes in earnings results and investor expectations or poor economic or market conditions. Applying the sub-adviser's ESG criteria to its investment analysis for the Portfolio may impact the sub-adviser's investment decisions as to securities of certain issuers and, therefore, the Portfolio may forego some investment opportunities available to portfolios that do not use ESG criteria or that apply different ESG criteria.

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**Page 3** 

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**Transamerica T. Rowe Price Small Cap VP** 

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**DISCLOSURE OF EXPENSES** 

**(unaudited)** 

**SHAREHOLDER EXPENSES** 

Portfolio shareholders may incur two types of costs: (i) transaction costs, including brokerage commissions on purchases and sales of portfolio shares; and (ii) ongoing costs, including management fees, and other portfolio expenses.

The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other portfolios.

The example is based on an investment of $1,000 invested at July 1, 2022, and held for the entire six-month period until December 31, 2022.

**ACTUAL EXPENSES** 

The information in the table below provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = $8.60), then multiply the result by the number in the appropriate column for your share class titled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES** 

The information in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratios and assumed rates of return of 5% per year before expenses, which are not the Portfolio's actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Portfolio versus other portfolios. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other portfolios.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Portfolio shares. Therefore, the information under the heading "Hypothetical Expenses" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different portfolios. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries, or other financial institutions.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Actual Expenses** | **Actual Expenses** | **Hypothetical Expenses <sup>(A)</sup>** | **Hypothetical Expenses <sup>(A)</sup>** | |
| <br>**Class** |<br>**Beginning<br>Account Value<br>July 1, 2022** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** |<br>**Net Annualized<br>Expense Ratio <sup>(C)</sup>** |
|  Initial Class | $&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;1056.90 | $&nbsp;&nbsp;&nbsp;&nbsp;4.15 | $&nbsp;&nbsp;&nbsp;&nbsp;1021.20 | $&nbsp;&nbsp;&nbsp;&nbsp;4.08 | 0.80% |
|  Service Class | 1000.00 | 1055.70 | 5.44 | 1019.90 | 5.35 | 1.05 |

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(A) *5% return per year before expenses.*

(B) *Expenses are calculated using the Portfolio's net annualized expense ratio, as disclosed in the table, multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (365 days).*

(C) *Net annualized expense ratios are reflective of applicable fee waivers and/or reimbursements and recapture, if any, and are based on the most recent six-months which may differ from the net expense ratio displayed in the Financial Highlights that covers a twelve-month period.*

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**Page 4** 

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**Transamerica T. Rowe Price Small Cap VP** 

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**SCHEDULE OF INVESTMENTS** 

**At December 31, 2022** 

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| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS - 97.7%** | **COMMON STOCKS - 97.7%** | **COMMON STOCKS - 97.7%** |
| **Aerospace & Defense - 1.8%** | **Aerospace & Defense - 1.8%** | **Aerospace & Defense - 1.8%** |
|  Aerojet Rocketdyne Holdings, Inc. <sup>(A)</sup> | 42351 | $2368691 |
|  Cadre Holdings, Inc. | 23808 | 479493 |
|  Curtiss-Wright Corp. | 26173 | 4370629 |
|  Hexcel Corp. | 31576 | 1858248 |
|  Mercury Systems, Inc. <sup>(A)</sup> | 18523 | 828719 |
|  Moog, Inc., Class A | 12878 | 1130173 |
|  |  | 11035953 |
| **Air Freight & Logistics - 0.3%** | **Air Freight & Logistics - 0.3%** | **Air Freight & Logistics - 0.3%** |
|  GXO Logistics, Inc. <sup>(A)</sup> | 50301 | 2147350 |
| **Auto Components - 0.4%** | **Auto Components - 0.4%** | **Auto Components - 0.4%** |
|  Dorman Products, Inc. <sup>(A)</sup> | 17662 | 1428326 |
|  LCI Industries | 3670 | 339291 |
|  Patrick Industries, Inc. | 7173 | 434684 |
|  |  | 2202301 |
| **Banks - 0.6%** | **Banks - 0.6%** | **Banks - 0.6%** |
|  Bancorp, Inc. <sup>(A)</sup> | 43165 | 1225023 |
|  First Bancorp | 19933 | 853930 |
|  ServisFirst Bancshares, Inc. | 5300 | 365223 |
|  Western Alliance Bancorp | 18219 | 1085123 |
|  |  | 3529299 |
| **Beverages - 0.7%** | **Beverages - 0.7%** | **Beverages - 0.7%** |
|  Boston Beer Co., Inc., Class A <sup>(A)</sup> | 2530 | 833686 |
|  Coca-Cola Consolidated, Inc. | 6195 | 3174070 |
|  |  | 4007756 |
| **Biotechnology - 9.5%** | **Biotechnology - 9.5%** | **Biotechnology - 9.5%** |
|  ACADIA Pharmaceuticals, Inc. <sup>(A)</sup> | 65519 | 1043062 |
|  Agios Pharmaceuticals, Inc. <sup>(A)</sup> | 25762 | 723397 |
|  Akero Therapeutics, Inc. <sup>(A)</sup> | 15500 | 849400 |
|  Alector, Inc. <sup>(A)</sup> | 27029 | 249478 |
|  Alkermes PLC <sup>(A)</sup> | 91084 | 2380025 |
|  Allogene Therapeutics, Inc. <sup>(A)</sup> | 31897 | 200632 |
|  Amicus Therapeutics, Inc. <sup>(A)</sup> | 87298 | 1065909 |
|  Apellis Pharmaceuticals, Inc. <sup>(A)</sup> | 37653 | 1947037 |
|  Avidity Biosciences, Inc. <sup>(A)</sup> | 20535 | 455672 |
|  Biohaven Ltd. <sup>(A)</sup> | 24501 | 340074 |
|  Blueprint Medicines Corp. <sup>(A)</sup> | 34272 | 1501456 |
|  C4 Therapeutics, Inc. <sup>(A)</sup> | 9785 | 57732 |
|  CareDx, Inc. <sup>(A)</sup> | 20045 | 228713 |
|  Catalyst Pharmaceuticals, Inc. <sup>(A)</sup> | 62700 | 1166220 |
|  Cerevel Therapeutics Holdings, Inc. <sup>(A)</sup> <sup>(B)</sup> | 37603 | 1185999 |
|  CRISPR Therapeutics AG <sup>(A)</sup> <sup>(B)</sup> | 31197 | 1268158 |
|  Cytokinetics, Inc. <sup>(A)</sup> | 35208 | 1613231 |
|  Denali Therapeutics, Inc. <sup>(A)</sup> | 35947 | 999686 |
|  Exelixis, Inc. <sup>(A)</sup> | 94592 | 1517256 |
|  Fate Therapeutics, Inc. <sup>(A)</sup> <sup>(B)</sup> | 32704 | 329983 |
|  FibroGen, Inc. <sup>(A)</sup> | 24500 | 392490 |
|  Generation Bio Co. <sup>(A)</sup> <sup>(B)</sup> | 40540 | 159322 |
|  Halozyme Therapeutics, Inc. <sup>(A)</sup> | 105911 | 6026336 |
|  Horizon Therapeutics PLC <sup>(A)</sup> | 34595 | 3936911 |
|  IGM Biosciences, Inc. <sup>(A)</sup> | 13760 | 234058 |
|  Insmed, Inc. <sup>(A)</sup> | 100575 | 2009488 |
|  Intellia Therapeutics, Inc. <sup>(A)</sup> | 28560 | 996458 |
|  Ionis Pharmaceuticals, Inc. <sup>(A)</sup> | 63538 | 2399830 |
|  Iovance Biotherapeutics, Inc. <sup>(A)</sup> | 53794 | 343744 |
|  IVERIC bio, Inc. <sup>(A)</sup> | 37515 | 803196 |
|  Karuna Therapeutics, Inc. <sup>(A)</sup> | 11679 | 2294923 |

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| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Biotechnology (continued)** | **Biotechnology (continued)** | **Biotechnology (continued)** |
|  Kymera Therapeutics, Inc. <sup>(A)</sup> <sup>(B)</sup> | 23800 | $594048 |
|  Madrigal Pharmaceuticals, Inc., ADR <sup>(A)</sup> | 3066 | 889906 |
|  Mirati Therapeutics, Inc. <sup>(A)</sup> | 16260 | 736741 |
|  Monte Rosa Therapeutics, Inc. <sup>(A)</sup> | 5200 | 39572 |
|  Morphic Holding, Inc. <sup>(A)</sup> | 9123 | 244040 |
|  Natera, Inc. <sup>(A)</sup> | 31254 | 1255473 |
|  Neurocrine Biosciences, Inc. <sup>(A)</sup> | 17015 | 2032272 |
|  Nurix Therapeutics, Inc. <sup>(A)</sup> | 12618 | 138546 |
|  Prothena Corp. PLC <sup>(A)</sup> | 26936 | 1622894 |
|  PTC Therapeutics, Inc. <sup>(A)</sup> | 40059 | 1529052 |
|  Replimune Group, Inc. <sup>(A)</sup> | 34747 | 945118 |
|  REVOLUTION Medicines, Inc. <sup>(A)</sup> | 33458 | 796970 |
|  Rocket Pharmaceuticals, Inc. <sup>(A)</sup> | 24274 | 475042 |
|  Sage Therapeutics, Inc. <sup>(A)</sup> | 21974 | 838088 |
|  Sarepta Therapeutics, Inc. <sup>(A)</sup> | 15086 | 1954844 |
|  Scholar Rock Holding Corp. <sup>(A)</sup> <sup>(B)</sup> | 30987 | 280432 |
|  Seagen, Inc. <sup>(A)</sup> | 8569 | 1101202 |
|  Twist Bioscience Corp. <sup>(A)</sup> | 19818 | 471867 |
|  Ultragenyx Pharmaceutical, Inc. <sup>(A)</sup> | 31681 | 1467781 |
|  Xencor, Inc. <sup>(A)</sup> | 40326 | 1050089 |
|  Zentalis Pharmaceuticals, Inc. <sup>(A)</sup> | 13435 | 270581 |
|  |  | 57454434 |
| **Building Products - 1.7%** | **Building Products - 1.7%** | **Building Products - 1.7%** |
|  AAON, Inc. | 20709 | 1559802 |
|  Builders FirstSource, Inc. <sup>(A)</sup> | 46609 | 3023992 |
|  CSW Industrials, Inc. | 13696 | 1587777 |
|  Gibraltar Industries, Inc. <sup>(A)</sup> | 10802 | 495596 |
|  UFP Industries, Inc. | 47630 | 3774677 |
|  |  | 10441844 |
| **Capital Markets - 1.6%** | **Capital Markets - 1.6%** | **Capital Markets - 1.6%** |
|  Blue Owl Capital, Inc. <sup>(B)</sup> | 143900 | 1525340 |
|  FactSet Research Systems, Inc. | 6164 | 2473058 |
|  LPL Financial Holdings, Inc. | 15782 | 3411595 |
|  MarketAxess Holdings, Inc. | 8130 | 2267376 |
|  |  | 9677369 |
| **Chemicals - 2.3%** | **Chemicals - 2.3%** | **Chemicals - 2.3%** |
|  Axalta Coating Systems Ltd. <sup>(A)</sup> | 88735 | 2260080 |
|  Balchem Corp. | 22005 | 2687031 |
|  Element Solutions, Inc. | 123735 | 2250740 |
|  HB Fuller Co. | 29180 | 2089872 |
|  Ingevity Corp. <sup>(A)</sup> | 24710 | 1740572 |
|  Livent Corp. <sup>(A)</sup> | 104607 | 2078541 |
|  Olin Corp. | 18300 | 968802 |
|  |  | 14075638 |
| **Commercial Services & Supplies - 2.6%** | **Commercial Services & Supplies - 2.6%** | **Commercial Services & Supplies - 2.6%** |
|  Casella Waste Systems, Inc., Class A <sup>(A)</sup> | 75398 | 5979816 |
|  Clean Harbors, Inc. <sup>(A)</sup> | 31452 | 3589302 |
|  IAA, Inc. <sup>(A)</sup> | 54635 | 2185400 |
|  MSA Safety, Inc. | 9428 | 1359423 |
|  Rentokil Initial PLC, ADR | 93527 | 2881567 |
|  |  | 15995508 |
| **Communications Equipment - 0.3%** | **Communications Equipment - 0.3%** | **Communications Equipment - 0.3%** |
|  Lumentum Holdings, Inc. <sup>(A)</sup> | 30744 | 1603915 |
|  Ubiquiti, Inc. <sup>(B)</sup> | 1774 | 485242 |
|  |  | 2089157 |

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***The Notes to Financial Statements are an integral part of this report.***

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**Page 5** 

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**Transamerica T. Rowe Price Small Cap VP** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

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| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Construction & Engineering - 2.2%** | **Construction & Engineering - 2.2%** | **Construction & Engineering - 2.2%** |
|  Comfort Systems USA, Inc. | 35467 | $4081542 |
|  EMCOR Group, Inc. | 29940 | 4434414 |
|  NV5 Global, Inc. <sup>(A)</sup> | 11273 | 1491643 |
|  WillScot Mobile Mini Holdings Corp. <sup>(A)</sup> | 69945 | 3159416 |
|  |  | 13167015 |
| **Construction Materials - 0.4%** | **Construction Materials - 0.4%** | **Construction Materials - 0.4%** |
|  Eagle Materials, Inc. | 17591 | 2336964 |
| **Consumer Finance - 0.2%** | **Consumer Finance - 0.2%** | **Consumer Finance - 0.2%** |
|  SLM Corp. | 59077 | 980678 |
| **Containers & Packaging - 1.0%** | **Containers & Packaging - 1.0%** | **Containers & Packaging - 1.0%** |
|  Berry Global Group, Inc. | 18537 | 1120191 |
|  Graphic Packaging Holding Co. | 213255 | 4744924 |
|  |  | 5865115 |
| **Distributors - 0.4%** | **Distributors - 0.4%** | **Distributors - 0.4%** |
|  Pool Corp. | 8494 | 2567991 |
| **Diversified Consumer Services - 0.4%** | **Diversified Consumer Services - 0.4%** | **Diversified Consumer Services - 0.4%** |
|  Bright Horizons Family Solutions, Inc. <sup>(A)</sup> | 7186 | 453437 |
|  Carriage Services, Inc. | 17374 | 478480 |
|  Grand Canyon Education, Inc. <sup>(A)</sup> | 16500 | 1743390 |
|  |  | 2675307 |
| **Diversified Telecommunication Services - 0.7%** | **Diversified Telecommunication Services - 0.7%** | **Diversified Telecommunication Services - 0.7%** |
|  Cogent Communications Holdings, Inc. | 9011 | 514348 |
|  Iridium Communications, Inc. | 74174 | 3812543 |
|  |  | 4326891 |
| **Electrical Equipment - 0.9%** | **Electrical Equipment - 0.9%** | **Electrical Equipment - 0.9%** |
|  Atkore, Inc. <sup>(A)</sup> | 38790 | 4399562 |
|  Shoals Technologies Group, Inc., Class A <sup>(A)</sup> | 46900 | 1157023 |
|  |  | 5556585 |
| **Electronic Equipment, Instruments & Components - 2.8%** | **Electronic Equipment, Instruments & Components - 2.8%** | **Electronic Equipment, Instruments & Components - 2.8%** |
|  Advanced Energy Industries, Inc. | 27511 | 2359893 |
|  Cognex Corp. | 14807 | 697558 |
|  ePlus, Inc. <sup>(A)</sup> | 8700 | 385236 |
|  Fabrinet <sup>(A)</sup> | 31695 | 4063933 |
|  Littelfuse, Inc. | 5823 | 1282225 |
|  Novanta, Inc. <sup>(A)</sup> | 29122 | 3956806 |
|  Teledyne Technologies, Inc. <sup>(A)</sup> | 6541 | 2615811 |
|  Zebra Technologies Corp., Class A <sup>(A)</sup> | 5522 | 1415896 |
|  |  | 16777358 |
| **Energy Equipment & Services - 1.5%** | **Energy Equipment & Services - 1.5%** | **Energy Equipment & Services - 1.5%** |
|  Cactus, Inc., Class A | 27604 | 1387377 |
|  ChampionX Corp. | 43651 | 1265443 |
|  Nabors Industries Ltd. <sup>(A)</sup> | 6839 | 1059156 |
|  TechnipFMC PLC <sup>(A)</sup> | 266705 | 3251134 |
|  Weatherford International PLC <sup>(A)</sup> | 40820 | 2078554 |
|  |  | 9041664 |
| **Entertainment - 0.9%** | **Entertainment - 0.9%** | **Entertainment - 0.9%** |
|  Endeavor Group Holdings, Inc., Class A <sup>(A)</sup> | 113764 | 2564241 |
|  World Wrestling Entertainment, Inc., Class A | 39172 | 2684065 |
|  |  | 5248306 |
| **Equity Real Estate Investment Trusts - 1.3%** | **Equity Real Estate Investment Trusts - 1.3%** | **Equity Real Estate Investment Trusts - 1.3%** |
|  Equity LifeStyle Properties, Inc. | 18792 | 1213963 |
|  First Industrial Realty Trust, Inc. | 42012 | 2027499 |
|  Life Storage, Inc. | 13215 | 1301677 |
|  Rexford Industrial Realty, Inc. | 27276 | 1490361 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Equity Real Estate Investment Trusts (continued)** | **Equity Real Estate Investment Trusts (continued)** | **Equity Real Estate Investment Trusts (continued)** |
|  Ryman Hospitality Properties, Inc. | 11150 | $911847 |
|  Terreno Realty Corp. | 19394 | 1102937 |
|  |  | 8048284 |
| **Food & Staples Retailing - 1.6%** | **Food & Staples Retailing - 1.6%** | **Food & Staples Retailing - 1.6%** |
|  BJ's Wholesale Club Holdings, Inc. <sup>(A)</sup> | 33894 | 2242427 |
|  Casey's General Stores, Inc. | 6946 | 1558335 |
|  Hostess Brands, Inc. <sup>(A)</sup> | 62683 | 1406606 |
|  Performance Food Group Co. <sup>(A)</sup> | 77643 | 4533575 |
|  |  | 9740943 |
| **Food Products - 1.5%** | **Food Products - 1.5%** | **Food Products - 1.5%** |
|  Darling Ingredients, Inc. <sup>(A)</sup> | 22867 | 1431246 |
|  Post Holdings, Inc. <sup>(A)</sup> | 46554 | 4201964 |
|  Simply Good Foods Co. <sup>(A)</sup> | 87600 | 3331428 |
|  |  | 8964638 |
| **Health Care Equipment & Supplies - 4.7%** | **Health Care Equipment & Supplies - 4.7%** | **Health Care Equipment & Supplies - 4.7%** |
|  AtriCure, Inc. <sup>(A)</sup> | 26220 | 1163644 |
|  CONMED Corp. | 17123 | 1517783 |
|  Globus Medical, Inc., Class A <sup>(A)</sup> | 56802 | 4218685 |
|  Haemonetics Corp. <sup>(A)</sup> | 30922 | 2432015 |
|  ICU Medical, Inc. <sup>(A)</sup> | 14128 | 2224877 |
|  Inari Medical, Inc. <sup>(A)</sup> | 17678 | 1123614 |
|  iRhythm Technologies, Inc. <sup>(A)</sup> | 16587 | 1553704 |
|  Lantheus Holdings, Inc. <sup>(A)</sup> | 52729 | 2687070 |
|  Merit Medical Systems, Inc. <sup>(A)</sup> | 55898 | 3947517 |
|  Penumbra, Inc. <sup>(A)</sup> | 8075 | 1796364 |
|  PROCEPT BioRobotics Corp. <sup>(A)</sup> | 22327 | 927464 |
|  Shockwave Medical, Inc. <sup>(A)</sup> | 8009 | 1646730 |
|  STERIS PLC | 12961 | 2393767 |
|  Tandem Diabetes Care, Inc. <sup>(A)</sup> | 17299 | 777590 |
|  |  | 28410824 |
| **Health Care Providers & Services - 4.4%** | **Health Care Providers & Services - 4.4%** | **Health Care Providers & Services - 4.4%** |
|  Acadia Healthcare Co., Inc. <sup>(A)</sup> | 9000 | 740880 |
|  Addus HomeCare Corp. <sup>(A)</sup> | 25062 | 2493418 |
|  Amedisys, Inc. <sup>(A)</sup> | 14148 | 1181924 |
|  AMN Healthcare Services, Inc. <sup>(A)</sup> | 40729 | 4187756 |
|  Chemed Corp. | 2107 | 1075476 |
|  CorVel Corp. <sup>(A)</sup> | 18432 | 2678722 |
|  Ensign Group, Inc. | 58175 | 5503937 |
|  ModivCare, Inc. <sup>(A)</sup> | 8471 | 760103 |
|  Molina Healthcare, Inc. <sup>(A)</sup> | 14220 | 4695728 |
|  Option Care Health, Inc. <sup>(A)</sup> | 104999 | 3159420 |
|  |  | 26477364 |
| **Health Care Technology - 1.2%** | **Health Care Technology - 1.2%** | **Health Care Technology - 1.2%** |
|  Evolent Health, Inc., Class A <sup>(A)</sup> | 56131 | 1576158 |
|  Inspire Medical Systems, Inc. <sup>(A)</sup> | 16602 | 4181712 |
|  Omnicell, Inc. <sup>(A)</sup> | 31072 | 1566650 |
|  |  | 7324520 |
| **Hotels, Restaurants & Leisure - 5.9%** | **Hotels, Restaurants & Leisure - 5.9%** | **Hotels, Restaurants & Leisure - 5.9%** |
|  Bloomin' Brands, Inc. | 48171 | 969201 |
|  Boyd Gaming Corp. | 63731 | 3475251 |
|  Choice Hotels International, Inc. | 33839 | 3811625 |
|  Churchill Downs, Inc. | 20304 | 4292875 |
|  Domino's Pizza, Inc. | 4128 | 1429939 |
|  Everi Holdings, Inc. <sup>(A)</sup> | 80588 | 1156438 |
|  Hilton Grand Vacations, Inc. <sup>(A)</sup> | 47166 | 1817778 |
|  Papa John's International, Inc. | 26787 | 2204838 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 6** 

------

##### [**Table of Contents**](#toc)
**Transamerica T. Rowe Price Small Cap VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** |
|  Planet Fitness, Inc., Class A <sup>(A)</sup> | 33312 | $2624986 |
|  Red Rock Resorts, Inc., Class A | 49130 | 1965691 |
|  SeaWorld Entertainment, Inc. <sup>(A)</sup> | 25230 | 1350057 |
|  Texas Roadhouse, Inc. | 45552 | 4142954 |
|  Travel & Leisure Co. | 30968 | 1127235 |
|  Vail Resorts, Inc. | 8104 | 1931588 |
|  Wendy's Co. | 170596 | 3860588 |
|  |  | 36161044 |
| **Household Durables - 1.4%** | **Household Durables - 1.4%** | **Household Durables - 1.4%** |
|  Cavco Industries, Inc. <sup>(A)</sup> | 7833 | 1772216 |
|  Helen of Troy Ltd. <sup>(A)</sup> | 2573 | 285371 |
|  Skyline Champion Corp. <sup>(A)</sup> | 30566 | 1574455 |
|  Tempur Sealy International, Inc. | 75515 | 2592430 |
|  TopBuild Corp. <sup>(A)</sup> | 13014 | 2036561 |
|  |  | 8261033 |
| **Independent Power & Renewable Electricity Producers - 0.4%** | **Independent Power & Renewable Electricity Producers - 0.4%** | **Independent Power & Renewable Electricity Producers - 0.4%** |
|  Clearway Energy, Inc., Class C | 42993 | 1370187 |
|  Ormat Technologies, Inc. | 10779 | 932168 |
|  |  | 2302355 |
| **Insurance - 1.7%** | **Insurance - 1.7%** | **Insurance - 1.7%** |
|  BRP Group, Inc., Class A <sup>(A)</sup> <sup>(B)</sup> | 30000 | 754200 |
|  Palomar Holdings, Inc. <sup>(A)</sup> | 32039 | 1446881 |
|  Primerica, Inc. | 18357 | 2603390 |
|  Ryan Specialty Holdings, Inc. <sup>(A)</sup> <sup>(B)</sup> | 70102 | 2909934 |
|  Selective Insurance Group, Inc. | 29634 | 2625869 |
|  |  | 10340274 |
| **Interactive Media & Services - 0.2%** | **Interactive Media & Services - 0.2%** | **Interactive Media & Services - 0.2%** |
|  Ziff Davis, Inc. <sup>(A)</sup> | 15915 | 1258876 |
| **IT Services - 2.7%** | **IT Services - 2.7%** | **IT Services - 2.7%** |
|  Broadridge Financial Solutions, Inc., ADR | 11675 | 1565968 |
|  Concentrix Corp. | 19800 | 2636568 |
|  Euronet Worldwide, Inc. <sup>(A)</sup> | 16371 | 1545095 |
|  EVERTEC, Inc. | 32234 | 1043737 |
|  ExlService Holdings, Inc. <sup>(A)</sup> | 29674 | 5027666 |
|  Gartner, Inc. <sup>(A)</sup> | 4514 | 1517336 |
|  Paya Holdings, Inc. <sup>(A)</sup> | 122200 | 961714 |
|  Perficient, Inc. <sup>(A)</sup> | 27543 | 1923327 |
|  |  | 16221411 |
| **Leisure Products - 0.6%** | **Leisure Products - 0.6%** | **Leisure Products - 0.6%** |
|  Brunswick Corp. | 7452 | 537140 |
|  Mattel, Inc. <sup>(A)</sup> | 184477 | 3291070 |
|  |  | 3828210 |
| **Life Sciences Tools & Services - 2.5%** | **Life Sciences Tools & Services - 2.5%** | **Life Sciences Tools & Services - 2.5%** |
|  Adaptive Biotechnologies Corp. <sup>(A)</sup> | 33884 | 258874 |
|  Bruker Corp. | 18307 | 1251283 |
|  Charles River Laboratories International, Inc. <sup>(A)</sup> | 11989 | 2612403 |
|  Maravai LifeSciences Holdings, Inc., Class A <sup>(A)</sup> | 61285 | 876988 |
|  Medpace Holdings, Inc. <sup>(A)</sup> | 22043 | 4682154 |
|  NeoGenomics, Inc. <sup>(A)</sup> | 17549 | 162153 |
|  Repligen Corp. <sup>(A)</sup> | 17963 | 3041316 |
|  West Pharmaceutical Services, Inc. | 8912 | 2097439 |
|  |  | 14982610 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Machinery - 4.2%** | **Machinery - 4.2%** | **Machinery - 4.2%** |
|  Albany International Corp., Class A | 20235 | $1994969 |
|  Evoqua Water Technologies Corp. <sup>(A)</sup> | 37052 | 1467259 |
|  Federal Signal Corp. | 32996 | 1533324 |
|  Graco, Inc. | 9462 | 636414 |
|  John Bean Technologies Corp. | 24836 | 2268272 |
|  Kadant, Inc. | 16817 | 2987204 |
|  Lincoln Electric Holdings, Inc. | 16586 | 2396511 |
|  RBC Bearings, Inc. <sup>(A)</sup> | 16445 | 3442761 |
|  SPX Technologies, Inc. <sup>(A)</sup> | 37824 | 2483146 |
|  Toro Co. | 26916 | 3046891 |
|  Watts Water Technologies, Inc., Class A | 21762 | 3182257 |
|  |  | 25439008 |
| **Media - 0.9%** | **Media - 0.9%** | **Media - 0.9%** |
|  Nexstar Media Group, Inc. | 24485 | 4285609 |
|  TechTarget, Inc. <sup>(A)</sup> | 8763 | 386098 |
|  Thryv Holdings, Inc. <sup>(A)</sup> | 33800 | 642200 |
|  |  | 5313907 |
| **Metals & Mining - 0.3%** | **Metals & Mining - 0.3%** | **Metals & Mining - 0.3%** |
|  Arconic Corp. <sup>(A)</sup> | 19441 | 411372 |
|  Royal Gold, Inc. | 12900 | 1454088 |
|  |  | 1865460 |
| **Oil, Gas & Consumable Fuels - 3.2%** | **Oil, Gas & Consumable Fuels - 3.2%** | **Oil, Gas & Consumable Fuels - 3.2%** |
|  Alpha Metallurgical Resources, Inc. | 8662 | 1268030 |
|  APA Corp. | 21015 | 980980 |
|  Arch Resources, Inc. | 5721 | 816902 |
|  Centrus Energy Corp., Class A <sup>(A)</sup> <sup>(B)</sup> | 11400 | 370272 |
|  Enviva, Inc. <sup>(B)</sup> | 12943 | 685591 |
|  Magnolia Oil & Gas Corp., Class A | 140746 | 3300494 |
|  Matador Resources Co. | 57841 | 3310819 |
|  PBF Energy, Inc., Class A | 6544 | 266864 |
|  PDC Energy, Inc. | 16321 | 1036057 |
|  Range Resources Corp. | 100545 | 2515636 |
|  SM Energy Co. | 79768 | 2778319 |
|  Targa Resources Corp. | 15840 | 1164240 |
|  Texas Pacific Land Corp. | 527 | 1235409 |
|  |  | 19729613 |
| **Paper & Forest Products - 0.5%** | **Paper & Forest Products - 0.5%** | **Paper & Forest Products - 0.5%** |
|  Louisiana-Pacific Corp. | 48801 | 2889019 |
| **Personal Products - 0.9%** | **Personal Products - 0.9%** | **Personal Products - 0.9%** |
|  BellRing Brands, Inc. <sup>(A)</sup> | 56260 | 1442506 |
|  Coty, Inc., Class A <sup>(A)</sup> | 194400 | 1664064 |
|  Inter Parfums, Inc. | 26798 | 2586543 |
|  |  | 5693113 |
| **Pharmaceuticals - 1.5%** | **Pharmaceuticals - 1.5%** | **Pharmaceuticals - 1.5%** |
|  Amphastar Pharmaceuticals, Inc. <sup>(A)</sup> | 53588 | 1501536 |
|  Arvinas, Inc. <sup>(A)</sup> | 21986 | 752141 |
|  Catalent, Inc. <sup>(A)</sup> | 30320 | 1364703 |
|  DICE Therapeutics, Inc. <sup>(A)</sup> | 17195 | 536484 |
|  Embecta Corp. <sup>(B)</sup> | 18000 | 455220 |
|  Intra-Cellular Therapies, Inc. <sup>(A)</sup> | 32900 | 1741068 |
|  Pacira BioSciences, Inc. <sup>(A)</sup> | 22981 | 887297 |
|  Prestige Consumer Healthcare, Inc. <sup>(A)</sup> | 5700 | 356820 |
|  Supernus Pharmaceuticals, Inc. <sup>(A)</sup> | 31460 | 1122178 |
|  Ventyx Biosciences, Inc. <sup>(A)</sup> | 14109 | 462634 |
|  |  | 9180081 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 7** 

------

##### [**Table of Contents**](#toc)
**Transamerica T. Rowe Price Small Cap VP** 

------

**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Professional Services - 3.1%** | **Professional Services - 3.1%** | **Professional Services - 3.1%** |
|  ASGN, Inc. <sup>(A)</sup> | 15352 | $1250881 |
|  Booz Allen Hamilton Holding Corp. | 36424 | 3807036 |
|  CACI International, Inc., Class A <sup>(A)</sup> | 15752 | 4734894 |
|  CBIZ, Inc. <sup>(A)</sup> | 42396 | 1986253 |
|  Exponent, Inc. | 40123 | 3975788 |
|  Insperity, Inc. | 28307 | 3215675 |
|  |  | 18970527 |
| **Road & Rail - 1.6%** | **Road & Rail - 1.6%** | **Road & Rail - 1.6%** |
|  Landstar System, Inc. | 15010 | 2445129 |
|  RXO, Inc. <sup>(A)</sup> | 30160 | 518752 |
|  Saia, Inc. <sup>(A)</sup> | 22907 | 4803140 |
|  XPO, Inc. <sup>(A)</sup> | 52198 | 1737671 |
|  |  | 9504692 |
| **Semiconductors & Semiconductor Equipment - 4.7%** | **Semiconductors & Semiconductor Equipment - 4.7%** | **Semiconductors & Semiconductor Equipment - 4.7%** |
|  Axcelis Technologies, Inc. <sup>(A)</sup> | 33035 | 2621658 |
|  Azenta, Inc. <sup>(A)</sup> <sup>(B)</sup> | 6891 | 401194 |
|  Cirrus Logic, Inc. <sup>(A)</sup> | 22134 | 1648540 |
|  Diodes, Inc. <sup>(A)</sup> | 33671 | 2563710 |
|  Entegris, Inc. | 19059 | 1250080 |
|  FormFactor, Inc. <sup>(A)</sup> | 63854 | 1419474 |
|  Kulicke & Soffa Industries, Inc. | 37953 | 1679800 |
|  Lattice Semiconductor Corp. <sup>(A)</sup> | 86024 | 5581237 |
|  MaxLinear, Inc. <sup>(A)</sup> | 60275 | 2046336 |
|  MKS Instruments, Inc. | 12737 | 1079206 |
|  Monolithic Power Systems, Inc. | 3684 | 1302699 |
|  Onto Innovation, Inc. <sup>(A)</sup> | 33273 | 2265559 |
|  Power Integrations, Inc. | 43479 | 3118314 |
|  Synaptics, Inc. <sup>(A)</sup> | 17036 | 1621146 |
|  |  | 28598953 |
| **Software - 8.1%** | **Software - 8.1%** | **Software - 8.1%** |
|  A10 Networks, Inc. | 70100 | 1165763 |
|  ACI Worldwide, Inc. <sup>(A)</sup> | 40618 | 934214 |
|  Alarm.com Holdings, Inc. <sup>(A)</sup> | 6393 | 316326 |
|  Aspen Technology, Inc. <sup>(A)</sup> | 6238 | 1281285 |
|  Box, Inc., Class A <sup>(A)</sup> | 93103 | 2898296 |
|  Consensus Cloud Solutions, Inc. <sup>(A)</sup> | 9157 | 492280 |
|  Descartes Systems Group, Inc. <sup>(A)</sup> | 56678 | 3947623 |
|  Digital Turbine, Inc. <sup>(A)</sup> | 46653 | 710992 |
|  DoubleVerify Holdings, Inc. <sup>(A)</sup> | 20601 | 452398 |
|  Envestnet, Inc. <sup>(A)</sup> | 33071 | 2040481 |
|  Fair Isaac Corp. <sup>(A)</sup> | 6832 | 4089499 |
|  Fortinet, Inc. <sup>(A)</sup> | 24125 | 1179471 |
|  Informatica, Inc., Class A <sup>(A)</sup> | 59603 | 970933 |
|  Manhattan Associates, Inc. <sup>(A)</sup> | 43226 | 5247636 |
|  NCR Corp. <sup>(A)</sup> | 51698 | 1210250 |
|  Paylocity Holding Corp. <sup>(A)</sup> | 12496 | 2427473 |
|  PowerSchool Holdings, Inc., Class A <sup>(A)</sup> | 50000 | 1154000 |
|  PTC, Inc. <sup>(A)</sup> | 19943 | 2393958 |
|  Qualys, Inc. <sup>(A)</sup> | 24611 | 2762093 |
|  Rapid7, Inc. <sup>(A)</sup> | 25686 | 872810 |
|  Sapiens International Corp. NV | 67055 | 1239176 |
|  SPS Commerce, Inc. <sup>(A)</sup> | 31114 | 3995971 |
|  SS&C Technologies Holdings, Inc. | 23726 | 1235176 |
|  Tenable Holdings, Inc. <sup>(A)</sup> | 46700 | 1781605 |
|  Teradata Corp. <sup>(A)</sup> | 30868 | 1039017 |
|  Tyler Technologies, Inc. <sup>(A)</sup> | 6947 | 2239782 |
|  Workiva, Inc. <sup>(A)</sup> | 12627 | 1060289 |
|  |  | 49138797 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Specialty Retail - 2.0%** | **Specialty Retail - 2.0%** | **Specialty Retail - 2.0%** |
|  Academy Sports & Outdoors, Inc. | 37149 | $1951809 |
|  Asbury Automotive Group, Inc. <sup>(A)</sup> | 3405 | 610346 |
|  Burlington Stores, Inc. <sup>(A)</sup> | 5554 | 1126129 |
|  Dick's Sporting Goods, Inc. | 19110 | 2298742 |
|  Floor & Decor Holdings, Inc., Class A <sup>(A)</sup> <sup>(B)</sup> | 3461 | 240989 |
|  Murphy USA, Inc. | 14976 | 4186391 |
|  National Vision Holdings, Inc. <sup>(A)</sup> <sup>(B)</sup> | 22347 | 866170 |
|  Penske Automotive Group, Inc. | 6951 | 798878 |
|  |  | 12079454 |
| **Technology Hardware, Storage & Peripherals - 0.6%** | **Technology Hardware, Storage & Peripherals - 0.6%** | **Technology Hardware, Storage & Peripherals - 0.6%** |
|  Pure Storage, Inc., Class A <sup>(A)</sup> | 145828 | 3902357 |
| **Textiles, Apparel & Luxury Goods - 1.6%** | **Textiles, Apparel & Luxury Goods - 1.6%** | **Textiles, Apparel & Luxury Goods - 1.6%** |
|  Capri Holdings Ltd. <sup>(A)</sup> | 51221 | 2935988 |
|  Crocs, Inc. <sup>(A)</sup> | 38227 | 4144954 |
|  Deckers Outdoor Corp. <sup>(A)</sup> | 6934 | 2767775 |
|  |  | 9848717 |
| **Trading Companies & Distributors - 1.2%** | **Trading Companies & Distributors - 1.2%** | **Trading Companies & Distributors - 1.2%** |
|  Herc Holdings, Inc. | 16186 | 2129592 |
|  McGrath RentCorp | 12416 | 1225956 |
|  SiteOne Landscape Supply, Inc. <sup>(A)</sup> | 21138 | 2479910 |
|  Watsco, Inc. | 6656 | 1660006 |
|  |  | 7495464 |
|  **Total Common Stocks<br>(Cost $549,157,362)** | **Total Common Stocks<br>(Cost $549,157,362)** | 593172031 |
| **MASTER LIMITED PARTNERSHIP - 0.2%** | **MASTER LIMITED PARTNERSHIP - 0.2%** | **MASTER LIMITED PARTNERSHIP - 0.2%** |
| **Independent Power & Renewable Electricity Producers - 0.2%** | **Independent Power & Renewable Electricity Producers - 0.2%** | **Independent Power & Renewable Electricity Producers - 0.2%** |
|  NextEra Energy Partners LP <sup>(B)</sup> | 19428 | 1361709 |
|  **Total Master Limited Partnership<br>(Cost $1,543,892)** | **Total Master Limited Partnership<br>(Cost $1,543,892)** | 1361709 |
| **OTHER INVESTMENT COMPANY - 0.1%** | **OTHER INVESTMENT COMPANY - 0.1%** | **OTHER INVESTMENT COMPANY - 0.1%** |
| **Securities Lending Collateral - 0.1%** | **Securities Lending Collateral - 0.1%** | **Securities Lending Collateral - 0.1%** |
|  State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 4.29% <sup>(C)</sup> | 631278 | 631278 |
|  **Total Other Investment Company<br>(Cost $631,278)** | **Total Other Investment Company<br>(Cost $631,278)** | 631278 |
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 1.0%** | **REPURCHASE AGREEMENT - 1.0%** | **REPURCHASE AGREEMENT - 1.0%** |
|  Fixed Income Clearing Corp., 1.80% <sup>(C)</sup>, dated 12/30/2022, to be repurchased at $6,162,753 on 01/03/2023. Collateralized by a U.S. Government Obligation, 2.75%, due 02/15/2024, and with a value of $6,284,773. | $6161521 | 6161521 |
|  **Total Repurchase Agreement<br>(Cost $6,161,521)** | **Total Repurchase Agreement<br>(Cost $6,161,521)** | 6161521 |
|  **Total Investments<br>(Cost $557,494,053)** | **Total Investments<br>(Cost $557,494,053)** | 601326539 |
|  **Net Other Assets (Liabilities) - 1.0%** |  | 5769815 |
|  **Net Assets - 100.0%** |  | **$607096354** |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 8** 

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**Transamerica T. Rowe Price Small Cap VP** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(D)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Common Stocks | $593172031 | $— | $— | $593172031 |
|  Master Limited Partnership | 1361709 |  |  | 1361709 |
|  Other Investment Company | 631278 |  |  | 631278 |
|  Repurchase Agreement |  | 6161521 |  | 6161521 |
|  **Total Investments** | $**595165018** | $**6161521** | $**—** | $**601326539** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *Non-income producing securities.*

(B) *All or a portion of the securities are on loan. The total value of all securities on loan is $12,454,147, collateralized by cash collateral of $631,278 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $12,138,575. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.*

(C) *Rates disclosed reflect the yields at December 31, 2022.*

(D) *There were no transfers in or out of Level 3 during the year ended December 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.*

**PORTFOLIO ABBREVIATION:** 

*ADR* *American Depositary Receipt*

***The Notes to Financial Statements are an integral part of this report.***

---

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|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 9** 

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**Transamerica T. Rowe Price Small Cap VP** 

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**STATEMENT OF ASSETS AND LIABILITIES** 

**At December 31, 2022** 

---

| | |
|:---|:---|
|  **Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value (cost $551,332,532) <br>(including securities loaned of $12,454,147) | $595165018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreement, at value (cost $6,161,521) | 6161521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables and other assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 1093951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 1803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest sold | 6378123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 247525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 2916 |
|  Total assets | 609051473 |
|  **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral received upon return of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities on loan | 631278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables and other liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 421714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest redeemed | 317901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 406626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 72544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 7062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 16620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 14136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 3615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 56258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 6643 |
|  Total liabilities | 1955119 |
|  **Net assets** | $&nbsp;&nbsp;&nbsp;&nbsp;607096354 |
|  **Net assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital stock ($0.01 par value) | $672505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 535173611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) | 71250238 |
|  **Net assets** | $607096354 |
|  **Net assets by class:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | $272747888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 334348466 |
|  **Shares outstanding:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 27883613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 39366929 |
|  **Net asset value and offering price per share:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | $9.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 8.49 |

---

**STATEMENT OF OPERATIONS** 

**For the year ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $3713094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 37858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 31841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withholding taxes on foreign income | (12755) |
|  Total investment income | 3770038 |
|  **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 5178786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 928184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 6868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 27807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 31435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 58296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 35179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 12093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 36911 |
|  Total expenses | 6315559 |
|  **Net investment income (loss)** | (2545521) |
|  **Net realized gain (loss) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 28362240 |
|  **Net change in unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (221878859) |
|  Net realized and change in unrealized gain (loss) | (193516619) |
|  **Net increase (decrease) in net assets resulting from operations** | $&nbsp;&nbsp;&nbsp;&nbsp;(196062140) |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 10** 

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**STATEMENT OF CHANGES IN NET ASSETS** 

**For the years ended:** 

---

| | | |
|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2021** |
|  **From operations:** | **From operations:** | **From operations:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(2545521) | $(5571847) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 28362240 | 239182826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (221878859) | (115592307) |
|  Net increase (decrease) in net assets resulting from operations | (196062140) | 118018672 |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (97624162) | (52397853) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (136140481) | (50678577) |
|  Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (233764643) | (103076430) |
|  **Capital share transactions:** | **Capital share transactions:** | **Capital share transactions:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 26875730 | 33160724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 12409765 | 34701580 |
|  | 39285495 | 67862304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 97624162 | 52397853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 136140481 | 50678577 |
|  | 233764643 | 103076430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (114430705) | (410571387) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (49921663) | (61015951) |
|  | (164352368) | (471587338) |
|  Net increase (decrease) in net assets resulting from capital share transactions | 108697770 | (300648604) |
|  **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp;&nbsp;(321129013) | (285706362) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;928225367 | &nbsp;&nbsp;&nbsp;&nbsp;1213931729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $607096354 | $&nbsp;&nbsp;&nbsp;&nbsp;928225367 |
|  **Capital share transactions - shares:** | **Capital share transactions - shares:** | **Capital share transactions - shares:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 2155227 | 1711190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 988113 | 1922669 |
|  | 3143340 | 3633859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 9487285 | 2838454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 15228242 | 2998732 |
|  | 24715527 | 5837186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (7365077) | (20998510) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (4420188) | (3403381) |
|  | (11785265) | (24401891) |
|  Net increase (decrease) in shares outstanding: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 4277435 | (16448866) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 11796167 | 1518020 |
|  | 16073602 | (14930846) |

---

***The Notes to Financial Statements are an integral part of this report.***

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|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 11** 

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**FINANCIAL HIGHLIGHTS** 

**For a share outstanding during the years indicated:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $19.01 | $18.92 | $16.42 | $13.79 | $15.59 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(A)</sup> | (0.03) | (0.08) | (0.04) | (0.03) | (0.04) |
|  Net realized and unrealized gain (loss) | (3.97) | 2.17 | 3.68 | 4.42 | (0.91) |
|  Total investment operations | (4.00) | 2.09 | 3.64 | 4.39 | (0.95) |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net realized gains | (5.23) | (2.00) | (1.14) | (1.76) | (0.85) |
|  **Net asset value, end of year** | $9.78 | $19.01 | $18.92 | $16.42 | $13.79 |
|  **Total return** | (22.39)% | 11.37% | 23.56% | 32.77% | (7.08)% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;272748 | $&nbsp;&nbsp;&nbsp;&nbsp;448767 | $&nbsp;&nbsp;&nbsp;&nbsp;757843 | $&nbsp;&nbsp;&nbsp;&nbsp;649477 | $&nbsp;&nbsp;&nbsp;&nbsp;539421 |
|  Expenses to average net assets | 0.81% | 0.81% | 0.81% | 0.81% | 0.81% |
|  Net investment income (loss) to average net assets | (0.24)% | (0.43)% | (0.26)% | (0.19)% | (0.27)% |
|  Portfolio turnover rate | 33% | 28% | 39% | 21% | 29% |

---

(A) *Calculated based on average number of shares outstanding.* 

**For a share outstanding during the years indicated:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $17.39 | $17.51 | $15.31 | $12.99 | $14.76 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(A)</sup> | (0.06) | (0.12) | (0.07) | (0.06) | (0.08) |
|  Net realized and unrealized gain (loss) | (3.61) | 2.00 | 3.41 | 4.14 | (0.84) |
|  Total investment operations | (3.67) | 1.88 | 3.34 | 4.08 | (0.92) |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net realized gains | (5.23) | (2.00) | (1.14) | (1.76) | (0.85) |
|  **Net asset value, end of year** | $8.49 | $17.39 | $17.51 | $15.31 | $12.99 |
|  **Total return** | (22.60)% | 11.08% | 23.30% | 32.39% | (7.28)% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;334348 | $&nbsp;&nbsp;&nbsp;&nbsp;479458 | $&nbsp;&nbsp;&nbsp;&nbsp;456089 | $&nbsp;&nbsp;&nbsp;&nbsp;368301 | $&nbsp;&nbsp;&nbsp;&nbsp;250801 |
|  Expenses to average net assets | 1.06% | 1.06% | 1.06% | 1.06% | 1.06% |
|  Net investment income (loss) to average net assets | (0.49)% | (0.67)% | (0.51)% | (0.43)% | (0.52)% |
|  Portfolio turnover rate | 33% | 28% | 39% | 21% | 29% |

---

(A) *Calculated based on average number of shares outstanding.* 

***The Notes to Financial Statements are an integral part of this report.***

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|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 12** 

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**Transamerica T. Rowe Price Small Cap VP** 

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**NOTES TO FINANCIAL STATEMENTS** 

**At December 31, 2022** 

**1. ORGANIZATION** 

Transamerica Series Trust ("TST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). TST applies investment company accounting and reporting guidance. TST serves as a funding vehicle for variable life insurance, variable annuity, and group annuity products. Transamerica T. Rowe Price Small Cap VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers two classes of shares, Initial Class and Service Class.

The only shareholders of the Portfolio are affiliated insurance company separate accounts and affiliated asset allocation portfolios. Contract holders of the variable life and annuity contracts are not shareholders of the Portfolio. For ease of reference, shareholders and contract holders are collectively referred to in this report as "shareholders."

This report must be accompanied or preceded by the Portfolio's current prospectus, which contains additional information about the Portfolio, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Portfolio pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Portfolio. TAM supervises the Portfolio's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Portfolio.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of a Portfolio without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Portfolio and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Portfolio employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending portfolio combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Portfolio's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Portfolio; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for a Portfolio; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Portfolio's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; oversight of other service providers to the Portfolio, such as the custodian, the transfer agent, the Portfolio's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Portfolio; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Portfolio, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Portfolio. The Portfolio pays certain fees and expenses to State Street for sub-administration services which are not administrative

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| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 13** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**1. ORGANIZATION (continued)** 

services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the year ended December 31, 2022, (i) the expenses paid to State Street for sub-administration services by the Portfolio are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Portfolio are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES** 

In preparing the Portfolio's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Portfolio.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Portfolio is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Foreign taxes:** The Portfolio may be subject to taxes imposed by the countries in which it invests, with respect to its investments in issuers existing or operating in such countries. The Portfolio may also be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Portfolio accrues such taxes and recoveries as applicable when the related income or capital gains are earned or unrealized, and based upon the current interpretation of tax rules and regulations that exist in the markets in which the Portfolio invests. Some countries require governmental approval for the repatriation of investment income, capital, or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions of foreign capital remittances abroad.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Portfolio with broker/dealers with which TST has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Portfolio. In no event will commissions, paid by the Portfolio, be used to pay expenses that would otherwise be borne by any other portfolios within TST, or by any other party.

There were no commissions recaptured during the year ended December 31, 2022 by the Portfolio.

**Indemnification:** In the normal course of business, the Portfolio enters into contracts that contain a variety of representations that provide general indemnifications. The Portfolio's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio and/or its affiliates that have not yet occurred. However, based on experience, the Portfolio expects the risk of loss to be remote.

**3. INVESTMENT VALUATION** 

Effective September 8, 2022, TAM has been designated as the Portfolio's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Portfolio's Board of Trustees. The net asset value of the Portfolio is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

TAM utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels ("Levels") of inputs of the fair value hierarchy are defined as follows:

Level 1—Unadjusted quoted prices in active markets for identical securities.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**3. INVESTMENT VALUATION (continued)** 

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Portfolio's investments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Portfolio's investments at December 31, 2022, is disclosed within the Investment Valuation section of the Schedule of Investments.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

**Fair value measurements:** Descriptions of the valuation techniques applied to the Portfolio's significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

*Equity securities and Master limited partnerships:* Securities are stated at the last reported sales price or closing price on the day of valuation taken from the primary exchange where the security is principally traded. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Equities traded on inactive markets or valued by reference to similar instruments are generally categorized in Level 2 or Level 3 if inputs are unobservable.

*Foreign equity securities:* Securities in which the primary trading market closes at the same time or after the NYSE, are valued based on quotations from the primary market in which they are traded and are categorized in Level 1. Because many foreign securities markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect the events that occur after that close. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, or ETFs and the movement of certain indices of securities based on a statistical analysis of their historical relationship; such valuations generally are categorized in Level 2.

*Securities lending collateral:* Securities lending collateral is invested in a money market fund which is valued at the actively traded NAV and no valuation adjustments are applied. Securities lending collateral is categorized in Level 1 of the fair value hierarchy.

*Repurchase agreements:* Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

**4. SECURITIES AND OTHER INVESTMENTS** 

**Real estate investment trusts ("REITs"):** REITs are pooled investment vehicles which invest primarily in income producing real estate, or real estate related loans or interests. Distributions received by REITs are classified at management's estimate of the dividend income, return of capital and capital gains. Estimates are based on information available at year-end, which includes the previous fiscal year's classification. The actual amounts of dividend income, return of capital, and capital gains are only determined by each REIT after the fiscal year end and may differ from the estimated amounts. Upon notification from the REITs, some of the distributions received may be re-classified and recorded as a return of capital or capital gains. There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

REITs held at December 31, 2022, if any, are identified within the Schedule of Investments.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

The Portfolio may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Portfolio invests borrowing proceeds in other securities, the Portfolio will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Portfolio may borrow on a secured or on an unsecured basis. If the Portfolio enters into a secured borrowing arrangement, a portion of the Portfolio's assets will be used as collateral. The 1940 Act requires the Portfolio to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Portfolio's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Portfolio may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the year ended December 31, 2022, the Portfolio has not utilized the program.

**Repurchase agreements:** In a repurchase agreement, the Portfolio purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Portfolio's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Portfolio will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Portfolio and its counterparties that provide for the net settlement of all transactions and collateral with the Portfolio, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at December 31, 2022.

Repurchase agreements at December 31, 2022, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**Securities lending:** The Portfolio may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Portfolio pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Portfolio to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Portfolio may experience delays in recovery of the loaned securities or delays in access to collateral, or the Portfolio may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government and irrevocable letters of credit issued by banks as collateral. The initial collateral received by the Portfolio is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower.

The Portfolio receives compensation for lending securities from interest or dividends earned on the cash, U.S. Government securities and irrevocable letters of credit held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust—Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at December 31, 2022, if any, are shown on a gross basis within the Schedule of Investments.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)** 

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of December 31, 2022.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
| | **Overnight and<br>Continuous** | **Less Than<br>30 Days** | **Between<br>30 & 90 Days** | **Greater Than<br>90 Days** | **Total** |
|  Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $631278 | $— | $— | $— | $631278 |
|  **Total Borrowings** | $**631278** | $**—** | $**—** | $**—** | $**631278** |

---

**6. RISK FACTORS** 

Investing in the Portfolio involves certain key risks related to the Portfolio's trading activity. Please reference the Portfolio's prospectus for a more complete discussion of the following risk(s), as well as other risks of investing in the Portfolio.

**Market risk:** The market prices of the Portfolio's securities and other assets may go up or down, sometimes sharply and unpredictably, due to general market conditions, overall economic trends or events, inflation, changes in interest rates, government actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by wars, tariffs, trade disputes or other factors, political developments, investor sentiment, the global and domestic effects of a pandemic or other health emergency, and other factors that may or may not be related to the issuer of the security or other asset. The market prices of securities and other assets also may go down due to events or conditions that affect particular sectors, industries, issuers, or geographies. Adverse market conditions may be prolonged and may not have the same impact on all types of securities or other assets. If the value of the Portfolio's securities and assets fall, the value of your investment will go down. The Portfolio may experience a substantial or complete loss on any individual security or asset.

Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, the imposition of economic sanctions, public health events (such as the spread of infectious disease), wars, terrorism, cybersecurity events, technology and data interruptions, natural disasters, and other circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. In the past decade, financial markets throughout the world have experienced increased volatility and decreased liquidity. These conditions may continue or worsen. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down. Securities markets may also be susceptible to market manipulation or other fraudulent trade practices, which could disrupt the orderly functioning of these markets or adversely affect the value of securities traded in these markets, including the Portfolio's securities.

The pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in economic downturns throughout the world, severe losses, particularly to some sectors of the economy and individual issuers, and reduced liquidity of many instruments. There also have been significant disruptions to business operations, including business closures; strained healthcare systems; disruptions to supply chains and employee availability; large fluctuations in consumer demand; and widespread uncertainty regarding the duration and long-term effects of the pandemic. Economic downturns may be prolonged, and political and social instability, continued volatility and decreased liquidity in the securities markets may result. Developing or emerging market countries may be more impacted by the pandemic.

The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic. These and other government intervention into the economy and financial markets may not work as intended. In addition, government actions to mitigate the economic impact of the pandemic have resulted in large expansion of government deficits and debt, the long-term consequences of which are not known. Rates of inflation have recently risen, which could adversely affect economies and markets. The pandemic could continue to adversely affect the value and liquidity of the Portfolio's investments.

*Europe:* A number of countries in Europe have experienced severe economic and financial difficulties; and financial markets in Europe and elsewhere have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen or spread within or outside Europe. Responses to the financial problems by European governments, central banks and others may not work, may result in conflicts and social unrest and may limit future growth and economic recovery or have other unintended consequences. In January, 2020, through "Brexit," the United Kingdom withdrew from the European Union. The ramifications of Brexit

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. RISK FACTORS (continued)** 

are unknown, and the implications of possible political, regulatory, economic, and market outcomes could be significant. The United Kingdom has one of the largest economies in Europe and is a major trading partner with European Union countries and the United States. Brexit may create additional and substantial economic stresses for the United Kingdom, including a contraction of the United Kingdom's economy, decreased trade, capital outflows, devaluation of the British pound, and a decrease in business and consumer spending and investment. The negative impact on not only the United Kingdom and European Union economies but also the broader global economy could be significant. A number of countries in Europe have suffered terror attacks, and additional attacks may occur in the future. Europe has also been struggling with mass migration from the Middle East, Eastern Europe and Africa. The ultimate effects of these events and other socio-political or geopolitical issues could profoundly affect global economies and markets. Whether or not the Portfolio invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

*Additional Market Disruption:* Russia's invasion of Ukraine in February, 2022, the resulting responses by the United States and other countries, and the potential for wider conflict, have increased and may continue to increase volatility and uncertainty in financial markets worldwide. The United States and other countries have imposed broad-ranging economic sanctions on Russia and Russian entities and individuals, and may impose additional sanctions, including on other countries that provide military or economic support to Russia. These sanctions, among other things, restrict companies from doing business with Russia and Russian issuers, and may adversely affect companies with economic or financial exposure to Russia and Russian issuers. The extent and duration of Russia's military actions and the repercussions of such actions are not known. The invasion may widen beyond Ukraine and may escalate, including through retaliatory actions and cyberattacks by Russia and even other countries. These events may result in further and significant market disruptions and may adversely affect regional and global economies including those of Europe and the United States. Certain industries and markets, such as those involving oil, natural gas and other commodities, as well as global supply chains, may be particularly adversely affected. Whether or not the Portfolio invests in securities of issuers located in Russia, Ukraine and adjacent countries or with significant exposure to issuers in these countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

**Model and data risk:** If quantitative models, algorithms or calculations (whether proprietary and developed by the sub-adviser or supplied by third parties) ("Models") or information or data supplied by third parties ("Data") prove to be incorrect or incomplete, any decisions made, in whole or part, in reliance thereon expose the Portfolio to additional risks. Models can be predictive in nature. The use of predictive Models has inherent risks. The success of relying on or otherwise using Models depends on a number of factors, including the validity, accuracy and completeness of the Model's development, implementation and maintenance, the Model's assumptions, factors, algorithms and methodologies, and the accuracy and reliability of the supplied historical or other Data. Models rely on, among other things, correct and complete Data inputs. If incorrect Data is entered into even a well-founded Model, the resulting information will be incorrect. However, even if Data is input correctly, Model prices may differ substantially from market prices, especially for securities with complex characteristics. Investments selected with the use of Models may perform differently than expected as a result of the design of the Model, inputs into the Model or other factors. There also can be no assurance that the use of Models will result in effective investment decisions for the Portfolio.

**Growth stocks risk:** Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth securities typically fall. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "value" stocks.

**7. FEES AND OTHER AFFILIATED TRANSACTIONS** 

TST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Transamerica Life Insurance Company ("TLIC"), and Transamerica Financial Life Insurance Company.

TAM, the Portfolio's investment manager, is directly owned by TLIC and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon NV. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon NV, a Netherlands corporation, and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Portfolio's transfer agent. Transamerica Capital, Inc. ("TCI") is the Portfolio's distributor/principal underwriter. TAM, TFS, and TCI are affiliates of Aegon NV.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

Certain officers and trustees of the Portfolio are also officers and/or trustees of TAM, TFS and TCI. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Portfolio. The Portfolio does pay non-interested persons (independent trustees), as disclosed in Trustee, CCO and deferred compensation fees within the Statement of Operations.

**Investment management fees:** TAM serves as the Portfolio's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Portfolio pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Portfolio pays a management fee to TAM based on daily average net assets at the following rates:

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| | |
|:---|:---|
| **Breakpoints** | **Rate** |
|  Effective August 1, 2022 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First $1 billion | 0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $1 billion up to $1.5 billion | 0.77 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over $1.5 billion | 0.76 |

---

Prior to August 1, 2022, the Portfolio paid a management fee to TAM at an annual rate of 0.78% of daily average net assets.

TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses, reorganization expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

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| | | |
|:---|:---|:---|
| | **Operating<br>Expense Limit** | **Operating**<br> **Expense Limit**<br> **Effective Through** |
|  Initial Class | 0.93% | May 1, 2023 |
|  Service Class | 1.18 | May 1, 2023 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended December 31, 2022 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Portfolio, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

As of December 31, 2022, there are no amounts available for recapture by TAM.

**Distribution and service fees:** TST has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, TST entered into a distribution agreement with TCI as the Portfolio's distributor.

The Distribution Plan requires the Portfolio to pay distribution fees to TCI as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCI, on behalf of the Portfolio, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Portfolio's shares.

The fee on the Service Class shares is paid to the insurance companies for providing services and account maintenance for the policyholders who invest in the variable insurance products which invest in the Service Class shares. TCI has determined that it will not seek payment for the distribution expenses incurred by the Portfolio with respect to the Initial Class shares before May 1, 2023. Prior to TCI seeking distribution expenses on Initial Class shares, policy and contract owners will be notified in advance. The Portfolio will pay fees relating to Service Class shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

The Portfolio is authorized under the Distribution Plan to pay fees to TCI based on daily average net assets of each class up to the following annual rates:

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|:---|:---|
| **Class** | **Rate** |
|  Initial Class | 0.15% |
|  Service Class | 0.25 |

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**Transfer agent costs:** TFS provides transfer agency services under an intercompany agreement with TAM. TFS has outsourced the provision of certain sub-transfer agency services to SS&C Technology Holdings, Inc ("SS&C"). The Portfolio does not pay a separate transfer agent fee to TAM or TFS but does pay certain expenses to SS&C related to applicable sub-transfer agency services. For the year ended December 31, 2022, (i) the expenses paid to SS&C by the Portfolio are referred to as Transfer agent costs and are included within the Statement of Operations and (ii) the expenses payable to SS&C by the Portfolio are referred to as Transfer agent costs within the Statement of Assets and Liabilities.

**Deferred compensation plan:** Effective September 23, 2021, the Board has approved the termination of the deferred compensation plan. Payments will be made to applicable current and former Board members consistent with Section 409A of the Code. Under a non-qualified deferred compensation plan effective January 1, 1996, as amended and restated January 1, 2010, available to the trustees, compensation may be deferred that would otherwise be payable by TST to an independent trustee on a current basis for services rendered as trustee. Deferred compensation amounts will accumulate based on the value of the investment option, as elected by the trustee. Balances pursuant to deferred compensation plan are recorded in Trustees, Chief Compliance Officer ("CCO") and deferred compensation fees within the Statement of Assets and Liabilities. For the year ended December 31, 2022, amounts included in Trustees, CCO and deferred compensation fees within the Statement of Operations reflect total compensation paid to the independent Board members.

**Brokerage commissions:** The Portfolio incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the year ended December 31, 2022.

**8. PURCHASES AND SALES OF SECURITIES** 

For the year ended December 31, 2022, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

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| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $218611619 | $— | $339430706 | $— |

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**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS** 

The Portfolio has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Portfolio recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Portfolio's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Portfolio's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Portfolio's financial statements. If applicable, the Portfolio recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Portfolio identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Portfolio makes significant investments; however, the Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. The primary permanent

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)** 

differences are due to net operating losses. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. These permanent reclassifications are as follows:

---

| | |
|:---|:---|
| **Paid-in Capital** | **Total Distributable Earnings** |
| $(2441822) | $2441822 |

---

As of December 31, 2022, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

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| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross<br>Appreciation** | **Gross<br>(Depreciation)** | **Net Appreciation<br>(Depreciation)** |
| $558936842 | $113320553 | $(70930856) | $42389697 |

---

As of December 31, 2022, the Portfolio had no capital loss carryforwards available to offset future realized capital gains. During the year ended December 31, 2022, the Portfolio did not have any capital loss carryforwards utilized or expired.

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2022 and 2021 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** |
| **Ordinary**<br> **Income** | **Long-Term<br>Capital Gain** | **Return of Capital** | **Ordinary**<br> **Income** | **Long-Term<br>Capital Gain** | **Return of Capital** |
| $19016786 | $214747857 | $— | $6851857 | $96224573 | $— |

---

As of December 31, 2022, the tax basis components of distributable earnings are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Capital Loss<br>Carryforwards** | **Late Year<br>Ordinary Loss<br>Deferred** | **Other**<br>**Temporary<br>Differences** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| $— | $28860541 | $— | $— | $— | $42389697 |

---

**10. NEW ACCOUNTING PRONOUNCEMENT** 

In June 2022, the Financial Accounting Standards Board issued Accounting Standards Update No. 2022-03 ("ASU 2022-03"), "Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions" ("Topic 820"). ASU 2022-03 clarifies the guidance in Topic 820, related to the measurement of the fair value of an equity security subject to contractual sale restrictions, where it eliminates the need to apply a discount to fair value of these securities, and introduces disclosure requirements related to such equity securities. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. Management is currently evaluating the implications, if any, of the additional requirements and its impact on the Portfolio's financial statements.

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**Page 21** 

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**Report of Independent Registered Public Accounting Firm** 

*To the Shareholders and the Board of Trustees of Transamerica T. Rowe Price Small Cap VP* 

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities of Transamerica T. Rowe Price Small Cap VP (the "Portfolio") (one of the portfolios constituting Transamerica Series Trust (the "Trust")), including the schedule of investments, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the portfolios constituting Transamerica Series Trust) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion** 

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g438566ernst_young.jpg)

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

February 27, 2023

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**Page 22** 

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**Transamerica T. Rowe Price Small Cap VP** 

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**SUPPLEMENTAL TAX INFORMATION** 

**(unaudited)** 

For tax purposes, the Portfolio has made a long-term capital gain designation of $214,747,857 for the year ended December 31, 2022.

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**Page 23** 

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**Transamerica TS&W International Equity VP** 

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**(unaudited)** 

**MARKET ENVIRONMENT** 

2022 was fundamentally characterized by increasingly clear signs of inflation, the hawkish response of central banks and the corresponding fear of recession. Two major geopolitical issues, Russia's invasion of Ukraine and China's growing nationalism, amplified these concerns. The U.K. was the best performing region within the MSCI EAFE Index, while Europe trailed all. Every sector had negative returns except for energy, which was up strongly. Information technology, consumer discretionary and real estate were among the weakest sectors in 2022.

Global stock markets mounted a recovery in the final months of 2022, but obvious catalysts for further broad-based gains were notably absent as the year ended. With central banks likely continuing to press the case against inflation, the pace of economic expansion, in our view, could be underwhelming, and nervous caution may be the watchword for consumers and investors. However, after a few turbulent years, global stock valuations were, in our estimation, reasonable as of year-end.

**PERFORMANCE** 

For the year ended December 31, 2022, Transamerica TS&W International Equity VP, Initial Class returned -14.40%. By comparison, its benchmark, the MSCI EAFE Index, returned -14.01%.

**STRATEGY REVIEW** 

The Portfolio modestly underperformed the MSCI EAFE Index in the fiscal year ended December 31, 2022.

Holdings in the U.K. weighed most on relative performance due to an underweight in rallying energy stocks in that market. Persimmon PLC also weighed on returns. The homebuilder sold off in sympathy with peers after the U.K. housing secretary announced developers would be responsible for an estimated £4 billion of cladding remediation. Investor concern over the U.K. economy also weighed on the industry. We believed Persimmon PLC's net cash position, significant shareholder return policy, and strong asset base were undervalued as of fiscal year end.

Holdings in Europe, representing an array of industries, were the top relative contributors. Most notable was Irish financial services company AIB Group PLC, which benefited from a relatively strong local economy and a rising interest rate environment. AIB Group PLC nearly doubled consensus profit-before-tax expectations in the first half of the year due to an improved net interest margin and a €300 million credit write-back for bad-loan provisions made earlier.

From a sector perspective, consumer discretionary weighed most on relative returns. While the Portfolio's underweight to one of the market's worst-performing sectors was additive, stock selection more than offset it. Japanese conglomerate Sony Group Corp. detracted most after reporting mixed results over the year. The company's gaming segment faced higher costs following its Bungie studio acquisition as well as the continued supply shortage of its PS5 consoles. However, Sony Group Corp. reported strong results across its other business segments. As of period end, we continued to hold the stock based on our belief it was undervalued.

Industrial holdings contributed most to relative return. There were contribution effects spread among multiple positions across various industry groups, including aviation, defense, machinery, and conglomerates. French aerospace company Dassault Aviation SA was the top performer after announcing a large military jet order by the Indonesian government. Another boost followed Russia's invasion of Ukraine, as investors anticipated a rise in European defense spending.

**Brandon H. Harrell, CFA** 

**Portfolio Manager** 

**Thompson, Siegel & Walmsley LLC** 

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| | | |
|:---|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** | |
|  Common Stocks | 96.7 | % |
|  Other Investment Company | 3.3 |  |
|  Net Other Assets (Liabilities) | (0.0 |)\* |
|  **Total** | 100.0 | % |

---

*Current and future portfolio holdings are subject to change and risk.* 

\* *Percentage rounds to less than 0.1% or (0.1)%.* 

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| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 1** 

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**Transamerica TS&W International Equity VP** 

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**(unaudited)**![LOGO](g438566g50v90.jpg)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Initial Class | (14.40)% | 1.13% | 4.61% | 04/08/1991 |
|  MSCI EAFE Index <sup>(A)</sup> | (14.01)% | 2.03% | 5.16% |  |
|  Service Class | (14.63)% | 0.88% | 4.35% | 05/01/2003 |

---

<sup>(A)</sup> *The MSCI EAFE Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada.* 

The Portfolio's benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Year or Since Inception calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or the redemption of Portfolio shares. The Portfolio's investment return and net asset value will fluctuate. Investors' shares when redeemed may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month end. Portfolio performance is net of investment fees and Portfolio expenses, but not product charges, which, if included, would significantly lower the performance quoted.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of previously waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Foreign market investments involve risks not associated with U.S. markets, such as currency fluctuation, adverse social and political developments, and the relatively small size, lower trading volumes and lesser liquidity of the markets. The Portfolio may be subject to greater price volatility and risk of loss as a result of adverse economic, business or other developments affecting an industry in which its investments are concentrated than portfolios investing in a broader range of industries.

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**Page 2** 

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**Transamerica TS&W International Equity VP** 

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**DISCLOSURE OF EXPENSES** 

**(unaudited)** 

**SHAREHOLDER EXPENSES** 

Portfolio shareholders may incur two types of costs: (i) transaction costs, including brokerage commissions on purchases and sales of portfolio shares; and (ii) ongoing costs, including management fees, and other portfolio expenses.

The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other portfolios.

The example is based on an investment of $1,000 invested at July 1, 2022, and held for the entire six-month period until December 31, 2022.

**ACTUAL EXPENSES** 

The information in the table below provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = $8.60), then multiply the result by the number in the appropriate column for your share class titled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES** 

The information in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratios and assumed rates of return of 5% per year before expenses, which are not the Portfolio's actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Portfolio versus other portfolios. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other portfolios.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Portfolio shares. Therefore, the information under the heading "Hypothetical Expenses" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different portfolios. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries, or other financial institutions.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Actual Expenses** | **Actual Expenses** | **Hypothetical Expenses <sup>(A)</sup>** | **Hypothetical Expenses <sup>(A)</sup>** | |
| <br>**Class** |<br>**Beginning<br>Account Value<br>July 1, 2022** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** |<br>**Net Annualized<br>Expense Ratio <sup>(C)</sup>** |
|  Initial Class | $&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;1056.20 | $&nbsp;&nbsp;&nbsp;&nbsp;4.35 | $&nbsp;&nbsp;&nbsp;&nbsp;1021.00 | $&nbsp;&nbsp;&nbsp;&nbsp;4.28 | 0.84% |
|  Service Class | 1000.00 | 1054.90 | 5.65 | 1019.70 | 5.55 | 1.09 |

---

(A) *5% return per year before expenses.*

(B) *Expenses are calculated using the Portfolio's net annualized expense ratio, as disclosed in the table, multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (365 days).*

(C) *Net annualized expense ratios are reflective of applicable fee waivers and/or reimbursements and recapture, if any, and are based on the most recent six-months which may differ from the net expense ratio displayed in the Financial Highlights that covers a twelve-month period.*

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**Page 3** 

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**Transamerica TS&W International Equity VP** 

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**SCHEDULE OF INVESTMENTS** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS - 96.7%** | **COMMON STOCKS - 96.7%** | **COMMON STOCKS - 96.7%** |
| **Australia - 3.8%** | **Australia - 3.8%** | **Australia - 3.8%** |
|  BHP Group Ltd., ADR | 13200 | $819060 |
|  BHP Group Ltd. | 18200 | 565423 |
|  Macquarie Group Ltd. | 15400 | 1750591 |
|  Santos Ltd. | 364700 | 1772905 |
|  Westpac Banking Corp. | 35300 | 561194 |
|  Woodside Energy Group Ltd. <sup>(A)</sup> | 30983 | 747599 |
|  |  | 6216772 |
| **Belgium - 3.4%** | **Belgium - 3.4%** | **Belgium - 3.4%** |
|  Anheuser-Busch InBev SA | 48100 | 2897265 |
|  Groupe Bruxelles Lambert NV | 13100 | 1045827 |
|  KBC Group NV | 25200 | 1620677 |
|  |  | 5563769 |
| **Canada - 0.6%** | **Canada - 0.6%** | **Canada - 0.6%** |
|  TFI International, Inc. <sup>(A)</sup> | 10000 | 1001551 |
| **Finland - 1.2%** | **Finland - 1.2%** | **Finland - 1.2%** |
|  Nokia OYJ | 423100 | 1959729 |
| **France - 10.3%** | **France - 10.3%** | **France - 10.3%** |
|  Amundi SA <sup>(B)</sup> | 16700 | 947455 |
|  Capgemini SE | 12198 | 2036293 |
|  Cie de Saint-Gobain | 16600 | 811176 |
|  Dassault Aviation SA | 4585 | 776447 |
|  Engie SA | 135300 | 1939008 |
|  Rexel SA <sup>(C)</sup> | 34500 | 680999 |
|  Sanofi | 24868 | 2391535 |
|  Societe Generale SA | 44900 | 1128523 |
|  Sodexo SA <sup>(A)</sup> | 8000 | 766271 |
|  TotalEnergies SE <sup>(A)</sup> | 36300 | 2278982 |
|  Ubisoft Entertainment SA <sup>(C)</sup> | 16700 | 472118 |
|  Veolia Environnement SA | 94756 | 2434356 |
|  |  | 16663163 |
| **Germany - 10.5%** | **Germany - 10.5%** | **Germany - 10.5%** |
|  Allianz SE | 9541 | 2051824 |
|  BASF SE | 34500 | 1713206 |
|  Bayer AG | 11826 | 611753 |
|  Deutsche Boerse AG | 8200 | 1416718 |
|  Deutsche Post AG | 50400 | 1897984 |
|  HeidelbergCement AG | 33400 | 1904920 |
|  Infineon Technologies AG | 54985 | 1673352 |
|  SAP SE | 25400 | 2620788 |
|  Siemens AG | 17407 | 2415623 |
|  Talanx AG <sup>(C)</sup> | 15800 | 749589 |
|  |  | 17055757 |
| **Hong Kong - 2.1%** | **Hong Kong - 2.1%** | **Hong Kong - 2.1%** |
|  CK Asset Holdings Ltd. | 183600 | 1130234 |
|  CK Hutchison Holdings Ltd. | 385900 | 2316255 |
|  |  | 3446489 |
| **Ireland - 4.3%** | **Ireland - 4.3%** | **Ireland - 4.3%** |
|  AerCap Holdings NV <sup>(C)</sup> | 34690 | 2023121 |
|  AIB Group PLC | 436600 | 1689967 |
|  DCC PLC | 24300 | 1198602 |
|  Ryanair Holdings PLC, ADR <sup>(C)</sup> | 1985 | 148399 |
|  Smurfit Kappa Group PLC | 52721 | 1950399 |
|  |  | 7010488 |
| **Israel - 1.0%** | **Israel - 1.0%** | **Israel - 1.0%** |
|  Check Point Software Technologies Ltd. <sup>(C)</sup> | 12300 | 1551768 |

---

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| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Italy - 0.4%** | **Italy - 0.4%** | **Italy - 0.4%** |
|  Prysmian SpA | 18235 | $676551 |
| **Japan - 17.6%** | **Japan - 17.6%** | **Japan - 17.6%** |
|  Astellas Pharma, Inc. | 108400 | 1657304 |
|  Denka Co. Ltd. | 23960 | 552263 |
|  FANUC Corp. | 9000 | 1360218 |
|  Fujitsu Ltd. | 9910 | 1330118 |
|  Hitachi Ltd. | 41740 | 2128028 |
|  Kirin Holdings Co. Ltd. <sup>(A)</sup> | 71200 | 1091003 |
|  Kyocera Corp. | 31300 | 1562615 |
|  Nintendo Co. Ltd. | 47400 | 1997995 |
|  Olympus Corp. | 38100 | 682804 |
|  ORIX Corp. | 126300 | 2038758 |
|  Rakuten Group, Inc. <sup>(A)</sup> <sup>(C)</sup> | 215000 | 976379 |
|  SBI Holdings, Inc. | 73000 | 1400038 |
|  Sega Sammy Holdings, Inc. | 43200 | 657348 |
|  Seven & i Holdings Co. Ltd. | 58800 | 2535873 |
|  Sony Group Corp. | 37200 | 2844422 |
|  Square Enix Holdings Co. Ltd. | 14700 | 686612 |
|  Sumitomo Mitsui Financial Group, Inc. | 51400 | 2074173 |
|  Toshiba Corp. | 33450 | 1173197 |
|  Toyota Industries Corp. | 33800 | 1864614 |
|  |  | 28613762 |
| **Luxembourg - 0.9%** | **Luxembourg - 0.9%** | **Luxembourg - 0.9%** |
|  ArcelorMittal SA | 53200 | 1399495 |
| **Netherlands - 3.8%** | **Netherlands - 3.8%** | **Netherlands - 3.8%** |
|  ASML Holding NV <sup>(A)</sup> | 3400 | 1833594 |
|  EXOR NV <sup>(A)</sup> <sup>(C)</sup> | 8000 | 584894 |
|  Heineken Holding NV | 25343 | 1954601 |
|  Koninklijke Philips NV | 27995 | 419661 |
|  NXP Semiconductors NV | 8300 | 1311649 |
|  |  | 6104399 |
| **Norway - 1.7%** | **Norway - 1.7%** | **Norway - 1.7%** |
|  Aker BP ASA | 37338 | 1158999 |
|  DNB Bank ASA | 81300 | 1613668 |
|  Mowi ASA | 1400 | 23894 |
|  |  | 2796561 |
| **Republic of Korea - 1.4%** | **Republic of Korea - 1.4%** | **Republic of Korea - 1.4%** |
|  Samsung Electronics Co. Ltd. | 52300 | 2295617 |
| **Singapore - 1.4%** | **Singapore - 1.4%** | **Singapore - 1.4%** |
|  DBS Group Holdings Ltd. | 89800 | 2274165 |
| **Sweden - 2.4%** | **Sweden - 2.4%** | **Sweden - 2.4%** |
|  Essity AB, Class B | 63000 | 1650038 |
|  Husqvarna AB, B Shares | 36600 | 256467 |
|  Investor AB, B Shares | 32812 | 592920 |
|  Skandinaviska Enskilda Banken AB, Class A | 28200 | 324163 |
|  Volvo AB, B Shares | 58549 | 1057544 |
|  |  | 3881132 |
| **Switzerland - 11.4%** | **Switzerland - 11.4%** | **Switzerland - 11.4%** |
|  ABB Ltd. | 65500 | 1987703 |
|  Alcon, Inc. | 4400 | 300646 |
|  Cie Financiere Richemont SA, Class A | 14200 | 1841324 |
|  Glencore PLC <sup>(C)</sup> | 265400 | 1772405 |
|  Julius Baer Group Ltd. | 4300 | 250471 |
|  Nestle SA | 28776 | 3334300 |
|  Novartis AG | 32280 | 2918169 |
|  Roche Holding AG | 9132 | 2869027 |

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***The Notes to Financial Statements are an integral part of this report.***

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**Page 4** 

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**Transamerica TS&W International Equity VP** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

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| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Switzerland (continued)** | **Switzerland (continued)** | **Switzerland (continued)** |
|  Siemens Energy AG <sup>(C)</sup> | 63353 | $1191870 |
|  UBS Group AG | 110800 | 2061660 |
|  |  | 18527575 |
| **United Kingdom - 18.5%** | **United Kingdom - 18.5%** | **United Kingdom - 18.5%** |
|  Ashtead Group PLC | 30100 | 1717580 |
|  Aviva PLC | 114565 | 613293 |
|  Barratt Developments PLC | 105800 | 507535 |
|  BP PLC | 365500 | 2098447 |
|  Bunzl PLC | 37100 | 1237468 |
|  Burberry Group PLC | 19900 | 488379 |
|  CNH Industrial NV | 99000 | 1585908 |
|  Entain PLC | 40900 | 653430 |
|  GSK PLC | 91380 | 1588172 |
|  Imperial Brands PLC | 13099 | 327964 |
|  Inchcape PLC | 79087 | 784020 |
|  Informa PLC | 146304 | 1095913 |
|  Kingfisher PLC | 453900 | 1295581 |
|  Legal & General Group PLC | 338300 | 1020425 |
|  Liberty Global PLC, Class C <sup>(C)</sup> | 63423 | 1232309 |
|  Linde PLC | 5400 | 1761372 |
|  Lloyds Banking Group PLC | 3549700 | 1948729 |

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| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
|  Melrose Industries PLC | 542210 | $881654 |
|  Persimmon PLC | 50200 | 738589 |
|  Reckitt Benckiser Group PLC | 30400 | 2114715 |
|  Smith & Nephew PLC | 113700 | 1525092 |
|  Tesco PLC | 653974 | 1772574 |
|  Unilever PLC | 61793 | 3124149 |
|  |  | 30113298 |
|  **Total Common Stocks <br>(Cost $154,079,821)** | **Total Common Stocks <br>(Cost $154,079,821)** | 157152041 |
| **OTHER INVESTMENT COMPANY - 3.3%** | **OTHER INVESTMENT COMPANY - 3.3%** | **OTHER INVESTMENT COMPANY - 3.3%** |
| **Securities Lending Collateral - 3.3%** | **Securities Lending Collateral - 3.3%** | **Securities Lending Collateral - 3.3%** |
|  State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 4.29% <sup>(D)</sup> | 5319722 | 5319722 |
|  **Total Other Investment Company <br>(Cost $5,319,722)** | **Total Other Investment Company <br>(Cost $5,319,722)** | 5319722 |
|  **Total Investments <br>(Cost $159,399,543)** | **Total Investments <br>(Cost $159,399,543)** | 162471763 |
|  **Net Other Assets (Liabilities) - (0.0)% <sup>(E)</sup>** |  | (72704) |
|  **Net Assets - 100.0%** |  | **$162399059** |

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**INVESTMENTS BY INDUSTRY (unaudited):** 

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| | | |
|:---|:---|:---|
| **Industry** | **Percentage of<br>Total Investments** | **Value** |
|  Banks | 8.1% | $&nbsp;&nbsp;&nbsp;&nbsp;13235259 |
|  Pharmaceuticals | 7.4 | 12035960 |
|  Industrial Conglomerates | 6.2 | 10113359 |
|  Oil, Gas & Consumable Fuels | 5.0 | 8056932 |
|  Capital Markets | 4.8 | 7826933 |
|  Machinery | 3.8 | 6124751 |
|  Beverages | 3.6 | 5942869 |
|  Semiconductors & Semiconductor Equipment | 3.0 | 4818595 |
|  Metals & Mining | 2.8 | 4556383 |
|  Insurance | 2.7 | 4435131 |
|  Multi-Utilities | 2.7 | 4373364 |
|  Food & Staples Retailing | 2.6 | 4308447 |
|  Diversified Financial Services | 2.6 | 4262399 |
|  Software | 2.6 | 4172556 |
|  Household Durables | 2.5 | 4090546 |
|  Chemicals | 2.5 | 4026841 |
|  Trading Companies & Distributors | 2.4 | 3941588 |
|  Electrical Equipment | 2.4 | 3856124 |
|  Household Products | 2.3 | 3764753 |
|  IT Services | 2.1 | 3366411 |
|  Food Products | 2.1 | 3358194 |
|  Entertainment | 1.9 | 3156725 |
|  Personal Products | 1.9 | 3124149 |
|  Health Care Equipment & Supplies | 1.8 | 2928203 |
|  Textiles, Apparel & Luxury Goods | 1.4 | 2329703 |
|  Technology Hardware, Storage & Peripherals | 1.4 | 2295617 |
|  Communications Equipment | 1.2 | 1959729 |
|  Containers & Packaging | 1.2 | 1950399 |
|  Construction Materials | 1.2 | 1904920 |
|  Air Freight & Logistics | 1.2 | 1897984 |

---

***The Notes to Financial Statements are an integral part of this report.***

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| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 5** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

**INVESTMENTS BY INDUSTRY (unaudited) (continued):** 

------

---

| | | |
|:---|:---|:---|
| **Industry** | **Percentage of<br>Total Investments** | **Value** |
|  Commercial Services & Supplies | 1.0% | $1717580 |
|  Electronic Equipment, Instruments & Components | 1 | 1562615 |
|  Hotels, Restaurants & Leisure | 0.9 | 1419701 |
|  Specialty Retail | 0.8 | 1295581 |
|  Diversified Telecommunication Services | 0.8 | 1232309 |
|  Real Estate Management & Development | 0.7 | 1130234 |
|  Media | 0.7 | 1095913 |
|  Road & Rail | 0.6 | 1001551 |
|  Internet & Direct Marketing Retail | 0.6 | 976379 |
|  Building Products | 0.5 | 811176 |
|  Distributors | 0.5 | 784020 |
|  Aerospace & Defense | 0.5 | 776447 |
|  Leisure Products | 0.4 | 657348 |
|  Tobacco | 0.2 | 327964 |
|  Airlines | 0.1 | 148399 |
|  **Investments** | **96.7** | **157152041** |
|  Short-Term Investment | 3.3 | 5319722 |
|  **Total Investments** | **100.0%** | $**162471763** |

---

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(F)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Common Stocks | $9849229 | $147302812 | $— | $157152041 |
|  Other Investment Company | 5319722 |  |  | 5319722 |
|  **Total Investments** | $**15168951** | $**147302812** | $**—** | $**162471763** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *All or a portion of the securities are on loan. The total value of all securities on loan is $6,831,557, collateralized by cash collateral of $5,319,722 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $1,861,251. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.* 

(B) *Security is exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Security may be resold as transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2022, the value of the 144A security is $947,455, representing 0.6% of the Portfolio's net assets.* 

(C) *Non-income producing securities.* 

(D) *Rate disclosed reflects the yield at December 31, 2022.* 

(E) *Percentage rounds to less than 0.1% or (0.1)%.* 

(F) *There were no transfers in or out of Level 3 during the year ended December 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

**PORTFOLIO ABBREVIATION:** 

*ADR* *American Depositary Receipt*

***The Notes to Financial Statements are an integral part of this report.***

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| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 6** 

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**STATEMENT OF ASSETS AND LIABILITIES** 

**At December 31, 2022** 

---

| | |
|:---|:---|
|  **Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value (cost $159,399,543) <br>(including securities loaned of $6,831,557) | $&nbsp;&nbsp;&nbsp;&nbsp;162471763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value (cost $8,175) | 8200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables and other assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 2639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest sold | 4901565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 59103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax reclaims | 656097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 558 |
|  Total assets | 168099925 |
|  **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash collateral received upon return of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities on loan | 5319722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables and other liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest redeemed | 169411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to custodian | 39419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 104199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 12862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 1139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 15693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 14234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 20660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 2446 |
|  Total liabilities | 5700866 |
|  **Net assets** | $162399059 |
|  **Net assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital stock ($0.01 par value) | $128908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 160883751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) | 1386400 |
|  **Net assets** | $162399059 |
|  **Net assets by class:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | $102636689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 59762370 |
|  **Shares outstanding:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 8116129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 4774707 |
|  **Net asset value and offering price per share:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | $12.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 12.52 |

---

**STATEMENT OF OPERATIONS** 

**For the year ended December 31, 2022** 

---

| | |
|:---|:---|
|  **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $6179121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 5503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 37658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withholding taxes on foreign income | (531725) |
|  Total investment income | 5690557 |
|  **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 1304901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 160679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 1757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 7087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 24421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 59358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 9428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 13229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 17043 |
|  Total expenses | 1597903 |
|  **Net investment income (loss)** | 4092654 |
|  **Net realized gain (loss) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (1696714) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 40437 |
|  Net realized gain (loss) | (1656277) |
|  **Net change in unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (31783453) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Translation of assets and liabilities denominated in foreign currencies | (25331) |
|  Net change in unrealized appreciation (depreciation) | (31808784) |
|  Net realized and change in unrealized gain (loss) | (33465061) |
|  **Net increase (decrease) in net assets resulting from operations** | $&nbsp;&nbsp;&nbsp;&nbsp;(29372407) |

---

***The Notes to Financial Statements are an integral part of this report.***

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| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 7** 

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**STATEMENT OF CHANGES IN NET ASSETS** 

**For the years ended:** 

---

| | | |
|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2021** |
|  **From operations:** | **From operations:** | **From operations:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $4092654 | $3810844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (1656277) | 15283009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (31808784) | 6013812 |
|  Net increase (decrease) in net assets resulting from operations | (29372407) | 25107665 |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (7724893) | (2357268) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (4489836) | (1259099) |
|  Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (12214729) | (3616367) |
|  **Capital share transactions:** | **Capital share transactions:** | **Capital share transactions:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 8653902 | 5212959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 5454524 | 11194617 |
|  | 14108426 | 16407576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 7724893 | 2357268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 4489836 | 1259099 |
|  | 12214729 | 3616367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (13178491) | (23233652) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (11976503) | (10439777) |
|  | (25154994) | (33673429) |
|  Net increase (decrease) in net assets resulting from capital share transactions | 1168161 | (13649486) |
|  **Net increase (decrease) in net assets** | (40418975) | 7841812 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 202818034 | 194976222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $&nbsp;&nbsp;&nbsp;&nbsp;162399059 | $&nbsp;&nbsp;&nbsp;&nbsp;202818034 |
|  **Capital share transactions - shares:** | **Capital share transactions - shares:** | **Capital share transactions - shares:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 681017 | 331570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 389417 | 720214 |
|  | 1070434 | 1051784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 641602 | 148256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 376348 | 79943 |
|  | 1017950 | 228199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (990928) | (1494138) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (897849) | (680709) |
|  | (1888777) | (2174847) |
|  Net increase (decrease) in shares outstanding: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 331691 | (1014312) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (132084) | 119448 |
|  | 199607 | (894864) |

---

***The Notes to Financial Statements are an integral part of this report.***

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|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 8** 

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**FINANCIAL HIGHLIGHTS** 

**For a share outstanding during the years indicated:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $16.04 | $14.40 | $13.95 | $11.90 | $14.43 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(A)</sup> | 0.34 | 0.31 | 0.20 | 0.30 | 0.29 |
|  Net realized and unrealized gain (loss) | (2.70) | 1.62 | 0.65 | 2.15 | (2.49) |
|  Total investment operations | (2.36) | 1.93 | 0.85 | 2.45 | (2.20) |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income | (0.47) | (0.29) | (0.40) | (0.19) | (0.33) |
|  Net realized gains | (0.56) |  |  | (0.21) |  |
|  Total dividends and/or distributions to shareholders | (1.03) | (0.29) | (0.40) | (0.40) | (0.33) |
|  **Net asset value, end of year** | $12.65 | $16.04 | $14.40 | $13.95 | $11.90 |
|  **Total return** | (14.40)% | 13.41% | 6.54% | 21.06% | (15.52)% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;102637 | $&nbsp;&nbsp;&nbsp;&nbsp;124895 | $&nbsp;&nbsp;&nbsp;&nbsp;126686 | $&nbsp;&nbsp;&nbsp;&nbsp;133161 | $&nbsp;&nbsp;&nbsp;&nbsp;125396 |
|  Expenses to average net assets | 0.85% | 0.85% | 0.88% | 0.84% | 0.90% |
|  Net investment income (loss) to average net assets | 2.49% | 1.97% | 1.59% | 2.28% | 2.11% |
|  Portfolio turnover rate | 14% | 19% | 20% | 16% | 32% |

---

(A) *Calculated based on average number of shares outstanding.* 

**For a share outstanding during the years indicated:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $15.88 | $14.26 | $13.83 | $11.80 | $14.31 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(A)</sup> | 0.31 | 0.26 | 0.16 | 0.26 | 0.27 |
|  Net realized and unrealized gain (loss) | (2.68) | 1.62 | 0.64 | 2.13 | (2.48) |
|  Total investment operations | (2.37) | 1.88 | 0.80 | 2.39 | (2.21) |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income | (0.43) | (0.26) | (0.37) | (0.15) | (0.30) |
|  Net realized gains | (0.56) |  |  | (0.21) |  |
|  Total dividends and/or distributions to shareholders | (0.99) | (0.26) | (0.37) | (0.36) | (0.30) |
|  **Net asset value, end of year** | $12.52 | $15.88 | $14.26 | $13.83 | $11.80 |
|  **Total return** | (14.63)% | 13.20% | 6.20% | 20.74% | (15.70)% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;59762 | $&nbsp;&nbsp;&nbsp;&nbsp;77923 | $&nbsp;&nbsp;&nbsp;&nbsp;68290 | $&nbsp;&nbsp;&nbsp;&nbsp;57952 | $&nbsp;&nbsp;&nbsp;&nbsp;45879 |
|  Expenses to average net assets | 1.10% | 1.10% | 1.13% | 1.09% | 1.15% |
|  Net investment income (loss) to average net assets | 2.29% | 1.67% | 1.28% | 2.01% | 1.98% |
|  Portfolio turnover rate | 14% | 19% | 20% | 16% | 32% |

---

(A) *Calculated based on average number of shares outstanding.* 

***The Notes to Financial Statements are an integral part of this report.***

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|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 9** 

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**NOTES TO FINANCIAL STATEMENTS** 

**At December 31, 2022** 

**1. ORGANIZATION** 

Transamerica Series Trust ("TST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). TST applies investment company accounting and reporting guidance. TST serves as a funding vehicle for variable life insurance, variable annuity, and group annuity products. Transamerica TS&W International Equity VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers two classes of shares, Initial Class and Service Class.

The only shareholders of the Portfolio are affiliated insurance company separate accounts and affiliated asset allocation portfolios. Contract holders of the variable life and annuity contracts are not shareholders of the Portfolio. For ease of reference, shareholders and contract holders are collectively referred to in this report as "shareholders."

This report must be accompanied or preceded by the Portfolio's current prospectus, which contains additional information about the Portfolio, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Portfolio pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Portfolio. TAM supervises the Portfolio's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Portfolio.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of a Portfolio without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Portfolio and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Portfolio employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending portfolio combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Portfolio's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Portfolio; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for a Portfolio; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Portfolio's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; oversight of other service providers to the Portfolio, such as the custodian, the transfer agent, the Portfolio's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Portfolio; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Portfolio, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Portfolio. The Portfolio pays certain fees and expenses to State Street for sub-administration services which are not administrative

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**1. ORGANIZATION (continued)** 

services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the year ended December 31, 2022, (i) the expenses paid to State Street for sub-administration services by the Portfolio are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Portfolio are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES** 

In preparing the Portfolio's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Portfolio.

**Foreign currency denominated investments:** The accounting records of the Portfolio are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the closing exchange rate each day. The cost of foreign securities purchased and any realized gains or losses are translated at the prevailing exchange rates in effect on the date of the respective transaction. The Portfolio combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

Net foreign currency gains and losses resulting from changes in exchange rates include, foreign currency fluctuations between trade date and settlement date of investment security transactions, gains and losses on forward foreign currency contracts, and the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.

Foreign currency denominated assets may involve risks not typically associated with domestic transactions. These risks include revaluation of currencies, adverse fluctuations in foreign currency values, and possible adverse political, social, and economic developments, including those particular to a specific industry, country or region.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Portfolio is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Foreign taxes:** The Portfolio may be subject to taxes imposed by the countries in which it invests, with respect to its investments in issuers existing or operating in such countries. The Portfolio may also be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Portfolio accrues such taxes and recoveries as applicable when the related income or capital gains are earned or unrealized, and based upon the current interpretation of tax rules and regulations that exist in the markets in which the Portfolio invests. Some countries require governmental approval for the repatriation of investment income, capital, or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions of foreign capital remittances abroad.

**Cash overdraft:** The Portfolio may have cash overdraft balances. A fee is incurred on these overdrafts, calculated by multiplying the overdraft by a rate based on the Federal Funds Rate.

Payables, if any, are reflected as Due to custodian within the Statement of Assets and Liabilities. Expenses, if any, from U.S. cash overdrafts are reflected in Custody fees within the Statement of Operations. Expenses, if any, from foreign cash overdrafts are reflected in Other expenses within the Statement of Operations.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Portfolio with broker/dealers with which TST has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**2. SIGNIFICANT ACCOUNTING POLICIES (continued)** 

commissions received by such broker/dealer on the security transactions to the Portfolio. In no event will commissions, paid by the Portfolio, be used to pay expenses that would otherwise be borne by any other portfolios within TST, or by any other party.

Commissions recaptured are included within Net realized gain (loss) within the Statement of Operations. For the year ended December 31, 2022, commissions recaptured are $1,917.

**Indemnification:** In the normal course of business, the Portfolio enters into contracts that contain a variety of representations that provide general indemnifications. The Portfolio's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio and/or its affiliates that have not yet occurred. However, based on experience, the Portfolio expects the risk of loss to be remote.

**3. INVESTMENT VALUATION** 

Effective September 8, 2022, TAM has been designated as the Portfolio's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Portfolio's Board of Trustees. The net asset value of the Portfolio is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

TAM utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels ("Levels") of inputs of the fair value hierarchy are defined as follows:

Level 1—Unadjusted quoted prices in active markets for identical securities.

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Portfolio's investments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Portfolio's investments at December 31, 2022, is disclosed within the Investment Valuation section of the Schedule of Investments.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

**Fair value measurements:** Descriptions of the valuation techniques applied to the Portfolio's significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

*Equity securities:* Securities are stated at the last reported sales price or closing price on the day of valuation taken from the primary exchange where the security is principally traded. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Equities traded on inactive markets or valued by reference to similar instruments are generally categorized in Level 2 or Level 3 if inputs are unobservable.

*Foreign equity securities:* Securities in which the primary trading market closes at the same time or after the NYSE, are valued based on quotations from the primary market in which they are traded and are categorized in Level 1. Because many foreign securities markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect the events that occur after that close. Certain foreign securities may be fair valued using a pricing service that

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**3. INVESTMENT VALUATION (continued)** 

considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, or ETFs and the movement of certain indices of securities based on a statistical analysis of their historical relationship; such valuations generally are categorized in Level 2.

*Securities lending collateral:* Securities lending collateral is invested in a money market fund which is valued at the actively traded NAV and no valuation adjustments are applied. Securities lending collateral is categorized in Level 1 of the fair value hierarchy.

**4. SECURITIES AND OTHER INVESTMENTS** 

**Real estate investment trusts ("REITs"):** REITs are pooled investment vehicles which invest primarily in income producing real estate, or real estate related loans or interests. Distributions received by REITs are classified at management's estimate of the dividend income, return of capital and capital gains. Estimates are based on information available at year-end, which includes the previous fiscal year's classification. The actual amounts of dividend income, return of capital, and capital gains are only determined by each REIT after the fiscal year end and may differ from the estimated amounts. Upon notification from the REITs, some of the distributions received may be re-classified and recorded as a return of capital or capital gains. There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

REITs held at December 31, 2022, if any, are identified within the Schedule of Investments.

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

The Portfolio may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Portfolio invests borrowing proceeds in other securities, the Portfolio will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Portfolio may borrow on a secured or on an unsecured basis. If the Portfolio enters into a secured borrowing arrangement, a portion of the Portfolio's assets will be used as collateral. The 1940 Act requires the Portfolio to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Portfolio's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Portfolio may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the year ended December 31, 2022, the Portfolio has not utilized the program.

**Repurchase agreements:** In a repurchase agreement, the Portfolio purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Portfolio's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Portfolio will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Portfolio and its counterparties that provide for the net settlement of all transactions and collateral with the Portfolio, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at December 31, 2022.

Repurchase agreements at December 31, 2022, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**Securities lending:** The Portfolio may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Portfolio pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)** 

the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Portfolio to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Portfolio may experience delays in recovery of the loaned securities or delays in access to collateral, or the Portfolio may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government and irrevocable letters of credit issued by banks as collateral. The initial collateral received by the Portfolio is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower.

The Portfolio receives compensation for lending securities from interest or dividends earned on the cash, U.S. Government securities and irrevocable letters of credit held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust—Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at December 31, 2022, if any, are shown on a gross basis within the Schedule of Investments.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of December 31, 2022.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
| | **Overnight and<br>Continuous** | **Less Than<br>30 Days** | **Between<br>30 & 90 Days** | **Greater Than<br>90 Days** | **Total** |
|  Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions | Securities Lending Transactions |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $5319722 | $— | $— | $— | $5319722 |
|  **Total Borrowings** | $**5319722** | $**—** | $**—** | $**—** | $**5319722** |

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**6. RISK FACTORS** 

Investing in the Portfolio involves certain key risks related to the Portfolio's trading activity. Please reference the Portfolio's prospectus for a more complete discussion of the following risk(s), as well as other risks of investing in the Portfolio.

**Market risk:** The market prices of the Portfolio's securities and other assets may go up or down, sometimes sharply and unpredictably, due to general market conditions, overall economic trends or events, inflation, changes in interest rates, government actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by wars, tariffs, trade disputes or other factors, political developments, investor sentiment, the global and domestic effects of a pandemic or other health emergency, and other factors that may or may not be related to the issuer of the security or other asset. The market prices of securities and other assets also may go down due to events or conditions that affect particular sectors, industries, issuers, or geographies. Adverse market conditions may be prolonged and may not have the same impact on all types of securities or other assets. If the value of the Portfolio's securities and assets fall, the value of your investment will go down. The Portfolio may experience a substantial or complete loss on any individual security or asset.

Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, the imposition of economic sanctions, public health events (such as the spread of infectious disease), wars, terrorism, cybersecurity events, technology and data interruptions, natural disasters, and other circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. In the past decade, financial markets throughout the world have experienced increased volatility and decreased liquidity. These conditions may continue or worsen. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down. Securities markets may also be susceptible to market manipulation or other fraudulent trade practices, which could disrupt the orderly functioning of these markets or adversely affect the value of securities traded in these markets, including the Portfolio's securities.

The pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in economic downturns throughout the world, severe losses, particularly to some sectors of the economy and individual issuers, and reduced liquidity of many instruments. There also have been significant disruptions to business operations, including business closures; strained healthcare systems;

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. RISK FACTORS (continued)** 

disruptions to supply chains and employee availability; large fluctuations in consumer demand; and widespread uncertainty regarding the duration and long-term effects of the pandemic. Economic downturns may be prolonged, and political and social instability, continued volatility and decreased liquidity in the securities markets may result. Developing or emerging market countries may be more impacted by the pandemic.

The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic. These and other government intervention into the economy and financial markets may not work as intended. In addition, government actions to mitigate the economic impact of the pandemic have resulted in large expansion of government deficits and debt, the long-term consequences of which are not known. Rates of inflation have recently risen, which could adversely affect economies and markets. The pandemic could continue to adversely affect the value and liquidity of the Portfolio's investments.

*Europe:* A number of countries in Europe have experienced severe economic and financial difficulties; and financial markets in Europe and elsewhere have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen or spread within or outside Europe. Responses to the financial problems by European governments, central banks and others may not work, may result in conflicts and social unrest and may limit future growth and economic recovery or have other unintended consequences. In January, 2020, through "Brexit," the United Kingdom withdrew from the European Union. The ramifications of Brexit are unknown, and the implications of possible political, regulatory, economic, and market outcomes could be significant. The United Kingdom has one of the largest economies in Europe and is a major trading partner with European Union countries and the United States. Brexit may create additional and substantial economic stresses for the United Kingdom, including a contraction of the United Kingdom's economy, decreased trade, capital outflows, devaluation of the British pound, and a decrease in business and consumer spending and investment. The negative impact on not only the United Kingdom and European Union economies but also the broader global economy could be significant. A number of countries in Europe have suffered terror attacks, and additional attacks may occur in the future. Europe has also been struggling with mass migration from the Middle East, Eastern Europe and Africa. The ultimate effects of these events and other socio-political or geopolitical issues could profoundly affect global economies and markets. Whether or not the Portfolio invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

*Additional Market Disruption:* Russia's invasion of Ukraine in February, 2022, the resulting responses by the United States and other countries, and the potential for wider conflict, have increased and may continue to increase volatility and uncertainty in financial markets worldwide. The United States and other countries have imposed broad-ranging economic sanctions on Russia and Russian entities and individuals, and may impose additional sanctions, including on other countries that provide military or economic support to Russia. These sanctions, among other things, restrict companies from doing business with Russia and Russian issuers, and may adversely affect companies with economic or financial exposure to Russia and Russian issuers. The extent and duration of Russia's military actions and the repercussions of such actions are not known. The invasion may widen beyond Ukraine and may escalate, including through retaliatory actions and cyberattacks by Russia and even other countries. These events may result in further and significant market disruptions and may adversely affect regional and global economies including those of Europe and the United States. Certain industries and markets, such as those involving oil, natural gas and other commodities, as well as global supply chains, may be particularly adversely affected. Whether or not the Portfolio invests in securities of issuers located in Russia, Ukraine and adjacent countries or with significant exposure to issuers in these countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

**Value investing risk:** The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. The value approach to investing involves the risk that stocks may remain undervalued, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "growth" stocks.

**Foreign investment risk:** Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the Portfolio's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable or unsuccessful government actions, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**7. FEES AND OTHER AFFILIATED TRANSACTIONS** 

TST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Transamerica Life Insurance Company ("TLIC"), and Transamerica Financial Life Insurance Company.

TAM, the Portfolio's investment manager, is directly owned by TLIC and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon NV. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon NV, a Netherlands corporation, and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Portfolio's transfer agent. Transamerica Capital, Inc. ("TCI") is the Portfolio's distributor/principal underwriter. TAM, TFS, and TCI are affiliates of Aegon NV.

Certain officers and trustees of the Portfolio are also officers and/or trustees of TAM, TFS and TCI. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Portfolio. The Portfolio does pay non-interested persons (independent trustees), as disclosed in Trustee, CCO and deferred compensation fees within the Statement of Operations.

**Investment management fees:** TAM serves as the Portfolio's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Portfolio pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Portfolio pays a management fee to TAM based on daily average net assets at the following rates:

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| | |
|:---|:---|
| **Breakpoints** | **Rate** |
|  First $250 million | 0.77% |
|  Over $250 million up to $1 billion | 0.74 |
|  Over $1 billion up to $2 billion | 0.72 |
|  Over $2 billion up to $6 billion | 0.69 |
|  Over $6 billion up to $8 billion | 0.68 |
|  Over $8 billion | 0.66 |

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TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses, reorganization expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

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| | | |
|:---|:---|:---|
| | **Operating<br>Expense Limit** | **Operating<br>Expense Limit<br>Effective Through** |
|  Initial Class | 0.92% | May 1, 2023 |
|  Service Class | 1.17 | May 1, 2023 |

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TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended December 31, 2022 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/ or reimburse expenses of the Portfolio, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

As of December 31, 2022, there are no amounts available for recapture by TAM.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

**Distribution and service fees:** TST has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, TST entered into a distribution agreement with TCI as the Portfolio's distributor.

The Distribution Plan requires the Portfolio to pay distribution fees to TCI as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCI, on behalf of the Portfolio, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Portfolio's shares.

The fee on the Service Class shares is paid to the insurance companies for providing services and account maintenance for the policyholders who invest in the variable insurance products which invest in the Service Class shares. TCI has determined that it will not seek payment for the distribution expenses incurred by the Portfolio with respect to the Initial Class shares before May 1, 2023. Prior to TCI seeking distribution expenses on Initial Class shares, policy and contract owners will be notified in advance. The Portfolio will pay fees relating to Service Class shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Portfolio is authorized under the Distribution Plan to pay fees to TCI based on daily average net assets of each class up to the following annual rates:

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| | |
|:---|:---|
| **Class** | **Rate** |
|  Initial Class | 0.15% |
|  Service Class | 0.25 |

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**Transfer agent costs:** TFS provides transfer agency services under an intercompany agreement with TAM. TFS has outsourced the provision of certain sub-transfer agency services to SS&C Technology Holdings, Inc ("SS&C"). The Portfolio does not pay a separate transfer agent fee to TAM or TFS but does pay certain expenses to SS&C related to applicable sub-transfer agency services. For the year ended December 31, 2022, (i) the expenses paid to SS&C by the Portfolio are referred to as Transfer agent costs and are included within the Statement of Operations and (ii) the expenses payable to SS&C by the Portfolio are referred to as Transfer agent costs within the Statement of Assets and Liabilities.

**Deferred compensation plan:** Effective September 23, 2021, the Board has approved the termination of the deferred compensation plan. Payments will be made to applicable current and former Board members consistent with Section 409A of the Code. Under a non-qualified deferred compensation plan effective January 1, 1996, as amended and restated January 1, 2010, available to the trustees, compensation may be deferred that would otherwise be payable by TST to an independent trustee on a current basis for services rendered as trustee. Deferred compensation amounts will accumulate based on the value of the investment option, as elected by the trustee. Balances pursuant to deferred compensation plan are recorded in Trustees, Chief Compliance Officer ("CCO") and deferred compensation fees within the Statement of Assets and Liabilities. For the year ended December 31, 2022, amounts included in Trustees, CCO and deferred compensation fees within the Statement of Operations reflect total compensation paid to the independent Board members.

**Brokerage commissions:** The Portfolio incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the year ended December 31, 2022.

**8. PURCHASES AND SALES OF SECURITIES** 

For the year ended December 31, 2022, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

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| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $23536442 | $— | $34690341 | $— |

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**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS** 

The Portfolio has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue

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**Transamerica TS&W International Equity VP** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)** 

Code. The Portfolio recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Portfolio's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Portfolio's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Portfolio's financial statements. If applicable, the Portfolio recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Portfolio identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Portfolio makes significant investments; however, the Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales, and passive foreign investment companies. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. There are no reclassifications in the current year.

As of December 31, 2022, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

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| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross<br>Appreciation** | **Gross<br>(Depreciation)** | **Net Appreciation<br>(Depreciation)** |
| $160805696 | $18887466 | $(17221399) | $1666067 |

---

As of December 31, 2022, the capital loss carryforwards available to offset future realized capital gains are as follows:

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| | |
|:---|:---|
| **Unlimited** | **Unlimited** |
| **Short-Term** | **Long-Term** |
| $4329 | $2053328 |

---

During the year ended December 31, 2022, the Portfolio did not have any capital loss carryforwards utilized or expired.

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2022 and 2021 are as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** |
| **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of Capital** | **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of Capital** |
| $5501869 | $6712860 | $— | $3616367 | $— | $— |

---

As of December 31, 2022, the tax basis components of distributable earnings are as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Capital Loss<br>Carryforwards** | **Late Year<br>Ordinary Loss<br>Deferred** | **Other<br>Temporary<br>Differences** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| $1797128 | $— | $(2057657) | $— | $— | $1646929 |

---

**10. NEW ACCOUNTING PRONOUNCEMENT** 

In June 2022, the Financial Accounting Standards Board issued Accounting Standards Update No. 2022-03 ("ASU 2022-03"), "Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions" ("Topic 820"). ASU 2022-03 clarifies the guidance in Topic 820, related to the measurement of the fair value of an equity security subject to contractual sale restrictions, where it eliminates the need to apply a discount to fair value of these securities, and introduces disclosure requirements related to such equity securities. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. Management is currently evaluating the implications, if any, of the additional requirements and its impact on the Portfolio's financial statements.

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**Report of Independent Registered Public Accounting Firm** 

*To the Shareholders and the Board of Trustees of Transamerica TS&W International Equity VP* 

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities of Transamerica TS&W International Equity VP (the "Portfolio") (one of the portfolios constituting Transamerica Series Trust (the "Trust")), including the schedule of investments, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the portfolios constituting Transamerica Series Trust) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion** 

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g438566ernst_young.jpg)

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

February 27, 2023

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**SUPPLEMENTAL TAX INFORMATION** 

**(unaudited)** 

For tax purposes, the Portfolio has made a long-term capital gain designation of $6,712,860 for the year ended December 31, 2022.

The amounts which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the U.S. are as follows:

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| | |
|:---|:---|
| **Foreign Source Income** | **Foreign Taxes** |
| $4581495 | $363041 |

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**TRANSAMERICA SMALL/MID CAP VALUE VP** 

**TRANSAMERICA TS&W INTERNATIONAL EQUITY VP** 

**APPROVAL OF SUB-ADVISORY AGREEMENTS** 

**(unaudited)** 

On August 25, 2022, Pendal Group Limited ("Pendal"), the parent company of Thompson, Siegel & Walmsley LLC ("TSW"), agreed to enter into a transaction with Perpetual Limited ("Perpetual") for the acquisition of 100% of Pendal's business (the "Transaction"). The Transaction constituted an "assignment," within the meaning of the Investment Company Act of 1940, of the sub-advisory agreements between Transamerica Asset Management, Inc. ("TAM") and TSW, resulting in their automatic termination.

In anticipation of the closing of the Transaction, the Board of Trustees of Transamerica Series Trust (the "Board" or "Board Members"), at a meeting held on September 21-22, 2022, considered the continued retention of TSW as sub-adviser to Transamerica Small/Mid Cap Value VP and Transamerica TS&W International Equity VP (each a "Portfolio" and collectively, the "Portfolios"). Following their review and consideration, the Board Members determined that the terms of the proposed sub-advisory agreements between TAM and TSW, with respect to the Portfolios (the "New Sub-Advisory Agreements"), were reasonable, and approval of each New Sub-Advisory Agreement was in the best interests of the applicable Portfolio and the contract holders invested in such Portfolio. The Board Members, including the independent members of the Board (the "Independent Board Members"), unanimously approved the New Sub-Advisory Agreements to take effect upon the closing of the Transaction.

The Board Members reviewed and considered whether the terms of the proposed sub-advisory agreement were reasonable and in the best interests of the Portfolios and the contract holders invested in the Portfolios. To assist the Board Members in their consideration of the New Sub-Advisory Agreements, the Board Members had requested and received from TAM and TSW certain materials and information in advance of the meeting. In addition, the Independent Board Members consulted with counsel, including independent legal counsel, discussing, among other things, the legal standards and certain other considerations relevant to the Independent Board Members' deliberations.

Among other matters, the Board Members considered:

(a) that the Transaction is not expected to result in any diminution in the nature, extent and quality of sub-advisory services provided to the Portfolios and the contract holders invested in the Portfolios, including compliance services;

(b) that TSW does not anticipate any restructuring of TSW's management and operations following the Transaction, and that TSW will continue to have investment and operational autonomy;

(c) that TSW will continue to have the capabilities, resources and personnel necessary to provide services to the Portfolios based on an assessment of TSW, its investment personnel, and the services TSW currently provides to the Portfolios; and

(d) that the New Sub-Advisory Agreements will not result in any change in the rate of sub-advisory fees payable by TAM to TSW.

In approving the New Sub-Advisory Agreements, the Board Members also relied, as to TSW's services, fees, profitability and fallout benefits, on their prior deliberations in approving the renewal of the existing sub-advisory agreements at the Board meeting held on June 15-16, 2022, as supplemented by the new information concerning the Transaction.

In their deliberations, the Board Members evaluated and weighed a number of considerations that they believed to be relevant in light of the legal advice furnished to them by counsel, including independent legal counsel, and made a decision in the exercise of their own business judgment. The Board Members based their decisions on the considerations discussed above, among others, although they did not identify any particular consideration or item of information that was controlling of their decisions, and each Board Member may have attributed different weights to the various factors.

After consideration of the factors described above, as well as other factors, the Board Members, including all of the Independent Board Members, concluded that the approval of each New Sub-Advisory Agreement is in the best interests of the applicable Portfolio and the contract holders invested in such Portfolio and unanimously approved the New Sub-Advisory Agreements to take effect upon the closing of the Transaction.

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**Transamerica WMC US Growth VP** 

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**(unaudited)** 

**MARKET ENVIRONMENT** 

U.S. equities fell during the fiscal year ended December 31, 2022 amid rampant inflation, surging borrowing costs, uncertainty about corporate earnings and an increased probability of recession. U.S. equities opened the year lower as they registered their first quarterly loss since March 2020. Fears about the economic implications of Russia's large-scale military attack on Ukraine and the prospect of aggressive monetary policy tightening by the U.S. Federal Reserve ("Fed") drove the S&P 500<sup>®</sup> Index into correction territory in February. President Joe Biden signed into law a massive spending bill, which included substantial increases in domestic and national security programs and military aid to Ukraine. U.S. equities continued to fall during a volatile second quarter. Growth stocks significantly underperformed their value counterparts as surging bond yields and disappointing earnings results from some of the largest technology companies drove the Nasdaq Composite Index to its largest quarterly loss since September 2001.

The housing market was pressured by soaring mortgage rates, slowing demand, and elevated home prices. U.S. equities fell in the third quarter as risk sentiment deteriorated on fears that aggressive interest rate hikes and tighter financial conditions would constrict economic growth and drive the U.S. economy into recession. U.S. equities rallied in the fourth quarter following three straight quarterly declines. Greater optimism that the Fed would begin to scale back its aggressive pace of interest rate hikes, along with outsized short covering and hedging, helped to fuel a sharp rebound in stocks in October and November before risk sentiment waned in December amid recession fears, macroeconomic headwinds, and downside earnings risks in the coming quarters. In December 2022, the Fed raised interest rates by 50 basis points, snapping a streak of four consecutive hikes of 75 basis points.

Returns for the fiscal year varied by market-cap. Large-cap stocks (as measured by the S&P 500<sup>®</sup> Index) underperformed mid-cap stocks (as measured by the S&P MidCap 400<sup>®</sup> Index) and outperformed small-cap stocks (as measured by the Russell 2000<sup>®</sup> Index).

**PERFORMANCE** 

For the year ended December 31, 2022, Transamerica WMC US Growth VP, Initial Class returned -31.35%. By comparison, its benchmark, the Russell 1000<sup>®</sup> Growth Index, returned -29.14%.

**STRATEGY REVIEW** 

The Portfolio's portfolio management team adheres to a disciplined portfolio construction process that allows them to assess risk, weight individual positions accordingly, and in the process, build a Portfolio that seeks to generate benchmark-relative outperformance by focusing largely on stock selection.

The Portfolio underperformed its benchmark for the fiscal year ended December 31, 2022.

During the fiscal year, our weak stock selection within the information technology and communication services sectors were the primary drivers of relative underperformance. This was partially offset by our stronger selection in the consumer discretionary and industrials sectors. Sector allocation, a result of the bottom-up stock selection process, contributed to relative performance during the fiscal year. The Portfolio's overweight allocations to the health care and financials sectors, along with an underweight to the communication services sector contributed to relative performance the most during the fiscal year. This was partially offset by underweight allocations to the consumer staples, energy, and real estate sectors, which detracted from relative performance during the fiscal year.

The Portfolio's largest relative detractors during the fiscal year included not owning AbbVie, Inc., a biopharmaceutical company and overweight positions in EPAM Systems, Inc., a software product development company, and Netflix, Inc., a streaming entertainment provider. Portfolio positions in EPAM Systems, Inc. and Netflix, Inc. were eliminated during the fiscal year.

The Portfolio's largest relative contributors during the fiscal year included overweight positions in Eli Lilly & Co., a U.S.-based pharmaceutical company, Deere & Co., a manufacturer of agriculture products, and Vertex Pharmaceuticals, Inc., a global biotechnology company.

**Douglas McLane, CFA** 

**Mammen Chally, CFA** 

**David Siegle, CFA** 

**Co-Portfolio Managers** 

**Wellington Management Company LLP** 

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**(unaudited)** 

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| | |
|:---|:---|
| **Asset Allocation** | **Percentage of Net<br>Assets** |
|  Common Stocks | 99.0% |
|  Repurchase Agreement | 0.7 |
|  Net Other Assets (Liabilities) | 0.3 |
|  **Total** | 100.0% |

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*Current and future portfolio holdings are subject to change and risk.* 

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**(unaudited)**![LOGO](g438566g83u99.jpg)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Initial Class | (31.35)% | 9.80% | 12.80% | 12/31/1980 |
|  Russell 1000<sup>®</sup> Growth Index <sup>(A)</sup> | (29.14)% | 10.96% | 14.10% |  |
|  Service Class | (31.52)% | 9.53% | 12.52% | 05/01/2003 |

---

<sup>(A)</sup> *The Russell 1000<sup>®</sup> Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe, and is comprised of Russell 1000<sup>®</sup> Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000<sup>®</sup> Index measures the performance of the large-cap segment of the U.S. equity universe.* 

The Portfolio's benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Year or Since Inception calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Portfolio distributions or the redemption of Portfolio shares. The Portfolio's investment return and net asset value will fluctuate. Investors' shares when redeemed may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please visit your insurance company's website for contract or policy level standardized total returns current to the most recent month end. Portfolio performance is net of investment fees and Portfolio expenses, but not product charges, which, if included, would significantly lower the performance quoted.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager and any recapture by the Investment Manager of previously waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks may be particularly susceptible to rapid price swings or to adverse developments. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "value" stocks.

Russell<sup>®</sup> and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.

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**DISCLOSURE OF EXPENSES** 

**(unaudited)** 

**SHAREHOLDER EXPENSES** 

Portfolio shareholders may incur two types of costs: (i) transaction costs, including brokerage commissions on purchases and sales of portfolio shares; and (ii) ongoing costs, including management fees, and other portfolio expenses.

The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other portfolios.

The example is based on an investment of $1,000 invested at July 1, 2022, and held for the entire six-month period until December 31, 2022.

**ACTUAL EXPENSES** 

The information in the table below provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = $8.60), then multiply the result by the number in the appropriate column for your share class titled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES** 

The information in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Portfolio versus other portfolios. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other portfolios.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Portfolio shares. Therefore, the information under the heading "Hypothetical Expenses" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different portfolios. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries, or other financial institutions.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Actual Expenses** | **Actual Expenses** | **Hypothetical Expenses <sup>(A)</sup>** | **Hypothetical Expenses <sup>(A)</sup>** | |
| <br>**Class** |<br>**Beginning<br>Account Value<br>July 1, 2022** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup>** |<br>**Net Annualized<br>Expense Ratio <sup>(C)</sup>** |
|  Initial Class | $&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;974.40 | $&nbsp;&nbsp;&nbsp;&nbsp;3.19 | $&nbsp;&nbsp;&nbsp;&nbsp;1022.00 | $&nbsp;&nbsp;&nbsp;&nbsp;3.26 | 0.64% |
|  Service Class | 1000.00 | 973.20 | 4.43 | 1020.70 | 4.53 | 0.89 |

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(A) *5% return per year before expenses.*

(B) *Expenses are calculated using the Portfolio's net annualized expense ratio, as disclosed in the table, multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (365 days).*

(C) *Net annualized expense ratios are reflective of applicable fee waivers and/or reimbursements and recapture, if any, and are based on the most recent six-months which may differ from the net expense ratio displayed in the Financial Highlights that covers a twelve-month period.*

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**SCHEDULE OF INVESTMENTS** 

**At December 31, 2022** 

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| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS - 99.0%** | **COMMON STOCKS - 99.0%** | **COMMON STOCKS - 99.0%** |
| **Aerospace & Defense - 1.3%** | **Aerospace & Defense - 1.3%** | **Aerospace & Defense - 1.3%** |
|  Raytheon Technologies Corp. | 393661 | $39728268 |
| **Automobiles - 0.9%** | **Automobiles - 0.9%** | **Automobiles - 0.9%** |
|  Tesla, Inc. <sup>(A)</sup> | 216201 | 26631639 |
| **Beverages - 3.3%** | **Beverages - 3.3%** | **Beverages - 3.3%** |
|  Constellation Brands, Inc., Class A | 194153 | 44994958 |
|  Monster Beverage Corp. <sup>(A)</sup> | 554639 | 56312497 |
|  |  | 101307455 |
| **Biotechnology - 4.1%** | **Biotechnology - 4.1%** | **Biotechnology - 4.1%** |
|  Regeneron Pharmaceuticals, Inc. <sup>(A)</sup> | 56302 | 40621330 |
|  Seagen, Inc. <sup>(A)</sup> | 197455 | 25374942 |
|  United Therapeutics Corp. <sup>(A)</sup> | 45758 | 12724842 |
|  Vertex Pharmaceuticals, Inc. <sup>(A)</sup> | 163536 | 47225926 |
|  |  | 125947040 |
| **Building Products - 2.9%** | **Building Products - 2.9%** | **Building Products - 2.9%** |
|  Builders FirstSource, Inc. <sup>(A)</sup> | 244030 | 15832666 |
|  Fortune Brands Innovations, Inc. | 421818 | 24090026 |
|  Johnson Controls International PLC | 771177 | 49355328 |
|  |  | 89278020 |
| **Capital Markets - 1.7%** | **Capital Markets - 1.7%** | **Capital Markets - 1.7%** |
|  Ares Management Corp., Class A | 288773 | 19763624 |
|  Morgan Stanley | 386557 | 32865076 |
|  |  | 52628700 |
| **Chemicals - 1.6%** | **Chemicals - 1.6%** | **Chemicals - 1.6%** |
|  PPG Industries, Inc. | 348553 | 43827054 |
|  Sherwin-Williams Co. | 28354 | 6729255 |
|  |  | 50556309 |
| **Consumer Finance - 2.6%** | **Consumer Finance - 2.6%** | **Consumer Finance - 2.6%** |
|  American Express Co. | 333893 | 49332691 |
|  S&P Global, Inc. | 88506 | 29644199 |
|  |  | 78976890 |
| **Electronic Equipment, Instruments & Components - 3.0%** | **Electronic Equipment, Instruments & Components - 3.0%** | **Electronic Equipment, Instruments & Components - 3.0%** |
|  Amphenol Corp., Class A | 598149 | 45543065 |
|  CDW Corp. | 265528 | 47417990 |
|  |  | 92961055 |
| **Entertainment - 0.9%** | **Entertainment - 0.9%** | **Entertainment - 0.9%** |
|  Walt Disney Co. <sup>(A)</sup> | 315387 | 27400823 |
| **Equity Real Estate Investment Trusts - 1.8%** | **Equity Real Estate Investment Trusts - 1.8%** | **Equity Real Estate Investment Trusts - 1.8%** |
|  Prologis, Inc. | 291406 | 32850198 |
|  Rexford Industrial Realty, Inc. | 433534 | 23688298 |
|  |  | 56538496 |
| **Health Care Equipment & Supplies - 2.3%** | **Health Care Equipment & Supplies - 2.3%** | **Health Care Equipment & Supplies - 2.3%** |
|  Align Technology, Inc. <sup>(A)</sup> | 77572 | 16359935 |
|  Edwards Lifesciences Corp. <sup>(A)</sup> | 369372 | 27558845 |
|  Teleflex, Inc. | 111338 | 27793305 |
|  |  | 71712085 |
| **Health Care Providers & Services - 3.5%** | **Health Care Providers & Services - 3.5%** | **Health Care Providers & Services - 3.5%** |
|  UnitedHealth Group, Inc. | 205053 | 108715000 |
| **Hotels, Restaurants & Leisure - 3.0%** | **Hotels, Restaurants & Leisure - 3.0%** | **Hotels, Restaurants & Leisure - 3.0%** |
|  Airbnb, Inc., Class A <sup>(A)</sup> | 280725 | 24001987 |
|  Booking Holdings, Inc. <sup>(A)</sup> | 11513 | 23201919 |
|  Chipotle Mexican Grill, Inc. <sup>(A)</sup> | 31621 | 43873821 |
|  |  | 91077727 |

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| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Interactive Media & Services - 5.2%** | **Interactive Media & Services - 5.2%** | **Interactive Media & Services - 5.2%** |
|  Alphabet, Inc., Class A <sup>(A)</sup> | 1628441 | $143677349 |
|  ZoomInfo Technologies, Inc. <sup>(A)</sup> | 537697 | 16190057 |
|  |  | 159867406 |
| **Internet & Direct Marketing Retail - 5.2%** | **Internet & Direct Marketing Retail - 5.2%** | **Internet & Direct Marketing Retail - 5.2%** |
|  Amazon.com, Inc. <sup>(A)</sup> | 1892523 | 158971932 |
| **IT Services - 6.6%** | **IT Services - 6.6%** | **IT Services - 6.6%** |
|  Block, Inc. <sup>(A)</sup> | 281400 | 17683176 |
|  FleetCor Technologies, Inc. <sup>(A)</sup> | 195830 | 35970054 |
|  Global Payments, Inc. | 254943 | 25320939 |
|  GoDaddy, Inc., Class A <sup>(A)</sup> | 224797 | 16819312 |
|  Mastercard, Inc., Class A | 314006 | 109189306 |
|  |  | 204982787 |
| **Life Sciences Tools & Services - 1.7%** | **Life Sciences Tools & Services - 1.7%** | **Life Sciences Tools & Services - 1.7%** |
|  Thermo Fisher Scientific, Inc. | 94771 | 52189442 |
| **Machinery - 4.1%** | **Machinery - 4.1%** | **Machinery - 4.1%** |
|  Deere & Co. | 163823 | 70240749 |
|  Ingersoll Rand, Inc. | 296833 | 15509524 |
|  Nordson Corp. | 175612 | 41746485 |
|  |  | 127496758 |
| **Oil, Gas & Consumable Fuels - 1.3%** | **Oil, Gas & Consumable Fuels - 1.3%** | **Oil, Gas & Consumable Fuels - 1.3%** |
|  Pioneer Natural Resources Co. | 171745 | 39224841 |
| **Personal Products - 1.8%** | **Personal Products - 1.8%** | **Personal Products - 1.8%** |
|  Estee Lauder Cos., Inc., Class A | 228562 | 56708518 |
| **Pharmaceuticals - 2.7%** | **Pharmaceuticals - 2.7%** | **Pharmaceuticals - 2.7%** |
|  Eli Lilly & Co. | 226149 | 82734350 |
| **Semiconductors & Semiconductor Equipment - 7.1%** | **Semiconductors & Semiconductor Equipment - 7.1%** | **Semiconductors & Semiconductor Equipment - 7.1%** |
|  Advanced Micro Devices, Inc. <sup>(A)</sup> | 535882 | 34709077 |
|  KLA Corp. | 92832 | 35000449 |
|  Marvell Technology, Inc. | 374674 | 13877925 |
|  NVIDIA Corp. | 368836 | 53901693 |
|  Teradyne, Inc. | 236489 | 20657314 |
|  Texas Instruments, Inc. | 372142 | 61485302 |
|  |  | 219631760 |
| **Software - 15.5%** | **Software - 15.5%** | **Software - 15.5%** |
|  Five9, Inc. <sup>(A)</sup> | 126557 | 8588158 |
|  Microsoft Corp. | 1186285 | 284494869 |
|  Palo Alto Networks, Inc. <sup>(A)</sup> | 290673 | 40560510 |
|  Paycom Software, Inc. <sup>(A)</sup> | 101165 | 31392511 |
|  Salesforce, Inc. <sup>(A)</sup> | 249757 | 33115281 |
|  ServiceNow, Inc. <sup>(A)</sup> | 127757 | 49604210 |
|  Workday, Inc., Class A <sup>(A)</sup> | 186968 | 31285356 |
|  |  | 479040895 |
| **Specialty Retail - 2.1%** | **Specialty Retail - 2.1%** | **Specialty Retail - 2.1%** |
|  TJX Cos., Inc. | 802156 | 63851618 |
| **Technology Hardware, Storage & Peripherals - 9.0%** | **Technology Hardware, Storage & Peripherals - 9.0%** | **Technology Hardware, Storage & Peripherals - 9.0%** |
|  Apple, Inc. | 2127021 | 276363839 |
| **Textiles, Apparel & Luxury Goods - 3.8%** | **Textiles, Apparel & Luxury Goods - 3.8%** | **Textiles, Apparel & Luxury Goods - 3.8%** |
|  Lululemon Athletica, Inc. <sup>(A)</sup> | 151136 | 48420952 |
|  NIKE, Inc., Class B | 590732 | 69121551 |
|  |  | 117542503 |
|  **Total Common Stocks <br>(Cost $2,585,169,491)** | **Total Common Stocks <br>(Cost $2,585,169,491)** | 3052066156 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 5** 

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**SCHEDULE OF INVESTMENTS (continued)** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 0.7%** | **REPURCHASE AGREEMENT - 0.7%** | **REPURCHASE AGREEMENT - 0.7%** |
|  Fixed Income Clearing Corp., 1.80% <sup>(B)</sup>, dated 12/30/2022, to be repurchased at $21,408,090 on 01/03/2023. Collateralized by a U.S. Government Obligation, 4.77%, due 12/28/2023, and with a value of $21,831,939. | $21403809 | $21403809 |
|  **Total Repurchase Agreement <br>(Cost $21,403,809)** | **Total Repurchase Agreement <br>(Cost $21,403,809)** | 21403809 |
|  **Total Investments <br>(Cost $2,606,573,300)** | **Total Investments <br>(Cost $2,606,573,300)** | 3073469965 |
|  **Net Other Assets (Liabilities) - 0.3%** |  | 8804815 |
|  **Net Assets - 100.0%** |  | **$3082274780** |

---

**INVESTMENT VALUATION:** 

------

**Valuation Inputs <sup>(C)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
|  **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
|  Common Stocks | $3052066156 | $— | $— | $3052066156 |
|  Repurchase Agreement |  | 21403809 |  | 21403809 |
|  **Total Investments** | $**3052066156** | $**21403809** | $**—** | $**3073469965** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

(A) *Non-income producing securities.* 

(B) *Rate disclosed reflects the yield at December 31, 2022.* 

(C) *There were no transfers in or out of Level 3 during the year ended December 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* 

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 6** 

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**STATEMENT OF ASSETS AND LIABILITIES** 

**At December 31, 2022** 

---

| | |
|:---|:---|
|  **Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value (cost $2,585,169,491) | $3052066156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreement, at value (cost $21,403,809) | 21403809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables and other assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 9623422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest sold | 7711817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 878670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 2140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax reclaims | 158640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 10898 |
|  Total assets | 3091855552 |
|  **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables and other liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 6841945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest redeemed | 678517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 1691225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 68950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 3799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 23836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 28446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 48916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 18854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 144495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 31789 |
|  Total liabilities | 9580772 |
|  **Net assets** | $3082274780 |
|  **Net assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital stock ($0.01 par value) | $1194342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 2490248173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) | 590832265 |
|  **Net assets** | $&nbsp;&nbsp;&nbsp;&nbsp;3082274780 |
|  **Net assets by class:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | $2766449001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 315825779 |
|  **Shares outstanding:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 106643397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 12790785 |
|  **Net asset value and offering price per share:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | $25.94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 24.69 |

---

**STATEMENT OF OPERATIONS**<br> **For the year ended December 31, 2022** <br>

---

| | |
|:---|:---|
|  **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $24827116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 182087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 24375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withholding taxes on foreign income | (14318) |
|  Total investment income | 25019260 |
|  **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 21650585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 937466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent costs | 36649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 145891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 77132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 209403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 194592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 3049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 159349 |
|  Total expenses | 23414116 |
|  **Net investment income (loss)** | 1605144 |
|  **Net realized gain (loss) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 124557892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (1299) |
|  Net realized gain (loss) | 124556593 |
|  **Net change in unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (1500079738) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Translation of assets and liabilities denominated in foreign currencies | (751) |
|  Net change in unrealized appreciation (depreciation) | (1500080489) |
|  Net realized and change in unrealized gain (loss) | (1375523896) |
|  **Net increase (decrease) in net assets resulting from operations** | $&nbsp;&nbsp;&nbsp;&nbsp;(1373918752) |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

---

**Page 7** 

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##### [**Table of Contents**](#toc)
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**STATEMENT OF CHANGES IN NET ASSETS** 

**For the years ended:** 

---

| | | |
|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2021** |
|  **From operations:** | **From operations:** | **From operations:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $1605144 | $(6089393) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 124556593 | 619043373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (1500080489) | 195956457 |
|  Net increase (decrease) in net assets resulting from operations | (1373918752) | 808910437 |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (546231191) | (554110649) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (65799347) | (71796161) |
|  Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (612030538) | (625906810) |
|  **Capital share transactions:** | **Capital share transactions:** | **Capital share transactions:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 302173927 | 64567455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 18571881 | 22711315 |
|  | 320745808 | 87278770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 546231191 | 554110649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 65799347 | 71796161 |
|  | 612030538 | 625906810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (274342726) | (470816652) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (49517474) | (69801289) |
|  | (323860200) | (540617941) |
|  Net increase (decrease) in net assets resulting from capital share transactions | 608916146 | 172567639 |
|  **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp;&nbsp;(1377033144) | 355571266 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 4459307924 | 4103736658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $3082274780 | $&nbsp;&nbsp;&nbsp;&nbsp;4459307924 |
|  **Capital share transactions - shares:** | **Capital share transactions - shares:** | **Capital share transactions - shares:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 8974359 | 1471584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 582216 | 515726 |
|  | 9556575 | 1987310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 18342216 | 12570568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 2319328 | 1691311 |
|  | 20661544 | 14261879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | (7776296) | (10358371) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | (1540534) | (1584281) |
|  | (9316830) | (11942652) |
|  Net increase (decrease) in shares outstanding: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Class | 19540279 | 3683781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Class | 1361010 | 622756 |
|  | 20901289 | 4306537 |

---

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 8** 

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##### [**Table of Contents**](#toc)
**Transamerica WMC US Growth VP** 

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**FINANCIAL HIGHLIGHTS** 

**For a share outstanding during the years indicated:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $45.46 | $43.71 | $34.35 | $26.86 | $29.25 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(A)</sup> | 0.02 | (0.05) | 0.04 | 0.05 | 0.04 |
|  Net realized and unrealized gain (loss) | (13.49) | 8.86 | 12.37 | 10.31 | 0.42 |
|  Total investment operations | (13.47) | 8.81 | 12.41 | 10.36 | 0.46 |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income |  | (0.04) | (0.04) | (0.04) | (0.16) |
|  Net realized gains | (6.05) | (7.02) | (3.01) | (2.83) | (2.69) |
|  Total dividends and/or distributions to shareholders | (6.05) | (7.06) | (3.05) | (2.87) | (2.85) |
|  **Net asset value, end of year** | $25.94 | $45.46 | $43.71 | $34.35 | $26.86 |
|  **Total return** | (31.35)% | 20.67% | 37.30% | 40.05% | 0.21% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;2766449 | $&nbsp;&nbsp;&nbsp;&nbsp;3959377 | $&nbsp;&nbsp;&nbsp;&nbsp;3646030 | $&nbsp;&nbsp;&nbsp;&nbsp;3064686 | $&nbsp;&nbsp;&nbsp;&nbsp;2313734 |
|  Expenses to average net assets | 0.65% | 0.64% | 0.65% | 0.68% | 0.70% |
|  Net investment income (loss) to average net assets | 0.07% | (0.11)% | 0.11% | 0.15% | 0.15% |
|  Portfolio turnover rate | 34% | 25% | 30% | 26% | 28% |

---

(A) *Calculated based on average number of shares outstanding.* 

**For a share outstanding during the years indicated:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $43.74 | $42.35 | $33.41 | $26.22 | $28.62 |
|  **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** | **Investment operations:** |
|  Net investment income (loss) <sup>(A)</sup> | (0.06) | (0.16) | (0.05) | (0.03) | (0.03) |
|  Net realized and unrealized gain (loss) | (12.94) | 8.57 | 12.00 | 10.05 | 0.41 |
|  Total investment operations | (13.00) | 8.41 | 11.95 | 10.02 | 0.38 |
|  **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** | **Dividends and/or distributions to shareholders:** |
|  Net investment income |  |  |  |  | (0.09) |
|  Net realized gains | (6.05) | (7.02) | (3.01) | (2.83) | (2.69) |
|  Total dividends and/or distributions to shareholders | (6.05) | (7.02) | (3.01) | (2.83) | (2.78) |
|  **Net asset value, end of year** | $24.69 | $43.74 | $42.35 | $33.41 | $26.22 |
|  **Total return** | (31.52)% | 20.37% | 36.94% | 39.68% | (0.03)% |
|  **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** | **Ratio and supplemental data:** |
|  Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;315826 | $&nbsp;&nbsp;&nbsp;&nbsp;499931 | $&nbsp;&nbsp;&nbsp;&nbsp;457707 | $&nbsp;&nbsp;&nbsp;&nbsp;345318 | $&nbsp;&nbsp;&nbsp;&nbsp;208921 |
|  Expenses to average net assets | 0.90% | 0.89% | 0.90% | 0.93% | 0.95% |
|  Net investment income (loss) to average net assets | (0.19)% | (0.36)% | (0.14)% | (0.10)% | (0.10)% |
|  Portfolio turnover rate | 34% | 25% | 30% | 26% | 28% |

---

(A) *Calculated based on average number of shares outstanding.* 

***The Notes to Financial Statements are an integral part of this report.***

---

| | |
|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 9** 

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**Transamerica WMC US Growth VP** 

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**NOTES TO FINANCIAL STATEMENTS** 

**At December 31, 2022** 

**1. ORGANIZATION** 

Transamerica Series Trust ("TST") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). TST applies investment company accounting and reporting guidance. TST serves as a funding vehicle for variable life insurance, variable annuity, and group annuity products. Transamerica WMC US Growth VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers two classes of shares, Initial Class and Service Class.

The only shareholders of the Portfolio are affiliated insurance company separate accounts and affiliated asset allocation portfolios. Contract holders of the variable life and annuity contracts are not shareholders of the Portfolio. For ease of reference, shareholders and contract holders are collectively referred to in this report as "shareholders."

This report must be accompanied or preceded by the Portfolio's current prospectus, which contains additional information about the Portfolio, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Portfolio pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Portfolio. TAM supervises the Portfolio's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Portfolio.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of a Portfolio without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Portfolio and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Portfolio employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending portfolio combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Portfolio's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Portfolio; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for a Portfolio; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Portfolio's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; oversight of other service providers to the Portfolio, such as the custodian, the transfer agent, the Portfolio's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Portfolio; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Portfolio, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Portfolio. The Portfolio pays certain fees and expenses to State Street for sub-administration services which are not administrative

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**1. ORGANIZATION (continued)** 

services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the year ended December 31, 2022, (i) the expenses paid to State Street for sub-administration services by the Portfolio are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Portfolio are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.

**2. SIGNIFICANT ACCOUNTING POLICIES** 

In preparing the Portfolio's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Portfolio.

**Foreign currency denominated investments:** The accounting records of the Portfolio are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the closing exchange rate each day. The cost of foreign securities purchased and any realized gains or losses are translated at the prevailing exchange rates in effect on the date of the respective transaction. The Portfolio combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

Net foreign currency gains and losses resulting from changes in exchange rates include, foreign currency fluctuations between trade date and settlement date of investment security transactions, gains and losses on forward foreign currency contracts, and the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.

Foreign currency denominated assets may involve risks not typically associated with domestic transactions. These risks include revaluation of currencies, adverse fluctuations in foreign currency values, and possible adverse political, social, and economic developments, including those particular to a specific industry, country or region.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Portfolio is informed of the ex-dividend dates, net of foreign taxes. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Portfolio with broker/dealers with which TST has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Portfolio. In no event will commissions, paid by the Portfolio, be used to pay expenses that would otherwise be borne by any other portfolios within TST, or by any other party.

Commissions recaptured are included within Net realized gain (loss) within the Statement of Operations. For the year ended December 31, 2022, commissions recaptured are $9,331.

**Indemnification:** In the normal course of business, the Portfolio enters into contracts that contain a variety of representations that provide general indemnifications. The Portfolio's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio and/or its affiliates that have not yet occurred. However, based on experience, the Portfolio expects the risk of loss to be remote.

**3. INVESTMENT VALUATION** 

Effective September 8, 2022, TAM has been designated as the Portfolio's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Portfolio's Board of Trustees. The net asset value of the Portfolio is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**3. INVESTMENT VALUATION (continued)** 

TAM utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels ("Levels") of inputs of the fair value hierarchy are defined as follows:

Level 1—Unadjusted quoted prices in active markets for identical securities.

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Portfolio's investments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Portfolio's investments at December 31, 2022, is disclosed within the Investment Valuation section of the Schedule of Investments.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

**Fair value measurements:** Descriptions of the valuation techniques applied to the Portfolio's significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

*Equity securities:* Securities are stated at the last reported sales price or closing price on the day of valuation taken from the primary exchange where the security is principally traded. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Equities traded on inactive markets or valued by reference to similar instruments are generally categorized in Level 2 or Level 3 if inputs are unobservable.

*Foreign equity securities:* Securities in which the primary trading market closes at the same time or after the NYSE, are valued based on quotations from the primary market in which they are traded and are categorized in Level 1. Because many foreign securities markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect the events that occur after that close. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, or ETFs and the movement of certain indices of securities based on a statistical analysis of their historical relationship; such valuations generally are categorized in Level 2.

*Repurchase agreements:* Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

**4. SECURITIES AND OTHER INVESTMENTS** 

**Real estate investment trusts ("REITs"):** REITs are pooled investment vehicles which invest primarily in income producing real estate, or real estate related loans or interests. Distributions received by REITs are classified at management's estimate of the dividend income, return of capital and capital gains. Estimates are based on information available at year-end, which includes the previous fiscal year's classification. The actual amounts of dividend income, return of capital, and capital gains are only determined by each REIT after the fiscal year end and may differ from the estimated amounts. Upon notification from the REITs, some of the distributions received may be re-classified and recorded as a return of capital or capital gains. There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**4. SECURITIES AND OTHER INVESTMENTS (continued)** 

REITs held at December 31, 2022, if any, are identified within the Schedule of Investments.

**5. BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

The Portfolio may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Portfolio invests borrowing proceeds in other securities, the Portfolio will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Portfolio may borrow on a secured or on an unsecured basis. If the Portfolio enters into a secured borrowing arrangement, a portion of the Portfolio's assets will be used as collateral. The 1940 Act requires the Portfolio to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Portfolio's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Portfolio may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the year ended December 31, 2022, the Portfolio has not utilized the program.

**Repurchase agreements:** In a repurchase agreement, the Portfolio purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Portfolio's custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Portfolio will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Portfolio and its counterparties that provide for the net settlement of all transactions and collateral with the Portfolio, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at December 31, 2022.

Repurchase agreements at December 31, 2022, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

**Securities lending:** The Portfolio may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Portfolio pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Portfolio to risks such as: the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Portfolio may experience delays in recovery of the loaned securities or delays in access to collateral, or the Portfolio may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government and irrevocable letters of credit issued by banks as collateral. The initial collateral received by the Portfolio is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower.

The Portfolio receives compensation for lending securities from interest or dividends earned on the cash, U.S. Government securities and irrevocable letters of credit held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statement of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust—Government Money Market Portfolio.

The value of loaned securities and related cash and non-cash collateral outstanding at December 31, 2022, if any, are shown on a gross basis within the Schedule of Investments.

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. RISK FACTORS** 

Investing in the Portfolio involves certain key risks related to the Portfolio's trading activity. Please reference the Portfolio's prospectus for a more complete discussion of the following risk(s), as well as other risks of investing in the Portfolio.

**Market risk:** The market prices of the Portfolio's securities and other assets may go up or down, sometimes sharply and unpredictably, due to general market conditions, overall economic trends or events, inflation, changes in interest rates, government actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by wars, tariffs, trade disputes or other factors, political developments, investor sentiment, the global and domestic effects of a pandemic or other health emergency, and other factors that may or may not be related to the issuer of the security or other asset. The market prices of securities and other assets also may go down due to events or conditions that affect particular sectors, industries, issuers, or geographies. Adverse market conditions may be prolonged and may not have the same impact on all types of securities or other assets. If the value of the Portfolio's securities and assets fall, the value of your investment will go down. The Portfolio may experience a substantial or complete loss on any individual security or asset.

Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, the imposition of economic sanctions, public health events (such as the spread of infectious disease), wars, terrorism, cybersecurity events, technology and data interruptions, natural disasters, and other circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. In the past decade, financial markets throughout the world have experienced increased volatility and decreased liquidity. These conditions may continue or worsen. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down. Securities markets may also be susceptible to market manipulation or other fraudulent trade practices, which could disrupt the orderly functioning of these markets or adversely affect the value of securities traded in these markets, including the Portfolio's securities.

The pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in economic downturns throughout the world, severe losses, particularly to some sectors of the economy and individual issuers, and reduced liquidity of many instruments. There also have been significant disruptions to business operations, including business closures; strained healthcare systems; disruptions to supply chains and employee availability; large fluctuations in consumer demand; and widespread uncertainty regarding the duration and long-term effects of the pandemic. Economic downturns may be prolonged, and political and social instability, continued volatility and decreased liquidity in the securities markets may result. Developing or emerging market countries may be more impacted by the pandemic.

The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic. These and other government intervention into the economy and financial markets may not work as intended. In addition, government actions to mitigate the economic impact of the pandemic have resulted in large expansion of government deficits and debt, the long-term consequences of which are not known. Rates of inflation have recently risen, which could adversely affect economies and markets. The pandemic could continue to adversely affect the value and liquidity of the Portfolio's investments.

*Europe:* A number of countries in Europe have experienced severe economic and financial difficulties; and financial markets in Europe and elsewhere have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen or spread within or outside Europe. Responses to the financial problems by European governments, central banks and others may not work, may result in conflicts and social unrest and may limit future growth and economic recovery or have other unintended consequences. In January, 2020, through "Brexit," the United Kingdom withdrew from the European Union. The ramifications of Brexit are unknown, and the implications of possible political, regulatory, economic, and market outcomes could be significant. The United Kingdom has one of the largest economies in Europe and is a major trading partner with European Union countries and the United States. Brexit may create additional and substantial economic stresses for the United Kingdom, including a contraction of the United Kingdom's economy, decreased trade, capital outflows, devaluation of the British pound, and a decrease in business and consumer spending and investment. The negative impact on not only the United Kingdom and European Union economies but also the broader global economy could be significant. A number of countries in Europe have suffered terror attacks, and additional attacks may occur in the future. Europe has also been struggling with mass migration from the Middle East, Eastern Europe and Africa. The ultimate effects of these events and other socio-political or geopolitical issues could profoundly affect global economies and markets. Whether or not the Portfolio invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

*Additional Market Disruption:* Russia's invasion of Ukraine in February, 2022, the resulting responses by the United States and other countries, and the potential for wider conflict, have increased and may continue to increase volatility and uncertainty in financial markets

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**6. RISK FACTORS (continued)** 

worldwide. The United States and other countries have imposed broad-ranging economic sanctions on Russia and Russian entities and individuals, and may impose additional sanctions, including on other countries that provide military or economic support to Russia. These sanctions, among other things, restrict companies from doing business with Russia and Russian issuers, and may adversely affect companies with economic or financial exposure to Russia and Russian issuers. The extent and duration of Russia's military actions and the repercussions of such actions are not known. The invasion may widen beyond Ukraine and may escalate, including through retaliatory actions and cyberattacks by Russia and even other countries. These events may result in further and significant market disruptions and may adversely affect regional and global economies including those of Europe and the United States. Certain industries and markets, such as those involving oil, natural gas and other commodities, as well as global supply chains, may be particularly adversely affected. Whether or not the Portfolio invests in securities of issuers located in Russia, Ukraine and adjacent countries or with significant exposure to issuers in these countries, these events could negatively affect the value and liquidity of the Portfolio's investments.

**Growth stocks risk:** Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth securities typically fall. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "value" stocks.

**Large capitalization companies risk:** The Portfolio's investments in larger, more established companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.

**7. FEES AND OTHER AFFILIATED TRANSACTIONS** 

TST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Transamerica Life Insurance Company ("TLIC"), and Transamerica Financial Life Insurance Company.

TAM, the Portfolio's investment manager, is directly owned by TLIC and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon NV. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon NV, a Netherlands corporation, and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Portfolio's transfer agent. Transamerica Capital, Inc. ("TCI") is the Portfolio's distributor/principal underwriter. TAM, TFS, and TCI are affiliates of Aegon NV.

Certain officers and trustees of the Portfolio are also officers and/or trustees of TAM, TFS and TCI. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Portfolio. The Portfolio does pay non-interested persons (independent trustees), as disclosed in Trustee, CCO and deferred compensation fees within the Statement of Operations.

**Investment management fees:** TAM serves as the Portfolio's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Portfolio pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Portfolio pays a management fee to TAM based on daily average net assets at the following rates:

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| **Breakpoints** | **Rate** |
|  First $500 million | 0.6800% |
|  Over $500 million up to $800 million | 0.6700 |
|  Over $800 million up to $1 billion | 0.6575 |
|  Over $1 billion up to $2 billion | 0.6130 |
|  Over $2 billion up to $3 billion | 0.6050 |
|  Over $3 billion up to $4 billion | 0.5900 |
|  Over $4 billion up to $5 billion | 0.5750 |
|  Over $5 billion up to $7 billion | 0.5700 |
|  Over $7 billion | 0.5500 |

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses, reorganization expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

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| | | |
|:---|:---|:---|
| | **Operating<br>Expense Limit** | **Operating<br>Expense Limit<br>Effective Through** |
|  Initial Class | 0.74% | May 1, 2023 |
|  Service Class | 0.99 | May 1, 2023 |

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TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended December 31, 2022 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Portfolio, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

As of December 31, 2022, there are no amounts available for recapture by TAM.

**Distribution and service fees:** TST has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, TST entered into a distribution agreement with TCI as the Portfolio's distributor.

The Distribution Plan requires the Portfolio to pay distribution fees to TCI as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCI, on behalf of the Portfolio, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Portfolio's shares.

The fee on the Service Class shares is paid to the insurance companies for providing services and account maintenance for the policyholders who invest in the variable insurance products which invest in the Service Class shares. TCI has determined that it will not seek payment for the distribution expenses incurred by the Portfolio with respect to the Initial Class shares before May 1, 2023. Prior to TCI seeking distribution expenses on Initial Class shares, policy and contract owners will be notified in advance. The Portfolio will pay fees relating to Service Class shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Portfolio is authorized under the Distribution Plan to pay fees to TCI based on daily average net assets of each class up to the following annual rates:

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| | |
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| **Class** | **Rate** |
|  Initial Class | 0.15% |
|  Service Class | 0.25 |

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**Transfer agent costs:** TFS provides transfer agency services under an intercompany agreement with TAM. TFS has outsourced the provision of certain sub-transfer agency services to SS&C Technology Holdings, Inc ("SS&C"). The Portfolio does not pay a separate transfer agent fee to TAM or TFS but does pay certain expenses to SS&C related to applicable sub-transfer agency services. For the year ended December 31, 2022, (i) the expenses paid to SS&C by the Portfolio are referred to as Transfer agent costs and are included within the Statement of Operations and (ii) the expenses payable to SS&C by the Portfolio are referred to as Transfer agent costs within the Statement of Assets and Liabilities.

**Deferred compensation plan:** Effective September 23, 2021, the Board has approved the termination of the deferred compensation plan. Payments will be made to applicable current and former Board members consistent with Section 409A of the Code. Under a

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)** 

non-qualified deferred compensation plan effective January 1, 1996, as amended and restated January 1, 2010, available to the trustees, compensation may be deferred that would otherwise be payable by TST to an independent trustee on a current basis for services rendered as trustee. Deferred compensation amounts will accumulate based on the value of the investment option, as elected by the trustee. Balances pursuant to deferred compensation plan are recorded in Trustees, Chief Compliance Officer ("CCO") and deferred compensation fees within the Statement of Assets and Liabilities. For the year ended December 31, 2022, amounts included in Trustees, CCO and deferred compensation fees within the Statement of Operations reflect total compensation paid to the independent Board members.

**Brokerage commissions:** The Portfolio incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the year ended December 31, 2022.

**Cross-trades:** The Portfolio is authorized to purchase or sell securities from and to other portfolios within TST or between the Portfolio and other mutual funds or accounts advised by TAM or the sub-adviser, in each case in accordance with Rule 17a-7 under the 1940 Act, when it is in the best interest of each Portfolio participating in the transaction.

For the year ended December 31, 2022, the Portfolio engaged in the following net cross-trade transactions, which resulted in net realized gains/(losses) as follows:

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| | | |
|:---|:---|:---|
| **Purchases** | **Sales** | **Net Realized Gains/(Losses)** |
| $3036023 | $— | $— |

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**8. PURCHASES AND SALES OF SECURITIES** 

For the year ended December 31, 2022, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

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| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $1198937109 | $— | $1212654001 | $— |

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**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS** 

The Portfolio has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Portfolio recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Portfolio's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Portfolio's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Portfolio's financial statements. If applicable, the Portfolio recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Portfolio identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Portfolio makes significant investments; however, the Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. There are no reclassifications in the current year.

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**Transamerica WMC US Growth VP** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**9. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)** 

As of December 31, 2022, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

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| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross<br>Appreciation** | **Gross<br>(Depreciation)** | **Net Appreciation<br>(Depreciation)** |
| $2612967403 | $697064919 | $(236562357) | $460502562 |

---

As of December 31, 2022, the Portfolio had no capital loss carryforwards available to offset future realized capital gains. During the year ended December 31, 2022, the Portfolio did not have any capital loss carryforwards utilized or expired.

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2022 and 2021 are as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** |
| **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of Capital** | **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of Capital** |
| $64578591 | $547451947 | $— | $43468285 | $582438525 | $— |

---

As of December 31, 2022, the tax basis components of distributable earnings are as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Undistributed<br>Ordinary Income** | **Undistributed<br>Long-Term<br>Capital Gain** | **Capital Loss<br>Carryforwards** | **Late Year<br>Ordinary Loss<br>Deferred** | **Other<br>Temporary<br>Differences** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| $1636035 | $128693668 | $— | $— | $— | $460502562 |

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**10. NEW ACCOUNTING PRONOUNCEMENT** 

In June 2022, the Financial Accounting Standards Board issued Accounting Standards Update No. 2022-03 ("ASU 2022-03"), "Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions" ("Topic 820"). ASU 2022-03 clarifies the guidance in Topic 820, related to the measurement of the fair value of an equity security subject to contractual sale restrictions, where it eliminates the need to apply a discount to fair value of these securities, and introduces disclosure requirements related to such equity securities. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. Management is currently evaluating the implications, if any, of the additional requirements and its impact on the Fund's financial statements.

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**Report of Independent Registered Public Accounting Firm** 

*To the Shareholders and the Board of Trustees of Transamerica WMC US Growth VP* 

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities of Transamerica WMC US Growth VP (the "Portfolio") (one of the portfolios constituting Transamerica Series Trust (the "Trust")), including the schedule of investments, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the portfolios constituting Transamerica Series Trust) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion** 

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g438566ernst_young.jpg)

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

February 27, 2023

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**SUPPLEMENTAL TAX INFORMATION** 

**(unaudited)** 

For tax purposes, the Portfolio has made a long-term capital gain designation of $547,451,947 for the year ended December 31, 2022.

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**Management of the Trust** 

Each of the funds is supervised by the Board.

**Board Members and Officers** 

**(unaudited)** 

The members of the Board ("Board Members") and executive officers of the Trust are listed below.

"Interested Board Member" means a board member who may be deemed an "interested person" (as that term is defined in the 1940 Act) of the Trust because of his current or former service with TAM or an affiliate of TAM. Interested Board Members may also be referred to herein as "Interested Trustees." "Independent Board Member" means a Board Member who is not an "interested person" (as defined under the 1940 Act) of the Trust and may also be referred to herein as an "Independent Trustee."

The Board governs each Portfolio and is responsible for protecting the interests of the shareholders. The Board Members are experienced executives who meet periodically throughout the year to oversee the business affairs of each Portfolio and the operation of each Portfolio by its officers. The Board also reviews the management of each Portfolio's assets by the investment manager and its respective sub-adviser.

The Portfolios are among the portfolios managed and sponsored by TAM (collectively, "Transamerica Fund Family"). The Transamerica Fund Family consists of (i) Transamerica Funds ("TF"); (ii) Transamerica Series Trust ("TST"); (iii) Transamerica ETF Trust ("TET"); and (iv) Transamerica Asset Allocation Variable Funds ("TAAVF"). The Transamerica Fund Family consists of 107 funds as of the date of this shareholder report. With the exception of Mr. Smit, none of the Board Members serve on the board of trustees of TET. TET is overseen by a separate board of trustees.

The mailing address of each Board Member is c/o Secretary, 1801 California Street, Suite 5200, Denver, CO 80202.

The Board Members, their birth year, their positions with the Trust, and their principal occupations for at least the past five years (their titles may have varied during that period), the number of funds in the Transamerica Fund Family the Board oversees, and other board memberships they hold are set forth in the table below. The length of time served is provided from the date a Board Member became a member of the Board.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and<br>Birth Year** | **Position(s)<br>Held with<br>Trust** | **Term of<br>Office and<br>Length<br>of Time<br>Served\*** | **Principal Occupation(s) <br>During Past Five Years** | **Number of<br>Funds in <br>Complex <br>Overseen<br>by Board <br>Member** | **Other <br>Directorships<br>Held By Board<br>Member<br>During Past<br>Five Years**  |
| &nbsp;&nbsp;&nbsp; **INTERESTED BOARD MEMBERS** | &nbsp;&nbsp;&nbsp; **INTERESTED BOARD MEMBERS** | &nbsp;&nbsp;&nbsp; **INTERESTED BOARD MEMBERS** | &nbsp;&nbsp;&nbsp; **INTERESTED BOARD MEMBERS** | &nbsp;&nbsp;&nbsp; **INTERESTED BOARD MEMBERS** | &nbsp;&nbsp;&nbsp; **INTERESTED BOARD MEMBERS** |
| &nbsp;&nbsp;&nbsp; Marijn P. Smit <br>(1973) | Chairman of the Board, President and Chief Executive Officer | Since 2014 | Chairman of the Board, President and Chief Executive Officer, TF, TST and TAAVF (2014 – present);<br>Chairman of the Board, President and Chief Executive Officer, TET (2017 – present);<br>Chairman of the Board, President and Chief Executive Officer, Transamerica Partners Portfolio ("TPP"), Transamerica Partners Funds Group ("TPFG") and Transamerica Partners Funds Group II ("TPFG II") (2014 – 2018);<br>Director, Chairman of the Board, President and Chief Executive Officer, Transamerica Asset Management, Inc. ("TAM") and Transamerica Fund Services, Inc. ("TFS") (2014 – present);<br>| 107 | Director,<br>Massachusetts<br>Fidelity Trust<br>Company<br> (2014 – 2021);Director, Aegon<br>Global Funds<br>(2016 – present) |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and<br>Birth Year** | **Position(s)<br>Held with<br>Trust** | **Term of<br>Office and<br>Length<br>of Time<br>Served\*** | **Principal Occupation(s) <br>During Past Five Years** | **Number of<br>Funds in <br>Complex <br>Overseen<br>by Board <br>Member** | **Other <br>Directorships<br>Held By Board<br>Member<br>During Past<br>Five Years**  |
| &nbsp;&nbsp;&nbsp; **INTERESTED BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INTERESTED BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INTERESTED BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INTERESTED BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INTERESTED BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INTERESTED BOARD MEMBERS — continued** |
| &nbsp;&nbsp;&nbsp; Marijn P. Smit <br>(continued) |  |  | <br> Senior Vice President, Transamerica Retirement Solutions LLC (2012 – 2020); Trust Officer, Massachusetts Fidelity Trust Company (2014 – 2021);<br>President, Investment Solutions, Transamerica Investments & Retirement (2014 – 2016);<br>Vice President, Transamerica Life Insurance Company (2010 – 2016);<br>Vice President, Transamerica Premier Life Insurance Company (2010 – 2016);<br>Senior Vice President, Transamerica Financial Life Insurance Company (2013 – 2016);<br>Senior Vice President, Transamerica Retirement Advisors, Inc. (2013 – 2016)<br>and President and Director, Transamerica Stable Value Solutions, Inc. (2010 – 2016). |  |  |
| &nbsp;&nbsp;&nbsp; Alan F. Warrick <br>(1948) | Board Member | Since 2012 | Board Member, TF, TST and TAAVF (2012 – present);<br>Board Member, TPP, TPFG and TPFG II (2012 – 2018);<br>Senior Advisor, Lovell Minnick Equity Partners (2010 – present);<br>and Retired (2010). | 110 | N/A |
| &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS** |
| &nbsp;&nbsp;&nbsp;Sandra N. Bane <br>(1952) | Board Member | Since 2008 | Retired (1999 – present);<br>Board Member, TF, TST and TAAVF (2008 – present);<br>Board Member, TPP, TPFG and TPFG II (2008 – 2018); and<br>Partner, KPMG (1975 – 1999). | 110 | Big 5 Sporting<br>Goods<br>(2002 – 2021);<br>Southern<br>Company Gas<br>(energy services<br>holding<br>company)<br>(2008 – present) |
| &nbsp;&nbsp;&nbsp;Leo J. Hill <br>(1956) | Lead Independent<br>Board Member | Since 2002 | Principal, Advisor Network Solutions, LLC (business consulting) (2006 – present);<br>Board Member, TST (2001 – present);<br>| 110 | Ameris Bancorp<br>(2013 – present);<br>Ameris Bank<br>(2013 – present) |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and<br>Birth Year** | **Position(s)<br>Held with<br>Trust** | **Term of<br>Office and<br>Length<br>of Time<br>Served\*** | **Principal Occupation(s) <br>During Past Five Years** | **Number of<br>Funds in <br>Complex <br>Overseen<br>by Board <br>Member** | **Other <br>Directorships<br>Held By Board<br>Member<br>During Past<br>Five Years**  |
| &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** |
| &nbsp;&nbsp;&nbsp; Leo J. Hill <br>(continued) |  |  | <br> Board Member, TF (2002 – present);<br>Board Member, TAAVF (2007 – present);<br>Board Member, TPP, TPFG and TPFG II (2007 – 2018);<br>Market President, Nations Bank of Sun Coast Florida (1998 – 1999);<br>Chairman, President and Chief Executive Officer, Barnett Banks of Treasure Coast Florida (1994 – 1998);<br>Executive Vice President and Senior Credit Officer, Barnett Banks of Jacksonville, Florida (1991 – 1994);<br>and Senior Vice President and Senior Loan Administration Officer, Wachovia Bank of Georgia (1976 – 1991). |  |  |
| &nbsp;&nbsp;&nbsp;Kathleen T. Ives <br>(1965) | Board Member | Since 2021 | Board Member, TF, TST and TAAVF (2021 – present);<br>Retired (2019 – present);<br>Senior Vice President & Director of Internal Audit (2011 – 2019), Senior Vice President & Deputy General Counsel (2008 – 2011), OFI Global Asset Management, Inc. | 110 | Junior<br>Achievement<br>Rocky Mountain<br>(non-profit<br>organization)<br>(2013 – present);<br>Institute of<br>Internal Auditors,<br>Denver Chapter<br>(audit<br>organization)<br>(2017 – 2021). |
| &nbsp;&nbsp;&nbsp; Lauriann C. Kloppenburg<br>(1960) | Board Member | Since 2021 | Board Member, TF, TST and TAAVF (2021 – present);<br>Director, Adams Funds (investment companies) (2017 – present);<br>Investment Committee Member, 1911 Office, LLC (family office) (2017 – Present);<br>Executive in Residence and Student Fund Advisory Board Member, Champlain College (2016 – present);<br>Executive in Residence, Bentley University (2015 – 2017);<br>| 110 | Trustees of<br>Donations to the<br>Protestant<br>Episcopal<br>Church<br>(non-profit<br>organization)<br>(2010 – present);<br>Forte<br>Foundation<br>(non-profit<br>organization)<br>(2016 – present) |

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|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and<br>Birth Year** | **Position(s)<br>Held with<br>Trust** | **Term of<br>Office and<br>Length<br>of Time<br>Served\*** | **Principal Occupation(s) <br>During Past Five Years** | **Number of<br>Funds in <br>Complex <br>Overseen<br>by Board <br>Member** | **Other <br>Directorships<br>Held By Board<br>Member<br>During Past<br>Five Years**  |
| &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** |
| &nbsp;&nbsp;&nbsp; Lauriann C. Kloppenburg<br>(continued) |  |  | <br> Chief Strategy Officer (2012 – 2013), Chief Investment Officer – Equity Group (2004 – 2012), Loomis Sayles & Company, L.P. |  |  |
| &nbsp;&nbsp;&nbsp; Fredric A. Nelson III <br>(1957) | Board Member | Since 2017 | Board Member, TF, TST and TAAVF (2017 – present);<br>Board Member, TPP, TPFG and TPFG II (2017 – 2018);<br>Chief Investment Officer ("CIO"), Commonfund (2011 – 2015);<br>Vice Chairman, CIO, ING Investment Management Americas (2003 – 2009);<br>Managing Director, Head of U.S. Equity, JP Morgan Investment Management (1994 – 2003);<br>and Managing Director, Head of Global Quantitative Investments Group, Bankers Trust Global Investment Management (1981 – 1994). | 110 | N/A |
| &nbsp;&nbsp;&nbsp; John E. Pelletier <br>(1964) | Board Member | Since 2017 | Board Member, TF, TST and TAAVF (2017 – present);<br>Board Member, TPP, TPFG and TPFG II (2017 – 2018);<br>Director, Center for Financial Literacy, Champlain College (2010 – present);<br>Co-Chair, Vermont Financial Literacy Commission with Vermont State Treasurer (2015 – 2018);<br>Chairman, Vermont Universal Children's Higher Education Savings Account Program Advisory Committee (2015 – 2021);<br>Founder and Principal, Sterling Valley Consulting LLC (a financial services consulting firm) (2009 – 2017);<br>Independent Director, The Sentinel Funds and Sentinel Variable Products Trust (2013 – 2017);<br>| 110 | N/A |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and<br>Birth Year** | **Position(s)<br>Held with<br>Trust** | **Term of<br>Office and<br>Length<br>of Time<br>Served\*** | **Principal Occupation(s) <br>During Past Five Years** | **Number of<br>Funds in <br>Complex <br>Overseen<br>by Board <br>Member** | **Other <br>Directorships<br>Held By Board<br>Member<br>During Past<br>Five Years**  |
| &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** |
| &nbsp;&nbsp;&nbsp; John E. Pelletier<br> (continued) |  |  | <br> Chief Legal Officer, Eaton Vance Corp. (2007 – 2008);<br>and Executive Vice President and Chief Operating Officer (2004 – 2007), General Counsel (1997 – 2004), Natixis Global Associates. |  |  |
| &nbsp;&nbsp;&nbsp;Patricia L. Sawyer <br>(1950) | Board Member | Since 2007 | Retired (2007 – present);<br>President/Founder, Smith & Sawyer LLC (management consulting) (1989 – 2007);<br>Board Member, TF and TST (2007 – present);<br>Board Member, TAAVF (1993 – present);<br>Board Member, TPP, TPFG and TPFG II (1993 – 2018);<br>and Trustee, Chair of Finance Committee and Chair of Nominating Committee (1987 – 1996), Bryant University. | 110 | Honorary<br>Trustee, Bryant<br>University<br>(1996 – present) |
| &nbsp;&nbsp;&nbsp;John W. Waechter <br>(1952) | Board Member | Since 2005 | Partner, Englander Fischer (2016 – present) (law firm);<br>Attorney, Englander Fischer (2008 – 2015);<br>Retired (2004 – 2008);<br>Board Member, TST (2004 – present);<br>Board Member, TF (2005 – present);<br>Board Member, TAAVF (2007 – present);<br>Board Member, TPP, TPFG and TPFG II (2007 – 2018);<br>Employee, RBC Dain Rauscher (securities dealer) (2004); Executive Vice President, Chief Financial Officer and Chief Compliance Officer, William R. Hough & Co. (securities dealer) (1979 – 2004);<br>and Treasurer, The Hough Group of Funds (1993 – 2004) (fund accounting). | 110 | Board Member,<br>Operation PAR,<br>Inc. (non-profit<br>organization)<br>(2008 – present);<br>Board Member,<br>Boley PAR, Inc.<br>(non-profit<br>organization)<br>(2016 – present)<br>Board Member,<br>Remember<br>Honor Support,<br>Inc. (non-profit<br>organization)<br>(2013 – 2020);<br>Board Member,<br>WRH Income<br>Properties, Inc.<br>and WRH<br>Properties, Inc.<br>(real estate)<br>(2014 – present) |

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\* Each Board Member shall hold office until: 1) his or her successor is elected and qualified or 2) he or she resigns, retires or his or her term as a Board Member is terminated in accordance with the Trust's Declaration of Trust.

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**Officers** 

The mailing address of each officer is c/o Secretary, 1801 California Street, Suite 5200, Denver, CO 80202. The following table shows information about the officers, including birth year, their positions held with the Trust and their principal occupations during the past five years (their titles may have varied during that period). Each officer will hold office until his or her successor has been duly elected or appointed or until his or her earlier death, resignation or removal.

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|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Name and**<br> **Birth Year** | **Position** | **Term of Office**<br> **and Length of**<br> **Time Served\*** | **Principal Occupation(s) or Employment**<br> **During Past Five Years** |
| &nbsp;&nbsp;&nbsp; Marijn P. Smit<br> (1973) | Chairman of the Board, President and Chief Executive Officer | Since 2014 | See Interested Board Members Table Above. |
| &nbsp;&nbsp;&nbsp; Timothy Bresnahan<br> (1968) | Assistant Secretary | Since 2020 | Assistant Secretary, TF, TST and TAAVF (2020 – present);<br>Chief Legal Officer, Secretary (2021 – present), Assistant Secretary (2019 – 2021), Secretary (2019), TET;<br>and Senior Counsel, TAM (2008 – present). |
| &nbsp;&nbsp;&nbsp; Joshua Durham<br> (1973) | Vice President and Chief Operating Officer | Since 2022 | Vice President and Chief Operating Officer, TF, TST and TAAVF (2022 – present);<br>Director, Senior Vice President, and Chief Operating Officer TAM and TFS (2022 – present);<br>Vice President, TAG Resources, LLC (2022 – present);<br>Vice President, Transamerica Retirement Solutions, LLC (2017 – present);<br>Vice President, Transamerica Casualty Insurance Company (2016 – 2022);<br>Vice President (2004 – 2007 and 2012 – 2022), Responsible Officer (2017 – 2022), Transamerica Financial Life Insurance Company;<br>Vice President (2004 – 2007 and 2010 – 2022), Responsible Officer (2016 – 2022) Transamerica Life Insurance Company;<br>Chief Administrative Officer (2014 – 2016) and Senior Vice President (2009 – 2020), Transamerica Stable Value Solutions Inc.;<br>Vice President, Transamerica Premier Life Insurance Company (2010 – 2020);<br>and Vice President, Transamerica Advisors Life Insurance Company (2016 – 2019). |
| &nbsp;&nbsp;&nbsp; Dennis P. Gallagher<br> (1970) | Chief Legal Officer and Secretary | Since 2021;<br> 2006 – 2014 | Chief Legal Officer and Secretary, TF, TST and TAAVF (2021 – present and 2006 – 2014); Assistant Secretary, TF, TST, TET and TAAVF (2019);<br>Associate General Counsel, TAM, Mutual Funds and Latin American Operations (2017 – 2021);<br>Associate General Counsel, Chief Legal Officer, Latin American Operations and International Funds (2014 – 2017);<br>Chairman of the Board, Aegon Global Funds (2013 – present);<br>|

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|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Name and**<br> **Birth Year** | **Position** | **Term of Office**<br> **and Length of**<br> **Time Served\*** | **Principal Occupation(s) or Employment**<br> **During Past Five Years** |
| &nbsp;&nbsp;&nbsp; Dennis P. Gallagher<br> (continued) |  |  | <br> Director, Mongeral Aegon Seguros e Previdencia SA (2017 – present);<br>Vice President, General Counsel and Secretary, TPP, TPFG and TPFG II (2007 – 2014);<br>Assistant Vice President, TCI (2007 – 2014);<br>Chief Legal Officer and Assistant Secretary, TAM (2022 – present); Director, Senior Vice President, General Counsel, Operations and Secretary, TAM (2006 – 2014);<br>and Director, Senior Vice President, General Counsel, Chief Administrative Officer and Secretary, TFS (2006 – 2014). |
| &nbsp;&nbsp;&nbsp; Molly Possehl<br> (1978) | Anti-Money Laundering Officer | Since 2019 | Anti-Money Laundering Officer, TF, TST, TET and TAAVF (2019 – present);<br>Assistant General Counsel, Transamerica Life Insurance Company/Aegon USA (2013 – present);<br>and Anti-Money Laundering Compliance Officer and Fraud Officer, Transamerica Life Insurance Company/Aegon USA (2015 – present). |
| &nbsp;&nbsp;&nbsp; Francine J. Rosenberger<br> (1967) | Chief Compliance Officer | Since 2019 | Chief Compliance Officer, TF, TST, TET and TAAVF (2019 – present);<br>Derivatives Risk Manager, TF, TST and TAAVF (2021 – present);<br>Chief Compliance Officer (2019 – present), TAM;<br>and TFS General Counsel, Corporate Secretary and Fund Chief Compliance Officer, Steben & Company, Inc. (2013 – 2019). |
| &nbsp;&nbsp;&nbsp; Christopher A. Staples, CFA<br> (1970) | Vice President and Chief Investment Officer, Advisory Services | Since 2005 | Vice President and Chief Investment Officer, Advisory Services, TF and TST (2007 – present);<br>Vice President and Chief Investment Officer, TET (2017 – present);<br>Vice President and Chief Investment Officer, Advisory Services, TAAVF (2007 – present);<br>Vice President and Chief Investment Officer, Advisory Services, TPP, TPFG and TPFG II (2007 – 2018);<br>Director (2005 – 2019), Senior Vice President (2006 – present), Senior Director, Investments (2016 – present), Chief Investment Officer, Advisory Services (2012 – 2016) and Lead Portfolio Manager (2007 – present), TAM;<br>Director, TFS (2005 – 2019);<br>Trust Officer, Massachusetts Fidelity Trust Company (2010 – present);<br>Registered Representative (2007 – 2016), Transamerica Capital, Inc. ("TCI");<br>and Registered Representative, TFA (2005 – present). |

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| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 7** 

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Name and**<br> **Birth Year** | **Position** | **Term of Office**<br> **and Length of**<br> **Time Served\*** | **Principal Occupation(s) or Employment**<br> **During Past Five Years** |
| &nbsp;&nbsp;&nbsp; Vincent J. Toner<br> (1970) | Vice President and Treasurer | Since 2014 | Vice President and Treasurer, TF, TST and TAAVF (2014 – present), Vice President and Treasurer (2017 – present), Vice President, Principal Financial Officer and Treasurer (2020 – present), TET;<br>Vice President and Treasurer, TPP, TPFG and TPFG II (2014 – 2018);<br>Vice President (2016 – present), Treasurer (2016 – 2019), Vice President, Administration and Treasurer (2014 – 2016), TAM;<br>Vice President, Administration and Treasurer (2014 – 2019), Senior Vice President (2019 – present), TFS;<br>Vice President (2016 – present), TCI;<br>and Trust Officer (2015 – present), Massachusetts Fidelity Trust Company. |
| &nbsp;&nbsp;&nbsp; Thomas R. Wald, CFA<br> (1960) | Vice President and Chief Investment Officer | Since 2014 | Chief Investment Officer, TF, TST and TAAVF (2014 – present); TET (2017 – present);<br>Chief Investment Officer, TPP, TPFG and TPFG II (2014 – 2018);<br>Director (2017 – 2020), Akaan Transamerica, S.A. de C.V., Sociedad Operadora de Fondos de Inversión;<br>Chief Investment Officer, Transamerica Investments & Retirement (2014 – 2020);<br>Senior Vice President and Chief Investment Officer, TAM (2014 – present);<br>Director, TFS (2019 – present); and<br>Trust Officer, Massachusetts Fidelity Trust Company (2015 – present). |

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\* Elected and serves at the pleasure of the Board of the Trust.

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|:---|:---|
| **Transamerica Series Trust** | **Annual Report 2022** |

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**Page 8** 

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**PROXY VOTING POLICIES AND PROCEDURES AND QUARTERLY PORTFOLIO HOLDINGS** 

**(unaudited)** 

A description of Transamerica Series Trust's (the "Trust") proxy voting policies and procedures is available in the Statement of Additional Information of the Portfolios, available without charge upon request by calling 1-800-851-9777 (toll free) or on the Securities and Exchange Commission's ("SEC") website at <u>http://www.sec.gov</u>.

In addition, the Portfolios are required to file Form N-PX, with their complete proxy voting records for the most recent 12 months ended June 30th, no later than August 31st of each year. The Form is available without charge: (1) on the Transamerica Funds website at <u>https://www.transamerica.com/sites/default/files/files/e070d/TST%20N-PX%202021.pdf</u>; and (2) on the SEC's website at <u>http://www.sec.gov</u>.

Each fiscal quarter, the Portfolios, except Transamerica BlackRock Government Money Market VP, will file with the SEC a complete schedule of their monthly portfolio holdings on Form N-PORT. The Portfolios' holdings as of the end of the third month of every fiscal quarter, as reported on Form N-PORT, will be publicly available on the SEC's website at <u>http://www.sec.gov</u> within 60 days of the end of the fiscal quarter.

On a monthly basis, Transamerica BlackRock Government Money Market VP will file with the SEC portfolio holdings information on Form N-MFP2. A complete schedule of portfolio holdings is also available at <u>www.tranasmercia.com</u>.

You may also visit the Trust's website at <u>www.transamericaseriestrust.com</u> for this and other information about the Portfolios and the Trust.

**Important Notice Regarding Delivery of Shareholder Documents** 

Every year we provide shareholders informative materials such as the Transamerica Series Trust Annual Report, the Transamerica Series Trust Prospectus, and other required documents that keep you informed regarding your Portfolios. To the extent provided by mail, Transamerica Series Trust will only send one piece per mailing address, a method that saves your Portfolios money by reducing mailing and printing costs. ***We will continue to do this unless you tell us not to.*** To elect to receive individual mailings, simply call a Transamerica Customer Service Representative toll free at 1-888-233-4339, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days.

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##### [**Table of Contents**](#toc)

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**NOTICE OF PRIVACY POLICY** 

**(unaudited)** 

Your privacy is very important to us. We want you to understand what information we collect and how we use it. We collect and use "nonpublic personal information" in connection with providing our customers with a broad range of financial products and services as effectively and conveniently as possible. We treat nonpublic personal information in accordance with our Privacy Policy.

**What Information We Collect and From Whom We Collect It** 

We may collect nonpublic personal information about you from the following sources:

• Information we receive from you on applications or other forms, such as your name, address, and account number;

• Information about your transactions with us, our affiliates, or others, such as your account balance and purchase/redemption
history; and

• Information we receive from non-affiliated third parties, including consumer reporting agencies.

**What Information We Disclose and To Whom We Disclose It** 

We do not disclose any nonpublic personal information about current or former customers to anyone without their express consent, except as permitted by law. We may disclose the nonpublic personal information we collect, as described above, to persons or companies that perform services on our behalf and to other financial institutions with which we have joint marketing agreements. We will require these companies to protect the confidentiality of your nonpublic personal information and to use it only to perform the services for which we have hired them.

**Our Security Procedures** 

We restrict access to your nonpublic personal information and only allow disclosures to persons and companies as permitted by law to assist in providing products or services to you. We maintain physical, electronic, and procedural safeguards to protect your nonpublic personal information and to safeguard the disposal of certain consumer information.

If you have any questions about our Privacy Policy, please call 1-888-233-4339 on any business day between 8 a.m. and 7 p.m. Eastern Time.

Note: This Privacy Policy applies only to customers that have a direct relationship with us or our affiliates. If you own shares of our funds in the name of a third party such as a bank or broker-dealer, its privacy policy may apply to you instead of ours.

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PO Box 219945

Kansas City, MO 64121-9945

Distributor: Transamerica Capital, Inc.

PO Box 219945

Kansas City, MO 64121-9945

Customer Service: 1-800-851-9777

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##### [**Table of Contents**](#toc)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable.

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| | |
|:---|:---|
| **Item 2:** | **Code of Ethics.**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant has adopted a code of ethics that applies to its principal executive officer, principal
financial officer, and any other officers who serve a similar function.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Registrant's code of ethics is reasonably designed as described in this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) During the period covered by the report no amendments were made to the provisions of this code of ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) During the period covered by the report, the Registrant did not grant any waivers, including implicit
waivers, from the provisions of this code of ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Registrant has filed this code of ethics as an exhibit pursuant to Item 13(a)(1) of Form N-CSR.

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| | |
|:---|:---|
| **Item 3:** | **Audit Committee Financial Experts.**  |

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The Registrant's Board of Trustees has determined that Sandra N. Bane and John W. Waechter are "audit committee financial experts," as such term is defined in Item 3 of Form N-CSR. Ms. Bane and Mr. Waechter are "independent" under the standards set forth in Item 3 of Form N-CSR. The designation of Ms. Bane and Mr. Waechter as "audit committee financial experts" pursuant to Item 3 of Form N-CSR does not (i) impose upon them any duties, obligations, or liabilities that are greater than the duties, obligations and liabilities imposed upon them as a member of the Registrant's audit committee or Board of Trustees in the absence of such designation; or (ii) affect the duties, obligations or liabilities of any other member of the Registrant's audit committee or Board of Trustees.

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| | |
|:---|:---|
| **Item 4:** | **Principal Accountant Fees and Services.**  |

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| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal Year Ended 12/31 <br>(in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal Year Ended 12/31 <br>(in thousands) |
|  |  | 2022 | 2021 |
| <u>(a)</u> | <u>Audit Fees</u> | $1854 | $1013 |
| <u>(b)</u> | <u>Audit Related Fees<sup>(1)</sup></u> | $163 | $53 |
| <u>(c)</u> | <u>Tax Fees<sup>(2)</sup></u> | $243 | $209 |
| <u>(d)</u> | <u>All Other Fees</u><sup>(3)</sup> | $40 | $35 |

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<sup>(1)</sup> Audit-Related Fees represent assurance and related services provided that are reasonably related to the performance of the audit of the financial statements including review of documents and issuances of consents related to Securities and Exchange Commission Form N-IA filing of the funds comprising the Registrant.

<sup>(2)</sup> Tax Fees represent tax compliance, tax planning and tax advice services provided in connection with the review of the distributions for excise tax purposes, fiscal year end taxable income calculations and certain fiscal year end shareholder reporting items on behalf of the funds comprising the Registrant.

<sup>(3)</sup> All Other Fees represent service fees for analysis of potential Passive Foreign Investment Company and N-14 merger items.

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| | |
|:---|:---|
| (e)(1) | <u>Audit Committee Pre-Approval Policies and Procedures</u>. Generally, the Registrant's Audit Committee must preapprove (i) all audit and non-audit services performed for the Registrant by the independent accountant and (ii) all non-audit services performed by the Registrant's independent accountant for the Registrant's investment adviser, and certain of the adviser's affiliates that provide ongoing services to the Registrant, if the services to be provided by the accountant relate directly to the operations and financial reporting of the Registrant.  |

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The Audit Committee may delegate preapproval authority to one or more of its members. The member or members to whom such authority is delegated shall report any preapproval decisions to the Audit Committee at its next scheduled meeting.

In accordance with the Procedures, the annual audit services engagement terms and fees for the Registrant will be subject to the preapproval of the Audit Committee. In addition to the annual audit services engagement approved by the Audit Committee, the Audit Committee may grant preapproval for other audit services, which are those services that only the independent accountant reasonably can provide.

Requests or applications to provide services that require separate approval by the Audit Committee will be submitted to the Audit Committee by both the independent accountant and the Registrant's treasurer, and must include a joint statement as to whether, in their view, the request or application is consistent with the Securities and Exchange Commissions' rules on auditor independence.

Management will promptly report to the Chair of the Audit Committee any violation of this Procedure of which it becomes aware.

(e)(2) The percentage of services described in paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X for fiscal years ended 2022 and 2021 was zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to the Registrant's Adviser, and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the Registrant that
were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintain the principal
accountant's independence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not Applicable.

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| | |
|:---|:---|
| **Item 5:** | **Audit Committee of Listed Registrants.**  |

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##### [**Table of Contents**](#toc)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The following individuals comprise the standing Audit Committee: Sandra N. Bane, Leo J. Hill, Kathleen T.
Ives, Lauriann C. Kloppenburg, Frederic A. Nelson III, John E. Pelletier, Patricia L. Sawyer and John W. Waechter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable.

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| | |
|:---|:---|
| **Item 6:** | **Investments.**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The schedules of investments are included in the Annual Report to shareholders filed under Item 1 of this
Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable.

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| | |
|:---|:---|
| **Item 7:** | **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**  |

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Not Applicable.

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| | |
|:---|:---|
| **Item 8:** | **Portfolio Managers of Closed-End Management Investment Companies.**  |

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Not Applicable.

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| | |
|:---|:---|
| **Item 9:** | **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**  |

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Not Applicable.

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| | |
|:---|:---|
| **Item 10:** | **Submission of Matters to a Vote of Security Holders**  |

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There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that have been implemented since the Registrant last provided disclosure in response to the requirements of this Item.

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| | |
|:---|:---|
| **Item 11:** | **Controls and Procedures.**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's principal executive officer and principal financial officer evaluated the
effectiveness of the Registrant's disclosure controls and procedures within 90 days of this filing and have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are appropriately designed to ensure that information required to be disclosed by the Registrant in the reports that it
files on Form N-CSR (a) is accumulated and communicated to the Registrant's management, including its principal executive officer and principal financial officer, to allow timely decisions regarding
required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Registrant's principal executive officer and principal financial officer are aware of no change in
the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal half-year that has materially affected, or is reasonably likely to materially affect, the Registrant's internal
control over financial reporting.

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| | |
|:---|:---|
| **Item 12:** | **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**  |

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Not Applicable.

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| | |
|:---|:---|
| **Item 13:** | **Exhibits.**  |

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| | |
|:---|:---|
| (a)(1) | *[Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.](d455684dex99codeth.htm)*[The Registrant's code of ethics (that is the subject of the disclosure required by Item 2(a)) is attached.](d455684dex99codeth.htm)  |

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| | |
|:---|:---|
| (a)(2) | *[A separate certification for each principal executive and principal officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)), exactly as set forth below.](d455684dex99cert.htm)*[Separate certifications for Registrant's principal executive officer and principal financial officer, as required by Rule 30a-2(a) under the 1940 Act, are attached.](d455684dex99cert.htm)  |

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&nbsp;&nbsp;&nbsp;&nbsp;(b) *[Certification pursuant to Section](d455684dex99906cert.htm)* [*906 of the Sarbanes-Oxley Act of 2002.* A certification for Registrant's principal executive officer and principal financial officer, as required by Rule 30a-2(b) under the 1940 Act, is attached. The certification furnished pursuant to this paragraph is not deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to liability of that section. Such certification is not deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that the Registrant specifically incorporates it by reference.](d455684dex99906cert.htm)

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**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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| | |
|:---|:---|
| Transamerica Series Trust | Transamerica Series Trust |
| (Registrant) | (Registrant) |
| By:  | /s/ Marijn P. Smit |
|  | Marijn P. Smit |
|  | President and Chief Executive Officer |
|  | (Principal Executive Officer) |
| Date: | March 3, 2023 |

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Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

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| | |
|:---|:---|
| By:  | /s/ Marijn P. Smit |
|  | Marijn P. Smit |
|  | President and Chief Executive Officer |
|  | (Principal Executive Officer) |
| Date: | March 3, 2023 |
| By: | /s/ Vincent J. Toner |
|  | Vincent J. Toner |
|  | Vice President and Treasurer<br> (Principal Financial Officer and Principal Accounting Officer) |
| Date: | March 3, 2023 |

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**EXHIBIT INDEX** 

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| | |
|:---|:---|
| Exhibit No.  | &nbsp;&nbsp;&nbsp;&nbsp;Description of Exhibit |
| 13(a)(1) | [Code of Ethics for Principal Executive and Principal Financial Officers](d455684dex99codeth.htm) |
| 13(a)(2)(i) | [Section 302 N-CSR Certification of Principal Executive Officer](d455684dex99cert.htm) |
| 13(a)(2)(ii) | [Section 302 N-CSR Certification of Principal Financial Officer](d455684dex99cert.htm) |
| 13(b) | [Section 906 N-CSR Certification of Principal Executive Officer and Principal Financial Officer](d455684dex99906cert.htm) |

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## Ex-99.Cod

**Exhibit 13(a)(1)** 

**Code of Ethics for Principal Executive and Principal Financial Officers** 

TRANSAMERICA SERIES TRUST

TRANSAMERICA ASSET ALLOCATION VARIABLE

FUNDS TRANSAMERICA FUNDS

(each a "Fund" and collectively the "Funds")

**<u>CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS</u>**

Approved by the Board of

Trustees/Directors

Last Revised January, 2020

***Background***

In accordance with the Sarbanes-Oxley Act of 2002 ("Act") and the rules promulgated thereunder by the U.S. Securities and Exchange Commission ("SEC"), the Funds are required to file reports pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and must disclose whether it has adopted a code of ethics that is applicable to certain specified senior officers and that addresses certain matters specified in the Act and related SEC Rules (a "SOX Code"). The Funds' Board of Trustees/Directors ("Board"), including a majority of the Trustees/Directors that are not interested persons of the Funds, as defined in Section 2(a)(19) of the 1940 Act, has approved the Funds' SOX Code.

**Covered Officers/Purpose of the SOX Code** 

This SOX Code of the Funds applies to the Funds' Principal Executive Officer and Senior Financial Officer, or any persons performing similar functions on behalf of the Fund (the "Covered Officers"), for the purpose of promoting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files
with, or submits to, the SEC and in other public communications made by the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the prompt internal reporting of violations of the SOX Code to an appropriate person or persons identified in
the SOX Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability for adherence to the SOX Code.

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***Risks***

In developing these policies and procedures, TAM considered the material risks associated with insider trading. This analysis includes risks such as

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• lack of appreciation for the goal behind the Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• misunderstanding of fraud and how it happens;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• laissez faire attitudes towards ethical behavior;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• continual use of simple compliance controls that aren't designed to adequately monitor and/or improve the
governance/control environment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• lack of implementation of an adequate risk management system.

***Policies and Procedures***

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest. Each Covered Officer has a duty to exercise his or her authority and responsibility for the benefit of the Funds and its shareholders, to place the interests of the Funds and its shareholders first, and to refrain from having outside interests that conflict with the interests of the Funds and its shareholders. Each Covered Officer must avoid any circumstances that might adversely affect, or appear to affect, his or her duty of loyalty to the Funds and its shareholders in discharging his or her responsibilities, including the protection of confidential information and corporate integrity.

A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the Funds. For example, a conflict of interest would arise if a Covered Officer receives improper personal benefits as a result of his or her position with the Funds.

Certain conflicts of interest may arise out of the relationships between Covered Officers and the Funds and already are subject to conflict of interest provisions in the 1940 Act and the Advisers. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Funds because of their status as "affiliated persons" of the Funds. The Funds and certain of its service providers' compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This SOX Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside the parameters of this SOX Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Funds and its investment adviser, TAM, of which the Covered Officers may be officers or employees. As a result, this SOX Code recognizes that the Covered Officers will, in the normal course of their duties (whether for the Funds or TAM), be involved in establishing policies and implementing decisions that will have different effects on TAM and the Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationships

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between the Funds and TAM and is consistent with the performance by the Covered Officers of their duties as officers of the Funds. Thus, if performed in conformity with the provisions of the 1940 Act and the Advisers Act, such activities normally will be deemed to have been handled ethically. In addition, it is recognized by the Board that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes of ethics.

Other conflicts of interest are covered by the SOX Code, even if such conflicts of interest are not subject to provisions in the 1940 Act and the Advisers Act. The following list provides examples of conflicts of interest under the SOX Code, but Covered Officers should keep in mind that these examples are not exhaustive. ***The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Funds.***

**<u>Covered Officer Requirements</u>**

Each Covered Officer must

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not use his or her personal influence or personal relationships improperly to influence investment decisions
or financial reporting by the Funds whereby the Covered Officer would benefit personally to the detriment of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not cause the Funds to take action, or fail to take action, for the individual personal benefit of the Covered
Officer rather than the benefit of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not use material non-public knowledge of portfolio transactions made
or contemplated for the Funds to trade personally or cause others to trade personally in contemplation of the market effect of such transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• report at least annually the information elicited in the Funds' Trustee/Director and Officer
Questionnaire relating to potential conflicts of interest.

**<u>Audit Committee Disclosure</u>**

There are some conflict of interest situations that must be discussed with the Funds Audit Committee if material. Some examples of such situations include

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• service as a director on the board of any Trust (public or private), other than a management investment
company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any non-nominal gifts from someone or a company that
has current or prospective business dealings with the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any entertainment from any company with which the Funds have current or prospective business
dealings unless such entertainment is business related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any ownership interest in, or any consulting or employment relationship with, any of the Funds' service
providers, other than TAM or any affiliated person thereof; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Funds for
effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

***Disclosure and Compliance***

Each Covered Officer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• should familiarize himself or herself with the disclosure requirements generally applicable to the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• should not knowingly misrepresent, or cause others to misrepresent, facts about the Funds to others, whether
within or outside the Funds, including to the Trustees/Directors and auditors, governmental regulators or self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• should, to the extent appropriate within his or her area of responsibility, consult with other officers and
employees of the Funds, TAM, and other service providers, with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds file with, or submits to, the SEC and in other public
communications made by the Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• has the responsibility to promote compliance with the standards and restrictions imposed by applicable laws,
rules and regulations.

***Reporting and Accountability by Covered Officers***

Each Covered Officer must

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon adoption of the SOX Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in
writing (in the form attached hereto as SOX Code Exhibit A) to the Board that he or she has received, read, and understands the SOX Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually thereafter affirm (in the form attached hereto as SOX Code Exhibit A) to the Board that he or she has
complied with the requirements of the SOX Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not retaliate against any other Covered Officer or any employee or agent of an affiliated person of the Trust
for reports of potential violations that are made in good faith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***notify the Funds' Audit Committee promptly if he or she knows of any violation of this SOX Code. Failure to do so is itself a violation of this SOX Code.*** 

***Enforcement***

The Audit Committee is responsible for applying this SOX Code to specific situations in which questions are presented under it and has the authority to interpret this SOX Code in any particular situation. The Audit Committee is authorized to consult, as appropriate, with counsel to the Funds. Any approvals or waivers sought by a Covered Officer will be considered by the Audit Committee.

The Funds will follow these procedures in investigating and enforcing this SOX Code:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Audit Committee will take all appropriate action to investigate any potential violations reported to the
Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If, after such investigation, the Audit Committee believes that no violation has occurred, the Audit Committee
is not required to take any further action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any matter that the Audit Committee believes is a material violation will be promptly reported to the Board.
The Directors shall take such actions as they consider appropriate, including imposition of any sanctions that they consider appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No person shall participate in a determination of whether he or she has committed a violation of this SOX Code
or in the imposition of any sanction against himself or herself.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Audit Committee will be responsible for granting waivers, as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any amendments to or waivers of this SOX Code will, to the extent required, be disclosed as provided by SEC
rules.

***Other Policies and Procedures***

This SOX Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, TAM or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this SOX Code, they are superseded by this SOX Code to the extent that they overlap or conflict with the provisions of this SOX Code. The Funds' and TAM's codes of ethics under Rule 17j-1 under 1940 Act and Rule 204A-1 under the Advisers Act are separate requirements applying to the Covered Officers and others, and are not part of this SOX Code.

***Amendment; Interpretation of Provisions***

The Directors may from time to time amend this SOX Code or adopt such interpretations of this SOX Code as they deem appropriate. In connection with any amendment to the SOX Code, a brief description of the amendment will be prepared so that the necessary disclosure may be made with the next Form N-CSR to be filed, or otherwise disclosed in accordance with applicable law.

***Confidentiality***

All reports and records prepared or maintained pursuant to this SOX Code shall be treated as confidential and shall not be disclosed to anyone other than the Board, the Covered Officers' and Funds' counsel, except as otherwise requested by applicable law.

***Internal Use***

The SOX Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of the Funds, as to any fact, circumstance, or legal conclusion.

***Sanctions***

Compliance by Covered Officers with the provisions of the SOX Code is required. Covered Officers should be aware that in response to any violation, the Funds will take whatever action is deemed necessary under the circumstances, including, but not limited to, the imposition of appropriate sanctions. These sanctions

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may include, among others, the reversal of trades, reallocation of trades to client accounts, fines, disgorgement of profits, suspension or termination.

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**EXHIBIT A** 

**PERSONS COVERED BY THE** 

**TRANSAMERICA SERIES TRUST** 

**TRANSAMERICA ASSET ALLOCATION VARIABLE FUNDS** 

**TRANSAMERICA FUNDS** 

**<u>CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS</u>**

---

| | |
|:---|:---|
| &nbsp;&nbsp; ***Name***<br>| ***Title***<br>|
| &nbsp;&nbsp; Marijn Smith | President and Chief Executive Officer<br> (Principal Executive Officer) |
| &nbsp;&nbsp; Vincent Toner | Vice President and Treasurer<br> (Principal Financial Officer and<br> Principal Accounting Officer) |

---

## Ex-99.Cert

**Exhibit 13(a)(2)(i)** 

**Section 302 N-CSR Certifications of Principal Executive Officer and Principal Financial Officer** 

TRANSAMERICA SERIES TRUST

FOR THE PERIOD ENDED DECEMBER 31, 2022

FORM N-CSR CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT

I, Marijn P. Smit, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Transamerica Series
Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the
periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the Registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and
the audit committee of the Registrant's Board of Trustees (or persons performing equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role
in the Registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: March 3, 2023 | By:  | /s/ Marijn P. Smit |
|  |  | Marijn P. Smit |
|  | Title: | President and Chief Executive Officer |
|  |  | (Principal Executive Officer) |

---

------

**Exhibit 13(a)(2)(ii)** 

**Section 302 N-CSR Certifications of Principal Executive Officer and Principal Financial Officer** 

TRANSAMERICA SERIES TRUST

FOR THE PERIOD ENDED DECEMBER 31, 2022

FORM N-CSR CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT

I, Vincent J. Toner, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Transamerica Series
Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the
periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the Registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and
the audit committee of the Registrant's Board of Trustees (or persons performing equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role
in the Registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: March 3, 2023 | By:  | /s/ Vincent J. Toner |
|  |  | Vincent J. Toner |
|  | Title: | Vice President and Treasurer<br> (Principal Financial Officer and Principal Accounting Officer) |

---

## Exhibit 99.906

**Exhibit 13(b)** 

**Section 906 N-CSR Certification of Principal Executive Officer and Principal Financial Officer** 

TRANSAMERICA SERIES TRUST

FOR THE PERIOD ENDED DECEMBER 31, 2022

FORM N-CSR CERTIFICATION

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Certified Shareholder Report of Transamerica Series Trust (the "Fund") on Form N-CSR for the period ended December 31, 2022, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), each of the undersigned hereby certifies that, to his knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange
Act of 1934;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Fund.

---

| | |
|:---|:---|
| /s/ Marijn P. Smit | Date: March 3, 2023 |
| Marijn P. Smit |  |
| President and Chief Executive Officer |  |
| (Principal Executive Officer) |  |
| /s/ Vincent J. Toner | Date: March 3, 2023 |
| Vincent J. Toner |  |
| Vice President and Treasurer<br> (Principal Financial Officer and Principal Accounting Officer) |  |

---

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.